Monthly Update 29 FEBRUARY 2012

February Highlights HVPE’s estimated NAV per share is $11.43, a $0.01 per share increase from 31 January 2012.

On 1 February 2012, (one of HVPE’s largest underlying company holdings) filed for an IPO, which is expected to value the company at between $75 and $100 billion.

On 2 March 2012, , Inc. (NYSE: YELP) completed an IPO at $15 per share, above its initial price range. The Facebook and Yelp offerings follow 2011 IPOs of Groupon (NASDAQ: GRPN) and Zynga (NASDAQ: ZNGA), all of which are held in HVPE’s venture portfolio, which currently represents 32% of investment value.

The Company repaid $6.0 million of capital against its $500 million credit facility. Since 30 September 2011, HVPE has decreased its outstanding borrowings by $40.9 million, and $150.3 million is outstanding at 29 February 2012.

Despite euro movement affecting HVPE’s NAV of Investments, the overall result of currency movement is broadly neutral as the Company maintains sufficient euro-denominated borrowings so that these and its unfunded euro commitments are approximately equal to its euro assets.

29 February 2012 31 January 2012 Change SUMMARY OF NET ASSET VALUE (in millions except per share and last traded price data) Estimated NAV of Investments $1,090.9 $1,096.9 ($6.0) Cash and Cash Equivalents 5.7 2.2 3.5 Outstanding Debt (150.3) (154.4) 4.1 Net Other Assets (Liabilities) (0.9) (0.5) (0.4) Estimated NAV $945.4 $944.2 $1.2 Estimated NAV per Share (82.7 million shares outstanding) $11.43 $11.42 $0.01 Last Traded Price (Euronext)1 $6.50 $7.40 ($0.90) Last Traded Price (LSE)2 $6.43 $6.37 $0.06

SUMMARY OF COMMITMENTS Unfunded Commitments (Allocated to Underlying Partnerships) $339.5 $338.9 $0.6 Unfunded Commitments (Not Allocated to Underlying Partnerships) 115.5 114.6 0.9 Total Unfunded Commitments $455.0 $453.5 $1.5 Estimated NAV of Investments + Total Unfunded Commitments $1,545.9 $1,550.4 ($4.5) % Invested 115% 116% (1%) Commitment Level (Total Unfunded Commitments)3 164% 164% — Commitment Level (Allocated to Underlying Partnerships)4 151% 152% (1%) Cash + Remaining Available Credit Facility5 $355.4 $347.8 $7.6

1 Last trade prior to 31 January 2012 took place on 3 August 2011; last trade prior to 29 February 2012 took place on 2 February 2012 2 Last trade prior to 31 January 2012 took place on 31 January 2012; last trade prior to 29 February 2012 took place on 28 February 2012 3 Refl ects the estimated NAV of investments plus total unfunded commitments divided by estimated NAV. 4 Refl ects the estimated NAV of investments plus unfunded commitments (allocated to underlying partnerships) divided by estimated NAV. 5 Available credit facility refl ects amount available subject to most restrictive covenant limit applicable.

HarbourVest Global Private Equity Monthly Update 1 At 29 February 2012, HVPE is valuing the Absolute portfolio at $25.19 per share (including dividends Estimated Components of NAV received since closing), which is unchanged from at 29 February 2012 31 January and a 36% increase over the purchase 12% price of $18.50 per share. Based on current market conditions and the rate at which the Absolute portfolio Investments based on estimated 29 February 2012 Valuations is receiving distributions, HVPE’s investment manager expects the Company to receive its first distribution from the Absolute investment in mid-2012. 11% Public Securities During February 2012, HVPE did not repurchase at 29 February 2012 any shares under its share buyback arrangement. 77% Management of Investments based on estimated Foreign Currency Exposure 31 December 2011 Foreign currency movement affects HVPE’s Valuations investments, borrowings on the credit facility, and unfunded commitments. The Company’s strategy is to maintain a natural hedge to minimise the impact of exchange rate volatility. HVPE’s credit facility allows the Company to borrow in multiple currencies to match its foreign currency investments and unfunded commitments. During February, foreign currency Net Asset Value movement had a minimal effect when viewed across At 29 February 2012, HVPE’s estimated Net Asset HVPE’s borrowings, investments, and unfunded Value (“NAV”) per share is $11.43, a $0.01 per share commitments. Specifically, foreign currency movement increase from 31 January 2012. This modest contributed to a $0.04 per share increase in NAV adjustment reflects positive public markets and of Investments, which was offset by a negative foreign currency movement during February, as well $0.02 per share increase in borrowings and a as adjustments to the estimated valuations as negative $0.03 per share increase in unfunded 31 December 2011 valuations are received from the commitments. These resulted in a net negative underlying investments. During February, the MSCI effect of $0.01 per share. World Index (USD) increased 4.8% and the euro appreciated 1.8% against the U.S. dollar. Balance Sheet and Commitments CASH FLOWS HVPE’s investment manager has estimated calendar During the month, HVPE invested $1.0 million in fourth quarter 2011 valuations for fund-of-funds the global secondary fund (the Company invested and direct funds using fund-level activity, known $9.9 million in January 2012). The Company received transactions, preliminary direct portfolio company $10.8 million from fund-of-funds, a direct fund, values, comparable public index movements, and and the global secondary fund (compared to discussions with the general partners with whom $4.0 million in January), resulting in net positive cash it has invested. The Company’s audited NAV and flows of $9.8 million. February realisations included financial statements for its financial year ended proceeds from the December 2011 sale of Clyde Union 31 January 2012 will be released in May 2012. Pumps (one of HVPE’s largest underlying companies at 31 July 2011) to SPX Corporation and the Until then, HVPE’s estimated monthly NAV will February 2012 sale of direct holding Kiala N.V. continue to reflect the best information available to UPS for €78 million. to the investment manager, including adjustments to the estimated 31 December 2011 valuations LIQUIDITY EVENTS AND COMMITMENTS as actual results are received from the underlying During February 2012, there were a total of 41 liquidity managers. The estimated NAV will also be adjusted events across HVPE’s underlying portfolio, including monthly to reflect changes in the value of publicly- 33 M&A transactions and eight IPOs, including traded securities held in the portfolio, foreign currency venture-backed AVG Technologies, Inc. (NYSE: AVG) movement, cashflows, and any known material events. (TA Associates), ChemoCentryx, Inc. (NASDAQ: CCXI) The investment manager expects the Company’s NAV (Alta Partners), and Brightcove, Inc. (NASDAQ: BCOV) to reflect all final HarbourVest direct fund year-end (Accel Partners). valuations in April 2012, followed by final year-end valuations for HarbourVest fund-of-funds in April and May 2012.

HarbourVest Global Private Equity Monthly Update 2 Of the total unfunded commitments, approximately HVPE Liquidity Events $339.5 million has been committed by HarbourVest VENTURE M&A funds to underlying partnerships, while the remaining $115.5 million has not yet been committed. VENTURE IPO /OTHER M&A CREDIT FACILITY BUYOUT/OTHER IPO During February, the Company repaid $6.0 million of capital against its $500 million credit facility, (# of transactions) 41 which is committed until December 2014 subject to 40 certain covenants. At 29 February 2012, a total of $150.3 million is outstanding, a $4.1 million decrease from 31 January 2012 due to the February repayment 30 and foreign currency movement. Since 30 September 26 2011, HVPE has decreased its outstanding borrowings by $40.9 million. At 29 February 2012, HVPE’s cash ($5.7 million) and remaining available credit facility 20 ($349.7 million) totals $355.4 million. This represents 105% of commitments allocated to underlying partnerships and 78% of total commitments (compared 10 to 103% and 77%, respectively, at 31 January). Portfolio Diversification NAV Consistent with HVPE’s investment objective, the 0 January 2012 February 2012 investment manager strives to manage risk through diversification within the portfolio. The charts below illustrate the breakdown of HVPE’s investment portfolio based on NAV at 29 February 2012. On 1 February 2012, social networking company From 30 September 2011 to 31 January 2012, Facebook, Inc., HVPE’s third largest underlying HVPE’s Absolute portfolio was categorised as a 2011 portfolio company at 31 July 2011, filed for an IPO, secondary U.S. buyout investment. At 29 February which is expected to value the company at between 2012, the Absolute portfolio is categorised within $75 and $100 billion. HVPE holds Facebook via the secondary portfolio by underlying partnership primary and secondary positions with Accel Partners, for , strategy, and geography. Andreessen Horowitz, Carmel Ventures, Elevation Partners, Kleiner Perkins Caufield & Byers, Saints Capital, Based on the re-categorisation of the Absolute and Technology Crossover Ventures. On 2 March 2012, portfolio, HVPE’s buyout investments decreased to Yelp, Inc. (NYSE: YELP), held via Elevation Partners, 62% of the portfolio (from 64% at 31 January), and priced its IPO at $15 per share, above its projected range. venture investments increased to 32% (from 31% at 31 January. Additionally, U.S. investments decreased HVPE did not make any new commitments or purchase to 68% of the portfolio at 29 February 2012 (from additional interests in HarbourVest-managed funds 73% at 31 January), and European investments during February. The Company continued to benefit increased to 25% (from 20% at 31 January). The NAV from ongoing investments made by the actively-investing is split 51% in primary partnerships, 33% in secondary HarbourVest funds in its portfolio, which made a investments, and 16% in direct investments. primary European buyout commitment and secondary investments in U.S. and Chinese venture. HVPE is expected to continue to make investments in and alongside existing and newly-formed HarbourVest HVPE’s unfunded commitments of $455.0 million funds as they come to market. HarbourVest’s funds increased on a net basis by $1.5 million during typically invest their capital in primary partnerships, February based on foreign currency movement secondary investments, and direct investments across and capital invested. vintage years, strategies, geographies, and industries.

Company Overview HarbourVest Global Private Equity Limited (“HVPE” or the “Company”) is a Guernsey-incorporated, closed-end investment company listed on the Specialist Fund Market (“SFM”) of the London Stock Exchange and Euronext Amsterdam. HVPE is designed to offer shareholders superior, long-term capital appreciation while avoiding undue risk by investing in a diversified portfolio of private equity investments. The Company is managed by an affiliate of HarbourVest Partners, LLC (“HarbourVest”), a leading private equity fund-of-funds manager. The HarbourVest team has managed private equity investments for 30 years, gaining invaluable expertise and developing long-term relationships with high quality managers.

HarbourVest Global Private Equity Monthly Update 3 Portfolio Diversification at 29 February 2012

Vintage Year Strategy Industry Pre-1999 1% Early Stage Venture 12% Other 20%

1999 3% Balanced Venture 10% Medical / Biotech 13%

2000 8% Venture/Growth Equity 10% Consumer Products 12%

2001 6% Small 16% Media / Telecom 10%

2002 3% Medium Buyouts 30% Industrial 9%

2003 4% Large Buyouts 16% Software 8%

2004 5% Other 6% Financial 7%

2005 11% Business Services 6%

2006 15% Consumer Other 6%

2007 20% Tech Other 4% Geography 2008 10% United States 68% Tech Services 3%

2009 2% Europe 25% Cleantech 2%

2010 8% Asia Pacific 4%

2011 4% Rest of World 3%

Diversification charts add to 100%. Notes The diversifi cation by net asset value analysis is based on the fair value of the underlying investments, as estimated by the investment manager. Diversifi cation by strategy, vintage, and geography is 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 diversifi cation is based on the reported value of the underlying company investments for both fund-of-funds and direct funds. 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.

Contacts REGISTERED OFFICE INVESTMENT MANAGER KEY INFORMATION HarbourVest Global HarbourVest Advisers L.P. Exchanges Euronext Amsterdam & Private Equity Limited c/o HarbourVest Partners, LLC London Stock Exchange Company Registration One Financial Center Ticker HVPE Number: 47907 44th Floor Listing Date 6 December 2007 (Euronext) Anson Place Boston MA 02111 12 May 2010 (LSE) Mill Court U.S.A. Financial Year End La Charroterie Tel +1 617 348 3707 31 January St Peter Port Fax +1 617 350 0305 Base Currency U.S. Dollars Guernsey GY1 1EJ ISIN GG00B28XHD63 Stuart Howard Tel +44 1481 722 260 SEDOL B447KB5 Fax +44 1481 729 829 [email protected] Bloomberg +44 (0)20 7399 8815 HVPE NA, HVPE LN Reuters HVPE.AS, HVPE.L Common Code 032908187 Amsterdam 612956 Security Code

Valuation Methodology HVPE carries its investments at fair value in accordance with U.S. generally-accepted accounting principles. HVPE’s investment manager uses the best information it has available to estimate fair value. Fair value for private equity assets is based on the most recent fi nancial information provided by the investment manager, adjusted for known investment operating expenses and subsequent transactions, including capital calls, distributions, changes in foreign currency exchange rates, and changes in value of public securities. Valuation adjustments are made for known signifi cant events, if any, that affect the fair value of the investments. The 29 February 2012 estimated NAV is based on fi nal and estimated investment values at 31 December 2011 for company investments within HVPE’s direct funds and partnerships within HVPE’s fund-of-funds, adjusted for foreign exchange movements, cashfl ows, and known events to 29 February 2012. HVPE is registered with the Dutch Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het fi nancieel toezicht). All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, fi nancial, tax, and other professional advice before making any investment decision. The value of investments may fl uctuate. Results achieved in the past are no guarantee of future results. This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the securities described herein. This report was prepared using fi nancial information contained in HVPE’s books and records as of the reporting date. This information is believed to be accurate but has not been audited by a third party. This report describes past performance, which may not be indicative of future results. HVPE does not accept liability for actions taken on the basis of the information provided.

HarbourVest Global Private Equity Monthly Update 4