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Investor Presentaiton

NB 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
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