NB Private Equity Partners Ltd. — Net Asset Value 2014

Dec 8, 2014

FUND OBJECTIVE

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.

Our investment objective is to produce attractive returns on capital by investing in direct yielding investments, co-investments and fund investments with a focus on capital efficient strategies while managing risk through portfolio diversification. NBPE pursues diversification across asset class, vintage year, geography, industry and sponsor.

FUND MANAGER: NB ALTERNATIVES

• 27 years private equity investing experience

• Approximately \$25.0 billion of commitments managed
• Stable team with ~70 investment professionals with global presence
• Investments with over 200 private equity firms

MANAGER COMMENTARY

During November, NBPE funded \$11.1 million to a new second lien debt investment in Central Security Group, a security alarm monitoring company, and follow-on investments in two healthcare credit investments. NBPE also participated in a new equity investment in Pro Mach, a provider of packaging products. NBPE received \$26.1 million of distributions during November including \$21.7 million from income investments, which primarily consisted of proceeds from the payoff of the Firth Rixson mezzanine facility and PIK notes. NBPE also received \$1.5 million of distributions from equity investments, consisting mainly of partial equity proceeds from the sale of Firth Rixson. NBPE also received \$2.9 million of cash from fund investments.

NET ASSET VALUE DEVELOPMENT

(\$ in millions, except per share data)
	30 N o vember 2014	31 Octo ber 2014
Summary o f N A V o f Ordinary Shares	(Unaudited)	(Unaudited)
Fund Investments and Fund of Funds Investments	\$247.9	\$254.6
Direct / Co-investments
Income Investments	\$309.9	\$317.9
Equity Investments	\$261.5	\$257.5
Total Direct / Co-investments	\$571.4	\$575.4
T o tal P rivate Equity Investments	\$ 819.3	\$ 830.0
Cash and Cash Equivalents	\$39.7	\$25.0
Credit Facility Outstanding	(\$95.0)	(\$90.0)
ZDP Share Liability, incl. Forward Currency Contract	(\$75.7)	(\$75.9)
Net Other Assets (Liabilities), incl. M inority Interest	(\$15.7)	(\$15.1)
Net Asset Value	\$ 672.5	\$ 674.0
N et A sset Value per Share *	\$ 13.78	\$ 13.81
N et A sset Value per Share Including D ividends *	\$ 14.64	\$ 14.67
C lo sing Share P rice (Euro next A msterdam)	\$ 11.65	\$ 11.40
P remium (D isco unt)	(15.5%)	(17.5%)
Summary o f P rivate Equity Expo sure
Estimated Fair Value of Private Equity Investments	\$819.3	\$830.0
Adjusted Unfunded Private Equity Commitments**	\$94.4	\$108.1
A djusted T o tal P rivate Equity Expo sure	\$ 913.7	\$ 938.1
Private Equity Investment Level	122%	123%
Cash + Undrawn Committed Credit Facility	\$144.7	\$135.04
Adjusted Commitment Cover Ratio**	153%	125%
(In £)
Summary o f the Z D P Shares
Z D P N et A sset Value per Share ***	142.29p	141.47p
C lo sing Z D P Share P rice (LSE)	155.63p	153.50p
P remium (Discount)	9.4%	8.5%

PORTFOLIO ACTIVITY ⁵ BALANCE SHEET DEVELOPMENT

ORDINARY SHARE INFORMATION

Trading Symbol:	NBPE
Exchanges:	Euronext & LSE
Euronext Admission Date:	25 July 2007
LSE Admission Date:	30 June 2009
Base Currency:	USD
Bloomberg Ticker:	NBPE NA, NBPE LN
Reuters Ticker:	NBPE.AS, NBPE.L
ISIN:	GG00B1ZBD492
Common:	030991001
Semi-annual Dividends:3	\$0.22/\$0.23 per share
	Annualized Dividend Yield:3 3.9% on share price, 3.3% on NAV

ZDP SHARE INFORMATION

Trading Symbol:	NBPZ
Exchanges:	LSE & CISE
Admission Date:	1 December 2009
Base Currency:	GBP
Bloomberg Ticker:	NBPEGBP LN
Reuters:	NBPEO.L
ISIN:	GG00B4ZXGJ22
SEDOL:	B4ZXGJ2
GRY at Issuance:	7.3%
Share Life:	7.5 years to 31 May 2017
Capital Entitlement:	169.73 pence

* As of 30 November and 31 October 2014, there were 48,790,564 class A ordinary shares and 10,000 class B ordinary shares outstanding, with 3,150,408 class A ordinary shares held in treasury. ** Unfunded commitments are adjusted for amounts the Manager believes are unlikely to be called. As of 30 November 2014 (31 October 2014), unadjusted unfunded commitments are \$143.0 million (\$158.0 million), total private equity exposure is \$962.3 million (\$988.0 million) and the unadjusted commitment coverage ratio is 101% (95%). *** As of 30 November and 31 October 2014, there were 32,999,999 ZDP shares outstanding.

YEAR OF INVESTMENT BY FAIR VALUE 4,5 ASSET CLASS AND INVESTMENT TYPE BY FAIR VALUE 4,5

\$0

INDUSTRY BY FAIR VALUE 4,5 GEOGRAPHY BY FAIR VALUE 4,5

Top 3 Fund Investments by NBPE NAV

• NB Crossroads Fund XVIII Mid-cap Buyout: 4.2% of NAV
• NB Crossroads Fund XVII: 3.4% of NAV
• First Reserve Fund XI: 2.0% of NAV

Funds Equity Co-Inv estments Direct Yielding Inv estments

For Professional Client Use Only

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 investor 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 fair value to the amount the Company expects to realize from the sale, net of transaction costs.

For debt investments, the Company estimates the enterprise value of each portfolio company and compares such amount to the total amount of such portfolio company's debt, as well as the level of debt senior to our interest in such portfolio company. Estimates of enterprise value are based on a specific measure (such as EBITDA, free cash flow, net income, book value or NAV) believed to be most relevant for the given portfolio company and compares this metric in relation to comparable company valuations (market trading and transactions) based on the same metric. In determining the enterprise value, the Company will further consider the portfolio companies' acquisition price, credit metrics, historical and projected operational and financial performance, liquidity as well as industry trends, general economic conditions, scale and competitive advantages along with other factors deemed relevant. Valuation adjustments are made if estimated enterprise value does not support the value of the debt security the Company is invested and securities senior to NBPE's position.

If the principal repayment of debt and any accrued interest is supported by the enterprise value analysis described above, the Company will next consider current market conditions including pricing quotations for the same security and yields for similar investments. To the extent market quotations for the security are available, the Company will take into account current pricing and liquidity. Liquidity may be estimated by the spread between bid and offer prices and other available measures of market liquidity, including number and size of recent trades and liquidity scores. If the Company believes market yields for similar investments have changed substantially since the pricing of our security, the Company will perform a discounted cash flow analysis, based on the expected future cash flows of the debt securities and current market rates. The Company will also consider the maturity of the investment, compliance with covenants and ability to pay cash interest when estimating the fair value of our debt investment.

TRADING VOLUME AND SHARE REPURCHASE ACTIVITY

During the month of November, NBPE's aggregate trading volume on Euronext Amsterdam, the London Stock Exchange, and over-the-counter trading platforms was 712,708 Class A ordinary shares, which represents an average daily trading volume of approximately 35,635 Class A ordinary shares.

On 22 October 2010, NBPE 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 of the Company has approved an extension of the share buyback program through 31 March 2015. Under the terms of the Share Buy-Back Programme, Jefferies International Limited 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.

There were no shares repurchased during the month of November. As of 30 November 2014, there were 48,790,564 class A ordinary shares and 10,000 class B ordinary shares outstanding, with 3,150,408 class A ordinary shares held in treasury.

INVESTMENT MANAGER		REGISTERED OFFICE
NB Alternatives Advisers LLC	Email: IR_NBPE@nb.com	NB Private Equity Partners Limited	St. Peter Port, Guernsey GY1 4HY
325 N. Saint Paul Street	Tel: +1.214.647.9593	P.O. Box 225	Channel Islands
Suite 4900	Fax:+1.214.647.9501	Heritage Hall, Le Marchant Street	Tel.+44-(0)1481.716.000
Dallas, TX 75201		www.nbprivateequitypartners.com	Fax.+44-(0)1481.728.452

• 1. Figures provided are unaudited and subject to change. Certain numbers may not total due to rounding.
• 1. Other includes realized gains, investment income not classified as yield income, and expenses.
• 1. NBPE paid its fourth dividend of \$0.23 per share on its ordinary shares on August 27, 2014. On an annualized basis, this dividend payment represents a dividend yield of 3.3% based on the estimated November 2014 NAV and 3.9% based on the Euronext closing price of \$11.65 on 28 November 2014.
• 1. The diversification analysis by asset class and investment type is based on the fair value of underlying fund investments and direct/co-investments. 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. 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. 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.
• 1. Direct yielding investments includes equity commitments made alongside mezzanine financings.

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. None of NBPE or the Investment Manager accepts 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.

NB Private Equity Partners Announces Monthly Net Asset Value Update for November 2014 and Publishes Investor Presentation

08 December 2014

NB Private Equity Partners Limited ("NBPE" or the "Company"), a closed-end private equity investment company, today announced an updated Net Asset Value ("NAV").

Key Highlights

Unaudited estimated NAV per share	31 October 2014 \$13.81	30 November 2014 \$13.78	% Change in NAV -0.2%
Unaudited Total Return per share*	\$14.67	\$14.64	-0.2%
NAV per share % change	Year to Date 7.6%	Last Twelve Months 11.7%
Total Return per share % change*	12.6%	14.8%

* Assumes reinvestment of dividends and reflects cumulative returns over time period shown.

NBPE's NAV decreased by \$1.5 million during the month, including:

• \$2.7 million of accrued cash and PIK interest from the income investment portfolio
• \$1.6 million of unrealized gains on public securities
• \$0.8 million of negative foreign exchange adjustments
• \$3.3 million of unrealized losses attributable to the receipt of new valuation information or recent valuation event
• \$1.7 million of net losses from other realized gains, investment income, and expenses

There were no shares repurchased during the month of November.

Portfolio Valuation

The value of NBPE's private equity portfolio as presented in the November 2014 monthly report was based on the following information:

• 51% of the private equity fair value was valued as of 30 November 2014
• 38% in private direct investments based on 30 November 2014 valuation information
• 9% in public securities
• 3% in credit-related fund investments
• 1% in fund investments based on 30 November 2014 valuation information
• 2% of the private equity fair value was valued as of 31 October 2014
• 2% in private direct investments based on 31 October 2014 valuation information
• 46% of the private equity fair value was valued as of 30 September 2014
• 24% in private direct investments based on Q3 2014 valuation information
• 22% in fund investments based on Q3 2014 valuation information
• 1% of the private equity fair value was valued as of 30 June 2014
• 1% in fund investments based on Q2 2014 valuation information

Please refer to the valuation methodology section of the monthly report for a description of our valuation policy. While some valuation data is as of 30 June, 30 September, and 31 October 2014, our analysis and historical experience lead us to believe that this approximates fair value at 30 November 2014.

During the month of November, NBPE's aggregate trading volume on Euronext Amsterdam, the London Stock Exchange, and over-the-counter trading platforms was 712,708 Class A ordinary shares, which represents an average daily trading volume of approximately 35,635 Class A ordinary shares.

NBPE expects to continue to provide regular NAV updates within seven business days of each month's end. A breakdown of NBPE's NAV can be obtained in the November 2014 monthly report, which is published on NBPE's website at www.nbprivateequitypartners.com. The monthly report should be read in conjunction with this announcement.

NBPE Publishes Investor Presentation

NBPE published a new presentation for Oriel Securities investor update meetings in the UK.

An updated investor presentation is attached and also available on NBPE's website at http://www.nbprivateequitypartners.com/.

For further information, please contact: NBPE Investor Relations +1 214 647 9593

FTI Consulting +44 20 3727 1046/1160 Edward Berry Laura Ewart

ABOUT NB PRIVATE EQUITY PARTNERS LIMITED

NBPE is a closed-end private equity investment company with class A ordinary shares admitted to trading on Euronext Amsterdam and the Specialist Fund Market of the London Stock Exchange. NBPE has ZDP shares admitted to trading on the Specialist Fund Market of the London Stock Exchange and the Daily Official List of The Channel Islands Securities Exchange Authority Limited. NBPE holds a diversified portfolio of direct income investments, equity investments and fund investments selected by the NB Alternatives group of Neuberger Berman, diversified across private equity asset class, geography, industry, vintage year, and sponsor.

ABOUT NEUBERGER BERMAN

Neuberger Berman is a 75-year-old private, independent, employee-controlled investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 17 countries, Neuberger Berman's team is more than 2,000 professionals and the company was named by Pensions & Investments as a 2013 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages \$247 billion in client assets as of September 30, 2014. For more information, please visit our website at www.nb.com.

This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. 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 financial toezicht). All investments are subject to risk. Past performance is no guarantee of future returns. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE's investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains "forward-looking statements." Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.