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Neuberger Private Equity Partners Investing in private companies to generate long-term growth As of 31 August 2026, unless otherwise noted
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2 This 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 AUGUST 2026 MONTHLY NAV ESTIMATE, UNLESS OTHERWISE NOTED.
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3 Portfolio Company Performance YTD 30 June 2026 Results Highlights, with August 2026 NAV Update Performance Summary Capital Position $28.00 / $28.13 NAV per share (30 June 2026 / 31 Aug 2026) 1.9% / 4.2% NAV Total return (June/Aug 2026) $150m Announced realisations - 12% of opening portfolio NAV Capital Allocation 115% Investment level at 31 Aug 2026 110%-120% Investment Level Target 11.1% LTM revenue growth 12.1% LTM EBITDA growth $104m + $60m New investment commitments to June & post H1 $144m YTD Accelerated Dividends & Buyback Capital Returns to Shareholders ~11.9% Returned to Shareholders (% of Opening Portfolio NAV) Note: as of 31 August 2026 2.7% Appreciation (ex-FX) in Private Investments $142m Available liquidity 31 Aug 2026 Board Update • David MacLellan appointed NED and Chairman Designate (35+ years PE/fund management experience) • William Maltby to retire as Chairman in December 2026 after ~8 years on the Board
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NBPE Overview
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5 Note: as of 31 August 2026 NBPE – Investing in Private Companies to Generate Long-term Growth Mature, high-quality co-investment portfolio built investment-by-investment, increasingly exit-ready, and constructed around long-term secular growth themes 1 Direct, Multi-Manager Investment Approach 2 Resilient Portfolio Performance 3 Positioned for Future Growth $1.3bn Value of direct investments 95% Private investments 71 Number of direct equity investments 95% Fair value of top 50 investments 5.5 Private company average age (years) 49 Private equity managers co- invested alongside Portfolio Snapshot
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6 NBPE – Investing in Private Companies to Generate Long-term Growth A well diversified and carefully constructed portfolio of direct investments Note: as of 31 August 2026. *undisclosed due to confidentiality provisions. 41 companies, 20% Private Equity Diversification 80% Top 30 Private Equity Investments’ share of portfolio fair value
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7 Tech, Media & Telecom 20% Consumer / E- commerce 16% Industrials 23% Business Services 17% Financial Services 13% Healthcare 8% Other 3% Industry Diversification Geography Europe 24% North America 76% 2016 & Earlier 5% 2017 12% 2018 11% 2019 12% 2020 11% 2021 17% 2022 8% 2023 2% 2024 11% 2025 2% 2026 9% Vintage Year Portfolio Diversification Diversified by geography, vintage year, industry, and sponsor Note: Totals may not sum to 100% due to rounding. Data as of 31 August 2026. 3i 6% Platinum Equity 6% THL 5% Francisco Partners 5% Audax Group 4% Cinven 4% Leonard Green & Partners 4% Thoma Bravo 3% Reverence Capital 3% Ares / Onex 3% Other 57% Sponsor Diversification
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8 As of 31 August 2026. Benefits of NBPE’s Co-investment Approach NBPE’s co-investment approach offers the precision of direct investment with broad diversification across managers, sectors and company sizes, all within an efficient fee and capital structure Diversified Across sectors, underlying private equity managers, and company size Focused on the Best Opportunities High selectivity with control over the investment decision, building the portfolio from the bottom up Dynamic Responsive to market conditions, including the opportunities and risks presented by AI and geopolitical trends Fee Efficient Single layer of fees NBPE's co-investment model gives the Company complete control over investment pacing and capital deployment with no over-commitment constraints typical of traditional fund structures Investments Selectively committing to high-quality new investment opportunities Return of Capital to shareholders Returning capital to shareholders through dividends and buybacks Capital Allocation Framework
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Neuberger Private Markets Overview
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10 Neuberger Private Markets Overview An industry leader with an integrated platform and attractive market position As of June 30, 2026. Aggregate Committed Capital represents total commitments to active vehicles (including commitments in the process of documentation or finalization) managed by Neuberger Private Markets. 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. 2. Includes Marquee Brands, Insurance-Linked Securities, Asset-Based Finance, Outpost Ventures and Tactical Alternative Credit businesses. 3. Subject to Neuberger’s policies and procedures, including certain information barriers within Neuberger that are designed to prevent the misuse by Neuberger and its personnel of material information regarding issuers of securities that has not been publicly disseminated. Statements reflect the views and opinions of Neuberger. Such statements are subject to change and there is no guarantee that such statements will prove to be accurate or that industry experts would agree. Secondaries $28 bn(1) Private Debt $28 bn Capital Solutions $9 bn Other Direct Equity & Credit $13 bn(2) Primaries $48 bn(1) Co-Investments $47 bn(1) $170+ Billion • Solutions Provider to Lead Sponsors • Significant Investment Scale • Skilled, Experienced, Stable & Aligned Team • Established, Efficient Investment Processes • Extensive Diligence Resources & Insights • Preferred Partner, Not a Competitor Integrated Platform Advantages3
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11 Co-underwrite / Non-Syndicated 16% Traditional 69% Mid-Life 15% 3.6 3.8 4.4 7.1 7.3 6.5 8.0 10.8 11.4 12.0 13.1 15.7 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 NBPE Leverages Robust Neuberger Platform Co-Investment Deal Flow Neuberger's differentiated positioning as a capital solutions provider has been a cornerstone of sustained deal flow growth. Since 2015, co-investment opportunities sourced have more than tripled NBPE’s Historical Co-Investment Transaction Types2Average Co-Investment Opportunities Originated Per Week1 Co-underwrite / Non-Syndicated 42% Traditional 14% Mid-Life 44% 86% of NAV in Mid-Life & Co- Underwrite 2026 2015 188 199 299 367 379 340 415 563 596 627 535# of Deals 681 For illustrative purposes only. There can be no assurance that NBPE will achieve, or be able to achieve, comparable results. The allocation of co-investment opportunities is subject to NBAA’s Policies and Procedures, including the PIPCO Investment Allocation Policies and Procedures, which is available on request. The application of NBAA’s Policies and Procedures will, from time to time, limit the allocation of an investment based on factors including (a) a GP’s direction of an investment to Client Account on a first priority basis; and (b) the application of allocation targets and bite sizes, each as set forth in the PIPCO Allocation Policy. In addition, allocations of overage, if any, are at NBAA’s discretion. The Policies and Procedures are subject to change at Neuberger Private Markets sole discretion. 1. Data reflects opportunities originated through 27 August 2026. 2. Data based on percent of NAV as of 30 June 2026.
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NBPE Portfolio: Resilient Performance
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13 Public and Private Valuations in 2026 Overall NAV performance was up by 2.7%, +$32 million (ex FX), in the value of private holdings in 2026 YTD Note: As of 31 August 2026. Numbers may not sum due to rounding. Private Companies $1,124 $34 $32 ($2) $1,188 31 Dec 2025 Value Net Cash Flow Value Change Ex FX FX 31 Aug 2026 Value $900 $950 $1,000 $1,050 $1,100 $1,150 $1,200 $1,250 $1,300 $88 ($8) $6 $2 $89 31 Dec 2025 Value Net Cash Flow Value Change Ex FX FX 31 Aug 2026 Value $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 ($ millions) Summary of Value Changes In 2026 YTD • Private company valuations increased 2.7% (ex FX) in 2026 YTD • Performance further assisted by quoted holdings, which were up $6 million (ex FX) as a result of broader market growth Public Companies ($ millions) 93% of value 7% of value
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14 Top 10 Companies Representing approximately 41% of portfolio NAV Note: As of 31 August 2026. Past performance is no guarantee of future results. Numbers may not sum due to rounding. *Undisclosed company due to confidentiality provisions. COMPANIES INV. DATE SECTOR SPONSOR / GP COMPANY DESCRIPTION 31 AUGUST 2026 NAV 2020 Consumer 3i European discount retailer $78.4m 2021 Industrials Platinum Equity Specialty chemicals and services provider $72.6m 2021 Industrials AEA Investors Distributor of mission-critical standard and custom engineered products $66.1m 2024 Industrials Audax Group Leading distributor of C-class parts (e.g. fasteners, wire connectors) to the aerospace and defense industry $56.1m 2022 Financial Services Cinven Wealth management technology platform serving advisors and retail clients $47.2m 2024 Financial Services Leonard Green & Partners Provider of wealth management and advisory services to individuals and businesses throughout the US $46.3m 2019 Financial Services Reverence Capital Independent Broker Dealer $41.5m Undisclosed Business Services Company* 2017 Business Services Undisclosed Business services company $41.2m 2018 Technology Francisco Partners Cyber security and secure access solutions $39.1m 2026 Business Services Ares / Onex B2B tax services provider $37.5m TOP 10 PRIVATE INVESTMENTS $525.8m
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15 11.1% 12.1% 0% 5% 10% 15% 20% 30-Jun-26 Strong underlying performance broadening out beyond largest holdings Note: As of 30 June 2026. Past performance is no guarantee of future results. 1.) See endnote 5 for further information on analysis. 2.) See endnote 4 for further information on analysis. LTM Operating Metrics Over Time1 (Private Companies, Wtd Avg) LTM Revenue Growth LTM EBITDA Growth Commentary • Strong underlying performance: Top 10 companies, representing 41% of the portfolio, continued to deliver strong double-digit operating performance, growing 15.7% LTM revenue and 15.5% LTM EBITDA on a weighted average basis, driven both by organic growth and M&A. The portfolio as a whole achieved low-double-digit LTM revenue and EBITDA growth, underscoring contributions across a diversified set of investments. • Stabilised Valuation Multiples: EV/EBITDA multiples have stabilised over the last few years around ~15x, following a decline from 17.4x in 2021 • Reasonable Leverage: leverage levels have remained consistent around ~5x; despite higher levels of absolute debt at certain companies, growth of EBITDA over time has kept multiples stable Valuation & Leverage2 (Private Company Portfolio) 15.3x 5.1x 0.0x 5.0x 10.0x 15.0x 20.0x 30-Jun-26 EV / EBITDA Multiple Net Debt / EBITDA Multiple
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16 M&A Activity continues to be a key value creation driver for our PE Managers Note: Past performance is not an indicator, guarantee or projection of future performance. Infra Group FDH Aero Mariner OneMonroe Solenis Company Description Infra Group is a multi- disciplinary integrated infrastructure service provider operating in Belgium, Germany, the Netherlands, and France FDH Aero is a distributor of C-class parts (e.g., fasteners, wire connectors) to the aerospace and defense industry Mariner is a leading, national Registered Investment Advisor (“RIA”) firm offering comprehensive wealth management services to over 33,500 clients nationwide OneMonroe is a distributor of hardware and component engineered products to original equipment manufacturers from 20+ different end markets A leading global provider of specialty chemicals and services to water- intensive industries created through a series of strategic mergers GP Partner PAI Partners Audax Group Leonard Green Partners AEA Investors Platinum Equity Invested Capital (Date) $10 million (Oct-25) $25 million (May-24) $30 million (Nov-24) $21 million (Dec-21) $30 million (Sep-21) Fair Value As of 31 Aug-26 $16.5 million $56.1 million $46.3 million $66.1 million $73.0 million M&A Activity • Strong M&A pipeline, with actionable targets identified and numerous targets under LOI • The Company has demonstrated early success in continuing its M&A plan • Divestiture of division in August 2024 to streamline the business and acquisition of a distributor of aircraft fasteners in September 2025 • Strategic acquisition of Peerless Electronics in September 2026 to strengthen electromechanical capabilities • Mariner has pursued an active acquisition strategy across the RIA landscape, completing numerous deals spanning independent advisory firms, insurance services, and consulting platforms to scale AUM and broaden service capabilities • OneMonroe has acquired numerous businesses since investment • Solenis has executed a series of strategic acquisitions, including the Sigura merger, Clearon, the Diversey transformative acquisition and most recently the acquisition of NCH
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New Investments
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18 Refreshing the portfolio $114 million committed in 2026 YTD 31 August 2026 Note: as of 31 August 2026. Prioritised balance sheet strength Against a challenging backdrop, NBPE reduced the amount of capital deployed into new investments in 2022 – 2025; investment level maintained at the lower level of 100% - 110% of NAV Impact on performance Lack of recycling has weighed on performance However, performance from 2024 / 2025 investments has outpaced many of the more mature assets, demonstrating the importance of refreshing the portfolio Refreshing the portfolio Committed $114mm year to date in six new investments, leveraging the strength of the Neuberger platform Investment level target of 110% - 120% in the short to medium term, as the Company takes advantage of an attractive pipeline of co-investment opportunities and accretive share buybacks Well positioned Current investment level is 115% with $142mm of available liquidity Will continue to balance the pace of investments with realisations and return of capital to shareholders
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19 New Investment Activity ~$114 million committed to six new investments through 31 August 2026 Note: *Undisclosed company due to confidentiality provisions. Numbers may not sum due to rounding, New 2026 Investments: 115% Investment Level 2026 Investments (YTD 31 Aug 2026): Undisclosed Technology Company (AI-Theme Related)* Undisclosed Technology Company (AI-Theme Related)* 6 new investments Since YTD 2026 3 AI themed related Undisclosed Technology Company (AI-Theme Related)* $114mm Committed Capital
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20 New Investments as of 31 August 2026 Note: Past performance is not an indicator, guarantee or projection of future performance. *Undisclosed company due to confidentiality provisions. Conservice Ryan Undisclosed Technology Company* Undisclosed Technology Company* Vinted Undisclosed Technology Company* Company Description Provider of utility management, billing, payment processing and sustainability solutions to property owners and managers throughout the U.S. B2B tax services provider that helps enterprise clients recover tax savings across several tax lines including property tax, transaction (sales & use tax), and severance tax Undisclosed Company (AI Theme Related) Undisclosed Company (AI Theme Related) Vinted operates a mobile- first, consumer-to- consumer (C2C) online marketplace for pre- owned apparel, with an expanding footprint across adjacent categories including electronics, books, home & kitchen, toys, and collectables Undisclosed Company (AI Theme Related) GP Partner TPG Ares / Onex Corp Undisclosed Undisclosed EQT Partners Undisclosed Investment Date February 2026 March 2026 March 2026 March / August 2026 April 2026 May 2026 Invested Capital $9 million $35 million $10 million $25 million $4 million $26 million Investment Thesis • Strong market position as the U.S.’s largest utility management and billing services company for property managers • Recurring revenue model driven by embedded, mission- critical billing and analytics software for multi-family portfolios • Demonstrated ability to execute M&A and generate inorganic growth • Resilient, non-cyclical demand as tax advisory and compliance services remain needed regardless of economic conditions • Significant revenue growth opportunity • Leading brand • First mover advantage • Capitalising on AI growth drivers / trends • Strong financial profile • Leading European second-hand marketplace supported by strong e-commerce tailwinds • Market leadership in Europe with declining competitive intensity • Experienced management team with strong execution track record • Capitalising on AI growth drivers / trends • Strong financial profile
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21 2024 and 2025 Investments The total gross MOIC of the 2024 and 2025 investments is currently 1.6x and FDH is in the process of a full realisation Note: Data as of 31 August 2026. Past performance is no guarantee of future results. 1. Operating data as of 30 June 2026. 2. Excludes Infra Group due to recency of investment. Investment Performance Summary (2024 and 2025 Investments as of 31 August 2026) $ in millions Weighted Average LTM Operating Performance1,2 14.5% 15.7% 0% 5% 10% 15% 20% 25% 30% Revenue Growth EBITDA Growth Weighted Average Valuation & Leverage Multiple1 19.7x 4.5x 0.0x 5.0x 10.0x 15.0x 20.0x Valuation Multiple Leverage Multiple $105 $167 $0 $50 $100 $150 $200 Invested Capital Total Value 1.6x Aggregate Gross MOIC ~28% Average Gross IRR
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22 Transaction Overview Neuberger invested in Ryan to recapitalise the company with a common equity security Ryan: Global Provider of Tax Recovery Services Source: NBAA analysis as of April 2026. The case study discussed does not represent all past investment or performance generally. Case studies are presented to illustrate market trends and/or to provide examples of the types of investments made or expected to be made. It should not be assumed that an investment in the case study was or will be profitable. There can be no assurances that Neuberger will be successful in implementing its investment strategy or be able to make future investments comparable in quality or performance to the investments described herein. Statements reflect the allocation views of Neuberger; other market participants may reasonably have differing views. Investment Date March 2026 Type of Co-investment Mid-life Lead Sponsor Onex, Ares Geography North America Industry Professional Services - Tax NBPE Investment $35mm Company Description • Ryan is a leading B2B tax services provider that helps enterprise clients recover tax savings across business tax lines including property tax, transaction tax (sales & use tax), severance tax, and income tax Why Ryan? Business Plan / Key Events • Transaction signed in January 2026 & closed in Q1’26 Market leading franchise in a large, attractive tax advisory market with benefits of scale Continued strong organic growth driven by tax base growth and market share gains in a recession-resilient industry Opportunity to drive margin expansion using technology / AI Entrepreneurial culture and comp model incentivizes growth, rewards high performers, and will continue to attract top industry talent Strong value proposition that addresses pain points for corporate tax departments, resulting in strong net revenue retention
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23 Transaction Overview A mid-life co-investment in Europe’s leading C2C marketplace for second-hand goods, alongside a seasoned sponsor Vinted: Europe’s leading C2C marketplace for second-hand goods Source: Sponsor diligence materials and memos and NBAA analysis as of May 2026. The case study discussed does not represent all past investment or performance generally. Case studies are presented to illustrate market trends and/or to provide examples of the types of investments expected to be made. It should not be assumed that an investment in the case study was or will be profitable. There can be no assurances that Neuberger will be successful in implementing its investment strategy or be able to make investments comparable in quality or performance to the investments described herein. Statements reflect the allocation views of Neuberger; other market participants may reasonably have differing views. The information supplied about the investment is non-public and confidential and is intended to show investment process and not performance. Investment Date April 2026 Type of Co-investment Mid-life Lead Sponsor EQT Partners Geography Europe Industry Information Technology / Consumer NBPE Investment $11mm committed Company Description • Vinted operates a mobile-first, consumer-to-consumer (C2C) online marketplace for pre- owned apparel, with an expanding footprint across adjacent categories including electronics, books, home & kitchen, toys, and collectables • The platform delivers a fully integrated end-to-end experience through three core pillars: Vinted Marketplace (C2C listing and discovery), Vinted Go (integrated logistics via third- party delivery partners and proprietary locker infrastructure), and Vinted Pay (escrow-based e-wallet enabling secure domestic and cross-border transactions) • Vinted is currently available in 26 countries across Europe and North America Investment Update • The investment is in its early stages, having closed in April 2026 Why Vinted? Business Plan / Key Events • Increase penetration in existing geographies and drive adoption of new categories available on the marketplace (e.g., electronics, books, toys) • Offer own logistics and e-wallet solutions to users in all geographies where the marketplace is available and expand beyond Europe into the US (currently in market testing; not part of underwriting plan) Market leadership position in Europe, and declining competition Differentiated business model benefitting from strong network effects Experienced and strong management team with a track record of delivering growth Fast-growing second-hand marketplace, supported by strong secular tailwinds Key infrastructure investments completed to deepen value chain penetration, exemplifying Vinted’s ROI-driven decision-making
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Realisations
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25 $0 $50 $100 $150 $200 $250 $300 $350 $400 2020 2021 2022 2023 2024 2025 2026 Equity Other Realisations Realisation Activity in 2026 $150 million of announced realisations 2026 YTD1, 12% of opening value Note: Data as of 31 August 2026. Past performance is no guarantee of future results. 1. PF for realisations that have been announced but not yet closed; no assurances can be given the transactions ultimately close. 2. Includes $92 million of realisations to date and an additional $58 million of announced realisations pending close. 2026 Realisations1 ~6% three quarters prior to announced exit (2026 Exit Uplift)1 3.1x Total multiple of invested capital1 $199 $120 $389 $171 $179 $180 Annual Liquidity Proceeds ($ in millions, % of opening portfolio value) 18% 31% 9% 13% 14% 14% % of Opening Value 12% $1502 Undisclosed Healthcare Company One undisclosed Tech, Media & Telecom companies Realisation Type PartialFull CV
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26 $37.4 $7.6 $24.8 $100.9 $63.5 $62.6 $33.4 $19.2 $51.6 $16.7 $33.3 $78.2 $9.8 $77.2 $4.6 $58.0 $0 $20 $40 $60 $80 $100 $120 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 to Date Announced Realisations Liberation Day (Apr-25) & heightened uncertainty / market freeze. Market regains momentum by end of 2025 Downward pressure from increasing interest rates, supply shock and Ukraine War Interest rates ‘higher for longer’. Middle east conflict continues / escalates, but market generally gaining positive momentum, particularly into 2025 NBPE Liquidity By Quarter (2023 – YTD 2026) & Macro Events Realisation activity over the last several years has experienced significant volatility quarter to quarter, largely driven by macro events and uncertainty; though prior years have seen meaningful increases in activity once uncertainty fades and the market stabilises Note: Data as of 31 August 2026. Past performance is no guarantee of future results. Quarterly Portfolio Liquidity ($ in mm) ~$58 Signed but not yet closed Realisations AI concerns / geopolitical instability
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27 $227.3 $549.0 $331.0 $362.5 $220.7 $246.8 $53.7 $17.1 $151.2 $16.5 $116.9 1.9x 2.4x 2.0x 2.9x 2.6x 1.4x 1.9x 1.7x 1.6x 1.6x 1.1x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x $0 $100 $200 $300 $400 $500 $600 $700 $800 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 NBPE’s Co-Investment Portfolio is Well Positioned With a Number of ‘Exit Ready’ Companies NBPE’s long-term co-investment performance 2 7 Realised NAV Unrealised NAV Total MOIC Average Total MOIC from 2016 to 2024: 2.1x Note: As of 31 August 2026. *Undisclosed due to confidentiality provisions. Portfolio Performance by Vintage Year ($ in millions) % of PE Value 8% 19% 11% 12% 8% 8% 2% 1% 5% 1% 4% Undisclosed Business Services Company Largest Remaining Investments: Diversified Technology Companies* Largely Realised / No Investment Has Unrealised NAV >$1M
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Liquidity & Capital Allocation
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29 No significant unfunded commitments outstanding Strong balance sheet $165 $135 $7 $- $50 $100 $150 $200 $250 Credit Facility Drawn Total Liquidity 31 August 2026 Credit Facility Drawn Credit Facility Available Cash / Liquid Strong Capital Position 2 9 Note: Past performance is no guarantee of future results. 1. As of 31 August 2026. By prioritising balance sheet strength, NBPE has a very strong liquidity position, with approximately $142 million1 of available liquidity (~$200m on a pro forma basis with announced realisations) Capital Position ($ in millions) 1 $165 Total assets of $1.1 billion 115% investment level $300 million total facility size of which $135 million is undrawn Interest rate of S+2.875% on drawn amounts Commentary $142
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30 $20 $22 $23 $24 $24 $26 $27 $27 $34 $44 $44 $44 $43 $39 $6 $3 $2 $10 $4 $28 $1 $5 $5 $59 $105 $0 $20 $40 $60 $80 $100 $120 $140 $160 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Dividends Share Buybacks Returning Capital to Shareholders: Dividends & Buybacks NBPE has returned over $144 million to investors YTD, 11.9% of opening value, by way of dividends and share buybacks Note: Data as of 18 September 2026, unless otherwise noted. Past performance is no guarantee of future results. $0.72 $0.94 $0.94 $0.94 $0.94 $0.94 $0.00 $0.25 $0.50 $0.75 $1.00 2021 2022 2023 2024 2025 2026 Dividends & BuybacksRecent Per Share Dividends $ per Share Total Capital Returned History ($ in mm) 3.3% Annualised dividend yield on NAV (31 August 2026) 4.7% Annualised dividend yield on share price (£14.84, 31 August 2026) ~$1.55 NAV accretion per share from buybacks since 2025 $164m+ Shares repurchased under $120m buyback programme (since 2025) $442m+ Of Dividends to Shareholders (since 2013)
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31 Concluding Thoughts We remain confident in the portfolio and its positioning Note: For illustrative purposes only. There is no guarantee that these specific opportunities will be acquired, nor that the opportunities that may eventually be sourced will have similar characteristics to the opportunities described herein. Past performance is no guarantee of future results. 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. 2. Represents Senior Investment Professionals (Senior Advisors and Managing Directors) within Neuberger Private Markets as of 31 May 2026. Differentiated Model Selective: Co-investing with leading PE managers, focusing on attractive opportunities with ability to perform across diverse economic conditions Dynamic: Control of investment pacing and capital position Fee Efficiency: Single layer of fees on the vast majority of co- investments Highly Experienced 212 NBPE equity co-investments completed since 2007 25+ Average Years Experience of Senior Investment Team2 $170bn+ Neuberger Private Markets Platform AUM Resilient Underlying Performance 11.1% LTM revenue growth as of 30 June 2026 12.1% LTM EBITDA growth as of 30 June 2026 Well-positioned Average portfolio age with a number of exit-ready companies 5.5yrs Investment Level as of 31 August 2026 115% ~$142m Available Liquidity as of 31 August 2026 2.7% Appreciation (ex-FX) in Private Investments as of 31 August 2026 1
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Supplementary Market Information
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33 Source: Pitchbook as of 2026 Q2. Note: The data for 2025 Q3-Q4 and 2026 Q1-Q2 is estimated. Includes buyout and growth equity. Includes completed deals only. Includes add-on / follow on acquisitions, which may constitute a majority of the deal count in any given year. Global Private Equity Activity Activity recovered strongly through 2025. While AI-driven software sector pressure and geopolitical uncertainty contributed to slower Q1 2026 activity, 1H 2026 activity, on a run rate basis, is on track for another strong year Deal Activity ($ in bn) Deal Count Global Private Equity Deal Activity and Deal Count $576 $648 $697 $745 $928 $1,134 $1,011 $1,233 $1,326 $1,366 $1,217 $2,337 $1,910 $1,471 $1,764 $2,260 $964 0 6,250 12,500 18,750 25,000 $0 $600 $1,200 $1,800 $2,400 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 H1 Total Capital Invested Deal Count
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34 Realisation Volumes Exit activity had been slowly building since 2023, before slowing in early 2025 and rebounding strongly towards the end of 2025. On a run-rate basis 1H 2026 exit activity is shaping up to be another strong year Source: Pitchbook, as of 2026 Q2. Note: The data for 2025 Q3-Q4 and 2026 Q1-Q2 is estimated. Global Private Equity-Backed Exits $472 $548 $468 $584 $785 $786 $741 $783 $941 $652 $852 $1,689 $791 $731 $879 $1,248 $618 1,850 2,150 2,244 2,424 2,951 3,356 3,121 3,421 3,496 3,258 2,906 4,482 3,774 3,566 3,772 4,052 - 1,250 2,500 3,750 5,000 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1H Total Exit Value (bn) Total Exit Count
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35 Source: Pitchbook LCD, as of 2026 Q2. Purchase price multiples include fees/expenses. Valuation Multiples Over Time EV / EBITDA US valuation multiples have generally remained consistent between 10-11x over the last decade with valuation multiples in Europe generally trading lower than the US 10.3x 10.0x 10.6x 10.6x 11.5x 11.4x 11.4x 11.9x 10.8x 11.0x 11.1x 9.8x9.2x 10.0x 10.3x 10.9x 11.0x 12.3x 11.5x 10.7x 10.1x 10.6x 9.9x 9.2x 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 US Europe
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36 Source: Preqin as of 2025 Q4, which is the latest available; includes Global Buyout, Growth and Turnaround and excludes Fund of Funds, Co-investments, Secondaries, and other. Private Equity AUM (Net Asset Value + Dry Powder) Global Private Equity AUM ($ in bns) $4,821 $1,587 $1,197 $1,295 $1,402 $1,510 $1,620 $1,728 $1,882 $1,944 $2,194 $2,498 $2,755 $3,280 $3,992 $5,050 $5,142 $5,803 $6,136 $6,407 $0 $1,750 $3,500 $5,250 $7,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 NAV Dry Powder
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37 6.0 6.0 5.5 5.4 5.3 5.4 5.3 5.2 5.9 6.5 6.6 6.4 6.1 61% 0% 20% 40% 60% 80% 0 2 4 6 8 10 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q2 Median Hold Period Share of Companies Held 5+ Years Source: Pitchbook, as of 2026 Q2. Data includes global buyout. Hold Periods Median Hold Times (years) Share of Inventory Held 5+ Years Global Exit Hold Times for Private Equity-Backed Companies NBPE Weighted Average Holding Period at 31 August 2026 5.5 Years
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38 Source: Pitchbook. Data through 2026 Q2. 0 – 3 years represents deal years 2024 to 2026 Q2, 3 – 5 years represents deal years 2021 to 2023, 6+ years represents deal years pre-2021. Global Active PE-Backed Companies Number of PE-backed Companies by Time in Portfolio 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1H Global PE Company Inventory 0 - 3 years 3 - 5 years 6+ years 3+ years: 68% of companies 6+ years: 33% of companies
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39 Source: Pitchbook as of 2026 Q1, which is the latest available. Data includes interpolated fund returns. U.S. Buyout Fund Distributions LTM U.S. Buyout Fund Distributions as a Percentage of Beginning NAV NBPE Realisations (as a % of opening value): 2025A: $180 million / 13.9% 2024A: $179 million / 13.7% 15.0% 23.4% 0% 10% 20% 30% 40% 50% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q1 Distributions (% of Beginning NAV) Average
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40 Source: Pitchbook LCD, as of 2026 Q2. Information is BSL-funded deals only due to the availability of data. Leverage Levels by Geography Debt / EBITDA 4.6x 4.9x 5.1x 5.3x 5.7x 5.6x 5.4x 5.7x 5.8x 5.8x 5.7x 5.8x 5.9x 4.7x 4.9x 5.0x 5.4x 4.4x 4.5x 4.6x 4.7x 5.1x 5.0x 5.0x 5.3x 5.7x 5.5x 5.8x 5.7x 5.7x 5.3x 5.0x 5.2x 5.2x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1H US Europe
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Other Supplementary Information
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42 $126 $168 $40 $22 $104 $23 $119 $190 $389 $120 $171 $179 $180 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 2020 2021 2022 2023 2024 2025 YTD 2026 Contributions Distributions A Cautious Investment Approach Reflecting the Uncertain Environment 4 2 Note: As of 31 August 2026. Cash realisations slowed meaningfully after 2021 and the environment became highly uncertain. New investment activity slowed in 2022 and 2023 Commentary • After the 2021 peak in realisations, exits slowed and uncertainty remained elevated, so we deliberately slowed investment pace • Highly uncertain environment in 2022 – 2023 led to preserving cash • Activity began to rebuild in 2024 and early 2025, with positive momentum until ‘Liberation-day’ announcements and subsequent pause of activity in PE market • Market began to regain momentum by the end of 2025, but has again been destabilised by the conflict in the Middle East Annual Investment Cash Flows ($ in millions) ~$58 $150 $92 Announced Realisations
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43 Increasing Investment Level to Target Range 4 3 Note: As of 31 August 2026. Neuberger's cautious investment approach meant NBPE’s investment level declined and cash was built over time to repay the ZDPs and de-lever. In recent months, NBPE has increased its investment level to 115% and now targets 110% - 120% over the short to medium term (announced in June 2026) Commentary Leverage and investment level ($ in millions, % of NAV) • Post-COVID de-leveraging and deliberately cautious investment pace • Cash balances built up in advance to repay 2022 and 2024 ZDPs • For the past few years NBPE operated at the lower end of NBPE’s target investment level • In November 2025, NBPE announced a new target investment level of 105%- 110%, which has now been achieved. • Investment level target of 110% - 120% over the short to medium term announced in June 2026 • Maintaining balance sheet strength remains a core focus; investment pacing will continue to be balanced with the overall level of realisations after taking into consideration other capital needs, such as dividends and share buybacks ($17.0) ($37.5) ($33.0) $15.0 $7.0 $75.6 ($17.2) $1.6 ($157.7)$(134.9) $(146.1) $(157.0) $(162.0) $(72.8) $(80.4) 117% 121% 119% 106% 106% 101% 102% 100% 115% 0% 20% 40% 60% 80% 100% 120% 140% ($250) ($200) ($150) ($100) ($50) $0 $50 $100 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Net Credit Facility Drawn / Net Cash ZDPs Investment Level (%) New RCF put in place Dec 2019 ZDPs repaid in 2022 and 2024
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44 NBPE’s Largest Positions by Sector The largest three positions within NBPE’s largest sectors account for ~59% of fair value Note: As of 31 August 2026, unless otherwise noted. Total PE fair value and percentages may not sum due to rounding. Largest Sector Positions Company Descriptions Total PE Fair Value ($ / %) Technology, Media & Telecom Cyber security and secure access $39.1mm / 3.1% E-commerce shipping software provider $34.9mm / 2.7% Italy-based provider of systems integration, consulting and outsourcing services $26.8mm / 2.1% Technology, Media & Telecom Subtotal $100.8mm / 7.9% Consumer / E-commerce European discount retailer $78.4mm / 6.1% Portfolio of consumer branded IP assets, licensed to third parties $35.5mm / 2.8% Provider of premium branded automotive detailing products, tools and accessories $20.7mm / 1.6% Consumer / E-commerce Subtotal $134.6mm / 10.5% Industrials / Industrial Technology Specialty chemicals and service provider $72.6mm / 5.7% Manufacturer providing a wide range of hardware and component products to OEMs $66.1mm / 5.2% Leading distributor of C-class parts to the aerospace and defence industry $56.1mm / 4.4% Industrials / Industrial Technology Subtotal $194.8mm / 15.3%
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45 NBPE’s Largest Positions by Sector The largest three positions within NBPE’s largest sectors account for ~59% of fair value Note: As of 31 August 2026, unless otherwise noted. Total PE fair value and percentages may not sum due to rounding. Largest Sector Positions Company Descriptions Total PE Fair Value ($ / %) Financial Services Wealth management technology platform serving advisers and retail clients Provider of wealth management and advisory services to individuals and businesses Independent broker dealer Financial Services Subtotal Business Services Business services company Global tax, software, and technology firm Provider of vehicle remarketing services Business Services Subtotal Healthcare Develops and administers self-funded employee health benefit programs Medical equipment and services Outsourced medical device manufacturer Healthcare Subtotal Business Services Company* $47.1mm / 3.7% $46.3mm / 3.6% $41.5mm / 3.2% $134.9mm / 10.5% $41.2mm / 3.2% $37.5mm / 2.9% $36.5mm / 2.8% $115.2mm / 8.9% $31.6mm / 2.5% $25.3mm / 2.0% $23.6mm / 1.8% $80.5mm / 6.3%
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46 4% 5% 12% 17% 167% 13% 21% 75% 74% 257% 0% 50% 100% 150% 200% 250% 300% USD Return MSCI World Index 3.7% 3.2% 10.3%NBPE Annualised 2026 YTD One Year Three Year Five Year Ten Year 2026 YTD One Year Three Year Five Year Ten Year • NAV of $28.13 / £20.75 at 31 August 2026; LTM NAV TR: +4.7% • Private company valuations increased 2.7% (ex FX) in 2026 YTD • Performance further assisted by quoted holdings, as a result of broader market growth • $150 million of announced realisations 2 11% 11% 15% 185% 12% 21% 60% 70% 1… 0% 25% 50% 75% 100% 125% 150% 175% 200% GBP Return FTSE All Share Index NBPE Performance Highlights Note: Based on NBPE NAV data as of 31 August 2026. Past performance is no guarantee of future results. 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. Three-year, five-year and ten-year annualised returns are presented below the bars for USD NAV and GBP Share Price Total Returns. 1. See endnotes two and three for important information regarding benchmarking. 2. PF for realisations that have been announced but not yet closed; no assurances can be given the transactions ultimately close % Total Return NAV Total Return (USD)1 as of 31 August 2026 % Total Return Share Price Total Return (GBP)1 as of 31 August 2026 Ten Year Cumulative NAV TR 166.6% Ten Year Cumulative Share Price TR 185.3% 2026 Performance (9%) 135% NBPE Annualised 3.5% 2.8% 11.1%
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47 YTD 2026 NAV Bridge Change in NAV from 31 December 2025 to 31 August 2026 Note: Numbers may not sum due to rounding. NAV Bridge is based off 31 August 2026 NAV. $1,209.4 $32.5 $6.0 ($0.6) ($115.3) ($6.3) ($16.1) $1,109.6 $1,100 $1,120 $1,140 $1,160 $1,180 $1,200 $1,220 $1,240 $1,260 December 2025 Private Value Changes Ex-FX (Unrealised / Realised) Public Valuation Changes Ex-FX (Unrealised / Realised) FX Changes (Investments) Dividends Paid to Shareholders & Buybacks Net Operating Expenses Incl. Management Fee Financing Costs August 2026 Change in Net Asset Value $ in millions
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48 NBPE Public Investments 9 total public positions with ~$88 million of fair value as of 31 August 2026 Note: as of 31 August 2026. US Dollars in millions; pie chart shows public investments of approximately $5 million in value or larger. Please see schedule of investments for a full list of investments. Past performance is no guarantee of future results. Numbers may not sum due to rounding. Public Portfolio Stats 9 Public positions of previously private companies 80% Of public stock value held through top three positions 3.0x / 4.6x Realised / Total multiple of invested capital generated by top three investments $36 $25 $9 $18 All Other Public Investments Public Stock Investments ($ in millions)
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49 $ in millions 31 August 2026 (Unaudited) 31 December 2025 (Audited) Total Private Equity Investments $1,276.6 $1,212.1 Investment level 115% 100% Cash / Liquid Investments $7.3 $91.6 Credit Facility Drawn ($165.0) ($90.0) Other ($9.4) ($4.2) Net Asset Value $1,109.6 $1,209.4 Dividends Accrued/Paid in Period ($) $39.5 $43.1 NAV per Share ($) $28.13 $27.94 NAV per Share (£) £20.75 £20.77 Balance Sheet Detail 1. Note: As of 31 August 2026, GBP / USD FX rate of $1.356.
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50 Vehicle Level Fees (Management Fee) Vehicle Level Fees (Carry) Underlying Level Fees (Management Fee / Carry) % Directs Blended Fee Rate Listed Fund of Funds 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% carry 0-~30% Vehicle fees + 1.5% - 2.0% fee and 20% carry on underlying committed Direct Funds 1.5% management fee on PE NAV or greater 15% – 20% carry - 80-100% (ex cash) 1.5%+ management fee / 15 - 20% carry NBPE 1.5% on Private Equity Value 7.5% of gains providing 7.5% hurdle is met - 99% PE fair value 1.50% management fee / 7.5% carry at vehicle level NBPE’s fee structure is highly attractive Fee Summary Note: As of 31 August 2026. Approximately 94% of the direct investment portfolio (measured on 31 August 2026 fair value) is on a no management fee, no carry basis to underlying third-party GPs.
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51 Schedule of Investments Note: As of 31 August 2026. *Undisclosed company due to confidentiality provisions. Company / Investment Name Asse t Cla ss Investment Date Lead Sponsor Fair Value % of NBPE NAV Action Large-cap Buyout Jan-20 3i 78.4 6.1% Solenis Mid-cap Buyout Sep-21 Platinum Equity 72.6 5.7% OneMonroe Mid-cap Buyout Dec-21 AEA Investors 66.1 5.2% FDH Aero Mid-cap Buyout May-24 Audax Group 56.1 4.4% True Potential Mid-cap Buyout Jan-22 Cinven 47.2 3.7% Mariner Large-cap Buyout Nov-24 Leonard Green & Partners 46.3 3.6% Osaic Mid-cap Buyout Jul-19 Reverence Capital 41.5 3.2% Business Services Company* Large-cap Buyout Oct-17 Not Disclosed 41.2 3.2% BeyondTrust Mid-cap Buyout Jun-18 Francisco Partners 39.1 3.1% Ryan Large-cap Buyout Mar-26 Ares / Onex 37.5 2.9% Constellation Automotive Mid-cap Buyout Nov-19 TDR Capital 36.5 2.9% AutoStore (OB.AUTO) Mid-cap Buyout Jul-19 THL 36.2 2.8% Marquee Brands Special Situations Dec-14 Neuberger 35.5 2.8% Auctane Large-cap Buyout Oct-21 Thoma Bravo 34.9 2.7% Benecon Mid-cap Buyout Jan-24 TA Associates 31.6 2.5% Staples Large-cap Buyout Sep-17 Sycamore Partners 31.0 2.4% Excelitas Mid-cap Buyout Oct-22 AEA Investors 28.4 2.2% Engineering Mid-cap Buyout Jul-20 Renaissance Partners / Bain Capital 26.8 2.1% Technology Company #1 Growth / Venture Mar-26 Multiple GPs 26.4 2.1% AI Company #1 Growth / Venture May-26 Not Disclosed 25.5 2.0% Agiliti Large-cap Buyout Jan-19 THL 25.3 2.0% GFL (NYSE: GFL) Large-cap Buyout Jul-18 BC Partners 25.1 2.0% Branded Cities Network Mid-cap Buyout Nov-17 Shamrock Capital 24.6 1.9% Viant Mid-cap Buyout Jun-18 JLL Partners 23.6 1.8% Kroll Large-cap Buyout Mar-20 Further Global / Stone Point 21.5 1.7% Chemical Guys Large-cap Buyout Sep-21 AEA Investors 20.7 1.6% CH Guenther Mid-cap Buyout Dec-21 Pritzker Private Capital 19.7 1.5% Addison Group Mid-cap Buyout Dec-21 Trilantic Capital Partners 18.1 1.4% Qpark Large-cap Buyout Oct-17 KKR 17.3 1.4% Infra Group Mid-cap Buyout Sep-25 PAI Partners 16.5 1.3% NB Alternatives Credit Opportunities Program Income Investment Sep-16 Neuberger 14.7 1.1% Zeus Large-cap Buyout Feb-24 EQT 13.3 1.0% Bylight Mid-cap Buyout Aug-17 Sagewind Partners 12.9 1.0% Milani Mid-cap Buyout Jun-18 Gryphon Investors 11.7 0.9% AI Company #2 Growth / Venture Mar-26 Not Disclosed 10.7 0.8% Wind River Environmental Mid-cap Buyout Apr-17 Gryphon Investors 10.6 0.8% Peraton Large-cap Buyout May-21 Veritas Capital 10.0 0.8% Renaissance Learning Mid-cap Buyout Jun-18 Francisco Partners 9.7 0.8% Hub Large-cap Buyout Mar-19 Altas Partners 9.3 0.7% Real Page Large-cap Buyout Apr-21 Thoma Bravo 9.0 0.7%
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52 Schedule of Investments Note: As of 31 August 2026. *Undisclosed company due to confidentiality provisions. Company / Investment Name Asse t Cla ss Investment Date Lead Sponsor Fair Value % of NBPE NAV Conservice Large-cap Buyout Feb-26 TPG Capital 8.8 0.7% Petsmart / Chewy (NYSE: CHWY) Large-cap Buyout Jun-15 BC Partners 8.8 0.7% CrownRock Minerals Mid-cap Buyout Aug-18 Lime Rock Partners 8.3 0.6% Verifone Large-cap Buyout Aug-18 Francisco Partners 8.2 0.6% Tendam Large-cap Buyout Oct-17 PAI 6.4 0.5% ProAmpac Mid-cap Buyout Dec-20 Pritzker Private Capital 6.4 0.5% Healthcare Services Company Large-cap Buyout Feb-18 Not Disclosed 5.0 0.4% Vinted Growth / Venture Apr-26 EQT Partners 4.8 0.4% Bending Spoons (NASDAQ: BSP) Growth / Venture Jun-23 Renaissance Partners 4.7 0.4% ZPG Large-cap Buyout Jul-18 Silver Lake Partners 4.3 0.3% OnPoint Mid-cap Buyout Mar-17 Harvest Partners 4.3 0.3% Vitru (NASDAQ: VTRU) Mid-cap Buyout Jun-18 Vinci Partners 3.8 0.3% Catalyst Fund III Special Situations Funds Mar-11 Catalyst Capital Group 3.6 0.3% Destination Restaurants Mid-cap Buyout Nov-19 L. Catterton 3.6 0.3% Undisclosed Financial Services Company* Growth / Venture May-21 Not Disclosed 3.5 0.3% Stubhub Large-cap Buyout Feb-20 Neuberger 3.3 0.3% Neopharmed Mid-cap Buyout Jan-24 Renaissance Partners 3.3 0.3% Rino Mastrotto Group Mid-cap Buyout Apr-20 Renaissance Partners 3.1 0.2% Plaskolite Mid-cap Buyout Dec-18 Pritzker Private Capital 3.0 0.2% Inetum Mid-cap Buyout Jul-22 Renaissance Partners 2.6 0.2% U-Power Mid-cap Buyout Jun-23 Renaissance Partners 2.6 0.2% Genetic Mid-cap Buyout Jan-26 Renaissance Partners 2.5 0.2% Italian Mid-Market Buyout Portfolio Mid-cap Buyout Jun-18 Renaissance Partners 2.3 0.2% Holley (NYSE: HLLY) Mid-cap Buyout Oct-18 Sentinel Capital 2.2 0.2% Arbo Mid-cap Buyout Jun-22 Renaissance Partners 2.2 0.2% Brightv iew (NYSE: BV) Large-cap Buyout Dec-13 KKR 1.8 0.1% Husky Injection Molding (NYSE: GPGI) Mid-cap Buyout Sep-18 Platinum Equity 1.8 0.1% Into University Partnerships Mid-cap Buyout Apr-13 Leeds Equity Partners 1.4 0.1% Nextlevel Mid-cap Buyout Aug-18 Blue Point Capital 1.1 0.1% Taylor Precision Products Mid-cap Buyout Jul-12 Centre Partners 0.9 0.1% Lodestar Mid-cap Buyout Jan-26 Renaissance Partners 0.6 0.0% Syniverse Technologies Large-cap Buyout Feb-11 Carlyle Group 0.4 0.0% DBAG Expansion Capital Fund Growth / Venture Funds Jan-12 Deutsche Beteiligungs AG 0.4 0.0% Fortna Mid-cap Buyout Apr-17 THL 0.1 0.0% Other Direct Equity Investments (6.5) -0.5% Other Fund Investments 0.1 0.0% Total Portfolio 1,277
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Endnotes
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54 Methodology Past performance is no guarantee of future results. Note: Data as of 7 September 2026 based on Neuberger Private Markets analysis. Nothing herein constitutes investment advice or recommendation. It should not be assumed that any investment objectives or client needs will be achieved. Investing entails risks, including possible loss of principal. Due to the illiquid nature of many fund investments, any approximation of their value will be based on good-faith determination as to the fair value of those investments. There can be no assurance that these values will equal or approximate the price at which such investments may be sold or otherwise liquidated or disposed of. See Additional Disclosures at the end of this presentation, which are an important part of this presentation. • As part of its ongoing portfolio monitoring process, Neuberger Private Markets analyzed the changes in valuation in Q2 2026 across a broad sample of private equity funds – Investments with a GP reported capital account = (Q1 2026 NAV – Q1 2026 contributions + Q1 2026 distributions – Q4 2025 NAV) divided by (Q4 2025 NAV) • Changes in value are primarily based on reported capital account balances, supplemented by valuation guidance reported in GP presentations or provided during investor conference calls and one-on-one conversations • For the sake of comparison, all changes in value are presented based on the percentage change in the U.S. Dollar (“USD”) value of each investment (unless otherwise noted), which has an additional positive or negative impact on non- USD denominated investments given the volatility in certain FX rates • The change in value for each quarter was adjusted for contributions and distributions that occurred during the quarter. For example, the Q2 2026 change in value was defined as either: – Investments with a GP reported capital account = (Q2 2026 NAV – Q2 2026 contributions + Q2 2026 distributions – Q1 2026 NAV) divided by (Q1 2026 NAV) – All other investments = Percentage change in unrealized portfolio value from Q1 2026 to Q2 2026, as estimated by the GP and adjusted for cash flows during the quarter • The sample of private equity funds that was analyzed for this presentation includes 479 buyout and venture capital funds managed by more than 200 different firms, representing 100% of the total relevant sample set of 479 funds (389 buyout funds and 90 venture capital funds) • The buyout sample includes small-/mid-/large-cap buyout, value buyout (special situations) and growth buyout / growth equity strategies and excludes other strategies such as venture capital, infrastructure, energy, real estate, private debt, distressed debt, and opportunistic credit • There was a wide variance in reported valuation changes depending on underlying portfolio composition and performance, as well as the valuation methodology utilized by each respective GP • The performance shown is net of underlying GP management fees, carried interest and other expenses; however, it is gross of Neuberger management fees, carried interest and other expenses
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55 Awards Disclosures European Pensions Awards 2020, 2024 – Private Equity Manager of the Year: European Pensions, a leading publication for pension funds across Europe, launched these awards to give recognition to and honor the investment firms, consultancies and pension providers across Europe that have set the professional standards in order to best service European pension funds over the past year. Judging is undertaken by a group of judges with expertise across the European pension fund space. 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 the European Pensions’ editorial team. The award does not constitute an investment recommendation. Neuberger Private Markets did not pay a fee to participate. Awards and ratings referenced do not reflect the experiences of any Neuberger 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 product or service. Private Equity Wire 2021 – Best Fund of Funds Manager: Private Equity Wire, a specialist industry publication in Europe launched these awards to showcase excellence among industry participants. The publication partnered with Bloomberg to create a clearly defined methodology for selecting the award winners. Shortlists were created by Bloomberg from a fund manager universe including all funds managed by European-domiciled GPs with a minimum fund size of $100 million. Asset band grouping thresholds were based on individual fund sizes – not overall GP assets under management in a category. Funds were grouped according to category and vintages from 2013 to 2018 and ranked on the basis of their net IRR. GPs with more than one fund ranked among the top performers across multiple vintages within any category were shortlisted. Winners from each category were then decided by majority vote from the publication’s readers. The award does not constitute an investment recommendation. Neuberger Private Markets did not pay a fee to participate. Awards and ratings referenced do not reflect the experiences of any Neuberger 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 product or service. The Wealth & Asset Management Awards 2020, 2021, 2023, 2024 – Private Equity Manager of the Year: Asset Management Awards are designed to recognize outstanding achievement in the UK/European institutional and retail asset management spaces. The Asset Management Awards’ judging is undertaken by a group of judges with expertise across the UK/European 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. The award does not constitute an investment recommendation. Neuberger Private Markets did not pay a fee to participate. Awards and ratings referenced do not reflect the experiences of any Neuberger 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 product or service. Insurance Investment Outsourcing Exchange – 2022 Insurance Asset Manager Rankings: Neuberger paid a fee to have access to the Insurance Asset Outsourcing Exchange database, but not to be included in The Insurance Investment Outsourcing Report or leaderboards. General Account (GA) assets fund the liabilities underwritten by the insurer and are available to pay claims and benefits to which insureds or policyholders are entitled. General account assets exclude assets held in separate accounts for variable annuity and unit-linked investments as well as pension fund assets. The award does not constitute an investment recommendation. Neuberger Private Markets did not pay a fee to participate. Awards and ratings referenced do not reflect the experiences of any Neuberger 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 product or service. Insurance Asset Risk Americas Awards – 2023 Private Equity Manager of the Year: Private Equity manager of the Year Award formally recognizes the very best in insurance asset management in the North America market. Submissions are evaluated by a panel of Senior industry experts from across the Americas, each chosen for their knowledge, objectivity and credibility. The judges review submitted entry material and then score the entries in a secret ballot both by giving a mark out of 100 and a rank - 1st, 2nd, 3rd, no placement. Votes are counted and verified by the Insurance Asset Risk editorial team. NB Private Equity did not pay a fee to participate. The award does not constitute an investment recommendation. Awards and ratings referenced do not reflect the experiences of any Neuberger 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 product or service. Chief Investment Officer’s 2022 Industry Innovation Awards: The Chief Investment Officer (CIO) Industry Innovation Awards is split into two general categories: asset management/servicing and asset owners. With input from CIO’s awards advisory board, as well as applicable surveys and data, the CIO editorial team is the final arbiter of finalists and eventual winners. Neuberger did not pay a fee to participate, and awards, ratings or rankings referenced, do not reflect the experience of any Neuberger client and should not be viewed as representative of any particular client’s experience. It should not be assumed that any investor will have a similar investment experience. Awards, ratings or rankings is not indicative of the past or future performance of any Neuberger product or service. Chief Investment Officer’s mission is to provide context and insight on the investment and operational issues affecting the world’s largest institutional investors via news, opinions and research, and to establish a community for dialogue between and among these asset owners through various forums, events and awards programs. Each year, CIO asks its digital audience, newsletter subscribers, previous award winners and other industry professionals to help us identify asset managers/service providers that have truly and reliably enhanced the portfolios of their clients. Nominations are collected online. After a simple review of the nomination form, nominees are notified and invited to submit an application for the award in the nominated category. Judging is completed by members of the CIO editorial team and select corporate and public CIOs. All judges sign NDAs and are not allowed to judge their own company submissions, if applicable.
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56 1. As of 31 August 2026. Analysis includes 15 IPOs/stock receipts, 48 full direct equity investment exits, and 23 partial equity investments over the trailing five years. For portfolio companies which completed an IPO or where a portfolio company received stock consideration as part of a sale, the value is based on the closing share price on the closing date of the IPO/sale; however, NBPE remains subject to customary lockup restrictions. 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 will lower returns). Past performance is not a guarantee of future returns. Multiple calculation includes full exits only. Excludes partial exits, recapitalisations and IPOs until the stock is fully exited. Year represents the year of final exit. Exit year for public companies determined by the date of the final cash flow. Proceeds include funds that are currently in escrow, but are expected to be received. 2. The MSCI World Index captures large and mid-cap representation across 23 Developed Markets (DM) countries. With 1,280 constituents as of 31 August 2026, the index covers approximately 85% of the free float -adjusted market capitalisation in each country (MSCI World Factsheet, 31 August 2026, the latest available). The benchmark performance is presented for illustrative purposes only to show general trends in the market for the relevant periods shown. The investment objectives and strategies in the benchmark may be different than the investment objectives and strategies of NBPE and may have different risk and reward profiles. A variety of factors may cause this comparison to be an inaccurate benchmark for any particular fund and the benchmarks do not necessarily represent the actual investment strategy of a fund. It should not be assumed that any c orrelations to the benchmark based on historical returns would persist in the future. Indexes are unmanaged and are not available for direct investment. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results. 3. The FTSE All-Share Index represents the performance of all eligible companies listed on the London Stock Exchange's (LSE) main m arket, which pass screening for size and liquidity. The index captures 98% of the UK's market capitalisation (FTSE All Share Factsheet, 31 August 2026, the latest data available). The benchmark performance is presented for illustrative purposes only to show general trends in the market for the relevant periods shown. The investment objectives and strategies in the benchmark may be different than the investment objectives and strategies of NBPE and may have different risk and reward profiles. A variety of factors may cause this comparison to be an inaccurate benchmark for any particular fund and the benchmarks do not necessarily represent the actual investment strategy of a fund. It should not be assumed that any c orrelations to the benchmark based on historical returns would persist in the future. Indexes are unmanaged and are not available for direct investment. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results. 4. Valuation & Leverage: Past performance is no guarantee of future results. Fair value as of 30 June 2026 and subject to the follo wing adjustments. 1) Excludes public companies, Marquee Brands and other investments not valued on a multiple of EBITDA. 2) Based on 53 private companies which are valued based on EV/EBITDA metrics. 3) The private companies inclu ded in the data represent 84% of direct equity investment fair value. 4) Companies not valued on multiples of EBITDA are excluded from valuation statistics. 5) Leverage statistics based on 52 private companies and excludes one company with net cash position; leverage data represent 84% of direct equity investment fair value. Portfolio company operating metrics are based on the most recently available (unaudited) financial information for each company and are as reported by the lead private equity sponsor to the Manager as of 18 September 2026, based on reporting periods as of 30 June 2026 and 31 March 2026. EV and leverage data is weighted by fair value. LTM EBITDA used by under lying GPs for valuation purposes may differ from EBITDA used to calculate growth rates due to pro forma or other adjustments and therefore the two data sets are not directly comparable. 5. Revenue & EBITDA Growth: Past performance is no guarantee of future results. The private companies included in the data represent approximately 80% of the total direct equity portfolio. Fair value as of 30 June 2026 and the data is subject to the following adjustments: 1) Excludes public companies, Marquee Brands and other investments not valued on multiples of EBITDA. 2) Analysis based on 49 private companies. 3) The following exclusions to the data were made: a) seven companies (8% of direct equity fair value) held less than one year were excluded from the growth rates b) one company (less than 1% of direct equity fair value) was excluded due to insufficient information to calculate a growth rate. 4) One company’s growth rates were excluded in the 31 December 2025 aggregate portfolio metrics, but included in the 30 June 2026 portfolio metrics and reflect the remaining portion of the business after the sale of a division. Portfolio company operating metrics are based on the most recently available (unaudited) financial information for each company as reported by the lead private equity sponsor to the Manager as of 18 September 2026. Where necessary, estimates were used, which include pro forma adjusted EBITDA and other EBITDA adjustments, pro forma revenue adjus tments, run-rate adjustments for acquisitions, and annualised quarterly operating metrics. LTM periods as of 30/6/2026 and 31/3/2026 and 30/6/2025 and 31/3/2025. LTM revenue and LTM EBITDA growth rates are weighted by fair value. U nderlying EBITDA reported by the GPs may include pro forma or other adjustments to LTM EBITDA in one or both periods and this reported EBITDA used to calculate growth rates may not be the same EBITDA for valuation purposes by underlying GPs. As a result, growth and valuation multiple data are not directly comparable. Endnotes
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Disclaimers
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58 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 OAK HOUSE, HIRZEL STREET, ST. PETER PORT, GUERNSEY, GY1 2NP. Legal Disclaimer
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59 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. The 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. Legal Disclaimer
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60 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 (I) 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. THE 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. Legal Disclaimer