NB Private Equity Partners : NBPE Investor Presentation - December 2

NB Private Equity Partners Investor Presentation

December 2020

THIS PRESENTATION CONTAINS 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 CONTAINS A LARGE AMOUNT OF 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 30 NOVEMBER 2020 MONTHLY ESTIMATE. 86% OF THE PRIVATE EQUITY FAIR VALUE IS BASED ON 30 SEPTEMBER 2020 PRIVATE VALUATION INFORMATION, AND 14% IS BASED ON 30 NOVEMBER 2020 (8% IN PUBLIC SECURITIES AND 6% IN ROLLED FORWARD DEBT POSITIONS). THE 30 NOVEMBER 2020 MONTHLY ESTIMATE WAS PRESENTED PRO FORMA FOR $50 MILLION OF REALISATIONS EXPECTED IN DECEMBER FROM ONE COMPANY SALE AND LIQUIDATION OF CERTAIN FUND INVESTMENTS WHICH WILL REDUCE BORROWINGS BY $50 MILLION; HOWEVER, DIVERSIFICATION AND THE LARGEST INVESTMENTS HAVE NOT BEEN ADJUSTED FOR THIS REALISATION.

2

NBPE Overview

NBPE invests directly in private equity backed companies and is listed on the London Stock Exchange

Key Highlights

Listing Date: 2007

Market Capitalisation (15/12/20): £537.8m

Net Asset Value (NAV): $955.1m

NAV per Share: $20.42 (£15.30)

NAV Total Return USD / GBP 1 year: 11.5% / 8.1%

3 year: 32.8% / 34.5%

Share Price Total Return USD / GBP 1 year: 1.4% / (1.7%)

3 year: 21.1% / 22.6%

2020 Avg. Daily Trading Volume: ~49k shares per day

Current Share Price (15/12/20): £11.50 (~24% discount)

Dividend Yield (on Current Share Price): 3.8%

Value Proposition

Direct private equity portfolio constructed primarily through equity co-investments

Investments sourced through Neuberger Berman's ~$90 billion private equity business alongside over 50 high quality private equity firms

Goal of capital appreciation from equity investments and income through bi-annual dividend

Fee efficient strategy: no second layer of management fees or carried interest on vast majority of direct investments1

Strong Historic Performance

Note: NBPE data as of 30 November 2020 based on the monthly NAV estimate; numbers may not sum due to rounding. All 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; share price return data based on the London Stock Exchange price. Average trading volume represents daily average across London Stock Exchange and over-the-counter trading platforms.

1. Approximately 96% of the direct investment portfolio (measured on 30 November 2020 fair value) is on a no management fee, no carry basis to underlying third-party GPs. Key Information Document is available on NBPE's website.

NB PRIVATE EQUITY PARTNERS INVESTOR PRESENTATION	3

Balance Sheet Detail

$ in millions	30 November 2020	31 December 2019
	(Unaudited, Pro Forma)	(Audited)

Total Investments	$1,145.5	$1,087.0
Investment level	120%	121%
Cash	4.0	9.5
Credit Facility Drawn	(35.0)	(47.0)
ZDPs (incl. FX Hedge)	(152.8)	(145.6)
Other	(6.5)	(9.1)

Net Asset Value	$955.1	$894.8
Dividends Paid in Period ($)	$27.1	$27.3
NAV per Share ($)	$20.42	$19.11
NAV per Share w/ Dividends Paid in Period ($)	$21.00	-
NAV per Share (£)	£15.30	£14.03
NAV per Share w/ Dividends Paid in Period (£)	£15.75	£14.49

Note: as of 30 November 2020, pro forma for sale of ProAmpac and legacy funds which will be used to repay credit facility borrowings by $50m.

NB PRIVATE EQUITY PARTNERS INVESTOR PRESENTATION	4