NB Private Equity Partners (NBPE) Tariff Update Presentation summary

Tariff impact assessment

• Approximately 14% of portfolio fair value could be directly affected by tariffs, with only about 1% meaningfully impacted.

• Most services businesses are not directly impacted by tariffs, and many companies may pass through higher costs to customers.

• The analysis focuses on direct tariff effects, not secondary impacts from broader economic slowdowns.

• Portfolio emphasizes companies with lower cyclicality and long-term growth drivers, supporting resilience.

• Top 30 positions have strong capital positions and no near-term debt maturities; 91% have cov lite debt or low leverage.

Capital structure and balance sheet

• Top 30 portfolio companies: 84% have cov lite debt, 7% have low leverage, and only 9% are not cov lite.

• 68% of top 30 investments have enterprise values above $3.0 billion, with a weighted average EV/EBITDA of 15.7x and net debt/EBITDA of 5.0x.

• Minimal debt maturities are expected in 2025 and 2026, reducing refinancing risk.

• Total assets stand at $1.3 billion, with nearly $300 million in available liquidity, including pending realisations and credit facility.

• No significant unfunded commitments are outstanding, and the credit facility offers a $300 million size with a ten-year borrowing period.

Portfolio composition and investment schedule

• Portfolio includes a diverse range of large-cap and mid-cap buyouts, special situations, and growth/venture investments.

• Largest positions include Osaic (6% of NAV), Saguaro, Solenis, Edelman, and BeyondTrust.

• Co-investments represent about 95% of total private equity portfolio fair value.

• Top investments are diversified across sectors and sponsors, with significant exposure to companies with strong capital structures.

• Total private equity investments as of 28 February 2025 are $1,298.2 million, with a NAV per share of $27.16.