<SEC-DOCUMENT>0000895345-23-000580.txt : 20231016
<SEC-HEADER>0000895345-23-000580.hdr.sgml : 20231016
<ACCEPTANCE-DATETIME>20231016114540
ACCESSION NUMBER:		0000895345-23-000580
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231016
DATE AS OF CHANGE:		20231016
EFFECTIVENESS DATE:		20231016

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIONS GATE ENTERTAINMENT CORP /CN/
		CENTRAL INDEX KEY:			0000929351
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14880
		FILM NUMBER:		231326754

	BUSINESS ADDRESS:	
		STREET 1:		2700 COLORADO AVENUE
		STREET 2:		SUITE 200
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90404
		BUSINESS PHONE:		877-848-3866

	MAIL ADDRESS:	
		STREET 1:		250 HOWE STREET
		STREET 2:		20TH FLOOR
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C #R8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BERINGER GOLD CORP
		DATE OF NAME CHANGE:	19970618

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GUYANA GOLD CORP
		DATE OF NAME CHANGE:	19960212

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Neuberger Berman Group LLC
		CENTRAL INDEX KEY:			0001465109
		IRS NUMBER:				611591182
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1290 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10104
		BUSINESS PHONE:		212-476-9000

	MAIL ADDRESS:	
		STREET 1:		1290 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10104
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>ff2601313_px14a6g-lions.htm
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      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">U.S. Securities and Exchange Commission</div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Washington, DC 20549</div>
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      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">NOTICE OF EXEMPT SOLICITATION</div>
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      <div style="font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">1.&#160;Name of the Registrant: </font>Lions Gate Entertainment Corp.</div>
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      <div style="font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">2.&#160;Name of the person relying on the exemption: </font>Neuberger Berman Group LLC</div>
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    <div style="font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">3.&#160;Address of the person relying on exemption: </font>1290 Avenue of the Americas, New York, NY 10104</div>
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      <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">4.&#160;Written materials.&#160; Attach written materials required to be submitted pursuant to Rule 14a-6(g)(1):</div>
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              <div style="font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Neuberger Berman Group LLC</div>
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              <div style="font-family: 'Times New Roman', serif; font-size: 9pt;">1290 Avenue of the Americas</div>
              <div style="font-family: 'Times New Roman', serif; font-size: 9pt;">New York, NY 10104</div>
              <div style="font-family: 'Times New Roman', serif; font-size: 9pt;">Tel. 212.476.9000</div>
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          <div style="font-family: Garamond, serif; font-size: 12pt;">For Immediate Release</div>
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          <div style="text-align: center; color: #000000; font-family: Garamond, serif; font-size: 14pt; font-weight: bold;">NEUBERGER BERMAN SUBMITS SHAREHOLDER PROPOSAL</div>
          <div style="text-align: center; color: #000000; font-family: Garamond, serif; font-size: 14pt; font-weight: bold;">TO LIONS GATE ENTERTAINMENT SEEKING</div>
          <div style="text-align: center; color: #000000; font-family: Garamond, serif; font-size: 14pt; font-weight: bold;">EQUAL VOTING GOVERNANCE STRUCTURE</div>
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          <div style="text-align: justify; margin-right: 54pt; margin-left: 49.5pt; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Company&#8217;s Corporate Governance Structure Should be Repositioned as Part of the Proposed Separation of
            Starz</div>
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          <div style="text-align: justify; margin-right: 54pt; margin-left: 49.5pt; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Neuberger Berman Calls Upon the Board to Embrace This Core Governance Principle and Take Action to
            Eliminate the Dual-Class Share Structure</div>
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          <div style="text-align: justify; margin-right: 54pt; margin-left: 49.5pt; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Neuberger Berman Encourages Fellow Lions Gate Shareholders to Vote FOR Proposal 6 at Upcoming Annual
            General and Special Meeting of Shareholders</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">New York, NY &#8211; October 16, 2023 - Neuberger Berman a private, independent, employee-owned investment manager, today announced that it has
            submitted a proposal (the &#8220;Proposal&#8221;) calling on the Board of Directors of Lions Gate Entertainment Corp. (&#8220;Lions Gate&#8221; or the &#8220;Company&#8221;) (NYSE: LGF.A, LGF.B) to take all reasonable and necessary steps to eliminate the dual-class share
            structure of the Company. The Proposal will be presented to shareholders for a vote as Proposal 6 at the Company&#8217;s 2023 Annual General and Special Meeting of Shareholders, which is scheduled for November 28, 2023 (the &#8220;Annual Meeting&#8221;).
            Neuberger Berman, on behalf of its clients, has been an investor in Lions Gate since 2016.</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">The Proposal requests that the Board take all reasonable and necessary steps to ensure that each outstanding share of common stock has one vote.</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Lions Gate&#8217;s dual-class structure has existed since the Company&#8217;s merger with Starz in 2016. Neuberger Berman strongly believes that the planned
            separation of the Starz business should be implemented in a manner that positions the company that will hold the remaining Starz business and the company that will hold the separating Studio business with governance structures that align the
            voting and economic interests of all shareholders.</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Neuberger Berman believes there are several reasons to support the elimination of the dual-class structure at Lions Gate, including:</div>
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          <div style="text-align: justify; margin-top: 0.1pt;"><font style="font-family: Garamond, serif; font-size: 12pt;">&#8226;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: Garamond, serif; font-size: 12pt;">&#8220;One share, one vote&#8221; is a foundational principle of corporate governance for which numerous stakeholder groups, including the Council of Institutional Investors, the Investor Stewardship
              Group and the International Corporate Governance Network have expressed strong support.</font></div>
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          <div style="text-align: justify; margin-top: 0.1pt;"><font style="font-family: Garamond, serif; font-size: 12pt;">&#8226;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: Garamond, serif; font-size: 12pt;">Dual-class share structures are inconsistent with market practice, with just 7% of S&amp;P 500 companies maintaining share structures with unequal voting as of September 30, 2023,
              according to FactSet.</font></div>
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          <div style="text-align: justify; margin-top: 0.1pt;"><font style="font-family: Garamond, serif; font-size: 12pt;">&#8226;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: Garamond, serif; font-size: 12pt;">The dual-class structure may increase risk. According to the Company&#8217;s 2022 10-K, &#8220;an increase in the ownership of Class A shares by certain shareholders could trigger a change in
              control,&#8221; which could precipitate an event of default under the Company&#8217;s debt agreements.</font></div>
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          <div style="text-align: justify; margin-top: 0.1pt;"><font style="font-family: Garamond, serif; font-size: 12pt;">&#8226;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: Garamond, serif; font-size: 12pt;">The dual-class share structure may impair value, with Lions Gate&#8217;s Class B shares trading at a discount to the average of the Company&#8217;s 10-K performance peers based on a forward
              Enterprise Value to EBITDA multiple. Neuberger Berman believes that the discount is driven in part by the dual-class structure, which dampens trading liquidity, complicates the capital structure and gives certain shareholders outsized
              influence.</font></div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Benjamin Nahum, Managing Director and Senior Portfolio Manager of Neuberger Berman, stated, &#8220;In our view, eliminating the dual-class structure
            would benefit shareholders by giving them voting rights commensurate with their economic interest.We encouraged the Board to take the lead on this issue and afforded it the opportunity to act proactively. While we believe that the Board
            understands the need for a single class of voting shares, there is an unexplained reticence to move expeditiously and in conjunction with the plan of arrangement by which Lions Gate is separating the Starz and Studio businesses.&#8221;</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Mr. Nahum continued: &#8220;We again call upon the Board to take action to remediate this governance deficiency by aligning voting and economic
            interests prior to the effective time of the contemplated business separation, such that all shares of Lions Gate and the newly separated company are entitled to one vote per share. In the meantime, we encourage our fellow shareholders to vote
            FOR Proposal 6 at the Annual Meeting to underscore for the Board the importance of equal voting rights.&#8221;</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">In connection with its submission of the Proposal in September, Neuberger Berman also sent a letter to the Company&#8217;s Board of Directors (the
            &#8220;Board&#8221;), a copy of which is below.</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">IMPORTANT NOTICE: </font>Neuberger Berman <font style="color: #000000;">is NOT asking for shareholder
              proxies. It will not accept proxy cards, and any proxy cards received will be returned.</font></div>
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          <div style="text-align: justify; margin-top: 0.1pt;"><font style="font-family: Garamond, serif; font-size: 12pt;">*</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: Garamond, serif; font-size: 12pt;">*<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>*</font></div>
          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">September 28, 2023</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">BY EMAIL AND OVERNIGHT MAIL</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Lions Gate Entertainment Corp.</div>
          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">2700 Colorado Avenue</div>
          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Santa Monica, California 90404</div>
          <div style="text-align: justify; margin-top: 0.1pt;"><font style="font-family: Garamond, serif; font-size: 12pt;">Attention:</font>&#160; <font class="HorizontalTab" style="width: 10pt; font-size: 1px; display: inline-block;"></font><font style="font-family: Garamond, serif; font-size: 12pt;">Board of Directors</font></div>
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          <div style="text-align: justify; margin-top: 0.1pt;"><font style="font-family: Garamond, serif; font-size: 12pt;">Re:</font><font class="HorizontalTab" style="width: 10pt; font-size: 1px; display: inline-block;"> </font><font style="font-family: Garamond, serif; font-size: 12pt;">A Meeting to Discuss a Proposal to Enhance Governance and Alignment</font></div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Dear Members of the Board:</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">We are writing to you on behalf of Neuberger Berman Investment Advisers LLC (together with its affiliates, &#8220;Neuberger Berman,&#8221; &#8220;we&#8221; or &#8220;us&#8221;).
            Neuberger Berman is an employee-owned investment manager with a long-term orientation and a strong commitment to good corporate governance practices. We manage approximately $443 billion in assets on behalf of institutional investors, pension
            funds, foundations and individuals as of June 30, 2023.</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Neuberger Berman has been invested in Lions Gate Entertainment Corp. (&#8220;Lions Gate&#8221; or the &#8220;Company&#8221;) since early 2016. On behalf of our clients,
            we currently own 19,520 Class A Voting Shares (the &#8220;Class A&#8221; shares) and 6,703,879 Class B Non-Voting Shares (the &#8220;Class B&#8221; shares), making us one of the Company&#8217;s largest active owners based on our aggregate economic interest in the Company.</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Lions Gate is a fundamentally sound business, with a deep library of content, a valuable portfolio of brands and properties and a track record of
            delivering critically acclaimed entertainment. Yet, despite the strength of its assets, Lions Gate has underperformed its self-selected peers. Lions Gate&#8217;s Class B shares have lost approximately two-thirds of their value since the dual-class
            structure was instituted in 2016. And, since then, the Company has at times traded at a meaningful discount to the Company&#8217;s peers, based on forward EBITDA multiples.</div>
          <div style="margin-top: 0.1pt;"><br>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">We believe the long-term underperformance and discounted valuation are driven, in part, by the Company&#8217;s dual-class share structure, which limits
            trading liquidity, complicates the capital structure and gives Class A shareholders outsized influence.</div>
          <div style="margin-top: 0.1pt;"><br>
          </div>
          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">More generally, we believe good governance aligns interests, ensures accountability and helps to drive value creation over the long-term. Among
            the most important governance features to us is the principle that voting rights should be aligned with economic interests. Our Proxy Voting Guidelines enshrine that view. The Council of Institutional Investors and the Investor Stewardship
            Group both agree and support &#8220;one share, one vote&#8221; as a bedrock principle of good corporate governance.</div>
          <div style="margin-top: 0.1pt;"><br>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">The current dual-class structure at Lions Gate was created in connection with the acquisition of Starz in 2016. Given the Company&#8217;s proposed
            separation of its Starz and Studio businesses into two separate public companies, we believe now is an ideal time for the Board to unwind this suboptimal and unusual structure. In our view, aligning the voting rights of shareholders with their
            economic interests at both Starz and Studio will improve alignment and accountability and enhance the prospects for sustained value creation.</div>
          <div style="margin-top: 0.1pt;"><br>
          </div>
          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">We therefore call on the Board to remediate this governance deficiency by aligning voting and economic interests prior to the effective time of
            the contemplated business separation, such that all shares of Lions Gate and the newly separated company are entitled to one vote per share.</div>
          <div style="margin-top: 0.1pt;"><br>
          </div>
          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">If the Board does not address this issue prior to the 2023 Annual and Special Meeting, we intend to have shareholders opine on this important
            matter at that Meeting. Accordingly, you will find attached a shareholder proposal, made pursuant to Exchange Act Rule 14a-8, for inclusion in the Company&#8217;s proxy materials for the Annual Meeting. The proposal, if supported by shareholders,
            would call upon the Board to adopt a &#8220;one share, one vote&#8221; structure before finalizing the contemplated business separation. (As you will see, the proposal is structured in a manner that provides the Board with the flexibility to determine the
            fair and appropriate means for achieving this objective.)</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">We also reserve our rights to appear in front of the Supreme Court of British Columbia (the &#8220;Court&#8221;), both at the interim and final stages of
            approval for the Plan of Arrangement, including to challenge the fairness of the transaction. To that end, we hereby request that you provide notice to us reasonably in advance of the dates of any such proceedings and deliver to us copies of
            all materials you intend to submit to the Court.</div>
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          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">We hope the Board understands the importance of this core principle of corporate governance and acts on its own to remedy this governance flaw,
            effectively mooting the need for us to take our concerns to the Court and our fellow shareholders. If the Board has any hesitation about doing so, we would appreciate an opportunity to address the full Board to discuss our perspectives in
            detail.</div>
          <div style="margin-top: 0.1pt;"><br>
          </div>
          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Sincerely,</div>
          <div style="margin-top: 0.1pt;"><br>
          </div>
          <div style="margin-top: 0.1pt;"><br>
          </div>
          <div style="margin-top: 0.1pt;"><br>
          </div>
          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Benjamin Nahum</div>
          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Managing Director and Senior Portfolio Manager</div>
          <div style="text-align: justify; margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt;">Neuberger Berman</div>
          <div style="margin-top: 0.1pt;"><br>
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          <div style="text-align: center; font-family: Garamond, serif; font-size: 12pt;"># # #</div>
          <div style="margin-top: 0.1pt;"><br>
          </div>
          <div style="margin-top: 0.1pt;"><br>
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          <div style="text-align: justify; margin-top: 0.1pt; color: #000000; font-family: Garamond, serif; font-size: 12pt;">About Neuberger Berman</div>
          <div style="margin-top: 0.1pt;"><br>
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          <div style="text-align: justify; font-family: Garamond, serif; font-size: 12pt;">Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies&#8212;including equity, fixed
            income, quantitative and multi-asset class, private equity, real estate and hedge funds&#8212;on behalf of institutions, advisors and individual investors globally. Neuberger Berman&#8217;s investment philosophy is founded on active management, engaged
            ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26
            countries, the firm&#8217;s diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman has been named first or second in Pensions &amp; Investments Best Places to Work in Money Management survey (among those with 1,000
            employees or more). The firm manages $449 billion in client assets as of September 30, 2023. For more information, please visit our website at www.nb.com<font style="font-family: 'Times New Roman', serif;">.</font></div>
          <div><br>
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          <div style="margin-top: 0.1pt; font-family: Garamond, serif; font-size: 12pt; font-weight: bold;"><font style="color: #000000;">Media Contact: Alex Samuelson, 212 476 5392, </font>Alexander.Samuelson@NB.com</div>
          <div style="margin-top: 0.1pt;"><br>
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          <div style="text-align: justify; font-family: Garamond, serif; font-size: 8pt;">All Neuberger Berman information is as of September 30, 2023, unless otherwise indicated and is subject to change without notice. Firm data, including employee and
            assets under management figures, reflects collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC. Firm history/timeline includes the history of all firm subsidiaries, including
            predecessor entities and acquisitions.</div>
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          <div style="text-align: justify; font-family: Garamond, serif;"><font style="font-size: 8pt;">This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit
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              Group LLC. All rights reserved.</font></div>
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