NB Private Equity Partners Ltd. — Net Asset Value 2015

Jun 10, 2015

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
• 28 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 May, NBPE invested \$19.7 million into new and follow-on investments. NBPE invested in the second lien debt of Catalina Marketing, a provider of digital media solutions for consumer packaged goods companies and funded additional amounts to a portfolio of small business loans. In terms of equity co-investments, NBPE participated in the investment of Alex and Ani, a designer of jewelry, and NBPE also received returns of capital from its investment in Marquee Brands. Also during May, Black Knight Financial Services and Press Ganey, both equity investments, went public on the NYSE.

NBPE received \$44.9 million of distributions during May. NBPE received \$30.6 million of distributions from income investments, the largest of which was from the exit of NBPE's debt investment in Blue Coat, as a result of the company's acquisition by Bain Capital. NBPE received \$6.9 million from equity investments, consisting largely of proceeds received from the secondary offering of shares of Sabre. In addition, NBPE received \$7.4 million of distributions from fund investments.

NET ASSET VALUE DEVELOPMENT Funds Equity Investments Income Investments

P remium (Discount)	7.3%	7.8%
C lo sing Z D P Share P rice (LSE)	158.13p	157.88p
Z D P N et A sset Value per Share ***	147.38p	146.50p
Summary o f the Z D P Shares
(In £)
Adjusted Commitment Cover Ratio**	137%	132%
Cash + Undrawn Committed Credit Facility	\$141.9	\$117.6
Private Equity Investment Level	120%	123%
A djusted T o tal P rivate Equity Expo sure	\$ 956.5	\$ 956.3
Adjusted Unfunded Private Equity Commitments**	\$103.4	\$89.0
Estimated Fair Value of Private Equity Investments	\$853.1	\$867.3
Summary o f P rivate Equity Expo sure
P remium (D isco unt)	(18.7%)	(19.9%)
C lo sing Share P rice (Euro next A msterdam)	\$ 11.86	\$ 11.55
N et A sset Value per Share Including D ividends *	\$ 15.68	\$ 15.51
N et A sset Value per Share *	\$ 14.59	\$ 14.42
N et A sset Value	\$ 712.1	\$ 703.8
Net Other Assets (Liabilities), incl. M inority Interest	(\$4.8)	(\$3.6)
ZDP Share Liability, incl. Forward Currency Contract	(\$78.2)	(\$77.6)
Credit Facility Outstanding	(\$100.0)	(\$105.0)
Cash and Cash Equivalents	\$41.9	\$22.6
T o tal P rivate Equity Investments	\$ 853.1	\$ 867.3
Total Direct / Co-investments	\$638.4	\$647.8
Equity Investments	\$320.6	\$320.2
Income Investments	\$317.8	\$327.6
Direct / Co-investments
Fund Investments and Fund of Funds Investments	\$214.7	\$219.5
Summary o f N A V o f Ordinary Shares	(Unaudited)	(Unaudited)
(\$ in millions, except per share data)	31 M ay 2015	30 A pril 2015

*As of 31 May and 30 April 2015, 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 31 May2015 (30 April 2015), unadjusted unfunded commitments are \$151.6 million (\$128.4 million), total private equity exposure is \$1.0 billion (\$995.7 million) and the unadjusted commitment coverage ratio is 94% (92%). *** As of 31 May and 30 April 2015, there were 32,999,999 ZDP shares outstanding.

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	\$0.23 per share
	Annualized Dividend Yield:3 3.9% on share price, 3.2% on NAV

ZDP SHARE INFORMATION

NBPZ
LSE & CISE
1 December 2009
GBP
NBPEGBP LN
NBPEO.L
GG00B4ZXGJ22
B4ZXGJ2
7.3%
7.5 years to 31 May 2017
169.73 pence

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

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

• Catalyst Fund III: 2.0% of NAV

LTM ORDINARY SHARE PRICE AND NAV PERFORMANCE (TOTAL RETURN) AND TRADING VOLUME

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 May, NBPE's aggregate trading volume on Euronext Amsterdam, the London Stock Exchange, and over-the-counter trading platforms was 1,689,788 Class A ordinary shares, which represents an average daily trading volume of approximately 84,489 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 August 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 May. As of 31 May 2015, 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.

NB Alternatives Advisers LLC 325 N. Saint Paul Street Suite 4900 Dallas, TX 75201 Email: IR_NBPE@nb.com Tel: +1.214.647.9593 Fax:+1.214.647.9501 INVESTMENT MANAGER REGISTERED OFFICE NB Private Equity Partners Limited P.O. Box 225 Heritage Hall, Le Marchant Street www.nbprivateequitypartners.com St. Peter Port, Guernsey GY1 4HY Channel Islands Tel.+44-(0)1481.716.000 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 declared a \$0.23 per Share dividend on 4 February 2015, paid on 27 February 2015. On an annualized basis, this dividend payment represents a dividend yield of 3.2% based on the estimated May 2015 NAV and 3.9% based on the Euronext closing price of \$11.86 on 29 May 2015.
• 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.