Investor Presentaiton

Performance 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

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