17 June 2009 HarbourVest Global Limited

Informal Meeting for Shareholders Welcome Sir Michael Bunbury Chairman, HVPE HarbourVest and HVPE Attendees

Sir Michael Bunbury Chairman of HVPE

D. Brooks Zug Senior Managing Director and Founder of HarbourVest; Director of HVPE

George Anson Managing Director of HarbourVest; Director of HVPE

Steve Belgrad CFO of HVPE

Amanda McCrystal Head of Investor Relations and Communications for HVPE

2 Agenda

I. Welcome Sir Michael Bunbury II. Overview of the Manager – HarbourVest D. Brooks Zug III. HVPE Review Steve Belgrad • Financial Highlights • Portfolio • Commitments and Balance Sheet • Trading and Investor Relations • HVPE Outlook IV. Outlook for Private Equity George Anson V. Summary / Questions and Answers Steve Belgrad

6/1/2009 3 Overview of the Manager – HarbourVest D. Brooks Zug Senior Managing Director and Founder, HarbourVest Director, HVPE Overview of the Investment Manager – HarbourVest Partners

Largest Private ƒ Independent, 100% owner-managed private equity fund-of-funds Equity ƒ Founders began private equity investing in 1978 Fund-of-Funds Manager with ƒ Total capital raised over 25 years of $30 billion Experienced, Global ƒ 78 investment professionals in Boston, and Hong Kong Team together with a support staff of more than 140

ƒ Focus on three private equity investment strategies: primary Consistent partnerships, secondary investments, direct investments Private Equity Strategy ƒ Four principal product lines: U.S. fund-of-funds, non-U.S. fund-of-funds, secondary-focused funds, direct / co-investment funds

Demonstrated ƒ One of the longest track records in the industry Upper Quartile ƒ Achieved by the same professionals that manage the portfolio today Investment ƒ Demonstrated top quartile performance across all private equity Performance strategies1

______Note: (1) Where relevant benchmarks exist. See notes in Appendix. 5 Consistent Integrated Strategy and Extensive Knowledge Base

Primary Partnerships

Secondary Direct Investments Investments

HarbourVest Partners Investment Strategy • Consistent approach for more than 25 years • Integrated strategy provides significant advantages ƒ Overlapping knowledge base ƒ Strong relationships across the industry ƒ Collaborative environment ƒ Enhanced deal flow, evaluation, and monitoring

6 HarbourVest History Established Firm

1978 1982 1984 1990 1996 2007 First Fund I First international London Hong Kong 25 years of fund U.S. formed partnership investments subsidiary subsidiary management by investment in Europe and Asia formed formed team

1983 1986 1997 First First Firm independently 2007 direct secondary owned by Launch of investment investment management team HVPE

'78 '79 '80 '81 '82 '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09

U.S. Fund I Fund II Fund III Fund IV Fund V Fund VI Fund VII Fund VIII FUND OF 1982-86 1986-89 1989-93 1993-96 1996-1999 1999-03 2003-06 2006-09 FUNDS

HIPEP NON-U.S. HIPEP HIPEP II HIPEP III HIPEP IV HIPEP V VI FUND OF 1990-95 1995-98 1998-01 2001-05 2005-08 FUNDS 2008-11

SECONDARY Dover Ia Dover II Dover III Dover IV Dover V Dover VI Dover VII FUNDS 1991-94 1994-96 1996-99 1999-02 2002-05 2005-07 2007-09

DIRECT/ Fund I through Fund VI 2004 Direct 2007 Direct CO-INVEST 2004-07 2007-10 FUNDS HIPEP I through HIPEP V

Dotted element represents history of investments in respective private equity strategies. For example, we began investing outside of the U.S. in 1984, but raised our first dedicated non U.S. pool of capital (HIPEP) in 1990. 7 HarbourVest’s Long-Term General Partner Relationships

U.S. Europe Asia Pacific

TA Associates 1983 1987 MKS (Japan Venture) 1994 Oak Investment Partners 1983 Charterhouse 1989 Pacific Equity Partners 1998 New Enterprise Assoc. 1984 1989 CVC Asia 1999 Battery Ventures 1988 1989 TPG Asia 2000 1988 Abingworth 1991 CCMP Capital 2000 1989 Alpha Group 1993 CHAMP 2000 Accel Partners 1989 BC Partners 1993 Hellman & Freidman 1994 Doughty Hanson 1993 IK Investment Partners 1994 Emerging Markets Index Ventures 2000 1997 Brait 1998 Evergreen Partners 1998

8 Upper Quartile Private Equity Investment Performance

HarbourVest investments have produced superior private equity returns – Rigorous approach to fund manager selection and asset allocation across strategies – Experienced management team across many cycles – Access to leading sponsors

Partnership Investment Performance (as of 31 December 2008) U.S. Europe Vintage Years 1989-2005 Vintage Years 1990-2005

20% Public Equity Private Equity 20% Public Equity Private Equity Benchmark 1 Benchmarks 2 Benchmark 4 Benchmarks 5 16.3% Total Return 15.5% 16.4% Total Return 15% 15% 10.2% 10% 10% 6.1% 5% 4.5% 5% 3.2% 0.0% 0% 0% S&P 500 Median Upper HarbourVes t MSCI Median Upper HarbourVest 3 6 ______Quartile* Portfolio Quartile* Portfolio Note: Comparison of public equity returns with private equity returns may not be meaningful

HarbourVest has outperformed private equity benchmarks while providing far greater diversification than a single private equity fund

______Note (*): Minimum performance of funds in upper quartile. Notes 1-8: See Track Record Disclosure in Appendix. As of 31 December 2008. U.S. figures are calculated in U.S. dollars, Europe figures are calculated in euros. These returns represent HarbourVest’s experience in selecting top-tier private equity managers over the long term. An investor’s return in a specific fund would have been different and would have been reduced by the management fees, expenses, and performance allocations of the HarbourVest funds. For example, the difference between the net internal rate of return to Limited Partners (net L.P. IRR) and the gross IRR for HarbourVest Partners VI-Partnership Fund L.P. is 3.3%; for HarbourVest Partners VI- Partnership Fund L.P. is 4.0%; and for HarbourVest International Private Equity Partners III-Partnership Fund L.P. is 3.6%. 9 A Leading Manager Across Regions and Strategies

Private Equity International Awards 2008

U.S. Fund-of-Funds European Fund-of-Funds U.S. Secondary

1. HarbourVest 1. 1. Lexington 2. 2. HarbourVest 2. HarbourVest 3. Adams Street 3. LGT Capital 3. Goldman Sachs

See Note A within Track Record Disclosure in Appendix 10 HVPE Review Steve Belgrad CFO, HVPE Financial Highlights HVPE – Period Ended 31 May 2009 Summary

31 31 31 1/08 – 1/09 1/09 – 5/09 May Jan Jan Change Change 2009 2009 2008 $ % $ % NAV $635.9 $631.3 $862.1 ($230.8) (27%) $4.6 1% NAV per Share $7.66 $7.61 $10.39 ($2.78) (27%) $0.05 1% Commitments $667.9 $682.5 $689.6 ($7.1) (1%) ($14.6) (2%) Financial NAV of Investments $695.2 $668.1 $847.6 ($179.5) (21%) $27.1 4% Performance Total PE Exposure $1,363.1 $1,350.6 $1,537.2 ($186.6) (12%) $12.5 1% % Invested 109% 106% 98% 8% 3% % Committed 214% 214% 178% 36% 0% Commitment 50% 52% 76% (24%) (2%) Coverage Ratio

June 2008 • Announced sale of ersol Solar Energy AG resulted in $.09 gain; sale closed in August July 2008 • Committed €100 million to HIPEP VI 2nd Half 2008 • Completed staffing of HVPE with Boston-based CFO and London- Key Events based Head of Investor Relations May 2009 • Oriel Securities appointed corporate broker June 2009 • Lock-up expired on additional 25% of shares held by “rolling” shareholders; No sales have resulted

13 NAV per Share has Increased by $0.05 for the Four Months Ended 31 May 2009

NAV per Share ($)

$11.00 $10.50 $10.47 $10.42 $10.46 $10.50 $10.39 $10.16 $10.22 $10.13

$10.00 $9.84

$9.50 $9.22

$9.00 $8.81

$8.50 12 Months Ended 4 Months Ended 31 Jan 2009 31 May 2009 $8.00 Estimated Drivers of NAV Change $ % $ $7.84 U.S. Fund-of-Funds and Direct (1.24) 45% (0.04) $7.70 $7.66 Non-U.S. Fund-of-Funds and Direct (1.27) 45% 0.18 $7.61 $7.60 Secondary 0.01 0% 0.00 $7.46 $7.50 Expenses (0.28) 10% (0.09) Change in NAV per Share (2.78) 100% 0.05

$7.00 31-Jan 29-Feb 30-Mar 30-Apr 31-May 30-Jun 31-Jul 31-Aug 31-Sep 31-Oct 30-Nov 31-Dec 31-Jan 28-Feb 31-Mar 30-Apr 31-May Fiscal Year Fiscal Year Ended Fiscal Year Ending Ended 31 Jan 2009 31 Jan 2010 31 Jan 2008 14 Portfolio Composition HVPE has a Distinct Three-Tiered Investment Structure

ƒ Interests in 20 HarbourVest-managed NAV of Investments + Unfunded Commitments(2) funds (1)

$189 million Unfunded Commitments ƒ Comprised of 626 fund (Not Allocated to Underlying Partnerships)(2) interests across multiple high-quality managers (1)

ƒ Exposure to 5,705 $479 million Unfunded Commitments company investments (Allocated to Underlying Partnerships) (directly or indirectly) (1) $668 MILLION TOTAL UNFUNDED COMMITMENTS ƒ NAV split approximately 64% primary, $695 MILLION NAV OFINVESTMENTS 21% secondary and 15% direct $1,363 million investments at Total Private Equity Exposure 31 May 2009

______Note: 1. HVPE portfolio fund exposure as of 31 January 2009 2. At 31 May, approximately $189 million of HVPE’s total unfunded commitments of $668 million represent commitments to 16 HarbourVest funds that have not yet been committed to underlying partnerships. Diversification of Portfolio Based on NAV at 31 May 2009

Strategy Geography ƒ Portfolio provides ROW Large Other Early Stage Asia- access to a broad 5% 3% Venture Pacific cross-section of private 8% 3% 15% equity investments Europe Balanced Medium 26% Venture Buyouts ƒ 41% venture 13% 28% Venture / U.S. ƒ 66% U.S. Growth 66% Small Equity Buyouts ƒ Minimal exposure to 13% 20% large buyouts Vintage Industry 1993 - Other Cleantech ƒ Well-diversified by 1998 Consumer Other 5% 3% 2008 Media / and 5% 16% 1999 5% Telecom 2007 7% industry 8% Products 13% 11% 2000 11% 9% Medical / ƒ No concentration in 2006 Other Biotech recent vintages Tech 8% 12% 2001 19% 12% 12% Services 4% Industrial 2005 2002 Software 13% 9% 12% 5% Business Financial 2004 2003 Services 5% 9% 10% ______5% Note: As estimated in HVPE’s NAV statement for the month ended 31 May 2009 The diversification analysis is based on the fair value of the underlying investments, as estimated by the Investment Manager. Strategy, vintage, and geography diversification are based on the estimated net asset value of partnership investments within HVPE’s fund-of-funds and company investments within HVPE’s direct funds. Industry diversification is based on the reported value of the underlying company investments. Some of the funds held in HVPE have not been fully invested. The composition of investments by strategy, vintage, industry, and geography may change as additional investments are made and existing investments are realised. Large buyout includes funds of more than $7 billion in size, medium buyout includes those between $1 billion and $7 billion in size, and small buyout includes those less than $1 billion in size. Direct investments in operating companies are categorised by deal size. 17 Venture Portfolio has Declined Less Significantly Than Buyout

Performance by Strategy 31 January 2008 – 31 January 2009

Portfolio Strategy Venture and Buyout Strategy

Total Small Medium Large Early Balanced Growth HVPE Total Buyout Venture Total Other % of Buyout Buyout Buyout Venture Venture Equity NAV 0% 55% 42% 3%0% 20% 27% 8% 15% 14% 13%

-10% -10%

-16% -15% -15% -20% -20% -18% -22% -25% -30% -30% -26% -30% -32% -40% -40%

-50% -50% -54% -60% -60%

______Note: Analysis includes primary, secondary and direct investments Diversification as at 31 January 2009 18 Allocation of 2005-2007 Vintage Years by Strategy

Portfolio Vintage Diversification 2005 – 2007 Vintage by Strategy

Small Growth Other Buyout Equity 2% 4% 4%

Balanced All Other Venture Vintage 2005 - 3% Medium Years 2007 35% Buyout 65% 35% 11% Early Venture 5% Large Buyout 6%

(% of Total NAV)

______Note: Diversification as at 31 May 2009 See diversification note on slide 17 19 Allocation of Buyout and Venture by Geography

Portfolio Geography Diversification Buyout and Venture by Geography Rest of World 11%

Rest of Buyout World Europe 56% of Total NAV U.S. 8% 34% 55%

Europe 26%

Rest of World U.S. Europe 5% 66% 15% U.S. 80% Venture 41% of Total NAV

______Note: Diversification as at 31 May 2009 See diversification note on slide 17 20 For the Year Ended 31 January 2009, approximately 70% of HVPE’s NAV was in Sectors that Outperformed or were in Line with the MSCI All Country World Index

______*7% of NAV has not been classified in defined MSCI ACWI sectors; HVPE’s industry diversification shown as at 31 January 2009 and has been modified to better align with the MSCI ACWI sectors and does not match HVPE diversification information presented elsewhere in this document. 21 Comparison of HVPE Portfolio with Private Equity Fund-of-Funds Peer Group

HVPE Strategy1 HVPE Geography1 HVPE Vintage1 Other ROW 2008 Pre-2000 3% 8% 7% 13%

Europe Venture 26% 2005- 41% 2007 Buyout 35% 2000- 56% U.S. 2004 66% 45%

Peer Average Strategy2 Peer Average Geography2 Peer Average Vintage2

ROW Other 2008 Pre-2000 13% 18% 8% 6%

2000- U.S. 2004 40% Venture 29% 11%

2005- Buyout Europe 2007 71% 47% 57% ______Note: HVPE diversification as at 31 May 2009; peer data based on most recent financial reports (ranging from 31 December 2008 to 31 May 2009) 1. See note related to diversification analysis on slide 17. 2. Peer group includes: Absolute Private Equity AG, AIG Private Equity Ltd, J.P. Morgan Private Equity Ltd, Castle Private Equity AG, Conversus Capital LP, F&C Private Equity Trust PLC, Graphite Enterprise Trust PLC, NB Private Equity Partners Ltd, Pantheon International Participations PLC, Princess Private Equity Holdings Ltd, Standard Life European Private Equity PLC, and SVG Capital PLC 22 Portfolio Concentration and Largest 25 Underlying Companies at 31 January 2009

ƒ In aggregate, these investments represented 16.2% of investment value Portfolio Concentration by Managers and ƒ The five largest investments represented 6.0% of investment value Investments Top 25 as a Percentage of NAV Company Status Location Industry 2.0% to 2.5% of Investment Value Nycomed SCA-SICAR Private Denmark Medical/Biotech 1.0% to 1.5% of Investment Value The Sun Products Corporation* Private U.S. Consumer Products 0.5% to 1.0% of Investment Value Acromas Holdings (Saga/AA) Private U.K. Consumer Products Avago Technologies, Inc. Private U.S. Tech Other AWS Convergence Technologies, Inc. Private U.S. Tech Services CDW Corporation, Inc. Private U.S. Tech Services CoreValve Inc.* Private U.S. Medical/Biotech The Hillman Group Private U.S. Consumer Products Legrand Holdings S.A. Public France Industrial LM Glasfiber A/S Private Denmark Cleantech Mimeo.com, Inc. Private U.S. Software MYOB Limited* Private Australia Software Nero A.G. Private Germany Software Radiation Therapy Services Private U.S. Medical/Biotech Shenzhen Development Bank Public China Financial Up to 0.5% of Investment Value Camstar Systems, Inc. Private U.S. Software Clearwater Undersea Cable Investments* Private Singapore Media/Telecom Datatel, Inc.* Private U.S. Software GTS Central European Private Hungary Media/Telecom MobileAccess Networks, Inc.* Private U.S. Media/Telecom Net 1 UEPS Technologies Inc. Public South Africa Software Pepkor Holdings* Private South Africa Consumer Products PSI Holdings Inc. (Akibia) Private U.S. Business Services SunGard Data Systems, Inc. Private U.S. Software Transmode Private Sweden Media/Telecom ______* Company not included in top 25 at 31 July 2008. Bold text denotes direct investments made by HarbourVest funds. 23 Commitments and Balance Sheet HVPE Quarterly Contributions and Distributions From 1 February 2008 to 30 April 2009

Year Ended Qtr. Ended 31 Jan 09 30 Apr 09 Key Cash Flow Data Net Cash Net Cash Q4 vs. Q1 09 vs. $ in millions Flow Flow Q1-Q3 08 Q4 08 Q1 09 Q1-Q3 08 Q4 08 U.S. Fund-of-Funds ($45.3) ($9.0) Calls (Average) $37.1 $17.3 $26.6 (53%) 54% International Fund-of-Funds 29.2 1.1 Distributions (Average) 24.0 11.4 10.7 (52%) (6%) Direct Funds (12.0) ($8.0) Calls / Commitments* 21% 10% 16% - - $ Millions Secondary Funds (17.0) 0.0 Dist / NAV* 12% 6% 6% - - ($45.1) ($15.9) $50 $43.3 Net Cash $40 Flow = ($3.3) Net Cash $35.8 $32.1 Flow = $32.5 ($16.7) $30 $26.6 $26.6

Net Cash Flow = Net Cash Net Cash $20 ($19.3) $17.3 Flow = Flow = ($5.9) ($15.9) $12.8 $11.4 $10.7 $10

$0 Q108 Q108 Q208 Q208 Q308 Q308 Q408 Q408 Q109 Q109 Calls Dist Calls Dist Calls Dist Calls Dist Calls Dist Feb - Apr May - July Aug - Oct Nov ’08 – Jan ’09 Feb ’09 – Apr ’09 ______*Ratios shown on an annualized basis. 25 HVPE’s Credit Facility Provides Strategic Flexibility

ƒ Seven year committed facility through December 2014 ƒ $500 million facility size – $90 million drawn at 31 May 2009 – $300 million available at 31 May 2009 based on the most restrictive bank covenants ƒ Lender is Bank of Scotland, now part of Lloyds Banking Group plc – Combination of Lloyds TSB Group plc and Bank of Scotland parent HBOS plc created one of the largest banking organizations in the U.K. – The U.K. government owns approximately 43% of the combined group ƒ Attractive terms – 40 bps annually on undrawn line – Borrowing at LIBOR plus 150 bps – Covenant flexibility

26 HVPE Resources Relative to Commitments as at 31 May 2009

$ Millions ƒ Of HVPE’s total commitments of $668 million, 72% ($479 million)

$1,026 have been allocated to underlying partnerships and 28% ($189 $1,000 million) are not allocated

ƒ Total resources of $1,026 million $800 represent 154% of commitments

NAV of $668 Investments ƒ Liquid resources equal $331 million $695 Liquid $600 resources Commit ment s equal 69% of Not Allocated ƒ Liquid resources represent 69% of Allocated $189 allocated commitments and 50% of Commitments and 50% of total commitments $400 Total Commitments

Allocat ed Available Credit Commit ment s $200 Facilit y (ACF) $479

LIQUID LIQUID $300

RESOURCES Cash $31 $0 HVPE Resources Commitments

27 Quarterly Balance Sheet Metrics

NAV of Investments Cash + Remaining Available Credit Facility Commitment Level (Total Unfunded Commitments) $ Millions Commitment Coverage Ratio (Total Unfunded Commitments) $1,000 250% $870.3 $872.0 $900 $847.6 $793.9 $800 214%212% 214% 200% $668.1 $692.5 $695.2 $700 194% 195% 178% 177% $600 150%

$500 $521.0 $497.8 $479.3 $400 $458.8 100%

$300 $352.3 $336.7 $330.7 76% 75% $200 62% 66% 50% 52% 51% 50% $100

$0 0% Jan 2008 April 2008 Jul 2008 October 2008 Jan 2009 April 2009 May 2009 Audited Reported* Audited

______Note: *HVPE made a €100 million commitment to HIPEP VI Partnership in July 2008. 28 HVPE’s Commitment Strategy is Supported by its Investment Structure and Credit Facility

Commitment Level Ratio (%) 1 Commitment Coverage Ratio (%) 2

250% 90% 81% 214% 80% 200% 185% 69% 173% 173% 70% 60% 150% 50% 50% 100% 40% 29% 30% 50% 20% 10% 0% 0% HVPE (Total HVPE (Allocated HVPE (Allocated Peer Median (3) Commitments) Commitments Commitments HVPE (Total HVPE (Allocated HVPE (Allocated Peer Median (3) Only) OLD Only) NEW Commitments) Commitments Commitments Only) OLD Only) NEW

SUMMARY OF COMMITMENTS Old Method New Method Amounts shown in millions 31-May-09 31-May-09 Change Unfunded Commitments (Allocated to Underlying Partnerships) $406.3 $479.1 $72.8 Unfunded Commitments (Not Allocated to Underlying Partnerships) 261.6 188.8 (72.8) Total Unfunded Commitments $667.9 $667.9 $0.0 Estimated NAV of Investments $695.2 $695.2 $0.0 Total Private Equity Exposure $1,363.1 $1,363.1 $0.0

HVPE Estimated NAV $635.9 $635.9 $0.0 HVPE Cash and Available Credit Facility $330.7 $330.7 $0.0 ______Note: HVPE data as at 31 May 2009; peer reporting dates represent most recent reporting period (ranging from 31 December 2008 to 31 May 2009) 1. Commitment level ratio is calculated as Total Private Equity Exposure divided by HVPE NAV 2. Commitment coverage ratio is calculated as cash and available credit facility divided by unfunded commitments 3. peer group includes: Absolute Private Equity AG, AIG Private Equity Ltd, J.P. Morgan Private Equity Ltd, Castle Private Equity AG, Conversus Capital LP, F&C Private Equity Trust PLC, Graphite Enterprise Trust PLC, NB Private Equity Partners Ltd, Pantheon International Participations PLC, Princess Private Equity Holdings Ltd, Standard Life European Private Equity PLC, and SVG Capital PLC 29 Trading and Investor Relations HVPE’s Trading Remains Illiquid

Per Share Volume Volume Closing Price per Share Estimated NAV per Share (000’s) 580 580200 $10.80 175 $10.30 150 150 150

$9.80 Most recent trade 125 26 February $9.30 at $9.25 100 21% 13.1% Premium $8.80 Discount 75

$8.30 50

$7.66 $7.80 25 15.5 2.0 2.5 0.7 0.5 2.0 $7.30 0 30 30 30 29 30 30 30 30 30 30 30 30 30 30 30 28 30 30 30 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2007 2007 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2009 2009 2009 2009 2009

31 HVPE Illiquidity in Context

ƒ LPE sector has been out of favour, though signs of investor interest beginning to emerge – NAV uncertainty – Balance sheet risks – Operational stress at portfolio company level ƒ HVPE shareholder base dominated by long-term institutional shareholders familiar with investing in private equity ƒ On Euronext, price set by last trade, not specialists or market makers ƒ Limited analyst and broker coverage of Euronext companies

32 U.K. LPE Historical Share Price Premium (Discount) to NAV

Private Equity Sector Average Premium/(Discount) Since 1997

80.0

60.0

40.0

20.0

0.0 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09

(20.0) Premium/(discount) (%)

(40.0)

(60.0)

(80.0)

DS-UK Private Equity Sector DS-UK Private Equity Sector (Excl 3i)

Source: Oriel Securities; Datastream as at 15 June 2009

33 Share Price Discount to NAV and Share Price Increase from Lows

400% 373% Percent Increase from 2009 Share Price Lows

300%

218% 203% 200% 180% 135% 111% 95% 100% 83% 72% 61% 49% 43% 38% 22% 28% 0% 0%

-20% Graphite JP Morgan Morgan JP Enterprise Enterprise Private Equity Equity Private SVG Capital (30%)

European PE (32%) -40% Standard Life (35%) (43%) Pantheon InternationalPantheon Capital Conversus Investors NB Private Equity NB Private Sector Median(1) Sector F&C Private Equity Ords Absolute Private Equity -60% Apollo

KKR Private Equity Equity Private KKR (54%) (54%) Princess Private Equity Princess Private (58%) (57%) (61%) (60%) (64%) (62%) Castle Private Equity (66%) -80% (75%) Discount to NAV AIG Private Equity Private AIG (90%) -100%

Fund-of-Funds only excluding HVPE; Note that Apollo and KKR are Direct Investment funds Source: Bloomberg and most recent NAV per share which is obtained from company reports 34 HVPE Investor Relations and Liquidity Strategy: Lay Groundwork for Liquidity when LPE Market Recovers

ƒ Commitment to Investor Relations – Hiring of Amanda McCrystal – March 2009 – Appointment of Oriel Securities as corporate broker – May 2009 ƒ Build HVPE brand and profile in the market – HarbourVest expertise in private equity – Communication with key commentators ƒ Differentiate HVPE from listed peers – Structure – Portfolio mix – Balance sheet ƒ Communicate with existing shareholders – Understanding of HVPE value and strategy ƒ Build relationships with potential new investors

35 HVPE Outlook Investment Manager’s Outlook – HVPE

ƒ Market expectation that private equity NAVs will remain under pressure for much of 2009 – Pace of economic recovery – Public market movements – Company restructurings ƒ Diversified portfolio is well positioned in the current volatile global environment – Attractive secondary market exposure through Dover VII – Underweight 2005-2007 large buyout and financial sector – Balance in portfolio provides cushioning ƒ Balance sheet and financial position are strong – Cash invested is likely to exceed distributions in the near to medium term – Expect to use HVPE’s $500 million 7-year credit facility to bridge differences ƒ Continued investment – HVPE will continue to invest as underlying HarbourVest Funds allocate committed capital ƒ The investment manager remains optimistic about the long-term potential of private equity markets and HVPE

37 Private Equity Outperformance in Challenging Times

European Buyout Downturn Downturn IRR 49% 60% Upper Quartile 30% Median

20%

10%

0% ’86 ’87 ’88 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08

U.S. Buyout Vintage Year Downturn Downturn IRR Upper Quartile 30% Median 20%

10%

0% ’86 ’87 ’88 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08

Vintage Year

Source: Private Equity returns: Venture Economics, European buyout returns at December 31, 2008; GDP: IMF World Economic Outlook 38 Private Equity Market Environment George R. Anson Managing Director, HarbourVest Director, HVPE Private Equity – Challenged by the Global Crisis

Market Event Impact on Private Equity

ƒ Global economic downturn impacts all ƒ Earnings declines and distress asset classes ƒ Slower growing companies ƒ Consumer spending weakens ƒ Industrial activity declines ƒ GDP declines

ƒ Credit market collapses ƒ Limited debt availability and stringent terms ƒ Government action ƒ Potential covenant breaches

ƒ Sharp public market declines ƒ Depressed exit conditions ƒ Pressure on LPs to reduce private equity exposure

ƒ FAS 157 takes effect ƒ Mark-to-market valuations

40 Global Private Equity Fundraising

Over $1.1 Trillion in Last 3 Years $ Billions $399 $400 RoW $372 Asia Pacific $361 $350 Europe U.S. $300 $264 $241 $250

$200 $165 $145 $150 $141 $117

$100 $79 $67

$50

$0 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08

Source: EVCA, Venture Economics, AVCJ, APER, HarbourVest analysis Note: Private equity fundraising data includes and buyout. Where available includes mezzanine and distressed debt. 41 Private Equity Markets – Europe European Buyout – 2008 Summary

Fundraising ƒ €44 billion in capital raised, down from 2007 ƒ Large buyout fundraising declines, average fund sizes drop

Investing ƒ Very sharp decline in buyout deals across all European markets ƒ 80% decline in large leveraged transactions

Pricing / ƒ Pricing slow to adjust in 2008, especially larger deals Leverage ƒ Significant reduction in leverage, with average leverage multiples below 5.0x EBITDA ƒ Equity contributions at historic highs

Liquidity / ƒ Material reduction in exit activity Exits ƒ M&A exits down, except for strategically attractive businesses

43 European Buyout Pricing – Still Expensive

Purchase Price Multiple of EBITDA 12.0x EV <€250M EV €250-500M EV >€500M

Downturn ƒ Pricing of larger deals remains 10.0x stable

8.0x ƒ Smaller deals decline in price

6.0x ƒ Expect further falls in pricing throughout 2009 4.0x ƒ Equity contributions at 46% ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09* Average Equity Contributions 50% 46% 45% 45% Downturn 40% 34% 34% 34% 34% 35% 32% 33% 33% 33% 33% 30%

25% 10 Yr Average = 34% 20% ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09*

Source: Standard & Poor’s Leveraged Commentary & Data * Reflects last twelve months through March 31, 2009 44 European Buyout Leverage – Sharp Correction

European Buyout Debt / EBITDA 7.0x 6.3x ƒ Leverage levels at historic long- 6.0x 5.6x 5.3x term levels 5.1x 5.2x 4.9x 4.9x 5.0x 4.6x 4.5x 4.4x ƒ Debt/EBITDA is back below 5.0x 4.3x 4.2x 4.0x ƒ Volume of leveraged loans down 10 Yr Average = 5.0x 63% from peak 3.0x ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09* European Leveraged Loan Volumes €100 €94 €77 €80 €58 €60 €35 €40 €29 €22 €23 €17 €20 €10 €12 €14

€0 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08

Source: Standard & Poor’s Leveraged Commentary & Data * Reflects last twelve months through March 31, 2009 45 European Buyout – Outlook

ƒ Significant reduction in fundraising ƒ Buyout investment activity remains subdued ƒ Expect innovative capital structures due to lack of available leverage ƒ Pricing levels adjust down gradually ƒ Limited liquidity expected during 2009 ƒ Managers focus on value protection in existing portfolios ƒ Anticipate further reductions in portfolio valuations ƒ Generation change and economic environment will transform manager landscape over the next several years

46 Private Equity Markets – U.S. U.S. Buyout – Market Impact and Response

Market Event Impact on Buyouts Buyout Response

Recession ƒ Company earnings under ƒ Focus on portfolio management pressure ƒ Cost cutting ƒ Covenant violations ƒ Follow-on financings

Credit market ƒ Fall off in transaction volume ƒ Smaller deals collapse ƒ Seller financing ƒ All equity investments

Closed IPO / M&A ƒ No liquidity ƒ Patient capital markets ƒ Longer gestation periods ƒ Expect lower IRRs

FAS 157 ƒ Value reductions, but not ƒ Significant resources spent to always tied to company determine a market value performance ƒ More subjectivity introduced ƒ Increased quarterly volatility

Looming Issues ƒ Clawbacks, cross fund investing, annex funds, large pools of uninvested capital

48 U.S. Buyout – 2008 Summary

Fundraising ƒ Decrease in new capital raised, LP denominator effect reduces demand, fundraising time lengthened, targets reduced, but activity still high due to spillover fundraising from 2007

Investing ƒ Few multi billion+ deals close, new deal market scales down with scarce availability of credit, focus shifting toward add-ons, rescue and distressed opportunities

Pricing / ƒ Prices beginning to adjust downward, average leverage multiples down to Leverage 4.7x

Liquidity / ƒ Volume dramatically decreases, lowest IPO volume in over a decade, Exits increased focus on M&A exits

Returns ƒ Returns decline, year end valuations suffer, but private equity still beats the public market

49 U.S. Buyout - Covenant-Lite Loans: Boom and Bust

Sponsored Covenant-Lite Loan Volume

$ Billions $75 $69

$50 The end of no strings attached credit

$25

$13

$2 $3 $0 $0 $0 $0 $0 $0 $0 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08

Source: Standard & Poor’s Leveraged Commentary and Data 50 U.S. Buyout - Problems on the Horizon

Leveraged Loan Debt Maturity by Volume ƒ 2005 - 2007 buyout loans $ Billions were structured to be $300 $290 refinanced, not repaid ƒ Potential solutions include: $250 debt buybacks, debt $219 exchanges, IPO and M&A events, pre-payments $200

$150

$104 $100 $70 $57 $50 $24 $19 $7 $1 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source: 51 U.S. Buyout – Outlook

• Volatile credit market will continue to limit investment pace and liquidity • Managers with capital will take advantage of stressed sellers • Sponsors will expand focus to rescue financings and debt-for-control deals • Valuations of current portfolios likely to fall throughout 2009 • Pricing levels will adjust down over the next few quarters • Closure of IPO, M&A and end of recap market will slow distribution pace • Sponsors need to create material operating improvements to generate targeted returns • Longer gestation periods will deepen J-curves and affect IRRs

52 U.S. Venture – Market Impact and Response

Market Event Impact on Venture Venture Response

Global economic ƒ Slower growing companies ƒ Lower burn rates and downturn conserve cash ƒ Lower valuations for new and follow-on investments

Unraveling of broader ƒ Protracted delay of IPO and ƒ Fund only the best companies; financial system M&A liquidity events cut losses early ƒ Increase reserves for follow-on investments

Public market declines ƒ Capital constrained LPs ƒ Firms broaden marketing efforts making smaller and fewer and reduce fund sizes commitments ƒ Improved fund terms

53 U.S. Venture – 2008 Summary

Fundraising • Decreases 20% to $28 billion after five years of growth

Investing • $28 billion invested into 3,200 companies, down slightly from 2007

Liquidity / IPO • Market closed, 6 IPOs totaling less than $1 billion

Liquidity / Exits • Activity slows, but average acquisition size remains healthy at greater than $100 million

Returns • Outperforming NASDAQ and Russell 2000 on a 1, 5 and 10-year basis

Source: Venture Economics, Bloomberg 54 U.S. Venture Pricing – Fourth Quarter Deterioration

Median Pre-Money Valuations $ Millions

Series A Series B ƒ Valuations through Q3 2008 $8.8 were relatively consistent $24.4 $7.3 $23.0 $22.3 with prior years $6.7 $7.0

$5.0 $15.4 $14.4 ƒ Significant decreases in valuations during Q4 2008 ƒ Increasing amount of flat or down rounds in the last

2005 2006 2007 Q1-Q3 Q4 ’08 2005 2006 2007 Q1-Q3 Q4 ’08 quarter of the year and into ’08 ’08 2009 Series C Series D ƒ Managers seeking non- $51.9 $80.0 $83.8 dilutive forms of financing $43.0 $71.0 $38.5 and evaluating syndicate risk $28.9 $47.5 $24.0 $43.0

2005 2006 2007 Q1-Q3 Q4 ’08 2005 2006 2007 Q1-Q3 Q4 ’08 ’08 ’08 Source: Cooley Godward Kronish LLP 55 U.S. Venture – Outlook

ƒ Fundraising will remain challenging ƒ Distributions over the next few quarters are unlikely ƒ Decreased investment competition results in more favorable pricing ƒ Time to profitability will lengthen for companies ƒ Focus on positioning existing portfolio companies to survive the downturn ƒ IPO market remains weak but M&A market providing some liquidity

56 Confidential

Secondary Market Environment Secondary Market Themes

ƒ Significant growth in deal flow – Growth of overall private equity market – Increased turnover due to current economic climate ƒ Downward pressure on pricing – Buyers cautious due to declining asset values and lack of visibility – Supply / demand imbalance of opportunities versus capital available ƒ Very few deals closing – Most sellers unprepared to accept current pricing levels – Disconnect between buyers and sellers

58 Growth of the Secondary Market

$ Billions of $ Billions Deals Reviewed Raised ƒ $1.4 trillion in new funds raised HarbourVest Secondary Deal Flow over last 4 years sets HarbourVest Secondary Deal Flow Q1 foundation for future deal flow Global PE Funds Raised – Trailing 4 Years* $70 $1,500 ƒ Economic uncertainty, market volatility, and allocation issues $59 $60 $1,250 creating surge in deal flow

$50 ƒ 2008 activity was up almost $1,000 100% over 2007 $40 ƒ Continued growth in 2009 $750 $30 $30 $22 $19 $500 $20 $17 $17 $15 $9 $250 $10 $14 $5 $7 $0 $0 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09

* Source: EVCA, Venture Economics, AVCJ, APER, HarbourVest analysis 59 Seller Profiles

100% 9% 6% 6% Other / Not Indentified 2% 4% 2% ƒ Financial institutions remain 6% 12% Individuals / Family Offices 14% the largest category of sellers 6% PE Funds 75% 5% 15% ƒ Private equity funds creating 17% Endowments / Foundations 14% liquidity for LPs by divesting portfolios of companies 17% 5% Public Pensions

50% 9% Corporations ƒ Endowment activity increasing 16% Financial Institutions

58% 25% 45% 32%

0% 2006 2007 2008 $ Billions $22 $30 $59

Source: HarbourVest’s deal flow statistics 60 Downward Pricing Pressure

Average Secondary Bid by Year ƒ Uncertainty around portfolio % of NAV company performance and 110% Net supply / demand imbalance Asset pushing pricing lower Value 100% ƒ Many sellers unwilling to transact at current pricing levels 90% ƒ Discounts expected to narrow as valuations stabilize and the 80% liquidity environment recovers

70%

60% High

Median 50% ’03’04’05’06’071H2H ’08 ’08

Source: Cogent Partners 61 Capital Availability

Secondary Capital Available vs. Opportunity ($ Billion) $140 $130 ƒ Supply expected to exceed

$120 demand in near to medium term ƒ Non-traditional buyers interested $100 in select assets

$80 ƒ Secondary fundraising expected $38 - $65 to be challenging in 2009 $60 $27 Potential $6 Fund Raise $40 $32

$38 $20 Current Capacity

$0 Traditional Non- Total Estimated Buyers’ Traditional Available Available Capital Capital Capital Opportunity

Source: Cogent Partners, UBS 62 Summary & Outlook

ƒ Volume of secondary opportunities at record levels ƒ Downward pressure on pricing ƒ Few transactions taking place ƒ Buyers are using caution ƒ Transactions expected to increase significantly

63 Summary / Questions and Answers Steve Belgrad CFO, HVPE HVPE – A Comprehensive Private Equity Solution

ƒ Largest PE fund-of-funds manager, with access to leading private equity sponsors HarbourVest ƒ Experienced, stable, and independent team located in Boston, London, Hong Kong Expertise ƒ 26-year track record and demonstrated upper quartile investment performance

Proven Investment ƒ Consistent strategy and performance Strategy ƒ Strong platform for NAV growth

ƒ 91% invested at listing, 109% invested at 31 May 2009 Diversified ƒ Diversified by manager, vintage, strategy, industry and geography Portfolio ƒ Unique opportunity to acquire high quality portfolio of 1993-2008 vintage assets

Financial ƒ $500 million credit facility in place through 2014 Flexibility ƒ Ability to support over-commitment strategy even in slower economic environment

Shareholder ƒ Independent board Friendly Structure ƒ No duplication of fees on investments in HarbourVest funds

ƒ $668 million of commitments likely to be invested in potentially attractive recession Attractive Market and post-recession vintages Opportunities ƒ Secondary market driving significant near-term opportunity

65 Fact Sheet

ƒ Structure ƒ Investor Communications Calendar - 2009 – Guernsey-registered closed-end investment – Monthly NAV – generally within 15 days of month end company – Informal meeting for shareholders – 17 June 2009 ƒ Currency denomination – Semi-annual reporting – September 2009 – U.S. dollar – Interim Management Statement – 18 June 2009 and ƒ Listing December 2009 – Euronext Amsterdam by NYSE Euronext ƒ ƒ Trading information – The Investment Manager does not charge HVPE management fees or performance fees, except with – Ticker – HVPE respect to parallel investments – Bloomberg – HVPE NA – As an investor in HarbourVest funds, HVPE is charged – ISIN – GG00B28XHD63 the same management fees and is subject to the same ƒ Investment Manager performance allocations as other investors in – HarbourVest Advisers L.P., an affiliate of HarbourVest funds HarbourVest Partners, LLC ƒ Web site ƒ Registration – www.hvgpe.com – Netherlands Authority for the Financial Markets ƒ Investor Contact ƒ Fund Consent – Steve Belgrad – Guernsey Financial Services Commission Chief Financial Officer Tel: +1 617 348 3653 ƒ Corporate Broker [email protected] – Oriel Securities Limited – Amanda McCrystal 125 Wood Street Head of IR and Communications Tel: +44 (0) 20 7399 9830 London EC2V 7AN [email protected] Tel: +44 (0) 20 7710 7600 66 Appendix - Additional Portfolio Information - Governance and Board Additional Portfolio Information Portfolio Listing at 31 January 2009

The portfolio listing illustrates HVPE’s diversity and shows the major attributes of the 20 HarbourVest funds in which HVPE is invested

69 Portfolio Listing at 31 January 2009

70 Largest Managers by Strategy at 31 January 2009 Venture / Growth Equity

ƒ In aggregate, these managers represented 22.2% of investment value ƒ The five largest managers represented 8.5% of investment value

2.0% to 2.5% of Investment Value 0.5% to 1.0% of Investment Value (continued..) Oak Investment Partners Highland Capital Partners Index Ventures 1.5% to 2.0% of Investment Value InterWest Partners New Enterprise Associates Mayfield Fund Sofinnova Partners* Menlo Ventures TA Associates Venture Partners Polaris Venture Partners 1.0% to 1.5% of Investment Value Sanderling Venture Partners** Accel Partners Sequoia Capital Summit Partners 0.5% to 1.0% of Investment Value Thoma Bravo** Atlas Ventures Versant Ventures** Austin Venture Battery Ventures Up to 0.5% of Investment Value Domain Associates** Jerusalem Venture Partners** Draper Fisher Jurvetson Tempo Capital Partners Foundation Capital**

______* Jean-Bernard Schmidt, an Independent Director of HVPE, is Managing Partner of Sofinnova Partners. ** Not included in Largest Managers in HVPE’s Semi-Annual Report at 31 July 2008. 71 Largest Managers by Strategy at 31 January 2009 Buyout

ƒ In aggregate, these managers represented 23.9% of investment value ƒ The five largest managers represented 7.6% of investment value

1.5% to 2.0% of Investment Value 0.5% to 1.0% of Investment Value (continued..) BC Partners Code Hennessey & Simmons** Doughty Hanson & Co. GTCR Golder Rauner Silver Lake Technology Management Hellman & Friedman KKR Associates Europe 1.0% to 1.5% of Investment Value Newbridge Capital Group Accretive Exit Capital Partners Nordic Capital American Capital Partners CVC Capital Partners Welsh, Carson, Anderson & Stowe IK Investment Partners The Jordan Company

0.5% to 1.0% of Investment Value Advent International Alpha Group Apax Partners (U.K.)** Bain Capital Brait Manager Mauritius Limited BS Investments Clyde Blowers Capital**

______** Not included in Largest Managers in HVPE’s Semi-Annual Report at 31 July 2008. 72 Largest Managers by Strategy at 31 January 2009 Mezzanine and Other

ƒ In aggregate, these managers represented 2.4% of investment value ƒ The five largest managers represented 1.6% of investment value

0.5% to 1.0% of Investment Value Welsh, Carson, Anderson & Stowe

Up to 0.5% of Investment Value Capital Resource Partners Clearwater Capital Partners Falcon Investment Advisors GSO Capital Partners** Indigo Capital Levine Leichtman Capital Partners Lighthouse Capital Partners Oaktree Capital Management RBS Asset Management

______** Not included in Largest Managers in HVPE’s Semi-Annual Report at 31 July 2008. 73 Largest Managers by Region at 31 January 2009 U.S.

ƒ In aggregate, these managers represented 26.2% of investment value ƒ The five largest managers represented 8.9% of investment value

2.0% to 2.5% of Investment Value 0.5% to 1.0% of Investment Value (continued..) Oak Investment Partners GTCR Golder Rauner Hellman & Friedman 1.5% to 2.0% of Investment Value Highland Capital Partners New Enterprise Associates InterWest Partners Silver Lake Technology Management Menlo Ventures TA Associates Polaris Venture Partners Providence Equity Partners 1.0% to 1.5% of Investment Value Sanderling Venture Partners** Accretive Exit Capital Partners Summit Partners American Capital The Jordan Company Thoma Bravo Welsh, Carson, Anderson & Stowe

0.5% to 1.0% of Investment Value Accel Partners** Austin Ventures Bain Capital Battery Ventures Berkshire Partners The Blackstone Group Draper Fisher Jurvetson ______** Not included in Largest Managers in HVPE’s Semi-Annual Report at 31 July 2008. 74 Largest Managers by Region at 31 January 2009 Europe

ƒ In aggregate, these managers represented 18.5% of investment value ƒ The five largest managers represented 7.5% of net asset value

1.5% to 2.0% of Investment Value 0.5% to 1.0% of Investment Value (continued..) BC Partners KKR Associates Europe Doughty Hanson & Co. Nordic Capital Sofinnova Partners* Permira Advisers QC Private Equity 1.0% to 1.5% of Investment Value CVC Capital Partners Up to 0.5% of Investment Value IK Investment Partners ABENEX Capital Accel Partners** 0.5% to 1.0% of Investment Value Candover Partners Alpha Group Limited Apax Partners (U.K.) Galileo Partners Atlas Venture Kennet Venture Partners BS Investments Macquarie Capital Funds** Limited Tempo Capital Partners Clyde Blowers Capital** Ventizz Capital Partners Index Ventures

______* Jean-Bernard Schmidt, an Independent Director of HVPE, is Managing Partner of Sofinnova Partners. ** Not included in Largest Managers in HVPE’s Semi-Annual Report at 31 July 2008. 75 Largest Managers by Region at 31 January 2009 Asia and Rest of World

ƒ In aggregate, these managers represented 5.2% of investment value ƒ The five largest managers represented 3.5% of investment value

0.5% to 1.0% of Investment Value Advent International Brait Manager Mauritius Limited Newbridge Capital Group Pitango Venture Capital

Up to 0.5% of Investment Value CHAMP** Clearwater Capital Partners CVC Capital Partners Asia HM Capital Partners Jerusalem Venture Partners Unitas Capital**

______** Not included in Largest Managers in HVPE’s Semi-Annual Report at 31 July 2008. 76 Publicly-Listed Securities at 31 January 2009

ƒ Approximately 9% of the portfolio was made up of publicly-listed securities ƒ 25 largest publicly-listed investments based on NAV **: Company Location Industry 0.5% to 1.0% of Investment Value Legrand Holdings S.A. France Industrial Shenzhen Development Bank China Financial Up to 0.5% of Investment Value 3PAR, Inc.* U.S. Tech Other Ablynx NV Belgium Medical/Biotech Addex Pharmaceuticals Switzerland Medical/Biotech Alpha Radio BV France Media/Telecom Emeritus Corporation U.S. Other ersol Solar Energy AG Germany Cleantech Flextronics International* U.S. Tech Services Gartner Group, Inc.* U.S. Tech Services Isilon Systems U.S. Tech Other MedAssets, Inc. U.S Medical/Biotech Mediacontech S.p.A.* Italy Media/Telecom MetroPCS Communications U.S. Media/Telecom The Nasdaq OMX Group, Inc U.S. Financial Net 1 UEPS Technologies Inc. South Africa Software Nikas S.A. Greece Consumer Products Otor SA France Industrial Palm, Inc.* U.S. Media/Telecom PARIS RE Switzerland Financial Republic Services, Inc.* U.S. Cleantech Smurfit Kappa Ireland Industrial TAL International Group, Inc. U.S. Business Service Whole Foods Market, Inc.* U.S. Consumer Other Zhuhai Zhongfu* China Consumer Products ______* Company not included in top 25 public companies at 31 July 2008. ** In aggregate, these investments represented 4.5% of investment value. The five largest investments represented 2.4% of investment value. 77 Governance and Board HVPE’s Solid Corporate Governance

ƒ Independent chairman - Sir Michael Bunbury Strong ƒ Four additional independent directors Board ƒ Two senior HarbourVest partners

ƒ Any deviation from 5% - 35% investment in future HarbourVest funds Board ƒ Single parallel investments exceeding 5% of HVPE NAV Approval Process ƒ Secondary investments in HarbourVest funds greater than 5% of HVPE NAV or 105% of NAV of such secondary investment in HarbourVest funds

ƒ Right to approve (with 75% majority of shareholders): Investors’ ƒ Amendments to Memorandum or Articles of Association Rights ƒ Material change to investment strategy

ƒ Investors that contributed interests in HarbourVest funds at listing

Lock-up ƒ Lock-up on 50% of holding expired December 2008; Lock-up on 25% of holding expired June 2009, and remaining 25% will expire December 2009

79 HVPE Board of Directors

ƒ Chairman, Independent Director Sir Michael Bunbury ƒ Chairman of JP Morgan Claverhouse Investment Trust plc, Director of Foreign & Colonial Investment Trust plc, Director of Invesco Perpetual Select Trust plc and Consultant to Smith & Williamson

ƒ Director Brooks Zug ƒ Founder of HarbourVest. Advisory board positions include Accel Partners, Advent International, Doughty Hanson, Permira, Silver Lake Partners, TA Associates

ƒ Director George ƒ Managing Director of HarbourVest. Focus on partnerships and direct investments in non-U.S. markets. Advisory Anson board positions include BC Partners, BS Private Equity, Cinven, Doughty Hanson, Ethos Private Equity, Global Finance, and IK Investment Partners

ƒ Independent Director Jean-Bernard Schmidt ƒ Managing Partner of Sofinnova Partners, a European venture capital firm based in Paris. Chairman of EVCA (European Private Equity and Venture Capital Association) from June 2003 to June 2004

ƒ Independent Director Andrew Moore ƒ Group Chairman of Cherry Godfrey Holdings. Directorships include Adam & Company International, Channel Islands Development Corporation and Sumo Limited

ƒ Independent Director Keith Corbin ƒ Group Executive Chairman of Nerine International Holdings Limited, non-executive Director for various regulated financial services businesses including investment funds and companies

ƒ Independent Director Paul Christopher ƒ English Solicitor, Guernsey Advocate and Partner of Ozannes. Specialises in investment, finance and corporate work

80 Disclaimer

STRICTLY CONFIDENTIAL This document and this presentation have been prepared and issued by HarbourVest Global Private Equity Limited (the “Company”) for information purposes only and may not be used in making any investment decision. None of the Company, its investment manager, HarbourVest Advisers, L.P. (the “Investment Manager”) or HarbourVest Partners, LLC (“HarbourVest”) has independently verified the information contained in this document and this presentation. This document and this presentation contain only summary information and no representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information contained herein and no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company, HarbourVest, the Investment Manager or any of their respective affiliates or by any of their respective officers, employees or agents in relation to it. Each of the Company, HarbourVest, the Investment Manager and their respective affiliates and officers, employees or agents expressly disclaims any and all liability which may be based on the document and any errors therein or omissions therefrom. In particular, no representation or warranty is given as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any views contained herein are based on financial, economic, market and other conditions prevailing as of the date of this document and this presentation. The information contained in this document and this presentation will not be updated. Further information on the Company, its Investment Manager and HarbourVest can be found in the prospectus published on 2 November 2007, in connection with the listing of the Company’s A ordinary shares on Euronext Amsterdam by NYSE Euronext (available at no cost from www.euronext.com), and on the Company’s website at www.hvgpe.com and HarbourVest’s website at www.harbourvest.com, including in announcements available on those sites. This document and this presentation do not constitute any form of financial opinion or recommendation on the part of the Company, HarbourVest or the Investment Manager or any of their respective affiliates and are not intended to be an offer, or the solicitation of any offer, to buy or sell any securities in any jurisdiction. This document and this presentation contain track record data in relation to the performance of funds of funds managed by HarbourVest and its affiliates. When considering such track record data, investors should bear in mind that past performance is not necessarily indicative of future results and, as a result, the Company’s actual returns may be greater or less than the amounts shown herein. Investment returns will depend on the increase or decrease in the trading price of the Company’s shares. In addition the Company is a closed-end investment company and the performance data presented herein for HarbourVest, as well as the private equity index performance data, relates principally to funds structured as self-liquidating partnerships and in which investor contributions were made only when the underlying fund made an actual investment. Neither this document, nor this presentation, nor any copy of either may be taken or transmitted into the United States of America, its territories or possessions or distributed, directly or indirectly, in the United States of America, its territories or to any US person (as defined in Rule 902 of Regulation S under the US Securities Act of 1933 (the “Securities Act”)). The distribution of this document and this presentation in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This document and this presentation are being distributed in the United Kingdom only to (a) persons who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2) (a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Any investment or investment activity to which the presentation and these slides relate is available only to relevant persons and will be engaged in only with relevant persons. The Company has been registered with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) as a collective investment institution which may offer participations in the Netherlands pursuant to article 2:66 of the Dutch Financial Markets Supervision Act. By participating in this presentation or by accepting any copy of this document, you agree to be bound by the foregoing limitations.

81 Forward-Looking Statements

This report contains 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 the Investment Manager’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 the Investment Manager’s control. If a change occurs, the Company’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 report; the rate at which HVPE deploys its capital in investments and achieves expected rates of return; HarbourVest’s ability to execute its investment strategy, including through the identification of a sufficient number of appropriate investments; the ability of third-party managers of funds in which the HarbourVest funds are invested and of funds in which the Company may invest through parallel investments to execute their own strategies and achieve intended returns; the continuation of the Investment Manager as manager of the Company’s investments, the continued affiliation with HarbourVest of its key investment professionals and the continued willingness of HarbourVest to sponsor the formation of and capital raising by, and to manage, new private equity funds; HVPE’s financial condition and liquidity, including its ability to access or obtain new sources of financing at attractive rates in order to fund short term liquidity needs in accordance with the investment strategy and commitment policy; changes in the values of or returns on investments that the Company 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 HVPE’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 at the date of this document, and the Investment Manager neither intends nor 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. HarbourVest qualifies any and all of its forward-looking statements by these cautionary factors. Please keep this cautionary note in mind while reading this report.

82 Track Record Disclosure

Historical data includes both funds managed directly by HarbourVest and its affiliates and funds currently managed by HarbourVest as sub-manager to HVP Inc. (defined below). In addition, historical data includes periods when the funds were managed by the management team of HarbourVest when they were employees of HVP Inc. The HarbourVest team originated in the late 1970s when D. Brooks Zug and Edward W. Kane began making primary investments on behalf of John Hancock. In 1982, they founded Hancock Venture Partners, Inc. (“HVP Inc.”). On 29 January 1997, the management team of HVP Inc. formed a new management company known as HarbourVest Partners, LLC or HarbourVest. Concurrent with the formation of HarbourVest, all of the employees of HVP Inc. became owners and/or employees of HarbourVest. In addition, concurrent with the formation of HarbourVest, HVP Inc. engaged HarbourVest as sub-manager to carry out the terms of its management agreements with the funds formed when the management team was employed by HVP Inc. Other than a sub-management agreement, no relationship exists between HarbourVest and HVP Inc. The performance shown includes realised and unrealised investments. Unrealised investments are valued by the applicable manager in accordance with the valuation guidelines contained in the applicable partnership agreement. Actual realised returns on unrealised investments will depend on, among other factors, future operating results, the value of the assets, and market conditions at the time of disposition, any related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used in prior performance data contained herein are based and therefore may differ materially from returns indicated herein. Note 1: Source: Bloomberg–Total Returns. The public equity benchmark does not reflect the reinvestment of dividends. The public equity benchmark return is based on the value of an original investment made on 1 January 1989. These returns do not reflect the cash flows used to calculate the HarbourVest Portfolio return. In addition, the securities comprising the public equity benchmarks have substantially different investment characteristics and risk characteristics than the investments held by the HarbourVest managed funds. Accordingly, a direct comparison may not be meaningful. Note 2: Source: Venture Economics VentureXpert Database. Benchmark Summary Report. U.S. Private Equity, vintage years 1989-2005. Venture Economics provides performance data which is typically used by private equity firms as a broad based benchmark of private equity performance. For these vintage years, the VentureXpert Database is comprised of 1,350 U.S. partnerships and the HarbourVest portfolio is comprised of 383 U.S. partnerships. Note 3: Performance of all U.S. partnership investments (primary and secondary) made by HarbourVest and/or by HVP Inc. through HarbourVest Partners III, IV, V, VI, VII, and VIII, their companion funds, and Dover Street II, III, IV, V, and VI in years 1989-2005. Represents the annual return (IRR) calculated using monthly cash flows from the funds managed by HarbourVest to and from the various funds in which the HarbourVest funds invested during the period specified, after all fees, expenses, and performance fees of all the fund investments but before the HarbourVest funds’ own fees, expenses, and performance fees. These returns do not represent the returns to investors or the aggregate returns of any specific fund. If performance for prior funds was included, the results would still be in the upper quartile. Vintage years 2006-2008 are not included because the funds are actively investing capital and it is too early to assess their performance. If vintage years 2006- 2008 are included, the HarbourVest portfolio return is 13.9%, while the median private equity benchmark is 3.6% and the upper quartile is 14.4%. HarbourVest vintage classification is based on the year in which capital was first funded to each underlying fund (for primary fund investments) or the year of HarbourVest’s purchase (for secondary investments).

83 Track Record Disclosure (continued)

Note 4: Source: Bloomberg – Total return, MSCI All European Countries (MSEUE18), in euro. The public equity benchmark does not reflect the reinvestment of dividends. The public equity benchmark return is based on the value of an original investment made on 1 January 1990. These returns do not reflect cash flows used to calculate the HarbourVest Portfolio return. In addition, the securities comprising the public equity benchmarks have substantially different investment characteristics than the investments held by the HarbourVest managed funds. Accordingly, a direct comparison may not be meaningful. Note 5: Source: Venture Economics VentureXpert Database, Benchmark Summary Report. All Private Equity – Europe, vintage years 1990-2005; in euro. Venture Economics provides performance data which is typically used by private equity firms as a broad based benchmark of private equity performance. For these vintage years, the VentureXpert Database is comprised of 1,011 European partnerships and the HarbourVest portfolio is comprised of 201 European partnerships. Note 6: Performance of all European partnership investments (primary and secondary) made by HarbourVest and/or by HVP Inc. through HarbourVest International Private Equity Partners I, II, III, IV, and V, their companion funds, Global Select, and Dover Street II, III, IV, V, and VI in years 1990-2005. Prior to 1990, HarbourVest did not offer any funds whose investment strategy was primarily focused on investments outside the U.S. Represents the annual return (IRR) calculated using monthly cash flows from the funds managed by HarbourVest to and from the various funds in which the HarbourVest funds invested during the period specified, after all fees, expenses, and performance fees of all the fund investments but before the HarbourVest funds’ own fees, expenses, and performance fees. These returns do not represent the returns to investors or the aggregate returns of any specific fund. For the purposes of comparing HarbourVest’s gross return on European partnership investments to private equity benchmarks on a like basis, IRRs for European investments were calculated by converting U.S. dollar denominated cash flows to euro at historic daily exchange rates. The euro-based IRR is a hypothetical return since certain of the partnership investments were denominated in currencies other than the euro. The IRR calculated based on U.S. dollar cash flows is 19.1%. Non-U.S. / non-European partnership investments are not included because no relevant private equity benchmarks exist. If all non-U.S. partnership investments were included, the HarbourVest portfolio return would be 15.7% in U.S. dollars. Vintage years 2006 - 2008 are not included because the funds are actively investing capital and it is too early to assess their performance. If vintage years 2006 - 2008 are included, the HarbourVest Portfolio return is 14.4%, while the median private equity benchmark is 0.0% and the upper quartile is 9.4%. HarbourVest vintage classification is based on the year in which capital was first funded to each underlying fund (for primary fund investments) or the year of HarbourVest’s purchase (for secondary investments).

Note A: These awards do not necessarily represent investor experience with HarbourVest Partners, LLC or its funds, nor do they constitute a recommendation of HarbourVest Partners, LLC or its services. The Global Private Equity Awards, sponsored by Private Equity International magazine and PrivateEquityOnline.com, is based on a one reader, one vote per category basis. There are no predetermined shortlists nor is there a panel of judges to influence votes; the person or firm with the greatest number of votes wins. The Editor’s Choice Award is chosen by the editors. These awards are based on surveys that are not limited to investors in HarbourVest funds and may not have included all of the investors in HarbourVest funds. These awards are not indicative of HarbourVest’s or HVPE’s future performance.

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