Harbourvest Global Private Equity — Net Asset Value 2012

Apr 13, 2012

Monthly Update

31 MARCH 2012

March Highlights

• HVPE's estimated NAV per share is \$11.45, a \$0.02 per share increase from 29 February 2012.
• Following receipt of actual reported data from the underlying portfolio over the last quarter, the Investment Manager now expects the audited NAV at 31 January 2012 to be slightly below the previous estimate of \$11.42 per share.
• Following two strong months for realisations, the Company repaid \$10.0 million of its \$500 million credit facility.
• There were nine venture-backed IPOs within HVPE's portfolio during March 2012, including Yelp, Inc. (NYSE: YELP).
• Absolute Private Equity, Ltd. has been de-listed and is now privately held. The Absolute portfolio is valued at \$25.19 per share, a 36% increase over the purchase price.
• Despite euro movement affecting HVPE's NAV of Investments, the overall result of currency movement is broadly neutral.

	31 March 2012	29 February 2012	Change
SUMMARY OF NET ASSET VALUE (in millions except per share and last traded price data)
Estimated NAV of Investments	\$1,083.3	\$1,090.9	(\$7.6)
Cash and Cash Equivalents	4.7	5.7	(1.0)
Outstanding Debt	(139.8)	(150.3)	10.5
Net Other Assets (Liabilities)	(1.0)	(0.9)	(0.1)
Estimated NAV	\$947.2	\$945.4	\$1.8
Estimated NAV per Share (82.7 million shares outstanding)	\$11.45	\$11.43	\$0.02
Last Traded Price (Euronext)1	\$6.50	\$6.50	—
Last Traded Price (LSE)2	\$7.00	\$6.43	\$0.57
SUMMARY OF COMMITMENTS
Unfunded Commitments (Allocated to Underlying Partnerships)	\$342.2	\$339.5	\$2.7
Unfunded Commitments (Not Allocated to Underlying Partnerships)	105.1	115.5	(10.4)
Total Unfunded Commitments	\$447.3	\$455.0	(\$7.7)
Estimated NAV of Investments + Total Unfunded Commitments	\$1,530.6	\$1,545.9	(\$15.3)
% Invested	114%	115%	(1%)
Commitment Level (Total Unfunded Commitments)3	162%	164%	(2%)
Commitment Level (Allocated to Underlying Partnerships)4	151%	151%	—
Cash + Remaining Available Credit Facility5	\$364.9	\$355.4	\$9.5

1 Last trade prior to 29 February 2012 took place on 2 February 2012; last trade prior to 31 March 2012 took place on 30 March 2012.

2 Last trade prior to 29 February 2012 and 31 March 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.

Net Asset Value

At 31 March 2012, HVPE's estimated Net Asset Value ("NAV") per share is \$11.45, a \$0.02 per share increase from 29 February 2012. This modest adjustment reflects positive public markets and foreign currency movement during March, as well as adjustments to the estimated valuations as 31 December 2011 valuations are received from the underlying investments. During March, the MSCI World Index (USD) increased 0.4%, and the euro appreciated 0.1% against the U.S. dollar.

The estimated NAV is adjusted monthly to reflect changes in the value of publicly-traded securities held in the portfolio, foreign currency movements, cashflows, and any known material events. The Company's audited NAV and financial statements for its financial year ended 31 January 2012 will be released at the end of May 2012. Until then, HVPE's estimated monthly NAV will continue to reflect the best information available to the investment manager, including both estimated 31 December 2011 valuations and audited results from the underlying investments. Following receipt of actual reported data from the underlying portfolio over the last quarter, the Investment Manager now expects the audited NAV at 31 January 2012 to be slightly below the previous estimate of \$11.42 per share.

At 31 March 2012, HVPE is valuing the Absolute portfolio at \$25.19 per share (including dividends received since closing), which is unchanged from 29 February and a 36% increase over the purchase price of \$18.50 per share. Absolute has been de-listed and is now 100% privately held. Based on current market conditions and the rate at which the Absolute portfolio is receiving distributions, HVPE's investment manager expects the Company to receive its first distribution from the Absolute investment in mid-2012.

During March 2012, HVPE did not repurchase any shares under its share buyback arrangement.

Management of Foreign Currency Exposure

Foreign currency movement affects HVPE's 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 March, foreign currency movements had a minimal effect when viewed across HVPE's borrowings, investments, and unfunded commitments.

Balance Sheet and Commitments

CASH FLOWS

During the month, HVPE invested \$7.8 million in fundof-funds and the global secondary fund (the Company invested \$1.0 million in February 2012). The Company received \$17.2 million from fund-of-funds, a direct fund, and the global secondary fund (compared to \$10.8 million in February), resulting in net positive cash flows of \$9.4 million. March realisations included proceeds from primary, secondary, and direct investments across HVPE's portfolio. The largest sources of realisations were the global secondary fund and a venture-focused fund-of-funds.

LIQUIDITY EVENTS AND COMMITMENTS

During March 2012, there were a total of 40 liquidity events across HVPE's underlying portfolio, including 27 M&A transactions and 13 IPOs, including venturebacked Yelp, Inc. (NYSE: YELP) (Elevation Partners), Millennial Media, Inc. (NYSE: MM) (Columbia Capital), and ExactTarget, Inc. (NYSE: ET) (Battery Ventures, Insight Ventures, Technology Crossover Ventures); and buyout-backed Allison Transmission, Inc. (NYSE: ALSN) (Carlyle).

HVPE did not make any new commitments or purchase additional interests in HarbourVest-managed funds during March. The Company continued to benefit from ongoing investments made by the actively-investing HarbourVest funds in its portfolio, which made primary commitments to venture and buyout partnerships in the U.S., Europe, Russia, South Africa, and India; and a U.S. buyout secondary investment.

HVPE's unfunded commitments of \$447.3 million decreased on a net basis by \$7.7 million during March based on foreign currency movement and capital invested. Of the total unfunded commitments, approximately \$342.2 million has been committed by HarbourVest funds to underlying partnerships, while the remaining \$105.1 million has not yet been committed.

CREDIT FACILITY

During March, the Company repaid \$10.0 million of capital against its \$500 million credit facility, which is committed until December 2014 subject to certain covenants. At 31 March 2012, a total of \$139.8 million is outstanding, a \$10.5 million decrease from 29 February 2012 due to the March repayment and foreign currency movement. Since 30 September 2011, HVPE has decreased its outstanding borrowings by \$51.4 million. At 31 March 2012, HVPE's cash (\$4.7 million) and remaining available credit facility (\$360.2 million) totals \$364.9 million. This represents 107% of commitments allocated to underlying partnerships and 82% of total commitments (compared to 105% and 78%, respectively, at 29 February).

Portfolio Diversification NAV

Consistent with HVPE's investment objective, the 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 31 March 2012.

HVPE's buyout investments increased to 63% of the portfolio (from 62% at 29 February), and venture investments decreased to 31% (from 32% at 29 February. Additionally, U.S. investments decreased to 67% of the portfolio at 31 March 2012 (from 68% at 29 February), and European investments increased to 26% (from 25% at 29 February). The NAV is split 51% in primary partnerships, 33% in secondary investments, and 16% in direct investments.

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.

From 30 September 2011 to 31 January 2012, HVPE's Absolute portfolio was categorised as a 2011 secondary U.S. buyout investment. From 29 February 2012 and going forward, the Absolute portfolio is categorised within the secondary portfolio by underlying partnership for vintage year, strategy, and geography.

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.

HVPE is expected to continue to make investments in and alongside existing and newly-formed HarbourVest funds as they come to market. HarbourVest's funds typically invest their capital in primary partnerships, secondary investments, and direct investments across vintage years, strategies, geographies, and industries.

Contacts

REGISTERED OFFICE HarbourVest Global Private Equity Limited Company Registration Number: 47907 Anson Place Mill Court La Charroterie St Peter Port Guernsey GY1 1EJ Tel +44 1481 722 260 Fax +44 1481 729 829

INVESTMENT MANAGER

HarbourVest Advisers L.P. c/o HarbourVest Partners, LLC One Financial Center 44th Floor Boston MA 02111 U.S.A. Tel +1 617 348 3707 Fax +1 617 350 0305

Stuart Howard showard@harbourvest.com +44 (0)20 7399 8815

KEY INFORMATION Exchanges Euronext Amsterdam & London Stock Exchange Ticker HVPE Listing Date 6 December 2007 (Euronext) 12 May 2010 (LSE) Financial Year End 31 January Base Currency U.S. Dollars ISIN GG00B28XHD63 SEDOL B447KB5 Bloomberg 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 31 March 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 31 March 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.