NB Private Equity Partners Ltd. — Net Asset Value 2011

Oct 12, 2011

CONTACT INFORMATION

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

INVESTMENT MANAGER

NB Alternatives Advisers LLC 325 N. Saint Paul Street Suite 4900 Dallas, TX 75201 United States of America IR_NBPE@nb.com T l 1 214 647 9593 INVESTMENT MANAGER COMMENTARY Tel. +1.214.647.9593Fax. +1.214.647.9501

REGISTERED OFFICE

NB Private Equity Partners Limited P.O. Box 225 Heritage Hall, Le Marchant Street St. Peter Port, Guernsey GY1 4HY Channel Islands www.nbprivateequitypartners.com Tel. +44-(0)1481.716.000 F +44 (0)1481 728 452

ORDINARY SHARE INFORMATION

Trading Symbol: NBPE Exchanges: Euronext Amsterdam & London Stock Exchange Euronext Admission Date: 25 July 2007 LSE Admission Date: 30 June 2009 Base Currency: USD Bloomberg: NBPE NA, NBPE LN Reuters: NBPE.AS, NBPE.L ISIN GG00B1ZBD492 COMMON: 030991001

ZDP SHARE INFORMATION

Trading Symbol: NBPZ Exchanges: London Stock Exchange & Channel Islands Stock Exchange Admission Date: 1 December 2009 Base Currency: GBP Bloomberg: NBPEGBP LN Reuters: NBPEO.L ISIN: GG00B4ZXGJ22 SEDOL: B4ZXGJ2 GRY at Issuance: 7.30% Share Life: 7.5 Years to 31 May 2017 Final Capital Entitlement: 169.73 pence

30 September 20111

COMPANY OVERVIEW

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. NBPE invests in private equity funds managed by leading sponsors, including fund of funds managed by the Investment Manager, and makes direct private equity investments alongside leading sponsors ("co-investments"). NBPE's investment objective is to produce attractive returns on its capital from its private equity investments while managing investment risk through portfolio diversification across asset class, vintage year, geography, industry, and sponsor.

INVESTMENT MANAGER

During September, NBPE received \$3.1 million proceeds from the realization of one direct investment in royalty notes backed by the sales of a HIV medication which NBPE invested in December 2010. Including prior distributions, this realization represents a 23% IRR and 1.15x multiple to the NBPE portfolio. Additionally NBPE funded a large-cap buyout co-investment alongside Carlyle Europe in RAC, a provider of motor-related and breakdown assistance services to consumer and corporate clients in the UK.

Including new investment activity, NBPE invested \$6.2 million into private equity investments and received \$6.4 million of distributions during September. As a result of this investment activity, the Fax. +44-(0)1481.728.452 Company's private equity investment level was 100% of NAV at 30 September 2011. Approximately 77% of the contributions were invested in buyout co-investments, 18% were invested in special situation funds, 4% were invested in buyout funds, and 1% were invested in growth equity/venture funds. A majority of the distributions during the month were from proceeds related to the realization of the drug royalty notes and distributions from fund investments in Wayzata Opportunities Fund II, American Capital Equity II, and NB Crossroads Fund XVII.

As of 30 September 2011, the unaudited NAV per share was \$10.55, which represents a decrease of 1.7% compared to the unaudited NAV per share of \$10.73 at 31 August 2011. During September, ISIN: NBPE's portfolio value decreased due to \$5 0 million of unrealized losses on credit-related fund NBPE s\$5.0investments, \$2.8 million of unrealized losses on public securities, and \$2.2 million of negative foreign exchange adjustments. Share repurchases during the month were accretive to NAV per share by approximately \$0.01.

NET ASSET VALUE DEVELOPMENT

(\$ in millions, except per share data)

Base Currency: GBP Bloomberg: NBPEGBP LN Reuters: NBPEO.L ISIN: GG00B4ZXGJ22 ISIN: SEDOL: B4ZXGJ2 GRY at Issuance: 7.30% Share Life: 7.5 Years to 31 May 2017 Final Capital Entitlement: 169.73 pence		30 September 2011	31 A ugust 2011
	Summary o f N A V o f Ordinary Shares	(Unaudited)	(Unaudited)
	Fund Investments and Fund of Funds Investments	\$397.1 \$	\$407.7 \$
	Direct / Co-investments *	\$126.5	\$125.6
	T o tal P rivate Equity Investments	\$ 523.6	\$ 533.3
	Cash and Cash Equivalents	\$69.4	\$72.2
	Credit Facility Outstanding	-	-
	ZDP Share Liability, incl. Forward Currency Contract	(\$61.4)	(\$61.7)
	Net Other Assets (Liabilities), incl. M inority Interest	(\$6.7)	(\$7.0)
As of 30 September 2011, the private equity portfolio included exposure to 73 investments and over 2,500 underlying portfolio companies.	Net Asset Value	\$ 524.9	\$ 536.8
	N et A sset Value per Share **	\$ 10.55	\$ 10.73
	C lo sing Share P rice (Euro next A msterdam) Closing Share rice next Amsterdam)	\$7 06 \$ 7.06	\$7 93 \$ 7.93
* Includes both equity and debt investments. ** As of 30 September 2011, there were 49,727,291 class A ordinary shares and 10,000 class B ordinary shares outstanding, with 3,150,408 class A ordinary shares held in treasury. As of 31 August 2011, there were 50,000,973 class A ordinary shares and 10,000 class B ordinary shares outstanding, with 3,150,408 class A ordinary shares held in treasury.	P remium (D isco unt)	(33.1%)	(26.1%)
	Summary o f P rivate Equity Expo sure
	Estimated Fair Value of Private Equity Investments	\$523.6	\$533.3
	Unfunded Private Equity Commitments ***	\$125.9	\$131.4
	T o tal P rivate Equity Expo sure	\$ 649.5	\$ 664.7
	Private Equity Investment Level	100%	99%
	Cash + Undrawn Committed Credit Facility	\$319.4	\$322.2
	Commitment Cover Ratio***	254%	245%
*** This analysis is before the \$200 million commitment to the NB Alternatives direct co	(In £)
investment program. **** As of 30 September 2011 and 31 August 2011, there were 32,999,999 ZDP shares outstanding.	Summary o f the Z D P Shares
	ZDP Net Asset Value per Share ****	113.79p	113.14p
	C lo sing Z D P Share P rice (LSE)	124.25p	124.75p
	P remium (D isco unt)	9.2%	10.3%

30 September 20111

PRIVATE EQUITY PORTFOLIO DIVERSIFICATION

Key information about NBPE's private equity portfolio based upon fair value at 30 September 2011 was as follows.2

Based on total private equity exposure, which includes unfunded commitments, the diversification of NBPE's private equity portfolio at 30 September 2011 was as follows: ²

• Asset class and investment type special situations funds: 31%; special situations direct investments: 5%; mid-cap buyout funds: 22%; mid-cap buyout co-investments: 10%; large-cap buyout funds: 9%; large-cap buyout co-investments: 6%; growth / venture: 12%; secondary purchases: 5%
• Geography North America: 75%; Europe: 20%; Asia / rest of world: 5%
• Industry energy / utilities: 13%; financial services: 12%; consumer / retail: 10%; industrials: 12%; communications / media: 9%; technology / IT: 7%; healthcare: 7%; business services: 3%; transportation: 4%; diversified / undisclosed / other: 23%

The diversification of NBPE's unfunded private equity commitments at 30 September 2011 was as follows: ²

• Asset class and investment type special situations funds: 34%; mid-cap buyout funds: 21%; mid-cap buyout co-investments: 3%; large-cap buyout funds: 8%; growth / venture: 22%; secondary purchases: 12%
• Vintage year of fund or direct / co-investment 2004 & Earlier: 2%; 2005: 1%; 2006: 14%; 2007: 40%; 2008: 6%; 2009: 10%; 2010: 11%; 2011: 16%

30 September 20111

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 esti t ma e f i ar value. P bli l Publicly t dd ra e securities are val d ue b d ase on quot de prices as of the l t as day of the rel t evan peri do less di t scoun s to refl t ec 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 revalues 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. If the Company concludes that it is probable an investment will be sold, the Company will adjust the carrying value to the amount the Company expects to realize from the sale, exclusive of transaction costs.

NBPE expects to issue its interim management report for the quarter ended 30 September 2011 in November. The interim management report will include unaudited financial information prepared in accordance with accounting principles generally accepted in the United States. NBPE is required to consider, and will consider, all known material information in preparing such interim report, including information that may become known subsequent to the issuance of this monthly report. Accordingly, amounts included in the interim management report may differ from this monthly report.

TRADING VOLUME AND SHARE REPURCHASE ACTIVITY

D i ur ng the month of S b eptem er, NBPE's aggregate trading volume on Euronext A d mster am, the L d on on S k toc E h xc ange, and over-the-counter trading platforms was 605,581 shares, which represents an average daily trading volume of approximately 27,526 shares. The trading volume in September included approximately 1,831 shares traded over-the-counter and not reported on Euronext Amsterdam or the London Stock Exchange.

On 21 October 2010, NBPE announced the launch of a share buy-back programme (the "Programme") with the objective of implementing the Capital Return Policy previously announced by the Company. The Programme commenced with effect from 22 October 2010 and, subject to extension, will end on 31 August 2011. Under the terms of the Programme, NBPE has appointed The Royal Bank of Scotland N.V. (London Branch) ("RBS") to manage the Programme and has authorised RBS to effect on-market repurchases of class A ordinary shares on behalf of the Company on Euronext Amsterdam and/or the Specialist Fund Market of the London Stock Exchange. Shares bought back under the Programme will be cancell de . The operation of the C ' ompany's li idit liquidity enh t ancementprogramme on E t uronextA td ms er am, whi hc is managed by The R l oya Bank of Scotland N.V. pursuant to the liquidity enhancement contract dated 29 June 2010, has been suspended for the duration of the Programme.

During September, a total of 273,682 shares were repurchased under the Programme at an aggregate net purchase price of \$2,063,737 or a weighted average price per share of approximately \$7.53. There were ten days in which transactions were conducted, and all of the shares bought back in September were cancelled. The share repurchases during the month were accretive to NBPE's NAV by approximately \$0.01 per share. As of 30 September 2011, there were 49,727,291 class A ordinary shares and 10,000 class B ordinary shares outstanding, with 3,150,408 class A ordinary shares held in treasury.

1. Figu es r p o ded r videda er u aud ted nauditeda dn subject to c a ge h n . Ce tar in nu be s m r may not total due to rou d g n in .

2. The diversification analysis by asset class and investment type is based on the fair value of underlying fund investments and direct / co-investments (including unfunded commitments on a total private equity exposure basis). 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. For primary investments and direct / co-investments, the vintage year is defined as the date of the first portfolio investment or the date of the direct / co-investment. For secondary investments, the vintage year is defined as the date of the secondary acquisition. 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. 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 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 NBPE's books and records as of the reporting date This information is believed to be accurate but has not been NBPE sdate. audited by a third party. This report describes past performance, which may not be indicative of future results. NBPE does not accept 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.