NB Private Equity Partners Ltd. — Net Asset Value 2015

Apr 21, 2015

Financial Information as of 31 March 2015 unless otherwise indicated

NB Private Equity Partners ("NBPE") Overview

NBPE is a closed end investment company providing investors with diversified exposure to the private equity asset class

Providing investors the opportunity for…

… both capital appreciation and current income…

…through investments in private equity-backed companies …

…benefiting from the attractiveness of private markets …

…and our Manager's information and sourcing advantages.

Compelling Investment Opportunity

Structure designed to provide attractive returns, capital efficiency and current income

C A P I T A L A P P R E C I A T I O N	1: N A V S h C l i T l R t t t p e r a r e m a e o a e r n u u v u • C 2 0 1 1 6. 2 % l d Y 4 a e n a r e a r : • Q 1 2 0 1 1. 6 % 5 : • 1 S h P i C l t i T t l R t a r e r c e u m u a v e o a e u r n • C l d Y 2 0 1 4 2 6. 9 % a e n a r e a r : • Q 1 2 0 1 5 3. 6 % : •
I N C O M E	S f t t h h t, d i d l -t r o n g p e r o r m a n c e o e r e s o r m e m a n o n g e r m v u • D i i d d i l d f 4. 0 % k i 3. 2 % N A V t v e n y e o o n s o c p r c e, o n • 2 % D i i d d i 1 3 2 d e n s c o e r e v v •
S O G T R N B A L A N C E S H E E T	\$ \$ \$ f f ( ) T t l t 9 0 2. 6 6 9 5. 5 t t l 1 4. 2 5 N A V h o a a s s e s o m m m m o n e a s s e v a u e p e r s a r e • , A d j d i i f 1 1 6 % t t t t u s e c o m m m e n c o v e r a g e r a o o •

Note: As of 31 March 2015. Numbers may not sum due to rounding. Yields based on the NYSE Euronext closing share price of \$11.61 on 31 March 2015 and the 31 March 2015 monthly estimated NAV of \$14.25 per share. The final 31 March 2015 NAV will be issued in the Q1 2015 Quarterly Report. See endnote #5 for adjustments made to the commitment coverage ratio.

1. All performance figures assume re-investment of dividends and reflect cumulative returns over the relevant time periods shown and are not annualized returns.

2. 2015 annualized dividend is 132% covered from the run rate cash income from income investments. Cash yield is calculated including equity value of \$22.3 million and debt value of \$317.5 million.

NBPE OVERVIEW

Investing in the Equity and Debt of Private Equity-backed Companies

High-quality portfolio with 74% of the portfolio invested in direct investments

Note: as of 31 March 2015. This is intended as a broad overview of the Investment Managers' style, philosophy and process and is subject to change without notice. 1.Total yield to maturity excludes equity value, cash yield includes equity value.

Our Manager's Competitive Advantages

Our Manager, NB Alternatives, provides NBPE with access to its proprietary transaction flow and insights for both direct private equity and income investments

Equity Investment Strategy

NBPE focuses on direct private equity co-investments alongside leading private equity firms in their core areas of expertise, utilizing the substantial relationships and resources of our Manager

INVESTMENT FOCUS

High quality businesses

Reasonable investment valuations

Co-investing alongside Managers in their core areas of expertise

Bias towards investments with shorter expected time to liquidity

OUR MANAGER'S CO-INVESTMENT EXPERTISE

Our Manager has invested in more than 135 direct equity co-investment transactions since 2006

Private Equity has Purchased Companies at Lower Valuations than Public Markets in the United States

Private equity offers attractive valuations relative to public markets in the United States

PUBLIC VS. PRIVATE VALUATIONS

Income Investment Strategy – Private Debt

NBPE focuses on junior debt investments in private equity-backed companies

INVESTMENT FOCUS

Established and stable private equity-backed companies

Second lien / mezzanine portions of capital structure

High-quality private equity sponsorship

OUR MANAGER'S PRIVATE DEBT EXPERTISE

Our Manager has invested in 35 corporate private debt transactions since 2007

Note: As of 31 March 2015. These are general characteristics that the Manager looks for in transactions but there is no assurance that the investments in NBPE will have all of these characteristics.

Private Debt – Providing Income while Benefiting From a Substantial Illiquidity Premium

Investing in the private debt of private equity-backed companies provides an illiquidity premium while having historically lower default rates

FIXED INCOME YIELDS (CURRENT- DECEMBER 2014)(1)

DEFAULT RATES OF SPONSORED VS. NON-SPONSORED(2)

Note: There can be no assurance that the Fund will be able to achieve comparable results. Past performance is not necessarily indicative of future returns.

1. Source: Bloomberg, Credit Suisse, Barclays, S&P LCD. Data as of December 31, 2014.Yields represent: US Government Generic 10 Year Index, Barclays Corporate Investment Grade Index, 1st Lien Current Yields from Credit Suisse Leveraged Loans Index; Barclays Corporate High Yield Bond Index, Average 4Q New-Issue Spread from S&P LCD (includes LIBOR floor and upfront fee).

^2. Note: Includes default rates for leveraged loans for all companies in the S&P LCD Index. April and May exclude the default of TXU. Source: S&P LCD as of December 2014.

Strong Performance1

NBPE has performed well over the short, medium and long-term driven by capital appreciation and income

Over the past year, NBPE's total return NAV has grown 12.9%

Over the past year, NBPE's share price total return has increased 13.6%

NBPE CUMULATIVE RETURNS As of 31 March 2015

Cu la t ive Re tur Ov mu ns er T im e	Y e a r t D t o a e	O n e Y e a r	T h r e e Y e a r	F i v e Y e a r	S i N B P E n c e I t i n c e p o n
T O T A L R E T U R N N A V 3 C S I N L. D I V I D E N D	1. 6 %	1 2. 9 %	3 0 % 7.	6 0. 3 %	4 % 7. 7
S C O H A R E P R I E T T A L 2 R E T U R N	3. 6 %	1 3. 6 %	9. 8 % 7	1 0 3. % 7	2 0. 4 %

Note: NAV data as of 31 March 2015. NBPE share price data as of 31 March 2015.

3.

^1. All performance figures assume re-investment of dividends and reflect cumulative returns over the relevant time periods shown and are not annualized returns.

^2.Based on the Euronext closing price of \$11.61 on 31 March 2015 and cumulative dividends.

Based on 31 March 2015 monthly estimated NAV of \$14.25 per share. The final 31 March 2015 NAV will be issued in the Q1 2015 Quarterly Report.

Our Contractual Income Allows Us to Pay a Covered Dividend to Our Shareholders

132% dividend coverage from run rate cash income

Note: See endnote #3 for important information related to the dividend. Total yield (inclusive of PIK interest) represents the return (IRR) from this reporting period to the maturity of the investment. As of 31 March 2015.

^1.Dividend coverage is gross of fees, expenses and financing costs.

^2. Based on the NYSE Euronext closing share price of \$11.61 on 31 March 2015 and the 31 March 2015 monthly estimated NAV of \$14.25 per share. The final 31 March 2015 NAV will be issued in the Q1 2015 Quarterly Report.

^3.Cash yield is calculated including equity value of \$22.3 million and debt value of \$317.5 million.

Relative Discount to NAV

As of 31 March 2015, NBPE traded at a 18.5% discount to NAV

Our NAV performance has outperformed all three peer groups over the short, medium and long term

Our discount is greater than the weighted average of the income and direct fund peer groups, based on the NBPE peer group set

DISCOUNT TO NAV COMPARISON VS. PEER GROUP1,2

% Premium / (Discount) to NAV

^1. Based on the NYSE Euronext closing share price of \$11.61 on 31 March 2015 and the 31 March 2015 monthly estimated NAV of \$14.25 per share. The final 31 March 2015 NAV will be issued in the Q1 2015 Quarterly Report.

^2. Source: JPMorgan Cazenove and Oriel Securities. Peer group data is weighted by market capitalization. NBPE peer group of Income Funds includes: Alcentra European Floating Rate Income Fund, Carador Income Fund, ICG Longbow Senior Secured Fund, CVC Credit Partners European Opportunities, Duet Real Estate Finance, Harbourvest Senior Loans Europe, Henderson Dividend Income, JP Morgan Senior Secured Loan Fund, P2P Global Investments, Real Estate Credit Investments, Starwood European Real Estate Finance and TwentyFour Select Monthly Income Fund. NBPE peer group of direct investments includes: Better Capital 2012 & 2009, Candover Investments, Dunedin Enterprise, Electra Private Equity, HG Capital Trust, LMS Capital, Northern Investors Co., Oakley Capital Investors, Princess Private Equity Holdings, Deutsche Beteiligungs, and Dinamia. NBPE peer group of fund of funds includes: Aberdeen Private Equity, F&C Private Equity Trust, Graphite Enterprise Trust, Henderson Private Equity, JP Morgan Private Equity, Pantheon International Partners, Standard Life European Private Equity, SVG Capital, Castle PE Holdings, Shape Capital and APEN.

PORTFOLIO UPDATE

NBPE NAV Update

92% of NAV invested in direct investments and NAV per Share of \$14.25

Total return NAV increase of 16.2% during 2014 and 18.0% from January 2014 to March 2015

NBPE SUMMARY BALANCE SHEET

	3 1 Ma h 2 0 1 5 rc	3 1 De be 2 0 1 4 ce m r
\$ ( in m i l l ion t p ha lue ) s, e xce p er s re va s	( Un d i te d ) au	( Au d i te d )
Le Fu d Inv tm ts g ac n es en y	\$ 2 2 3. 6	\$ 2 2 7. 8
D ire / Co -in t tm ts c ve s en
Inc Inv tm ts om e es en	3 3 9. 6	3 2 9. 2
Eq i ty Inv tm ts u es en	3 0 3. 4	2 8 3. 5
To ta l D ire t / Co -in tm ts c ve s en	6 4 3. 0	6 1 2. 8
To ta l Pr iva te Eq i ty Fa ir Va lue u	8 6 6. 6	8 4 0. 6
Pr iva te Eq i ty Inv tm t Le l u es en ve	1 2 5 %	1 2 1 %
Ca h a d Ca h Eq iva len ts s n s u	2 9. 4	2 5. 6
Cr d i Fa i l i t ty e c	( 1 2 0. 0 )	( 9 0. 0 )
S Cu Co Z D P ha L ia b i l i ty, inc lu d ing Fo d tra t re rw ar rre nc y n c	( 6. ) 7 5	( 3. ) 7 7
O ( ), Ne t t he As ts L ia b i l i t ies inc lu d ing M ino i ty In ter t r se r es	( 0 ) 4.	( ) 7. 7
Ne t As t Va lue se	6 9 5. 5	6 9 4. 8
Ne t As t Va lue Inc lu d ing Cu la t ive D iv i de ds se mu n	7 4 8. 7	7 3 6. 8
Ne t As t Va lu S ha se e p er re	\$ 1 4. 2 5	\$ 1 4. 2 4
Cu la t ive D iv i de ds S ha mu n p er re	\$ 1. 0 9	\$ 0. 8 6
Ne As Va lu S ha In lu d in Cu la ive D iv i de ds t t t se e p er re c g mu n	\$ 1 5. 3 4	\$ 1 5. 1 0

Note: As of 31 March 2015.

NBPE Diversification by Fair Value

The majority of the portfolio is invested in equity co-investments and income investments with a tactical over allocation to investments in North America

NBPE Capital Position

Strong capital position with an adjusted commitment coverage ratio of 116%

NBPE CAPITAL POSITION

( \$ ) in i l l ion m s	3 1 M h 2 0 1 5 a r c ( U d i t d ) n a u e
C h B l a s a a n c e	\$ 2 9. 4
A i l b l C d i t F i l i t v a a e r e a c y	8 0. 0
T t l A i l b l C i t l R o a v a a e a p a e s o u r c e s	1 0 9. 4	f A d j t d u s e o r
1 A d j d U f d d C i t t t s e n n e o m m m e n s u u	( 9 4. 3 )	t a m o u n s l i k l b t u n e o e
A d j t d E C i t l R u s e x c e s s a p a e s o u r c e s	1 5. 1	y l l d c a e
A d j d C i C R i t t t t u s e o m m m e n o v e r a g e a o	1 1 6 %
A d j t d U f d d C i t t u s e n u n e o m m m e n s :
N B C i P t t o- n v e s m e n r o g r a m	\$ 4 6. 0	U f d d n u n e
N B H l t h C d i t P e a c a r e r e r o g r a m	1 0. 6	i t t c o m m m e n s i i l t r m a r o
N B B d L i i P r a n c e n s n g r o g r a m	2 0. 3	p y N B P r o g r a m s
O f C A l l t h A d j t d U d d i t t e r s e n n e o m m m e n s u u	1 7. 4
T l A d j d U f d d C i t t t t o a u s e n u n e o m m m e n s	\$ 9 4. 3
_ No te: As of 3 1 M h 2 015 arc 1. S end e # 5 fo r ad jus de nfu nde d c mit not tme nts to u nts ee ma om me

Historical Quarterly Cash Flows

During the past twelve months, NBPE has received \$166 million in distributions and contributed \$268 million to new investments

HISTORICAL QUARTERLY CASH FLOWS

Realisation Events – Equity Investments

Attractive realisation events during 2014 and the first three months of 2015

REALISATION ACTIVITY: EQUITY INVESTMENTS

NBPE has received \$43.8mm of distributions from liquidity events during 2014 and 2015

Buyout realisations (equity investments and funds) with an average uplift of 22%²

January 2015

Partial RealisationFebruary 2015

Company Description: Provider of breakdown assistance services in the UK

Thesis: Strong brand, downside protection and opportunity to grow business in higher margin areas

Result: NBPE received \$6.2mm in proceeds from a partial sale of RAC. Post transaction, the investment represents 0 – 1% of NBPE NAV

Company Description: Distribution and technology solutions for the travel industry

Thesis: Market leader with significant margin expansion opportunity

Result: NBPE received \$3.8mm in proceeds from the partial sale of public stock through a secondary offering. Post transaction, the investment represents 4 – 5% of NBPE NAV

Note: As of 31 March 2015. Numbers may not sum due to rounding.

^1.The transactions above are illustrative realisation events during the year and do not represent all the realisation activity of NBPE.

^2.Data as of 31 December 2014. Uplift includes year to date realisations and represents proceeds received relative to the carrying value the quarter prior to the announcement of the transaction.

New Equity Investments1

Representative new investments during 2014 and the first three months of 2015

NEW EQUITY INVESTMENTS

\$90.8mm funded during 2014 to 18 new equity investments. During the first three months of 2015, NBPE funded \$27.6mm to four new equity investments

New investments across industrials, technology, consumer products and healthcare industries

February 2015 (1 – 2% of NAV)

Company Description: Provider of end-to-end outsourced commerce, payments, and marketing solutions

Thesis: Industry leading product with strong value proposition; highly recurring revenue base; strong cash flow characteristics

Sponsor: Siris Capital

Company Description: Provider of outsourced route services to the laundry and air vending markets

Thesis: Market leader; fair valuation multiple; multiple avenues for growth; diversified customer base with broad geographic footprint; strong free cash flow profile March 2015 (0 – 1% of NAV)

Sponsor: Pamplona Capital

Note: As of 31 March 2015. Numbers may not sum due to rounding.

^1. The transactions above are illustrative new investments during the year and do not represent all the new investment activity of NBPE.

NBPE's Investment in Marquee Brands

Marquee Brands seeks to identify, acquire and license intellectual property of consumer brands

OVERVIEW

• Seeks to acquire the intellectual property of consumer brands, license the brand to product and retail partners and collect royalty payments in return
• Targets brands with strong consumer awareness and seeks to grow the brand through geographic, channel and product category expansion
• Relatively low acquisition multiples
• Guaranteed minimum royalties provide downside protection and visibility
• Strong free cash flow profile
• NBPE committed\$30mm to Marquee Brands

FIRST BRAND ACQUISITION

• Founded in 1936 and among the original Italian luxury brands
• Produced fashion footwear for a global consumer base throughout its nearly 80 years
• Rich heritage and classic style

Equity Investments

The equity co-investment portfolio includes 62 companies alongside over 37 sponsors and represents approximately \$303 million of fair value

\$303.4m of fair value in 62 companies in the direct portfolio, of which the ten largest investments represent \$134.6m

Gross IRR of 32.9% during 20141

Primarily buyout investments

Diversified across industry, vintage and sponsor

Valuation multiple: 10.0x LTM EBITDA2

Leverage multiple: 5.1x LTM EBITDA2

LTM Revenue Growth: 14.2%2

LTM EBITDA Growth: 22.5%2

Q S S C C S C S E U I T Y I N V E T M E N T H A R A T E R I T I	O Q S S ( C T P T E N E U I T Y I N V E T M E N T A L P H A B E T I A	) L
	f As Ma h 3 1, 2 0 1 5 o rc

N A M E	S I N D U T R Y	% O F N B P E N A V
3	Te hn log c o y	1 – 2 %
	He l hca t a re	1 – 2 %
	Te hn log c o y	1 – 2 %
	Te hn log c o y	1 – 2 %
	Co nsu me r	1 – 2 %
N B Br d an ice ing Pr L ns og ram	Co nsu me r	1 – 2 %
O i l a d Ga n s Ex lor ion Co t p a mp an y	En erg y	2 – 3 %
	He l t hca a re	2 – 3 %
( S Q: S ) N A D A A B R	Se Bu ine ice s ss rv s	4 – 5 %
	Se F ina ia l ice nc rv s	1 – 2 %
O T T A L		% 1 9. 4

Note: As of 31 March 2015.

1. IRR is before NBPE fees / expenses. 2. Weighted average multiples and growth rates weighted by fair value as of 31 March 2015 but based on 31 December 2014 portfolio company data (unaudited). Excludes public securities and companies valued on revenue, book value or other valuation metrics. Metrics based on companies which represent approximately 60% of equity investment fair value.

3. The sale of Blue Coat was announced in March 2015, however the transaction had not funded as of 31 March 2015.

Realisation Events – Income Investments1

During 2014, NBPE received interest payments of \$23.4mm

REALISATION ACTIVITY: INCOME INVESTMENTS

NBPE received \$81.0mm of distributions, including \$23.4mm of interest and \$55.6mm of principal and \$2.0mm of proceeds attributable to equity securities during 2014. During the first three months of 2015, NBPE received \$11.9mm of distributions

Debt realisations with an average uplift of 10%²

S i l t D p e c a r g y u P h i l t a r m a c e u c a s C o m p a n y	C D i t i D l i l t i j t b l d h t h l i d o m p a n y e s c r p o n : e v e o p s s p e c a y n e c a e a n o p a m c r u g s
Fu l l Re l isa ion t a Oc to be 2 0 1 4 r	T h i L i l i f d t i d l t d h i h b i t t e s s : a r g e p p e n e o p r o u c s n e v e o p m e n a n g a r r e r s o e n r y
	\$ 2. f f R l t N B P E i d 7 i d t h i t t l e s r e c e e m m n p r o c e e s r o m e e o e r m o a n u : v x

Note: As of 31 March 2015. Numbers may not sum due to rounding.

^1. The transactions above are illustrative realisation events during the year and do not represent all the realisation activity of NBPE.

^2. Data as of 31 December 2014. Uplift includes year to date realisations and represents proceeds received relative to the carrying value the quarter prior to the announcement of the transaction.

New Income Investments1

Representative new investments during 2014 and the first three months of 2015

NEW INCOME INVESTMENTS

\$186.0mm funded during 2014 to 24 new income investments. During January – March 2015, NBPE funded \$12.2mm to five new income investments

19new corporate private debt investments and ten new healthcare credit investments

Note: As of 31 March 2015. Numbers may not sum due to rounding.

^1. The transactions above are illustrative new investments events during the year and do not represent all the new investment activity of NBPE.

Income Investments – Corporate Private Debt & Healthcare Credits

The income investment portfolio includes 46 investments and represents approximately \$340 million of fair value

\$339.6 mm of fair value in 46 investments. Gross IRR of 16.4% during 20141

\$276.3mm and \$63.3mm of fair value in corporate private debt and healthcare credit investments, respectively

8.8% cash yield / 10.3% total yield to maturity

74% of fair value invested in floating rate debt, with floors of 1% or 1.25%

Weighted average total debt / LTM EBITDA: 4.9x

Weighted average senior debt / LTM EBITDA: 3.5x

Substantial current income with contractual cash returns and often upside from equity investments

Healthcare credits in royalty backed notes, senior secured loans, second lien debt, preferred stock and warrants

TOTAL PORTFOLIO CHARACTERISTICS TOP TEN INCOME INVESTMENTS (ALPHABETICAL)

As of March 31, 2015

N A M E	I N D U S T R Y	E S T. C A S H Y I E L D / E S T. T O T A L Y T M	V A R I A B L E R A T E	% O F N B P E N A V
	In du ia ls tr s	% / % 9. 7 1 0. 0	Ye s	% 2 – 3
2	Te hn log c o y	9. 5 % / 1 0. 0 %	Ye s	2 – 3 %
	Te hn log c o y	9. 6 % / 9. 4 %	Ye s	2 – 3 %
	Te hn log c o y	8. 9 % / 9. 4 %	Ye s	2 – 3 %
	Te hn log c o y	1 0. 0 % / 1 0. % 5	Ye s	2 – 3 %
	Bu ine s ss Se ice rv s	1 1. 8 % / 1 4. 5 %	No	3 – 4 %
	He l t hca a re	9. 8 % / 1 0. 2 %	Ye s	3 – 4 %
	In du ia ls tr s	9. % / 1 0. 1 % 7	Ye s	2 – 3 %
	Co nsu me r	% / % 9. 6 1 0. 0	Ye s	% 2 – 3
	Co nsu me r	1 1. 7 % / 1 2. 4 %	No	2 – 3 %
T O T A L				2 7. 4 %

Note: As of 31 March 2015. Fair value includes \$23.3mm of equity value including two portfolios of small business loans (\$6.8mm of fair value) at an interest rate at least at the rate stated above but

excluded in the yield calculation. Leverage multiples are based on the corporate debt investments only and senior leverage is based on the net leverage that is senior to the security held by NBPE. Total yield to maturity (inclusive of PIK interest) represent the return (IRR) from this reporting period to the maturity of the investment. Cash yield is calculated including equity value of \$23.3 million and debt value of \$316.3 million.

1.IRR is before NBPE fees / expenses.

2.The sale of Blue Coat was announced in March 2015, however the transaction had not funded as of 31 March 2015.

Legacy Fund Investments

NBPE's legacy fund portfolio is comprised largely of mid-cap buyout and special situations funds. The portfolio is in realisation mode and represents approximately \$224 million of fair value

Mature fund portfolio in realisation mode, largely invested in mid-cap buyout and special situations funds

\$223.6mm of fair value, invested in 35 fund investments

Gross IRR of 7.6% during 20141

\$90.3mm of distributions in 2014; \$10.1mm of distributions during the first three months of 2015

Note: As of 31 March 2015. Numbers may not sum due to rounding. 1. IRR is before fees / expenses, but net of underlying fees.

NBPE Share Price vs. NAV per Share Including Dividends

Over the last 12 months, including dividends, NBPE's share price has increased by 13.6% and NAV per Share has increased by 12.9%

Source: Bloomberg. Market data as of 31 March 2015. Past performance is not indicative of future results.

Attractive Value Proposition

We believe that NBPE offers a compelling investment opportunity

• Capital appreciation and growth from equity and legacy fund investments
• Income through an attractive covered dividend, supported by the cash yield from our income portfolio

Opportunity for narrowing the discount

APPENDIX

NBPE Equity Investment Portfolio

Diversified portfolio of equity investments

EQUITY INVESTMENT PORTFOLIO

Co Na mp any me	Ass et C las s	Lea d S pon sor	Fai r V alu e	% o E NA f N BP V	Co Na As Cl set mp any me ass		ad Sp Le on so r	Fa ir V alu e	% of PE NA NB V
Act eon	Lar Bu t ge- cap you	KK R	-	0% % - 1	Into Un iver sity Par tne rsh ips	Mid Buy out -ca p	Lee ds E ity Par tne qu rs	-	0% - 1 %
Am eric Den tal P artn , Inc an ers	Mid Buy out -ca p	JLL Pa rtne rs	-	0% % - 1	J.C Gr rew oup	Lar Bu t ge- cap you	TP G / Leo d G nar ree n	-	0% - 1 %
Aste r / D M H ealt hca re	Mid Buy out -ca p	Oly us C ital mp ap	-	0% - 1 %	KIK Cu stom Pro duc ts ( Equ ity )	Mid Buy out -ca p	CI C ital Par tne ap rs	-	1% - 2%
Ava ya	Lar Bu t ge- cap you	TP G / Silv er L ake Pa rtne rs	-	0% - 1 %	Kyo bo Life Ins Co ura nce	Mid Buy out -ca p	Co ir C ital Par tne rsa ap rs	-	0% - 1 %
Ber lin P ack ing ag	Mid Buy out -ca p	Oa k H ill C ital Par tne ap rs	-	0% - 1 %	MB I En erg y	Mid Buy out -ca p	Lin dsa Go ldbe y rg	-	0% - 1 %
Bla ck K nig ht F ina ncia l Se rvic es	Lar Bu t ge- cap you	Th as H . Le om e	-	1% - 2%	NB Bra nd Lice nsin Pro g gra m	Spe cia l Sit uat ions	N/A	-	1% - 2%
Blu e C oat Sys tem s	Mid Buy out -ca p	Th a B om ravo	-	1% - 2%	Oil & G as C om pan y	Mid Buy out -ca p	N/A	-	2% - 3 %
Boa Vis ta	Mid Buy out -ca p	TM G C ital ap	-	0% - 1 %	Otic as C l aro	Gro wth / Ve ntu re	3i B razi l	-	0% - 1 %
Bric kma n G rou p	Lar Bu t ge- cap you	KK R	-	0% - 1 %	Pat heo n	Mid Buy out -ca p	JLL Pa rtne rs	-	2% - 3 %
Cap el sug	Lar Bu t ge- cap you	KK R	-	1% - 2%	Pep com	Mid Buy out -ca p	ST AR	-	0% - 1 %
CoA dva ntag e	Mid Buy out -ca p	Co Inv estm ent Par tne mp ass rs	-	0% - 1 %	Pre ss G Ass oci ate ane y s	Mid Buy out -ca p	Ves tar Cap ital	-	0% - 1 %
Com mS cop e	Lar Bu t ge- cap you	Ca rly le G rou p	-	0% - 1 %	Pro Ma ch	Mid Buy out -ca p	AEA Inv esto rs	-	0% - 1 %
Com s Au to G pas rou p	Spe cia l Sit uat ions	Mo Cap ital nom oy	-	0% - 1 %	RAC	Lar Bu t ge- cap you	Ca rly le G rou p	-	0% - 1 %
Cor Ind ustr ials ona	Mid Buy out -ca p	Vic tori a C ital ap	-	0% - 1 %	Rev Spr ing	Mid Buy out -ca p	Co Inv estm ent Par tne mp ass rs	-	0% - 1 %
Cou l nsy	Gro wth / Ve ntu re	Ros ont Sen em eca	-	0% - 1 %	Rive rBe d	Mid Buy out -ca p	Th a B om ravo	-	0% - 1 %
CS C S ervi ce W ork s	Lar Bu t ge- cap you	Pam lona Ca ital p p	-	0% - 1 %	Sab re	Lar Bu t ge- cap you	TP G / Silv er L ake Pa rtne rs	-	4% - 5 %
Cy ber Se ity Tec hno logy Co cur mp any	Gro wth / Ve ntu re	N/A	-	0% - 1 %	Sag uar o	Mid Buy out -ca p	Pin e B k roo	-	0% - 1 %
Del tek ( Equ ity )	Mid Buy out -ca p	Ca rly le G rou p	-	1% - 2%	Sal ient Fe der al S olut ions	Mid Buy out -ca p	Fro nte Co nac mp any	-	0% - 1 %
Dig ital Rive r ( Equ ity )	Mid Buy out -ca p	Siri s C ital ap	-	1% - 2%	SBI Mo rtga Co. ge	Mid Buy out -ca p	Ca rly le G rou p	-	0% - 1 %
( U) Ene Fut Ho ldin TX rgy ure gs	Lar Bu t ge- cap you	R / G KK TP	-	0% % - 1	Sev h G ratio ent ene n	Gro wth / Ve ntu re	Cat t Ve ntu am oun res	-	0% - 1 %
Evo Eq uity qua	Mid Buy out -ca p	AEA Inv esto rs	-	0% % - 1	She lf D rillin g	Mid Buy out -ca p	Cas tle H arla n P artn ers	-	0% - 1 %
Fai unt Min ls rmo era	Mid Buy out -ca p	Sec Am eric urit ies Par tne an rs	-	0% % - 1	Stra Tec hno log ies tus	Mid Buy out -ca p	Siri s C ital ap	-	0% - 1 %
Firs t Da ta	Lar Bu t ge- cap you	KK R	-	0% % - 1	Sw issp ort	Mid Buy out -ca p	PAI	-	0% - 1 %
Firt h R ixso n E ity qu	Mid Buy out -ca p	Oa k H ill C ital Par tne ap rs	-	0% - 1 %	Syn iver se T ech nolo ies g	Lar Bu t ge- cap you	Ca rly le G rou p	-	0% - 1 %
For tion En ma erg y	Mid Buy out -ca p	Lin dsa Go ldbe y rg	-	0% - 1 %	Tay lor Pre cisi Pro duc ts on	Mid Buy out -ca p	Ce Pa ntre rtne rs	-	0% - 1 %
Fre ale Sem ico ndu cto esc r	Lar Bu t ge- cap you	Bla cks ton e / C arly le/ P ira / TP G erm	-	1% - 2%	Tec hno logy Co ( Enc tion Ap mp any ryp p	) Gro wth / Ve ntu re	N/A	-	0% - 1 %
Ga brie l Br oth ers	Spe cia l Sit uat ions	A&M Ca ital p	-	0% - 1 %	The Wa Gro ty rran up	Lar Bu t ge- cap you	TP G	-	1% - 2%
Ga rdn er D Inc env er,	Lar Bu t ge- cap you	KK R	-	0% - 1 %	F G TP enc o	Mid Buy out -ca p	ka C Te ital Ma ent nas ap nag em	-	0% - 1 %
Gaz Tra ort & T ech niga nsp z	Mid Buy out -ca p	He llma n & Fri edm an	-	0% - 1 %	Uni var	Lar Bu t ge- cap you	Cla r & ton , Du blie Ric y e	-	0% - 1 %
Gro Ark Ins up ura nce	Mid Buy out -ca p	Aqu iline Ca ital Par tne p rs	-	0% - 1 %	e ( f/k/a e S I Or ion) Ven Th izat cor gan	Mid Buy out -ca p	Ca Ver itas ital p	-	1% - 2%
Hils inge r	Mid Buy out -ca p	Blu e P oint Ca ital p	-	0% - 1 %	Co- ortf Tot al E ity inv est nt P olio qu me			\$30 3.4	6% 43.
Infle ctio n E ner gy	Mid Buy out -ca p	Ch ber s E am ner gy	-	0% - 1 %

Note: As of 31 March 2015.

Income Investment Portfolio

Approximately \$339.6 million of income investments generating a current cash yield of 8.8%

INCOME INVESTMENT PORTFOLIO

INVE STM ENT NAM E	SEC URIT Y DE TAIL S	INVE STM ENT DATE	UE1 FAIR VAL	CAS IK COU H + P PON	H YIEL CAS D	TOTA L ES T. YTM	RATE CAS RUN H INC OME	RATE PIK I RUN NCO ME	RUN RATE TOTA L INCO ME
Corpo rate P rivate Deb t Inve stme nts
Fund ing C ircle	Portf olio o f Sm all Bu sines s Loa ns	Jan-1 5	-	-	-	-	-	-	-
Digita l Rive r Deb t	First Lien (L+5. 75% Cash , 1.0% L Flo or, 1 % OI D)	Jan-1 5	-	6.8%	6.8%	7.0%	-	-	-
Digita l Rive r Deb t	Seco nd Li en (L +11.0 % Ca sh, 1 .0% L Floo r, 1% OID)	Jan-1 5	-	12.0%	12.0%	12.7%	-	-	-
Com puwa re	Seco nd Li en (L +8.00 % Ca sh, 1 .0% L Floo r, 8% OID)	Dec- 14	-	9.0%	9.7%	9.4%	-	-	-
Cent ral Se curity Grou p	Seco nd Li en (L +9.0% Cas h, 1% L Flo or, 5 % OI D)	Nov- 14	-	10.0%	10.5%	10.5%	-	-	-
Vest com	Seco en (L +8.0% Cas % L , 1.5% OID) nd Li h, 1.0 Floor	Oct-1 4	-	9.0%	8.9%	9.4%	-	-	-
Trinity Con sulta nts	PIK T oggl e No tes ( 10% Cash , 3% PIK)	Aug- 14	-	13.0%	10.0%	13.2%	-	-	-
Authe ntic B rands - Se cond ary	Seco nd Li en (L +8.0% , 1% L Flo or)	Jul-1 4	-	9.0%	9.0%	9.4%	-	-	-
K&N Engin eerin g	Seco nd Li en (L +8.62 5%, 1% L Floo r, 2.2 5% O ID)	Jul-1 4	-	9.6%	9.8%	10.1%	-	-	-
Hear tland Den tal - 2 014 S dary econ	Seco nd Li en (L +8.5% Cas h, 1.2 5% L Floo r, 2.7 5% P remiu m)	Jul-1 4	-	9.8%	9.4%	10.2%	-	-	-
Conv One erge	Seco nd Li en (L +8.0% , 1% L Flo or, 1 .0% O ID)	Jun-1 4	-	9.0%	9.1%	9.4%	-	-	-
Authe ntic B rands Galco Indu strial Elect ronic	Seco nd Li en (L +8.0% , 1% L Flo or, 1 .0% O ID) Sr. S ub N otes 5% C 1.25% 1.5%	Jun-1 4 14	-	9.0% 12.0%	9.1% 10.8%	9.4% 12.3%	-	-	-
s Ortho lite	(10.7 ash, PIK, OID) & Eq uity Sr. S ub N otes (11.7 5% C ash, 1.5% OID) & Eq uity	May- Apr-1 4	-	11.8%	11.9%	12.4%	-	-	-
On D eck	Portf olio o f Sm all Bu sines s Loa ns	Apr-1 4	-				-	-	-
Flexe ra	Seco nd Li en (L +7.0% , 1% L Flo or, 0 .5% O ID)	Apr-1 4	-	- 8.0%	- 8.0%	- 8.3%	-	-	-
- Se Arch cond roma	Sr. S an (L %, 1 .25% % OI D) d Te rm Lo +8.25 L Flo or, 1 ecure	Apr-1 4	-	9.5%	9.5%	10.0%	-	-	-
ary LAND esk	Seco nd Li +7.25 L Flo % OI	Mar- 14	-	8.3%	8.2%	8.6%	-	-	-
	en (L %, 1% or, 1 D)		-				-	-	-
Evoq ua	Seco nd Li en (L +7.5% , 1% L Flo or, 0 .5% O ID)	Jan-1 4	-	8.5%	8.5%	8.9%	-	-	-
Taylo r Pre cisio n Pro ducts	Sr. S ub N otes (13% Cas h, 1.5 % OI D)	Nov- 13	-	13.0%	11.4%	13.8%	-	-	-
P2 E Solu tions nergy	Seco en (L +8.00 % Ca sh, 1 .0% L r, 1% OID) nd Li Floo	13 Nov-	-	9.0%	8.9%	9.4%	-	-	-
Arch roma	Sr. S d Te rm Lo an (L +8.25 %, 1 .25% L Flo or, 2 % OI D) ecure	Oct-1 3	-	9.5%	9.6%	10.0%	-	-	-
Blue Coat	Seco nd Li en (L +8.5% Cas h, 1% L Flo or, 1 % OI D)	Jul-1 3	-	9.5%	9.4%	10.0%	-	-	-
Delte k - S dary econ	Seco nd Li en (L +8.75 % Ca sh, 1 .25% L Flo or, 1 OID)	Jun-1 3	-	10.0%	9.9%	10.5%	-	-	-
KIK C Prod ustom ucts	Seco nd Li en (L +8.25 % Ca sh, 1 .25% L Flo or, 2 % OI D)	May- 13	-	9.5%	9.6%	10.0%	-	-	-
Hear tland Den tal - 2 013 S dary econ	Seco nd Li en (L +8.5% Cas h, 1.2 5% L Floo r, 0.5 % OI D)	Jan-1 3	-	9.8%	9.6%	10.2%	-	-	-
Hear tland Den tal	Seco nd Li en (L +8.5% Cas h, 1.2 5% L Floo r, 1.5 % OI D)	Jan-1 3	-	9.8%	9.7%	10.2%	-	-	-
Delte k	Seco nd Li en (L +8.75 % Ca sh, 1 .25% L Flo or, 1 .5% O ID)	Oct-1 2	-	10.0%	9.9%	10.5%	-	-	-
Evan s Ne twork of C anies omp	Sr. S ub N otes (12% Cas h, 2% PIK, 2% OID) & Eq uity	Jun-1 2	-	14.0%	12.0%	14.6%	-	-	-
Tota l Cor te Pr ivate Deb t pora			\$276 .3	9.1%	9.2%	10.4%	\$24.8	\$0.5	\$25.3
Total Hea lthca re Cr edit I tmen ts nves
(Me ants) Term Loan dical Impl	Seco en (L %, 1% % OI D) nd Li +8.50 L Flo or, 6	Mar- 15	-	9.5%	7.1%	10.0%	-	-	-
Roya lty No tes (B iotec hnolo gy)	Roya lty Ba cked Note (9.37 5% C ash)	Mar- 15	-	9.4%	6.7%	9.8%	-	-	-
Spec ialty P harm tical Com (Pub lic) aceu pany	Seni or Se cured Term Loan (L+8 .0%, 1% L Floo r)	Sep- 14	-	9.0%	7.8%	9.4%	-	-	-
Term Loan (Bio thera peuti cs B)	Seni or Se cured Loan (Firs t Lien , L+1 0.0% cash , 1% L Flo or, 1 % OI D)	Jun-1 4	-	11.0%	11.8%	11.6%	-	-	-
Conv ertibl e No tes (B iothe tics B ) rapeu	Conv ertibl e No tes (4 .5% C ash), Equ ity & Warr ants	Jun-1 4	-	4.5%	3.0%	4.6%	-	-	-
Conv ertibl e No tes (S pecia lty Ph ceuti cals) arma	Conv ertibl e No tes (4 .5% C ash)	Apr-1 4	-	4.5%	6.4%	4.6%	-	-	-
Term Loan (Con tract Rese arch Orga nizati on)	Seco nd Li en (L +8.25 %, 1% L Flo or, 1 % OI D)	Apr-1 4	-	9.3%	9.3%	9.7%	-	-	-
Term Loan (Bio thera peuti cs A)	Seco nd Li en (L +7.75 %, 1% L Flo or, 1 % OI D)	Feb- 14	-	8.8%	8.7%	9.1%	-	-	-
Term Loan (Spe cialty PCP and Pedi atric Pharm ticals ) aceu	Seni or Se cured Loan (Firs t Lien , 8% cash , 0.75 % fee )	Feb- 14	-	8.0%	5.5%	8.3%	-	-	-
Term Loan (Me dical Diag nosti cs)	Seni or Se cured Loan (10.5 % Ca sh)	Jan-1 4	-	10.5%	11.1%	11.0%	-	-
Term Loan (Spe cialty Drug Pha eutic als) rmac	Escr ow V alue	Nov- 13							-
Com Term Loan n Pro ducts	Seni or Se % Ca .5% F cured Loan t Lien , 10.5 sh, 1	Jul-1 3	-	- 10.5%	- 9.5%	- 11.1%	-	-	-
(Ski ) pany Term Loan etic T estin	(Firs ee) Seni or Se cured Loan t Lien Cas Fee	Jun-1 3	-	10.0%	1.8%	10.5%	-	-	-
(Gen g)	(Firs , 10% h, 1% )		-				-	-	-
Term Loan (Car diac Devic e)	Seni or Se cured Loan (Firs t Lien , 13.5 % Ca sh, 1 .5% O ID, 1% Fee )	Feb- 13	-	13.5%	9.0%	14.4%	-	-	-
Roya lty No tes (I ntern al Me dicat ion)	Roya lty Ba cked Note	Jan-1 3	-	11.0%	11.1%	11.6%	-	-	-
Term Loan (PCR )	Escr ow V alue	Aug- 12	-	-	-	-	-	-	-
Roya lty No tes (H ne Th ) ormo erapy	Roya lty Ba cked Note	Apr-1 1	-	17.0%	17.8%	13.0%	-	-	-
Tota l Hea lthca re Cr edit Inves tmen ts Tota l Inco me In ent P ortfo lio vestm			\$63.3 \$339 .6	9.6% 8.8%	7.8% 8.8%	9.9% 10.3%	\$4.9 \$29.7	\$0.0 \$0.5	\$4.9 \$30.2

Note: As of 31 March 2015. Total yield (inclusive of PIK interest) represents the return (IRR) from this reporting period to the maturity of the investment. Cash yield is calculated including equity value of \$23.3 million and debt value of \$316.3 million.

1.See endnote #4 for important information on the income investment portfolio.

NBPE Legacy Fund Investment Portfolio

Mature fund portfolio with approximately \$223.6 million of fair value

Inv nt N est me am e	Ass et C las s	Vin e Y tag ear	ed Co Unf und	Fai r V alu e	% of N BP E N AV
Cro NB ads Fu nd X VIII - M id-c Buy out ssro ap	Mid Buy out Fun ds -ca p	Fun d X VIII	itm ent mm \$7. 1	\$24 .2	% 3.5
NB Cro ads Fu nd X VII ssro	Fun d X VII ( Dive rsifi ed)	Fun d X VII	1.9	21. 9	3.2 %
Cat alys t Fu nd III	Spe cia l Sit uat ions Fu nds	201 1	3.1	14. 9	2.1 %
Firs t Re e F und XI serv	Lar Bu t Fu nds ge- cap you	200 6	0.0	8.3	1.2 %
Pla tinu m E ity Cap ital Par tne rs II qu	Spe cia l Sit uat ions Fu nds	200 7	3.5	9.5	1.4 %
San katy Cre dit O rtun ities III ppo	Spe cia l Sit uat ions Fu nds	200 7	0.0	10. 6	1.5 %
OC M P rinc ipa l Op tun ities Fu nd IV por	Mid Buy out Fun ds -ca p	200 7	2.0	10. 0	1.4 %
Avis ta C ital Par tne ap rs	Mid Buy out Fun ds -ca p	200 6	0.6	9.5	1.4 %
NB Cro ads Fu nd X VIII - Ve ntu re C ital ssro ap	Gro wth / Ve ntu re F und s	Fun d X VIII	1.7	9.7	1.4 %
NB Cro ads Fu nd X VIII - La Buy out ssro rge -ca p	Lar Bu t Fu nds ge- cap you	Fun d X VIII	2.2	9.3	1.3 %
Ber tram Gr owt h C ital I ap	Gro wth / Ve ntu re F und s	200 7	1.2	9.4	1.4 %
Sun Ca ital Par tne rs V p	Spe cia l Sit uat ions Fu nds	200 7	1.3	8.3	1.2 %
Ber tram Gr owt h C ital II ap	Gro wth / Ve ntu re F und s	201 0	2.4	10. 2	1.5 %
Oa ktre e O rtun ities Fu nd V III ppo	Spe cia l Sit uat ions Fu nds	200 9	0.0	6.2	0.9 %
NG Ca ital Par tne rs I , L.P p	Gro wth / Ve ntu re F und s	201 0	0.1	7.0	1.0 %
Cor sair III F ina ncia l Se rvic es C ital Par tne ap rs	Mid Buy out Fun ds -ca p	200 7	1.1	6.2	0.9 %
NB Cro ads Fu nd X VIII - Sp eci al S itua tion ssro s	Spe cia l Sit uat ions Fu nds	Fun d X VIII	0.9	5.3	0.8 %
NB Fun d of Fu nds Se dar 200 9 con y	Mid Buy Fun ds out -ca p	200 9	1.1	5.2	0.7 %
CVI Glo bal Val Fun d ue	Spe cia l Sit ions Fu nds uat	200 6	0.8	4.5	0.6 %
Arc Lig ht E Par rs F und IV tne ner gy	Mid Buy Fun ds out -ca p	200 7	4.6	4.3	0.6 %
OC M O ities Fu nd V IIb rtun ppo	Spe cia l Sit ions Fu nds uat	200 8	3.0	4.0	0.6 %
Aqu iline Fin ial S ervi Fu nd L.P anc ces	Mid Buy Fun ds out -ca p	200 5	0.0	3.4	0.5 %
Lig htye ar C ital Fun d II ap	Mid Buy Fun ds out -ca p	200 6	1.4	3.6	0.5 %
Am eric Cap ital Equ ity II an	Mid Buy Fun ds out -ca p	200 5	1.2	2.4	0.3 %
Trid IV ent	Mid Buy Fun ds out -ca p	200 7	0.5	3.0	0.4 %
r Ca Hig hsta ital Fun d II p	Mid Buy out Fun ds -ca p	200 4	0.1	2.8	0.4 %
J.C . Flo s II wer	Lar Bu t Fu nds ge- cap you	200 6	0.3	2.9	0.4 %
Car ly le E Par tne rs II uro pe	Lar Bu t Fu nds ge- cap you	200 3	0.6	2.0	0.3 %
Cen e C terb ridg red it Pa rtne rs	Spe l Sit cia uat ions Fu nds	200 8	0.0	1.6	% 0.2
Cle ra C ssid ital Par tne ap rs	Mid Buy out Fun ds -ca p	200 4	0.1	1.0	% 0.1
G E n C DBA nsio ital Fun d xpa ap	Gro / Ve wth ntu re F und s	201 2	2.7	1.0	% 0.1
Stra teg ic V alu e G loba l Op tun ities Fu nd I-A por	Spe cia l Sit uat ions Fu nds	201 0	0.1	0.4	0.1 %
Pro ct H arb or C red it Pa rtne spe rs	Spe cia l Sit uat ions Fu nds	200 7	0.0	0.3	0.0 %
Stra teg ic V alu e S ial S itua tion s F und pec	Spe cia l Sit uat ions Fu nds	201 0	0.0	0.3	0.0 %
Inve stito ri As iati Fun d III soc	Mid Buy out Fun ds -ca p	200 0	0.2	0.2	0.0 %
Tot al F und Po rtfo lio			\$45 .7	\$22 3.6	32. 1%

Trading Information

ORDINARY SHARE INFORMATION ZDP SHARE INFORMATION

Tr d ing Sy bo l: a m	N B P E
Ex ha c ng es :	Eu t Am ter da & Lo do S toc k Ex ha ro ne x s m n n c ng e
Cu Ba se rre nc y :	U S D
B loo be m rg :	N B P E N A, N B P E L N
Re te rs u :	S, N B P E. A N B P E. L
I S I N:	G G 0 0 B 1 Z B D 4 9 2
C O O M M N:	0 3 0 9 9 1 0 0 1

Sy Tr d ing bo l: a m	N B P Z
Ex ha c ng es :	Lo do S toc k Ex ha & T he C ha l n n c ng e nn e Is lan ds Se i t ies Ex ha Au t ho i ty cu r c ng e r L im i te d
Ba Cu se rre nc y :	G B P
B loo be m rg :	N B P E G B P L N
Re te u rs :	N B P E O. L
I S I N:	G G 0 0 B 4 Z X G J 2 2
S E D O L:	G 2 B 4 Z X J
Gr Re de io Y ie l d: t os s m p n	% 7. 3 0 t iss a ua nc e
S fe ha L i re :	7. 5 y to 3 1 Ma 2 0 1 7 ea rs y
Ca F ina l i ta l En t i t lem t: p en	1 6 9. 7 3 p ha t m tur i ty en ce p er s re a a

Contact Information

Re is d O f f ice te g re :	N B Pr iva Eq i Pa L im i d te ty tne te u r rs P. O. Bo 2 2 5 x He i Ha l l, Le Ma ha S tag t tre t r e rc n e S Pe Po Gu G Y 1 4 H Y t. ter t, r er ns ey C ha l Is lan ds nn e Te l: 4 4. ( 0 ). 1 4 8 1. 7 1 6. 0 0 0 +	Co Br ke te rp or a o rs :	Or ie l Se i ies t cu r Ne i l W inw d ar Te l: 4 4. 2 0. 7 7 1 0. 7 6 0 0 + Je f fe ies In ter t ion l L im i te d r na a Ga Go l d / S tua t K le in ry r u Te l: 4 4. 2 0. 7 0 2 9. 8 7 6 6 +
Inv Ma tm t es en na g er :	N B A l ive A dv ise L L C ter t na s rs 3 2 N. Sa in Pa l S 5 t tre t u e Su i 4 9 0 0 te Da l las T X 2 0 1 7 5 , Un i d S f Am ica te ta tes o er	Re h An ly ts se ar c a s :	Or ie l Se i ies Ia in Sc l ler t cu r ou – Em i l: ia in. l ler @ ie lse i ies t a sc ou or cu r .co m Je f fe ies Ma k Am bro C F A r r se – , Em i l: m bro @ j f fe ies a am se e r .co m
Inv to Re la t io es r ns :	W b: bp iva tee i ty tne e ww w. n r q u p ar rs. co m @ Em i l: I R_ N B P E b.c a n om Te l: 1. 2 1 4. 6 4 7. 9 5 9 3 +		J. P. Mo Ca C hr is he Br top rg an ze no ve r ow n – Em i l: c hr is top he bro @ j a r. wn p mo rg an .co m Ca d Ge i A lan Br ier ley ty na cc or nu –
Me d ia Re la io t ns :	F T I Co l ing t ns u E dw d Be ar rry Te l: 4 4. 2 0. 3 7 2 7. 1 0 4 6 +		Em i l: a br ier ley @ dg i ty. a ca na cc or en u co m De ion To S k inn x m er – Em i l: k inn @ de ion i l.c tom ta a .s er ca p om x
			Ca Co L i be i ta l – F inn ru m p ne r f @ Em i l: c inn l i be i ta l.c a on er ru mc ap om
			Nu is C ha les Ca de & Sa h Le do k i m r ra wa n ws – Em i l: c de @ is. a .ca nu m co m
			W in ter f loo d – S im E l l io t t on Em i l: s im l l io t t @ ins k a on .e .co w .u

Endnotes

• 1. The diversification analysis by asset class and investment type is based on the fair value of underlying fund investments and direct/co-investments. Determinations regarding asset class and investment type represent the Investment Manager's estimates. Accordingly, the actual diversification of our investment portfolio and the diversification of our investment portfolio on an ongoing basis may vary from the foregoing information. 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.
• 1. The diversification analysis by geography is based on the diversification of underlying portfolio company investments at fair value as estimated by the Investment Manager. Determinations regarding geography and industry also represent the Investment Manager's estimates. Accordingly, the actual diversification of our investment portfolio and the diversification of our investment portfolio on an ongoing basis may vary from the foregoing information. 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.
• 1. Guidance regarding NBPE's future portfolio and performance is ^a target only and not ^a profit forecast. There can be no assurance that this target will be met or that the Company will make any future distributions whatsoever. Any such changes will be notified to shareholders through ^a regulatory information service. NBPE's Board of Directors will continue to evaluate the Company's financial position, annual dividend target and the timing of future dividends. Future dividend payments will be announced by NBPE after the Board of Directors have completed such evaluation.
• 1. The mezzanine debt investments include equity investments completed as part of the mezzanine transaction. The senior secured term loans include warrants acquired during the loan issuance. The fair value in the table includes the value of these equity investments and warrants, but the yield to maturities are calculated based on only the debt investments. Yield to maturities represent the return (IRR) from this reporting period to maturity of the investment. Includes ^a portfolio of small business loans (\$6.8mm of fair value) at an interest rate at least at the rate stated above but not included in the yield calculations. The Taylor Precision Products debt notes currently pay 13% cash, but issuer has the option to pay 11% and 2% PIK.
• 1. Actual unfunded commitments are \$131.2 million at 31 March 2015, corresponding to an actual over commitment level of \$21.8 million and an actual commitment coverage ratio of 83%. Unfunded adjustments include removing unfunded commitments to funds past their investment period (although some amount may be called for future follow-ons or expenses), unfunded commitments to fund of funds managed by the Manager, and adjusting the unfunded commitment to one investment in the income category where the Manager does not expect capital drawn to exceed 40% of the original commitment due to daily paybacks.

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This document and the presentation are not for release, publication or distribution (directly or indirectly) in or into the United States, Canada, Australia or Japan or to any "US person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") or into any other jurisdiction where applicable laws prohibit its release, distribution or publication. It does not constitute an offer of securities for sale anywhere in the world, including in or into the United States, Canada, Australia or Japan. No recipient may distribute, or make available, this document or the presentation (directly or indirectly) to any other person. Recipients of this document and the presentation should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of this document and the presentation may in certain jurisdictions be restricted by law. Accordingly, recipients represent that they are able to receive this document and relating presentation without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business.

This document and the presentation have been prepared by NB Private Equity Partners Limited ("NBPE") and NB Alternatives Advisers LLC (the "Investment Manager"). No member of the Neuberger Berman Group nor any of their respective directors, officers, employees, advisors, representatives, or other agents makes or has been authorised to make any representation or warranties (express or implied) in relation to NBPE or as to the truth, accuracy or completeness of this document or the presentation, or any other written or oral statement provided. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this document or the presentation and nothing in this document or the presentation is or should be relied on as ^a promise or representation as to the future. The name "Neuberger Berman" is used interchangeably throughout these materials for ^a number of entities that are part of, or are associated with, the Neuberger Berman Group and when used in this notice includes all such entities.

This document does not constitute ^a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any decision in respect of NBPE or other evaluation of any securities of NBPE or any other entity and should not be considered as ^a recommendation that any investor should subscribe for or purchase any such securities. Neither the issue of this document nor the presentation nor any part of their contents constitutes an offer to sell or invitation to purchase any securities of NBPE or any other entity or any persons holding securities of NBPE and no information set out in this document or the presentation or referred to in other written or oral information is intended to form the basis of any contract of sale, investment decision or any decision to purchase any securities referred to in it.

The information contained in this document is given at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment. No reliance may be placed for any purpose whatsoever on the information of opinions contained in this document or on its completeness, accuracy or fairness. The contents of this document have not been approved by any competent regulatory or supervisory authority.

This document, any presentation made in conjunction with this document and any accompanying materials (the "Information Materials") are made available for information purposes only. The Information Materials, which are not ^a prospectus or listing particulars or an admission document, do not contain any representations, do not constitute or form part of any offer or invitation to sell or transfer, or to underwrite, subscribe for or acquire, any shares or other securities, and do not constitute or form any part of any solicitation of any such offer or invitation, nor shall they are or any part of them or the fact of their distribution form the basis of or be relied upon in connection with any contract therefore, and do not constitute ^a recommendation regarding the securities of NBPE.

Neither NBPE nor Neuberger Berman gives any undertaking to provide the recipient with access to any additional information, or to update this document, the presentation or any additional information, or to correct any inaccuracies in it which may become apparent and the distribution of this document and the presentation shall not be deemed to be any form of commitment on the part of NBPE, the Investment Manager or Neuberger Berman to proceed with any transaction.

Legal Disclaimer

Continued

THE PROMOTION OF NBPE AND THE DISTRIBUTION OF THIS DOCUMENT AND THE PRESENTATION IN THE UNITED KINGDOM IS RESTRICTED BY LAW. ACCORDINGLY, THIS COMMUNICATION IS DIRECTED ONLY AT (I) PERSONS OUTSIDE THE UNITED KINGDOM TO WHOM IT IS LAWFUL TO COMMUNICATE TO, OR (II) PERSONS HAVING PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS WHO FALL WITHIN THE DEFINITION OF "INVESTMENT PROFESSIONALS" IN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED), OR (III) HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS AND PARTNERSHIPS AND TRUSTEES OF HIGH VALUE TRUSTS AS DESCRIBED IN ARTICLE 49(2) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED); PROVIDED THAT IN THE CASE OF PERSONS FALLING INTO CATEGORIES (II) OR (III), THE COMMUNICATION IS ONLY DIRECTED AT PERSONS WHO ARE ALSO "QUALIFIED INVESTORS" AS DEFINED IN SECTION 86 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (EACH A "RELEVANT PERSON"). ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS COMMUNICATION RELATES IS AVAILABLE ONLY TO AND WILL BE ENGAGED IN ONLY WITH SUCH RELEVANT PERSONS. PERSONS WITHIN THE UNITED KINGDOM WHO RECEIVE THIS COMMUNICATION (OTHER THAN PERSONS FALLING WITHIN (II) AND (III) ABOVE) SHOULD NOT RELY ON OR ACT UPON THIS COMMUNICATION. YOU REPRESENT AND AGREE THAT YOU ARE A RELEVANT PERSON.

NBPE HAS NOT BEEN, AND HAS NO INTENTION TO BE, REGISTERED UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "INVESTMENT COMPANY ACT") AND INVESTORS WILL NOT BE ENTITLED TO THE BENEFITS OF THAT ACT. THE SECURITIES DESCRIBED IN THIS DOCUMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT.CONSEQUENTLY, SUCH SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) UNLESS SUCH SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENT OF THE SECURITIES ACT IS AVAILABLE. NO PUBLICOFFERING OF THE SECURITIES IS BEING MADE IN THE UNITED STATES.

PROSPECTIVE INVESTORS SHOULD TAKE NOTE THAT ANY SECURITIES MAY NOT BE ACQUIRED BY INVESTORS USING ASSETS OF ANY RETIREMENT PLAN OR PENSION PLAN THAT IS SUBJECT TOPART 4 OF SUBTITLE B OF TITLE I OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA") OR SECTION 4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ENTITIES WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE "PLAN ASSETS" OF ANY SUCH RETIREMENT PLAN OR PENSION PLAN, OR ANY GOVERNMENTAL PLAN, CHURCH PLAN, NON-U.S. PLAN OR OTHER INVESTOR SUBJECT TO ANY STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS SIMILAR TO TITLE I OR ERISA OR SECTION 4975 OF THE CODE OR THAT WOULD HAVE THE EFFECT OF THE REGULATIONS ISSUED BY THE UNITED STATES DEPARTMENT OF LABOR SET FORTH AT 29 CFR SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA.

THE MERITS OR SUITABILITY OF ANY SECURITIES MUST BE INDEPENDENTLY DETERMINED BY THE RECIPIENT ON THE BASIS OF ITS OWN INVESTIGATION AND EVALUATION OF NBPE, THE INVESTMENT MANAGER, AND NEUBERGER BERMAN. ANY SUCH DETERMINATION SHOULD INVOLVE, AMONG OTHER THINGS, AN ASSESSMENT OF THE LEGAL, TAX, ACCOUNTING, REGULATORY, FINANCIAL, CREDIT AND OTHER RELATED ASPECTS OF THE SECURITIES. RECIPIENTS OF THIS DOCUMENT AND THE PRESENTATION ARE RECOMMENDED TO SEEK THEIR OWN INDEPENDENT LEGAL, TAX, FINANCIAL AND OTHER ADVICE AND SHOULD RELY SOLELY ON THEIR OWN JUDGMENT, REVIEW AND ANALYSIS IN EVALUATING NBPE, THE INVESTMENT MANAGER, AND NEUBERGER BERMAN, AND THEIR BUSINESS AND AFFAIRS.

THIS DOCUMENT AND THE PRESENTATION MAY CONTAIN CERTAIN FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS RELATE TO EXPECTATIONS, BELIEFS, PROJECTIONS, FUTURE PLANS AND STRATEGIES, ANTICIPATED EVENTS OR TRENDS AND SIMILAR EXPRESSIONS CONCERNING MATTERS THAT ARE NOT HISTORICAL FACTS. IN SOME CASES, FORWARD-LOOKING STATEMENTS CAN BE INDENTIFIED BY TERMS SUCH AS "ANTICIPATE", BELIEVE", "COULD", "ESTIMATE", "EXPECT", "INTEND", "MAY", "PLAN", "POTENTIAL", "SHOULD", "WILL", AND "WOULD", OR THE NEGATIVE OF THOSE TERMS OR OTHER COMPARABLE TERMINOLOGY. THE FORWARD-LOOKING STATEMENTS ARE BASED ON NBPE'S AND/OR NEUBERGER BERMAN'S BELIEFS, ASSUMPTIONS AND EXPECTATIONS OF FUTURE PERFORMANCE AND MARKET DEVELOPMENTS, TAKING INTO ACCOUNT ALL INFORMATION CURRENTLY AVAILABLE. THESE BELIEFS, ASSUMPTIONS, AND EXPECTATIONS CAN CHANGE AS A RESULT OF MANY POSSIBLE EVENTS OR FACTORS, NOT ALL OF WHICH ARE KNOWN OR ARE WITHIN NBPE'S OR NEUBERGER BERMAN'S CONTROL. IF A CHANGE OCCURS, NBPE'S BUSINESS, FINANCIAL CONDITION, LIQUIDITY AND RESULTS OF OPERATIONS MAY VARY MATERIALLY FROM THOSE EXPRESSED IN FORWARD-LOOKING STATEMENTS. SOME OF THE FACTORS THAT COULD CAUSE ACTUAL RESULTS TO VARY FROM THOSE EXPRESSED IN FORWARD-LOOKING STATEMENTS, INCLUDE, BUT ARE NOT LIMITED TO: THE FACTORS DESCRIBED IN THIS DOCUMENT AND THE PRESENTATION; THE RATE AT WHICH NBPE DEPLOYS ITS CAPITAL IN INVESTMENTS AND ACHIEVES EXPECTED RATES OF RETURN; NBPE'S AND THE INVESTMENT MANAGER'S ABILITY TO EXECUTE NBPE'S INVESTMENT STRATEGY, INCLUDING THROUGH THE IDENTIFICATION OF A SUFFICIENT NUMBER OF APPROPRIATE INVESTMENTS; THE CONTINUATION OF THE INVESTMENT MANAGER AS MANAGER OF NBPE'S INVESTMENTS, THE CONTINUED AFFILIATION WITH NEUBERGER BERMAN OF ITS KEY INVESTMENT PROFESSIONALS; NBPE'S FINANCIAL CONDITION AND LIQUIDITY; CHANGES IN THE VALUES OF OR RETURNS ON INVESTMENTS THAT THE NBPE MAKES; CHANGES IN FINANCIAL MARKETS, INTEREST RATES OR INDUSTRY, GENERAL ECONOMIC OR POLITICAL CONDITIONS; AND THE GENERAL VOLATILITY OF THE CAPITAL MARKETS AND THE MARKET PRICE OF NBPE'S SHARES.

BY THEIR NATURE, FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES BECAUSE THEY RELATE TO EVENTS, AND DEPEND ON CIRCUMSTANCES THAT MAY OR MAY NOT OCCUR IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. ANY FORWARD-LOOKING STATEMENTS ARE ONLY MADE AS ATTHE DATE OF THIS DOCUMENT AND THE PRESENTATION, AND NEITHER NBPE NOR THE INVESTMENT MANAGER ASSUMES ANY OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS SET FORTH IN THIS DOCUMENT WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS, OR OTHERWISE, EXCEPT AS REQUIRED BY LAW OR OTHER APPLICABLE REGULATION. IN LIGHT OF THESE RISKS, UNCERTAINTIES, AND ASSUMPTIONS, THE EVENTS DESCRIBED BY ANY SUCH FORWARD-LOOKING STATEMENTS MIGHT NOT OCCUR. NBPE QUALIFIES ANY AND ALL OF THEIR FORWARD-LOOKING STATEMENTS BY THESE CAUTIONARY FACTORS. PLEASE KEEP THIS CAUTIONARY NOTE IN MIND WHILE READING THIS DOCUMENT.

Legal Disclaimer

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BY ACCEPTING AND READING THIS DOCUMENT AND/OR ATTENDING THE PRESENTATION TO WHICH THIS DOCUMENT RELATES YOU WILL BE DEEMED TO HAVEREPRESENTED, WARRANTED AND UNDERTAKEN FOR THE BENEFIT OF NBPE, THE INVESTMENT MANAGER, NEUBERGER BERMAN AND OTHERS THAT (A) YOU ARE OUTSIDE OF THE UNITED STATES AND ARE AN "INVESTMENT PROFESSIONAL" (AS DEFINED ABOVE), (B) YOU HAVE READ AND AGREE TO COMPLY WITH THE CONTENTS OF THIS NOTICE, YOU WILL KEEP THE INFORMATION IN THIS DOCUMENT AND DELIVERED DURING ANY PRESENTATION OR CONTAINTED IN ANY ACCOMPANYING DOCUMENT AND ALL INFORMATION ABOUT NEUBERGER BERMAN CONFIDENTIAL, AND WILL NOT REPRODUCE OR DISTRIBUTE, IN WHOLE OR IN PART, (DIRECTLY OR INDIRECTLY) ANY SUCH INFORMATION, UNTIL SUCH INFORMATION HAS BEEN MADE PUBLICLY AVAILABLE AND TAKE ALL REASONABLE STEPS TO PRESERVE SUCH CONFIDENTIALITY, AND (C) YOU ARE PERMITTED, IN ACCORDANCE WITH APPLICABLE LAWS, TO RECEIVE SUCH INFORMATION.

NBPE IS ESTABLISHED AS A CLOSED-END INVESTMENT COMPANY IN GUERNSEY AND THE COMPANY IS SUBJECT TO THE NETHERLANDS FINANCIAL SUPERVISION ACT(WET OP HET FINANCIEEL TOEZICHT, "WFT"), AS A LISTED ENTITY (UITGEVENDE INSTELLING) AS DEFINED IN SECTION 1:1 OF THE WFT. 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 NOGUARANTEE OF FUTURE RESULTS.

THIS DOCUMENT IS ISSUED BY NBPE WHOSE REGISTERED ADDRESS IS AT HERITAGE HALL, PO BOX 225, LE MARCHANT STREET, ST. PETER PORT, GUERNSEY GY1 4HY. NB ALTERNATIVES ADVISERS LLC IS A REGISTERED INVESTMENT ADVISER IN THE UNITED STATES. NEUBERGER BERMAN IS A REGISTERED TRADEMARK. ALL RIGHTSRESERVED. ©2015 NB ALTERNATIVES ADVISERS LLC.