NB Private Equity Partners Ltd. — Net Asset Value 2011

Jun 10, 2011

CONTACT INFORMATION

For questions about NBPE, please contact the Investor Relations department 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 Tel. +1.214.647.9593 Fax. +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 Fax. +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

As of 31 May 2011, the private equity portfolio included exposure to 72 investments and over 2,500 underlying portfolio companies.

* Includes both equity and debt investments. ** As of 31 May 2011, there were 50,272,802 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 30 April 2011, there were 50,308,627 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 May 2011 and 30 April 2011, there were 32,999,999 ZDP shares outstanding.

31 May 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 COMMENTARY

During May, NBPE committed \$6.0 million equivalent (Euro denominated) to DBAG Expansion Capital Fund, a growth equity fund focused on middle-market industrial and engineering companies in Germany. NBPE also committed to a new buyout co-investment alongside Neuberger Berman's Coinvestment Fund. We expect the transaction to close in the upcoming months.

Including new investment activity, NBPE invested \$5.4 million into private equity investments and received \$3.4 million of distributions during May. As a result of this investment activity, the Company's private equity investment level increased to 101% of NAV at 31 May 2011. Approximately 59% of the contributions were invested in growth equity / venture funds, 29% were invested in special situations funds, and 12% were invested in buyout funds. A majority of the distributions during the month were from NBPE's investments in CVI Global Value Fund, royalty notes backed by a leading neuropathic pain medication and NB Crossroads Fund XVII and XVIII.

As of 31 May 2011, the unaudited NAV per share was \$10.82, which represents an increase of 0.6% compared to the unaudited revised NAV per share of \$10.76 at 30 April 2011. During May, NBPE's portfolio value increased due to \$5.4 million of net unrealized gains attributable to the receipt of Q1 2011 valuation information and \$0.3 million of unrealized gains on credit-related fund investments. These increases in value were offset by \$0.8 million of negative foreign exchange adjustments and less than \$0.1 million of unrealized losses on public equity securities. Share repurchases during the month were accretive to NAV per share by less than \$0.01.

NET ASSET VALUE DEVELOPMENT

(\$ in millio ns, except per share data)

Summary o f N A V o f Ordinary Shares	3 1 M a y 2 0 11 (Unaudited)	3 0 A pril 2 0 11 (R evised)
Fund Investments and Fund o f Funds Investments	\$ 423.2	\$ 418.2
Direct / Co -investments *	\$ 124.7	\$ 122.6
T o tal P rivate Equity Investments	\$ 547.9	\$ 540.8
Cash and Cash Equivalents	\$ 64.8	\$ 67.8
Credit Facility Outstanding	-	-
ZDP Share Liability, incl. Fo rward Currency Co ntract	(\$ 60.7)	(\$ 60.7)
Net Other A ssets (Liabilities), incl. M ino rity Interest	(\$ 7.7)	(\$ 6.3)
N et A sset Value	\$ 544.3	\$ 5 4 1.5
N e t A s s e t V a lue pe r S ha re **	\$ 10 .8 2	\$ 10 .7 6
C lo sing Share P rice (Euro next A m sterdam )	\$ 8.90	\$ 8.40
P re m ium ( D is c o unt )	( 17 .8 %)	( 2 1.9 %)
Sum m ary o f P rivate Equity Expo sure
Estimated Fair Value o f P rivate Equity Investments	\$ 547.9	\$ 540.8
Unfunded P rivate Equity Co mmitments	\$ 121.4	\$ 115.0
T o tal P rivate Equity Expo sure	\$ 669.3	\$ 655.8
P rivate Equity Investment Level	101%	100%
Cash + Undrawn Co mmitted Credit Facility	\$ 314.8	\$ 317.8
Co mmitment Co ver Ratio	259%	276%
(In £)
Summary o f the Z D P Shares
Z D P N e t A s s e t V a lue pe r S ha re ***	111.14 p	110 .4 8 p
C lo s ing Z D P S ha re P ric e ( LS E )	12 3 .7 5 p	12 0 .8 8 p
P re m ium ( D is c o unt)	11.3 %	9 .4 %

31 May 20111

PRIVATE EQUITY PORTFOLIO DIVERSIFICATION

Key information about NBPE's private equity portfolio based upon fair value at 31 May 2011 was as follows.2

Based on total private equity exposure, which includes unfunded commitments, the diversification of NBPE's private equity portfolio at 31 May 2011 was as follows: 2

• Asset class and investment type special situations funds: 33%; 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: 3%
• Geography North America: 76%; Europe: 19%; Asia / rest of world: 5%
• Industry energy / utilities: 15%; financial services: 11%; consumer / retail: 9%; industrials: 13%; communications / media: 9%; technology / IT: 7%; healthcare: 8%; business services: 4%; transportation: 4%; diversified / undisclosed / other: 20%

The diversification of NBPE's unfunded private equity commitments at 31 May 2011 was as follows: 2

• Asset class and investment type special situations funds: 35%; mid-cap buyout funds: 20%; mid-cap buyout co-investments: 3%; large-cap buyout funds: 8%; large-cap co-investments: 4%; growth / venture: 26%; secondary purchases: 4%
• Vintage year of fund or direct / co-investment 2004 & Earlier: 2%; 2005: 2%; 2006: 14%; 2007: 39%; 2008: 6%; 2009: 12%; 2010: 13%; 2011: 12%

31 May 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 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 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.

TRADING VOLUME AND SHARE REPURCHASE ACTIVITY

During the month of May, NBPE's aggregate trading volume on Euronext Amsterdam, the London Stock Exchange, and over-the-counter trading platforms was 1,000,350 shares, which represents an average daily trading volume of approximately 47,636 shares. The trading volume in May included approximately 98,703 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 cancelled. The operation of the Company's liquidity enhancement programme on Euronext Amsterdam, which is managed by The Royal 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 May, a total of 35,825 shares were repurchased under the Programme at an aggregate net purchase price of \$317,162, or a weighted average price per share of approximately \$8.85. There were four days in which transactions were conducted, and all of the shares bought back in May were cancelled. The share repurchases during the month were accretive to NBPE's NAV by less than \$0.01 per share. As of 31 May 2011, there were 50,272,802 class A ordinary shares and 10,000 class B ordinary shares outstanding, with 3,150,408 class A ordinary shares held in treasury.

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 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 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.