Confidential
9 December 2008 HarbourVest Global Private Equity Limited Shareholder Meeting Confidential
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. 4 December 2008
1 Confidential
Welcome Sir Michael Bunbury Chairman, HVPE Confidential
Agenda
Welcome Sir Michael Bunbury, Chairman Overview of the Manager – HarbourVest George Anson, Managing Director, HarbourVest Director, HVPE HVPE Review Steve Belgrad, CFO, HVPE Outlook for Private Equity Peter Wilson, Managing Director, HarbourVest Summary / Questions and Answers Steve Belgrad, CFO, HVPE
3 Confidential
Overview of the Manager — HarbourVest George Anson Managing Director, HarbourVest Director, HVPE Confidential
Overview of HarbourVest
Independent, 100% owner-managed private equity fund-of-funds Largest Private Equity Founders began private equity investing in 1978 Fund-of-Funds Manager with Total capital raised over 25 years of $30 billion Experienced, Global 78 investment professionals in Boston, London and Hong Kong Team together with a support staff of 144 (222 total)
Focus on three private equity investment strategies: primary Consistent partnerships, secondary investments, direct investments Private Equity Strategy Four principal product lines: U.S. fund-of-funds, non-U.S. fund-of-funds, secondary-focused funds, direct / co-investment funds
One of the longest track records in the industry Demonstrated Upper Quartile Achieved by the same professionals that manage the portfolio today Investment Performance Demonstrated top quartile performance across all private equity strategies1
______Note: (1) Where relevant benchmarks exist. See notes in Appendix. 5 Confidential 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 Overlapping knowledge base Strong relationships across the industry Collaborative environment Enhanced deal flow, evaluation, and monitoring
6 Confidential 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 direct secondary owned by investment investment management team
'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
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 Confidential 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 2007)
U.S. Buyout U.S. Venture Europe Vintage Years 1989-2005 Vintage Years 1989-2005 Vintage Years 1990-2005
25% Public Equity Private Equity 25% Public Equity Private Equity 25% Public Equity Private Equity Benchmark 1 Benchmarks 2 21.7% Benchmark 1 Benchmarks 4 21.4% Benchmark 6 Benchmarks 7 Total Return Total Return Total Return 19.7% 20% 18.1% 20% 18.9% 20% 15% 15% 15% 10.7% 10.9% 9.2% 10% 7.7% 10% 10% 7.1% 5% 5% 3.4% 5% 0.0% 0% 0% 0% S&P 500 Median Upper HarbourVest NASDAQ Median Upper HarbourVest MSCI Median Upper HarbourVest 3 5 8 ______Quartile* Portfolio 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 2007. 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-Buyout Partnership Fund L.P. is 3.5%; and for HarbourVest International Private Equity Partners III-Partnership Fund L.P. is 2.9%. 8 Confidential
A Leading Manager Across Regions and Strategies
Private Equity International Awards 2007
U.S. Fund-of-Funds European Fund-of-Funds Asian Fund-of-Funds
1. HarbourVest 1. Partners Group 1. HarbourVest 2. Adams Street 2. HarbourVest 2. Pantheon Ventures 3. Goldman Sachs 3. LGT Capital 3. Squadron Capital
U.S. Secondary European Secondary
1. Lexington 1. Coller 2. HarbourVest 2. HarbourVest 3. Landmark 3. Lexington
Notes 9: See Track Record Disclosure in Appendix. 9 Confidential
HVPE Review Steve Belgrad CFO, HVPE Confidential
HVPE – One Year Review
At Listing December ’07 31 October ’08 Change NAV $830.0 $765.3 ($64.7) NAV per Share $10.00 $9.22 ($0.78) Financial Commitments $668.5 $698.6 $30.1 Performance Total PE Exposure $1,423.3 $1,492.5 $69.2 % Invested 91% 104% 13% % Committed 171% 195% 24% Commitment Coverage Ratio 86% 68% (18%)
December 2007 • HVPE listed on Euronext Amsterdam • Purchase of $81 million of secondary interests in HarbourVest funds May 2008 • UBS appointed corporate broker June 2008 • Sale of ersol Solar Energy AG resulted in $.09 gain to Key Events HVPE July 2008 • Committed €100 million to HIPEP VI 2nd Half 2008 • Completed staffing of HVPE with Boston-based CFO and London-based Head of Investor Relations December 2008 • Lock-up expired on 50% of shares held by “rolling” shareholders 11 Confidential
NAV per Share Since Listing has Declined $0.78
NAV per Share ($)
$11.00
$10.47 $10.5 0 $10.39 $10.42 $10.46 $10.5 0 $10.30 $10.16 $10.22 $10.13 $10.00 $10.00 $9 .8 4 Key Drivers of NAV Change $ % $9 .5 0 $9 .22 Listing NAV per Share 10.00 Currency (0.44) -4.4% $9 .00 Public Securities (0.41) -4.1% Private Investments 0.48 4.8% On-Going Interest and Expenses (0.22) -2.2% $8 .5 0 Start-up Related Expenses (0.19) -1.9% 10/31/08 NAV per Share 9.22 -7.8% $8 .00 30 31 31 29 31 30 31 30 31 31 30 31 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08
12 Confidential HVPE Estimated NAV Methodology Reflects Most Current Valuations Available
Public Estimated Monthly NAV Methodology Securities (Valued at • Substantially all public securities valued at 31 Oct) month-end trading value (including public 10% Private Direct securities in underlying funds) Portfolio • Non-$-denominated NAVs of underlying funds (Based on Sept 30 translated at month-end exchange rates Private Fund valuations) • Private direct investments valued at most recent of Funds 13% Portfolio quarterly NAV adjusted for currency, cash flows, (Based on and known events 30 June valuations) • Private fund-of-funds investments reflect most 77% recent reported underlying fund valuations, adjusted for cash flows, currency, and known events
October 31 Estimate NAV
Est. NAV of Investments $794 million Est. HVPE NAV $765 million Est. NAV per share $9.22
13 Confidential
Portfolio Composition
NAV of Investments + Interests in 20 Unfunded Commitments* HarbourVest-managed funds Comprised of 538 fund $283 million Unfunded Commitments interests across (Not Allocated to multiple high-quality Underlying Partnerships)* managers Exposure to 5,612 company investments (directly or indirectly) NAV split $416 million approximately Unfunded Commitments 66% primary, (Allocated to Underlying Partnerships) 21% secondary and 13% direct investments at 31 October 2008 $794 million investment NAV $1,493 million total private equity exposure ______* At October 31, approximately $283 million of HVPE’s total unfunded commitments of $699 million represent commitments to HarbourVest funds that have not yet been committed to underlying partnerships. 14 Confidential Diversification of Portfolio Based on NAV at 31 October 2008
Strategy Geography Early ROW Portfolio provides Large Other Stage Asia- 5% Buyouts 3% Venture Pacific access to a broad 8% 14% 3% cross-section of private Balanced equity investments Europe Medium Venture 29% Buyouts 13% 28% 40% venture Venture / U.S. 63% Growth 63% U.S. Small Equity Buyouts 13% 21% Minimal exposure to Vintage Industry large buyouts 1993 - Consumer Media / Other 1998 Other Telecom 2008 8% Well-diversified by 5% 5% 11% 2007 6% 1999 vintage year and 9% 9% Consumer Medical / Products 2000 Biotech industry 2006 9% 11% 16% 11% Tech No concentration in Other Industrial 2001 13% 9% recent vintages 2005 12% 12% Tech Financial 2002 Services 2004 6% 2003 5% 5% Software Business 10% 10% 12% Services ______Note: As reported in HVPE’s Monthly Update for 31 October 2008 6% 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. 15 Confidential 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% 6% 14%
2005- Venture Europe 2007 40% 29% 32% Buyout 57% U.S. 2000- 63% 2004 48%
Peer Average Strategy2 Peer Average Geography2 Peer Average Vintage2
ROW 2008 Other Pre-2000 9% 4% 16% 6%
U.S. 2000- Venture 38% 2004 10% 31%
2005- Europe Buyout 2007 53% 74% 59%
______Note: As reported in HVPE’s Monthly Update for 31 October 2008, peer reporting dates range from 31 March 2008 to 30 September 2008 1. See note related to diversification analysis on previous page. 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, Lehman Brothers Private Equity Partners Ltd, Pantheon International Participations PLC, Princess Private Equity Holdings Ltd, Standard Life European Private Equity PLC, and SVG Capital PLC 16 Confidential
Venture and Buyout Returns have Generally Been Countercyclical
U.S. Buyout and Venture Vintage Year Return Upper Quartile Performance (IRR)
120%
100%
80%
60% U.S. Buyout 40%
20%
0% U.S. Venture
-20% ' '76 - '80 '81 '82 '83 '84 '85 '86 '87 '88 '89 '9 0 '9 1 '9 2 '9 3 '9 4 '9 5 '9 6 '9 7 '9 8 '9 9 '00 '01 '02 '03 '04 '05 '06 '07 '08 69- '79 '75
Source: Venture Economics – June 30, 2008 Venture and Buyout data. 17 Confidential Contributions and Distributions From 31 January to 31 October 2008
$ in millions Contributions Distributions US Fund-of-Funds $68.4 $33.2 International Fund-of-Funds 14.0 38.7 Direct Funds 11.9 0.0 Secondary Funds 17.0 0.0 $30 $111.2 $71.9 $28.1 $28.5
$25
$21.3 $20 $17.2
$15 $13.9 $12.7 $11.7 $11.7
$10 $8.3 $6.9 $5.3 $5.6 $4.5 $5 $3.5 $4.0
$0.0 $0.0 $0.0 $0 Feb Feb Mar Mar Apr Apr May May June June July July Aug Aug Sep Sep Oct Oct Calls Dist Calls Dist Calls Dist Calls Dist Calls Dist Calls Dist Calls Dist Calls Dist Calls Dist
18 Confidential
HVPE’s Credit Facility Provides Strategic Flexibility
Seven year committed facility through December 2014 $500 million facility size – $43 million drawn at 31 October 2008 Lender is Bank of Scotland – Announced combination of Lloyds TSB Group plc and Bank of Scotland parent HBOS plc will create the largest bank in the U.K. – In October, the U.K. government agreed to invest up to £17billion in the combined Lloyds TSB and HBOS entity Attractive terms – 40 bps annually on undrawn line – Borrowing at LIBOR plus 150 bps – Covenant flexibility
19 Confidential HVPE Commitment Strategy is Supported by its Investment Structure and Credit Facility
Commitment Level (%) 1 Commitment Coverage Level (%) 2
250% 120% 114%
195% 100% 200% 158% 161% 80% 68% 150% 60% 100% 40% 19% 50% 20%
0% 0% HVPE Commitment HVPE Commitment Peer Median HVPE Unfunded HVPE Unfunded Peer Median Level Level (Underlying Commitment Level (3) Commitment Level Commitment Level Unfunded Partnerships Only) (Underlying Commitment Level (3) Partnerships Only)
SUMMARY OF COMMITMENTS Amounts shown in millions 31-Oct-08 Unfunded Commitments (Allocated to Underlying Partnerships) $416.2 Unfunded Commitments (Not Allocated to Underlying Partnerships) 282.4 Total Unfunded Commitments $698.6 Estimated NAV of Investments $793.9 Total Private Equity Exposure $1,492.5 HVPE Estimated NAV $765.3 HVPE Cash and Available Credit Facility $473.8 ______Note: As reported in HVPE’s Monthly Update for 31 October 2008, peer reporting dates range from 31 March 2008 to 30 September 2008 1. Commitment level is calculated as Total Private Equity Ex