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Neuberger Berman CLO XIV 2nd Refinancing: 18 February 2020

The Issuer’s investment portfolio consists primarily of interests in bank loans acquired by way of a sale or assignment, and participation interests. The portfolio is being managed by Neuberger Berman Investment Advisers LLC (formerly Neuberger Berman Fixed Income LLC.

On 28 April 2017 (the First Refinancing Date), the Issuer refinanced the Class A-1 Notes, the Class B-1 Notes, the Class B-2 Notes, the Class C Notes and the Class D Notes. On the First Refinancing Date, the Issuer also issued $12,930,000 Subordinated Notes and the Subordinated Fee Notes. The Subordinated Notes and the Subordinated Fee Notes are not being refinanced and are not being offered via the prospectus.

On 14 February 2020 (the Second Refinancing Date), the Issuer will refinance the Class A-R Notes, the Class B-1-R Notes, the Class B-2-R Notes, the Class C-R Notes, the Class D-R Notes and the Class E-R Notes.