0000891092-15-006119 Sample Contracts

FORM OF INVESTMENT ADVISORY AGREEMENT

Investment Advisory Agreement • July 7th, 2015 • Excelsior Private Markets Fund III (Master), LLC • New York

• Contract Type
  Investment Advisory Agreement
• Filed
  July 7th, 2015
• Company
  Excelsior Private Markets Fund III (Master), LLC
• Jurisdiction
  New York

THIS INVESTMENT ADVISORY AGREEMENT is made the _______ 2015, by and between Excelsior Private Markets Fund III (Master), LLC (the “Company”) and Neuberger Berman Management LLC, a Delaware limited liability company (the “Investment Adviser”).

FORM OF SUB-ADVISORY AGREEMENT EXCELSIOR PRIVATE MARKETS FUND III (MASTER), LLC

Sub-Advisory Agreement • July 7th, 2015 • Excelsior Private Markets Fund III (Master), LLC

• Contract Type
  Sub-Advisory Agreement
• Filed
  July 7th, 2015
• Company
  Excelsior Private Markets Fund III (Master), LLC

We have entered into an Investment Advisory Agreement with Excelsior Private Markets Fund III (Master), LLC (“Fund”) pursuant to which we are to act as investment adviser to such Fund. We hereby agree with you as follows: