NB Private Equity Partners Ltd. — Net Asset Value 2012

Oct 11, 2012

NB Private Equity Partners Limited 30 September 20121

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 30 September 2012, the private equity portfolio included exposure to 78 investments and over 2,500 underlying portfolio companies.

* Includes both equity and debt investments. ** As of 30 September there were 48,812,564 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 2012 there were 48,837,769 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 September and 31 August 2012, there were 32,999,999 ZDP shares outstanding.

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 funds 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 September, NBPE funded \$14.6 million and \$1.5 million, respectively, to provide previously announced mezzanine financing and equity financing to CPG International Inc., a manufacturer of market leading brands of highly engineered building materials for residential and commercial markets. During 2012, including the aforementioned new commitments, NBPE has participated in ten direct yielding and direct coinvestments.

Including new investment activity, NBPE invested \$16.7 million into private equity investments and received \$4.7 million of distributions during September. As a result of this investment activity, the Company's private equity investment level was 105% of NAV at 30 September 2012. Approximately 96% of the contributions were invested in direct yielding investments, 2% were invested in special situations funds, 1% were invested in growth equity/venture funds, and 1% were invested in buyout funds. The majority of the distributions during the month were from fund investments in NB Crossroads Fund XVII and Fund XVIII, and from a direct yielding investment in royalty notes (Hormone Therapy).

As of 30 September 2012, the unaudited NAV per share was \$11.31, which represents an increase of 0.6% compared to the unaudited NAV per share of \$11.24 at 31 August 2012. During September, NBPE's portfolio value increased due to \$1.9 million of unrealized gains on credit-related fund investments, \$1.4 million of unrealized gains on public securities, \$0.6 million of positive foreign exchange adjustments, and \$0.3 million of unrealized gains attributable to the receipt of Q2 2012 valuation information. Share repurchases during the month were accretive to NAV per share by less than \$0.01.

NET ASSET VALUE DEVELOPMENT

(\$ in millions, except per share data)

	30 September 2012	31 A ugust 2012
Summary o f N A V o f Ordinary Shares	(Unaudited)	(Unaudited)
Fund Investments and Fund of Funds Investments	\$388.5	\$388.0
Direct / Co-investments *	\$189.4	\$172.7
T o tal P rivate Equity Investments	\$ 577.9	\$ 560.6
Cash and Cash Equivalents	\$51.2	\$63.8
Credit Facility Outstanding	-	-
ZDP Share Liability, incl. Forward Currency Contract	(\$65.7)	(\$64.9)
Net Other Assets (Liabilities), incl. M inority Interest	(\$11.2)	(\$10.6)
Net Asset Value	\$ 552.2	\$ 548.9
N et A sset Value per Share **	\$ 11.31	\$ 11.24
C lo sing Share P rice (Euro next A msterdam)	\$ 7.36	\$ 7.40
P remium (D isco unt)	(34.9%)	(34.2%)
Summary o f P rivate Equity Expo sure
Estimated Fair Value of Private Equity Investments	\$577.9	\$560.6
Unfunded Private Equity Commitments	\$326.9	\$339.1
T o tal P rivate Equity Expo sure	\$ 904.8	\$ 899.8
Private Equity Investment Level	105%	102%
Cash + Undrawn Committed Credit Facility	\$301.2	\$313.8
Commitment Cover Ratio	92%	93%
(In £)
Summary o f the Z D P Shares
Z D P N et A sset Value per Share ***	122.13p	121.42p
C lo sing Z D P Share P rice (LSE)	134.50p	134.25p
P remium (D isco unt)	10.1%	10.6%

30 September 20121

PRIVATE EQUITY PORTFOLIO DIVERSIFICATION

Key information about NBPE's private equity portfolio based upon fair value at 30 September 2012 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 2012 was as follows: ²

• Asset class and investment type special situations funds: 30%; special situations direct investments: 1%; direct yielding coinvestments: 11%; mid-cap buyout funds: 19%; mid-cap buyout co-investments: 11%; large-cap buyout funds: 8%; large-cap buyout co-investments: 7%; growth/venture: 9%; secondary purchases: 4%
• Geography North America: 78%; Europe: 14%; Asia/rest of world: 8%
• Industry energy/utilities: 8%; financial services: 12%; consumer/retail: 11%; industrials: 14%; communications/media: 7%; technology/IT: 7%; healthcare: 7%; business services: 9%; transportation: 2%; diversified/undisclosed/other: 21%

The diversification of NBPE's unfunded private equity commitments at 30 September 2012 was as follows: ²

• Asset class and investment type special situations funds: 34%; mid-cap buyout funds: 21%; mid-cap buyout co-investments: 1%; large-cap buyout funds: 4%; growth/venture: 19%; secondary purchases: 8%; direct yielding co-investments: 13%.
• Vintage year of fund or direct/co-investment 2004 & Earlier: 2%; 2005: 1%; 2006: 9%; 2007: 41%; 2008: 4%; 2009: 9%; 2010: 12%; 2011: 9%; 2012: 13%

30 September 20121

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 coinvestment, 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. 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 statement for the nine month period ended 30 September 2012 in November. The interim management statement 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 financial report, including information that may become known subsequent to the issuance of this monthly report. Accordingly, amounts included in the interim management statement may differ from this monthly report.

TRADING VOLUME AND SHARE REPURCHASE ACTIVITY

During the month of September, NBPE's aggregate trading volume on Euronext Amsterdam, the London Stock Exchange, and over-the-counter trading platforms was 1,476,290 shares, which represents an average daily trading volume of approximately 73,815 shares. The trading volume in September included approximately 1,159,907 shares traded over-the-counter and not reported on Euronext Amsterdam or the London Stock Exchange.

On 22 October 2010, we launched a new Share Buy-Back Programme in order to begin implementing the Capital Return Policy. The Share Buy-Back Programme is the subject of periodic review by the Board. The Board of Directors has approved an extension of the share buyback program from 30 September 2012 to 30 November 2012. Under the terms of the Share Buy-back Programme, Jefferies International Limited ("JIL") has been appointed to effect on-market repurchases of Shares on behalf of NBPE on Euronext Amsterdam and/or the Specialist Fund Market of the London Stock Exchange. Shares bought back under the Share Buy-Back Programme will be cancelled.

During September, a total of 25,205 shares were repurchased under the Programme at an aggregate net purchase price of \$185,535 or a weighted average price per share of approximately \$7.35. There was one day 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 less than \$0.01 per share. As of 30 September 2012, there were 48,812,564 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.

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.

^2. For the NB Alternatives Direct Co-investment Program and the NB Healthcare Credit Investment Program commitments, total exposure only reflects the funded investments to date. Unfunded amounts and unfunded percentages within each of these programs are excluded from the analysis, as capital deployment is opportunistic and cannot be accurately forecast at this time. 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.