SOUTHERN AFRICA PRIVATE EQUITY ROUNDTABLE

The Case for Private Equity As Part of a Diversified Portfolio

OCTOBER 2010

Presented by

Ofer Nemirovsky, Managing Director

CONFIDENTIAL 3

Table of Contents

I. Why Invest in Private Equity?

II. Private Equity in Africa and Other Emerging Markets

III. HarbourVest’s Role in Private Equity

9/28/2010

These materials do not constitute an offer to sell or the solicitation of an offer to buy interests in HarbourVest International Private Equity Partners VI Program or HarbourVest Partners IX Program (each, the “Fund”) or any other investment sponsored by HarbourVest Partners L.P. or its affiliates. Any offering of interests in any Fund will be made solely pursuant to the Private Placement Memorandum of the Fund and subscriptions will be accepted solely pursuant to definitive documentation. Offers and sales of interests in the Fund will not be registered under the laws of any jurisdiction and will be made solely to “qualified purchasers” as defined in the U.S. Investment Company Act of 1940, as amended. These materials are highly confidential and must be read in conjunction with the Private Placement Memorandum of the Fund. These materials do not purport to contain all the information relevant to evaluating an investment in the Fund. This communication has been approved for issue in the U.K. by HarbourVest Partners (U.K.) Limited, which is regulated by the FSA. See final pages for additional notes.

CONFIDENTIAL 4

HarbourVest Overview

One of the first fund-of-funds, formed in 1982 Global focus on primary, secondary, and direct investments in all stages of

private equity – venture, buyout, and mezzanine 28 year history with over $30 billion committed to private equity globally Local teams – Boston, London, Hong Kong, and Tokyo Deep experienced team: more than 70 investment professionals; 230

employees 21 managing directors whose average tenure with the firm is 17 years Distinguished investor base – 300 active, global institutional clients Registered investment adviser with the U.S. Securities and Exchange

Commission

Why Invest in Private Equity?

CONFIDENTIAL 6

Types of Alternative Investments

ALTERNATIVE INVESTMENTS

PRIVATE EQUITY HEDGE FUNDS REAL ESTATE PHYSICAL COMMODITIES

Venture Capital Buyout Mezzanine Capital Distressed Debt

Long/Short Global Macro Event Driven Market Neutral Arbitrage Emerging

Markets

Office Retail Residential REITs

CURRENCIES

INTEREST RATES

NATURAL RESOURCES

CONFIDENTIAL 7

Public Equity

Venture

Company Life Cycle

REV

EN

UE

Seed Early Expansion/Later Buyout (Public or Private Companies)

STAGE OF DEVELOPMENT

Private Equity

Buyout/Mezzanine

IPO

CONFIDENTIAL 8

Why Invest in Private Equity?

Advantages Long-term historical out-performance Diversification resulting in improved risk and volatility characteristics Complement to public equity portfolio Active company ownership

– More active approach to company management than a public equity manager

– Carefully selected investments

– Assessment of value and growth potential

– Capital structure management

– Long-term focus

– Owners’ interest aligned with management

CONFIDENTIAL 9

Why Invest in Private Equity?Long Term Historical Performance Exceeds Public Markets

1 yr 5 yr 10 yr 15 yr 20 yr

European Public Markets

MSCI / AC Europe € 29.4% 1.0%

-3.9% 4.8% 4.4%

FTSE 100 £ 22.1

2.4 -2.4 3.9 4.1

European Private Equity

€7.7

6.5 5.2 9.4 8.9

Upper Quartile € 15.9

25.8 18.7 29.1 23.3

U.S. Public Markets

Russell 2000$ 25.2

-0.8 2.2 6.3 6.8

Dow Jones$ 18.8

-0.7 -1.0 6.9 6.9

S&P 500$ 23.5

-1.7 -2.7 6.1 5.9

U.S. Private Equity

$12.2

5.4 3.9 10.6 11.2

Upper Quartile$ 20.7

16.8 17.6 47.5 32.2

As of December 31, 2009Source: Venture Economics (pooled IRR) and Bloomberg (total returns). Total returns. Dividends are not reinvested. MSCI All European Countries index, in euros. Public market returns do not reflect the cash flows used to calculate the private equity returns and accordingly a direct comparison may not be meaningful.

CONFIDENTIAL 10

Bars represent difference between private equity net returns versus S&P 500 total returns

-3.2%

18.5% 20.3%

41.4%

26.3%

6.6% 4.5% 5.3%

-11.3%

7.1%

-20%

0%

20%

40%

60%

1 Year 5 Year 10 Year 15 Year 20 Year

Compared to All US PE Compared to U.S. PE Upper Quartile

Why Invest in Private Equity?Long Term Historical Performance Exceeds Public Markets

All U.S. Private Equity

12.2% 5.4% 3.9% 10.6% 11.2%

U.S. Private Equity Upper Quartile

20.7% 16.8% 17.6% 47.5% 32.2%

S&P 500 23.5% -1.7% -2.7% 6.1% 5.9%

See final pages for additional notes

As of December 31, 2009Source: Venture Economics (pooled IRR) and Bloomberg (total returns). Total returns. Dividends are not reinvested. MSCI All European Countries index, in euros. Public market returns do not reflect the cash flows used to calculate the private equity returns and accordingly a direct comparison may not be meaningful.

CONFIDENTIAL 11

Why Invest in Private Equity?

Diversification provided by private equity may push out the efficiency frontier and offer superior risk/reward profile to investors

12

13

14

15

16

17

18

5 10 15 20Risk (Standard Deviation)

Ret

urn

(%)

* Source: Why and How to Invest in Private Equity, An EVCA Investor Relations Committee Paper, Written by Alex Bance, Data prepared by Michael Henningsen, published by the European Private Equity & Venture Capital Association (EVCA), March 2004** Source: Gompers & Lerner, Private Equity and Asset Allocation: Clues to a Puzzle, Harvard Business School / Salomon Smith Barney, 2001

Portfolio Allocation A B C DLarge Stocks % 40 40 35 40Small Stocks % 10 10 10 10Govt Bonds % 20 15 15 10Corp Bonds % 20 15 15 10Cash % 10 10 10 10Private Equity % 0 10 15 20

A

B

C

D

Efficient Frontier with Private Equity *

Risk / Return of Various Portfolio Allocations **

CONFIDENTIAL 12

Why Invest in Private Equity?

Venture, buyout, and credit cycles are not aligned Each segment can outperform Suggested allocation:

– Venture 25-35%

– Buyout 55-65%

– Credit 5-15%

-10

0

10

20

30

40

50

’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

Venture

Buyout

Credit

Source: Thomson Reuters. Data represents a 5-year IRR for venture, buyout, or mezzanine calculated as of each year-end.

FIVE-YEAR ROLLING AVERAGE RETURNS

IRR

%

THE VALUE OF DIVERSIFICATION

CONFIDENTIAL 13

Global Investors in Private Equity

PERCENTAGE OF PRIVATE EQUTY CAPITAL BY LIMITED PARTNER TYPE

Source: Dow Jones Private Equity Analyst

CONFIDENTIAL 14

7.57.1 7.17.0

7.7

6.76.5

7.5

6.77.0

8.9

7.9

0

2

4

6

8

10

Private Equity Hedge Funds Real Estate

2003 2005 2007 2009

Strategic Allocations to Alternative Assets

Note: All data based on survey respondents in North America n=167

Source: “The 2007-2008 Russell Survey on Alternative Investing” Copyright © Frank Russell Company 2008. All rights reserved.

NORTH AMERICA BASED INVESTORS* EUROPE BASED INVESTORS*

4.03.6

8.3

4.5

9.8

8.98.4

5.34.6

7.4

9.7

5.5

0

2

4

6

8

10

Private Equity Hedge Funds Real Estate

2003 2005 2007 2009

Note: All data based on survey responses, for Europe n=69

% o

f Tota

l Fu

nd

Ass

ets

CONFIDENTIAL 15

Why Invest in Private Equity?

Concerns Illiquidity Blind pool investment Transparency Valuations somewhat judgmental

CONFIDENTIAL 16

Challenges Can Create Opportunities

Source: Venture Economics buyout returns at June 30, 2009. Investments made after 2004 are not included because they are still actively investing and performance is generally not meaningful during a partnership’s early development.

Downturn Downturn

IRR

EUROPEAN BUYOUT

49%

U.S. BUYOUT

Downturn Downturn

IRR

Downturn

Downturn

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 ’09 ’10

Vintage Year

Upper Quartile

Median

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 ’09 ’10Vintage Year

Upper Quartile

Median

Private Equity in Africa and other Emerging Markets

CONFIDENTIAL 18

African Private Equity – Steady Growth Until the Financial Crisis

$0

$2

$4

$6

$8

’03 ’04 ’05 ’06 ’07 ’08 ’09

North Africa

Sub-Sahran Africa

$ B

illio

ns

PRIVATE EQUITY FUNDRAISING

CONFIDENTIAL 19

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

’03 ’04 ’05 ’06 ’07 ’08 ’09

North Africa

Sub-Saharan Africa

Asia Pacific

Europe

US

Global Private Equity Fundraising$

Bill

ions

PRIVATE EQUITY FUNDRAISING

North AfricaSub-Saharan Africa

CONFIDENTIAL 20

African Private Equity – Steady Growth Until the Financial Crisis

$0

$2

$4

$6

$8

$10

’03 ’04 ’05 ’06 ’07 ’08 ’09

North Africa

Sub-Sahran Africa

$ B

illio

ns

PRIVATE EQUITY INVESTING

CONFIDENTIAL 21

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

’03 ’04 ’05 ’06 ’07 ’08 ’09

North Africa

Sub-Saharan Africa

Asia Pacific

Europe

US

Global Private Equity Investing$

Bill

ions

PRIVATE EQUITY INVESTING

North AfricaSub-Saharan Africa

CONFIDENTIAL 22

Private Equity Investments as % of Overall GDP

Room to grow!

Source: EMPEA, EVCA, Venture Economics, AVCJ, APER, HarbourVest Analysis

$926$919

$788$707

$625

$0

$300

$600

$900

$1,200

2005 2006 2007 2008 20090.0%

0.1%

0.2% GDP PE as % of GDP

$

Bill

ions

SUB-SAHARAN AFRICA

$

Tri

llion

s

$14.3$14.4$14.1$13.2$12.6

$0.0

$5.0

$10.0

$15.0

$20.0

2005 2006 2007 2008 20090.0%

0.5%

1.0%

1.5%

2.0%U.S. GDP

U.S. PE as % of GDP

U.S.

$16.4$16.7$15.8

$14.5$13.7

$0.0

$5.0

$10.0

$15.0

$20.0

2005 2006 2007 2008 20090.0%

0.5%

1.0%

1.5%Europe GDP

Europe PE as % of GDP

EUROPE

$

Tri

llion

s

HarbourVest’s Role in Private Equity

CONFIDENTIAL 24

HarbourVest Overview

Established Firm Team formed in 1982 More than $30 billion committed to investments over three decades Industry pioneer Independent, employee owned

Experienced &Stable Team

Deep team of more than 230 employees 21 managing directors with an average firm tenure of 17 years More than 70 investment professionals in Boston, Hong Kong, London,

and Tokyo

Focus on Private Equity

Global expertise across all three investment areas: primary partnerships, secondary investments, direct investments

Comprehensive and specialized programs

Proven Track Record

One of the longest track records in the industry Demonstrated performance across all strategies Consistent approach to portfolio construction

Superior Client Service

Distinguished global investor base – 300 active, institutional clients Responsive to client needs Broad infrastructure – accounting, treasury, tax, trading, investor

relations

Strong Risk Controls

Registered investment adviser with the U.S. Securities andExchange Commission

Type I and Type II SAS 70 reports available to clients and their auditorsSee final pages for additional notes

CONFIDENTIAL 25

Strong Long-Term Partnership Investment Performance

HarbourVest investments have produced strong private equity returns

– Disciplined approach, experience across many economic cycles, and access to leading sponsors

-0.2%

16.3%

4.4%

10.4%

-5%

0%

5%

10%

15%

20%

MSCI Median UpperQuartile

HarbourVestPortfolio

4.4%

15.5%

7.4%

15.9%

0%

5%

10%

15%

20%

Russell2000

Median UpperQuartile

HarbourVestPortfolio ***

Public Equity

Benchmarks *

Total Return

Private Equity Benchmarks **

Private Equity Benchmarks ††

Public Equity

Benchmarks *

Total Return

†††

IRR

IRR

See final pages for additional notes.

HarbourVest performance does not represent the performance of any specific fund or the return to limited partners*Source: Bloomberg – Total returns. Dividends are not reinvested. MSCI All European Countries index, in euros. These returns do not reflect thecash flows used to calculate the HarbourVest Portfolio gross IRR and accordingly a direct comparison may not be meaningful. **Source: Venture Economics VentureXpert Database. Benchmark Summary Report. All Private Equity – U.S., vintage years 1989-2005. See Note 5. ***Performance of U.S. partnership investments (primary and secondary) made by the HarbourVest team in vintage years 1989-2005. See Notes 2 and 4.††Source: Venture Economics VentureXpert Database, Benchmark Summary Report. All Private Equity – Europe, vintage years 1990-2005; in euros. See Note 6. †††Performance of European partnership investments (primary and secondary) made by the HarbourVest team in vintage years 1990-2005. See Note 2 and 4.

U.S. PARTNERSHIP INVESTMENT PERFORMANCE (VINTAGE YEARS 1989-2005) AS OF MARCH 31, 2010

EUROPEAN PARTNERSHIP INVESTMENT PERFORMANCE (VINTAGE YEARS 1990-2005) AS OF DECEMBER 31, 2009

CONFIDENTIAL 26

U.S. Partnership Investment PerformanceBy Vintage Year

IRR AS OF MARCH 31, 2010 – COMPARED TO PRIVATE EQUITY BENCHMARKS (VENTURE ECONOMICS QUARTILES)*

Vintages 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

HarbourVest Gross IRR** 19.7% 20.1% 21.9% 28.0% 49.3% 45.2% 53.4% 90.5% 66.8% 16.7% 0.3% 6.0% 7.5% 9.8% 32.4% 13.9% 7.0%

-0.3% 0.9% 2.3% 12.7%

Industry Upper 21.7 19.3 25.5 37.0 28.9 28.5 32.2 41.8 24.7 10.8 5.3 7.0 11.0 11.8 11.6 11.5 8.1 1.7 6.1 2.7 -1.1Industry Median

11.1 10.3 13.9 14.6 12.6 14.3 9.7 7.8 7.7 3.4 -2.3 -0.8 1.2 1.4 4.1 2.0 1.5 -3.3 -2.1 -9.8 -23.1

Industry Lower 4.3 -0.1 3.9 9.0 3.6 1.1 2.1 0.5 -1.0 -3.1 -9.4 -4.5 -3.1 -2.1 1.1 -3.4 -4.8 -10.2 -7.8 -21.7 -42.0

* Source: Venture Economics VentureXpert Database. Cumulative vintage year performance, All Private Equity – U.S.** Represents performance of U.S. partnership investments after the fees, expenses, and carried interest of the underlying partnerships, but before the HarbourVest

fund's expenses, including fees and carried interest. HarbourVest vintage classification for primary investments is based on year in which capital was first funded to each underlying partnership and for secondary investments is based on year of purchase. These returns do not represent the performance of any specific HarbourVest fund or the return to limited partners.

See Notes 2 for calculation methodology.

80th

90th

Med

ian

Low

er

Qu

art

ileU

pp

er

Qu

art

ile

DevelopingMaturingLiquidating Investing

CONFIDENTIAL 27

Contact Information

HONG KONG  HarbourVest Partners (Asia) LimitedCitibank Tower Suite 12073 Garden RoadCentralHong KongTel +852 2525 2214Fax +852 2525 2241

TOKYO HarbourVest Partners (Japan) LimitedMarunouchi Trust Tower 20F 1-8-3 Marunouchi Chiyoda-ku Tokyo 100-0005 Tel +81 3 6269 3072 Fax +81 3 6269 3073

BOSTONHarbourVest Partners, LLCOne Financial Center44th FloorBoston MA 02111Tel +1 617 348 3707Fax +1 617 350 0305

LONDON HarbourVest Partners (U.K.) LimitedBerkeley Square House8th FloorBerkeley SquareLondon WIJ 6DBTel +44 (0)20 7399 9820Fax +44 (0)20 7399 9840

www.harbourvest.com

CONFIDENTIAL 28

Additional Information

On January 29, 1997, the management team of Hancock Venture Partners, Inc. (HVPinc) formed a new management company known as HarbourVest Partners, LLC (HarbourVest). Concurrently with the formation of HarbourVest, all of the employees of HVPinc became owners and/or employees of HarbourVest. In addition, concurrently with the formation of HarbourVest, HVPinc engaged HarbourVest as sub-manager to carry out the terms of its management agreements with the partnerships formed when the management team was employed by HVPinc. Other than the sub-management agreement, no relationship exists between HarbourVest and HVPinc. For purposes of this presentation, historical data includes both partnerships managed directly by HarbourVest and its affiliates and partnerships currently managed by HarbourVest as sub-manager to HVPinc. In addition, historical data includes periods when the partnerships were managed by the management team of HarbourVest when they were employees of HVPinc.In considering the prior performance information contained herein, prospective investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that the Fund will achieve comparable results or be able to implement its investment strategy. In particular, the foregoing prior performance record reflects the very favorable market conditions of the late 1990s, which are unlikely to be repeated. The foregoing performance information includes realized and unrealized investments. Unrealized investments are valued by the applicable general partner in accordance with the valuation guidelines contained in the applicable partnership agreement. Actual realized returns on unrealized 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. Accordingly, the actual realized returns on these unrealized investments may differ materially from returns indicated herein.The information contained herein is highly confidential and is being provided to you at your request for informational purposes only and is not, and may not be relied on in any manner as, legal, tax or investment advice or as an offer to sell or a solicitation of an offer to buy an interest in any investment sponsored by HarbourVest Partners L.P. or it’s affiliates (the “Fund”). A private offering of interests in the Fund will only be made pursuant to a confidential private placement memorandum (the “Memorandum”) and the Fund’s partnership agreement and subscription documents, which will be furnished to qualified investors on a confidential basis at their request for their consideration in connection with such offering. The information contained herein will be superseded by, and is qualified in its entirety by reference to, the Memorandum, which will contain information about the investment objective, terms and conditions of an investment in the Fund and will also contain tax information and risk disclosures that are important to any investment decision regarding the Fund. No person has been authorized to make any statement concerning the Fund other than as will be set forth in the Memorandum and any such statements, if made, may not be relied upon. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of HarbourVest Partners L.P. (together with its affiliates, “HarbourVest”). Investment in the Fund will involve significant risks, including loss of the entire investment. Before deciding to invest in the Fund, prospective investors should pay particular attention to the risk factors contained in the Memorandum. Prospective investors should make their own investigations and evaluations of the information contained herein. Prior to the closing of a private offering of interests in the Fund, HarbourVest will give investors the opportunity to ask questions and receive additional information concerning the terms and conditions of such offering and other relevant matters. Each prospective investor should consult its own attorney, business advisor and tax advisor as to legal, business, tax and related matters concerning the information contained herein and such offering. Certain information contained herein (including financial information and information relating to investments) has been obtained from published and non-published sources. Such information has not been independently verified by HarbourVest. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof.In considering any performance data contained herein, you should bear in mind that past performance is not indicative of future results. Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue” or “believe” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results or actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. None of the information contained herein has been filed with the Securities and Exchange Commission, any securities administrator under any state securities laws or any other governmental or self-regulatory authority. No governmental authority has passed on the merits of the offering of interests in the Fund or the adequacy of the information contained herein. Any representation to the contrary is unlawful.

SOUTHERN AFRICA PRIVATE EQUITY ROUNDTABLE