NB Private Equity Partners Ltd. — Fund Information / Factsheet 2007

Nov 6, 2007

Lehman Brothers Private Equity Partners Limited 31 October 2007 ¹

Company Overview

Lehman Brothers Private Equity Partners Limited ("LBPE" or "the Company") is a closed-end investment company registered under the laws of Guernsey managed by Lehman Brothers' Private Fund Investments Group and its affiliates (together, the "Investment Manager"). We invest in private equity funds managed by leading sponsors, including funds of funds managed by the Investment Manager, and make direct private equity investments alongside leading sponsors ("co-investments"). Our investment objective is to produce attractive returns on our capital from our private equity investments while managing investment risk through portfolio diversification across asset class, vintage year, geography, industry and sponsor.

Investment Manager Commentary

During October 2007, LBPE committed \$20.0 million to Prospect Harbor Credit Partners, a fully-funded special situations fund focused on distressed investing, and \$10.0 million to American Capital Equity II, a secondary investment that is over 80% invested. The Company also invested an aggregate of \$12.0 million in two direct co-investments, Energy Future Holdings Corp. (formerly known as TXU Corp.) and Avaya Inc. During the month, LBPE invested \$64.8 million in private equity through capital calls from funds and co-investments. Approximately \$40.4 million of this invested capital was related to the new investments listed above. Another \$6.4 million of capital calls were directed toward special situations funds, while \$15.4 million went to buyout funds and \$2.7 million went to diversified fund of funds. During the month, LBPE received an aggregate \$3.2 million of distributions from its private equity investments.

LBPE's private equity investment portfolio continued to develop throughout the course of October, as the Company's private equity investment level reached 69% of total net asset value. Including the revaluation of public securities and all other valuation adjustments, LBPE's unaudited net asset value per share increased to \$10.36 at 31 October 2007, representing an increase of 3.6% over the initial offering price of \$10.00 per share and an increase of 0.7% over the 30 September 2007 net asset value per share of \$10.29.

Net Asset Value Development

Private Equity Performance (\$ in millions)	31 October 2007	30 September 2007
Estimated Net Asset Value of Private Equity Investments	\$389.7	\$325.1
Unfunded Private Equity Commitments	327.4	349.9
Total Private Equity Exposure	\$717.1	\$675.0

As of 31 October 2007, the private equity investment portfolio included exposure to over 1,800 underlying portfolio companies.

Summary of Net Asset Value (\$ in millions, except per share data)	31 October 2007	30 September 2007
Direct Fund Investments and Fund of Funds Investments	\$303.9	\$251.5
Co-investments	85.8	73.6
Total Private Equity Investments	\$389.7	\$325.1
Cash and Cash Equivalents	174.3	243.7
Net Other Assets (Liabilities)	(2.1)	(10.9)
Net Asset Value	\$561.8	\$557.9
Net Asset Value per Share *	\$10.36	\$10.29
Closing Share Price	\$9.42	\$9.65
Premium (Discount)	(9.1%)	(6.2%)

* As of 31 October 2007, there were 54,210,000 Class A shares and 10,000 Class B ordinary shares outstanding.

Lehman Brothers Private Equity Partners Limited 31 October 2007 ¹

Private Equity Portfolio Diversification

Key information about LBPE's portfolio of private equity investments based upon fair value at 31 October 2007 was as follows: 2

Based on total private equity exposure, which includes unfunded commitments, the diversification of LBPE's portfolio of private equity investments at 31 October 2007 was as follows: ²

• Private equity asset class buyout: 75%; special situations: 21%; venture capital: 4%
• Vintage year of fund or co-investment 2000 & earlier: 1%; 2001: 5%; 2002: 3%; 2003: 3%; 2004: 2%; 2005: 11%; 2006: 32%; 2007: 40%; 2008: 3%
• Geography North America: 71%; Europe: 25%; Asia / rest of world: 4%
• Industry energy / utilities: 18%; financial services: 16%; industrials: 13%; consumer / retail: 11%; technology / IT: 10%; communications / media: 8%; healthcare: 6%; business services: 6%; transportation: 6%; undisclosed / other: 6%

Lehman Brothers Private Equity Partners Limited 31 October 2007 ¹

Valuation Methodology

The Company carries its investments on its books at fair value in accordance with accounting principles generally accepted in the United States. The Company uses 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 funds or funds of funds, 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 co-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.

Contact Information

For questions about the Company, please contact the Investor Relations department of the Investment Manager at the phone number or email address listed below:

Investment Manager

Lehman Brothers Private Fund Advisers, LP 325 N. Saint Paul Street Suite 4900 Dallas, TX 75201 United States of America www.lehman.com/im/pe/pfi/ Email: investorrelations@lbpe.com Phone: +1-214-647-9593 Fax: +1-214-647-9501

Key Information

Trading Symbol: LBPE Exchange: Euronext Listing Date: 25 July 2007 Base Currency: USD Bloomberg: LBPE NA Reuters: LBPE.AS ISIN: GG00B1ZBD492 COMMON: 030991001 Amsterdam Security Code: 600737

Registered Office

Lehman Brothers Private Equity Partners Limited P.O. Box 225 Polygon Hall, Le Marchant Street St. Peter Port, Guernsey GY1 4HY Channel Islands www.lbpe.com Phone: +44-(0)1481-716-000 Fax: +44-(0)1481-728-452

• 1. Figures provided are unaudited and subject to change. Certain numbers may not total due to rounding.
• 1. The diversification analysis is based on the diversification of underlying portfolio companies at fair value as estimated by the Investment Manager. The diversification by private equity asset class and vintage year also includes an allocation of net cash flows and valuation adjustments made since financial statements were last received from the investment sponsor. Determinations regarding private equity asset class, geography and industry diversification, as well as the allocation of unfunded commitments (on a total exposure basis), also represent the Investment Manager's estimates. Accordingly, 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.

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 LBPE'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. LBPE does not accept any liability for actions taken on the basis of the information provided.