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Private 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

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