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NBPE Announces Audited 2024 Results and 31 March 2025 Est. NAV

1. NBPE reported a NAV per share of $27.53 as of December 2024. 2. Private portfolio value increased 6.9% in 2024, driving operating performance. 3. NBPE generated $179 million in proceeds, managing good liquidity for opportunities. 4. Reported strong revenue and EBITDA growth of 8% and 13.1% respectively in 2024. 5. GFL, part of NBPE, held a 3% portfolio value share, indicating market influence.

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FAQ

Why Neutral?

GFL’s performance is linked to broader NBPE results, which showed slight growth but were offset by foreign exchange losses. Historically, GFL’s stock has fluctuated with broader private equity trends, making it vulnerable to market sentiment.

How important is it?

Overall insights into NBPE provide indirect forecasting for GFL’s future. Since GFL is part of NBPE's portfolio, its performance metrics and financial health have a relevant influence on GFL's valuation.

Why Long Term?

Influences from private equity performance on GFL may manifest over time as private valuations stabilize and economic conditions intercede without immediate reactions. Long-term trends in private equity can take time to fully impact public stock prices.

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USITendamOsaicKyobo Life Insurance
THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS St Peter Port, Guernsey   28 April 2025 NB Private Equity Partners (NBPE), the $1.3bn FTSE 250 listed private equity investment company managed by Neuberger Berman, today releases its 2024 Annual Financial Report and 31 March 2025 Monthly NAV Update. Audited Annual Results Highlights (31 December 2024) NAV per share of $27.53 (£21.98)1.5% NAV TR in the 12 months to 31 December 2024, driven by an increase in private valuations, offset by quoted holdings and FXPrivate portfolio value increased 6.9% in 2024 on a constant currency basisStrong portfolio company operating performance: LTM revenue and EBITDA growth of 8.0% and 13.1%, respectively, during 20241$179 million of proceeds from realisations received during 2024Well positioned to take advantage of investment opportunities - $283 million of cash and undrawn credit line available$0.94 per share of dividends paid during 2024 As of 31 December 202420243 years5 years10 yearsNAV TR (USD)*Annualised1.5%(4.0%)(1.3%)68.8%11.0%166.2%10.3%MSCI World TR (USD)*Annualised19.2%22.0%6.9%73.9%11.7%171.9%10.5%     Share price TR (GBP)*Annualised(1.1%)(2.3%)(0.8%)62.1%10.1%231.2%12.7%FTSE All-Share TR (GBP)*Annualised9.5%18.5%5.8%26.5%4.8%81.9%6.2% *Reflects cumulative returns over the time periods shown and are not annualised. Peter Von Lehe, Managing Director and Head of Investment Solutions & Strategy at Neuberger Berman commented: “NBPE ended 2024 with net assets of $1.3 billion, reflecting a NAV per share of $27.53 and a total NAV return of 1.5% for the year. This performance was driven by the strong operating performance of our private investment portfolio, which grew in value by 6.9% on a constant currency basis. However, these gains were partially offset by the impact of foreign exchange fluctuations and public holdings. Despite a more challenging environment for private equity exits, NBPE delivered solid realisations in 2024, generating $179 million in proceeds – equivalent to 14% of the portfolio's opening fair value. NBPE ended the year in a strong financial position with $283 million of available liquidity and an investment level of 102%, which is at the lower end of the long-term target investment level range of 100-110%.” Paul Daggett, Managing Director of Neuberger Berman, continued: “Overall, the underlying portfolio of private companies continued to perform well, reporting a weighted average LTM revenue and EBITDA growth1 of 8.0% and 13.1%, respectively. It is encouraging to see that the four new investments made in 2024 are off to a good start, being valued at a 1.1x gross multiple of capital and generating a 22% IRR on a combined basis as of 31 December 2024. Despite recent market volatility and uncertainty, we remain confident that NBPE is well-positioned to perform across a range of economic scenarios. The portfolio remains well-diversified across our two key themes, and we believe it is well-positioned to continue to deliver growth over the long term.” The Company’s 2024 Annual Report and a video from Neuberger Berman to accompany the results are available to view at: https://www.nbprivateequitypartners.com/ Portfolio Update to 31 March 2025 NAV TR increase of 0.4% YTD 2025 31 March 2025 NAV per share of $27.17 (£21.05)YTD NAV driven by positive FX adjustments, offset by declines in quoted holdings31 March 2025 monthly NAV estimate does not include any Q1 2025 private company valuations Realisations from the portfolio in 2025 $47 million of proceeds received in the first three months of 2025 Realisations to date driven by full exits of USI and Kyobo Life Insurance, partial realisations of Tendam, Qpark, Clearent, and Osaic, as well as full and partial realisations of certain quoted holdings and income investments A further ~$20 million of proceeds is expected in the coming months from pending transactions Robust liquidity – well positioned to take advantage of opportunities $283 million of available liquidity ($73 million cash/liquid investments and $210 million of credit line) 2025 Share Buybacks Through 25 April 2025, NBPE has repurchased approximately 624k shares for $12.3 million at a weighted average discount of 29%, resulting in a NAV accretion of approximately $0.10 per share Portfolio ValuationThe fair value of NBPE’s portfolio as of 31 March 2025 was based on the following information: 6% of the portfolio was valued as of 31 March 2025 6% in public securities 94% of the portfolio was valued as of 31 December 2024 93% in private direct investments1% in private fund investments For further information, please contact: NBPE Investor Relations        +44 20 3214 9002Luke Mason        NBPrivateMarketsIR@nb.com   Kaso Legg Communications        +44 (0)20 3882 6644Charles Gorman        nbpe@kl-communications.comLuke DampierCharlotte Francis Supplementary Information (as at 31 March 2025) Company NameVintageLead SponsorSectorFair Value ($m)% of FVAction20203iConsumer76.86.1%Osaic2019Reverence CapitalFinancial Services63.55.0%Solenis2021Platinum EquityIndustrials60.54.8%BeyondTrust2018Francisco PartnersTechnology / IT50.14.0%Monroe Engineering2021AEA InvestorsIndustrials42.63.4%Business Services Company*2017Not DisclosedBusiness Services40.13.2%Branded Cities Network2017Shamrock CapitalCommunications / Media38.93.1%GFL (NYSE: GFL)2018BC PartnersBusiness Services38.53.0%Mariner2024Leonard Green & PartnersFinancial Services33.72.7%True Potential2022CinvenFinancial Services33.52.6%FDH Aero2024Audax GroupIndustrials32.92.6%Marquee Brands2014Neuberger BermanConsumer31.82.5%Staples2017Sycamore PartnersBusiness Services29.72.3%Auctane2021Thoma BravoTechnology / IT28.72.3%Fortna2017THLIndustrials28.72.3%Viant2018JLL PartnersHealthcare27.12.1%Stubhub2020Neuberger BermanConsumer26.42.1%Benecon2024TA AssociatesHealthcare25.52.0%Agiliti2019THLHealthcare25.32.0%Engineering2020NB Renaissance / Bain CapitalTechnology / IT25.02.0%Solace Systems2016Bridge Growth PartnersTechnology / IT24.51.9%Addison Group2021Trilantic Capital PartnersBusiness Services23.81.9%Kroll2020Further Global / Stone PointFinancial Services23.71.9%Exact2019KKRTechnology / IT22.21.8%CH Guenther2021Pritzker Private CapitalConsumer22.01.7%Excelitas2022AEA InvestorsIndustrials21.91.7%Bylight2017Sagewind PartnersTechnology / IT19.91.6%Real Page2021Thoma BravoTechnology / IT18.51.5%AutoStore (OB.AUTO)2019THLIndustrials18.21.4%Constellation Automotive2019TDR CapitalBusiness Services18.21.4%Total Top 30 Investments    $972.3 76.9% *Undisclosed company due to confidentiality provisions. Geography% of PortfolioNorth America77%Europe22%Asia / Rest of World1%Total Portfolio100%  Industry% of PortfolioTech, Media & Telecom23%Consumer / E-commerce21%Industrials / Industrial Technology18%Financial Services13%Business Services12%Healthcare8%Other4%Energy1%Total Portfolio100%  Vintage Year% of Portfolio2016 & Earlier10%201716%201814%201914%202013%202118%20225%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. This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security. NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE's investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains "forward-looking statements." Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements. March 2025 NBPE Factsheet vF NBPE_AR_vF NBPE Investor Presentation - April vF

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