NB Private Equity Partners Ltd. — Earnings Release 2016

May 13, 2016

NB Private Equity Partners Limited : NB Private Equity Partners Ltd Announce Q1 2016 Quarterly Report and April 2016 Monthly NAV

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

13 May 2016

NB Private Equity Partners Limited ("NBPE" or the "Company"), a closed-end private equity investment company, today releases its Quarterly Report for the period ended 31 March 2016 as well as its Net Asset Value ("NAV") for the period ended 30 April 2016. NBPE also announces that an investor conference call will be held on Tuesday 17 May 2016 in order to discuss the Company's recent financial performance and Company developments.

Key Highlights

• 31 March 2016 NAV per Share of \$14.00, down from \$14.35 per Share at 31 December 2015.
• o \$0.25 per Share dividend paid on 29 February 2016
• o NAV per Share total return of 0.0%
• o NAV per Share change was driven by realised investment gains and portfolio yield income offset by dividends, unrealised investment depreciation and expenses
• NBPE's NAV decrease of \$17.3 million during the first quarter of 2016 included:
• o \$12.2 million of dividends paid, or \$0.25 per Share
• o \$24.0 million of realised gains, or \$0.49 per Share, net of tax expense
• o \$31.5 million of unrealised losses, or (\$0.65) per Share, net of tax expense
• o \$8.3 million of yield income and dividends, or \$0.17 per Share
• o \$2.2 million of financing costs, or (\$0.05) per share
• o \$3.7 million of management fees, operating expenses and other expenses, or (\$0.08) per Share
• 30 April 2016 NAV per Share was \$14.07. During April, NBPE's NAV increased by \$3.8 million, principally driven by yield income, gains on public securities and write-ups attributable to the receipt of additional valuation information
• NAV development during 2016 to date has been as follows:

	31 March 2016 LTM	30 April 2016 YTD	30 April 2016 Month
Total return NAV development per Share[1]	2.2%	0.5%	0.6%
NAV development per Share	(2.4%)	(1.9%)	0.6%

Portfolio Commentary

• Strong cash flow: \$62.3 million of distributions received during the first quarter of 2016. An additional \$15.0 million of distributions were received during the month of April 2016, bringing 2016 YTD distributions to \$77.3 million.
• New investments: Five new equity investments and four new income investments completed in the first quarter of 2016 totalling \$43.6 million. Two new equity investments and one new income investment funded in April 2016.
• Direct investment focus: 79% of fair value invested in direct equity and income investments at 30 April 2016.

Portfolio Valuation

The value of NBPE's private equity portfolio as at 31 March 2016 was based on the following information[2]:

• 95% of the private equity fair value was valued as of 31 March 2016
• o 87% in private direct investments and fund investments
• o 6% in public securities
• o 2% in credit-related fund investments
• 5% of the private equity fair value was valued as of 31 December 2015

The value of NBPE's private equity portfolio as of 30 April 2016 was based on the following information[3]:

• 45% of the private equity fair value was valued as of 30 April 2016
• o 38% in private direct investments
• o 5% in public securities
• o 2% in credit-related fund investments
• 50% of the private equity fair value was valued as of 31 March 2016
• o 38% in private direct investments
• o 12% in fund investments
• 5% of the private equity fair value was valued as of 31 December 2015 o 5% in fund investments

Outlook

NBPE continues to benefit from the full resources of the Manager's integrated private equity platform for superior deal flow, due diligence and execution capabilities. The Manager believes that while many segments of the market remain competitive, there are a number of near-term opportunities that may be attractive investments for the portfolio and that the current investment pipeline remains strong.

Investor Call

NB Private Equity Partners Limited ("NBPE" or the "Company") today announced that an investor conference call will be held on Tuesday 17 May 2016 in order to discuss the Company's recent financial performance and Company developments.

The conference call will take place at 14.00 BST / 15.00 CEST / 9.00 EDT and can be accessed by dialling +1-866-919-8155 (U.S.) or +1-706-634-9866 (International) with the access code 12162219. Please ask for "the NBPE investor call."

A playback facility will be available two hours after the conference call concludes. This facility can be accessed for the following two weeks by dialling +1-855-859-2056 (U.S.) or +1-404-537-3406 (International). The code to access the playback facility is 12162219. A recording of the investor call will also be available on NBPE's website within several days after the call.

An updated investor presentation will be available prior to the call on NBPE's website at http://www.nbprivateequitypartners.com/.

For further information, please contact:

NBPE Investor Relations +1 214 647 9593

Neustria Partners	+44 20 3021 2580
Nick Henderson	Nick.Henderson@neustriapartners.com
Robert Bailhache	Robert.Bailhache@neustriapartners.com
Charles Gorman	Charles.Gorman@neustriapartners.com

ABOUT NB PRIVATE EQUITY PARTNERS LIMITED

NBPE is a closed-end private equity investment company with class A ordinary shares admitted to trading on Euronext Amsterdam and the Specialist Fund Market of the London Stock Exchange. NBPE has ZDP shares admitted to trading on the Specialist Fund Market of the London Stock Exchange and the Daily Official List of The Channel Islands Securities Exchange Authority Limited. NBPE holds a diversified portfolio of direct income investments, equity investments and fund investments selected by the NB Alternatives group of Neuberger Berman, diversified across private equity asset class, geography, industry, vintage year, and sponsor.

ABOUT NEUBERGER BERMAN

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 19 countries, Neuberger Berman's team is more than 2,100 professionals and the company was named by Pensions & Investments as a Best Place to Work in Money Management for three consecutive years. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages \$243 billion in client assets as of March 31, 2016. For more information, please visit our website at www.nb.com.

This statement is made pursuant to article 5:25e of the Dutch Financial Supervision Act (Wet op het financieel toezicht) which requirement stems from the EU Transparency Directive. Pursuant to article 5:25e and article 5:25m of the Dutch Financial Supervision Act this Interim Management Statement has been made generally available by means of a press release and by publication on NBPE's website (www.nbprivateequitypartners.com) and has been filed with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten).

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 and the States of Guernsey Policy Council. NBPE is registered with the Dutch Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het financial toezicht). All investments are subject to risk. Past performance is no guarantee of future returns. 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.

^[1] Assumes reinvestment of dividends on the ex-dividend date at the closing share price and reflects cumulative returns over time period shown.

^[2] Please refer to the valuation methodology section of the Quarterly Report for a description of the Manager's valuation policy. While some valuation data is as of 31 December 2015, the Manager's analysis and historical experience lead the Manager to believe that this approximates fair value at 31 March 2016.

^[3] Please refer to the valuation methodology section of the Quarterly Report for a description of the Manager's valuation policy. While some valuation data is as of 31 December 2015 and 31 March 2016, the Manager's analysis and historical experience lead the Manager to believe that this approximates fair value at 30 April 2016.

FUND OBJECTIVE

NB Private Equity Partners Limited ("NBPE" or the "Company") is a closed-end investment company registered under the laws of Guernsey managed by NB Alternatives Advisers LLC (the "Investment Manager"), an indirect wholly owned subsidiary of Neuberger Berman Group LLC.

Our investment objective is to produce attractive returns on capital by investing directly into Private Equity backed companies with a focus on capital efficient strategies while managing risk through portfolio diversification. NBPE pursues diversification across capital structure, asset class, vintage year, geography, industry and sponsor.

• FUND MANAGER: NB ALTERNATIVES
• 29 years private equity investing experience
• Over \$35 billion of commitments managed
• Stable team with ~100 investment professionals with global presence
• Investments with over 200 private equity firms

MANAGER COMMENTARY

During April, NBPE completed one new income investment and participated in two new equity co-investments. NBPE funded \$6.5 million to the second lien debt of Carestream, a medical and dental imaging and IT company, and \$10.7 million in aggregate to equity investments in Leaseplan, a fleet management company, and Solace Systems, an enterprise messaging solutions company.

In terms of distributions, NBPE received \$6.6 million in proceeds from the full exit of RAC and partial exit proceeds from the sale of shares of NXP Semiconductor. NBPE also received \$6.2 million of principal and interest proceeds from income investments. Fund investments distributed \$2.2 million to NBPE during April, driven primarily by mid-cap buyout funds and NB Crossroads Fund XVII.

PORTFOLIO ACTIVITY ⁵ BALANCE SHEET DEVELOPMENT

Funds Direct Equity Investments Income Investments NET ASSET VALUE DEVELOPMENT

(\$ in millions, except per share data)

	30 A pril 2016	31 M arch 2016 Quarterly
Summary o f N A V o f Ordinary Shares	(Unaudited)	(Unaudited)
Direct Investments
Direct Equity Investments	\$348.2	\$340.7
Income Investments	\$296.0	\$289.5
Total Direct Investments	\$644.2	\$630.2
Fund Investments	\$169.3	\$170.5
T o tal P rivate Equity Investments	\$ 813.5	\$ 800.7
Cash and Cash Equivalents	\$28.1	\$34.0
Credit Facility Outstanding	(\$67.5)	(\$62.5)
ZDP Share Liability, incl. Forward Currency Contract	(\$81.9)	(\$81.2)
Net Other Assets (Liabilities), incl. M inority Interest	(\$5.5)	(\$8.1)
Net Asset Value	\$ 686.8	\$ 683.0
N et A sset Value per Share *	\$ 14.07	\$ 14.00
N et A sset Value per Share Including 2016 D ividend	\$ 14.32	\$ 14.25
C lo sing Share P rice (Euro next A msterdam)	\$ 10.40	\$ 10.50
P remium (D isco unt)	(26.1%)	(25.0%)
Summary o f P rivate Equity Expo sure
Estimated Fair Value of Private Equity Investments	\$813.5	\$800.7
Adjusted Unfunded Private Equity Commitments**	\$53.9	\$60.9
A djusted T o tal P rivate Equity Expo sure	\$ 867.4	\$ 861.6
Private Equity Investment Level	118%	117%
Cash + Undrawn Committed Credit Facility	\$160.6	\$171.5
Adjusted Commitment Cover Ratio**	298%	282%
(In £)
Summary o f the Z D P Shares
Z D P N et A sset Value per Share ***	157.23p	156.32p
C lo sing Z D P Share P rice (LSE)	162.00p	161.50p
P remium (Discount)	3.0%	3.3%

ORDINARY SHARE INFORMATION

Trading Symbol:	NBPE
Exchanges:	Euronext & LSE
Euronext Admission Date:	25 July 2007
LSE Admission Date:	30 June 2009
Base Currency:	USD
Bloomberg Ticker:	NBPE NA, NBPE LN
Reuters Ticker:	NBPE.AS, NBPE.L
ISIN:	GG00B1ZBD492
Common:	030991001
Semi-annual Dividends:3	\$0.25 per share
	Annualized Dividend Yield:3 4.8% on share price, 3.6% on NAV

ZDP SHARE INFORMATION

Trading Symbol:	NBPZ
Exchanges:	LSE & CISE
Admission Date:	1 December 2009
Base Currency:	GBP
Bloomberg Ticker:	NBPEGBP LN
Reuters:	NBPEO.L
ISIN:	GG00B4ZXGJ22
SEDOL:	B4ZXGJ2
GRY at Issuance:	7.3%
Share Life:	7.5 years to 31 May 2017
Capital Entitlement:	169.73 pence

*As of 30 April and 31 March 2016, there were 48,790,564 class A ordinary shares and 10,000 class B ordinary shares outstanding, with 3,150,408 class A ordinary shares held in treasury. ** Unfunded commitments are adjusted for amounts the Manager believes are unlikely to be called. As of 30 April (31 March 2016 ), unadjusted unfunded commitments are \$239.3 million (\$246.8 million), total private equity exposure is \$1.1 billion (\$1.0 billion) and the unadjusted commitment coverage ratio is 67.1% (69.5%). *** As of 30 April and 31 March 2016, there were 32,999,999 ZDP shares outstanding.

Note: Numbers may not sum due to rounding.

ASSET CLASS AND INVESTMENT TYPE BY FAIR VALUE

YEAR OF INVESTMENT BY FAIR VALUE

GEOGRAPHY BY FAIR VALUE

INDUSTRY BY FAIR VALUE

\$169.3 \$348.2 \$296.0 \$0 \$100 \$200 \$300 \$400 \$500 \$600 \$700 \$800 \$900 Funds Direct Equity Investments Income Investments Top 3 Income Investments by NBPE NAV • Heartland Dental 2nd Lien: \$21.1 million • Converge One 2nd Lien: \$20.0 million • K&N Engineering: \$18.2 million Top 3 Direct Equity Investments by NBPE NAV • Oil & Gas Company: \$16.3 million • Patheon: \$15.5 million • The Warranty Group: \$14.3 million Top 3 Fund Investments by NBPE NAV • Catalyst Fund III: \$16.1 million • NB Crossroads Fund XVIII Mid-cap Buyout: \$15.7 million • NB Crossroads Fund XVII: \$13.5 million (\$'s in millions) \$813.5

LTM ORDINARY SHARE PRICE AND NAV PERFORMANCE (TOTAL RETURN) AND TRADING VOLUME

VALUATION METHODOLOGY

The Company carries its private direct equity investments on its books at fair value using the best information it has reasonably available to determine or estimate fair value. Publicly traded securities are valued based on quoted prices as of the last day of the relevant period less discounts to reflect legal restrictions, if any, that affect marketability. The Company determines such values for publicly traded securities held directly as well as known public positions held in the underlying private direct equity investments on a look-through basis. The Company estimates fair value for private interests based on a methodology that begins with the most recent information available from the general partner of the underlying fund or the lead investor of a direct equity investment, and considers subsequent transactions, such as drawdowns or distributions, as well as other information judged to be reliable that reports or indicates valuation changes, including realizations and other portfolio company events. The Company proactively re-values its investments before it has received updated information from the fund manager or lead investor if it becomes aware of material events that justify a change in valuation. If the Company concludes that it is probable an investment will be sold, the Company will adjust the fair value to the amount the Company expects to realize from the sale, net of transaction costs.

For debt investments, the Company estimates the enterprise value of each portfolio company and compares such amount to the total amount of such portfolio company's debt, as well as the level of debt senior to our interest in such portfolio company. Estimates of enterprise value are based on a specific measure (such as EBITDA, free cash flow, net income, book value or NAV) believed to be most relevant for the given portfolio company and compares this metric in relation to comparable company valuations (market trading and transactions) based on the same metric. In determining the enterprise value, the Company will further consider the portfolio companies' acquisition price, credit metrics, historical and projected operational and financial performance, liquidity as well as industry trends, general economic conditions, scale and competitive advantages along with other factors deemed relevant. Valuation adjustments are made if estimated enterprise value does not support the value of the debt security in which the Company is invested and securities senior to NBPE's position.

If the principal repayment of debt and any accrued interest is supported by the enterprise value analysis described above, the Company will next consider current market conditions including pricing quotations for the same security and yields for similar investments. To the extent market quotations for the security are available, the Company will take into account current pricing and liquidity. Liquidity may be estimated by the spread between bid and offer prices and other available measures of market liquidity, including number and size of recent trades and liquidity scores. If the Company believes market yields for similar investments have changed substantially since the pricing of our security, the Company will perform a discounted cash flow analysis, based on the expected future cash flows of the debt securities and current market rates. The Company will also consider the maturity of the investment, compliance with covenants and ability to pay cash interest when estimating the fair value of our debt investment.

TRADING VOLUME AND SHARE REPURCHASE ACTIVITY

During the month of April, NBPE's aggregate trading volume on Euronext Amsterdam, the London Stock Exchange, and over-the-counter trading platforms was 1,735,653 Class A ordinary shares, which represents an average daily trading volume of approximately 82,650 Class A ordinary shares.

On 22 October 2010, NBPE launched a new Share Buy-Back Programme in order to begin implementing the Capital Return Policy. The Share Buy-Back Programme is the subject of periodic review by the Board. Under the terms of the Share Buy-Back Programme, Jefferies International Limited has been appointed to effect on-market repurchases of Shares on behalf of NBPE on Euronext Amsterdam and/or the Specialist Fund Market of the London Stock Exchange. Shares bought back under the Share Buy-Back Programme will be cancelled.

There were no shares repurchased during the month of April. As of 30 April 2016, there were 48,790,564 class A ordinary shares and 10,000 class B ordinary shares outstanding, with 3,150,408 class A ordinary shares held in treasury.

INVESTMENT MANAGER REGISTERED OFFICE

NB Alternatives Advisers LLC	Email: IR_NBPE@nb.com	NB Private Equity Partners Limited	St. Peter Port, Guernsey GY1 4HY
325 N. Saint Paul Street	Tel: +1.214.647.9593	P.O. Box 225	Channel Islands
Suite 4900	Fax:+1.214.647.9501	Heritage Hall, Le Marchant Street	Tel.+44-(0)1481.716.000
Dallas, TX 75201		www.nbprivateequitypartners.com	Fax.+44-(0)1481.728.452

• 1. Figures provided are unaudited and subject to change. Certain numbers may not total due to rounding.
• 1. Other includes realised gains, investment income not classified as yield income, and expenses.
• 1. NBPE declared a \$0.25 per Share dividend on 25 January 2016, paid on 29 February 2016. On an annualised basis, this dividend payment represents a dividend yield of 3.6% based on the estimated April 2016 NAV and 4.8% based on the Euronext closing price of \$10.40 on 29 April 2016.
• 1. The diversification analysis by asset class and investment type is based on the fair value of underlying fund investments and direct/co-investments. The diversification analysis by year of investment, geography and industry is based on the diversification of underlying portfolio company investments at fair value as estimated by the Investment Manager. The year of investment is calculated at the portfolio company level and is defined as the date of capital deployment into a particular underlying investment. The diversification by year of investment also includes an allocation of net cash flows and valuation adjustments made since financial statements were last received from the investment sponsor. Accordingly, the actual diversification of the Company's investment portfolio and the diversification of the Company's investment portfolio on an ongoing basis may vary from the foregoing information.
• 1. Direct equity investment diversification includes all equity, including associated equity from income investments.

This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the securities described herein. This report was prepared using financial information contained in NBPE's books and records as of the reporting date. This information is believed to be accurate but has not been audited by a third party. This report describes past performance, which may not be indicative of future results. None of NBPE or the Investment Manager accepts any liability for actions taken on the basis of the information provided.

NBPE is registered with the Dutch Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het financieel toezicht). All investments are subject to risk. Past performance is no guarantee of future returns. 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 are no guarantee of future results.