THEKANTORGROUP

PURPOSE. PASSION. PERFORMANCE.

The Kantor Group's mission is to provide individuals, families, businesses and

charitable organizations with investment strategies that aim to deliver returns attuned to their

lives, consistent with their investment objectives or circumstances. Through our rigorous research

and investment process, complemented by our emphasis on service and open communications,

we work with them to design customized portfolio solutions that can help grow their assets

entrusted to us.

About Neuberger BermanFounded in 1939, Neuberger Berman is a global, employee-controlled firm with approximately

1,900 professionals focused on delivering customized asset management solutions to individuals,

institutions and advisors. Our unique investment culture emphasizes a respect for original

thinking and fundamental research, and has helped make the firm a place that independent-

minded portfolio managers call home.

At the Kantor Group, almost every conversation centers on the purpose of the capital we are investing on our clients' behalf. When we meet a prospective client for the first time, our initial conversation gives us insight on the purpose of the hard-earned capital they may entrust with us. Is it for them or future generations? Is it meant to maintain their current lifestyle? Is the goal capital appreciation, income or both? How much risk can and should they bear? Once we have a deep insight into an individual's objectives, we structure flexible and thoughtful portfolios designed to meet their unique investment objectives.

Similarly, when we meet with the management of a potential investment, we ask them the same questions clients ask us: How are they going to grow their business? How much risk are they taking to execute that strategy? As seasoned, fundamental investors, we seek insight into what management will do to create value in our effort to construct and manage client portfolios, tailored to their needs. This is our passion—to invest prudently with discipline, insight and a risk-aware mindset.

Purpose. Passion. Performance.

Kantor Group At a Glance

• Over $5 billion under management across equities, fixed income and a long short strategy for individuals, families, institutions and charitable organizations.

• Portfolio Manager Charles Kantor has 20+ years of industry experience primarily focused on private client wealth management.

• 11-person investment and client service team dedicated to research-driven security selection, portfolio management and client communication.

• Customized portfolio solutions driven by clients’ investment objectives.

• Strong belief in frequent, transparent interaction with all clients.

Charles Kantor

We never forget that clients have often taken significant risks to accumulate their wealth. Our goal is to provide reasonable risk-adjusted returns in line with each individual client’s objectives.

Our approach focuses on an absolute return mindset. Similar to a private equity investor, we think like owners when we evaluate an investment. Our time horizon is typically two to five years—we seek attractive long-term returns and believe the upside potential on any investment should be commensurate with the risk taken.

Our clients can expect that every investment thesis is grounded in thorough, fundamental analysis. We combine quantitative analysis with qualitative judgment in an effort to maximize after-tax returns.

We invest our client’s capital against the following tenets:

Downside mitigation is crucial: We seek to mitigate downside risk in order to deliver attractive, risk-adjusted returns over the long term.

Careful analysis: We only invest our clients’ capital when we believe we can be rewarded for taking such risk and continuously evaluate security and portfolio risk.

Flexibility: Ours is purely an absolute-return mindset: find the best risk-adjusted opportunity. We search across asset classes, market capitalizations, industries and geographies.

Reinvestment opportunities: We study cash flow and evaluate its sustainability with an eye toward how managements will reinvest or put new capital to work. We study balance sheets rather than simply accept what’s on an income statement.

Test and retest: We pride ourselves on our in-depth knowledge of the companies in our portfolio, yet we constantly examine our assertions to assess how much we stand to lose and how much we might gain for our clients.

Sell discipline: Our sell discipline is an iterative process, typically driven by company-specific circumstances, portfolio considerations and the macro environment.

On Investing Well— A Private Equity Mindset

With 20+ years of experience as an investor, Charles and his dedicated team oversee more than $5 billion in assets.

Q. HOW DO YOU APPROACH INVESTING?Simply put, investing to us means bottom-up fundamental research: Know your companies and know your market environment. We are passionate about investing with particular intensity about managing risk and seeking to grow our clients’ capital. At our core, we seek to invest in attractive businesses with strong management teams at compelling valuations regardless of sector or company size.

Q. HOW DOES THIS TRANSLATE INTO A CLIENT PORTFOLIO?As no two clients are alike, we offer a suite of strategies that can be customized to meet a range of very tangible objectives—capital appreciation and income. We are passionate about seeking to grow our clients’ wealth and that mindset informs our portfolio process.

Q. HOW WOULD YOU DESCRIBE THE KANTOR GROUP’S DNA? Our first task is to understand and appreciate our clients’ objectives. Once we determine the purpose of their capital, we seek to construct a portfolio that meets their needs with an appropriate amount of risk. As investors, our team is entirely focused on our clients. We are obsessive researchers and passionate client service professionals. We manage client assets as instructed and stay close to them through both strong and challenging market cycles.

Insight: Why Some Profits Are More Valuable Than OthersAs investors, one of our key financial metrics is return on invested capital through a full business cycle. This data informs our analysis on a number of fronts: 1) How good is management as a steward of shareholders’ capital? 2) How good is the business relative to the competition? 3) How good is the sector itself?

This is our research focus—seeking investments that exhibit a demonstrated ability to produce profits that exceed the cost of capital. This measurement, known as Economic Value Added, or EVA, helps us gain insight into each and every business we consider for investment.

To put EVA simply, not all profits are worth the same—those that use less capital are more valuable than those that use more. While we evaluate other key measures, such as price-to-earnings and price-to-book value ratios, our investment approach is anchored in the principles of economic profit, which we believe gives us distinct insight when making investments.

We believe that what gets measured, gets managed. Thus, we seek to invest in companies where management's compensation framework is aligned with an economic profit mindset.

(continued)

A conversation withPortfolio Manager Charles Kantor

The Framework Leads to Three Categories of Investment Ideas

Our process is informed by our organization of investment ideas into three distinct but complementary categories. This framework helps us discern the securities we use to build tailored portfolios for clients seeking capital appreciation, income, or a combination of the two.

Capital Growth: Refers to businesses that demonstrate attractive industry fundamentals, strong competitive positions and significant re-investment opportunities.

Total Return: Includes companies with sustainable and/or growing streams of income underpinned by asset value.

Opportunistic: Seeks to capture unique market dislocations with identifiable catalysts whereby change, through the lens of improving return on invested capital (ROIC), serves as a source of value creation.

FRAMEWORK

IDEAS

DILIGENCE

DECISION

FIT

MONITOR

We mine for prospective investments by meeting with companies and industry professionals, deploying quantitative screens, attending trade shows and interacting with Wall Street and Neuberger Berman’s dedicated equity research department, which hosted over 1,600 meetings in 2015. As we are not restricted by market capitalization or sector, this generates a long list of companies to evaluate further.

Our investment framework organizes investment opportunities into three proprietary categories: Capital Growth, Total Return and Opportunistic Investments (see explanation to left).

We are research driven. Our analysis includes fundamental business evaluation, including durability of a company's competitive advantage and an assessment of the quality of its income statement and balance sheet. Alignment of management’s interests and incentives, with those of its shareholders, is also an important factor in our overall evaluation.

We decide to buy, monitor or avoid a security by assessing whether the market is under- or over-estimating the company’s future prospects.

If we find the security to be an attractive investment, we then determine its sizing and role within the context of the broader portfolio.

We continuously test our investment thesis for owning a security, frequently re-assessing both macro and security-specific circumstances. Our disciplined sell process guides any further action that may be warranted.

OUR INVESTMENT PROCESS:

The Kantor Group: Purpose. Passion. Performance.

Portfolio SolutionsOver the years, each of our clients has come to us with distinct objectives centered around the purpose of their capital. As wealth managers, we have further defined our portfolio solutions to meet these needs. Today, we offer three strategies that follow our disciplined investment process and that can be tailored to suit each client’s individual circumstance.

SEPARATE ACCOUNT OFFERINGS INVESTMENT OBJECTIVE TYPE OF SECURITIES

Our ALL-CAP CORE strategy seeks capital appreciation in a diversified portfolio of 30–60 securities and is managed for tax efficiency. The portfolio may be suitable for investors seeking capital appreciation with moderate-to-high risk tolerance in a portfolio of our best equity investment ideas, irrespective of market capitalization.

Long-term Capital Appreciation

Equities

Our FLEXIBLE CREDIT strategy seeks to deliver income from a diversified-yet-focused portfolio of 30 –50 investment grade and high-yield bonds. We invest across the U.S. corporate fixed income universe to capitalize on changing credit cycle dynamics. This strategy may be suitable for investors who are looking for capital preservation and current income.

IncomeInvestment Grade

and High Yield Bonds

Our FLEXIBLE INCOME strategy blends our All-Cap Core and Flexible Credit strategies for investors seeking income and capital appreciation. The portfolio contains a mix of approximately 25 stocks and 25 investment grade and high-yield bonds. The strategy may be suitable for those seeking capital appreciation and income.

Capital Appreciation and Income

Equities, Investment Grade and

High Yield Bonds

Our market outlook comprises both equity and credit market views. We believe this interconnection is our competitive advantage and helps us maintain a healthy risk/reward balance.

On Partnering WellThe Kantor Group prioritizes dialogue and communication with clients. The complexity of economic and investment information and the noise created by a 24/7 flood of data and opinions makes it imperative that we explain—and engage. That is our commitment as a partner. Further, we pledge to always work diligently to understand and anticipate the evolving purpose of the capital our clients have entrusted with us.

Client Dialogue

Portfolio Customization

Portfolio Management

Communicate Early and Often

Review, Reset, Rebalance

Compounding of capital is paramount—higher lows can lead to higher highs. Therefore, in our research and portfolio construction, we focus first on how much capital is at risk before asking what our clients stand to gain.

A conversation withPortfolio Manager Charles Kantor

Q. HOW DO YOU MANAGE THROUGH MARKET VOLATILITY?For all our strategies, our mindset is to manage and grow our clients’ capital—in that order. The more money one has at the bottom of an economic cycle, the more will be available to compound and create wealth until the top of the next cycle. What’s more, we focus on managing downside risk and are careful about position sizes. We actively monitor the portfolio overall and at sector, market-cap and individual security levels.

Q. HOW IMPORTANT IS HAVING A GLOBAL MACRO VIEW TO YOUR APPROACH?With over 40% of S&P 500 companies' revenues1 derived from outside the U.S., we are acutely aware of global developments. A long-term trend that we see continuing to evolve over time is the ingenuity that U.S. companies have shown in bringing new products and services to the global stage.

Q. ARE THERE SPECIFIC METRICS THAT MAY AFFECT YOUR POSITIONING?We actively monitor equity risk premiums, or the excess return investors require for buying stocks versus bonds, regularly assessing daily and intraday stock market movements as well as our own portfolio’s real-time behavior. Simply said, we respect market volatility because it means that uncertainty around a company’s earnings—and the economy—is rising.

We also closely monitor the credit markets, paying particular attention to the direction of high-yield credit spreads. Credit investors are always more focused on “what could go wrong,” and I think there is merit to the notion that credit leads equities.

From our initial meetings on, we will seek to learn the purpose of our clients’ capital regarding financial goals, time horizons and risk tolerance.

Next, we tailor a portfolio appropriate for their capital’s purpose and attuned to their evolving circumstances.

We are always managing the portfolio with a focus on risk-adjusted and after-tax returns.

Frequent, transparent and candid communications with our clients are essential to building a long and fruitful partnership.

We continuously monitor our strategies and our clients' portfolios and seek to recognize new opportunities, capture profits and mitigate losses while always being mindful of tax and transaction costs.

1 Source: S&P DJI's annual S&P 500 Foreign Sales Report, 2016.

When we have a deep understanding of clients’ objectives, we employ our approach to security analysis and selection to build and manage portfolios attuned to each individual’s circumstance.

The Kantor Group Charles Kantor Managing Director

Charles is the founder of the Kantor Group and the lead Portfolio Manager for the team's equity, fixed income and long/short strategies.

Raman Gambhir Senior Vice President Raman joined the firm in 2015 and is a Senior Research Analyst.

Arleny Quezada Portfolio Associate

Arleny joined the firm in 2009.

Ralph DeFeo, CFA, CPA Vice President

Ralph joined the firm in 2007 and is a Senior Research Analyst.

Amy B. Norflus Vice President Amy joined the firm in 2012 and is a Research Analyst.

Tracy Meyer Vice President

Tracy joined the firm in February 2007 and is a

Client Relationship Manager.

Marc Regenbaum Managing Director Marc joined the firm in 2007 and is a Senior Research Analyst.

Frank Bisk Vice President

Frank joined the firm in 2012 and is a Research Analyst.

Diana Bruno Portfolio Associate

Diana joined the firm in 2012.

Charles Nguyen, CFA Senior Vice President Charles joined the firm in 2006 and is a Senior Research Analyst.

Kelly McMahon Vice President Kelly joined the firm in 2007.

Neuberger Berman• Since 1939, partnering with clients

to solve their investment needs

• Original, fundamental research

• Bottom-up security analysis and portfolio construction

• Disciplined, high-integrity provider to individuals, families, charities and institutions

• Headquartered in New York, serving clients nationally and globally

The Kantor Group

To learn more about our investment approach, please visit www.nb.com/kantor or contact Tracy Meyer of The Kantor Group at 212.476.5567 or email tracy.meyer@nb.com.

www.nb.com/kantor

• Over $5 billion under management across equities, fixed income and a long short strategy for individuals, families, institutions and charitable organizations.

• Portfolio Manager Charles Kantor has 20+ years of industry experience primarily focused on private client wealth management.

• 11-person investment and client service team dedicated to research-driven security selection, portfolio management and client communication.

• Customized portfolio solutions and driven by clients’ investment objectives.

• Strong belief in frequent transparent interaction with all clients.

N0090 12/16 ©2016 Neuberger Berman Group LLC. All rights reserved. www.nb.com/kantor

Neuberger Berman1290 Avenue of the AmericasNew York, NY 10104-0001

www.nb.com

This material is intended as a broad overview of the portfolio manager’s current style, philosophy and process. This material is presented solely for informational purposes and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Third-party economic or market estimates discussed herein may or may not be realized and no opinion or representation is being given regarding such estimates. Certain products and services may not be available in all jurisdictions or to all client types. Unless otherwise indicated, returns shown reflect reinvestment of dividends and distributions. Indexes are unmanaged and are not available for direct investment. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results.

All information as of September 30, 2016, unless otherwise indicated. Firm data, including employee and assets under management figures, reflect collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC (the "firm"). Firm history includes the history of all firm subsidiaries, including predecessor entities. Investment professionals referenced include portfolio managers, research analysts/associates, traders, and product specialists and team-dedicated economists/strategists.

Neuberger Berman LLC is a registered investment advisor and broker-dealer. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC.