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April Monthly Net Asset Value Estimate

1. NBPE's NAV per share reached $27.29, a 0.4% increase. 2. GFL recorded $6 million in proceeds from full and partial realizations. 3. NBPE repurchased ~680k shares at a discount, increasing their NAV. 4. Portfolio valuations reveal a mix of positive and negative adjustments. 5. GFL accounts for 2.4% of NBPE's portfolio fair value.

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FAQ

Why Bullish?

The overall portfolio valuation remains strong, and GFL's contribution is notable. The recent liquidity position suggests further investment potential.

How important is it?

The frequent buybacks and positive NAV adjustments indicate a concerted effort to enhance shareholder value, which bodes well for GFL’s market perception.

Why Long Term?

Given NBPE's strategic focus on capital appreciation, GFL could see sustained benefits from future liquidity and buyback strategies.

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NBPE Announces April Monthly NAV Estimate St Peter Port, Guernsey 28 May 2025 NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 April 2025 monthly NAV estimate. NAV Highlights (30 April 2025) NAV per share was $27.29 (£20.43), a total return of 0.4% in the monthApproximately 62% of fair value based on private company valuation information as of Q1 2025 or based on 30 April 2025 quoted pricesBased on information received so far, private company valuations increased fair value by 0.4% during Q1 2025 on a constant currency basisNBPE expects to receive additional updated Q1 2025 financial information which will be incorporated in future monthly NAV updates$307 million of available liquidity at 30 April 2025~151k shares repurchased during April 2025 at a weighted average discount of 33% which were accretive to NAV by ~$0.02 per share. Year to date, NBPE has repurchased ~680k shares at a weighted average discount of 29% which were accretive to NAV by ~$0.10 per share As of 30 April 2025Year to DateOne Year3 years5 years10 yearsNAV TR (USD)*Annualised0.8%3.4%4.1%1.4%87.7%13.4%160.7%10.1%MSCI World TR (USD)*Annualised(0.8%)12.6%39.0%11.6%96.6%14.5%157.2%9.9%      Share price TR (GBP)*Annualised(8.0%)(8.9%)3.6%1.2%99.0%14.7%189.5%11.2%FTSE All-Share TR (GBP)*Annualised4.3%7.5%22.6%7.0%67.9%10.9%75.9%5.8% * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns. Portfolio Update to 30 April 2025 NAV performance during the month driven by: 1.1% NAV increase ($13 million) attributable to changes in foreign exchange0.9% NAV decrease ($10 million) attributable to changes in prices of quoted holdings (which now constitute 5% of portfolio fair value)0.3% NAV increase ($4 million) from the value of private holdings0.2% NAV decrease ($3 million) attributable to expense accruals $53 million of realisations in 2025 year to date $6 million of proceeds received during the month of April, consisting primarily of full and partial realisations of GFL, Corona Industrials and Inflection Energy $307 million of total liquidity at 30 April 2025 $97 million of cash and liquid investments with $210 million of undrawn credit line available 2025 Share Buybacks ~151k shares repurchased in April 2025 at a weighted average discount of 33%; buybacks were accretive to NAV by ~$0.02 per shareYear to date, NBPE has repurchased ~680k shares at a weighted average discount of 29% which were accretive to NAV by ~$0.10 per share Portfolio Valuation The fair value of NBPE’s portfolio as of 30 April 2025 was based on the following information: 5% of the portfolio was valued as of 30 April 2025 5% in public securities 57% of the portfolio was valued as of 31 March 2025 57% in private direct investments 38% of the portfolio was valued as of 31 December 2024 38% in private direct investments For further information, please contact: NBPE Investor Relations        +44 (0) 20 3214 9002Luke Mason        NBPrivateMarketsIR@nb.com   Kaso Legg Communications        +44 (0)20 3882 6644 Charles Gorman        nbpe@kl-communications.comLuke DampierCharlotte Francis Supplementary Information (as at 30 April 2025) Company NameVintageLead SponsorSectorFair Value ($m)% of FVAction20203iConsumer83.96.6%Osaic2019Reverence CapitalFinancial Services66.95.3%Solenis2021Platinum EquityIndustrials59.84.7%BeyondTrust2018Francisco PartnersTechnology / IT47.73.8%Monroe Engineering2021AEA InvestorsIndustrials44.73.5%Business Services Company*2017Not DisclosedBusiness Services40.13.2%Branded Cities Network2017Shamrock CapitalCommunications / Media38.93.1%True Potential2022CinvenFinancial Services35.22.8%Mariner2024Leonard Green & PartnersFinancial Services33.72.7%FDH Aero2024Audax GroupIndustrials32.92.6%Marquee Brands2014Neuberger BermanConsumer31.42.5%GFL (NYSE: GFL)2018BC PartnersBusiness Services30.62.4%Staples2017Sycamore PartnersBusiness Services29.62.3%Auctane2021Thoma BravoTechnology / IT29.12.3%Fortna2017THLIndustrials28.72.3%Viant2018JLL PartnersHealthcare27.32.2%Stubhub2020Neuberger BermanConsumer26.42.1%Engineering2020NB Renaissance / Bain CapitalTechnology / IT26.32.1%Benecon2024TA AssociatesHealthcare25.52.0%Agiliti2019THLHealthcare25.32.0%Kroll2020Further Global / Stone PointFinancial Services25.02.0%Solace Systems2016Bridge Growth PartnersTechnology / IT24.61.9%Excelitas2022AEA InvestorsIndustrials24.11.9%Addison Group2021Trilantic Capital PartnersBusiness Services23.81.9%Exact2019KKRTechnology / IT23.31.8%CH Guenther2021Pritzker Private CapitalConsumer21.21.7%Bylight2017Sagewind PartnersTechnology / IT19.91.6%Constellation Automotive2019TDR CapitalBusiness Services19.01.5%Real Page2021Thoma BravoTechnology / IT18.81.5%Tendam2017PAIConsumer18.31.4%Total Top 30 Investments                         $982.1 77.6% *Undisclosed company due to confidentiality provisions. Geography% of PortfolioNorth America77%Europe22%Asia / Rest of World1%Total Portfolio100%  Industry% of PortfolioTech, Media & Telecom23%Consumer / E-commerce22%Industrials / Industrial Technology17%Financial Services14%Business Services12%Healthcare9%Other4%Energy1%Total Portfolio100%  Vintage Year% of Portfolio2016 & Earlier9%201716%201815%201913%202013%202118%20226%20232%20248%Total Portfolio100% About NB Private Equity Partners LimitedNBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend. LEI number: 213800UJH93NH8IOFQ77 About Neuberger BermanNeuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $515 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman's investment philosophy is founded on active management, fundamental research and engaged ownership. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2025. 1 Based on net asset value. April 2025 NBPE Factsheet vF

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