NB Private Equity Partners Ltd. — M&A Activity 2008

Sep 30, 2008

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

Lehman Brothers Private Equity Partners Limited Notice to Shareholders

30 September 2008

Lehman Brothers Private Equity Partners Limited ("LBPE" or "the Company"), a closed-end private equity fund of funds investment company, today announced that it was informed that Lehman Brothers Holdings Inc. has agreed to the sale of substantially all of its Investment Management Division to Bain Capital LLC and Hellman & Friedman LLC, in partnership with existing management. Lehman Brothers Private Fund Advisers, LP, the Investment Manager for LBPE, and certain of its affiliates will be a part of this transaction. The sale is subject to regulatory and certain investor approvals.

The transaction will create a focused, independent investment management company poised to be a leading provider of world class traditional and alternative investment products and services.

LBPE's Board of Directors believes this transaction will significantly benefit the Company. It will provide the management team of the Investment Manager a strong platform from which to continue managing LBPE's high quality private equity portfolio and support the long term success of the Company.

For further information, please contact:

LBPE Investor Relations	+1 214 647 9593
Financial Dynamics Rob Bailhache Nick Henderson	+44 20 7269 7114

About Lehman Brothers Private Equity Partners

LBPE is a closed-end private equity fund of funds investment company listed on Euronext Amsterdam on 25 July 2007, raising a total of \$542.1 million. LBPE holds a diversified portfolio of private equity fund investments and certain direct co-investments, diversified across private equity asset class, geography, industry, vintage year and sponsor, selected by the Investment Manager.

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.

The Company is established as a closed-end investment company domiciled in Guernsey. The Company has received the necessary consent of the Guernsey Financial Services Commission and the State of Guernsey Policy Counsel. LBPE 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. 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 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 the 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 the fund may differ materially from those reflected or contemplated in such targets or forward-looking statements.