NB Private Equity Partners Ltd. — Net Asset Value 2011

Apr 13, 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 March 2011, the private equity portfolio included exposure to 70 investments and over 2,500 underlying portfolio companies.

* Includes both equity and debt investments. ** As of 31 March 2011, there were 50,364,310 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 28 February 2011, there were 50,456,814 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 March 2011 and 28 February 2011, there were 32,999,999 ZDP shares outstanding.

31 March 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 March, NBPE committed to three new investments and also funded the co-investment in J.Crew Group that was previously described in the February monthly report. The new investments included: a \$13.5 million commitment to Catalyst Fund III, a special situations fund that focuses on control and/or influence investments in distressed and undervalued Canadian situations; a \$6.0 million commitment to NG Capital Partners I, a growth equity fund that focuses on investing in Peruvian companies in industries with high growth potential; and a buyout coinvestment alongside STAR Capital Partners and Neuberger Berman's Co-Investment Fund in Pepcom GmbH, Germany's sixth largest cable operator.

Including new investment activity, NBPE invested \$10.5 million into private equity investments and received \$7.6 million of distributions during March. As a result of this investment activity, the Company's private equity investment level increased to 98% of NAV at 31 March 2011. Approximately 57% of the contributions were invested in buyout funds and co-investments, 42% were invested in special situations funds, and 1% were invested in growth equity / venture funds. The distributions included an aggregate \$1.0 million of proceeds from two direct / coinvestments, Fairmount Minerals and the HIV medication royalty notes, both of which were invested in during the second half of 2010. The remaining distributions were primarily from Platinum Equity Capital Partners II, NB Crossroads Fund XVIII, Avista Capital Partners, First Reserve Fund XI, and NB Crossroads Fund XVII.

As of 31 March 2011, the unaudited NAV per share was \$10.54, which represents an increase of 0.4% compared to the unaudited NAV per share of \$10.50 at 28 February 2011. During March, NBPE's portfolio value increased due to \$0.6 million of unrealized gains on credit-related fund investments, \$0.5 million of positive foreign exchange adjustments, and \$0.1 million of unrealized gains on public equity securities. In addition, \$2.1 million of net unrealized gains were attributable to the receipt of Q4 2010 valuation information for certain fund investments and private direct / co-investments. Share repurchases during the month were accretive to NAV per share by approximately \$0.01.

NET ASSET VALUE DEVELOPMENT

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

Sum mary o f N A V o f O rdinary Shares	3 1 M a rc h 2 0 11 (Unaudited)	2 8 F e brua ry 2 0 11 (Unaudited)
Fund Investments and Fund o f Funds Investments	\$ 409.9	\$ 406.0
Direct / Co -investments *	\$ 110.4	\$ 107.8
T o tal P rivate Equity Investments	\$ 520.3	\$ 5 13 .8
Cash and Cash Equivalents	\$ 75.5	\$ 80.9
Credit Facility Outstanding	-	-
ZDP Share Liability, incl. Fo rward Currency Co ntract	(\$ 59.8)	(\$ 59.5)
Net Other A ssets (Liabilities), incl. M ino rity Interest	(\$ 5.0)	(\$ 5.5)
N e t A s s e t V a lue	\$ 5 3 1.0	\$ 529.7
N e t A s s e t V a lue pe r S ha re **	\$ 10 .5 4	\$ 10 .5 0
C lo sing Share P rice (Euro next A msterdam)	\$ 7.57	\$ 7.40
P remium (D isco unt)	(28.2%)	(29.5%)
Sum m ary o f P rivate Equity Expo sure
Estimated Fair Value o f P rivate Equity Investments	\$ 520.3	\$ 513.8
Unfunded P rivate Equity Co mmitments	\$ 125.4	\$ 112.8
T o tal P rivate Equity Expo sure	\$ 645.7	\$ 626.6
P rivate Equity Investment Level	98%	97%
Cash + Undrawn Co mmitted Credit Facility	\$ 325.5	\$ 330.9
Commitment Cover Ratio	260%	294%
(In £)
Sum mary 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 ***	10 9 .8 4 p	10 9 .19 p
C lo s ing Z D P S ha re P ric e ( LS E )	116 .0 0 p	115 .3 8 p

P remium (D isco unt) 5.6% 5.7%

31 March 20111

PRIVATE EQUITY PORTFOLIO DIVERSIFICATION

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

• Asset class and investment type special situations funds: 34%; 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: 11%; secondary purchases: 3%
• Geography North America: 76%; Europe: 19%; Asia / rest of world: 5%
• Industry energy / utilities: 16%; financial services: 11%; consumer / retail: 10%; industrials: 12%; communications / media: 9%; technology / IT: 7%; healthcare: 8%; business services: 4%; transportation: 5%; diversified / undisclosed / other: 18%

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

• Asset class and investment type special situations funds: 36%; special situations direct investments: 7%; mid-cap buyout funds: 19%; mid-cap buyout co-investments: 3%; large-cap buyout funds: 8%; growth / venture: 23%; secondary purchases: 4%
• Vintage year of fund or direct / co-investment 2004 & Earlier: 2%; 2005: 2%; 2006: 15%; 2007: 38%; 2008: 6%; 2009: 14%; 2010: 12%; 2011: 11%

31 March 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.

NBPE expects to issue its interim management report for the quarter ended 31 March 2011 in May. 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

During the month of March, NBPE's aggregate trading volume on Euronext Amsterdam, the London Stock Exchange, and over-the-counter trading platforms was approximately 542,749 shares, which represents an average daily trading volume of 23,598 shares. During the first six trading days of April, NBPE's aggregate trading volume was approximately 780,925 shares (including approximately 651,516 shares traded over-the-counter and not reported on Euronext Amsterdam or the London Stock Exchange), which represents an average daily trading volume of 130,154 shares.

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 March, a total of 92,504 shares were repurchased under the Programme at an aggregate net purchase price of \$675,722, or a weighted average price per share of approximately \$7.30. There were five days in which transactions were conducted, with an average daily repurchase volume of 18,501 shares. All of the shares bought back in March were cancelled. The share repurchases during March were accretive to NBPE's NAV by approximately \$0.01 per share. As of 31 March 2011, there were 50,364,310 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.