Nb Global Corporate Income Trust : Portfolio Manager Update

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Key Global High Yield Themes - 1H:2022

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Global Growth Uncertainty is Rising, But Buffers Remain

• Growth outlook impacted by cross- currents of rising commodities and geopolitical events
• Key buffers include a strong U.S. consumer and potential fiscal spending in Europe
• We do not view a recession nor stagflation as the most likely outcomes although risk has increased

Inflation to Persist

• U.S. core services inflation continues to accelerate and tends to be stickier
• Acceleration of energy independence and defence spending in Europe bring further inflationary pressures
• Commodity inflation has mixed sector effects

Central Bank Tightening Expectations Have Peaked

• Growth uncertainty allows central banks to look through elevated inflation and adjust rate hiking strategy over the next 12 months
• Interest rate volatility should normalize, supporting spread sectors

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Investment Implications

• Default rates in High Yield expected to remain very low

• Recent stress testing (assuming GDP contraction globally and a spike in oil prices) indicates that most credit impacts are cl ose to neutral

• Mindful of sector and geographical allocations while still pursuing yield opportunities

For illustrativ e and discussion purposes only. Nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy , sell or hold a security. This material is not intended as a formal research report and

should not be relied upon as a basis for making an investment decision. Portfolio Manager's views may differ from that of other portfolio managers as well as the views of the firm. Inv esting entails risks, including possible loss of

principal. Past performance is no guarantee of future results.

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High Yield Asset Class Return Scenarios - 12 Month Horizon

High Yield total return scenarios have improved with yields back over 7%

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High Yield1 - Spread to Worst (bps)

1000

900

800Spreads Widen

12M Return Views: -0.44%

700

600Spreads Unchanged

12M Return Views: 7.13%

500

400

300

200

Spreads Tighten

12M Return Views: 11.99%

100

Total Return Scenarios - 12 Month Horizon

Scenario 1: Spreads Widen

Spread Level	625 bps
Estimated Spread Change	+187 bps
12 Month Return Views	-0.44%

Scenario 2: Spreads Remain Unchanged

Spread Level	438 bps
Estimated Spread Change	0 bps
12 Month Return Views	7.13%

Scenario 3: Spreads Tighten

Spread Level	318 bps
Estimated Spread Change	-120 bps
12 Month Return Views	11.99%

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Dec-…

Dec-…

Dec…-

Mar-18

Jun-18

Sep…-

Mar-19

Jun-19

Sep…-

Dec…-

Mar-20

Jun-20

Sep…-

Mar-21

Jun-21

Sep…-

Dec…-

Mar-22

1As represented by the ICE BofA U.S. High Yield Constrained Index. Data as of May 30, 2022. Neuberger Berman investment v iews are formulated by our specialty fix ed income teams. For a variety of fix ed income sectors, we identify a range of outcomes that either may occur or alternatively be anticipated and then priced into the market. If actual spread to treasury and yield data differs from the assumed data above, there is a risk that the modeled asset class return v iews alike will differ materially from actual asset class return data. Expected Return Forecast May Not Materialize. The expected returns contained herein are being shown to illustrate the inv estment decision-making process and are not intended to prov ide any guarantee or assurance about the future returns of any security, asset class or portfolio. Projections or other forward-looking statements regarding future events, targets or expectations

are only current as of the date indicated. There is no assurance that such events or projections will occur, and may be significantly different than that show n here. The information in this presentation, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons.

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Why Global High Yield Now?

Yield and dollar prices have become attractive relative to recent history

Global High Yield1 - YTW (%)		Global High Yield1 - Price (US $)
10.0		110
9.0		105
8.0	7.06
	100
7.0
		95
6.0		91.66
5.0		90
4.0		85
3.0		80

Current Yields are More than Compensating

for Default Outlook

• Default rates in U.S., Europe and other Developed Markets are expected to remain well below average and are currently at all -time lows.
• EM defaults are on the rise, but we are finding attractive select opportunities away from the higher risk regions / sectors.

As of April 30, 2022. 1 Index : ICE BofA Global High Yield Constrained Index

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Credit Fundamentals

Fundamentals continue to be healthy

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Debt/EV Ended Last Year at Multi-Year Lows1

(%)

70%

65%

60%

Debt/EV

55%

HY

50%

45%

Median

35%

38.8%

40%

30%

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

Interest Coverage Is Still Historically Elevated2

Expense

6.0x

5.0x

4.8x

4.0x

/ Interest

3.0x

2.0x

EBITDA

1.0x

0.0x

1Q08

4Q08

3Q09

2Q10

1Q11

4Q11

3Q12

2Q13

1Q14

4Q14

3Q15

2Q16

1Q17

4Q17

3Q18

2Q19

1Q20

4Q20

3Q21

High Yield Leverage Is Back to Multi-Year Lows2

6.0x

/ EBITDA

5.0x

4.0x

4.4x

Debt

3.0x

2.0x

LTM

1.0x

0.0x

1Q08

4Q08

3Q09

2Q10

1Q11

4Q11

3Q12

2Q13

1Q14

4Q14

3Q15

2Q16

1Q17

4Q17

3Q18

2Q19

1Q20

4Q20

3Q21

Y/Y EBITDA in the High Yield Market Has Been Positive Since 20212

100%

EBITDA

80%

56.1%

60%

40%

LQA

20%

0%

%y/y

-20%

-40%

-60%

3Q10

2Q11

3Q13

4Q15

1Q18

2Q20

1Q09

4Q09

1Q12

4Q12

2Q14

1Q15

3Q16

2Q17

4Q18

3Q19

1Q21

4Q21

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Data as of December 31, 2021. 1Source: Credit Suisse. 2Source: JP Morgan.

For illustrativ e and discussion purposes only. Nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy , sell or hold a security. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. Portfolio Manager's views may differ from that of other portfolio managers as well as the views of the firm. Historical trends do not imply, forecast or guarantee future results. Information is as of the date indicated and subject to change w ithout notice. Nothing herein constitutes a prediction or projection of future ev ents or future

market behav ior.

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