NB Private Equity Partners : NBPE Investor Presentation - November 2020

NB Private Equity Partners

November 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 PRIMARILY BASED ON THE 31 OCTOBER 2020 MONTHLY ESTIMATE IN WHICH 43% OF THE PRIVATE EQUITY FAIR VALUE IS BASED ON 30 SEPTEMBER 2020 PRIVATE VALUATION INFORMATION, 43% IS BASED ON 30 JUNE 2020 VALUATION INFORMATION, 1% IS BASED ON 31 JULY 2020 VALUATION INFORMATION AND 13% IS BASED ON 31 OCTOBER (7% IN PUBLIC SECURITIES AND 6% IN ROLLED FORWARD DEBT POSITIONS).

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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 (13/11/20): £493.3m

Net Asset Value (NAV): $893.8m

NAV per Share: $19.11 (£14.78)

NAV Total Return USD / GBP 1 year: 4.9% / 4.9%

3 year: 24.4% / 27.7%

Share Price Total Return USD / GBP 1 year: (5.2%) / (5.2%)

3 year: 10.9% / 13.8%

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

Current Share Price (13/11/20): £10.55 (~27% discount)

Dividend Yield (on Current Share Price): 4.2%

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 Long-term Performance

Note: NBPE data as of 31 October 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. 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 October 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.

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Manager Overview

Over $90 billion across private equity strategies

		Co-investments	• 30+ years as a private market investor
Primaries		$19 bn(1)
		• Committed ~$10 billion annually to private
$26 bn(1)
			markets over the past 3 years
	Over $90	Secondaries	• Unique position in the private market
	Billion	ecosystem
	$12 bn(1)
			• ESG-integrated in private equity investing
		Direct Private Credit	since 2007 and awarded an A+ Top Score in
		the most recent UN-supported Principles for
Direct Specialty		$6 bn	Responsible Investment (PRI) assessment
Strategies			• A recognized private equity manager within
$7 bn	GP Manager Stakes		the industry
	$22 bn

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Note: As of June 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.

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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