NB Private Equity Partners Ltd. — Net Asset Value 2011

Jan 12, 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 December 2010, the investment portfolio included exposure to 67 underlying investments (62 on a pro forma basis) and over 2,500 underlying portfolio companies.

* Includes equity and debt co-investments.

** As of 31 December 2010, there were 50,732,825 class A ordinary shares and 10,000 class B ordinary shares outstanding, with 3,150,408 class A ordinary shares held in treasury. During December, 203,285 Class A ordinary shares were repurchased and cancelled. As of 30 November 2010, there were 50,936,110 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 December 2010 and 30 November 2010, there were 32,999,999 ZDP shares outstanding.

31 December 20101

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 December, NBPE received aggregate proceeds of \$37.6 million from the sale of three of the eight large-cap buyout fund interests that were included in the Strategic Asset Sale. Subsequent to the end of the month, NBPE received aggregate proceeds of \$64.2 million from the sale of the remaining five interests in the Strategic Asset Sale. As previously announced, NBPE intends to use the proceeds from the Strategic Asset Sale to continue its ongoing capital return policy and to strategically reposition its investment portfolio to have a higher allocation to direct and yield-oriented investments. Please note that certain information in this monthly report is pro forma for the proceeds of the Strategic Asset Sale that were received in January as well as the expected up-front proceeds from the sale of Dresser. The pro forma figures also assume that a portion of the expected proceeds have been used to pay down all outstanding debt under the credit facility.

In the past month, NBPE completed one new special situations co-investment in a tranche of 15.5% royalty notes backed by the global sales of a leading HIV medication that is marketed globally by a premier pharmaceutical company. The notes amortize based on royalty income in excess of the 15.5% coupon and other royalty trust expenses.

Including this new co-investment, NBPE invested \$11.8 million into private equity investments and received \$5.7 million of distributions during the month in addition to the sale proceeds described above. As a result of this investment activity, the Company's pro forma private equity investment level increased to 96% of NAV at 31 December 2010. Approximately 67% of the pro forma contributions were invested in special situations funds and coinvestments, 20% were invested in growth equity / venture funds and 13% were invested in buyout funds and coinvestments. Most of the distributions (excluding the proceeds of the Strategic Asset Sale) were received from NBPE's investments in NB Crossroads Fund XVII, Platinum Equity Capital Partners II, ArcLight Energy Partners Fund IV and First Reserve Fund XI. In addition, the Company also drew down \$10.0 million on its credit facility to fund capital calls and ongoing operations.

As of 31 December 2010, the unaudited NAV per share was \$9.97, which represents an increase of 1.2% compared to the unaudited NAV per share of \$9.85 at 30 November 2010. During December, NBPE's portfolio value increased due to \$3.0 million of unrealized gains on credit-related fund investments, \$1.4 million of unrealized gains on public equity securities and \$0.5 million of positive foreign exchange adjustments. Share repurchases during the month were accretive to NAV by approximately \$0.01 per share.

NET ASSET VALUE DEVELOPMENT

(\$ in millions, except per share data)

Summary o f N A V o f Ordinary Shares	31 D ecember 2010 Actual (Unaudited)	31 D ecember 2010 P ro Forma	30 N o vember 2010 P ro Forma
Fund Investments and Fund of Funds Investments	\$458.9	\$392.7	\$383.4
Direct Co-investments *	\$111.0	\$94.8	\$90.1
T o tal P rivate Equity Investments	\$ 570.0	\$ 487.5	\$ 473.5
Cash and Cash Equivalents	\$47.6	\$81.3	\$90.5
Credit Facility Outstanding	(\$47.5)	-	-
ZDP Share Liability, incl. Forward Currency Contract	(\$58.3)	(\$58.3)	(\$58.3)
Net Other Assets (Liabilities), incl. M inority Interest	(\$6.0)	(\$4.7)	(\$3.8)
Net Asset Value	\$ 505.8	\$ 505.8	\$ 501.9
Net Asset Value per Share **	\$ 9.97	\$ 9.97	\$ 9.85
C lo sing Share P rice (Euro next A msterdam)	\$ 6.97	\$ 6.97	\$ 7.00
P remium (D isco unt)	(30.1%)	(30.1%)	(28.9%)
Summary o f P rivate Equity Expo sure
Estimated Fair Value of Private Equity Investments	\$570.0	\$487.5	\$473.5
Unfunded Private Equity Commitments	\$116.0	\$103.8	\$111.0
T o tal P rivate Equity Expo sure	\$ 686.0	\$ 591.2	\$ 584.4
Private Equity Investment Level	113%	96%	94%
Cash + Undrawn Committed Credit Facility	\$250.1	\$331.3	\$340.5
Commitment Cover Ratio	216%	319%	307%
(In £)
Summary o f the Z D P Shares
Z D P N et A sset Value per Share***	107.95p	107.95p	107.30p
C lo sing Z D P Share P rice (LSE)	116.25p	116.25p	117.13p
P remium (Discount)	7.7%	7.7%	9.2%

31 December 20101

PRIVATE EQUITY PORTFOLIO DIVERSIFICATION

Key information about NBPE's private equity portfolio based upon pro forma fair value at 31 December 2010 was as follows.2 Please note that the diversification by asset class and investment type includes a section for cash in order to illustrate the effects of the Strategic Asset Sale and the realization of the Company's investment in Dresser.

Based on pro forma total private equity exposure, which includes unfunded commitments, the diversification of NBPE's private equity portfolio at 31 December 2010 was as follows: 2

• Asset class and investment type special situations funds: 31%; special situations co-investments: 4%; mid-cap buyout funds: 21%; mid-cap buyout co-investments: 8%; large-cap buyout funds: 8%; large-cap buyout co-investments: 4%; growth / venture: 9%; secondary purchases: 3%; cash: 12%
• Geography North America: 76%; Europe: 20%; Asia / rest of world: 4%
• Industry energy / utilities: 17%; financial services: 12%; consumer / retail: 8%; industrials: 12%; communications / media: 9%; technology / IT: 8%; healthcare: 7%; business services: 4%; transportation: 4%; diversified / undisclosed / other: 19%

The diversification of NBPE's pro forma unfunded private equity commitments at 31 December 2010 was as follows: 2

• Asset class and investment type special situations funds: 32%; mid-cap buyout funds: 27%; mid-cap buyout co-investments: 4%; large-cap buyout funds: 10%; growth / venture: 22%; secondary purchases: 5%
• Vintage year of fund or co-investment 2004 & Earlier: 2%; 2005: 2%; 2006: 20%; 2007: 45%; 2008: 8%; 2009: 8%; 2010: 15%

Note: This diversification analysis is pro forma including the effects of the Strategic Asset Sale and the realization of the Company's investment in Dresser.

31 December 20101

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 annual report and audited financial statements for the year ended 31 December 2010 in March 2011. The annual report will include audited 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 financial report, including information that may become known subsequent to the issuance of this monthly report. Accordingly, amounts included in the annual report may differ from this monthly report.

SHARE BUY-BACK PROGRAMME

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 plc. 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 December, a total of 203,285 shares were repurchased under the Programme at an aggregate net purchase price of \$1,435,111, or a weighted average price per share of approximately \$7.05. There were four days in which transactions were conducted, with an average repurchase volume of 50,821 shares. All of the shares bought back in December were cancelled. The share repurchases during December were accretive to NBPE's NAV by approximately \$0.01 per share. As of 31 December 2010, there were 50,732,825 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 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 co-investments, the vintage year is defined as the date of the first portfolio investment or the date of the coinvestment. 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.