NB Private Equity Partners Ltd. — Fund Information / Factsheet 2017

Mar 30, 2017

NB PRIVATE EQUITY PARTNERS: INVESTOR UPDATE 30 MARCH 2017FINANCIAL INFORMATION AS OF 28 FEBRUARY 2017 UNLESS OTHERWISE NOTED

NB PRIVATE EQUITY PARTNERS ("NBPE")

O B J E C T I V E	f ( ) T i d i t t h t i t i t l i t i t h h h i t h d t i o p r o e n e s o r s e o p p o r n o r c a p a a p p r e c a o n r o g s a r e p r c e g r o a n c r r e n n c o m e v v u y u w u ( h h l d i i d d )… t r o u g a r e g u a r v e n
S G T R A T E Y	b i t i d i t l i t i t i t b k d i t h i t l t t i t h b t l t i l y n v e s n g r e c y n o p r v a e- e q u y a c e c o m p a n e s, a c r o s s e c a p a s r u c u r e n e e s r e a v e v a u e … t i t i o p p o r u n e s…
M A N A G E R	\$ 1 p f f i t h i d d d i l i b i l i t i N b B 's 4 5 b i l l i i t i t l t u s n g e s o u r c n g a n u e g e n c e c a p a e s o e u e r g e r e r m a n o n r v a e e q u y p a o r m … …
E F F I C I E N C Y	i h l l l- i i h h l i d P E h i l t t t t t t t w o w e r a n c o s s o n v e s o r s a n o e r s e v e c e s …

1. Since inception through January 2017 Includes commitments still in the process of documentation.

NBPE'S MANAGER: NEUBERGER BERMAN

Neuberger Berman manages over \$49 billion in Private Equity

KEY HIGHLIGHTS

Industry Leadership: 30 years as a private equity investor; committed approximately \$5 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 income 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 Bogota

LEADING, GLOBAL PRIVATE EQUITY PLATFORM

Note: Represents aggregate committed capital since inception as of January 2017, including commitments in the process of documentation.

1. Committed capital from inception through January 2017, including dry powder.

2. Average over the past three years (2014 – 2016).

NBPE KEY PERFORMANCE HIGHLIGHTS

Key Performance Highlights

Performance during 2016 14.8% NAV per share total return1 17.0% Share price total return1

Capital Position 28 February 2017 \$743.3 million of Private Equity Fair Value 888% Adjusted Commitment Coverage Ratio2

Cash Flows during 2016 \$331.3 million of distributions from Investments\$159.5 million funded to Investments \$24.4 million of dividends paid

Dividend at 28 February 2017 3.9% annualised dividend yield on share price1 3.2% annualised dividend yield on NAV Sterling dividend option and Dividend Reinvestment Plan available

Note: NAV data as of 28 February 2017. NBPE share price data based on NYSE Euronext as of 28 February 2017.

1. Based on Euronext Exchange price data. All performance figures assume re-investment of dividends at NAV or closing share price on the ex-dividend date and reflect cumulative returns over the relevant time periods shown and are not annualised returns.

2. Unfunded commitments are adjusted for funds past their investment period and amounts which NBPE has the right to terminate if it so chooses.

FOR PROFESSIONAL CLIENT USE ONLY

4

NBPE NAV UPDATE

February 2017 NAV per Share of \$15.90 including the dividend paid at the end of the month

SUMMARY BALANCE SHEET

	2 8 Fe br 2 0 1 7 ua ry	3 1 De be 2 0 1 6 ce m r	3 1 De be 2 0 1 5 ce m r
\$ ( in m i l l ion t p har lue ) s, e xce p er s e v a s	( ) Un d i te d au	( ) Au d i te d	( ) Au d i te d
D ire t Inv tm ts c es en
Inc Inv tm ts om e es en	\$ 1 5 1. 0	\$ 1 3 9. 0	\$ 2 8 3. 0
Eq i ty Inv tm ts es en u	3. 4 4 4	9 4 7 4.	3 0. 5 5
To ta l D ire t Inv tm ts c es en	5 9 4. 4	6 1 3. 9	6 3 3. 5
Le Fu d Inv tm ts g ac y n es en	1 4 8. 9	1 3. 4 5	1 8 0. 1
To ta l Pr iva te Eq i ty Fa ir Va lue u	7 4 3. 3	7 6 7. 3	8 1 3. 6
Pr iva Eq i Inv Le l te ty tm t u es en ve	9 % 7	9 9 %	1 1 6 %
Ca h a d Ca h Eq iva len ts s n s u	1 1 0. 9	9 3. 7	2 6. 1
Cr d i t Fa i l i ty Bo ing e c rro w s	-	-	( 5 2. 5 )
S Z D P ha L ia b i l i ty 2 0 1 7 re -	( 1 4. 7 )	( 1 4. 5 )	( 7 4. 7 )
Z D P S ha L ia b i l i ty 2 0 2 2, inc lu d ing F X He dg re e -	( 6 3. 0 )	( 6 2. 4 )	-
O ( ), Ne t t he As ts L ia b i l i t ies inc lu d ing M ino i ty In ter t r se r es	( ) 1 2. 7	( ) 7. 5	( ) 1 2. 1
Ne t As t Va lue se	\$ 7 6 3. 9	\$ 7 7 6. 6	\$ 7 0 0. 3
Ne As Va lue S ha t t se p er re	\$ 1 5. 6 5	\$ 1 5. 9 1	\$ 1 4. 3 5
Ne t As t Va lue P lus D iv i de ds Pa i d Du ing F ina ia l Pe io d se n r nc r	\$ 1 5. 9 0	\$ 1 6. 4 1	\$ 1 4. 8 3

Note: NBPE data as of 28 February 2017. Numbers may not sum due to rounding.

NBPE PORTFOLIO DIVERSIFICATION

Well diversified portfolio weighted to North American investments COMPANY SIZEVINTAGE YEARGEOGRAPHYINDUSTRYSMALL / MID-CAP74%LARGE-CAP18%OTHER8%NORTH AMERICA87%EUROPE8%ASIA / ROW5%BUS SERVICES6%COMM/MEDIA3%CONS. DISCR.14%ENERGY8%FIN SERVICES14%HEALTHCARE17%INDUSTRIALS13%TECHNOLOGY18%TRANS.4%DIV / OTHER2% 2008 & EARLIER8%20093%20105%20115% 20122013 2%11%201422%201520%201619%20175%

FOR PROFESSIONAL CLIENT USE ONLY 6Note: as of 28 February 2017. Numbers may not sum due to rounding. Please see endnotes for information on diversification calculations.

PORTFOLIO INVESTMENT ACTIVITY & LIQUIDITY

\$900 million of distributions since 2014

Note: as of 28 February 2017. Numbers may not sum due to rounding.

NEW EQUITY & INCOME INVESTMENTS IN 2017 YTD

\$9.3 million invested in one new equity investment and \$10.9 million invested in two new income investments during 2017 YTD

NEW EQUITY INVESTMENTS

I N V E S T M E N T	I N D U S T R Y	S P O N S O R	\$ I N V E S T E D ( M M )	D E S C R I P T I O N
	In du ia ls tr s	A E A Sm l l Bu ine Fu d a s ss n	\$ 9. 3	f a f D is tr i bu tor ter ke t c l im te tro l o ma r a co n for h ic les ts co mp on en ve
C O S S N E W I N M E I N V E T M E N T
I N V E S T M E N T	I N D U S T R Y	E Q U I T Y S P O N S O R	\$ I N V E S T E D ( M M )	D E S C R I P T I O N
	Te hn log c o y	K K R	\$ 6. 0	8. 2 % Ca h Y ie l d s • Cy be i ty lu t ion i de r s ec ur so s p rov r •
P b l i S t u c e c o r	Te hn log c o y	V is ta Eq i ty Pa tne u r rs	\$ 4. 9	% Ca 9. 5 h Y ie l d s • Pro i de f h s lu ion ha d dre tec t t t a v r o o s ss • b l ic s fe ty d a dm in is tra t ion ds p u a an ne e for du ion d g i ies t t e t t e ca an ov ern me n n

Note: As of 28 February 2017.

EQUITY REALISATIONS IN 2017

The below realisations represent \$50 million of total value and a 5.0x multiple of invested capital1

I N V E S T M E N T	V I N T A G E	D E S C R I P T I O N	O U T C O M E
	2 0 1 2	Pro i de f e ter ise f tw d in for t ion lu t ion for j t- foc d o isa t ion v r o n p r so are an ma so s p ro ec us e rg an s • f e Ha i l l ion d u i t h 2 2, 0 0 0 o isa t ion in 8 0 c tr ies ly ing t he De l te k s m s o n se rs w rg an s ov er ou n re on • la for t p m	So l d to Ro p er • Te hn log ies c o \$ for 2. 8 b i l l ion
	2 0 1 2	T he Ev Ne tw k o f Co ies is ke t- lea d ing i de f in ter da l, f la t be d, bro ke an s or mp an a m ar p rov r o mo rag e, • dry d o he k ing ice t tru va n a n r c se rv s T hro h i ts t n tw k, Ev f fer ice t hro h a f lee t o f o 3, 0 0 0 tra tor d o ug ag en e or an s o s s erv s ug ve r c s a n ve r • 1 8 0 ter ina ls t hro ho t t he try m ug u co un	Ac ire d by q u • Ca ler Ca i l ta a p
	2 0 1 2	O f f-p f fer ice ta i ler ing l l- kn bra ds in l a d a ies r re o w e ow n n ap p are n cc es so r • Ga be 's o 1 0 6 s de he Ga be 's a d Ru d We ho ba 1 1 s tes tor t ta tes p era es un r n g g e ar us e nn ers ac ros s • in t he M i d- A t lan t ic d So t he t an u as	So l d to Wa bu r rg • P inc us

Note: As of 28 February 2017.

1. Returns are presented on a "gross" basis (i.e. 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).

NBPE DIRECT EQUITY PORTFOLIO

NBPE has a well diversified direct equity portfolio, giving access to growing companies alongside high quality PE sponsors

N B P E D I R E C T E Q U I T Y I N V E S T M E N T S	T O P T E N I N V E S T M E N T S
\$ 7 8 d ire t e i ty inv tm ts i t h 4 4 3. 4 m i l l ion f fa ir v lue c q u es en w o a	Inv tm t Na es en me	V in tag e	In du try s	\$ F V ( ) m
	O & Ga ( S Q: O G ) Ex tra t ion i l N A D A X c s	2 0 1 4	En erg y	\$ 2 8. 9
D I V E R S I F I E D P O R T F O L I O	( S ) Pa t he N Y E: P T H N on	2 0 1 4	He l t hc a are	2 0. 6
D ive i f ie d by in du try hy in tag d s rs s g eo g rap v e y ea r a n p on so r , ,	T he W Gr ty arr an ou p	2 0 1 4	F in. Se rv.	1 6. 0
	Pro Am p ac	2 0 1 6	Pa ka ing c g	1 5. 5
1 2 0 1 6 G R O W T H x	Sa g ua ro	2 0 1 3	En erg y	1 4. 3
5 % L T M Re h / 7 % L T M E B I T D A h t t ve nu e g row g row	Ca l p su g e	2 0 1 1	He l t hc a are	1 3. 7
1 V A L U A T I O N & L E V E R A G E	Se B lac k Kn ig h t F ina ia l ice nc rv s N Y S E: B K F S	2 0 1 3	F ina ia l nc Se ice	1 2. 7
	( )		rv s
1 0. 3x E V / E B I T D A & 4. Ne De b / E B I T D A 7x t t	F ina ia l Se ice Co * nc rv s mp an y	2 0 1 6	F in. Se rv.	1 2. 2
	En ine ing Ing ia In for ica t g er eg ne r ma	2 0 1 6	Te hn log c o y	1 1. 6
2 2 0 1 E X I T S 7	Co i l io ns	2 0 1 5	Te hn log c o y	1 1. 0
3 Ex i ing 0x l ip le d 4 4 % I R R ts t 5. t g en era a g ros s m an u	T O P T E N I N V E S T M E N T S			\$ 1 5 6. 5

Note: As of 28 February 2017. *Undisclosed company.

1. As of 31 December 2016. Portfolio company operating and valuation metrics are based on the most recently available (unaudited) financial information for each company. Where necessary, estimates were used, which include pro forma adjusted EBITDA and Revenue, annualised quarterly operating metrics and LTM periods as of 31/12/15 and 30/9/15. Data based on 43 traditional buyout companies valued based on EV/EBITDA; excludes companies based on other valuation metrics including book value, revenue multiples, discounted cash flow, latest round of financing and public share price.

2. Returns are presented on a "gross" basis (i.e. 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).

NBPE INCOME PORTFOLIO

The NBPE income portfolio is well diversified, performing well and has a reasonable average level of total leverage

N B P E I N C O M E I N V E S T M E N T S	T O P T E N I N V E S T M E N T S *
\$ 3 3 inc inv tm ts i t h 1 5 1. 0 m i l l ion f fa ir v lue om e es en w o a	Inv Na tm t es en me	In du try s	Ca h Y ie l d s	\$ F V ( ) m
	To ta l F lee t So lu t ion s	Bu Se s. rv.	1 0. 5 %	\$ 1 0. 1
1 C A S H Y I E L D & L E V E R A G E S T A T I S T I C S	L inx en s	Te hn log c o y	9. 3 %	1 0. 0
1 0. 0 % / 1 1. 3 % h y ie l d t im te d y ie l d to tur i ty ca s es a ma –	Sc Gr hu he ma c r ou p	He l t hc a are	% 9. 4	9. 8
5. 6x to ta l lev / 4. 1x ior lev era g e se n era g e –	G C Se A ice rv s	Se Bu s. rv.	1 0. 2 %	8. 9
8 2 % f fa ir v lue in f loa t ing te de b t o a ra – x	Fu d ing C irc le n	Co ns um er	N A	8. 6
% d iv i de d c fro fo l io h y ie l d 5 7 t n ov era g e m p or ca s –	Op t iv	Te hn log c o y	8. 2 %	6. 1
2 K E Y S T A T S	F lex era	Te hn log c o y	8. 0 %	6. 0
8 1 % in l ig h ies t t c are as se om p an –	Pro Am p ac	Pa ka ing c g	9. 6 %	5. 9
3 % in ke lea d ing i ion 7 7 t t are a m ar p os –	Ce Se Gr tra l i ty n cu r ou p	Co ns um er	% 1 0. 4	5. 9
% % 5 5 in ies i t h a 4 0 i ty h ion > are co mp an w eq u cu s – 9 7 % in ies i t h a 2 0 % i ty h ion > are co an w u cu s –	Ta lor Pre is ion Pro du ts y c c	Co ns um er	% 1 2. 8	5. 9
mp eq 4 3 % in ies i h a 2 % E B I T D A in t 5 > are co mp an ma rg w –	T O P T E N I N V E S T M E N T S			\$ 2 7 7.
% for 1 0 0 in ing d i ts i t h n t iss are p er m cr e w o c ov en an ue s –

Note: As of 28 February 2017. *Top 10 Investments exclude credit opportunities investments.

1. Leverage statistics exclude small business loan programs, credit opportunities and healthcare credit investments. Based on portfolio company data as of 31 December 2016. Small business loan programs are excluded from yield calculations but are at an interest rate at least at the rate stated above.

2. Debt key statistics exclude credit opportunities investments, healthcare credit investments and small business loan portfolios.

3. Companies have a leading market position in their industry or niche based on NB's due diligence.

PERFORMANCE OVERVIEW BY INVESTMENT TYPE

LTM, three year, and five year investment performance summary

NBPE PERFORMANCE MEASURED BY GROSS IRR

I N V E S T M E N T T Y P E	\$ 2 8 F E B 2 0 1 7 F A I R V A L U E ( M )	L T M	T H R E E Y E A R	F I V E Y E A R
C Q S S D I R E T E U I T Y I N V E T M E N T	\$ 4 4 3. 4	% 2 3. 3	% 2 2. 1	% 1 8. 7
C O S S I N M E I N V E T M E N T	\$ 1 5 1. 0	% 1 4. 0	% 9. 3	% 1 2. 8
S F U N D	\$ 1 4 8. 9	% 1 0. 4	% 3. 8	% 7. 7
O O O O T T A L P R T F L I	\$ 7 4 3. 3	% 1 8. 7	% 1 2. 9	% 1 3. 0

K E Y T A K E A W A Y S:
D I R E C T E Q U I T Y I N V E S T M E N T S H A V E P E R F O R M E D W E L L A C R O S S T I M E P E R I O D S
I N C O M E I N V E S T M E N T S A R E P E R F O R M I N G W E L L A N D H A V E P R O V I D E D S T R O N G Y I E L D S
F U N D S A R E N O W "T A I L- E N D " A N D W I N D I N G D O W N O V E R T I M E

Note: As of 28 February 2017. Numbers may not sum due to rounding.

EQUITY EXITS & UPLIFT

NBPE has seen strong exits and valuation uplift relative to carrying values

1. As of 28 February 2017. Includes full exits only. Excludes partial exits, recapitalisations and IPOs until the stock is fully exited. Year represents the year of final exit. Exit year for public companies determined by the date of the final cash flow. Proceeds include funds that are currently in escrow, but are expected to be received. Returns are presented on a "gross" basis (i.e. 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).

2. As of 28 February 2017. Analysis includes eight IPOs, two partial exits, and seventeen full direct equity investment exits since January 2014. For investments which completed an IPO, the value is based on the closing share price on the IPO date; however NBPE remains subject to customary IPO lockup restrictions. Excludes Industry Loss Warranties due to investment duration. Returns are presented on a "gross" basis (i.e. 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).

HISTORIC PERFORMANCE

Strong NAV and share price performance over the short, medium and long term

CUMULATIVE RETURNS OVER TIME

T O T A L R E T U R N	O N E Y E A R	T H R E E Y E A R	F I V E Y E A R	S I N C E I N C E P T I O N
S S N E T A E T V A L U E	% 1 5. 9	% 3 6. 3	% 6 2. 9	% 8 2. 5
S C H A R E P R I E	% 3 2. 5	% 4 0. 4	% 1 2 2. 5	% 5 5. 5

Note: NAV data as of 28 February 2017. NBPE share price data based on NYSE Euronext as of 28 February 2017.

1. All performance figures assume re-investment of dividends at NAV or closing share price on the ex-divided date and reflect cumulative returns over the relevant time periods shown and are not annualised returns.

2. Based on 28 February 2017 NAV of \$15.65 per share.

DIVIDENDS AND CAPITAL POSITION

Dividends strongly covered by cash distributions and yield from the income portfolio

Note: See endnote #3 for important information related to the dividend. Total yield (inclusive of PIK interest) represents the return (IRR) from this reporting period to the maturity of the investment. As of 28 February 2017.

1. Unfunded commitments are adjusted by funds past their investment period and amounts which NBPE has the right to terminate if it so chooses.

2. Based on the company's most recent dividend and the London Stock Exchange closing share price of \$12.89 on 28 February 2017 and the 28 February 2017 NAV of \$15.65 per share.

NAV & SHARE PRICE DEVELOPMENT

NBPE NAV & SHARE PRICE DEVELOPMENT (FEB 2016 – FEB 2017)

Note: Based on London Stock Exchange price data. As of February 28, 2017.

PROPOSED VOTING RIGHTS AND LISTING AMENDMENTS

The company has announced its intention to grant voting rights for the election of directors and to apply for admission to the premium segment of the London Stock Exchange

Change to Voting Structure

• Class A Shareholders would have the right to vote on all resolutions proposed at general meetings of the Company, including election of Directors
• Voting mechanics allow the company to fully enfranchise its Class A shareholders while addressing the company's obligations under U.S. law
• Class B Shares would carry voting rights for the election of Directors only if US resident ownership exceeds 35 per cent
• •No forced sale provisions for US shareholders

Changes to Listing Arrangements

• Transition from the Specialist Fund Segment to the Premium Segment of the London Stock Exchange
• •The Company's market quote on the London Stock Exchange would be redenominated into Sterling
• Targeting Eligibility for inclusion in the FTSE UK Index Series
• The Class A Shares would continue to also be traded on Euronext Amsterdam but would cease trading on the Specialist Fund Segment

A general meeting of the Class A Shareholders will be held at 9.00 a.m. on 24 April 2017 in order to consider and vote on these proposals

PROPOSED VOTING RIGHTS AND LISTING AMENDMENTS

Change to Board

• •Under the Listing Rules, a majority of the Directors are required to be independent of the Manager
• Christopher Sherwell is deemed not independent with respect to the Listing Rules (he sits on the board of an investment company managed by an affiliate of the Manager)
• Christopher Sherwell would resign as director prior to Admission
• Candidate replacement to be proposed by the Board and approved by the Class B Shareholder

Other Changes

• Amendments to the Articles to reflect the proposed alterations
• Updated Investment Policy (materially consistent with the investment approach which is currently followed by the Company)
• • Updated Investment Management Agreement and Partnership Agreement
• Enhance the Board's powers to supervise the performance by the Manager
• Management and incentive fees payable to the Manager materially unchanged
• Fund administration services agreement between the Manager and the current administrator be transferred from the Manager to the Company

PROPOSED VOTING RIGHTS AND LISTING AMENDMENTS

We believe that the proposed changes will provide a number of benefits to NBPE and its shareholders

• Place NBPE at the forefront of good corporate governance practices
• • Remove a barrier to investment from a number of institutions, wealth managers and other interested parties who may be reluctant to purchase shares carrying limited voting rights
• Treat all shareholders equitably and not rely on forced sale provisions
• •Facilitate NBPE's eligibility for inclusion in the FTSE UK Index Series
• Resulting access to a potentially larger pool of capital is likely to improve liquidity in the Class A Shares

APPENDIX

EQUITY INVESTMENTS

Com Nam pany e	Ass et C lass	Inve stme nt D ate	Lead Spo nsor	Fair Val ue	% of NBP E NA V	Com Nam pany e	et C Ass lass	Inve stme nt D ate	Spo Lead nsor	Fair Val ue	% of NBP E NA V
Acte on	Larg Buy out e-cap	Dec- 12	KKR	\$1.4	0.2%	Innov ation Grou p	Larg Buy out e-cap	Dec- 15	Carly le Gr oup	0.6	0.1%
Alex & An i	Mid- cap B t uyou	May- 15	Lion Capit al	3.9	0.5%	Into U niver sity P artne rship s	Mid- cap B t uyou	Apr- 13	Leed s Eq uity P artne rs	1.4	0.2%
Ame rican Den tal Pa rtner s, Inc	Mid- cap B t uyou	Feb- 12	JLL Partn ers	3.8	0.5%	J.Cre w Gr oup	Larg Buy out e-cap	Mar- 11	TPG / Leo nard Gree n	0.2	0.0%
ARU HI Co tion rpora	Mid- cap B t uyou	Oct- 14	Carly le Gr oup	8.5	1.1%	Kyob o Life Insu Co. rance	Mid- cap B t uyou	Dec- 07	Cors air C apita l Part ners	2.0	0.3%
Aste r / DM Hea lthca re	Mid- cap B t uyou	Jun- 14	Olym pus C apita l	6.0	0.8%	Lask o Pro ducts	Spec ial Si tuatio ns	Nov- 16	Com vest Partn ers	9.0	1.2%
Berlin Pac kagin g	Mid- cap B t uyou	Oct- 14	Oak Hill C apita l Par tners	6.7	0.9%	Leas eplan	Mid- cap B t uyou	Apr- 16	TDR Cap ital	9.3	1.2%
Black Knig ht Fin ancia l Serv ices	Larg Buy out e-cap	Dec- 13	Thom as H . Lee	12.7	1.7%	LGC	Larg Buy out e-cap	Mar- 16	KKR	10.7	1.4%
Boa V ista	Mid- cap B t uyou	Nov- 12	TMG Cap ital	1.5	0.2%	Look inggl ass	Grow th / V entur e	Feb- 15	Also p Lou ie	6.7	0.9%
Brigh tview	Larg Buy out e-cap	Dec- 13	KKR	7.0	0.9%	Marq uee B rands	Spec ial Si tuatio ns	Dec- 14	Neub r Ber erge man	10.9	1.4%
Caps ugel	Larg Buy out e-cap	Jul-1 1	KKR	13.7	1.8%	MBI Ener gy	Mid- cap B t uyou	Jun- 14	Linds ay G oldbe rg	0.1	0.0%
Cent ro	Grow th / V entur e	Jun- 15	FTV Capi tal	3.4	0.4%	Medi cal D iagno stics Com - Eq uity* pany	Spec ial Si tuatio ns	Jan- 14	Not D isclos ed	0.0	0.0%
Conc ord B io	Grow th / V entur e	Jun- 16	Quad ria C apita l	3.4	0.4%	Mills Fleet Farm s	Larg Buy out e-cap	Feb- 16	KKR	4.4	0.6%
Conn ector Com * pany	Grow th / V entur e	Oct- 15	Not D isclos ed	4.0	0.5%	Ome ga E nviro tal Te chno logie nmen s	Mid- cap B t uyou	Feb- 17	AEA Inve stors	9.3	1.2%
Cons ilio	Grow th / V entur e	Jul-1 5	Sham rock Capi tal	11.0	1.4%	Ortho lite (E quity )	Mid- cap B t uyou	Apr- 14	Blue Poin t Cap ital	10.6	1.4%
Coro na In dustr ials	Mid- cap B t uyou	Jun- 14	Victo ria C apita l	2.0	0.3%	Otica s Ca rol	Grow th / V entur e	Apr- 13	3i Br azil	3.5	0.5%
Coun syl	Grow th / V entur e	Jul-1 4	Rose mont Sen eca	2.6	0.3%	Pathe on	Mid- cap B t uyou	Mar- 14	JLL Partn ers	20.6	2.7%
CSC Serv ice W orks	Mid- cap B t uyou	Mar- 15	Pam plona Cap ital	5.8	0.8%	Petsm art	Larg Buy out e-cap	Jun- 15	BC P artne rs	10.1	1.3%
Digita l Rive r (Eq uity)	Mid- cap B t uyou	Feb- 15	Siris Capit al	9.1	1.2%	ProA mpac	Mid- cap B t uyou	Nov- 16	Pritz ker G roup	15.5	2.0%
Elluc ian	Larg Buy out e-cap	Sep- 15	TPG Cap ital	7.1	0.9%	ProM ach	Mid- cap B t uyou	Nov- 14	AEA Inve stors	4.6	0.6%
Eme Netw ork P rson ower	Spec ial Si tuatio ns	Nov- 16	Plati Equit num y	10.0	1.3%	Pros per	Grow th / V entur e	Apr- 15	Multi ple S pons ors	2.0	0.3%
Engin eerin g Ing ria In form atica egne	Mid- cap B t uyou	May- 16	NB R enais sanc e	11.7	1.5%	River Bed	Mid- cap B t uyou	Feb- 15	Thom a Bra vo	10.8	1.4%
Com (Equ ity) Evan s De livery pany	Mid- cap B t uyou	12 Jun-	AEA Inve stors	1.3	0.2%	Sagu aro	Mid- cap B t uyou	Jul-1 3	Pine Broo k	14.3	1.9%
Evoq ua E quity	Mid- cap B t uyou	Jan- 14	AEA Inve stors	6.6	0.9%	Seve nth G tion enera	Grow th / V entur e	Apr-0 8	Cata t Ven tures moun	0.2	0.0%
Extra ction Oil & Gas	Mid- cap B t uyou	May- 14	York town Part ners	28.9	3.8%	Shelf Drill ing	Mid- cap B t uyou	Feb- 13	Cast le Ha rlan P artne rs	1.2	0.2%
Fairm ount Mine rals	Mid- cap B t uyou	Aug- 10	Ame rican Sec uritie s Pa rtner s	2.0	0.3%	Snag ajob	Grow th / V entur e	Jun- 16	New Sprin g Ca pital	3.5	0.5%
Site Final	Mid- cap B t uyou	16 Nov-	e Gro Bridg wth P artne rs	6.3	0.8%	Solac e Sys tems	Grow th / V entur e	Apr- 16	Bridg e Gro wth P artne rs	8.3	1.1%
Finan cial S ervic es C ny* ompa	Larg Buy out e-cap	Sep- 16	Carly le Gr oup	12.2	1.6%	Solar Wind s	Larg Buy out e-cap	Feb- 16	Thom a Bra vo	7.4	1.0%
First Data	Larg Buy out e-cap	Sep- 07	KKR	3.3	0.4%	Spec ialty Drug Pha Com * rma. pany	Mid- cap B t uyou	Oct- 15	Not D isclos ed	0.8	0.1%
Firth Rixso n Eq uity	Mid- cap B t uyou	Dec- 07	Oak Hill C apita l Par tners	0.9	0.1%	Stan dard Aero	Mid- cap B t uyou	Jun- 15	as C Verit apita l	6.5	0.8%
Form ation Ene rgy	Mid- cap B t uyou	Jul-1 3	Linds ay G oldbe rg	1.0	0.1%	Strat us Te chno logie s	Mid- cap B t uyou	Apr- 14	Siris Capit al	2.9	0.4%
Gabr iel Br other s	Spec ial Si tuatio ns	Mar- 12	A&M Cap ital	0.1	0.0%	Syniv Tech nolog ies erse	Larg Buy out e-cap	Feb- 11	Carly le Gr oup	3.0	0.4%
Galc o Ind ustria ls Eq uity	Spec ial Si tuatio ns	May- 14	AEA Inve stors	0.8	0.1%	Taylo r Pre cisio n Pro ducts	Mid- cap B t uyou	Jul-1 2	Cent re Pa rtners	2.0	0.3%
Gard ner D r, Inc enve	Larg Buy out e-cap	Jul-1 3	KKR	7.5	1.0%	Tech nolog y Co y (En crypt ion A pp)* mpan	Grow th / V entur e	Aug- 14	Not D isclos ed	1.5	0.2%
GC S ervic es	Mid- cap B t uyou	Jan- 16	Own er Re e Gro sourc up	5.1	0.7%	The W ty Gr arran oup	Larg Buy out e-cap	Jul-1 4	TPG	16.0	2.1%
Gene tic Te sting Com - Eq uity* pany	Spec ial Si tuatio ns	Jun- 13	Not D isclos ed	8.4	1.1%	Univa r	Larg Buy out e-cap	Nov- 10	Clay ton, D ublie r & R ice	0.8	0.1%
Hilsin ger	Mid- cap B t uyou	May- 14	Blue Poin t Cap ital	4.9	0.6%	Velo cidi	Grow th / V entur e	Dec- 16	Pilot Grow th	2.0	0.3%
Incip io	Grow th / V entur e	Feb- 16	Good e Pa rtners	1.6	0.2%	Venc ore	Mid- cap B t uyou	Nov- 10	Verit as C apita l	7.5	1.0%
Inflec tion E nergy	Mid- cap B t uyou	Oct- 14	Cham bers Ener gy	4.2	0.5%	Tota l Equ ity C o-inv estm ent P ortfo lio				\$443 .4	58.1 %

Note: As of 28 February, 2017. * Due to confidentiality provisions, company name cannot be disclosed.

INCOME INVESTMENTS

INVE STM ENT NAM E	SEC URIT Y DE TAIL S	INVE ENT DAT STM E	MAT Y DAT URIT E	UE1 FAIR VAL	CAS PIK COU H + PON	H YIEL CAS D	TOT AL E ST. Y TM
Corp orate Priv ate D ebt I tmen ts nves
2017
Optiv	Seco nd L ien ( L+7. 25% , 1% Floo r, 0.5 % O ID)	Feb- 17	Feb- 25	6.1	8.3%	8.2%	8.5%
Sung ard	Seco ien ( 50% , 1% % O ID) nd L L+8. Floo r, 1.0	Feb- 17	Jan- 25	4.9	9.5%	9.5%	9.8%
2016
GCA Ser vices	Seco nd lie n (L+ 9.0% Cas h, 1% L Fl 2.5% OID ) oor,	Mar- 16	Mar- 24	8.9	10.0 %	10.2 %	10.4 %
ProA mpa c	Seco nd L ien ( L+8. 50% , 1% L Fl oor)	Nov -16	Oct- 24	5.9	9.5%	9.6%	9.9%
2015
et So Tota l Fle lutio ns	Seco n (L+ 9.5% Cas 0% L r) nd lie h, 1. Floo	Dec -15	Dec -20	10.1	% 10.5	% 10.5	% 12.5
High bridg e Lo an M nt anag eme	Loan port folio	Oct- 15	N/A	2.4	N/A	N/A	N/A
Linxe ns	Seco nd lie n (L+ 8.25 % C ash, 1.0% L Fl 1% O ID) oor,	Oct- 15	Oct- 23	10.0	9.3%	9.3%	9.7%
Schu her G mac roup	Seco nd lie n (L+ 8.5% Cas h, 1. 0% L Floo r, 1% OID )	Oct- 15	Oct- 23	9.8	9.5%	9.4%	9.6%
ing C Fund ircle	folio of sm Port all b usine ss lo ans	15 Jan-	N/A	8.6	N/A	N/A	N/A
Digit al Ri ver D ebt	First lien (L+5 .75% Cas h, 1. 0% L Floo r, 1% OID )	Jan- 15	Feb- 21	1.8	6.8%	6.8%	6.5%
Digit al Ri ver D ebt	Seco nd lie n (L+ 11.0 % C ash, 1.0% L Fl 1% O ID) oor,	Jan- 15	Feb- 22	1.0	12.0 %	11.7 %	12.8 %
2014
Cent ral S ity G ecur roup	Seco nd lie n (L+ 9.0% Cas h, 1% L Fl 5% O ID) oor,	Nov -14	Oct- 21	5.9	10.0 %	10.4 %	10.5 %
Galc o Ind ustri al El ectro nics	Sr. s ub n otes (10. 75% Cas h, 1. 25% PIK , 1.5 % O ID)	May -14	May -21	5.0	12.0 %	10.8 %	12.1 %
On D eck	Port folio of sm all b usine ss lo ans	Apr- 14	N/A	0.0	N/A	N/A	N/A
Flexe ra	Seco nd lie n (L+ 7.0% , 1% L Fl 0.5% OID ) oor,	Apr- 14	Apr- 21	6.0	8.0%	8.0%	8.1%
2013
Tayl or P recis ion P rodu cts	Sr. s (13% Cas 5% O ID) ub n otes h, 1.	Nov -13	May -19	5.9	% 13.0	% 12.8	% 12.5
P2 E y So lutio nerg ns	Seco nd lie n (L+ 8.00 % C ash, 1.0% L Fl 1% O ID) oor,	Nov -13	May -21	4.0	9.0%	11.2 %	16.4 %
Tota l Co ate P rivat e De bt In vest ts Fa ir Va lue rpor men				\$96. 5	8.7%	10.0 %	10.8 %
Tota l Cre dit O tunit ies I tmen ts (6 Inve stme nts) ppor nves				\$40. 4	6.0%	9.5%	15.1 %
Heal thca re C redit Inve stme nts 2016
Gen eric Phar eutic al Co mac	Sen ior s ed te rm lo an (L + 5. 375% , 1% Floo r) ecur	Jan- 16	Jan- 23		6.4%	6.9%	6.6%
mpa ny 2015				-
Term Loa n (M edic al Im plan ts)	Seco nd lie n (L+ 8.50 %, 1 % L Floo r, 6% OID )	Mar- 15	Dec -22	-	9.5%	10.0 %	10.0 %
Roya lty N otes (Bio tech nolo gy)	Roy alty back ed n ote ( 9.37 5% C ash)	Mar- 15	Mar- 26	-	9.4%	9.0%	9.8%
2014
Conv ertib le No tes ( Spec ialty Phar eutic als) mac	Con verti ble n (4.5 % C ash) otes	Apr- 14	May -20	-	4.5%	6.4%	4.6%
n (Sp CP a ) Term Loa ecia lty P nd P edia tric P harm ticals aceu	Sen an (f 2% c % fe e) ior s ed lo irst li en, 1 ash, 0.75 ecur	Feb- 14	Feb- 19	-	% 12.0	% 13.7	% 12.7
Term Loa n (M edic al Di stics ) agno	Sen ior s ed lo an (1 0.5% Cas h) ecur	Jan- 14	Dec -18	-	10.5 %	10.8 %	11.1 %
2013
Term Loa n (S kin P rodu cts C any) omp	Sen ior s ed lo an (F irst L ien, 10.5 % C ash, 1.5% Fee ) ecur	Jul-1 3	Jul-1 8	-	10.5 %	20.2 %	11.1 %
n (G ) Term Loa enet ic Te sting	Sen an (F 10% Cas h, 1% ) ior s ed lo irst L ien, Fee ecur	13 Jun-	18 Jun-	-	10.0 %	10.1 %	9.1%
Roya lty N otes (Ho e Th y) rmon erap	Roy alty back ed n ote	Apr- 11	N/A	-	N/A	N/M	N/M
Tota l Hea lthca re C redit Inve stme nts F air V alue				\$14. 1	8.9%	10.1 %	9.2%
Tota l Inc Por tfoli o Fa ir Va lue ome				\$151 .0	8.8%	10.0 %	11.3 %

Note: As of 28 February, 2017.

1. See endnote #4 for important information on the income investment portfolio.

* Due to confidentiality provisions, company name cannot be disclosed.

FUND INVESTMENTS

Inv est nt N me am e	Ass et C lass	Vin tag e Y ear	Unf ed Com und mit nt me	Fai r Va lue	% o f N BP E N AV
Cat alys t Fu nd I II	Spe cial Situ atio ns F und s	201 1	\$0.7	\$15 .4	2.0%
NB Cro ads Fu nd X VIII - Mi d-ca p Bu t ssro you	Mid Bu t Fu nds -cap you	Fun d XV III	7.1	13. 1	1.7%
NB Cro ads Fu nd X VII ssro	Fun d XV II (D iver sifie d)	Fun d XV II	1.7	10.0	1.3%
Ber tram Gro wth Ca pita l II	Gro wth / V entu re F und s	201 0	1.8	9.7	1.3%
Plat inum Eq uity Ca pita l Pa rtne rs II	Spe cial Situ atio ns F und s	200 7	3.3	7.9	1.0%
OC Op M P rinc ipal port unit ies Fun d IV	Mid Bu t Fu nds -cap you	200 7	2.0	7.5	1.0%
Sun Ca pita l Pa rtne rs V	Spe Situ cial atio ns F und s	200 7	1.1	6.8	0.9%
Avis ta C apit al P artn ers	Mid Bu t Fu nds -cap you	200 6	0.2	6.6	0.9%
Ber Gro wth Ca pita l I tram	Gro wth / V re F und entu s	200 7	1.1	6.5	0.8%
NB Cro ads Fu nd X VIII - Ve ntur e C apit al ssro	Gro wth / V entu re F und s	Fun d XV III	1.7	6.5	0.8%
NG Cap ital Part I , L .P. ners	Gro wth / V entu re F und s	201 0	0.5	6.2	0.8%
Cor sair III F inan cial Ser vice s C apit al P artn ers	Mid Bu t Fu nds -cap you	200 7	0.9	5.8	0.8%
San katy Cre dit O rtun ities III ppo	Spe cial Situ atio ns F und s	200 7	0.0	4.6	0.6%
NB Cro ads Fu nd X VIII - La Bu t ssro rge- cap you	Lar ap B ut F und ge-c uyo s	Fun d XV III	2.2	4.3	0.6%
NB Cro ads Fu nd X VIII - Sp ecia l Sit uati ssro ons	Spe cial Situ atio ns F und s	Fun d XV III	0.9	3.8	0.5%
Oak tree Op port unit ies Fun d V III	Spe cial Situ atio ns F und s	200 9	0.0	3.5	0.5%
G E n C DBA nsio apit al F und xpa	Gro / V wth entu re F und s	201 2	1.1	3.0	0.4%
Ca High star pita l Fu nd I I	Mid Bu t Fu nds -cap you	200 4	0.1	2.9	0.4%
NB Fun d of Fu nds Se dary 200 9 con	Mid Bu t Fu nds -cap you	200 9	0.7	2.8	0.4%
Arc Ligh t En Pa rs F und IV rtne ergy	Mid Bu t Fu nds -cap you	200 7	4.6	2.7	0.4%
OC M O rtun ities Fu nd V IIb ppo	Spe cial Situ atio ns F und s	200 8	3.0	2.7	0.4%
Firs t Re e Fu nd X I serv	Lar ap B ut F und ge-c uyo s	200 6	0.0	2.6	0.3%
Aqu iline Fin ial S ervi Fu nd L .P. anc ces	Mid Bu t Fu nds -cap you	200 5	0.0	2.3	0.3%
CVI Glo bal Valu e Fu nd	Spe cial Situ atio ns F und s	200 6	0.8	2.2	0.3%
Trid ent IV	Mid Bu t Fu nds -cap you	200 7	0.5	2.1	0.3%
J.C . Flo s II wer	Lar ap B ut F und ge-c uyo s	200 6	0.3	2.1	0.3%
Ligh tyea r Ca pita l Fu nd I I	Mid Bu t Fu nds -cap you	200 6	1.4	1.7	0.2%
Cen terb ridg e C redi t Pa rtne rs	Spe cial Situ atio ns F und s	200 8	0.0	1.0	0.1%
Car lyle Eur Pa rtne rs II ope	Lar ap B ut F und ge-c uyo s	200 3	0.6	0.8	0.1%
Am eric an C apit al E quit y II	Mid Bu t Fu nds -cap you	200 5	1.2	0.7	0.1%
Stra tegi c Va lue Glo bal Opp nitie s Fu nd I -A ortu	Spe cial Situ atio ns F und s	201 0	0.1	0.4	0.1%
Stra tegi c Va lue Spe cial Situ atio ns F und	Spe cial Situ atio ns F und s	201 0	0.0	0.2	0.0%
Pro ct H arbo r Cr edit Pa rtne spe rs	Spe cial Situ atio ns F und s	200 7	0.0	0.1	0.0%
Tot al F und Po rtfo lio			\$39 .5	\$14 8.9	19.5 %

Note: As of 28 February, 2017.

TRADING INFORMATION

Tr d ing Sy bo l: a m	C las A Or d ina S ha N B P E s ry res :
Ex ha c ng es :	Eu Am da & Lo do S k Ex ha t ter toc ron ex s m n n c ng e
Cu Ba se rre nc y :	S U D
B loo be m rg :	N B P E N A, N B P E L N
Re ter u s:	N B P E. A S, N B P E. L
I S I N:	G G 0 0 B 1 Z B D 4 9 2
C O O M M N:	0 3 0 9 9 1 0 0 1

Sy Tr d ing bo l: a m	2 0 1 Z D Ps / 2 0 2 2 Z D Ps N B P Z / N B P P 7 :
Ex ha c ng es :	Lo do S k Ex ha & T he In ion l toc ter t n n c ng e na a S toc k Ex ha c ng e
Ba Cu se rre nc y :	G B P
B loo be m rg :	N B P E G B P L N / N B P P: L N
Re ter u s:	N B P E O. L
I S I N:	G G 0 0 B 4 Z X G J 2 2 / G G 0 0 B D 0 F R W 6 3
S O E D L:	B 4 Z X G J 2 / B D 0 F R W 6
Gr Re de t ion Y ie l d a t os s mp Iss ua nc e:	7. 3 0 % / 4. 0 %
S fe ha L i re :	3 1 Ma 2 0 1 / 3 0 Se be 2 0 2 2 7 tem p r y
F ina l Ca i ta l En t i t lem t: p en	/ 1 6 9. 7 3p 1 2 6. 7 4p

CONTACT INFORMATION

Re is ter d O f f ice g e :	N B Pr iva te Eq i ty Pa tne L im i te d u r rs P. O. Bo 2 2 5 x He i tag Ha l l, Le Ma ha t S tre t r e rc n e S Pe Po Gu G Y 1 4 H Y t. ter t, r ern se y C ha l Is lan ds nn e ( 0 ). 1 8 1. 1 6. 0 0 0 Te l: + 4 4. 4 7	Co te Br ke rp or a o rs :	S fe t i l N ico lau s Ne i l W inw d ar Te l: + 4 4. 2 0. 7 7 1 0. 7 6 0 0 Je f fer ies In ion l L im i d ter t te na a Ga Go / S l d tua t K le in ry u r Te l: + 4 4. 2 0. 7 0 2 9. 8 7 6 6
Inv tm t Ma es en na g er :	N B A l ter t ive A dv ise L L C na s rs 3 2 5 N. Sa in t Pa l S tre t u e Su i 4 9 0 0 te Da l las T X 2 0 1 7 5 , S f Un i te d ta tes Am ica o er	Re h An ly ts se arc a s :	S t i fe l N ico lau Ia in Sc l ler s– ou Em i l: ia in. l ler @ i fe l.c t a sc ou s om Je f fer ies Ma k Am bro C F A r se – , @ f fer Em i l: m bro j ies a am se e .co m J. P. Mo Ca C hr is he Bro top rg an ze no ve r wn –
Inv to Re la t ion es r s:	We b: bp iva i tee ty tne ww w. n r q u p ar rs. co m Em i l: I R_ N B P E @ b.c a n om 1. 2 1 6 9 9 3 Te l: + 4. 4 7. 5		Em i l: c hr is he bro @ j top a r. wn p mo rg an .co m Ca d Ge i A lan Br ier ley ty na cc or nu – Em i l: a br ier ley @ dg i ty. a ca na cc or en co m u
Me d ia Re la t ion s:	Ne tr ia Pa tne us r rs N ic k He de n rso n Te l: + 4 4. 2 0. 3 0 2 1. 2 5 8 3		S F i da te To k inn n m er – @ f Em i l: ts k inn i da te. a er n co m L i be Ca i ta l – Co F inn rum p ne r Em i l: c f inn @ l i be i l.c ta a on er. rum ca p om

Numis – Charles Cade & Sarah LewandowskiEmail: c.cade@numis.com

25Winterflood – Simon ElliottEmail: simon.elliott@wins.co.uk

ENDNOTES

• 1. The diversification analysis by geography, industry and vintage is based on the fair value of underlying fund investments and direct/co-investments; the diversification analysis for company size is based on the fair value of the underlying direct/co-investments and the fair value of funds with ^a focus on the company size described. Determinations regarding geography, industry, vintage and company size represent the Investment Manager's estimates. Accordingly, the actual diversification of our investment portfolio and the diversification of our investment portfolio on an ongoing basis may vary from the foregoing information. For the NB Alternatives Direct Coinvestment Program and the NB Healthcare Credit Investment Program commitments, total exposure only reflects the funded investments to date. Unfunded amounts and unfunded percentages within each of these programs are excluded from the analysis, as capital deployment is opportunistic and cannot be accurately forecast at this time.
• 1. Guidance regarding NBPE's future portfolio and performance is ^a target only and not ^a profit forecast. There can be no assurance that this target will be met or that the Company will make any future distributions whatsoever. Any such changes will be notified to shareholders through ^a regulatory information service. NBPE's Board of Directors will continue to evaluate the Company's financial position, annual dividend target and the timing of future dividends. Future dividend payments will be announced by NBPE after the Board of Directors have completed such evaluation.
• 1. Yield to maturities represent the return (IRR) from this reporting period to maturity of the investment. Includes ^a portfolio of small business loans at an interest rate at least at the rate stated above but not included in the yield calculations. The Taylor Precision Products debt notes currently pay 13% cash, but issuer has the option to pay 11% and 2% PIK.
• 1. Actual unfunded commitments are \$260.7 million at 28 February 2017, corresponding to actual under commitment of \$0.3 million and an actual commitment coverage ratio of 100.0%. Unfunded adjustments include removing unfunded commitments to funds past their investment period (although some amount may be called for future follow-ons or expenses), and amounts which can be terminated by NBPE if it so chooses.

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THE CONTENTS OF THIS DOCUMENT AND THE PRESENTATION ARE STRICTLY CONFIDENTIAL AND MAY NOT BE COPIED, DISTRIBUTED, PUBLISHED OR REPRODUCED IN WHOLE OR IN PART, OR DISCLOSED OR DISTRIBUTED BY RECIPIENTS TO ANY OTHER PERSON. ANY RECIPIENT OF THIS DOCUMENT AGREES TO KEEP PERMANENTLY CONFIDENTIAL ALL INFORMATION HEREIN NOTALREADY IN THE PUBLIC DOMAIN.

This document and the presentation are not for release, publication or distribution (directly or indirectly) in or into the United States, Canada, Australia or Japan or to any "US person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") or into any other jurisdiction where applicable laws prohibit its release, distribution or publication. It does not constitute an offer of securities for sale anywhere in the world, including in or into the United States, Canada, Australia or Japan. No recipient may distribute, or make available, this document or the presentation (directly or indirectly) to any other person. Recipients of this document and the presentation should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of this document and the presentation may in certain jurisdictions be restricted by law. Accordingly, recipients represent that they are able to receive this document and relating presentation without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business.

This document and the presentation have been prepared by NB Private Equity Partners Limited ("NBPE") and NB Alternatives Advisers LLC (the "Investment Manager"). No member of the Neuberger Berman Group nor any of their respective directors, officers, employees, advisors, representatives, or other agents makes or has been authorised to make any representation or warranties (express or implied) in relation to NBPE or as to the truth, accuracy or completeness of this document or the presentation, or any other written or oral statement provided. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this document or the presentation and nothing in this document or the presentation is or should be relied on as ^a promise or representation as to the future. The name "Neuberger Berman" is used interchangeably throughout these materials for ^a number of entities that are part of, or are associated with, the Neuberger Berman Group and when used in this notice includes all such entities.

This document does not constitute ^a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any decision in respect of NBPE or other evaluation of any securities of NBPE or any other entity and should not be considered as ^a recommendation that any investor should subscribe for or purchase any such securities. Neither the issue of this document nor the presentation nor any part of their contents constitutes an offer to sell or invitation to purchase any securities of NBPE or any other entity or any persons holding securities of NBPE and no information set out in this document or the presentation or referred to in other written or oral information is intended to form the basis of any contract of sale, investment decision or any decision to purchase any securities referred to in it.

The information contained in this document is given at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment. No reliance may be placed for any purpose whatsoever on the information of opinions contained in this document or on its completeness, accuracy or fairness. The contents of this document have not been approved by any competent regulatory or supervisory authority.

This document, any presentation made in conjunction with this document and any accompanying materials (the "Information Materials") are made available for information purposes only. The Information Materials, which are not ^a prospectus or listing particulars or an admission document, do not contain any representations, do not constitute or form part of any offer or invitation to sell or transfer, or to underwrite, subscribe for or acquire, any shares or other securities, and do not constitute or form any part of any solicitation of any such offer or invitation, nor shall they are or any part of them or the fact of their distribution form the basis of or be relied upon in connection with any contract therefore, and do not constitute ^a recommendation regarding the securities of NBPE.

Neither NBPE nor Neuberger Berman gives any undertaking to provide the recipient with access to any additional information, or to update this document, the presentation or any additional information, or to correct any inaccuracies in it which may become apparent and the distribution of this document and the presentation shall not be deemed to be any form of commitment on the part of NBPE, the Investment Manager or Neuberger Berman to proceed with any transaction.

LEGAL DISCLAIMER

THE PROMOTION OF NBPE AND THE DISTRIBUTION OF THIS DOCUMENT AND THE PRESENTATION IN THE UNITED KINGDOM IS RESTRICTED BY LAW. ACCORDINGLY, THIS COMMUNICATION IS DIRECTED ONLY AT (I) PERSONS OUTSIDE THE UNITED KINGDOM TO WHOM IT IS LAWFUL TO COMMUNICATE TO, OR (II) PERSONS HAVING PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS WHO FALL WITHIN THE DEFINITION OF "INVESTMENT PROFESSIONALS" IN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED), OR (III) HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS AND PARTNERSHIPS AND TRUSTEES OF HIGH VALUE TRUSTS AS DESCRIBED IN ARTICLE 49(2) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED); PROVIDED THAT IN THE CASE OF PERSONS FALLING INTO CATEGORIES (II) OR (III), THE COMMUNICATION IS ONLY DIRECTED AT PERSONS WHO ARE ALSO "QUALIFIED INVESTORS" AS DEFINED IN SECTION 86 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (EACH A "RELEVANT PERSON"). ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS COMMUNICATION RELATES IS AVAILABLE ONLY TO AND WILL BE ENGAGED IN ONLY WITH SUCH RELEVANT PERSONS. PERSONS WITHIN THE UNITED KINGDOM WHO RECEIVE THIS COMMUNICATION (OTHER THAN PERSONS FALLING WITHIN (II) AND (III) ABOVE) SHOULD NOT RELY ON OR ACT UPON THIS COMMUNICATION. YOU REPRESENT AND AGREE THAT YOU ARE A RELEVANT PERSON.

NBPE HAS NOT BEEN, AND HAS NO INTENTION TO BE, REGISTERED UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "INVESTMENT COMPANY ACT") AND INVESTORS WILL NOT BE ENTITLED TO THE BENEFITS OF THAT ACT. THE SECURITIES DESCRIBED IN THIS DOCUMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT. CONSEQUENTLY, SUCH SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) UNLESS SUCH SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENT OF THE SECURITIES ACT IS AVAILABLE. NO PUBLIC OFFERING OF THE SECURITIES IS BEING MADE IN THE UNITED STATES.

PROSPECTIVE INVESTORS SHOULD TAKE NOTE THAT ANY SECURITIES MAY NOT BE ACQUIRED BY INVESTORS USING ASSETS OF ANY RETIREMENT PLAN OR PENSION PLAN THAT IS SUBJECT TO PART 4 OF SUBTITLE B OF TITLE I OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA") OR SECTION 4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ENTITIES WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE "PLAN ASSETS" OF ANY SUCH RETIREMENT PLAN OR PENSION PLAN, OR ANY GOVERNMENTAL PLAN, CHURCH PLAN, NON-U.S. PLAN OR OTHER INVESTOR SUBJECT TO ANY STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS SIMILAR TO TITLE I OR ERISA OR SECTION 4975 OF THE CODE OR THAT WOULD HAVE THE EFFECT OF THE REGULATIONS ISSUED BY THE UNITED STATES DEPARTMENT OF LABOR SET FORTH AT 29 CFR SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA.

THE MERITS OR SUITABILITY OF ANY SECURITIES MUST BE INDEPENDENTLY DETERMINED BY THE RECIPIENT ON THE BASIS OF ITS OWN INVESTIGATION AND EVALUATION OF NBPE, THE INVESTMENT MANAGER, AND NEUBERGER BERMAN. ANY SUCH DETERMINATION SHOULD INVOLVE, AMONG OTHER THINGS, AN ASSESSMENT OF THE LEGAL, TAX, ACCOUNTING, REGULATORY, FINANCIAL, CREDIT AND OTHER RELATED ASPECTS OF THE SECURITIES. RECIPIENTS OF THIS DOCUMENT AND THE PRESENTATION ARE RECOMMENDED TO SEEK THEIR OWN INDEPENDENT LEGAL, TAX, FINANCIAL AND OTHER ADVICE AND SHOULD RELY SOLELY ON THEIR OWN JUDGMENT, REVIEW AND ANALYSIS IN EVALUATING NBPE, THE INVESTMENT MANAGER, AND NEUBERGER BERMAN, AND THEIR BUSINESS AND AFFAIRS.

THIS DOCUMENT AND THE PRESENTATION MAY CONTAIN CERTAIN FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS RELATE TO EXPECTATIONS, BELIEFS, PROJECTIONS, FUTURE PLANS AND STRATEGIES, ANTICIPATED EVENTS OR TRENDS AND SIMILAR EXPRESSIONS CONCERNING MATTERS THAT ARE NOT HISTORICAL FACTS. IN SOME CASES, FORWARD-LOOKING STATEMENTS CAN BE INDENTIFIED BY TERMS SUCH AS "ANTICIPATE", BELIEVE", "COULD", "ESTIMATE", "EXPECT", "INTEND", "MAY", "PLAN", "POTENTIAL", "SHOULD", "WILL", AND "WOULD", OR THE NEGATIVE OF THOSE TERMS OR OTHER COMPARABLE TERMINOLOGY. THE FORWARD-LOOKING STATEMENTS ARE BASED ON NBPE'S AND/OR NEUBERGER BERMAN'S BELIEFS, ASSUMPTIONS AND EXPECTATIONS OF FUTURE PERFORMANCE AND MARKET DEVELOPMENTS, TAKING INTO ACCOUNT ALL INFORMATION CURRENTLY AVAILABLE. THESE BELIEFS, ASSUMPTIONS, AND EXPECTATIONS CAN CHANGE AS A RESULT OF MANY POSSIBLE EVENTS OR FACTORS, NOT ALL OF WHICH ARE KNOWN OR ARE WITHIN NBPE'S OR NEUBERGER BERMAN'S CONTROL. IF A CHANGE OCCURS, NBPE'S BUSINESS, FINANCIAL CONDITION, LIQUIDITY AND RESULTS OF OPERATIONS MAY VARY MATERIALLY FROM THOSE EXPRESSED IN FORWARD-LOOKING STATEMENTS. SOME OF THE FACTORS THAT COULD CAUSE ACTUAL RESULTS TO VARY FROM THOSE EXPRESSED IN FORWARD-LOOKING STATEMENTS, INCLUDE, BUT ARE NOT LIMITED TO: THE FACTORS DESCRIBED IN THIS DOCUMENT AND THE PRESENTATION; THE RATE AT WHICH NBPE DEPLOYS ITS CAPITAL IN INVESTMENTS AND ACHIEVES EXPECTED RATES OF RETURN; NBPE'S AND THE INVESTMENT MANAGER'S ABILITY TO EXECUTE NBPE'S INVESTMENT STRATEGY, INCLUDING THROUGH THE IDENTIFICATION OF A SUFFICIENT NUMBER OF APPROPRIATE INVESTMENTS; THE CONTINUATION OF THE INVESTMENT MANAGER AS MANAGER OF NBPE'S INVESTMENTS, THE CONTINUED AFFILIATION WITH NEUBERGER BERMAN OF ITS KEY INVESTMENT PROFESSIONALS; NBPE'S FINANCIAL CONDITION AND LIQUIDITY; CHANGES IN THE VALUES OF OR RETURNS ON INVESTMENTS THAT THE NBPE MAKES; CHANGES IN FINANCIAL MARKETS, INTEREST RATES OR INDUSTRY, GENERAL ECONOMIC OR POLITICAL CONDITIONS; AND THE GENERAL VOLATILITY OF THE CAPITAL MARKETS AND THE MARKET PRICE OF NBPE'S SHARES.

BY THEIR NATURE, FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES BECAUSE THEY RELATE TO EVENTS, AND DEPEND ON CIRCUMSTANCES THAT MAY OR MAY NOT OCCUR IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. ANY FORWARD-LOOKING STATEMENTS ARE ONLY MADE AS AT THE DATE OF THIS DOCUMENT AND THE PRESENTATION, AND NEITHER NBPE NOR THE INVESTMENT MANAGER ASSUMES ANY OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS SET FORTH IN THIS DOCUMENT WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS, OR OTHERWISE, EXCEPT AS REQUIRED BY LAW OR OTHER APPLICABLE REGULATION. IN LIGHT OF THESE RISKS, UNCERTAINTIES, AND ASSUMPTIONS, THE EVENTS DESCRIBED BY ANY SUCH FORWARD-LOOKING STATEMENTS MIGHT NOT OCCUR. NBPE QUALIFIES ANY AND ALL OF THEIR FORWARD-LOOKING STATEMENTS BY THESE CAUTIONARY FACTORS. PLEASE KEEP THIS CAUTIONARY NOTE IN MINDWHILE READING THIS DOCUMENT.

LEGAL DISCLAIMER

BY ACCEPTING AND READING THIS DOCUMENT AND/OR ATTENDING THE PRESENTATION TO WHICH THIS DOCUMENT RELATES YOU WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND UNDERTAKEN FOR THE BENEFIT OF NBPE, THE INVESTMENT MANAGER, NEUBERGER BERMAN AND OTHERS THAT (A) YOU ARE OUTSIDE OF THE UNITED STATES AND ARE AN "INVESTMENT PROFESSIONAL" (AS DEFINED ABOVE), (B) YOU HAVE READ AND AGREE TO COMPLY WITH THE CONTENTS OF THIS NOTICE, YOU WILL KEEP THE INFORMATION IN THIS DOCUMENT AND DELIVERED DURING ANY PRESENTATION OR CONTAINTED IN ANY ACCOMPANYING DOCUMENT AND ALL INFORMATION ABOUT NEUBERGER BERMAN CONFIDENTIAL, AND WILL NOT REPRODUCE OR DISTRIBUTE, IN WHOLE OR IN PART, (DIRECTLY OR INDIRECTLY) ANY SUCH INFORMATION, UNTIL SUCH INFORMATION HAS BEEN MADE PUBLICLY AVAILABLE AND TAKE ALL REASONABLE STEPS TO PRESERVE SUCH CONFIDENTIALITY, AND (C) YOU ARE PERMITTED, IN ACCORDANCE WITH APPLICABLE LAWS, TO RECEIVE SUCH INFORMATION.

NBPE IS ESTABLISHED AS A CLOSED-END INVESTMENT COMPANY IN GUERNSEY AND THE COMPANY IS SUBJECT TO THE NETHERLANDS FINANCIAL SUPERVISION ACT (WET OP HET FINANCIEEL TOEZICHT, "WFT"), AS A LISTED ENTITY (UITGEVENDE INSTELLING) AS DEFINED IN SECTION 1:1 OF THE WFT. 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.

THIS DOCUMENT IS ISSUED BY NBPE WHOSE REGISTERED ADDRESS IS AT HERITAGE HALL, PO BOX 225, LE MARCHANT STREET, ST. PETER PORT, GUERNSEY GY1 4HY. NB ALTERNATIVES ADVISERS LLC IS A REGISTERED INVESTMENT ADVISER IN THE UNITED STATES. NEUBERGER BERMAN IS A REGISTERED TRADEMARK. ALL RIGHTS RESERVED. ©2017 NB ALTERNATIVES ADVISERS LLC.