NB Private Equity Partners Ltd. — Net Asset Value 2009

Mar 11, 2009

Lehman Brothers Private Equity Partners Limited

28 February 2009 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 the NB Alternatives group of Neuberger Berman 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

LBPE did not commit to any new private equity funds or invest in any direct co-investments in February. The Company invested an aggregate \$3.8 million in private equity investments and received an aggregate \$2.6 million of distributions during the month. As a result, LBPE's private equity investment level increased to 107% of total net asset value at 28 February 2009. Approximately 95% of the capital deployed in February was invested evenly across buyout and distressed funds, while 5% was invested in growth equity / venture funds. Nearly half of the distributions received during the month were related to the Company's co-investment in TPF Genco Holdings. In addition, LBPE paid down \$15.0 million of principal on its credit facility during February.

Based on audited and preliminary valuation information collected through 10 March 2009, LBPE's unaudited net asset value per share was \$8.13 at 28 February 2009. This represents a decrease of 3.2% compared to the unaudited 31 January 2009 net asset value per share of \$8.40. The most significant portion of the decrease (approximately \$0.19) was related to new valuation estimates for fund investments and co-investments at 31 December 2008 based on information that was collected subsequent to the January monthly report. When issued, the audited financial statements for 2008 will include the additional valuation information received subsequent to year end. During February, LBPE's portfolio value decreased as a result of depreciation in the unrealized value of publicly traded equity securities and credit related fund investments as well as unrealized losses due to negative foreign exchange adjustments. However, the net effect of share repurchases through the Company's Liquidity Enhancement Agreement contributed approximately \$0.05 to LBPE's net asset value per share during February.

Net Asset Value Development

Summary of Net Asset Value (\$ in millions, except per share data)	28 February 2009	31 January 2009
Direct Fund Investments and Fund of Funds Investments	\$357.3	\$369.9
Co-investments *	88.0	90.3
Total Private Equity Investments	\$445.4	\$460.2
Cash and Cash Equivalents	114.1	131.8
Credit Facility	(137.0)	(152.1)
Net Other Assets (Liabilities), including Minority Interest	(5.0)	(4.8)
Net Asset Value	\$417.5	\$435.2
Net Asset Value per Share **	\$8.13	\$8.40
Closing Share Price	\$2.07	\$2.55
Premium (Discount)	(74.6%)	(69.7%)

Summary of Private Equity Exposure	28 February 2009	31 January 2009
Estimated Net Asset Value of Private Equity Investments	\$445.4	\$460.2
Unfunded Private Equity Commitments	175.6	178.1
Total Private Equity Exposure	\$621.0	\$638.3
Private Equity Investment Level	107%	106%
Commitment Level	149%	147%
Cash + Undrawn Committed Credit Facility	\$227.5	\$230.1

As of 28 February 2009, the investment portfolio included exposure to 58 underlying investments and over 2,300 underlying portfolio companies.

* Includes both equity and mezzanine co-investments.

** As of 28 February 2009, there were 51,315,722 Class A ordinary shares and 10,000 Class B ordinary shares outstanding, with 2,894,278 Class A ordinary shares held in treasury. As of 31 January 2009, there were 51,774,034 Class A ordinary shares and 10,000 Class B ordinary shares outstanding, with 2,435,966 Class A ordinary shares held in treasury.

Lehman Brothers Private Equity Partners Limited 28 February 2009 ¹

Private Equity Portfolio Diversification

Key information about LBPE's portfolio of private equity investments based upon fair value at 28 February 2009 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 28 February 2009 was as follows: 2

• Asset class and investment type buyout funds: 53%; buyout co-investments: 15%; special situations funds: 21%; special situations co-investments: 1%; growth / venture: 8%; secondary purchases: 2%
• Vintage year of fund or co-investment 2000 & earlier: 1%; 2001: 3%; 2002: 2%; 2003: 2%; 2004: 2%; 2005: 12%; 2006: 31%; 2007: 35%; 2008: 11%; 2009: 1%
• Geography North America: 72%; Europe: 24%; Asia / rest of world: 4%
• Industry energy / utilities: 21%; industrials: 12%; financial services: 11%; consumer / retail: 9%; technology / IT: 8%; healthcare: 8%; communications / media: 7%; business services: 6%; transportation: 3%; diversified / undisclosed / other: 15%

Lehman Brothers Private Equity Partners Limited 28 February 2009 ¹

Valuation Methodology

The Company carries its private 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 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 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. The Company proactively re-values its investments before it has received updated information from the fund manager or lead sponsor if it becomes aware of material events that justify a change in valuation.

Liquidity Enhancement Agreement

In July 2008, LBPE announced the adoption of a Liquidity Enhancement Agreement (the "Agreement") that is intended to further strengthen the liquidity in the trading of LBPE's Class A ordinary shares ("shares") on Euronext Amsterdam by NYSE Euronext. LBPE entered into the Agreement with ABN AMRO Bank N.V. London Branch ("ABN"), giving ABN sole discretion to effect share repurchases and sales of shares held in treasury on Euronext Amsterdam. During February, a total of 458,312 shares were repurchased pursuant to the Agreement at a total net purchase price of approximately \$1,070,797, or an average price per share of approximately \$2.34. There were 16 days in which transactions were conducted, with an average daily repurchase volume of 28,645 shares. The net effect of share repurchases during February contributed approximately \$0.05 to LBPE's net asset value per share. The repurchased shares are held as treasury shares. As of 28 February 2009, there were 51,315,722 Class A ordinary shares and 10,000 Class B ordinary shares outstanding, with 2,894,278 Class A ordinary shares held in treasury.

Contact Information

For questions about LBPE, 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 Email: investorrelations@lbpe.com Phone: +1-214-647-9593 Fax: +1-214-647-9501

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

Key Information

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

1. Figures provided are unaudited and subject to change. Certain numbers may not total due to rounding.

2. The diversification analysis by asset class and investment type is based on the net asset value of underlying fund investments and co-investments (including unfunded commitments on a total private equity exposure basis). The diversification analysis by vintage year, geography and industry is based on the diversification of underlying portfolio company investments at fair value as estimated by the Investment Manager. The vintage year diversification also includes an allocation of net cash flows and valuation adjustments made since financial statements were last received from the investment sponsor. Determinations regarding asset class, investment type, geography and industry, as well as the allocation of unfunded commitments on a total private equity exposure basis, also 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.

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.

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 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.