Informal Meeting for Shareholders

HarbourVest Global Private Equity Limited

17 June 2009

WelcomeSir Michael BunburyChairman, HVPE

2

HarbourVest and HVPE Attendees

Sir Michael BunburyChairman of HVPE

D. Brooks ZugSenior Managing Director and Founder of HarbourVest; Director of HVPE

George AnsonManaging Director of HarbourVest; Director of HVPE

Steve BelgradCFO of HVPE

Amanda McCrystalHead of Investor Relations and Communications for HVPE

3

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

Overview of the Manager – HarbourVestD. Brooks ZugSenior Managing Director and Founder, HarbourVest Director, HVPE

5

Overview of the Investment Manager – HarbourVest Partners

__________________Note: (1) Where relevant benchmarks exist. See notes in Appendix.

Largest Private Equity

Fund-of-Funds Manager with

Experienced, Global Team

Independent, 100% owner-managed private equity fund-of-fundsFounders began private equity investing in 1978Total capital raised over 25 years of $30 billion78 investment professionals in Boston, London and Hong Kong together with a support staff of more than 140

Consistent Private Equity

Strategy

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

Demonstrated Upper Quartile

Investment Performance

One of the longest track records in the industry Achieved by the same professionals that manage the portfolio todayDemonstrated top quartile performance across all private equity strategies1

6

Consistent Integrated Strategy and Extensive Knowledge Base

Direct Investments

SecondaryInvestments

Primary Partnerships

HarbourVest Partners Investment Strategy• Consistent approach for more than 25 years• Integrated strategy provides significant advantages

Overlapping knowledge baseStrong relationships across the industryCollaborative environmentEnhanced deal flow, evaluation, and monitoring

7

HarbourVest HistoryEstablished Firm

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.

'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

SECONDARY FUNDS

Dover II1994-96

Dover III1996-99

Dover IV1999-02

Dover Ia1991-94

Dover V2002-05

Dover VI2005-07

Dover VII2007-09

1986 First

secondary investment

Fund VIII2006-09

Fund II1986-89

Fund III1989-93

Fund IV1993-96

Fund V1996-1999

Fund VI1999-03

Fund I1982-86

Fund VII2003-06

U.S. FUND OF FUNDS

1997 Firm independently

owned by management team

1978 First U.S.

investment

1982Fund I formed

200725 years of fund management by

team

NON-U.S.FUND OF FUNDS

HIPEP II1995-98

HIPEP III1998-01

HIPEP1990-95

HIPEP IV2001-05

HIPEP V2005-08

HIPEPVI

2008-11

DIRECT/CO-INVEST FUNDS

2007 Direct2007-10

Fund I through Fund VI

HIPEP I through HIPEP V

2004 Direct2004-07

1984 First international

partnership investments in Europe and Asia

1990 London

subsidiary formed

1996Hong Kong subsidiary

formed

1983First

direct investment

2007Launch of

HVPE

8

Advent International 1997Brait 1998Evergreen Partners 1998

Emerging Markets

MKS (Japan Venture) 1994Pacific Equity Partners 1998CVC Asia 1999TPG Asia 2000CCMP Capital 2000CHAMP 2000

Asia Pacific

TA Associates 1983Oak Investment Partners 1983New Enterprise Assoc. 1984Battery Ventures 1988Summit Partners 1988Bain Capital 1989Accel Partners 1989Hellman & Freidman 1994

U.S.

APAX Partners 1987Charterhouse 1989Permira 1989Sofinnova 1989Abingworth 1991Alpha Group 1993BC Partners 1993Doughty Hanson 1993IK Investment Partners 1994Index Ventures 2000

Europe

HarbourVest’s Long-Term General Partner Relationships

9

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

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

________________Note: Comparison of public equity returns with private equity returns may not be meaningful

________________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-Buyout Partnership Fund L.P. is 4.0%; and for HarbourVest International Private Equity Partners III-Partnership Fund L.P. is 3.6%.

U.S. Vintage Years 1989-2005

EuropeVintage Years 1990-2005

4.5%

16.4%

6.1%

15.5%

0%

5%

10%

15%

20%

S&P 500 Median UpperQuartile*

HarbourVestPortfolio

Public Equity Benchmark 1Total Return

Private EquityBenchmarks 2

0.0%

16.3%

3.2%

10.2%

0%

5%

10%

15%

20%

MSCI Median UpperQuartile*

HarbourVestPortfolio

Public Equity Benchmark 4Total Return

Private EquityBenchmarks 5

Partnership Investment Performance (as of 31 December 2008)

3 6

10

A Leading Manager Across Regions and Strategies

1. HarbourVest2. Goldman Sachs 3. Adams Street

U.S. Fund-of-Funds

1. Partners Group2. HarbourVest3. LGT Capital

European Fund-of-Funds

1. Lexington2. HarbourVest3. Goldman Sachs

U.S. Secondary

Private Equity International Awards 2008

See Note A within Track Record Disclosure in Appendix

HVPE ReviewSteve BelgradCFO, HVPE

Financial Highlights

13

1/09 – 5/09 Change

1/08 – 1/09 Change

31 Jan

31 Jan

31 May

(2%)(24%)76%52%50%Commitment Coverage Ratio

0%36%178%214%214%% Committed3%8%98%106%109%% Invested

1%$12.5(12%)($186.6)$1,537.2$1,350.6$1,363.1Total PE Exposure4%$27.1(21%)($179.5)$847.6$668.1$695.2NAV of Investments

(2%)($14.6)(1%)($7.1)$689.6$682.5$667.9Commitments1%$0.05(27%)($2.78)$10.39$7.61$7.66NAV per Share1%$4.6(27%)($230.8)$862.1$631.3$635.9NAV

%$%$ 200820092009

June 2008 • Announced sale of ersol Solar Energy AG resulted in $.09 gain; sale closed in August

July 2008 • Committed €100 million to HIPEP VI2nd Half 2008 • Completed staffing of HVPE with Boston-based CFO and London-

based Head of Investor RelationsMay 2009 • Oriel Securities appointed corporate brokerJune 2009 • Lock-up expired on additional 25% of shares held by “rolling”

shareholders; No sales have resulted

HVPE – Period Ended 31 May 2009 Summary

Financial Performance

Key Events

14

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

$10.50

$7.66

$7.46$7.60

$7.70

$8.81

$9.84

$10.22$10.13

$10.39

$9.22

$7.84

$7.61

$10.46$10.42$10.47

$10.16

$7.00

$7.50

$8.00

$8.50

$9.00

$9.50

$10.00

$10.50

$11.00

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

NAV per Share ($)

Fiscal Year Ended 31 Jan 2009

(0.09)10%(0.28)Expenses

4 Months Ended 31 May 2009

12 Months Ended 31 Jan 2009

100%

0%45%45%

%

0.05

0.000.18

(0.04)$

(2.78)Change in NAV per Share

0.01Secondary(1.27)Non-U.S. Fund-of-Funds and Direct(1.24)U.S. Fund-of-Funds and Direct

$Estimated Drivers of NAV Change

Fiscal Year Ending 31 Jan 2010

Fiscal Year Ended

31 Jan 2008

Portfolio Composition

16

HVPE has a Distinct Three-Tiered Investment Structure

Interests in 20 HarbourVest-managed funds (1)

Comprised of 626 fund interests across multiple high-quality managers (1)

Exposure to 5,705 company investments (directly or indirectly) (1)

NAV split approximately 64% primary, 21% secondary and 15% direct investments at 31 May 2009

________________Note:1. HVPE portfolio fund exposure as of 31 January 20092. At 31 May, approximately $189 million of HVPE’s total unfunded commitments of $668 million represent commitments to HarbourVest funds that have not yet been committed to underlying partnerships.

NAV of Investments + Unfunded Commitments(2)

$189 million Unfunded Commitments (Not Allocated to Underlying Partnerships)(2)

$479 million Unfunded Commitments (Allocated to Underlying Partnerships)

$668 MILLION TOTAL UNFUNDED COMMITMENTS

$695 MILLION NAV OFINVESTMENTS

$1,363 million Total Private Equity Exposure

17

Diversification of Portfolio Based on NAV at 31 May 2009

Portfolio provides access to a broad cross-section of private equity investments

41% venture

66% U.S.

Minimal exposure to large buyouts

Well-diversified by vintage year and industry

No concentration in recent vintages

Vintage Industry

Strategy Geography

Venture / Growth Equity13%

Early Stage Venture

15%

Other3%

Large Buyouts

8%

Small Buyouts

20%

Medium Buyouts

28%

Balanced Venture

13%

20009%

200112%

20049%

200612%

200310%

20025%

200512%

19998%

20087%2007

11%

1993 - 19985%

Services4%

Other8%

Financial5%

Industrial9%

Medical / Biotech

19%

Software13%

Products11%

Other5%

Media / Telecom

13%

Cleantech3%

Other5%

Business Services

5%

U.S.66%

Europe26%

Asia-Pacific

3%

ROW5%

________________Note: As estimated in HVPE’s NAV statement for the month ended 31 May 2009The 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.

Consumer16%

Tech12%

18

Venture Portfolio has Declined Less Significantly Than Buyout

-25%

-32%

-22%

-16%

-60%

-50%

-40%

-30%

-20%

-10%

0%HVPE Total Buyout

TotalVenture Total Other

-26%-30%

-18%-15% -15%

-54%-60%

-50%

-40%

-30%

-20%

-10%

0%

SmallBuyout

MediumBuyout

LargeBuyout

EarlyVenture

BalancedVenture

GrowthEquity

Portfolio Strategy Venture and Buyout Strategy

________________Note: Analysis includes primary, secondary and direct investmentsDiversification as at 31 January 2009

Performance by Strategy 31 January 2008 – 31 January 2009

55% 42% 3% 20% 27% 8% 15% 14% 13%% of NAV

19

Allocation of 2005-2007 Vintage Years by Strategy

________________Note: Diversification as at 31 May 2009See diversification note on slide 17

Portfolio Vintage Diversification 2005 – 2007 Vintage by Strategy

Small Buyout

4%

Medium Buyout

11%

Large Buyout

6%

Early Venture

5%

Balanced Venture

3%

Growth Equity

4%

Other2%

35%2005 - 200735%

All Other Vintage Years65%

(% of Total NAV)

20

Allocation of Buyout and Venture by Geography

________________Note: Diversification as at 31 May 2009See diversification note on slide 17

Portfolio Geography Diversification Buyout and Venture by Geography

U.S.66%

Europe26%

Rest of World

8%

Europe15%

U.S.80%

Rest of World5%

U.S.55%

Europe34%

Rest of World11%

Buyout56% of Total NAV

Venture41% of Total NAV

21

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.

22

Comparison of HVPE Portfolio with Private Equity Fund-of-Funds Peer Group

HVPE Vintage1HVPE Strategy1 HVPE Geography1

Peer Average Strategy2 Peer Average Geography2 Peer Average Vintage2

Buyout56%

Venture41%

Other3%

U.S.66%

Europe26%

ROW8%

Buyout71%

Venture11%

Other18%

U.S.40%

Europe47%

ROW13%

2000-200429%

2005-200757%

Pre-20006%

20088%

Pre-200013%

2005-200735%

20087%

2000-200445%

________________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

23

Portfolio Concentration and Largest 25 Underlying Companies at 31 January 2009

In aggregate, these investments represented 16.2% of investment value

The five largest investments represented 6.0% of investment value

________________* Company not included in top 25 at 31 July 2008. Bold text denotes direct investments made by HarbourVest funds.

Company Status Location Industry2.0% to 2.5% of Investment Value

Nycomed SCA-SICAR Private Denmark Medical/Biotech1.0% to 1.5% of Investment Value

The Sun Products Corporation* Private U.S. Consumer Products0.5% to 1.0% of Investment Value

Acromas Holdings (Saga/AA) Private U.K. Consumer ProductsAvago Technologies, Inc. Private U.S. Tech OtherAWS Convergence Technologies, Inc. Private U.S. Tech ServicesCDW Corporation, Inc. Private U.S. Tech ServicesCoreValve Inc.* Private U.S. Medical/BiotechThe Hillman Group Private U.S. Consumer ProductsLegrand Holdings S.A. Public France IndustrialLM Glasfiber A/S Private Denmark CleantechMimeo.com, Inc. Private U.S. SoftwareMYOB Limited* Private Australia SoftwareNero A.G. Private Germany SoftwareRadiation Therapy Services Private U.S. Medical/BiotechShenzhen Development Bank Public China Financial

Up to 0.5% of Investment ValueCamstar Systems, Inc. Private U.S. SoftwareClearwater Undersea Cable Investments* Private Singapore Media/TelecomDatatel, Inc.* Private U.S. SoftwareGTS Central European Private Hungary Media/TelecomMobileAccess Networks, Inc.* Private U.S. Media/TelecomNet 1 UEPS Technologies Inc. Public South Africa SoftwarePepkor Holdings* Private South Africa Consumer ProductsPSI Holdings Inc. (Akibia) Private U.S. Business ServicesSunGard Data Systems, Inc. Private U.S. SoftwareTransmode Private Sweden Media/Telecom

Portfolio Concentration by Managers and InvestmentsTop 25 as a Percentage of NAV

Commitments and Balance Sheet

25________________*Ratios shown on an annualized basis.

$32.1

$12.8

$43.3

$26.6

$35.8$32.5

$17.3

$11.4

$26.6

$10.7

$0

$10

$20

$30

$40

$50

Q108Calls

Q108Dist

Q208Calls

Q208Dist

Q308Calls

Q308Dist

Q408Calls

Q408Dist

Q109Calls

Q109Dist

Key Cash Flow DataQtr. Ended30 Apr 09

Year Ended31 Jan 09

6%16%10.7

$26.6Q1 09

--

(52%) (53%)

Q4 vs. Q1-Q3 08

--

(6%) 54%

Q1 09 vs. Q4 08

Dist / NAV*Calls / Commitments*

Distributions (Average)Calls (Average)

6%10% 11.4

$17.3 Q4 08

12% 21% 24.0 $37.1

Q1-Q3 08

($15.9)0.0

($8.0)1.1

($9.0)

Net Cash Flow

($45.1)(17.0)Secondary Funds(12.0)Direct Funds

29.2 International Fund-of-Funds($45.3)U.S. Fund-of-Funds

Net Cash Flow$ in millions

HVPE Quarterly Contributions and Distributions From 1 February 2008 to 30 April 2009

$ Millions

Net Cash Flow = ($19.3)

Net Cash Flow = ($16.7)

Net Cash Flow = ($3.3)

Net Cash Flow = ($5.9)

Feb - Apr May - July Aug - Oct Nov ’08 – Jan ’09

Net Cash Flow = ($15.9)

Feb ’09 – Apr ’09

26

HVPE’s Credit Facility Provides Strategic Flexibility

Seven year committed facility through December 2014$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

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

Attractive terms– 40 bps annually on undrawn line– Borrowing at LIBOR plus 150 bps– Covenant flexibility

27

HVPE Resources Relative to Commitments as at 31 May 2009

Of HVPE’s total commitments of $668 million, 72% ($479 million) have been allocated to underlying partnerships and 28% ($189 million) are not allocated

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

Liquid resources equal $331 million

Liquid resources represent 69% of allocated commitments and 50% of total commitments

$ Millions

Available Credit Facility (ACF)

$300

NAV of Investments

$695

Allocated Commitments

$479

Commitments Not Allocated

$189

$1,026

$668

Cash$31

$0

$200

$400

$600

$800

$1,000

HVPE Resources Commitments

LIQUI

D RE

SOUR

CES

Liquid resources

equal 69% of Allocated

Commitments and 50% of

Total Commitments

28

Quarterly Balance Sheet Metrics

$847.6 $872.0

$521.0 $497.8 $479.3 $458.8

$352.3 $336.7 $330.7

$692.5 $695.2

$870.3

$668.1

$793.9

178% 177%

194% 195%

76% 75%62% 66%

52% 51% 50%

214% 214%212%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Jan 2008Audited

April 2008 Jul 2008Reported*

October 2008 Jan 2009Audited

April 2009 May 20090%

50%

100%

150%

200%

250%

NAV of InvestmentsCash + Remaining Available Credit FacilityCommitment Level (Total Unfunded Commitments)Commitment Coverage Ratio (Total Unfunded Commitments)

________________Note:*HVPE made a €100 million commitment to HIPEP VI Partnership in July 2008.

$ Millions

29

HVPE’s Commitment Strategy is Supported by its Investment Structure and Credit Facility

________________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 NAV2. Commitment coverage ratio is calculated as cash and available credit facility divided by unfunded commitments3. Fund of funds 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

214%

173% 173%185%

0%

50%

100%

150%

200%

250%

HVPE (TotalCommitments)

HVPE (AllocatedCommitments

Only) OLD

HVPE (AllocatedCommitments

Only) NEW

Peer Median (3)

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

50%

81%

69%

29%

0%

10%

20%30%

40%

50%

60%70%

80%

90%

HVPE (TotalCommitments)

HVPE (AllocatedCommitments

Only) OLD

HVPE (AllocatedCommitmentsOnly) NEW

Peer Median (3)

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

HVPE Estimated NAV $635.9 $635.9 $0.0HVPE Cash and Available Credit Facility $330.7 $330.7 $0.0

Trading and Investor Relations

31

2.5 0.5 2.02.0

0.7

150150

580

15.5

$7.30

$7.80

$8.30

$8.80

$9.30

$9.80

$10.30

$10.80

30Nov2007

30Dec2007

30Jan2008

29Feb2008

30Mar2008

30Apr

2008

30May2008

30Jun2008

30Jul

2008

30Aug2008

30Sep2008

30Oct

2008

30Nov2008

30Dec2008

30Jan2009

28Feb2009

30Mar2009

30Apr

2009

30May2009

0

25

50

75

100

125

150

175

200

Volume Closing Price per Share Estimated NAV per Share

HVPE’s Trading Remains Illiquid

Volume(000’s)

Per Share

580

21% Premium

13.1% Discount

Most recent trade26 February

at $9.25

$7.66

32

HVPE Illiquidity in Context

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

HVPE shareholder base dominated by long-term institutional shareholders familiar with investing in private equity

On Euronext, price set by last trade, not specialists or market makers

Limited analyst and broker coverage of Euronext companies

33

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

Private Equity Sector Average Premium/(Discount) Since 1997

Source: Oriel Securities; Datastream as at 15 June 2009

(80.0)

(60.0)

(40.0)

(20.0)

0.0

20.0

40.0

60.0

80.0

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

Pre

miu

m/(d

isco

unt)

(%)

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

34

Share Price Discount to NAV and Share Price Increase from LowsA

IG P

rivat

e E

qui

ty

Cas

tle P

rivat

e E

qui

ty

Prin

cess

Priv

ate

Eq

uity

KK

R P

rivat

e E

qui

ty

Inve

stor

s

Ap

ollo

Ab

solu

te P

rivat

e E

qui

ty

F&C

Priv

ate

Eq

uity

Ord

s

Sec

tor

Med

ian

(1)

NB

Priv

ate

Eq

uity

Pan

theo

n In

tern

atio

nal

Con

vers

us C

apita

l

SV

G C

apita

l

(90%)

(75%)

(66%) (64%) (62%) (61%) (60%) (58%) (57%) (54%) (54%)

(43%)(35%) (32%) (30%)

Sta

ndar

d L

ife

Eur

opea

n P

E

Gra

phi

te

Ent

erp

rise

JP M

orga

n

Priv

ate

Eq

uity

-100%

-80%

-60%

-40%

-20%

0%

Fund-of-Funds only excluding HVPE; Note that Apollo and KKR are Direct Investment fundsSource: Bloomberg and most recent NAV per share which is obtained from company reports

22% 28%49%

135%

373%

43%

95% 83%

180%203%

72%

218%

61%38%

111%

0%

100%

200%

300%

400%Percent Increase from 2009 Share Price Lows

Discount to NAV

35

HVPE Investor Relations and Liquidity Strategy:Lay Groundwork for Liquidity when LPE Market Recovers

Commitment to Investor Relations– Hiring of Amanda McCrystal – March 2009– Appointment of Oriel Securities as corporate broker – May 2009

Build HVPE brand and profile in the market– HarbourVest expertise in private equity– Communication with key commentators

Differentiate HVPE from listed peers– Structure– Portfolio mix– Balance sheet

Communicate with existing shareholders– Understanding of HVPE value and strategy

Build relationships with potential new investors

HVPE Outlook

37

Investment Manager’s Outlook – HVPE

Market expectation that private equity NAVs will remain under pressure for much of 2009 – Pace of economic recovery– Public market movements – Company restructurings

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

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

Continued investment– HVPE will continue to invest as underlying HarbourVest Funds allocate committed

capital

The investment manager remains optimistic about the long-term potential of private equity markets and HVPE

38

Private Equity Outperformance in Challenging Times

0%

10%

20%

30%

’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

Upper Quartile

Median

Downturn Downturn

Source: Private Equity returns: Venture Economics, European buyout returns at December 31, 2008; GDP: IMF World Economic Outlook

IRR

European Buyout

U.S. Buyout

0%

10%

20%

30%

’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

Upper Quartile

Median

IRR Downturn Downturn

49% 60%

Private Equity Market EnvironmentGeorge R. AnsonManaging Director, HarbourVest Director, HVPE

40

Private Equity – Challenged by the Global Crisis

Global economic downturn impacts all asset classes

Consumer spending weakens

Industrial activity declines

GDP declines

FAS 157 takes effect

Credit market collapses

Government action

Sharp public market declines

Market Event

Earnings declines and distress

Slower growing companies

Mark-to-market valuations

Limited debt availability and stringent terms

Potential covenant breaches

Depressed exit conditions

Pressure on LPs to reduce private equity exposure

Impact on Private Equity

41

Global Private Equity Fundraising

$ Billions

Source: EVCA, Venture Economics, AVCJ, APER, HarbourVest analysisNote: Private equity fundraising data includes venture capital and buyout. Where available includes mezzanine and distressed debt.

$141$165

$264

$145

$67$79

$117

$361

$399$372

$241

$0

$50

$100

$150

$200

$250

$300

$350

$400

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

RoW

Asia Pacific

EuropeU.S.

Over $1.1 Trillionin Last 3 Years

Private Equity Markets – Europe

43

European Buyout – 2008 Summary

Material reduction in exit activity

M&A exits down, except for strategically attractive businesses

Liquidity / Exits

Pricing / Leverage

Investing

Fundraising €44 billion in capital raised, down from 2007

Large buyout fundraising declines, average fund sizes drop

Pricing slow to adjust in 2008, especially larger deals

Significant reduction in leverage, with average leverage multiples below 5.0x EBITDA

Equity contributions at historic highs

Very sharp decline in buyout deals across all European markets

80% decline in large leveraged transactions

44

European Buyout Pricing – Still Expensive

Pricing of larger deals remains stable

Smaller deals decline in price

Expect further falls in pricing throughout 2009

Equity contributions at 46%

Purchase Price Multiple of EBITDA

Average Equity Contributions

4.0x

6.0x

8.0x

10.0x

12.0x

’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09*

EV <€250M EV €250-500M EV >€500M

34% 34%

46%

33%32% 33%33%

45%

34% 34% 33%

20%

25%

30%

35%

40%

45%

50%

’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09*

10 Yr Average = 34%

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

Downturn

Downturn

45

European Buyout Leverage – Sharp Correction

Leverage levels at historic long-term levels

Debt/EBITDA is back below 5.0x

Volume of leveraged loans down 63% from peak

European Buyout Debt / EBITDA

European Leveraged Loan Volumes

5.1x 4.9x4.5x 4.4x 4.3x 4.2x

4.6x

5.3x5.6x

6.3x

5.2x4.9x

3.0x

4.0x

5.0x

6.0x

7.0x

’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09*

€10 €12 €14 €17 €22 €23€29

€58

€77

€94

€35

€0

€20

€40

€60

€80

€100

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

10 Yr Average = 5.0x

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

46

European Buyout – Outlook

Significant reduction in fundraising

Buyout investment activity remains subdued

Expect innovative capital structures due to lack of available leverage

Pricing levels adjust down gradually

Limited liquidity expected during 2009

Managers focus on value protection in existing portfolios

Anticipate further reductions in portfolio valuations

Generation change and economic environment will transform manager landscape over the next several years

Private Equity Markets – U.S.

48

U.S. Buyout – Market Impact and Response

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

Looming Issues

Patient capital

Expect lower IRRs

No liquidity

Longer gestation periods

Closed IPO / M&A markets

FAS 157

Credit marketcollapse

Recession

Market Event

Significant resources spent to determine a market value

More subjectivity introduced

Smaller deals

Seller financing

All equity investments

Focus on portfolio management

Cost cutting

Follow-on financings

Buyout Response

Company earnings under pressure

Covenant violations

Fall off in transaction volume

Value reductions, but not always tied to company performance

Increased quarterly volatility

Impact on Buyouts

49

U.S. Buyout – 2008 Summary

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

Liquidity / Exits

Returns

Pricing / Leverage

Investing

Fundraising 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

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

Prices beginning to adjust downward, average leverage multiples down to 4.7x

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

50

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

$0 $0 $0 $0 $0 $0$2 $3

$69

$13

$0

$25

$50

$75

’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08

Source: Standard & Poor’s Leveraged Commentary and Data

Sponsored Covenant-Lite Loan Volume

$ Billions

The end of no strings attached credit

51

U.S. Buyout - Problems on the Horizon

2005 - 2007 buyout loans were structured to be refinanced, not repaid

Potential solutions include: debt buybacks, debt exchanges, IPO and M&A events, pre-payments

$7$24

$57

$104

$219

$290

$70

$19

$1$0

$50

$100

$150

$200

$250

$300

2009 2010 2011 2012 2013 2014 2015 2016 2017

Source: Credit Suisse

$ Billions

Leveraged Loan Debt Maturity by Volume

52

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

53

U.S. Venture – Market Impact and Response

Public market declines

Unraveling of broader financial system

Global economic downturn

Market Event

Firms broaden marketing efforts and reduce fund sizes

Improved fund terms

Fund only the best companies; cut losses early

Increase reserves for follow-on investments

Lower burn rates andconserve cash

Lower valuations for new and follow-on investments

Venture Response

Slower growing companies

Protracted delay of IPO and M&A liquidity events

Capital constrained LPs making smaller and fewer commitments

Impact on Venture

54

U.S. Venture – 2008 Summary

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

Liquidity / Exits

Returns

Liquidity / IPO

Investing

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

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

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

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

Source: Venture Economics, Bloomberg

55

U.S. Venture Pricing – Fourth Quarter Deterioration

Source: Cooley Godward Kronish LLP

Median Pre-Money Valuations$ Millions

$5.0

$6.7$7.3

$8.8

$7.0

2005 2006 2007 Q1-Q3’08

Q4 ’08

$15.4

$24.4$23.0 $22.3

$14.4

2005 2006 2007 Q1-Q3’08

Q4 ’08

$28.9

$51.9

$43.0$38.5

$24.0

2005 2006 2007 Q1-Q3’08

Q4 ’08

$47.5

$80.0$71.0

$83.8

$43.0

2005 2006 2007 Q1-Q3’08

Q4 ’08

Series A Series B

Series C Series D

Valuations through Q3 2008 were relatively consistent with prior years

Significant decreases in valuations during Q4 2008

Increasing amount of flat or down rounds in the last quarter of the year and into 2009

Managers seeking non-dilutive forms of financing and evaluating syndicate risk

56

U.S. Venture – Outlook

Fundraising will remain challenging

Distributions over the next few quarters are unlikely

Decreased investment competition results in more favorable pricing

Time to profitability will lengthen for companies

Focus on positioning existing portfolio companies to survive the downturn

IPO market remains weak but M&A market providing some liquidity

Secondary Market Environment

Confidential

58

Secondary Market Themes

Significant growth in deal flow

– Growth of overall private equity market

– Increased turnover due to current economic climate

Downward pressure on pricing

– Buyers cautious due to declining asset values and lackof visibility

– Supply / demand imbalance of opportunities versuscapital available

Very few deals closing

– Most sellers unprepared to accept current pricing levels

– Disconnect between buyers and sellers

59

$17

$59

$30

$22

$5$9

$19$17

$15

$7

$14

$0

$10

$20

$30

$40

$50

$60

$70

’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09$0

$250

$500

$750

$1,000

$1,250

$1,500

HarbourVest Secondary Deal Flow

HarbourVest Secondary Deal Flow Q1

Global PE Funds Raised – Trailing 4 Years*

Growth of the Secondary Market

$1.4 trillion in new funds raised over last 4 years sets foundation for future deal flow

Economic uncertainty, market volatility, and allocation issues creating surge in deal flow

2008 activity was up almost 100% over 2007

Continued growth in 2009

$ Billions of Deals Reviewed

$ BillionsRaised

* Source: EVCA, Venture Economics, AVCJ, APER, HarbourVest analysis

60

Seller Profiles

Financial institutions remain the largest category of sellers

Private equity funds creating liquidity for LPs by divesting portfolios of companies

Endowment activity increasing

14%

16%

9%

5%

17% 5%

6%

15%17%

6%14%

2%2% 4%6% 6%

32%

45%

58%

12%

9%

0%

25%

50%

75%

100%

2006 2007 2008

Other / Not Indentified

Individuals / Family Offices

PE Funds

Endowments / Foundations

Public Pensions

Corporations

Financial Institutions

Source: HarbourVest’s deal flow statistics

$ Billions $22 $30 $59

61

50%

60%

70%

80%

90%

100%

110%

’03 ’04 ’05 ’06 ’07 1H’08

2H’08

Downward Pricing Pressure

Uncertainty around portfolio company performance and supply / demand imbalance pushing pricing lower

Many sellers unwilling to transact at current pricing levels

Discounts expected to narrow as valuations stabilize and the liquidity environment recovers

Source: Cogent Partners

% of NAV

High

Median

Average Secondary Bid by Year

NetAsset Value

62

$32$6

$130

$38

$27

$0

$20

$40

$60

$80

$100

$120

$140

Capital Availability

Secondary Capital Available vs. Opportunity ($ Billion)

Source: Cogent Partners, UBS

TraditionalBuyers’Capital

Non-Traditional

Capital

Total Available Capital

Current Capacity

PotentialFund Raise

Estimated Available

Opportunity

$38 - $65

Supply expected to exceed demand in near to medium term

Non-traditional buyers interested in select assets

Secondary fundraising expected to be challenging in 2009

63

Summary & Outlook

Volume of secondary opportunities at record levels

Downward pressure on pricing

Few transactions taking place

Buyers are using caution

Transactions expected to increase significantly

Summary / Questions and AnswersSteve BelgradCFO, HVPE

65

HVPE – A Comprehensive Private Equity Solution

Diversified Portfolio

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

HarbourVest Expertise

Largest PE fund-of-funds manager, with access to leading private equity sponsorsExperienced, stable, and independent team located in Boston, London, Hong Kong26-year track record and demonstrated upper quartile investment performance

Proven Investment Strategy

Consistent strategy and performanceStrong platform for NAV growth

Shareholder Friendly Structure

Independent boardNo duplication of fees on investments in HarbourVest funds

Financial Flexibility

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

Attractive Market Opportunities

$668 million of commitments likely to be invested in potentially attractive recession and post-recession vintagesSecondary market driving significant near-term opportunity

66

Fact Sheet

Structure– Guernsey-registered closed-end investment

companyCurrency denomination

– U.S. dollarListing

– Euronext Amsterdam by NYSE Euronext

Trading information– Ticker – HVPE– Bloomberg – HVPE NA– ISIN – GG00B28XHD63

Investment Manager– HarbourVest Advisers L.P., an affiliate of

HarbourVest Partners, LLCRegistration

– Netherlands Authority for the Financial MarketsFund Consent

– Guernsey Financial Services Commission

Corporate Broker– Oriel Securities Limited

125 Wood StreetLondon EC2V 7ANTel: +44 (0) 20 7710 7600

Investor Communications Calendar - 2009– Monthly NAV – generally within 15 days of month end– Informal meeting for shareholders – 17 June 2009– Semi-annual reporting – September 2009– Interim Management Statement – 18 June 2009 and

December 2009Management fee

– The Investment Manager does not charge HVPE management fees or performance fees, except with respect to parallel investments

– As an investor in HarbourVest funds, HVPE is charged the same management fees and is subject to the same performance allocations as other investors in HarbourVest funds

Web site– www.hvgpe.com

Investor Contact– Steve Belgrad

Chief Financial Officer Tel: +1 617 348 3653sbelgrad@harbourvest.com

– Amanda McCrystalHead of IR and Communications Tel: +44 (0) 20 7399 9830amccrystal@harbourvest.com

Appendix- Additional Portfolio Information- Governance and Board

Additional Portfolio Information

69

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

70

Portfolio Listing at 31 January 2009

71

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

In aggregate, these managers represented 22.2% of investment value

The five largest managers represented 8.5% of investment value

________________* 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.

0.5% to 1.0% of Investment Value (continued..)Highland Capital PartnersIndex VenturesInterWest PartnersMayfield FundMenlo VenturesPitango Venture PartnersPolaris Venture PartnersSanderling Venture Partners**Sequoia CapitalSummit PartnersThoma Bravo**Versant Ventures**

Up to 0.5% of Investment ValueJerusalem Venture Partners**Tempo Capital Partners

2.0% to 2.5% of Investment ValueOak Investment Partners

1.5% to 2.0% of Investment ValueNew Enterprise AssociatesSofinnova Partners*TA Associates

1.0% to 1.5% of Investment ValueAccel Partners

0.5% to 1.0% of Investment ValueAtlas VenturesAustin VentureBattery VenturesDomain Associates**Draper Fisher JurvetsonFoundation Capital**

72

Largest Managers by Strategy at 31 January 2009 Buyout

In aggregate, these managers represented 23.9% of investment value

The five largest managers represented 7.6% of investment value

0.5% to 1.0% of Investment Value (continued..)Code Hennessey & Simmons**GTCR Golder RaunerHellman & FriedmanKKR Associates EuropeNewbridge Capital GroupNordic CapitalProvidence Equity PartnersWelsh, Carson, Anderson & Stowe

1.5% to 2.0% of Investment ValueBC PartnersDoughty Hanson & Co.Silver Lake Technology Management

1.0% to 1.5% of Investment ValueAccretive Exit Capital PartnersAmerican CapitalCVC Capital PartnersIK Investment PartnersThe Jordan Company

0.5% to 1.0% of Investment ValueAdvent InternationalAlpha GroupApax Partners (U.K.)**Bain CapitalBerkshire PartnersThe Blackstone GroupBrait Manager Mauritius LimitedBS InvestmentsClyde Blowers Capital**

________________** Not included in Largest Managers in HVPE’s Semi-Annual Report at 31 July 2008.

73

Largest Managers by Strategy at 31 January 2009 Mezzanine and Other

In aggregate, these managers represented 2.4% of investment value

The five largest managers represented 1.6% of investment value

0.5% to 1.0% of Investment ValueWelsh, Carson, Anderson & Stowe

Up to 0.5% of Investment ValueCapital Resource PartnersClearwater Capital PartnersFalcon Investment AdvisorsGSO Capital Partners**Indigo CapitalLevine Leichtman Capital PartnersLighthouse Capital PartnersOaktree Capital ManagementRBS Asset Management

________________** Not included in Largest Managers in HVPE’s Semi-Annual Report at 31 July 2008.

74

Largest Managers by Region at 31 January 2009 U.S.

In aggregate, these managers represented 26.2% of investment value

The five largest managers represented 8.9% of investment value

0.5% to 1.0% of Investment Value (continued..)GTCR Golder RaunerHellman & FriedmanHighland Capital PartnersInterWest PartnersMenlo VenturesPolaris Venture PartnersProvidence Equity PartnersSanderling Venture Partners**Summit Partners

2.0% to 2.5% of Investment ValueOak Investment Partners

1.5% to 2.0% of Investment ValueNew Enterprise AssociatesSilver Lake Technology ManagementTA Associates

1.0% to 1.5% of Investment ValueAccretive Exit Capital PartnersAmerican CapitalThe Jordan CompanyThoma BravoWelsh, Carson, Anderson & Stowe

0.5% to 1.0% of Investment ValueAccel Partners**Austin VenturesBain CapitalBattery VenturesBerkshire PartnersThe Blackstone GroupDraper Fisher Jurvetson

________________** Not included in Largest Managers in HVPE’s Semi-Annual Report at 31 July 2008.

75

Largest Managers by Region at 31 January 2009 Europe

In aggregate, these managers represented 18.5% of investment value

The five largest managers represented 7.5% of net asset value

0.5% to 1.0% of Investment Value (continued..)KKR Associates EuropeNordic CapitalPermira AdvisersQC Private Equity

Up to 0.5% of Investment ValueABENEX CapitalAccel Partners**Candover PartnersCinven LimitedGalileo PartnersKennet Venture PartnersMacquarie Capital Funds**Tempo Capital PartnersVentizz Capital Partners

1.5% to 2.0% of Investment ValueBC PartnersDoughty Hanson & Co.Sofinnova Partners*

1.0% to 1.5% of Investment ValueCVC Capital PartnersIK Investment Partners

0.5% to 1.0% of Investment ValueAlpha GroupApax Partners (U.K.)Atlas VentureBS InvestmentsCapVis LimitedClyde Blowers Capital**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.

76

Largest Managers by Region at 31 January 2009 Asia and Rest of World

In aggregate, these managers represented 5.2% of investment value

The five largest managers represented 3.5% of investment value

0.5% to 1.0% of Investment Value Advent InternationalBrait Manager Mauritius LimitedNewbridge Capital GroupPitango Venture Capital

Up to 0.5% of Investment ValueCHAMP**Clearwater Capital PartnersCVC Capital Partners AsiaHM Capital Partners Jerusalem Venture PartnersUnitas Capital**

________________** Not included in Largest Managers in HVPE’s Semi-Annual Report at 31 July 2008.

77

Publicly-Listed Securities at 31 January 2009

Approximately 9% of the portfolio was made up of publicly-listed securities

25 largest publicly-listed investments based on NAV **:

________________* 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.

Company Location Industry0.5% to 1.0% of Investment Value

Legrand Holdings S.A. France IndustrialShenzhen Development Bank China Financial

Up to 0.5% of Investment Value3PAR, Inc.* U.S. Tech OtherAblynx NV Belgium Medical/BiotechAddex Pharmaceuticals Switzerland Medical/BiotechAlpha Radio BV France Media/TelecomEmeritus Corporation U.S. Otherersol Solar Energy AG Germany CleantechFlextronics International* U.S. Tech ServicesGartner Group, Inc.* U.S. Tech ServicesIsilon Systems U.S. Tech OtherMedAssets, Inc. U.S Medical/BiotechMediacontech S.p.A.* Italy Media/TelecomMetroPCS Communications U.S. Media/TelecomThe Nasdaq OMX Group, Inc U.S. FinancialNet 1 UEPS Technologies Inc. South Africa SoftwareNikas S.A. Greece Consumer ProductsOtor SA France IndustrialPalm, Inc.* U.S. Media/TelecomPARIS RE Switzerland FinancialRepublic Services, Inc.* U.S. CleantechSmurfit Kappa Ireland IndustrialTAL International Group, Inc. U.S. Business ServiceWhole Foods Market, Inc.* U.S. Consumer OtherZhuhai Zhongfu* China Consumer Products

Governance and Board

79

HVPE’s Solid Corporate Governance

Independent chairman - Sir Michael BunburyFour additional independent directors Two senior HarbourVest partners

Strong Board

Investors’Rights

Lock-up

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

Investors that contributed interests in HarbourVest funds at listing 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

Board ApprovalProcess

Any deviation from 5% - 35% investment in future HarbourVest fundsSingle parallel investments exceeding 5% of HVPE NAVSecondary investments in HarbourVest funds greater than 5% of HVPE NAV or 105% of NAV of such secondary investment in HarbourVest funds

80

HVPE Board of Directors

Chairman, Independent DirectorChairman 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

Sir Michael Bunbury

DirectorFounder of HarbourVest. Advisory board positions include Accel Partners, Advent International, Doughty Hanson, Permira, Silver Lake Partners, TA Associates

Brooks Zug

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

George Anson

Independent DirectorManaging 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

Jean-Bernard Schmidt

Independent DirectorGroup Chairman of Cherry Godfrey Holdings. Directorships include Adam & Company International, Channel Islands Development Corporation and Sumo Limited

Andrew Moore

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

Keith Corbin

Independent DirectorEnglish Solicitor, Guernsey Advocate and Partner of Ozannes. Specialises in investment, finance and corporate work

Paul Christopher

81

Disclaimer

STRICTLY CONFIDENTIALThis 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.

82

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.

83

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 isbased 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).

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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.