Slides
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Results as of 31 August 2025, unless otherwise noted NB Private Equity Partners Update Investing in private companies to generate long-term growth
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2 THIS PRESENTATION MAY CONTAIN FORWARD LOOKING STATEMENTS THIS PRESENTATION HAS BEEN CREATED WITH THE BEST AVAILABLE INFORMATION AT THIS TIME. INFORMATION FLOW IN THE PRIVATE EQUITY ASSET CLASS OFTEN LAGS FOR SEVERAL MONTHS. THE PRESENTATION MAY CONTAIN FORWARD LOOKING STATEMENTS, PROJECTIONS AND PRO FORMA INFORMATION BASED UPON THAT AVAILABLE INFORMATION. THERE CAN BE NO ASSURANCE THAT THOSE STATEMENTS, PROJECTIONS AND PRO FORMA NUMBERS WILL BE CORRECT; ALL OF THEM ARE SUBJECT TO CHANGE AS THE UNDERLYING INFORMATION DEVELOPS. THE INFORMATION IN THIS PRESENTATION IS BASED ON THE 31 AUGUST 2025 MONTHLY NAV ESTIMATE, UNLESS OTHERWISE NOTED.
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3 NBPE – Highlights from Six Months to 30th June 2025 • Net Assets of $1,283 million - NAV per share of $28.14 (£20.53) a return of 4.0% in the six months (NAV TR 4.5% through 31 August 2025) • Performance driven by 1.9% increase in private company valuations ex-FX, alongside positive contributions from quoted holdings and foreign exchange • Continued good operating performance – aggregate LTM revenue and EBITDA growth of 8.8%1 and 9.8%1 respectively. NBPE 10 largest investments, which represent 31% of fair value reporting weighted average LTM revenue growth of 13.7% and LTM EBITDA growth of 15.9% • The portfolio’s valuation multiple was 15.4x EV/EBITDA2, with a weighted average net debt/EBITDA multiple of 5.4x2. EBITDA growth has resulted in the overall portfolio’s leverage multiple remaining relatively unchanged • $68 million of proceeds received in the period, with a further $18 million received since June; visibility on a further $41 million of realisations expected to close in the coming months, with the potential for further realisations in the latter part of the year • ~739k shares repurchased at a 29% discount to NAV, resulting in $0.09 per share NAV accretion • 1H 2025 dividend of $0.47 per share paid in February (~$22 million) • Well positioned to take advantage of future investment opportunities - $284 million of cash and undrawn credit line available Note: As of 30 June 2025. 1. See endnote 5 for further information on analysis. 2. See endnote 4 for further information on analysis.
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NBPE Overview
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5 NBPE – Investing in Private Companies to Generate Long-term Growth Note: See NBPE endnote 1 for information on uplift and multiple calculation; data as of 31 August 2025. Direct investments in private equity owned companies Investing globally, with a focus on the US, the largest and deepest PE market Investing alongside top- tier PE managers in their core areas of expertise Leveraging the strength of Neuberger Berman’s platform, relationships, deal flow and expertise to access the most attractive investment opportunities available A highly selective investment approach Focusing on sectors and companies expected to benefit from long term structural growth trends, such as changing consumer patterns, demographic shifts or less cyclical industries Diversified across sectors, underlying private equity managers and company size Focused on the best opportunities – control the investment decision Dynamic – can respond to market conditions Fee efficient – single layer of fees Strategy 31.5% Average uplift on IPOs/realisations (5 years) 16.4% Gross IRR on direct equity investments (5 years) 2.1x Multiple of cost on realisations (5 years) Key Portfolio Stats Benefits of NBPE’s co-investment model
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6 4% 5% 11% 79% 165% 14% 16% 69% 88% 214% 0% 50% 100% 150% 200% 250% USD Return MSCI World Index -7% -8% 0% 92% 187% 14% 13% 39% 78% 108% -50% 0% 50% 100% 150% 200% GBP Return FTSE All Share Index • NAV of $27.79 / £20.57 at 31 August 2025; TR: +4.5% YTD / +4.8% LTM ─ Six months to 30 June 2025 NAV TR of 4.0% • 100% of valuation information based on quoted Q2 holdings / private company valuations (+1.9% ex-FX YTD) • $86 million of cash proceeds received to date driven by full / partial exits • ~$41 million of pending / expected realisations2 NBPE Performance Highlights Note: Based on NBPE NAV data as of 31 August 2025. Past performance is no guarantee of future results. Performance figures assume re-investment of dividends at NAV or closing share price on the ex-dividend date and reflect cumulative returns over the relevant time periods shown and are not annualised returns. Three-year, five-year and ten-year annualised returns are presented below the bars for USD NAV and GBP Share Price Total Returns. 1. See endnotes two and three for important information regarding benchmarking. 2. Includes pending/expected realisations inclusive of unannounced transactions. There can be no assurances that the expected tr ansactions ultimately close or that NBPE receives the amounts expected. % Total Return NAV Total Return (USD)1 as of 31 August 2025 % Total Return Share Price Total Return (GBP)1 as of 31 August 2025 Ten Year Cumulative NAV TR 165.2% Ten Year Cumulative Share Price TR 186.6% Private value change ex fx = 64.1, divided by 1215.2 of beginning privates NAV = 5.2% 2025 Performance YTD 3.6% 12.3% 10.2%NBPE Annualised 2025 YTD One Year Three Year Five Year Ten Year Gross Cashflow File in CA Backup 7/3 Weekly Tracking Don’t think FTSE YTD is +9% It is +9% in the Total Returns File -BD NBPE Annualised 0.1% 13.9% 11.1% 2025 YTD One Year Three Year Five Year Ten Year
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7 Overall NAV performance was driven by 1.9% growth in the NAV of private holdings Note: As of 31 August 2025. Numbers may not sum due to rounding. Private Companies 31 Dec 2024 Value Net Cash Flow Value Change Ex FX FX 31 Aug 2025 Value $900 $950 $1,000 $1,050 $1,100 $1,150 $1,200 $1,250 $1,300 31 Dec 2024 Value Net Cash Flow Value Change Ex FX FX 31 Aug 2025 Value $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 ($ millions) Summary of Value Changes In 2025 YTD$1,200m$1,208m ($62m) $22m $89m $92m ($12m) $13m • Private company valuations grew 1.9% (ex FX) in 2025 YTD • Positive performance in quoted holdings, which were up 13.8% (ex FX) − Public investments constitute 7% of the portfolio fair value at 31 August 2025 1.9% vs Dec 24 $31m $3m Public Companies ($ millions) 13.8% vs Dec 24 Public and Private Valuations Up in 2025 YTD
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Portfolio Overview
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9 40 companies, 22% Business Services Company* 78% Top 30 Private Equity Investments’ share of portfolio fair value Top right of data sheet’s company soi tab Data file rns top companies ** A Well-Diversified Portfolio A diversified and carefully constructed portfolio Key Portfolio Stats $1.3bn Value of direct investments 98% Of fair value invested in direct equity 73 Number of direct equity investments 93% Fair value of top 50 investments 5.6 Private company average age (years) 46 Private equity managers co-invested alongside Note: as of 31 August 2025. *undisclosed due to confidentiality provisions.
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10 Diversified by industry, private equity sponsor, geography and vintage year Portfolio Diversification Tech, Media & Telecom 22% Consumer / E- commerce 22% Industrials / Industrial Technology 18% Business Services 12% Financial Services 14% Healthcare 8% Other 4% Industry DiversificationGeography RoW 1% Europe 23% North America 76% 2016 & Eariler 10% 2017 13% 2018 13% 2919 14% 2020 14% 2021 18% 2022 6% 2024 9% 2025 1% Vintage Year 2023 2% Note: Totals may not sum to 100% due to rounding. Data as of 31 August 2025. *Undisclosed company due to confidentiality provisions. Long-term secular growth trends Businesses with low expected cyclicality *Business Services Company
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11 Top 10 Private Companies Inv. Date Sector Sponsor / GP Thesis 31 August 2025 NAV / % of Total 2020 Consumer 3i Store growth through expansion to other European countries $91.1mm / 7.0% 2019 Financial Services Reverence Capital Secular tailwinds, M&A in fragmented, consolidating industry. Multiple levers for organic growth $69.8mm / 5.4% 2021 / 2023 Industrials Platinum Equity Sticky customer base/trusted provider; natural barriers to entry $64.3mm / 5.0% 2021 Industrials AEA Investors Distributor of mission-critical standard and custom engineered products $49.0mm / 3.8% 2018 Technology Francisco Partners Market leading, cash flow generative business with a strong organic growth profile and secular tailwinds $47.6mm / 3.7% Business Services Company* 2017 Business Services Undisclosed Low expected cyclicality; essential “utility-like” characteristics with attractive financial profile $41.4mm / 3.2% 2024 Industrials Audax Group Leading distributor of c-class parts (e.g. fasteners, wire connectors) to the aerospace and defence industry $39.1mm / 3.0% 2022 Financial Services Cinven Best-in-class wealth management technology platform serving advisors and retail clients $38.5mm / 3.0% 2017 Communications / Media Shamrock Capital High-quality assets in leading locations, barriers to entry, backed by a strong private equity manager $37.5mm / 2.9% 2024 Financial Services Leonard Green & Partners Provider of various wealth management and advisory services to individuals and businesses throughout the US $35.1mm / 2.7% Top 10 Private Investments $513.5mm / 39.7% Note: As of 31 August 2025. *Undisclosed company due to confidentiality provisions. Past performance is no guarantee of future results. Numbers may not sum due to rounding. The Top 10 companies shown below have driven meaningful value for NBPE TBU – get Paul just top 10 from the excel file that has ltm , ytd, and 3 year Top 10 Private Companies
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12 Continued Positive Underlying Operating Performance Continued weighted average top-line and EBITDA growth across the entire portfolio 8.8% Wtd Average LTM Revenue Growth (June 2025) 9.8% Wtd Average LTM EBITDA Growth (June 2025) Portfolio Operating Metrics 15.4x EV/EBITDA multiple 5.4x Net debt to EBITDA Valuation & Leverage1 Note: As of 30 June 2025. See endnote 4 and 5 for further information on analysis. 1. Excludes public companies, Marquee Brands and other investments not valued on multiples of EBITDA.
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13 13.7% 10.6% 9.2% 15.9% 11.4% 10.6% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Top 10 Top 20 Top 30 Wtd Average LTM Revenue Growth Wtd Average LTM EBITDA Growth Total Portfolio Wtd Average LTM Revenue Growth: 8.8% Wtd Average LTM EBITDA Growth: 9.8% Operating Performance of Largest Investments Larger positions are driving value in the portfolio Portfolio Operating Metrics1 Note: As of 30 June 2025. 1. See endnote 6 for further information on the analysis. 8.8% 9.8% Top 10 (41% of fair value) Top 20 (55% of fair value) Top 30 (71% of fair value)
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14 Top Three Investments Spotlight Note: Data as of 31 August 2025, $ figures in millions. Past performance is not an indicator, guarantee or projection of future performance. Sources: GP Press Releases, GP websites, Company websites Investment Date January 2020 July 2019 August 2021 GP 3i Group Reverence Capital Platinum Equity Company Description European discount retailer Wealth management platform Specialty chemicals provider Performance since Investment ✓ Action has generated strong financial performance from like-for-like sales as well as new store openings over the holding period; in 2024, Action opened 352 net new stores, with recent expansion into Italy, Spain, Slovakia and Portugal ✓ Osaic successfully rebranded from Advisor Group and has executed an active M&A strategy; Osaic has executed an active M&A strategy with the transformative acquisition of Ladenburg Thalmann Financial Services in 2020, and most recently the acquisition of Lincoln National’s wealth business in May’24 ✓ Solenis has been highly acquisitive during NBPE’s ownership and has successfully integrated multiple businesses to grow sales and improve product offerings; closed add-on acquisition of Clearon Corp in August 2022 and successfully completed the take-private of Diversey in July 2023 The largest three investments on a combined basis have generated a 4.0x gross multiple of invested capital as of 31 August 2025 $40.4 $60.1 $60.2 $70.2 $70.3 $70.2$1.0 $2.9 $18.0 $45.8 $54.5$53.8 $93.1 $127.6 $181.4 $189.5 $225.2 1.3x 1.6x 2.2x 2.8x 3.3x 4.0x -2 0 2 4 6 0 50 100 150 200 250 300 2020 (Cost) 2020 2021 (Cost) 2021 2022 (Cost) 2022 2023 (Cost) 2023 2024 (Cost) 2024 Aug-25 (Cost) Aug-25 Cost Realized NAV TVPI 2020 2022 2023 2024 Aug-252021 Combined Value Appreciation
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15 2024 Investments Note: Data as of 31 August 2025, unless otherwise noted. Past performance is not an indicator, guarantee or projection of future performance. Sources: GP Press Releases, GP websites, Company websites \ Investment Date January 2024 February 2024 May 2024 November 2024 GP TA Associates EQT Audax Group Leonard Green Co-investment Type Mid-life Co-underwrite Mid-life Mid-life Cost / NBPE Fair Value (31/8/2025) $25.2m / $25.8m $13.1m / $13.1m $25.0m / $39.1m $30.0m / $35.1m Company Description Develops and administers self-funded employee health benefits programs for small and medium-sized employers Pioneer in the design, development, and extrusion of fluoropolymer tubing for medical devices and select industrial applications Global supply chain partner specialising in hardware, electrical, chemical, and consumable products for aerospace and defence companies Leading, national Registered Investment Advisor (“RIA”) firm offering wealth management services including investment management, financial planning, tax preparation, etc. Investment Thesis ✓Large, underserved market ✓Considerable barriers to entry ✓Attractive historical operating performance ✓Significant growth opportunities ✓Unique model, allows companies cost-savings through economies of scale ✓Considerable barriers to entry ✓Strong historical operating performance ✓R&D to drive significant innovation ✓Transition from family ownership ✓Demographic tailwinds driven by population aging ✓Expanding addressable market ✓Market leading business with demonstrated track record of growth ✓Organic and inorganic growth opportunities ✓Strong historical financial performance ✓High-quality commercial partnerships ✓Dynamic leadership ✓Differentiated growth profile Key NBPE Theme ✓Long-term secular growth ✓Attractive historical performance ✓Market leader ✓Mission-critical components / Long- term secular growth ✓Sticky customer relationships ✓Long-term secular growth ✓M&A ✓Mission-critical products ✓Long-term secular growth ✓Sticky customer relationships ✓Healthy financial structure ✓M&A 2024 investments have generated a 1.2x gross multiple of invested capital and 17% gross IRR as of 31 August 2025; weighted average revenue and EBITDA growth across the four companies was 13.4% and 13.3%, respectively as of 30 June 2025
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16 NB Private Markets vs. NBPE Performance since 2021 Past performance is no guarantee of future results. Source: NB Private Markets Q2 2025 Valuation Summary. Data from GP materials, capital account statements, preliminary GP guidance, Capital IQ. Based on Q2 2025 information reported to date (75% of funds reporting) 1. Includes data collected through 08/23/25. Buyout Funds include small-/mid-/large-cap buyout, value buyout (special situations) and growth buyout / growth equity strategies. See additional notes on methodology in the endnotes. 2. NBPE based on 100% Q2 private company valuation information included in the 31 August 2025 NAV update. The benchmark performance is presented for illustrative purposes only to show general trends in the market for the relevant p eriods shown. The investment objectives and strategies of each fund in the benchmark may be different than the investment objectives and strategies of private equity funds and may have different risk and reward profil es. A variety of factors may cause this comparison to be an inaccurate benchmark for any particular private equity fund and the benchmarks do not necessarily represent the actual investment strategy of a fund. It should not be assumed that any correlations to the benchmark based on historical returns would persist in the future. Indexes are unmanaged and are not available for direct investment. Investing entails risks, including possible loss of principal. Nothing herein constitutes investment advice or recommendation. It should not be assumed that any investment objectives or client needs will be achieved. See Additional Disclosures at the end of this presentation, which are an important part of this presentation. 43% (0%) 9% 5% 5% 45% 4% 5% 7% 2% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 2021 2022 2023 2024 YTD 2025 NB Private Markets NBPE Aggregate Change in Private Company Valuations (ex-FX) NB Private Markets aggregates performance of funds across its platform on a quarterly basis. As shown below, from 2021 to 2024, NBPE has performed roughly in line with the broader NB Private Markets buyout funds sample set, which includes ~350 buyout funds 1 2 Platform: +1.4% (Q1 average) NBPE: (0.4%) Platform +1.8% (Q2 average) NBPE: +2.3% Update – create a pivot in the august value change file instead of sorting by code sort by vintage year, remove fx Slide 6 Source: GP materials, capital account statements, preliminary GP guidance. 1. Includes data collected through 08/23/25. Buyout Funds include small-/mid-/large-cap buyout, value buyout (special situations) and growth buyout / growth equity strategies. See additional notes on methodology in Appendix. The benchmark performance is presented for illustrative purposes only to show general trends in the market for the relevant p eriods shown. The investment objectives and strategies of each fund in the benchmark may be different than the investment objectives and strategies of private equity funds and may have different risk and reward profil es. A variety of factors may cause this comparison to be an inaccurate benchmark for any particular private equity fund and the benchmarks do not necessarily represent the actual investment strategy of a fund. It should not be assumed that any correlations to the benchmark based on historical returns would persist in the future. Indexes are unmanaged and are not available for direct investment. Investing entails risks, including possible loss of principal. Nothing herein constitutes investment advice or recommendation. It should not be assumed that any investment objectives or client needs will be achieved. See Additional Disclosures at the end of this presentation, which are an important part of this presentation. 2. Value is based on investments where Q2 valuation information was received from underlying GPs; approximately 86% of fair value was received as of 29 August 2025
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17 Average Change in Value by Vintage Year (Buyout Funds Only) vs NBPE in Q2 2025 Past performance is no guarantee of future results. Source: GP materials, capital account statements, preliminary GP guidance. Nothing herein constitutes investment advice or recommendation. Investing entails risks, including possible loss of principal. 1. Includes data collected through 08/23/25. Buyout Funds include small-/mid-/large-cap buyout, value buyout (special situations) and growth buyout / growth equity strategies. See additional notes on methodology in the endnotes. 2. Based on 100% Q2 private company valuation information included in the 31 August 2025 NAV update. Average % Change in Unrealised value in Q2 2025 by vintage year (USD) NBPE’s more recent vintages generally performed in line or better in Q2 2025 vs. NB platform buyout funds. NBPE’s 2017 and 2018 vintages slightly underperformed along with older vintages 2% 3% 2% 3% 2% 4% 6% 7% 0% (0%) (4%) 7% 3% 2% 6% 2016 & Prior 2017 2018 2019 2020 2021 2022 2023 NB Private Markets Buyout Funds NBPE 41% Driven by one company / low comparable $ base NBPE $ in mn / % of private value $150.3m / 14% $159.6m / 15% $178.2m / 17% $230.1m / 21% $49.9m / 5% $8.6m / 1% Largely one company Driven by two companies Update – create a pivot in the august value change file instead of sorting by code sort by vintage year, remove fx Slide 11 $159.3m / 15% $136.2m / 13% Source: GP materials, capital account statements, preliminary GP guidance. Note: NBPE data based on private valuations only. Includes information collected through 08/23/25 (private valuations only). Buyout Funds include small-/mid-/large-cap buyout, value buyout (special situations) and growth buyout / growth equity strategies. 1 2
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18 5.2 5.7 6.0 5.9 5.5 5.4 5.3 5.4 5.3 5.2 5.9 6.6 6.5 5.9 0 2 4 6 8 10 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 Median Hold Period Hold Periods Source: Pitchbook, as of July 2, 2025. Data includes global buyout. Median Hold Times (years) Global Exit Hold Times for Private Equity-Backed Companies Across private equity portfolios, the average hold period has increased since the peak deal volume in 2021, due to the current market environment and a trend of GPs holding portfolio companies for longer periods NBPE Weighted Average Holding Period at 31 August 2025 5.6 Years
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19 ~8.0% Uplift from December 2024 value 3.0x Total multiple of invested capital Realisations in 2025 YTD $128 million1 of proceeds received and pending/expected through 31 August 2025; Realisations to-date driven by full exits of USI, Corona Industrial, and Kyobo Life Insurance, with partial realisations of Tendam, Qpark, Clearent, and Osaic Realisations through 31 August 2025: Company 2025 Realisations (completed realisations only): $17.9m Change in value vs December 2024 Note: Data as of 31 August 2025. 1. Includes pending/expected realisations inclusive of unannounced transactions. There can be no assurances that the expected transactions ultimately close or that NBPE receives the amounts expected. NYSE: CHWY
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20 LTM U.S. Buyout Fund & NBPE Realisations as a Percentage of Beginning NAV U.S. Buyout Fund Distributions vs NBPE Source: Pitchbook as of 2025 Q1, which is the most recent available. Note: The values for the two most recent quarters were estimated from buyout exit values. 1. Includes pending/expected realisations inclusive of unannounced transactions. There can be no assurances that the expected transactions ultimately close or that NBPE receives the amounts expected. 19.8% 23.9% 0% 10% 20% 30% 40% 50% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 Distributions (% of Beginning NAV) Average of Buyout Funds Distribution activity from US buyout funds has begun to increase from recent lows in 2023/2024, but still remains below long-term averages NBPE Realisations (as a % of opening value): 2025 PF1: $128 million (YTD pro forma) / 9.9% 2024: $179 million / 13.7%
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21 GP Expertise1 New Investment: Infra Group Deal Summary: Investment Date Sept 2025 Lead Investor PAI Partners Transaction Update Deal funded in early September Infra Group is an integrated infrastructure service provider operating in Belgium, Germany, the Netherlands, and France, with expertise across electricity and gas, water and sewage, telecom, roadworks, and other sectors Company Description: Strong GP Partner✓ Leading market position in core geography, with competitive advantages ✓ Proven track record of organic and inorganic growth Investment Thesis Highlights: Compelling Value Proposition Key NBPE Theme Note: Past performance is not an indicator, guarantee or projection of future performance. 1. Source: PAI Partners Website. Recent Developments ✓ NBPE invested in Infra Group in September 2025 ✓ Long-term secular tailwinds ✓ M&A ✓ Strong management team ✓ Structurally growing market related to critical infrastructure ✓ Organic and inorganic growth opportunities ✓ €27bn of total assets under management ✓ €25bn+ total realized cash proceeds, with 100+ buyout transactions since 1994 ✓ Industrial approach to creating long term value and sector leaders Infra group is NBPE’s most recent investment, which closed in September
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Liquidity & Capital Allocation
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23 $90m $210m $49m $0 $50 $100 $150 $200 $250 $300 $350 Credit Facility Drawn 31 August 2025 PF Liquidity NBPE Has a Strong Balance Sheet1 Note: Past performance is no guarantee of future results. 1. Includes pending/expected realisations inclusive of unannounced transactions. There can be no assurances that the expected transactions ultimately close or that NBPE receives the amounts expected. 2. Cash/Liquid Investments reduced for September new investments. As of 31 August 2025, cash and liquid investments were $59 million. Capital Position $ in millions • Total assets of $1.3 billion • 102% investment level • Strong balance sheet • No significant unfunded commitments outstanding NBPE Capital Position Pending/Expected Realisations1 $300m NBPE has a strong capital position with ~$300 million of available liquidity1,2 including pending realisations, new investments and available credit facility • $300 million total facility size of which $210 million available • Ten year borrowing availability period • Interest rate of S+2.875% on drawn amounts NBPE Credit Facility Available Credit Facility Cash / Liquid Investments2 ~$41m
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24 • 2025 August YTD cash proceeds of $86 million, consisting of exits of USI, Corona Industrial, and Kyobo Life Insurance, partial realisations of Tendam, Qpark, Clearent, Osaic, and Grupo Cortefiel as well as full and partial realisations of certain quoted holdings and income investments • A further ~$41 million of proceeds awaited in the coming months from pending / expected exits1 • 2024 total cash received of $179 million, or 14% of the opening portfolio value $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 2020 2021 2022 2023 2024 2025 YTD Equity Income Funds % of Opening Fair Value Liquidity Over the Last Five Years $86 million of realisations through 31 August 2025 with a further ~$41 million1 of proceeds awaited in the coming months from pending/expected transactions $179m Annual Portfolio Liquidity ($ in mn, % of opening portfolio value) $171m $199m $120m 17% Average Opening Fair Value over Five Years $389m Realisations $128m1 Gross Cashflow File in CA Backup 7/3 Weekly Tracking Note: Data as of 31 August 2025. Past performance is no guarantee of future results. 1. Includes pending/expected realisations inclusive of unannounced transactions. There can be no assurances that the expected tr ansactions ultimately close or that NBPE receives the amounts expected. 2025 PF for pending realisations
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25 $0 $5 $10 $15 $20 $25 Q1'25 Q2'25 Q3'25 YTD 2025 2025 Share Buybacks Note: As of 24 September 2025. Numbers may not sum due to rounding NBPE Share Repurchases in 2025 ($ in mm) $9.5m $4.9m $5.8m $20.2m Weighted Avg. Discount 28% 32% 29% 29% Capital Allocation & Buybacks • In February, NBPE’s board announced an increase in capital reserved for share buybacks, with $120m allocated over three years • Through 24 September 2025, NBPE has repurchased approximately ~1.0mm shares for $20.2 million at a weighted average discount of 29%, resulting in a NAV accretion of approximately $0.19 per share YTD ~$20 million of share repurchases in 2025 (~1.0mm shares)
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26 Note: Data as of 24 September 2025. Past performance is no guarantee of future results. Dividends & Total Capital Returned Over Time $0.58 $0.72 $0.94 $0.94 $0.94 $0.94 $0.00 $0.25 $0.50 $0.75 $1.00 2020 2021 2022 2023 2024 2025 $ per Share Dividends • Dividend policy to pay out annualised yield of 3.0% or greater on NAV • 1H 2025 dividend payment of $0.47 per share ($22 million); On 29 August 2025, dividend of $0.47 per share was paid. This brings total dividends to $0.94 per share in 2025 • Annualised dividend yield on 31 August 2025 NAV of 3.4% and 5.0% on closing share price of £14.00 on 31 August 2025 • Over $400 million declared or returned to shareholders by way of dividends, since 2013 Recent Per Share Dividends Since inception NBPE has returned over $480m to shareholders through dividends and buybacks through 24 September 2025 Total Capital Returned History ($ in mm) $20 $22 $23 $24 $24 $26 $27 $27 $34 $44 $44 $44 $43 $6 $3 $2 $10 $4 $28 $1 $5 $5 $20 $0 $10 $20 $30 $40 $50 $60 $70 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividends Share Buybacks
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27 Concluding Thoughts We remain confident in the portfolio and its positioning DIFFERENTIATED MODEL Selective: Co-investing with leading PE managers, focusing on attractive opportunities with ability to perform across diverse economic conditions Dynamic: Control of investment pacing and capital position Fee Efficiency: Single layer of fees on the vast majority of co- investments HIGHLY EXPERIENCED 204 NBPE equity co- investments completed since 2007 21+ Average Years Experience of Senior Investment Team3 $140bn1+ NB Private Markets Platform AUM ROBUST UNDERLYING PERFORMANCE 8.8%4 weighted average LTM revenue growth Returns Performance: 9.8%4 weighted average LTM EBITDA growth • 2.1x gross multiple on realised investments over 5 years (at 31 August 2025) • 5-year trailing uplift of 31.5% on full / partial realisations WELL -POSITIONED Expected / Pending realisations in 2025 and average age of private companies in the portfolio at 5.6 years $128m2 Investment Level102% $269m Available Liquidity as of 31 August 2025 Note: For illustrative purposes only. There is no guarantee that these specific opportunities will be acquired, nor that the opportunities that may eventually be sourced will have similar characteristics to the opportunities described herein. Past performance is no guarantee of future results. 1. Includes estimated allocations of dry powder for diversified portfolios consisting of primaries, secondaries, and co-investments. Therefore, amounts may vary depending on how mandates are invested over time. 2. Includes pending/expected realisations inclusive of unannounced transactions. There can be no assurances that the expected transactions ultimately close or that NBPE receives the amounts expected. 3. Represents Senior Investment Professionals (Senior Advisors, Managing Directors and Principals) within NB Private Markets, as of August 31, 2025. 4. See endnote 5 for further information on analysis.
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Supplementary Market Information
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29 U.S. Valuation Multiples Purchase Price Multiples of Private Equity-owned companies versus Publicly-held companies Source: Pitchbook and S&P Capital IQ. As of 2025 Q2. Note: U.S. public multiples are based on the Russell 2000 Index. U.S. private multiples are based on the median for buyouts. 10.1x 9.3x 9.0x 11.5x 10.9x 11.9x 11.0x 14.1x 13.8x 11.8x 13.0x 12.8x12.9x 12.9x 12.5x 13.5x 14.0x 12.4x 12.7x 16.3x 12.3x 11.2x 12.4x 13.3x 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM Q2 2025 US Private US Public EV/EBITDA Multiple
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30 Valuations by Geography Purchase Price Multiples of Private Equity-owned companies in US versus Europe Source: Pitchbook, as of 2025 Q2. Note: Multiples are based on the median for buyouts. 10.1x 9.3x 9.0x 11.5x 10.9x 11.9x 11.0x 14.1x 13.8x 11.8x 13.0x 12.8x 10.3x 9.9x 10.1x 11.2x 10.7x 10.7x 11.1x 12.0x 11.4x 10.1x 12.2x 11.2x 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM Q2 2025 US Europe EV / EBITDA
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31 Leverage Levels by Geography Source: Pitchbook LCD, as of 2025 Q2. Europe data represents trailing 12 months due to data availability. Information is BSL-funded deals only due to the availability of data. 5.0x 3.8x 4.6x 4.9x 5.1x 5.3x 5.7x 5.6x 5.4x 5.7x 5.8x 5.8x 5.7x 5.8x 5.9x 4.7x 4.9x 5.1x5.2x 4.0x 4.4x 4.5x 4.6x 4.7x 5.1x 5.0x 5.0x 5.3x 5.7x 5.5x 5.8x 5.7x 5.7x 5.3x 5.0x 5.0x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 US Europe Debt / EBITDA
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32 Private Equity AUM (Net Asset Value + Dry Powder) Source: Preqin as of 2024 Q4, which is the latest available; includes Global Buyout, Growth and Turnaround and excludes Fund of Funds, Co-investments, Secondaries, and other. $4,426 $1,460 $1,201 $1,299 $1,411 $1,519 $1,619 $1,727 $1,873 $1,927 $2,169 $2,442 $2,749 $3,215 $3,884 $4,901 $5,086 $5,658 $5,885 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 NAV Dry Powder Global Private Equity AUM ($ in bns)
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33 Deal Activity & Deal Count Source: Pitchbook as of 2025 Q2. Note: The data for 2024 Q3-Q4 and 2025 Q1-Q2 is estimated. Includes buyout and growth equity. Includes completed deals only. Includes add-on / follow on acquisitions, which may constitute a majority of the deal count in any given year. Deal Activity ($ in bn) Global Private Equity Deal Activity and Deal Count Deal Count $576 $648 $697 $745 $928 $1,119 $991 $1,225 $1,304 $1,328 $1,190 $2,286 $1,850 $1,454 $1,730 $987 0 5,000 10,000 15,000 20,000 25,000 $0 $400 $800 $1,200 $1,600 $2,000 $2,400 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 Total Capital Invested Deal Count
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34 Global Active PE-Backed Companies Source: Pitchbook. Data through 2025 Q2. 0 – 3 years represents deal years 2022 to 2025 YTD, 4 – 6 years represents deal years 2019 to 2021, 6+ years represents deal years pre-2019. 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 Global PE Company Inventory 0 - 3 years 4 - 6 years 6+ years 4+ years: 55% of companies Number of PE-backed Companies by Time in Portfolio
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35 Exit Activity Following a record exit year in 2021, exit activity slowed in 2022-2023. IPO exit routes were largely closed and follow on activity very limited. Market activity has improved since the beginning of 2024, however the US began to largely outpace Europe in 2025 Source: Pitchbook, as of 2 July 2025. $261 $336 $400 $388 $336 $394 $416 $350 $477 $871 $328 $307 $403 $343 $163 $203 $295 $286 $256 $259 $261 $207 $235 $485 $274 $294 $284 $97 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 North America - Total Exit Value ($bn) Europe - Total Exit Value ($bn) Instructions to Update: Global PE First Look – found here – General PE Marketing\Market Data\NB PE Market Presentations\NB Market Update\2024\Q2 2024\Q2 2024 Presentation (READ ONLY)\Data Backups\Pitchbook Private Equity-Backed Exits ($bn), North America and Europe
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Other Supplementary Information
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37 NB Private Markets Overview An industry leader with an integrated platform and attractive market position As of June 30, 2025. Aggregate Committed Capital represents total commitments to active vehicles (including commitments in the process of documentation or finalization) managed by NB Private Markets. 1. Includes estimated allocations of dry powder for diversified portfolios consisting of primaries, secondaries, and co-investments. Therefore, amounts may vary depending on how mandates are invested over time. 2. Includes Marquee Brands, Insurance-Linked Strategies, Specialty Finance, Outpost Ventures and Differentiated Alternative Credit businesses. 3. Subject to Neuberger Berman’s policies and procedures, including certain information barriers within Neuberger Berman that are designed to prevent the misuse by Neuberger Berman and its personnel of material information regarding issuers of securities that has not been publicly disseminated. Statements reflect the views and opinions of Neuberger Berman. Such statements are subject to change and there is no guarantee that such statements will prove to be accurate or that industry experts would agree. 4. Represents estimated commitments made across primaries, co-investments, secondaries and private credit by NBAA in since Q1 2024 – Q4 2024. Data subject to change. • ~$135bn is dedicated to GP-centric strategies • In the last year, GP-centric strategies committed over $15bn across 210+ transactions4 • Primary relationships generate deal flow across the platform • Able to leverage in-house knowledge and information of 155+ GP-centric investment professionals located globally to enhance due diligence • Lead sponsors view NB Private Markets as a solutions provider, with the ability to partner across capital structure • Preferred partner among GP network, since not viewed as a direct competitor Integrated Platform Advantages3 Secondaries $22 bn(1) Private Debt $20 bn Capital Solutions $10 bn Other Direct Equity & Credit $10 bn(2) Primaries $40 bn(1) Co-Investments $44 bn(1) $140+ Billion
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38 NB Private Markets Team Global presence with over 450 private markets professionals EXPERIENCE 21+ Average Years Experience Of Senior Investment Team4 FOOTPRINT 16 Private Markets Investment Offices Globally GLOBAL 35+ Languages Spoken STABILITY 98% Retention Level of Senior Investment Team5 450+ Global Private Markets Professionals 70+ Client Solutions / IR Professionals3 20+ Legal & Compliance Professionals3 130+ Finance, Technology & Operations Professionals1 125+ Primaries & Co-Investments Secondaries 70+ Private Credit Specialty Strategies NON-INVESTMENT TEAMS INVESTMENT TEAMS 25+ Research, Fund & Product Mgmt., ODD, SI,1 & Risk Professionals2 Note: As of June 30, 2025, unless mentioned otherwise. 1. Refers to NB Private Markets’ Sustainable Investing team. 2. Shared firm resources. Subject to Neuberger Berman’s policies and procedures, including certain information barriers within Neuberger Berman that are designed to prevent the misuse by Neuberger and its personnel of material information regarding issuers of securities that has not been publicly disseminated. 3. Shared Private Markets Resources. 4. Represents Senior Investment Professionals (Senior Advisors, Managing Directors and Principals) within NB Private Markets, as of June 30, 2025. 5. Average annual retention from 2020 through June 30, 2025 of Senior Investment Professionals (Managing Directors and Principals) within NB Private Markets. Computed as # of departures (excluding retirements and individuals who have transferred to other roles in the firm) over total # of NB Private Markets.
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39 # of Opportunities Deal flow has more than tripled in the last eight years and NB has closed and committed on ~11% of deals (as a % of total investment opportunities sourced) Average Opportunities Originated Per Week Past performance is not necessarily indicative of future results. As of May 31, 2025, unless otherwise noted. There can be no assurance that any pending investments will close, or that any of the terms of such transactions described herein or under discussion will be achieved. The opinions expressed herein reflect the current views and opinions of Investment Managers of the date appearing in this material only, and there can be no assurance that they will come to pass. There is no guarantee that the investment objectives of the Fund will be achieved. Estimates are inherently uncertain and subject to change. Actual results may vary. 3.6 3.8 4.4 7.1 7.3 6.5 8.0 10.8 11.4 12.0 12.5 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 188 199 299 367 379 340 415 563 596 627 270 NB Private Markets Platform Has Generated Robust Co-Investment Deal Flow
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40 Value change analysis, priv. Value change analysis, publ. Value change analysis FX change + ZDP FX (screenshot to right of ZDPs) Dividends paid + stock repurchased (on NAV file’s CF tab) NAV file’s IS detail tab’s financing costs NAV file’s IS detail tab’s total expenses minus financing costs + “interest income - liquid portfolio” on income statement + Other Income from Direct Yielding Investments & Cash equivalents Change in NAV from 31 December 2024 to 31 August 2025 Change in Net Asset Value $1,273.3 $22.5 $12.6 $34.4 ($59.3) ($5.5) ($15.6) $1,262.3 $1,200 $1,220 $1,240 $1,260 $1,280 $1,300 $1,320 $1,340 December 2024 Private Value Changes Ex-FX (Unrealised / Realised) Public Valuation Changes Ex-FX (Unrealised / Realised) FX Changes (Investments) Dividends Paid to Shareholders & Buybacks Net Operating Expenses Incl. Management Fee $ in millions Financing Costs Note: Numbers may not sum due to rounding. NAV Bridge is based off 31 August 2025 NAV. YTD 31 August 2025 Update – nav file & value change Value change by vintage year File 2025 NAV Bridge
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41 0% 25% 50% 75% 100% 8/31/2024 8/31/2022 8/31/2020 8/31/2015 Equity Co-investment Direct Equity Portfolio Performance Direct equity investments are 98% of the portfolio Investment Type (Gross IRR) One Year Three Year Five Year Ten Year Direct Equity Investments 6.9% 6.2% 16.4% 14.9% Income Investments 1.6% 5.3% 13.1% 9.3% Total Portfolio 6.8% 6.1% 16.2% 13.1% Note: As of 31 August 2025. Legacy fund investment performance for one, three, five and ten years is (1.8%), (12.2%), 27.6% and 2.9% respectively. Legacy Fund investments constitute less than 1% of total portfolio fair value as of 31 August 2025. Returns are presented on a “gross” basis (i.e. they do not reflect the management fees, carried interest, transaction costs and other expenses that may be paid by investors, which may be significant and will lower returns).
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42 NBPE Public Investments 10 total public positions with ~$92 million of fair value as of 31 August 2025 Public Portfolio Stats 10 Public positions of previously private companies 74% Of public stock value held through top three positions 2.6x / 4.0x Realised / Total multiple of invested capital generated by top three investments $34 $17 $17 $5 $19 All Other Public Investments Public Stock Investments1 ($ in millions) Note: as of 31 August 2025. US Dollars in millions; pie chart shows public investments of $5 million in value or larger. Please see schedule of investments for a full list of investments. Past performance is no guarantee of future results. Numbers may not sum due to rounding. Data can be found if you edit graph in excel
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43 Note: As of 31 August 2025, GBP / USD FX rate of $1.35. $ in millions 31 August 2025 (Unaudited) 31 July 2025 (Unaudited) Total Private Equity Investments $1,292.4 $1,292.7 Investment level 102% 103% Cash / Liquid Investments $58.7 $69.2 Credit Facility Drawn ($90.0) ($90.0) Other $1.2 $1.8 Net Asset Value $1,262.3 $1,252.3 Dividends Accrued/Paid in Period ($) $43.1 $43.1 NAV per Share ($) $27.79 $27.54 NAV per Share (£) £20.57 £20.81 Balance Sheet Detail
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44 Vehicle Level Fees (Management Fee) Vehicle Level Fees (Carry) Underlying Level Fees (Management Fee / Carry) % Directs Blended Fee Rate Listed Fund of Funds Generally ~1-1.5% of NAV. In some cases also a commitment based fee 0-5% after hurdle 1.5% - 2.0% on committed + 20% carry 0-~30% Vehicle fees + 1.5% - 2.0% fee and 20% carry on underlying committed Direct Funds 1.5% management fee on PE NAV or greater 15% – 20% carry - 80-100% (ex cash) 1.5%+ management fee / 15 - 20% carry NBPE 1.5% on Private Equity Value 7.5% of gains providing 7.5% hurdle is met -1 99% PE fair value 1.50% management fee / 7.5% carry at vehicle level NBPE’s fee structure is highly attractive Note: As of 31 August 2025. 1. Approximately 99% of the direct investment portfolio (measured on 31 August 2025 fair value) is on a no management fee, no carry basis to underlying third-party GPs. Fees and carry CRT file, update footnote Fee Summary
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45 Note: As of 31 August 2025. Company / Investment Name Asset Class Investment Date Lead Sponsor Fair Value % of NBPE NAV Action Large-cap Buyout Jan-20 3i 91.1 7.1% Osaic Mid-cap Buyout Jul-19 Reverence Capital 69.8 5.4% Solenis Mid-cap Buyout Sep-21 Platinum Equity 64.3 5.0% Monroe Engineering Mid-cap Buyout Dec-21 AEA Investors 49.0 3.8% BeyondTrust Mid-cap Buyout Jun-18 Francisco Partners 47.6 3.7% Business Services Company* Large-cap Buyout Oct-17 Not Disclosed 41.4 3.2% FDH Aero Mid-cap Buyout May-24 Audax Group 39.1 3.0% True Potential Mid-cap Buyout Jan-22 Cinven 38.5 3.0% Branded Cities Network Mid-cap Buyout Nov-17 Shamrock Capital 37.5 2.9% Mariner Large-cap Buyout Nov-24 Leonard Green & Partners 35.1 2.7% GFL (NYSE: GFL) Large-cap Buyout Jul-18 BC Partners 33.7 2.6% Marquee Brands Special Situations Dec-14 Neuberger Berman 32.4 2.5% Auctane Large-cap Buyout Oct-21 Thoma Bravo 29.0 2.3% Staples Large-cap Buyout Sep-17 Sycamore Partners 28.7 2.2% Engineering Mid-cap Buyout Jul-20 Renaissance Partners / Bain Capital 27.1 2.1% Stubhub Large-cap Buyout Feb-20 Neuberger Berman 26.4 2.1% Constellation Automotive Mid-cap Buyout Nov-19 TDR Capital 26.0 2.0% Benecon Mid-cap Buyout Jan-24 TA Associates 25.8 2.0% Viant Mid-cap Buyout Jun-18 JLL Partners 25.4 2.0% Agiliti Large-cap Buyout Jan-19 THL 25.3 2.0% Exact Mid-cap Buyout Aug-19 KKR 25.1 2.0% Fortna Mid-cap Buyout Apr-17 THL 25.1 2.0% Solace Systems Growth / Venture Apr-16 Bridge Growth Partners 24.7 1.9% Excelitas Mid-cap Buyout Oct-22 AEA Investors 24.1 1.9% Kroll Large-cap Buyout Mar-20 Further Global / Stone Point 23.9 1.9% NB Alternatives Credit Opportunities Program Income Investment Sep-16 Neuberger Berman 22.8 1.8% CH Guenther Mid-cap Buyout Dec-21 Pritzker Private Capital 20.9 1.6% Addison Group Mid-cap Buyout Dec-21 Trilantic Capital Partners 19.9 1.6% Real Page Large-cap Buyout Apr-21 Thoma Bravo 18.9 1.5% AutoStore (OB.AUTO) Mid-cap Buyout Jul-19 THL 17.5 1.4% Petsmart / Chewy (NYSE: CHWY) Large-cap Buyout Jun-15 BC Partners 17.1 1.3% Qpark Large-cap Buyout Oct-17 KKR 16.7 1.3% Renaissance Learning Mid-cap Buyout Jun-18 Francisco Partners 15.3 1.2% Chemical Guys Large-cap Buyout Sep-21 AEA Investors 14.8 1.1% Bylight Mid-cap Buyout Aug-17 Sagewind Partners 14.7 1.1% Zeus Large-cap Buyout Feb-24 EQT 13.1 1.0% Peraton Large-cap Buyout May-21 Veritas Capital 11.0 0.9% Milani Mid-cap Buyout Jun-18 Gryphon Investors 11.0 0.9% Wind River Environmental Mid-cap Buyout Apr-17 Gryphon Investors 10.6 0.8% Hub Large-cap Buyout Mar-19 Altas Partners 9.3 0.7% Healthcare Company - In-home Devices Mid-cap Buyout Jun-18 Not Disclosed 8.8 0.7% Saguaro Mid-cap Buyout Jul-13 Pine Brook 8.5 0.7% CrownRock Minerals Mid-cap Buyout Aug-18 Lime Rock Partners 7.9 0.6% ZPG Large-cap Buyout Jul-18 Silver Lake Partners 7.3 0.6% Verifone Large-cap Buyout Aug-18 Francisco Partners 7.1 0.6% SICIT Mid-cap Buyout Jan-22 Renaissance Partners 6.6 0.5% ProAmpac Mid-cap Buyout Dec-20 Pritzker Private Capital 6.6 0.5% Unity Technologies (NYSE:U) Special Situations Jun-21 Thoma Bravo 6.4 0.5% Healthcare Services Company Large-cap Buyout Feb-18 Not Disclosed 5.9 0.5% Company / Investment Name Asset Class Investment Date Lead Sponsor Fair Value % of NBPE NAV Leaseplan Mid-cap Buyout Apr-16 TDR Capital 5.5 0.4% Tendam Large-cap Buyout Oct-17 PAI 5.5 0.4% Holley (NYSE: HLLY) Mid-cap Buyout Oct-18 Sentinel Capital 5.3 0.4% Husky Injection Molding Mid-cap Buyout Sep-18 Platinum Equity 4.9 0.4% Centro Growth / Venture Jun-15 FTV Capital 4.9 0.4% OnPoint Mid-cap Buyout Mar-17 Harvest Partners 4.3 0.3% Destination Restaurants Mid-cap Buyout Nov-19 L. Catterton 4.0 0.3% Rino Mastrotto Group Mid-cap Buyout Apr-20 Renaissance Partners 3.9 0.3% Bending Spoons Growth / Venture Jun-23 Renaissance Partners 3.8 0.3% Brightview (NYSE: BV) Large-cap Buyout Dec-13 KKR 3.6 0.3% Plaskolite Mid-cap Buyout Dec-18 Pritzker Private Capital 3.3 0.3% Italian Mid-Market Buyout Portfolio Mid-cap Buyout Jun-18 Renaissance Partners 3.0 0.2% Catalyst Fund III Special Situations Funds Mar-11 Catalyst Capital Group 2.9 0.2% Vitru (NASDAQ: VTRU) Mid-cap Buyout Jun-18 Vinci Partners 2.7 0.2% Neopharmed Mid-cap Buyout Jun-23 Renaissance Partners 2.7 0.2% Inetum Mid-cap Buyout Jul-22 Renaissance Partners 2.6 0.2% Nextlevel Mid-cap Buyout Aug-18 Blue Point Capital 2.5 0.2% Undisclosed Financial Services Company* Large-cap Buyout May-21 Not Disclosed 2.4 0.2% Arbo Mid-cap Buyout Jun-22 Renaissance Partners 2.2 0.2% U-Power Mid-cap Buyout Jun-23 Renaissance Partners 2.1 0.2% Hydro Mid-cap Buyout Apr-20 Renaissance Partners 1.7 0.1% Into University Partnerships Mid-cap Buyout Apr-13 Leeds Equity Partners 1.4 0.1% Syniverse Technologies Large-cap Buyout Feb-11 Carlyle Group 1.2 0.1% DBAG Expansion Capital Fund Growth / Venture Funds Jan-12 Deutsche Beteiligungs AG 0.8 0.1% Taylor Precision Products Mid-cap Buyout Jul-12 Centre Partners 0.5 0.0% Innovacare Mid-cap Buyout Apr-20 Summit Partners 0.2 0.0% Inflection Energy Mid-cap Buyout Oct-14 Chambers Energy 0.1 0.0% Other Direct Equity Investments (0.9) -0.1% Other Debt Investments (0.0) 0.0% Other Fund Investments 0.4 0.0% Total Portfolio 1,292 Schedule of Investments
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46 Note: As of 31 August 2025, unless otherwise noted. Total PE fair value and percentages may not sum due to rounding. NBPE’s Largest Positions by Sector The largest three positions within NBPE’s largest sectors account for ~57% of fair value Build a table for each verticals Within each industry verticals the table has three columns – each one has a simple ---------------- One table with three columns and sub- totals for each of the industrys Logo descriptions and % of NAV With sub-totals % with the companies as a % of NAV Logo, descriptions, $ / % of NAV (% of Total PE Fair Value) Within each industry, three rows for each sectors and then a total Subtotal for each industry – four rows – three companies and a subtotal Largest Sector Positions Company Descriptions Total PE Fair Value ($ / %) Technology, Media & Telecom Cyber security and secure access $47.6mm / 3.7% North American advertising media company $37.5mm / 2.9% E-commerce shipping software provider $28.9mm / 2.2% Technology, Media & Telecom Subtotal $114.1mm / 8.8% Consumer / E-commerce European discount retailer $91.1mm / 7.0% Portfolio of consumer branded IP assets, licensed to third parties $32.4mm / 2.5% Ticket exchange and resale company $26.4mm / 2.0% Consumer / E-commerce Subtotal $149.9mm / 11.6% Industrials / Industrial Technology Specialty chemicals and service provider $64.3mm / 5.0% Leading distributor of C-class parts to the aerospace and defence industry $39.1mm / 3.0% Manufacturer providing a wide range of hardware and component products to OEMs $48.9mm / 3.8% Industrials / Industrial Technology Subtotal $152.4mm / 11.8%
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47 Build a table for each verticals Within each industry verticals the table has three columns – each one has a simple ---------------- One table with three columns and sub- totals for each of the industrys Logo descriptions and % of NAV With sub-totals % with the companies as a % of NAV Logo, descriptions, $ / % of NAV (% of Total PE Fair Value) Within each industry, three rows for each sectors and then a total Subtotal for each industry – four rows – three companies and a subtotal Business Services Company* Note: As of 31 August 2025, unless otherwise noted. Total PE fair value and percentages may not sum due to rounding. NBPE’s Largest Positions by Sector The largest three positions within NBPE’s largest sectors account for ~57% of fair value Largest Sector Positions Company Descriptions Total PE Fair Value ($ / %) Financial Services Third largest independent broker dealer $69.9mm / 5.4% Wealth management technology platform serving advisors and retail clients $38.5mm / 3.0% Provider of wealth management and advisory services to individuals and businesses $35.1mm / 2.7% Financial Services Subtotal $143.5mm / 11.1% Business Services Business services company $41.4mm / 3.2% Waste management services $33.7mm / 2.6% Provider of business supplies through a business-to-business platform and retail $28.7mm / 2.2% Business Services Subtotal $103.8mm / 8.0% Healthcare Develops and administers self-funded employee health benefit programs $25.8mm / 2.0% Outsourced medical device manufacturer $25.4mm / 2.0% Medical equipment and services $25.3mm / 2.0% Healthcare Subtotal $76.5mm / 5.9%
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Endnotes
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49 Methodology • As part of its ongoing portfolio monitoring process, NB Private Markets analyzed the changes in valuation in Q2 2025 across a broad sample of private equity funds • Changes in value are primarily based on reported capital account balances, supplemented by valuation guidance reported in GP presentations or provided during investor conference calls and one-on-one conversations • For the sake of comparison, all changes in value are presented based on the percentage change in the U.S. Dollar (“USD”) value of each investment (unless otherwise noted), which has an additional positive or negative impact on non-USD denominated investments given the volatility in certain FX rates • The change in value for each quarter was adjusted for contributions and distributions that occurred during the quarter. For example, the Q2 2025 change in value was defined as either: • Investments with a GP reported capital account = (Q2 2025 NAV – Q2 2025 contributions + Q2 2025 distributions – Q1 2025 NAV) divided by (Q1 2025 NAV) • All other investments = Percentage change in unrealized portfolio value from Q1 2025 to Q2 2025, as estimated by the GP and adjusted for cash flows during the quarter • The sample of private equity funds that was analyzed for this presentation includes 352 buyout and venture capital funds managed by more than 145 different firms, representing 75% of the total relevant sample set of 471 funds (379 buyout funds and 92 venture capital funds) • The buyout sample includes small-/mid-/large-cap buyout, value buyout (special situations) and growth buyout / growth equity strategies and excludes other strategies such as venture capital, infrastructure, energy, real estate, private debt, distressed debt, and opportunistic credit • There was a wide variance in reported valuation changes depending on underlying portfolio composition and performance, as well as the valuation methodology utilized by each respective GP Past performance is no guarantee of future results. Note: Data as of August 23, 2025 based on NB Private Markets analysis. Nothing herein constitutes investment advice or recommendation. It should not be assumed that any investment objectives or client needs will be achieved. Investing entails risks, including possible loss of principal. Due to the illiquid nature of many fund investments, any approximation of their value will be based on good-faith determination as to the fair value of those investments. There can be no assurance that these values will equal or approximate the price at which such investments may be sold or otherwise liquidated or disposed of. See Additional Disclosures at the end of this presentation, which are an important part of this presentation.
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50 Awards Disclosures European Pensions Awards 2020, 2024 – Private Equity Manager of the Year: European Pensions, a leading publication for pension funds across Europe, launched these awards to give recognition to and honor the investment firms, consultancies and pension providers across Europe that have set the professional standards in order to best service European pension funds over the past year. Judging is undertaken by a group of judges with expertise across the European pension fund space. Each judge reviews submitted entry material and then scores the entries out of a total of score of 10 providing their reasoning as to why they have submitted that score. Two judges analyze each category and the firm with the highest overall score wins that category. Votes are verified by the European Pensions’ editorial team. The award does not constitute an investment recommendation. NB Private Equity did not pay a fee to participate. Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client’s experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service. Private Equity Wire 2021 – Best Fund of Funds Manager: Private Equity Wire, a specialist industry publication in Europe launched these awards to showcase excellence among industry participants. The publication partnered with Bloomberg to create a clearly defined methodology for selecting the award winners. Shortlists were created by Bloomberg from a fund manager universe including all funds managed by European-domiciled GPs with a minimum fund size of $100 million. Asset band grouping thresholds were based on individual fund sizes – not overall GP assets under management in a category. Funds were grouped according to category and vintages from 2013 to 2018 and ranked on the basis of their net IRR. GPs with more than one fund ranked among the top performers across multiple vintages within any category were shortlisted. Winners from each category were then decided by majority vote from the publication’s readers. The award does not constitute an investment recommendation. NB Private Equity did not pay a fee to participate. Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client’s experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service. The Wealth & Asset Management Awards 2020, 2021, 2023, 2024 – Private Equity Manager of the Year: Asset Management Awards are designed to recognize outstanding achievement in the UK/European institutional and retail asset management spaces. The Asset Management Awards’ judging is undertaken by a group of judges with expertise across the UK/European institutional and retail asset management spaces. Each judge reviews submitted entry material and then scores the entries out of a total of score of 10 providing their reasoning as to why they have submitted that score. Two judges analyze each category and the firm with the highest overall score wins that category. Votes are verified by Insurance Asset Management’s editorial team. The award does not constitute an investment recommendation. NB Private Equity did not pay a fee to participate. Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client’s experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service. Insurance Investment Outsourcing Exchange – 2022 Insurance Asset Manager Rankings: Neuberger Berman paid a fee to have access to the Insurance Asset Outsourcing Exchange database, but not to be included in The Insurance Investment Outsourcing Report or leaderboards. General Account (GA) assets fund the liabilities underwritten by the insurer and are available to pay claims and benefits to which insureds or policyholders are entitled. General account assets exclude assets held in separate accounts for variable annuity and unit-linked investments as well as pension fund assets. The award does not constitute an investment recommendation. NB Private Equity did not pay a fee to participate. Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client’s experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service. Insurance Asset Risk Americas Awards – 2023 Private Equity Manager of the Year: Private Equity manager of the Year Award formally recognizes the very best in insurance asset management in the North America market. Submissions are evaluated by a panel of Senior industry experts from across the Americas, each chosen for their knowledge, objectivity and credibility. The judges review submitted entry material and then score the entries in a secret ballot both by giving a mark out of 100 and a rank - 1st, 2nd, 3rd, no placement. Votes are counted and verified by the Insurance Asset Risk editorial team. NB Private Equity did not pay a fee to participate. The award does not constitute an investment recommendation. Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client’s experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service. Chief Investment Officer’s 2022 Industry Innovation Awards: The Chief Investment Officer (CIO) Industry Innovation Awards is split into two general categories: asset management/servicing and asset owners. With input from CIO’s awards advisory board, as well as applicable surveys and data, the CIO editorial team is the final arbiter of finalists and eventual winners. Neuberger Berman did not pay a fee to participate, and awards, ratings or rankings referenced, do not reflect the experience of any Neuberger Berman client and should not be viewed as representative of any particular client’s experience. It should not be assumed that any investor will have a similar investment experience. Awards, ratings or rankings is not indicative of the past or future performance of any Neuberger Berman product or service. Chief Investment Officer’s mission is to provide context and insight on the investment and operational issues affecting the world’s largest institutional investors via news, opinions and research, and to establish a community for dialogue between and among these asset owners through various forums, events and awards programs. Each year, CIO asks its digital audience, newsletter subscribers, previous award winners and other industry professionals to help us identify asset managers/service providers that have truly and reliably enhanced the portfolios of their clients. Nominations are collected online. After a simple review of the nomination form, nominees are notified and invited to submit an application for the award in the nominated category. Judging is completed by members of the CIO editorial team and select corporate and public CIOs. All judges sign NDAs and are not allowed to judge their own company submissions, if applicable.
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51 1. As of 31 August 2025. Uplift analysis includes 11 IPOs/stock receipts, 33 full direct equity investment exits, and 18 partial equity investments over the trailing five years. For portfolio companies which completed an IPO or where a portfolio company received stock consideration as part of a sale, the value is based on the closing share price on the closing date of the IPO/sale; however, NBPE remains subject to customary lockup restrictions. Returns are presented on a “gross” basis (i.e. they do not reflect the management fees, carried interest, transaction costs and other expenses that may be paid by investors, which may be significant and will lower returns). Past performance is not a guarantee of future returns. Multiple calculation includes full exits only. Excludes partial exits, recapitalisations and IPOs until the stock is fully exited. Year represents the year of final exit. Exit year for public companies determined by the date of the final cash flow. Proceeds include funds that are currently in escrow, but are expected to be received. 2. The MSCI World Index captures large and mid-cap representation across 23 Developed Markets (DM) countries. With 1,320 constituents as of 31 August 2025, the index covers approximately 85% of the free float-adjusted market capitalisation in each country (MSCI World Factsheet, 31 August 2025, the latest available). The benchmark performance is presented for illustrative purposes only to show general trends in the market for the relevant periods shown. The investment objectives and strategies in the benchmark may be different than the investment objectives and strategies of NBPE and may have different risk and reward profiles. A variety of factors may cause this comparison to be an inaccurate benchmark for any particular fund and the benchmarks do not necessarily represent the actual investment strategy of a fund. It should not be assumed that any correlations to the benchmark based on historical returns would persist in the future. 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. 3. The FTSE All-Share Index represents the performance of all eligible companies listed on the London Stock Exchange's (LSE) main market, which pass screening for size and liquidity. The index captures 98% of the UK's market capitalisation (FTSE All Share Factsheet, 31 August 2025, the latest data available). The benchmark performance is presented for illustrative purposes only to show general trends in the market for the relevant periods shown. The investment objectives and strategies in the benchmark may be different than the investment objectives and strategies of NBPE and may have different risk and reward profiles. A variety of factors may cause this comparison to be an inaccurate benchmark for any particular fund and the benchmarks do not necessarily represent the actual investment strategy of a fund. It should not be assumed that any correlations to the benchmark based on historical returns would persist in the future. 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. 4. Valuation & Leverage: Past performance is no guarantee of future results. Fair value as of 30 June 2025 and subject to the following adjustments. 1) Excludes public companies, Marquee Brands and other investments not valued on a multiple of EBITDA. 2) Based on 53 private companies which are valued based on EV/EBITDA metrics 3) The private companies included in the data represents 82% of direct equity investment fair value. 4) Companies not valued on multiples of EBITDA are excluded from valuation statistics. 5) Leverage statistics excludes one company ($1 million of value) with a net cash position; companies included in the leverage data represent 82% of direct equity investment fair value. Portfolio company operating metrics are based on the most recently available (unaudited) financial information for each company and are as reported by the lead private equity sponsor to the Manager as of 22 September 2025, based on reporting periods as of 30 June 2025 and 31 March 2025. EV and leverage data is weighted by fair value. EBITDA used by underlying GPs for valuation purposes may differ from EBITDA used to calculate growth rates due to pro forma or other adjustments and therefore the two data sets are not directly comparable 5. Revenue & EBITDA Growth: Past performance is no guarantee of future results. Fair value as of 30 June 2025 and the data is subject to the following adjustments: 1) Excludes public companies, Marquee Brands and other investments not valued on multiples of EBITDA. 2) Analysis based on 53 private companies. 3) The private companies included in the data represent approximately 83% of the total direct equity portfolio. 4) The following exclusions to the data were made: a) growth of one company ($25 million of value) was excluded from the data as the Manager believed the EBITDA growth rate was an outlier due to an extraordinary percentage change off a low base c) three companies (3% of direct equity fair value) were exclude to calculate a growth rate and d) one company where adjusted EBITDA was unavailable due to an IPO subsequent to this reporting period was excluded. Portfolio company operating metrics are based on the most recently available (unaudited) financial information for each company and based on as reported by the lead private equity sponsor to the Manager as of 22 September 2025. Where necessary, estimates were used, which include pro forma adjusted EBITDA and other EBITDA adjustments, pro forma revenue adjustments, run-rate adjustments for acquisitions, and annualised quarterly operating metrics. LTM periods as of 30/6/25 and 30/6/24 and 31/3/25 and 31/3/24. LTM revenue and LTM EBITDA growth rates are weighted by fair value. Growth rate data is based on 53 companies and subject to the aforementioned exclusions; underlying EBITDA reported by the GPs may include pro forma or other adjustments to EBITDA in one or both d with non-comparable time frames of LTM revenue and/or LTM EBITDA data or insufficient information periods and this reported EBITDA used to calculate growth rates may not be the same EBITDA for valuation purposes by underlying GPs. As a result, growth and valuation multiple data are not directly comparable. 6. Revenue & EBITDA Growth: Represents top 10 (41% of fair value), Top 20 (55% of fair value) and Top 30 (71% of fair value) investments. Data excludes Marquee Brands and public companies. Past performance is no guarantee of future results. Fair value as of 30 June 2025. Top 20 and top 30 data has the following exclusions: a) growth of one company ($25 million of value) was excluded from the data as the Manager believed the EBITDA growth rate was an outlier due to an extraordinary percentage change off a low base b) one company (2% of direct equity fair value) was excluded with non-comparable time frames of LTM revenue and/or LTM EBITDA data or insufficient information to calculate a growth rate and c) one company where adjusted EBITDA was unavailable due to an IPO subsequent to this reporting period was excluded. Portfolio company operating metrics are based on the most recently available (unaudited) financial information for each company and based on as reported by the lead private equity sponsor to the Manager as of 22 September 2025. Where necessary, estimates were used, which include pro forma adjusted EBITDA and other EBITDA adjustments, pro forma revenue adjustments, run-rate adjustments for acquisitions, and annualised quarterly operating metrics. LTM periods as of 30/6/25 and 30/6/24 and 31/3/25 and 31/3/24. LTM revenue and LTM EBITDA growth rates are weighted by fair value. Underlying EBITDA reported by the GPs may include pro forma or other adjustments to EBITDA in one or both periods and this reported EBITDA used to calculate growth rates may not be the same EBITDA for valuation purposes by underlying GPs. As a result, growth and valuation multiple data are not directly comparable. Endnotes
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Disclaimers
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53 BY ACCEPTING AND READING THIS DOCUMENT AND/OR ATTENDING THE PRESENTATION TO WHICH THIS DOCUMENT RELATES YOU WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND UNDERTAKEN FOR THE BENEFIT OF NBPE, THE INVESTMENT MANAGER, NEUBERGER BERMAN AND OTHERS THAT (A) YOU ARE OUTSIDE OF THE UNITED STATES AND ARE AN "INVESTMENT PROFESSIONAL" (AS DEFINED ABOVE), (B) YOU HAVE READ AND AGREE TO COMPLY WITH THE CONTENTS OF THIS NOTICE, YOU WILL KEEP THE INFORMATION IN THE INVESTOR MATERIALS AND DELIVERED DURING ANY PRESENTATION OR CONTAINTED IN ANY ACCOMPANYING DOCUMENT AND ALL INFORMATION ABOUT NEUBERGER BERMAN CONFIDENTIAL, AND WILL NOT REPRODUCE OR DISTRIBUTE, IN WHOLE OR IN PART, (DIRECTLY OR INDIRECTLY) ANY SUCH INFORMATION, UNTIL SUCH INFORMATION HAS BEEN MADE PUBLICLY AVAILABLE AND TAKE ALL REASONABLE STEPS TO PRESERVE SUCH CONFIDENTIALITY, AND (C) YOU ARE PERMITTED, IN ACCORDANCE WITH APPLICABLE LAWS, TO RECEIVE SUCH INFORMATION. ALL INVESTMENTS ARE SUBJECT TO RISK. PAST PERFORMANCE IS NOT INDICATIVE OF, OR A GUARANTEE OF, FUTURE PERFORMANCE. PROSPECTIVE INVESTORS ARE ADVISED TO SEEK EXPERT LEGAL, FINANCIAL, TAX AND OTHER PROFESSIONAL ADVICE BEFORE MAKING ANY INVESTMENT DECISION. THE VALUE OF INVESTMENTS MAY FLUCTUATE. RESULTS ACHIEVED IN THE PAST NOT INDICATIVE OF, OR A GUARANTEE OF, FUTURE RESULTS. ANY OF OUR OPINIONS EXPRESSED HEREIN ARE OUR CURRENT OPINIONS ONLY AND MAY BE SUBJECT TO CHANGE. STATEMENTS MADE HEREIN ARE AS OF THE DATE OF THIS DOCUMENT AND SHOULD NOT BE RELIED UPON AS OF ANY SUBSEQUENT DATE. PAST PERFORMANCE IS NOT INDICATIVE OF, OR A GUARANTEE OF, FUTURE PERFORMANCE. THIS DOCUMENT IS ISSUED BY NBPE WHOSE REGISTERED ADDRESS IS AT P.O. BOX 226, FLOOR 2 TRAFALGAR COURT, LES BANQUES ST PETER PORT, GUERNSEY GY1 4LY. Legal Disclaimer
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54 THIS DOCUMENT, ANY PRESENTATION MADE IN CONJUNCTION WITH THIS DOCUMENT AND ANY ACCOMPANYING MATERIALS (THE "INVESTOR MATERIALS") ARE STRICTLY CONFIDENTIAL AND MAY NOT BE COPIED, DISTRIBUTED, PUBLISHED OR REPRODUCED IN WHOLE OR IN PART, OR DISCLOSED OR DISTRIBUTED BY RECIPIENTS TO ANY OTHER PERSON. ANY RECIPIENT OF THE INVESTOR MATERIALS AGREES TO KEEP PERMANENTLY CONFIDENTIAL ALL INFORMATION THEREIN NOT ALREADY IN THE PUBLIC DOMAIN. The Investor Materials are not for release, publication or distribution (directly or indirectly) in or into the United States, Canada, Australia, Japan, the Republic of South Africa or to any "US person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") or into any other jurisdiction where applicable laws prohibit their release, distribution or publication. They do not constitute an offer of securities for sale anywhere in the world, including in or into the United States, Canada, Australia Japan or the Republic of South Africa. No recipient may distribute, or make available, the Investor Materials(directly or indirectly) to any other person. Recipients of the Investor Materials should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of the Investor Materials may in certain jurisdictions be restricted by law. Accordingly, recipients represent that they are able to receive the Investor Materials without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business. The Investor Materials have been prepared by NB Private Equity Partners Limited ("NBPE") and NB Alternatives Advisers LLC (the "Investment Manager"). No member of the Neuberger Berman Group nor any of their respective directors, officers, employees, advisors, representatives, or other agents makes or has been authorised to make any representation or warranties (express or implied) in relation to NBPE or as to the truth, accuracy or completeness of the Investor Materials, or any other written or oral statement provided, or any information on which the Investor Materials is based (including, without limitation, information obtained from third parties) or any other information or representations supplied or made in connection with the Investor Materials or as to the reasonableness of any projections which the Investor Materials contain. The aforementioned persons disclaim any and all responsibility and liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of the Investor Materials or their contents by the recipient or any other person or otherwise in connection with the Investor Materials. Persons receiving or reviewing the Investor Materials must make all trading and investment decisions in reliance on their own judgement. No statement in the Investor Materials is intended to be nor may be construed as a profit forecast. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in the Investor Materials and nothing in the Investor Materials is or should be relied on as a promise or representation as to the future. The name "Neuberger Berman" is used interchangeably throughout these materials for a number of entities that are part of, or are associated with, the Neuberger Berman Group and when used in this notice includes all such entities. The Investor Materials do not constitute a prospectus or offering memorandum or an offer in respect of any securities and are not intended to provide the basis for any decision in respect of NBPE or other evaluation of any securities of NBPE or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities or engage in any investment activity (as defined in the Financial Services and Markets Act 2000 (“FSMA”)) in any jurisdiction nor shall they, or any part of them, or the fact of their distribution in any manner whatsoever form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. Neither the issue of the Investor Materials nor any part of their contents constitutes an offer to sell or invitation to purchase any securities of NBPE or any other entity or any persons holding securities of NBPE and no information set out in the Investor Materials or referred to in other written or oral information is intended to form the basis of any contract of sale, investment decision or any decision to purchase any securities referred to in it. The information contained in the Investor Materials is given as at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment. No reliance may be placed for any purpose whatsoever on the information of opinions contained in the Investor Materials or on their completeness, accuracy or fairness. The contents of the Investor Materials have not been approved by any competent regulatory or supervisory authority. The Investor Materials are not intended to be complete or to constitute all of the information necessary to adequately evaluate the consequences of investing in NBPE. The contents of the Investor Materials have not been verified and the Investor Materials have not been approved (in whole or any part) by any competent regulatory or supervisory authority. The Investor Materials are made available for information purposes only. The Investor Materials, which are not a prospectus or listing particulars or an admission document, do not contain any representations, do not constitute or form part of any offer or invitation to sell or transfer, or to underwrite, subscribe for or acquire, any shares or other securities, and do not constitute or form any part of any solicitation of any such offer or invitation, nor shall they are or any part of them or the fact of their distribution form the basis of or be relied upon in connection with any contract therefore, and do not constitute a recommendation regarding the securities of NBPE. Neither NBPE nor Neuberger Berman gives any undertaking to provide the recipient with access to any additional information, or to update the Investor Materials or any additional information, or to correct any inaccuracies in them which may become apparent and the distribution of the Investor Materials shall not be deemed to be any form of commitment on the part of NBPE, the Investment Manager or Neuberger Berman to proceed with any transaction. Legal Disclaimer
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55 THE PROMOTION OF NBPE AND THE DISTRIBUTION OF THE INVESTOR MATERIALS IN THE UNITED KINGDOM IS RESTRICTED BY LAW. ACCORDINGLY, THIS COMMUNICATION IS DIRECTED ONLY AT (I) PERSONS OUTSIDE THE UNITED KINGDOM TO WHOM IT IS LAWFUL TO COMMUNICATE TO, OR (II) PERSONS HAVING PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS WHO FALL WITHIN THE DEFINITION OF "INVESTMENT PROFESSIONALS" IN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED), OR (III) HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS AND PARTNERSHIPS AND TRUSTEES OF HIGH VALUE TRUSTS AS DESCRIBED IN ARTICLE 49(2) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED); PROVIDED THAT IN THE CASE OF PERSONS FALLING INTO CATEGORIES (II) OR (III), THE COMMUNICATION IS ONLY DIRECTED AT PERSONS WHO ARE ALSO "QUALIFIED INVESTORS" AS DEFINED IN SECTION 86 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (EACH A "RELEVANT PERSON"). ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS COMMUNICATION RELATES IS AVAILABLE ONLY TO AND WILL BE ENGAGED IN ONLY WITH SUCH RELEVANT PERSONS. PERSONS WITHIN THE UNITED KINGDOM WHO RECEIVE THIS COMMUNICATION (OTHER THAN PERSONS FALLING WITHIN (II) AND (III) ABOVE) SHOULD NOT RELY ON OR ACT UPON THIS COMMUNICATION. YOU REPRESENT AND AGREE THAT YOU ARE A RELEVANT PERSON. NBPE HAS NOT BEEN, AND HAS NO INTENTION TO BE, REGISTERED UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "INVESTMENT COMPANY ACT") AND INVESTORS ARE NOT AND WILL NOT BE ENTITLED TO THE BENEFITS OF THAT ACT. THE SECURITIES DESCRIBED IN THIS DOCUMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OR THE LAWS OF ANY STATE OF THE UNITED STATES. CONSEQUENTLY, SUCH SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) UNLESS SUCH SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENT OF THE SECURITIES ACT IS AVAILABLE. NO PUBLIC OFFERING OF THE SECURITIES IS BEING MADE IN THE UNITED STATES. PROSPECTIVE INVESTORS SHOULD TAKE NOTE THAT ANY SECURITIES MAY NOT BE ACQUIRED BY INVESTORS USING ASSETS OF ANY RETIREMENT PLAN OR PENSION PLAN THAT IS SUBJECT TO PART 4 OF SUBTITLE B OF TITLE I OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA") OR SECTION 4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ENTITIES WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE "PLAN ASSETS" OF ANY SUCH RETIREMENT PLAN OR PENSION PLAN, OR ANY GOVERNMENTAL PLAN, CHURCH PLAN, NON-U.S. PLAN OR OTHER INVESTOR SUBJECT TO ANY STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS SIMILAR TO TITLE I OR ERISA OR SECTION 4975 OF THE CODE OR THAT WOULD HAVE THE EFFECT OF THE REGULATIONS ISSUED BY THE UNITED STATES DEPARTMENT OF LABOR SET FORTH AT 29 CFR SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA. THE MERITS OR SUITABILITY OF ANY SECURITIES MUST BE INDEPENDENTLY DETERMINED BY THE RECIPIENT ON THE BASIS OF ITS OWN INVESTIGATION AND EVALUATION OF NBPE, THE INVESTMENT MANAGER, AND NEUBERGER BERMAN. ANY SUCH DETERMINATION SHOULD INVOLVE, AMONG OTHER THINGS, AN ASSESSMENT OF THE LEGAL, TAX, ACCOUNTING, REGULATORY, FINANCIAL, CREDIT AND OTHER RELATED ASPECTS OF THE SECURITIES. RECIPIENTS OF THIS DOCUMENT AND THE PRESENTATION ARE RECOMMENDED TO SEEK THEIR OWN INDEPENDENT LEGAL, TAX, FINANCIAL AND OTHER ADVICE AND SHOULD RELY SOLELY ON THEIR OWN JUDGMENT, REVIEW AND ANALYSIS IN EVALUATING NBPE, THE INVESTMENT MANAGER, AND NEUBERGER BERMAN, AND THEIR BUSINESS AND AFFAIRS. THE INVESTOR MATERIALS MAY CONTAIN CERTAIN FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS RELATE TO EXPECTATIONS, BELIEFS, PROJECTIONS, FUTURE PLANS AND STRATEGIES, ANTICIPATED EVENTS OR TRENDS AND SIMILAR EXPRESSIONS CONCERNING MATTERS THAT ARE NOT HISTORICAL FACTS. IN SOME CASES, FORWARD-LOOKING STATEMENTS CAN BE INDENTIFIED BY TERMS SUCH AS "ANTICIPATE", BELIEVE", "COULD", "ESTIMATE", "EXPECT", "INTEND", "MAY", "PLAN", "POTENTIAL", "SHOULD", "WILL", AND "WOULD", OR THE NEGATIVE OF THOSE TERMS OR OTHER COMPARABLE TERMINOLOGY. THE FORWARD- LOOKING STATEMENTS ARE BASED ON NBPE’S AND/OR NEUBERGER BERMAN'S BELIEFS, ASSUMPTIONS AND EXPECTATIONS OF FUTURE PERFORMANCE AND MARKET DEVELOPMENTS, TAKING INTO ACCOUNT ALL INFORMATION CURRENTLY AVAILABLE AND ARE INTENDED ONLY TO ILLUSTRATE HYPOTHETICAL RESULTS UNDER THOSE BELIEFS, ASSUMPTIONS AND EXPECTATIONS (NOT ALL OF WHICH WILL BE SPECIFIED HEREIN), NOT ALL RELEVANT EVENTS OR CONDITIONS MAY HAVE BEEN CONSIDERED IN DEVELOPING SUCH BELIEFS, ASSUMPTIONS AND EXPECTATIONS. THESE BELIEFS, ASSUMPTIONS, AND EXPECTATIONS CAN CHANGE AS A RESULT OF MANY POSSIBLE EVENTS OR FACTORS, NOT ALL OF WHICH ARE KNOWN OR ARE WITHIN NBPE’S OR NEUBERGER BERMAN’S CONTROL. IF A CHANGE OCCURS, NBPE’S BUSINESS, FINANCIAL CONDITION, LIQUIDITY AND RESULTS OF OPERATIONS MAY VARY MATERIALLY FROM THOSE EXPRESSED IN FORWARD-LOOKING STATEMENTS. SOME OF THE FACTORS THAT COULD CAUSE ACTUAL RESULTS TO VARY FROM THOSE EXPRESSED IN FORWARD-LOOKING STATEMENTS, INCLUDE, BUT ARE NOT LIMITED TO: THE FACTORS DESCRIBED IN THE INVESTOR MATERIALS; THE RATE AT WHICH NBPE DEPLOYS ITS CAPITAL IN INVESTMENTS AND ACHIEVES EXPECTED RATES OF RETURN; NBPE’S AND THE INVESTMENT MANAGER’S ABILITY TO EXECUTE NBPE'S INVESTMENT STRATEGY, INCLUDING THROUGH THE IDENTIFICATION OF A SUFFICIENT NUMBER OF APPROPRIATE INVESTMENTS; THE CONTINUATION OF THE INVESTMENT MANAGER AS MANAGER OF NBPE'S INVESTMENTS, THE CONTINUED AFFILIATION WITH NEUBERGER BERMAN OF ITS KEY INVESTMENT PROFESSIONALS; NBPE’S FINANCIAL CONDITION AND LIQUIDITY; CHANGES IN THE VALUES OF OR RETURNS ON INVESTMENTS THAT THE NBPE MAKES; CHANGES IN FINANCIAL MARKETS, INTEREST RATES OR INDUSTRY, GENERAL ECONOMIC OR POLITICAL CONDITIONS; AND THE GENERAL VOLATILITY OF THE CAPITAL MARKETS AND THE MARKET PRICE OF NBPE’S SHARES. BY THEIR NATURE, FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES BECAUSE THEY RELATE TO EVENTS, AND DEPEND ON CIRCUMSTANCES THAT MAY OR MAY NOT OCCUR IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. ANY FORWARD-LOOKING STATEMENTS ARE ONLY MADE AS AT THE DATE OF THE INVESTOR MATERIALS, AND NEITHER NBPE NOR THE INVESTMENT MANAGER ASSUMES ANY OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS SET FORTH IN THE INVESTOR MATERIALS WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS, OR OTHERWISE, EXCEPT AS REQUIRED BY LAW OR OTHER APPLICABLE REGULATION. IN LIGHT OF THESE RISKS, UNCERTAINTIES, AND ASSUMPTIONS, THE EVENTS DESCRIBED BY ANY SUCH FORWARD-LOOKING STATEMENTS MIGHT NOT OCCUR. NBPE QUALIFIES ANY AND ALL OF THEIR FORWARD-LOOKING STATEMENTS BY THESE CAUTIONARY FACTORS. PLEASE KEEP THIS CAUTIONARY NOTE IN MIND WHILE CONSIDERING THE INVESTOR MATERIALS. Legal Disclaimer