NB PRIVATE EQUITY PARTNERS

1 Navigating Markets. Discovering PRESENTATIONJANUARY 2017 FINANCIAL INFORMATION AS OF 31 DECEMBER 2016 UNLESS OTHERWISE NOTEDNB PRIVATE EQUITY PARTNERSNB PRIVATE EQUITY PARTNERS ( NBPE )OBJECTIVETo provide investors the opportunity for capital appreciation (through share price growth) and current income (through a regular dividend).. the sourcing and due diligence capabilities of Neuberger Berman s $45 billion1private EQUITY investing directly into PRIVATE EQUITY -backed companies, across the capital structure in the best relative value inception through December 2016. Represents commitments managed and commitments still in the process of lower all-in costs to investors than other listed PE vehicles2 NBPE MANAGER: NEUBERGER BERMANWe invest directly into companies alongside PRIVATE EQUITY funds in their core areas of expertisePRIVATE EQUITY PLATFORMOver $45 billion of commitments managed(1)FUND INVESTMENTSDIRECT INVESTMENTSP rimarySecondaryCo-InvestmentsPrivate DebtOther Yielding StrategiesNBPE Focus Industry Leadership: 30 years as a PRIVATE EQUITY investor.

2 Committed approximately $3 billion annually(2)to PRIVATE EQUITY over the past three years Active Fund Relationships: 400+ with over 270 funds reviewed each year Experienced Investors: Expertise across fund investments, direct investments and yielding investments Deep Team: Over 115 dedicated PRIVATE EQUITY investment professionals with extensive networks Global Presence: Investment offices in New York, Dallas, Boston, London, Milan, Hong Kong and inception through December 2016. Includes commitments still in the process of of September INVESTMENT ATTRIBUTES Diversified portfolio of direct PRIVATE EQUITY and debt investments with a single layer of fees Reasonable portfolio valuations and good underlying growth Strong historic investment performance and portfolio liquidity Conservative capital structure1234 NBPE has a number of compelling attributes4_____Note: as of 31 December 2016.

3 This is intended as a broad overview of the Investment Managers style, philosophy and process and is subject to change without notice. EQUITY INVESTMENTSINCOME INVESTMENTSFUND INVESTMENTS21%60%NBPE PORTFOLIO OVERVIEWC losed end investment company offering diversified PRIVATE markets exposurePORTFOLIO(% of Fair Value) EQUITY : Investments in small, mid and large-cap PRIVATE companies alongside high quality financial sponsors Income: Provides yield and attractive risk return in securities senior to EQUITY investments in market leading companies backed by high quality financial sponsors19% Funds: Mature legacy portfolio in realisation stage, producing steady positive cashflow578% of NAV invested in direct investments and NAV per Share of $ : 31 December 2016 information above and throughout this presentation is based on the monthly estimate.

4 Audited year-end financials will be available in March 2017. NBPE SUMMARY BALANCE SHEETNBPE BALANCE SHEET SUMMARY($ in millions, except per share values)31 December 2016 (Unaudited)31 December 2015 (Audited)Direct InvestmentsInc om e Investm ents$ $ otal Direc t Investm Fund otal PRIVATE EQUITY Fair EQUITY Investment Level99%116%Cash and Cash Facility Borrowings- ( )ZDP Share Liability - 2017( )( )ZDP Share Liability - 2022 including FX Hedge( )- Net Other Assets (Liabilities), inc luding M inority Interest( )( )Net Asset Value$ $ Asset Value per Share$ $ Asset Value Plus Dividends Paid During Financial Period$ 6 North America87%Europe8%Asia / ROW5%Well diversified portfolio weighted to North American investments_____Note: as of 31 December 2016.

5 Numbers may not sum due to CLASSB usiness Services9%Comm. / Media4%Consumer Discretionary14%Energy9%Financial Services13%Healthcare15%Industrials12%Te chnology19% / Other3%2008 & Earlier8%20093%20105%20115%20127%201311% 201421%201523%201617%Direct EQUITY Investments60%Funds21%Income Investments19%DIVERSIFICATION BY FAIR VALUEGEOGRAPHYVINTAGE YEAR INDUSTRY7$16$11$36$72$31$73$53$16$22$20$ 14$54$6$66$6$85$24$16$24$21$20$26$12$19$ 25$33$28$15$7$5$48$11$0$20$40$60$80$100$ 120 ContDistContDistContDistContDistContDist ContDistContDistContDistFUNDSINCOME EQUITY_____Note: as of 31 December 2016. Numbers may not sum due to INVESTMENT ACTIVITY & LIQUIDITYNBPE s portfolio continued to generate strong liquidity in 2016$ in millions$37$63$112$44$48$62$82$109$52$67 $50$42Q1 15Q2 15Q3 15Q4 15Q1 16Q2 16Q3 16$14$83Q4 16$55$1048 PERFORMANCE OVERVIEW2016 annual, three year, and five year investment performance summary_____As of 31 December 2016.

6 Numbers may not sum due to Type31 Dec 2016 Fair Value($M)IRR: 2016 AnnualIRR: Three YearIRR: Five YearDirect EQUITY Portfolio Gross Takeaways: Direct EQUITY investments have performed well across time periods Income investments are performing well and have provided strong yields Funds are now tail ends and winding down over time9 DIRECT EQUITY INVESTMENTSDIRECT EQUITY INVESTMENT STRATEGYINVEST IN NEW DEALSCO-INVEST MID-LIFE INTO EXISTING PRIVATE EQUITY PORTFOLIO COMPANIESB uild and maintain a portfolio of direct PRIVATE EQUITY investments alongside leading PRIVATE EQUITY firms Working alongside lead GPs Provides primary EQUITY for growth / M&A Provides liquidityto investors Provides primary EQUITY to recapitalise balance sheetsADD-ON ACQUISITIONS/GROWTH CAPITALPARTIAL REALISATIONSRECAPITALISATIONSNEW BUYOUTS High quality businesses Reasonable investment valuations Co-investing alongside Managers in their core areas of

7 Expertise Bias towards investments with shorter expected time to liquidity EV / EBITDA VALUATION RUSSELL NET DEBT / EBITDA14% LTM REVENUE GROWTH17% LTM EBITDA GROWTH1 NBPE EQUITY INVESTMENT PORTFOLIONBPE has a well diversified direct EQUITY portfolio, giving access to growing companies alongside high quality PRIVATE EQUITY sponsorsNBPE DIRECT EQUITY INVESTMENTS77 DIRECT EQUITY INVESTMENTS WITH $ OF FAIR VALUEDIVERSIFIED ACROSSVINTAGE YEARS, GEOGRAPHIES AND INDUSTRIESV aluationsLeverageGrowth11 EXITS GROSS MULTIPLE AND13% GROSS IRR2016 Exits3_____Note: As of 31 December 2016, unless otherwise EQUITY fair value in valuation calculation is as of 30 June 2016. Represents 43 of 77 direct EQUITY investments. Portfolio company operating and valuation metrics are based on the most recently available (at the time of analysis) financial information (unaudited) for each company.

8 Where necessary, estimates were used, which include pro forma adjusted EBITDA and Revenue, annualised quarterly operating metrics and LTM periods as of 31/3/16 and 31/12/15. Three companies were excluded from the revenue and EBITDA growth data set. Excludes public companies and companies which were not valued on EV/EBITDA metrics and instead were valued based on multiples of revenue, book value, financing round, discounted cash flow or other metrics. : are presented on a gross basis ( they do not reflect the management fees, carried interest, transaction costs and other expenses that may be paid by investors, which may be significant and may lower returns). Pro forma for the exit of Deltek, which was sold in December but proceeds were received in January 2017. Includes escrow balance related to Sabre EQUITY INVESTMENTSTen largest EQUITY investmentsInvestmentVintageIndustryFair Value ($M)% of NAV1 (Nasdaq:XOG)2014 Energy$ (NYSE:PTHN) (Nasdaq:BKFS)2013 Financial Financial Services : TOP 10 INVESTMENTS$ : as of 31 December 2016.

9 Numbers may not sum due to companies listed are subject to typical lockup provisions post IPO and are currently held through GP controlled co-investment typeMid-life BuyoutInvestment dateJuly 2014 SponsorYorktown PartnersSourceProfessional NetworkIndustryOil and Gas Yorktown PARTNERS was founded in 1983 to invest exclusively in the energy sector with a focus on exploration and production, transportation, infrastructure, marketing, oil and gas, pipelines, and midstream and manufacturing businesses in North America. The New York city-based Firm prefers to make investments between $10-70 million in its portfolio companies with enterprise values between $10-400 millionCASE STUDY: EXTRACTION (NASDAQ: XOG)_____Note: as of 31 December THESIS Invest in the Company mid-life to help finance the acquisitions of additional DJ Basin assets as well as provide ongoing development capital for both existing and acquired assets Acquisitions allowed Extraction to increase reserves, production and drilling inventory in existing geography to build a scale acreage positionCOMPANY OVERVIEW Extraction Oil and Gas, founded in December 2012, is a Denver-based domestic energy company focusing on the exploration and production of oil and gas reserves in the Rocky Mountains.

10 The company focuses on the DJ Basin / Wattenberg Fields in Colorado Extraction s growth strategy includes high-quality acreage acquisitions and forming strategic joint ventures with select operators in the Greater Wattenberg FieldSPONSOR OVERVIEWINVESTMENT UPDATE On October 12th, 2016, Extraction Oil and Gas completed an IPO. The Denver-based company priced its offering of million shares at $19 each, above the expected price range of $15-18 This IPO made Extraction the first oil and gas producer to launch a IPO in 2016 As of 31 December 2016, NBPE valued Extraction at $ million, based on the closing share price of $ per shareKEY Valuation(1): EQUITY BUYOUT MULTIPLESNBPE s portfolio was held at EV / EBITDA1. public markets were valued at and new PRIVATE market transactions occurred at an average of , as of 31 December 2016 PUBLIC AND PRIVATE MARKET VS.