#1NEUBERGER | BERMAN NB Private Equity Partners Investor Presentation 2021 Year to Date Update Investing in private companies to generate long-term growth 21 June 2021#2THIS 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 MAY 2021 MONTHLY NAV UPDATE, UNLESS OTHERWISE NOTED. NEUBERGER BERMAN 2#3Neuberger Berman - A Leading Private Market Investor An industry leader with assets of over $70bn and a long track record of value creation A Global Private Markets Platform 30+ years as a private market investor Over 150 investment personnel across 10 offices Committed $13 billion annually on average to private markets over the past 3 years Unique position in the private market ecosystem A recognised private equity manager within the industry A Recognised Leader in ESG A Leader in Responsible and Sustainable Investing NB Private Markets has been ESG-integrated in private equity investing since 2007 Awarded an A+ Top Score in the most recent UN- supported Principles for Responsible Investment (PRI) assessment #PRI Principles for Responsible Investment UN GLOBA COMPACT The Asset Management AWARDS 2020 WINNER PRIVATE EQUITY MANAGER OF THE YEAR European Pensions AWARDS 2020 WINNER Private Equity Manager of the Year OECD GUIDELINES FOR MULTINATIONAL ENTERPRISES SUSTAINABLE DEVELOPMENT GOALS NEUBERGER BERMAN 3#4NB Private Equity Overview Investing in private companies to generate long term growth A portfolio of direct investments in high quality private companies Primarily invested in the US, the largest, deepest private equity market Diversified across sectors, underlying private equity managers and companies Benefitting from the skills and value creation initiatives of underlying private equity managers to drive value in portfolio companies A strategy focused on co-investing alongside top tier private equity managers, in their core areas of expertise Leveraging the strength of Neuberger Berman's platform, relationships, deal flow and expertise to access and select the most attractive investment opportunities Control of capital deployment pacing through co-investments Typically investing on a no management fee or carried interest basis A highly selective and responsible investment approach A focus on sectors and companies that are expected to benefit from long term structural growth trends Underpinned by a strong focus on responsible investment, with ESG considerations integrated into the investment process Track record of strong returns 18.1% Gross IRR from investment portfolio over the last five years - 21.0% Gross IRR on direct equity investments 19.2% Gross IRR on realised direct equity investments - 2.3x multiple to cost 22% average uplift on realisations Note: return data based on trailing five year performance, as of 31 May 2021. Realised gross IRR includes investments realised over the last five years. See endnote one on performance. NEUBERGER BERMAN 4#5NBPE Invests with Premier Private Equity Managers NBPE has made 43 investments alongside 31 sponsors over the past three years Representative GP Partners What We Look For: ✓ Right firm for the right SUMMIT PARTNERS THOMA BRAVO EGT opportunity VERITAS CAPITAL CLAYTON DUBILIER & RICE KKR NB Renaissance Partners FP FRANCISCO PARTNERS BLUEPOINT Capital Partners Sentinel CAPITAL PARTNERS THL L CATTERTON ✓ Active, actionable BC Partners value creation plan NEUBERGER BERMAN Platinum Equity Demonstrated experience through cycles Pritzker Group SILVERLAKE Further Global TPG CARTESIAN capital group. MNCI partners LIME ROCK RESOURCES REVERENCE RCP CAPITAL PARTNERS 3i JLL Partners TDR Capital As of 31 May 2021. Represents private equity sponsors of investments made over the last three years. Three sponsors are excluded from the logos above. FTV CAPITAL GRYPHON INVESTORS NEUBERGER BERMAN 5#6Key Highlights Year to Date Strong performance to date 14.7% NAV Total Return NAV increased to $1.19bn, or $25.43 (£17.89) per share $139m Distributions Received to Date Including proceeds received in June, realisations total 11% of opening portfolio value (2020 realisations: $199m) $255 million of total expected portfolio realisations driven by ten full or partial exits announced year to date $50m New investments $50m invested or committed to five new investments during 2021 $0.31 Dividends paid YTD Continued commitment to distributing 3.0% of NAV p.a. - Yield of 3.6% of year end share price Note: Based on NBPE NAV data as of 31 May 2021; distributions include proceeds received through June. No assurances can be made that expected additional proceeds ultimately close. NEUBERGER BERMAN 6#7YTD NAV Performance Driven by Private Valuation Gains Net asset value increase of $152 million inclusive of $14 million of dividends to shareholders Change in Net Asset Value $1,400 $1,300 $3.63 $170.1 $0.37 $17.3 $0.06 $2.8 $1,200 ($11.7) ($0.25) ($14.5) ($0.31) $25.43 $1,189.5 ($26.2) ($0.56) $1,100 $22.49 $1,051.7 $1,000 $900 $800 December 2020 Private Value Changes (Unrealised/ Realised) Public Valuation Changes FX Changes (Investments & Hedge) Cash / Yield Income (Unrealised / Realised) Note: Numbers may not sum due to rounding. Dividends Paid to Shareholders/Share Buybacks Operating Expenses Incl. Financing Costs, May 2021 Management & Performance Fee NEUBERGER BERMAN 7#8Private Valuations - Broad based Gains in Q1 2021 With Top 10 positive value drivers making ~90% of total direct equity portfolio appreciation in 2021 $ in millions $180 $170 $160 $150 $147 $140 $130 $27 33 $164 ($11) ($2) Top 10 Q1 2021 Value Drivers AutoStore TELXIUS West Marine® GFL environmental > Hivory USI Edelman OZPG RENAISSANCE $120 Top 10 Next 30 Positive Positive All other Positive Top 5 Negative Value Drivers Value Value Value All other Negative Value Q1 2021 Direct Equity Value LeasePlan Drivers Drivers Drivers Drivers Appreciation Note: Numbers may not sum due to rounding. NEUBERGER BERMAN 8#9Performance Driven by Direct Equity Investments Direct equity investments have generated a five year gross IRR of 21.0% $1.3bn Investment Type One Three Five Ten (Gross IRR) Year Year Year Year Direct Equity 52.8% 19.6% 21.0% 19.5% Investments Value of direct investments Income 23.3% 12.6% 11.9% 10.8% Investments 89 Total Portfolio 49.4% 18.0% 18.1% 14.0% 89% Of fair value invested in direct equity Number of direct equity investments, 7 income investments 54 Private equity managers co-invested alongside 100% 75% 50% 50% 25% Fair value of top 20 investments 0% 31/5/2020 31/5/2018 Funds Income 31/5/2016 Equity 31/5/2011 >90% Weighted towards investment made since 2015 Note: as of 31 May 2021. Fund performance for one, three, five and ten years is 56.1%, 1.5%, 5.4% and 6.8% respectively. Legacy Fund investments constitute approximately 1.6% of total portfolio fair value as of 31 May 2021. 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 may lower returns). NEUBERGER BERMAN 9#10A Well Diversified Portfolio Investing in buyout investments, with a strong bias to the US and a resilient sector focus Geography NORTH AMERICA 74% Industry EUROPE FINANCIAL 23% ASIA/ROW 3% CONSUMER 18% HEALTHCARE 13% ENERGY SERVICES 11% BUSINESS SERVICES 10% 1% O OTHER 5% TECH, MEDIA, TELECOM 26% INDUSTRIALS 16% -The U.S. is the largest and deepest private equity market Meaningful exposure to Europe and other parts of the World A focus on resilient sectors and those expected to benefit from long term structural growth trends Companies backed by high quality private equity managers - Multiple value creation levers; benefiting from skills and value creation initiatives of lead private equity managers to drive value Note: As of 31 May 2021. Numbers may not sum due to rounding. Please see endnote 2 for information on diversification calculations. NEUBERGER BERMAN 10#11Largest 15 Investments The largest 15 investments represent 42.5% of the portfolio Investment Inv. Date Industry Description Fair Value ($m) % of Value 2019 Industrials Provider of warehouse automation technology $80.1 5.8% AutoStore agiliti 2019 Healthcare MHS 2017 Industrials Medical equipment management and services Systems/solutions utilised in distribution centres 54.7 4.0% 44.7 3.2% TELXIUS 2017 Communications ACTION 2020 Consumer Telecom towers / fibre optic cables and infrastructure European discount retailer 43.9 3.2% 38.1 2.8% USI 2017 Financial Services Insurance brokerage and consulting services 38.0 2.8% GET 2018 Business Services Waste management services 36.6 2.7% 2015 Consumer Online and offline pet supplies retailer 35.3 2.6% PETSMART chewy.com 2017 West Marine® Consumer Specialty retailer of boating supplies 33.8 2.5% Business 2017 Business Services Undisclosed business services company 33.1 2.4% Services Co.* BeyondTrust 2018 Technology M MARQUEE BRANDS 2014 Consumer Privileged access management / remote support software Portfolio of consumer branded IP assets 32.1 2.3% 31.1 2.3% COTIVITI 2018 Healthcare DUFF & PHELPS 2020 Financial Services Payment accuracy and solutions for the healthcare industry Multi-national financial consultancy firm 30.6 2.2% 28.0 2.0% EXCELITAS 2017 Technology Sensing, optics and illumination technology 24.6 1.8% TECHNOLOGIES Top 15 Investments Note: As of 31 May 2020. *Undisclosed company. Past performance is no guarantee of future results. Numbers may not sum due to rounding. $584.8 42.5% NEUBERGER BERMAN 11#12Portfolio Has a Focus on Long-term Non-cyclical Growth Drivers Portfolio positioned for a range of possible macro-economic conditions with a demonstrated ability to perform well in a challenging environment: 21.4% NAV TR during 2020 Technology / e-commerce - 38% of value - Significant exposure to software/security - Broader tech applications incl. Industrial Technology - Exposure to e-commerce trends BYLIGHT Lighting The Path EXCELITAS TECHNOLOGIES ENGINEERING BeyondTrust CONSTELLATION AUTOMOTIVE GROUP Digital River Solace Systems solarwinds Finalsite ACCEDIAN AutoStore ...REALPAGE OZPG PETSMART chewy.com .com MHS RENAISSANCE Other Long-term Secular Growth Trends 18% of value - Target higher growth rates due to long-term trends/behaviour changes Diversified across sectors ACTION LeasePlan DUFF&PHELPS A Advisor Group M MARQUEE BRANDS Holley BRANDED CITIES IN YOUR CORNER Industries with Low Cyclicality - 26% of value - Characterised by more defensive sectors or end-markets - Diversified across PLASKOLITE OMEGA sectors - Includes quasi- infrastructure investments ENVIRONMENTAL TECHNOLOGIES QPARK >>>>Hivory USI CH-GUENTHER → & SON STAPLES Lasko GFL TELXIUS Healthcare Related 14% of value - Focus on devices and improving healthcare delivery or systems Favourable sector tailwinds including aging demographics agiliti INNOVACARE HEALTH FV HOSPITAL COTIVITI for the road ahead" VVIANT drive Note: as of 31 May 2021. Percentages represent value of top 40 investments within each category. Representative transactions to highlight themes and not intended to be a comprehensive analysis of all investments and strategies. Represents top 40 investments, one of which does not fit in the categories above (4% of value). One company within low cyclicality is undisclosed. NEUBERGER BERMAN 12#13Case Study: Constellation Automotive Company Description: Largest vertically integrated digital used car market place across segments including consumer to business, business to business, and business to consumer Deal Summary: Investment Date November 2019 Lead Investor TDR Capital NBPE Fair Value 31/5/21 $22 million Percent of Fair Value 1.6% 31/5/21 Highlights: Investment Thesis ✓ Market leading position ✓ Scalable M&A platform ✓ Strong financial profile Key NBPE Themes ✓ Technology ✓ E-commerce ✓ Defensive business model Stable Platform/ Growth cinch BCA Core Business Positioned for Growth CONSTELLATION AUTOMOTIVE GROUP BCA cinch Strong GP Partner TDR Capital Business Transformation Shift from physical to digital auctions with 100% of remarketing activity now online Recent Developments Cinch launched in October 2020. Annualised sales of over 45,000 vehicles; avg growth of 45% month over month Note: Data as of 31 May 2021. Past performance is not an indicator, guarantee or projection of future performance. NEUBERGER BERMAN 13#142021 New Investments Year to Date $50 million committed to five new investments during 2021, three of which have closed. Two additional investments are pending close ...REALPAGE perspecta. Undisclosed Consumer Fintech Company Description Provides software solutions to the rental housing industry Provider of enterprise IT services serving the US government Financial technology platform providing a range of services Sector Sponsor Thesis Note: as of 31 May 2021. Software THOMA BRAVO IT Services Financial Technology Undisclosed Market leading franchise with mission-critical products Opportunity for operational enhancements • Build on M&A track record • VERITAS CAPITAL Scaled, franchise player in government IT / mission services market Differentiated IP portfolio Attractive financial profile with identified growth avenues Market leading company Fast growing company and market opportunity • Clear exit paths NEUBERGER BERMAN 14#152021 Announced Liquidity & IPO $255 million of total expected cash proceeds inclusive of ten full or partial exits.1 In addition, Agiliti completed an IPO on the NYSE during April Announced Transactions & IPO²: Company INNOVACARE TELXIUS HEALTH West Marine agiliti. 3.5x Total expected multiple of invested capital³ Hivory Holley AutoStore Edelman Financial Engines ellucian. aldevron 2021 Announced Transactions & IPO: $160. Estimated NAV gain vs December 2020 88% Estimated uplift from December 2020 value Above includes three new pending realisations announced in the month of June which are expected to return $33 million of cash proceeds and $12 million of NAV uplift relative to 31 May 2021 valuations Note: as of 31 May 2021. Certain of the non-IPO transactions are signed but not yet closed. No assurances can be made the transactions ultimately close or the stated performance occurs. Estimated NAV gain and uplift based on Agiliti stock price and FX rates as of 18 June 2021. $139 million received as of 15 June 2021. No assurances remaining cash proceeds are ultimately received. Cash proceeds on announced transactions are an estimate and cash proceeds may vary depending on closing conditions / timing. $255 million includes full portfolio realisations including proceeds from debt and funds as well as the announced equity transactions above. 1. 2. Also includes a distribution from an underlying realisation in Bertram Capital funds. 3. Excludes Agiliti IPO and realisation from Bertram Capital funds. NEUBERGER BERMAN 15#16NAV Growth Over Time Assuming re-investment of dividends, NBPE's total return NAV has increased 53.1% since 2018 Quarterly NAV Plus Dividends Progression Since 2018 NAV per Share $35.00 $29.68 $30.00 $26.51 $25.00 $23.89 $22.27 $22.21 $22.55 $22.01 $21.54 $20.74 $20.57 $20.00 $15.00 $10.00 $5.00 $0.00 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 NAV per Share ■Dividends per Share Note: Based on NBPE NAV data as of 31 March 2021. NEUBERGER BERMAN 16#17Share Price Total Return vs FTSE-All Shares NBPE has outperformed the FTSE All-Shares Index over one, three and five years. Year to date NBPE has outperformed the FTSE All-shares index by 790bps Share Price Total Return (in £) NBPE Share Price TR Year to Date One Year Three Year Five Year 18.5% 54.1% 14.3% 18.1% FTSE All-Shares TR 10.7% 19.7% 1.9% 7.7% NBPE Outperformance +7.9% +34.4% +12.4% +10.4% Note: as of 18 June 2021. All performance figures assume re-investment of dividends at NAV or closing share price on the ex-dividend date. One, three and five years are annualised returns. Share price return data based on the London Stock Exchange price. Numbers may not sum due to rounding. NEUBERGER BERMAN 17#18NBPE Share Price Discount to NAV Based on the latest trading price of £13.55 as of 18 June 2021 and NBPE's 31 May 2021 NAV of $25.43, NBPE's trading discount was (26.5%) NBPE Share Price Discount to NAV Discount 0% -10% -20% -30% -40% -50% -60% -70% Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Note: as of 31 May 2021; share price data as of 18 June 2021. NBPE Discount Discount as of 18 June 2021 (26.5%) NEUBERGER BERMAN 18#19Summary Strong historic performance and well positioned portfolio Differentiated Strategy Selective: co-investing with leading private equity managers, focusing on what the Manager believes are the best opportunities, for the prevailing market conditions - Dynamic: control the investment pacing and capital position - Fee efficiency: single layer of fees on the vast majority of co-investments Strong Performance Strong Investment Pipeline - - 2020 NAV TR of 21.4%; up nearly 15% YTD in 2021 Underlying portfolio companies performing well $255m of estimated cash realisations announced in 2021; as well as one portfolio company IPO Prudently pursuing new investments: $50m committed to five new direct equity investments YTD Significant available liquidity – positioned to take advantage of strong dealflow and pipeline of potential new investments NEUBERGER BERMAN 19#20Supplementary information Neuberger Berman - a leading investor in private markets#21NB Private Markets Overview An industry leader with an integrated platform and attractive market position Co-investments $21 bn (1) Primaries $27 bn(1) Over $75 Billion Direct Specialty Strategies $9 bn Secondaries $13 bn(1) Direct Private Credit $6 bn 30+ years as a private market investor Unique position in the private market ecosystem A recognized private equity manager within the industry² The Asset Management AWARDS 2021 Celebrating excellence in retail and wholesale asset management WINNER PRIVATE EQUITY MANAGER OF THE YEAR A privateequitywire EUROPEAN AWARDS WINNER 2021 Best Fund of Funds Manager Neuberger Berman Private Equity The Asset Management AWARDS 2020 WINNER PRIVATE EQUITY MANAGER OF THE YEAR European Pensions AWARDS 2020 WINNER Private Equity Manager of the Year Note: As of March 31, 2021. Represents aggregate committed capital since inception in 1987, including commitments in the process of documentation or finalization. 1. 2. 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. Please refer to the Awards Disclosures at the end of this presentation NEUBERGER BERMAN 21#22Manager At a Glance Industry leading private equity platform, with over 30 years as a private markets investor 150+ Team members working on primaries and co-investments 24 Years of average 9 Offices Globally experience among Senior New York, London, Tokyo, Leadership Team1 Hong Kong, Dallas, Boston, Zurich, Milan, Luxembourg 400+ Direct Equity & Credit Investments (active)2 5,600+ Underlying portfolio companies (active)³ 540+ Fund commitments (active)² 225+ LPAC seats4 $18+ Billion Capital committed over the last 3 years across primaries, co-investments & secondaries5 Source: NB Alternatives Advisers LLC. 1. Senior Leadership Team reflects the Managing Directors on the PIPCO Senior Team. 2. As of March 31, 2021. 3. Represents active portfolio companies for PIPCO and Secondaries through December 31, 2020. 4. Includes Limited Partner Advisory Committee seats and observer seats for PIPCO and Secondaries since inception as of December 31, 2020. 5. Represents commitments made during NB Alternatives Vintage Years 2018 - 2020 for PIPCO and Secondaries. NEUBERGER BERMAN 22 22#23Supplementary Information A responsible and sustainable investor#24Responsible and Sustainable Investment Policy NBPE has adopted a responsible and sustainable investment policy where NBPE seeks to avoid significantly adverse social and environmental outcomes to people and the planet Believe responsible investing and the incorporation of material ESG considerations can help inform the assessment of overall investment risk and opportunities NBPE seeks to avoid: companies which do not uphold human rights, controversial weapons, tobacco, civilian firearms, private prisons, fossil fuels1 Also seeks to avoid companies with known controversies related to human rights or serious damage to the environment; including as outlined by the United Nations Global Compact (UNGC) and OECD Guidelines for Multinational Enterprises¹ NBPE's manager has been ESG-integrated in private equity investing since 2007 and was awarded an A+ Top Score in the most recent UN-supported Principles for Responsible Investment (PRI) assessment ESG factors integrated into the investment process by: Avoid Ability to exclude particular companies or whole sectors from the investable universe Assess Considering the valuation implications of ESG risks and opportunities alongside traditional factors in the investment process Amplify Focusing on 'better' companies based on environmental, social and governance characteristics 1. See appendix for a description of sustainability potential. NEUBERGER BERMAN 24#25NBPE Responsible & Sustainable Investment Policy Responsible and sustainable investment policy is centered on the objective of better investment outcomes through incorporating ESG considerations into the investment process A+ NBPE Upholds Strong Governance Principles - The Board of Directors oversees a high standard of corporate governance and believes responsible investing is an important cornerstone of this commitment NBPE's Manager is a Leader in Responsible and Sustainable Investing. NB Private Markets has been ESG-integrated in private equity investing since 2007 and was awarded an A+ Top Score in the most recent UN-supported Awarded Top Scores Principles for Responsible Investment (PRI) assessment UN GE GLOBA COMPACT SUSTAINABLE OECD GUIDELINES FOR MULTINATIONAL ENTERPRISES NBPE's Portfolio is Assessed Through an Additional Sustainability Lens - As a value-add, NB Private Markets seeks to assess company sustainability potential as further evidence of a company's ability to deliver long-term value Seek to avoid significantly adverse social and environmental outcomes to people and the planet, including exclusions outlined in the policy SEVELOPMENT GOALS. NB Private Markets can identify portfolio companies deemed to have an overall positive potential benefit to people and the environment, including contributing solutions to pressing sustainability challenges Note: as of 31 May 2021. NEUBERGER BERMAN 25#26NBPE Portfolio Through A Sustainability Lens 25% of the portfolio¹ is deemed to have an overall positive sustainability potential or have an overall positive benefit to people or the environment² Neutral 74% Companies that have a mixed or unknown benefit to people or the environment Note: as of 31 May 2021. POSITIVE SUSTAINABILITY POTENTIAL 25% + Companies that have an overall positive benefit to people or the environment ++ Companies that contribute to solutions to pressing social or environmental challenges Adverse 1% Companies that contribute to significant adverse outcomes for people or the environment 1. Based on direct investment portfolio fair value as of 31 May 2021; analysis excludes third party funds (which are past their investment period but which may call capital for reserves or follow-ons) and funds that are not deemed ESG integrated by the Manager. In aggregate these exclusions represent approximately 3.4% of fair value. 2. See appendix for a description of sustainability potential. NEUBERGER BERMAN 26#27Case Study: Innovacare Company Description: Provides integrated health care services through a portfolio of health plans, medical service organisations and clinical networks. Innovacare operates Medicare advantage and Medicaid plans in Puerto Rico and Florida. Deal Summary: Investment April 2020 Date Investment Thesis ✓ Strong competitive position ✓ Significant growth potential ✓ Attractive risk vs reward Key NBPE Themes ✓ Secular growth Lead Summit Partners Investor ✓ Healthcare related NBPE Fair Value $12 million Percent of Fair Value 0.9% ESG Characteristics ✓ Positive sustainability potential ✓ Facilitating healthcare delivery ✓ Incentivises high-quality care. Highlights: INNOVACARE HEALTH Strong GP Partner SUMMIT PARTNERS Competitive Position Covers more than 267,000 members First 4.5 star quality rating in Puerto Rico since 2017 • . 2021 Announced Exit Anthem, inc. acquiring Puerto Rico subsidiary NBPE retains its share in other portions of the business Note: Data as of 31 May 2021, unless otherwise noted. Past performance is not an indicator, guarantee or projection of future performance. NEUBERGER BERMAN 27#28Supplementary Information Portfolio#292020 Revenue and EBITDA Growth Underlying company performance reflects resilience of the private company portfolio with financial services, TMT and healthcare sectors performing particularly well 6.2% Weighted average 31/12/20 LTM Revenue Growth Revenue driven by financial services, industrials and healthcare 6.1% Weighted average 31/12/20 LTM EBITDA Growth EBITDA growth driven by financial services, healthcare and TMT 15.5x Weighted average EV/ EBITDA Multiple Multiple increase relative to prior year due to company performance and investments in favourable sectors 5.8x Weighted average Net Debt/EBITDA Multiple - Overall leverage remains reasonable Note: See endnote three on methodology. NEUBERGER BERMAN 29#30Direct Equity Vintage Year Returns NBPE's mature direct equity investments have returned meaningful amounts of capital and generated strong gross return multiples. Value creation in younger vintages is underway Direct Equity Vintage Year Returns (Multiple & Internal Rate of Return "IRR") Multiple 3.5x 3.0x Average Total Multiple: 1.9x 2.4x 2.4x 2.3x 2.5x 2.0x 1.5x 1.0x 0.5x 1.6x 1.8x 0.0x 2010 2011 2012 2013 2014 1.5x 2015 IRR 60% Realised Investments1: 2.9x 2.1x 50% 40% 2.0x 1.9x 30% 1.6x 1.3x 20% 10% 0% -10% 2016 2017 2018 2019 2020 ■Realised Unrealised IRR Invested Capital $9.6 $23.1 $33.5 $47.7 $115.5 $76.0 $118.4 $228.2 $178.5 $94.1 $79.5 ($ in millions) Note: as of 31 May 2021; data excludes 2021 vintage due to maturity. Gross 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 may lower returns). 1. Includes investments which are realised but have remaining value held in escrow. NEUBERGER BERMAN 30#31Supplementary Information Balance sheet, dividend and capital position#32Balance Sheet Detail $ in millions 31 May 2021 (Unaudited) $1,376.5 31 December 2020 (Audited) Total Investments Investment level Cash Credit Facility Drawn ZDPS $1,254.6 116% 119% 5.2 3.0 (10.0) (35.0) (166.0) (157.0) Other (16.2) (14.0) Net Asset Value $1,189.5 $1,051.7 Dividends Accrued/Paid in Period ($) $14.5 $27.1 NAV per Share ($) $25.43 $22.49 NAV per Share w/ Dividends in Period ($) $25.74 $23.07 NAV per Share (£) ₤17.89 ₤16.45 NAV per Share w/ Dividends in Period (£) £18.11 £16.90 Note: as of 31 May 2021. NEUBERGER BERMAN 32 32#33$ in millions Strong Balance Sheet and Significant Liquidity Well positioned to take advantage of opportunities with significant coverage of uncalled commitments Unfunded Commitments & Total Capital Resources $300 $250 3.1x Adjusted Commitment Coverage $200 9 $150 $100 $50 $20m Unlikely to be Called $94m Likely / Expected to be Called $0 Note: as of 31 May 2021. Unfunded Commitments $290m Undrawn Credit Facility $5m Cash Capital Resources NEUBERGER BERMAN 33#34Supplementary Information Fees and charges#35Fee Summary Vehicle Level Fees | Vehicle Level Fees (Management Fee) Underlying Level Fees (Carry) (Management % Directs Blended Fee Rate Fee/Carry) Listed Fund of 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% 0--30% Vehicle fees + 1.5% - 2.0% fee and 20% carry Funds carry on underlying committed Direct Funds 1.5% management fee on PE NAV or greater 15%-20% carry 80-100% 1.5%+ management fee / (ex cash) 15-20% carry NBPE 1.5% on Private Equity Value 7.5% of gains providing 7.5% hurdle is met _1 98% PE 1.50% management fee / fair value 7.5% carry at vehicle level NBPE's fee structure is highly attractive Note: As of 31 May 2021 1. Approximately 97% of the direct investment portfolio (measured on 31 May 2021 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. NEUBERGER BERMAN 35#36Schedule of Investments % of NBPE Company/Investment Name Asset Class Investment Date Lead Sponsor Fair Value NAV Company / Investment Name Asset Class Investment Date Lead Sponsor Fair Value % of NBPE NAV AutoStore Mid-cap Buyout Jul-19 THL 80.1 6.7% Wind River Environmental Mid-cap Buyout Apr-17 Gryphon Investors 7.1 0.6% Agiliti Large-cap Buyout Jan-19 THL 54.7 4.6% Vertiv (NYSE: VRT) Special Situations Nov-16 Platinum Equity 7.0 0.6% NB Alternatives Credit Opportunities Program Income Investment Sep-19 Neuberger Berman 47.5 4.0% Brightview (NYSE: BV) Large-cap Buyout Dec-13 KKR 6.6 0.6% Material Handling Systems Mid-cap Buyout Apr-17 THL 44.7 3.8% Concord Bio Growth/Venture Jun-16 Quadria Capital 6.4 0.5% Telxius Large-cap Buyout Oct-17 KKR 43.9 3.7% Healthcare Services Company Large-cap Buyout Feb-18 Not Disclosed 6.2 0.5% Action Large-cap Buyout Jan-20 3i 38.1 3.2% Drive Medical Income Investment Jan-17 CD&R 6.2 0.5% USI Large-cap Buyout Jun-17 KKR 38.0 3.2% Healthcare Company-In-home Devices Mid-cap Buyout Jun-18 Not Disclosed 6.2 0.5% GFL (NYSE:GFL) Large-cap Buyout Jul-18 BC Partners 36.6 3.1% Centro Growth/Venture Jun-15 FTV Capital 6.1 0.5% Petsmart/Chewy (NYSE: CHWY) Large-cap Buyout Jun-15 BC Partners 35.3 3.0% ProAmpac Mid-cap Buyout Dec-20 Pritzker Private Capital 5.9 0.5% West Marine Mid-cap Buyout Sep-17 Monomoy Capital 33.8 2.8% CSC Service Works Mid-cap Buyout Mar-15 Pamplona Capital 5.7 0.5% Business Services Company* Large-cap Buyout Oct-17 Not Disclosed 33.1 2.8% Nextlevel Mid-cap Buyout Aug-18 Blue Point Capital 5.7 0.5% Beyond Trust Mid-cap Buyout Jun-18 Francisco Partners 32.1 2.7% Vitru (NASDAQ: VTRU) Mid-cap Buyout Jun-18 Vinci Partners 5.3 0.4% Marquee Brands Cotiviti Duff & Phelps Special Situations. Dec-14 Neuberger Berman 31.1 2.6% Uber (NYSE: UBER) Growth/Venture Jul-18 TPG 5.1 0.4% Income Investment Aug-18 Veritas Capital 30.6 2.6% Bertram Growth Capital II Growth/Venture Funds Sep-10 Bertram Capital 5.1 0.4% Large-cap Buyout Apr-20 Further Global/Stone Point 28.0 2.4% Snagajob Growth/Venture Jun-16 NewSpring Capital 5.0 0.4% NB Specialty Finance Program Income Investment Oct-18 Neuberger Berman 25.2 2.1% BK China Mid-cap Buyout Aug-18 Cartesian Capital Group 5.0 0.4% Excelitas Advisor Group Mid-cap Buyout Nov-17 AEA Investors 24.6 2.1% Destination Restaurants Mid-cap Buyout Nov-19 L. Catterton 4.8 0.4% Mid-cap Buyout Jul-19 Reverence Capital 23.4 2.0% Hivory Large-cap Buyout Dec-18 KKR 22.6 1.9% DBAG Expansion Capital Fund BackOffice Growth/Venture Funds Jan-12 Deutsche Beteiligungs AG 4.8 0.4% Mid-cap Buyout Dec-17 Bridge Growth Partners 4.6 0.4% Milani BCA Marketplace Mid-cap Buyout Nov-19 TDR Capital Mid-cap Buyout Jun-18 Gryphon Investors 4.5 0.4% 22.1 1.9% Holley Mid-cap Buyout Oct-18 Sentinel Capital 21.3 1.8% Saguaro Mid-cap Buyout Jul-13 Pine Brook 4.5 0.4% SafeFleet Mid-cap Buyout May-18 Oak Hill Capital Partners 4.1 0.3% Qpark Large-cap Buyout Oct-17 KKR 18.2 1.5% Staples Large-cap Buyout Sep-17 Sycamore Partners Mills Fleet Farms Large-cap Buyout Feb-16 KKR 3.8 0.3% 18.0 1.5% Catalyst Fund III Special Situations Funds Mar-11 Catalyst Capital Group 3.6 0.3% Renaissance Learning Mid-cap Buyout Jun-18 Francisco Partners 17.3 1.5% Aldevron Large-cap Buyout Sep-19 EQT 3.6 0.3% Omega Mid-cap Buyout Feb-17 AEA Investors 16.2 1.4% Bylight Mid-cap Buyout Jun-17 Sagewind Partners 15.8 1.3% Rino Mastrotto Group Mid-cap Buyout Aug-19 NB Renaissance 3.5 0.3% OB Hospitalist Group - Debt Income Investment Aug-17 Gryphon Investors 3.5 0.3% FV Hospital Mid-cap Buyout Jun-17 Quadria Capital 15.4 1.3% American Dental Partners, Inc. Mid-cap Buyout Feb-12 JLL Partners 3.4 0.3% Accedian Growth/Venture Apr-17 Bridge Growth Partners 15.3 1.3% Boa Vista (BVMF: BOAS3) Mid-cap Buyout Nov-12 TMG Capital 3.0 0.3% Branded Cities Network Mid-cap Buyout Nov-17 Shamrock Capital 14.6 1.2% NG Capital Partners I, L.P. Growth/Venture Funds May-11 NG Capital Partners 3.0 0.3% Lasko Products Special Situations Nov-16 Comvest Partners 14.5 1.2% Stratus Technologies Mid-cap Buyout Apr-14 Siris Capital 3.0 0.3% Engineering Mid-cap Buyout Jun-18 NB Renaissance / Bain Capital 14.4 1.2% Husky Injection Molding Mid-cap Buyout Sep-18 Platinum Equity 2.9 0.2% Leaseplan CH Guenther ZPG Real Page Mid-cap Buyout Apr-16 TDR Capital 14.0 1.2% CrownRock Minerals Mid-cap Buyout Jun-18 Lime Rock Partners 2.8 0.2% Mid-cap Buyout May-18 Pritzker Private Capital 12.7 1.1% Connector Company* Growth/Venture Oct-15 Not Disclosed 2.7 0.2% Large-cap Buyout Jul-18 Silver Lake Partners 12.4 1.0% Fiserv (NYSE: FISV) Large-cap Buyout Sep-07 KKR 2.7 0.2% Large-cap Buyout Apr-21 Thoma Bravo 12.2 1.0% Undisclosed Financial Services Company" Large-cap Buyout May-21 Not Disclosed 2.5 0.2% Final Site Mid-cap Buyout Nov-16 Bridge Growth Partners 12.0 1.0% Inflection Energy Mid-cap Buyout Oct-14 Chambers Energy 2.4 0.2% Italian Mid-Market Buyout Portfolio Mid-cap Buyout Jun-18 NB Renaissance 11.9 1.0% Into University Partnerships Mid-cap Buyout Apr-13 Leeds Equity Partners 1.9 0.2% Innovacare Mid-cap Buyout Oct-19 Summit Partners 11.9 1.0% Kyobo Life Insurance Co. Mid-cap Buyout Dec-07 Corsair Capital Partners 1.9 0.2% Solace Systems Growth/Venture Apr-16 Bridge Growth Partners 11.8 1.0% Progenity (NASDAQ: PROG) Special Situations Jun-13 Neuberger Berman 1.7 0.1% SolarWinds (NYSE: SWI) Large-cap Buyout Feb-16 Thoma Bravo 11.4 1.0% Hydro Mid-cap Buyout Dec-18 NB Renaissance 1.5 0.1% Digital River (Equity) Mid-cap Buyout Feb-15 Siris Capital 11.3 0.9% RiverBed Mid-cap Buyout Feb-15 Thoma Bravo 1.2 0.1% Viant Mid-cap Buyout Jun-18 JLL Partners 10.8 0.9% Other Total Direct Equity Investments $8.8 0.7% Branded Toy Company* Mid-cap Buyout Jul-17 Not Disclosed 10.6 0.9% Other Total Direct Debt Investments $2.0 0.2% Drive Medical Income Investment Oct-19 CD&R 10.0 0.8% Other Total Fund Investments $5.6 0.5% Plaskolite Mid-cap Buyout Dec-18 Pritzker Private Capital 10.0 0.8% Total Private Equity Investments $1,376.5 115.7% Perspecta Large-cap Buyout May-21 Veritas Capital 10.0 0.8% Exact Mid-cap Buyout Aug-19 KKR 9.7 0.8% Edelman Large-cap Buyout Aug-18 Hellman & Friedman 9.7 0.8% Ingersoll Rand (NYSE: IR) Large-cap Buyout Jul-13 KKR 9.3 0.8% MHS Mid-cap Buyout Mar-17 Harvest Partners 8.9 0.7% Compliance Solutions Strategies Mid-cap Buyout Apr-17 CIP Capital 8.8 0.7% Tendam Large-cap Buyout Oct-17 PAI 8.8 0.7% Clearent Growth / Venture Jun-18 FTV Capital 8.7 0.7% Ellucian Large-cap Buyout Sep-15 TPG Capital 8.6 0.7% Verifone Large-cap Buyout Aug-18 Francisco Partners 8.3 0.7% Hub Large-cap Buyout Mar-19 Altas Partners 8.1 0.7% Stubhub Carestream Note: as of 31 May 2021. Large-cap Buyout Feb-20 Neuberger Berman 7.6 0.6% Income Investment Jun-17 CD&R 7.4 0.6% NEUBERGER BERMAN 36#37Appendix Sustainability Potential of Investments - Sustainability Potential of Investments: Companies may have a range of effects on employees, the community, and the environment through their operations and products and services. The Manager believes that companies that exhibit leadership in managing material environmental, social, and governance considerations, are also often more resilient, competitively positioned, and exhibit lower risk profiles. Furthermore, companies that contribute positively to solutions addressing sustainability challenges are by their nature, essential. These business models may benefit from macroeconomic and demographic trends while also contributing meaningfully to addressing global social and environmental challenges, such as outlined by the United Nations Sustainable Development Goals ("UN SDGS"). Sustainable companies, by their nature, seek to manage risks, not only related to adverse social outcomes, but also ones that might harm their license to operate. The Investment Manager defines sustainability potential as: Adverse sustainability potential as companies whose operations or products/services contribute to significant adverse outcomes for people or the environment, such as outlined by the United Nations Global Compact ("UNGC"), United Nations Guiding Principles ("UNGP"), and OECD Guidelines for Multinational Enterprises ("OECD Guidelines"); Positive sustainability potential as companies that have an overall positive benefit to people or the environment, such as outlined by the UNGC, UNGP, OECD Guidelines for Multinational Enterprises; - Significantly positive sustainability potential as companies whose products or services offer solutions to long-term sustainability challenges such as outlined by the UN SDGS. The Investment Manager strives to identify and invest in companies that are deemed to have positive sustainability potential while avoiding exposure to companies that have known ESG-related controversies or business models deemed to have adverse sustainability potential as defined by the Exclusions outlined herein. As of May 2021. NEUBERGER BERMAN 37#38Endnotes#39Endnotes 1. 2. 3. Uplift analysis as of 31 May 2021. Analysis includes IPOs and full direct equity investment exits since 2016. For investments which completed an IPO, the value is based on the closing share price on the IPO date; however NBPE remains subject to customary IPO lockup restrictions. Gross IRR represents direct equity investments realised since 2016 and includes full exits and IPOs only when shares have been fully sold/exited. 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 may lower returns). The diversification analysis by geography and industry is based on the fair value of underlying direct/co-investments and fund investments. Accordingly, the actual diversification of the Company's investment portfolio and the diversification of the Company's investment portfolio on an ongoing basis may vary from the foregoing information. Analysis based on 75 private companies. Excludes Petsmart/Chewy from the analysis as value is predominantly impacted by the public value of Chewy. Data represents 80% of direct equity investment fair value and excludes public companies, equity invested alongside healthcare credits, financial services companies valued on a multiple of book value or other income metrics, E&P companies valued on acreage or reserves and escrow value (ie companies valued on metrics other than EBITDA). Revenue and EBITDA of companies denominated in foreign currency are converted to US Dollars at the daily average US Dollar exchange rate for the 12 months from 31/12/20 through 31/12/19 and prior period. 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. Where necessary, estimates were used, which include pro forma adjusted EBITDA and other EBITDA adjustments, pro forma revenue adjustments, run-rate adjustments for acquisitions, annualised quarterly operating metrics and all data is based on LTM periods as of 31/12/20 and 30/9/20. LTM Revenue and LTM EBITDA growth statistics based on NBPE's ownership of these metrics on an underlying basis and includes the impact of acquisitions. Enterprise value multiples and net debt multiples weighted by fair value; when enterprise value is based on revenue, DCF, forward multiples or other metrics, these multiples have been excluded from the portfolio calculation and weighted fair value. NEUBERGER BERMAN 39#40Disclaimers#41Legal Disclaimer 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. NEUBERGER BERMAN 41#42Legal Disclaimer 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. This 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. NEUBERGER BERMAN 42#43Legal Disclaimer 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 (1) 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. THIS 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. NEUBERGER BERMAN 43