NB Private Equity Partners : NBPE Investor Presentation - January 2021

NB Private Equity Partners Investor Presentation

January 2021

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 DECEMBER 2020 MONTHLY ESTIMATE. 82% OF THE PRIVATE EQUITY FAIR VALUE IS BASED ON 30 SEPTEMBER 2020 PRIVATE VALUATION INFORMATION, AND 18% IS BASED ON 31 DECEMBER 2020 (12% IN PUBLIC SECURITIES AND 6% IN ROLLED FORWARD DEBT POSITIONS). FINAL Q4 VALUATION INFORMATION WILL BE INCORPORATED INTO THE ANNUAL REPORTED WHICH IS EXPECTED TO BE ISSUED IN APRIL 2021.

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NBPE Overview

NBPE invests directly in private equity backed companies and is listed on the LSE

Key Highlights

Listing Date: 2007

Market Capitalisation (21/1/21): £568.1m

Net Asset Value (NAV): $960.3m

NAV per Share: $20.53 (£15.02)

NAV Total Return USD / GBP 1 year: 10.8% / 7.5%

3 year: 29.0% / 27.7%

Share Price Total Return USD / GBP 1 year: 3.7% / 0.5%

3 year: 26.9% / 25.6%

2020 Avg. Daily Trading Volume: ~47k shares per day

Current Share Price (21/1/21): £12.15 (~19% discount)

Dividend Yield (on Current Share Price): 3.7%

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 31 December 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 31 December 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

Overview of NBPE's Manager

An Industry Leader With An Attractive Track Record

	Co-investments	• 30+ years as a private market investor
Primaries	$20 bn(1)
	• Committed ~$13 billion annually on average
$25 bn(1)
		to private markets over the past 3 years

	Over $90	Secondaries	• Unique position in the private market
	Billion
	$12 bn(1)		ecosystem
		Direct Private Credit	• A recognized private equity manager within
			the industry
		$6 bn
Direct Specialty
Strategies
$7 bn	GP Manager Stakes
_______________________	$22 bn

Note: As of September 30, 2020. Represents aggregate committed capital since inception in 1987, including commitments in the process of documentation or finalization. The Asset Management Awards' judging is undertaken by a group of judges with expertise across the UK 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. 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. 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 UK 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 the European Pensions' editorial team. 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.

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.

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