Important Legal Disclosures

Important Office Disclosures

HarbourVest Partners LLC and HarbourVest Partners L.P., One Financial Center, Boston MA 02111.  Registered with the US SEC as a Registered Investment Adviser (SEC Number 801-53287).  Other HarbourVest affiliates share this registration.

HarbourVest Partners (U.K.) Limited and HarbourVest Partners (Europe) Limited, 3rd Floor, 33 Jermyn Street, London SW1Y 6DN registered in England and Wales numbers 2512083 and 8618271 respectively. Authorised and regulated by the Financial Conduct Authority.

HarbourVest Partners (Asia) Limited, Citibank Tower Suite 1207, 3 Garden Road, Central, Hong Kong. Registered with the Hong Kong Securities and Futures Commission (CE Reference BAD993) and licensed for Type 1 (Dealing in Securities) and Type 9 (Asset Management) regulated activities.

HarbourVest Partners (Japan) Limited, Marunouchi Building 26th Floor, 2-4-1  Marunouchi Chiyoda-ku, Tokyo 100-6326.  Registered with the Kanto Local Financial Bureau as a Type II Financial Instruments Business Operator.

HarbourVest Partners, LLC Oficina de Representación, Carrera 7 #113 – 43, Oficina 904, Edificio Samsung, Bogotá

HarbourVest Investment Consulting (Beijing) Company Limited, Suite 5608, 56/F China World Tower, 1 Jianguomenwai Avenue, Chaoyang District, Beijing 100004

HarbourVest Partners (Canada) Limited, a wholly-owned subsidiary of HarbourVest Partners L.P., is registered as a Portfolio Manager and Exempt Market Dealer with the Ontario Securities Commission and various other Canadian provincial securities regulators.

Important Country Disclosures

All materials shall not constitute an offer, solicitation or recommendation in relation to any securities or funds sponsored by, or any investment services provided by, HarbourVest or its affiliates in any jurisdiction where it is unlawful to do so. All materials may only be distributed and interests in a fund may only be offered and placed to the extent that they may be lawfully distributed and the interests may lawfully be offered or placed (including at the initiative of the investor). The information has been prepared on the basis that you are an investment professional, is for the sole use of your organization, and should not be shared with any other parties.

Argentina
This presentation includes a private invitation to invest in a HarbourVest fund.   It is addressed only to you on an individual, exclusive, and confidential basis, and its unauthorized copy, disclosure, or transfer by any means whatsoever is absolutely and strictly forbidden. HarbourVest will not provide copies of this presentation, or provide any kind of advice or clarification, or accept any offer or commitment to purchase the securities herein referred to from persons other than the intended recipient. The offer herein contained is not a public offering, and as such it is not and will not be registered with, or authorized by, the applicable enforcement authority. The information contained herein has been compiled by HarbourVest, who assumes the sole responsibility for the accuracy of the data herein disclosed.

Australia
The information in this document is provided on the basis that you are a wholesale client (as defined in the Corporations Act 2001). HarbourVest Partners (U.K.) Limited (ARBN 163 197 153) and HarbourVest Partners (Asia) Limited (ARBN 169 838 840) are each exempt from the requirement to hold an Australian Financial Services License (AFSL) under the Corporations Act 2001 in respect of financial services, in reliance on Class Orders, copies of which may be obtained at the web site of the Australian Securities and Investments Commission: http://www.asic.gov.au. The Class Order exempts an entity regulated by the Financial Services Authority and Securities and Futures Commission, among others, from the need to hold an AFSL for financial services provided to Australian wholesale clients on certain conditions. Financial services provided by HarbourVest Partners (U.K.) Limited and HarbourVest Partners (Asia) Limited are regulated by the Financial Services Authority under the laws and regulatory requirements of the United Kingdom and Securities and Futures Commission under the laws and regulatory requirements of Hong Kong, which are different from the laws applying in Australia.

(a) This presentation is not a product disclosure statement or a prospectus under the Corporations Act 2001 (Cth) Australia (Corporations Act).

(b) Accordingly, interests in the Fund may not be offered, issued, sold or distributed in Australia by HarbourVest Partner L.P. or its affiliates, or any other person, other than by way of or pursuant to an offer or invitation that does not need disclosure to investors under Part 6D.2 or Part 7.9 of the Corporations Act, whether by reason of the investor being a ‘wholesale client’ (as defined in section 761G of the Corporations Act and applicable regulation) or otherwise.

(c) This presentation does not constitute or involve a recommendation to acquire, an offer or invitation for issue or sale, an offer or invitation to arrange the issue or sale, or an issue or sale, of interests to a ‘retail client’ (as defined in section 761G of the Corporations Act and applicable regulations) in Australia.

Bahrain
This document has not been reviewed by the central bank of Bahrain (“CBB”).  Interests in any fund managed by HarbourVest partners or services provided by HarbourVest partners may not be offered for subscription or sold, directly or indirectly, nor may any invitation or offer to subscribe for any interests in a fund or services be made to persons resident or entities incorporated in the kingdom of Bahrain. The CBB is not responsible for the performance of any such fund or HarbourVest partners.

The CBB assumes no responsibility for the accuracy and completeness of the statements and information contained in this document and expressly disclaims any liability whatsoever for any loss howsoever arising from reliance upon the whole or any part of the contents hereof.

This document does not constitute, and may not be used in connection with, an offer or solicitation to persons resident or entities incorporated in the kingdom of Bahrain.  No action has been or will be taken in the kingdom of Bahrain by HarbourVest or a fund that would or is intended to, permit a public offering of the interests in the fund or services to persons resident or entities incorporated in the kingdom of Bahrain.

Under no circumstances shall this document constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of interests in a fund or services to persons resident or entities incorporated in the kingdom of bahrain as such an offer, solicitation or sale would be unlawful.

Belgium
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

Bermuda
Funds may be offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act of 2003 of Bermuda which regulates the sale of securities in Bermuda. Additionally, non-Bermudian persons (including companies) may not carry on or engage in any trade or business in Bermuda unless such persons are permitted to do so under applicable Bermuda legislation.

Canada
No securities commission or similar authority in Canada has reviewed or in any way passed upon this document or the merits of the Fund described in the presentation, and any representation to the contrary is an offence. Additional country disclosure information is available upon request.

Chile
Esta oferta privada se acoge a las disposiciones de la norma de carácter general nº 336 de la superintendencia de valores y seguros; esta oferta versa sobre valores no inscritos en el registro de valores o en el registro de valores extranjeros que lleva la superintendencia de valores y seguros, por lo que tales valores no están sujetos a la fiscalización de ésta; por tratar de valores no inscritos no existe la obligación por parte del emisor de entregar en chile información pública respecto de los valores sobre los que versa esta oferta; estos valores no podrán ser objeto de oferta pública mientras no sean inscritos en el registro de valores correspondiente.

China
This presentation does not constitute a public offer of any product or fund, whether by sale or subscription, in the People’s Republic of China (the “PRC”). No product or fund is being offered or sold directly or indirectly in the PRC to or for the benefit of, legal or natural persons of the PRC. Further, no legal or natural persons of the PRC may directly or indirectly purchase any product or fund or any beneficial interest therein without obtaining all prior PRC’s governmental approvals that are required, whether statutorily or otherwise. Persons who come into possession of this document are required by the issuer and its representatives to observe these restrictions. These materials do not constitute an offer to sell or a solicitation of an offer to buy interests in any fund or investment vehicle (each a “Fund”) managed by HarbourVest Partners 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 US 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. See final pages for additional notes.

Colombia
This document does not constitute a public offer in the Republic of Colombia. The offer of HarbourVest Partners X, HarbourVest 2015 Global Fund, and HIPEP VII (each, the “Fund”) is addressed to less than one hundred specifically identified investors. The Fund may not be promoted or marketed in Colombia or to Colombian residents, unless such promotion and marketing is made in compliance with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign Products in Colombia.

The distribution of this document and the offering of the Fund may be restricted in certain jurisdictions. The information contained in this document is for general guidance only, and it is the responsibility of any person or persons in possession of this document and wishing to make application for the Fund to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for the Fund should inform themselves of any applicable legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile.

Denmark
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

European Economic Area
This information shall not constitute an offer or solicitation in relation to any HarbourVest fund (“Fund”) or any investment services provided by HarbourVest or its affiliates in any jurisdiction, or to any person, to whom it is unlawful to make offer or solicitation.

In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this communication may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this communication may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

Issued by HarbourVest Partners (U.K.) Limited, 8th Floor, Berkeley Square House, Berkeley Square, London W1J 6DB registered in England and Wales number 2512083. Authorised and regulated by the Financial Conduct Authority.

Finland
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

France
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

Germany
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

Guernsey
This document is only being, and may only be, made available in or from within the Bailiwick of Guernsey and the offer that is the referred to in this document is only being, and may only be, made in or from within the Bailiwick of Guernsey:
(i) by persons licensed to do so under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended); or
(ii) to persons licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended), the Banking Supervision (Bailiwick of Guernsey) Law, 1994 (as amended), the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (as amended) or the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 (as amended).

The offer referred to in this document and this document are not available in or from within the Bailiwick of Guernsey other than in accordance with the above paragraphs (i) and (ii) and must not be relied upon by any person unless made or received in accordance with such paragraphs.

Hong Kong
The contents of this presentation have not been reviewed or approved by any regulatory authority in Hong Kong. This document does not constitute an offer or invitation to the public in Hong Kong to acquire shares. Accordingly, unless permitted by the securities laws of Hong Kong, no person may issue or have in its possession for the purposes of issue, this document or any advertisement, invitation or document relating to the shares, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong other than in relation to shares which are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” (as such term is defined in the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong, as amended) (“SFO”) and the subsidiary legislation made thereunder) or in circumstances which do not result in this memorandum being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the laws of Hong Kong, as amended) (“CO”) or which do not constitute an offer or an invitation to the public for the purposes of the SFO or the CO.  The offer of the shares is personal to the person to whom this document has been delivered by or on behalf of the Fund, and a subscription for shares will only be accepted from such person.  No person to whom a copy of this document is issued may issue, circulate or distribute this document in Hong Kong or make or give a copy of this document to any other person.  Investors are advised to exercise caution in relation to the offer.  If investors are in any doubt about any of the contents of this document, investors should obtain independent professional advice.

Iceland
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

In relation to each Member State of the EEA which, at the date of this document, has not implemented AIFMD, this document may only be distributed and the Fund may only be offered or placed to the extent that this document may be lawfully distributed and the Fund may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Ireland
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

Israel
This document shall not constitute an offer, solicitation or recommendation in relation to any securities or funds sponsored by, or any investment services provided by, HarbourVest or its affiliates in any jurisdiction where it is unlawful to do so.

This document has not been approved by the Israeli Securities Authority and will only be distributed to Israeli residents in a manner that will not constitute “an offer to the public” under sections 15 and 15a of the Israel Securities Law, 5728-1968 (“the Securities Law”) or section 25 of the Joint Investment Trusts Law, 5754-1994 (“the Joint Investment Trusts Law”), as applicable. The funds are being offered to a limited number of investors (35 investors or fewer during any given 12 month period) and/or those categories of investors listed in the First Addendum (“the Addendum”) to the Securities Law, (“Sophisticated Investors”) namely joint investment funds or mutual trust funds, provident funds, insurance companies, banking corporations (purchasing funds for themselves or for clients who are Sophisticated Investors), portfolio managers (purchasing funds for ,themselves or for clients who are Sophisticated Investors), investment advisors or investment marketers (purchasing funds for themselves), members of the Tel-Aviv Stock Exchange (purchasing funds for themselves or for clients who are Sophisticated Investors), underwriters (purchasing funds for themselves), venture capital funds engaging mainly in the capital market, an entity which is wholly-owned by Sophisticated Investors, corporations, other than formed for the specific purpose of an acquisition pursuant to an offer, with a shareholders equity in excess of NIS 50 million, and individuals in respect of whom the terms of item 9 in the Schedule to the Investment Advice Law hold true investing for their own account, each as defined in the said Addendum, as amended from time to time, and who in each case have provided written confirmation that they qualify as Sophisticated Investors, and that they are aware of the consequences of such designation and agree thereto; in all cases under circumstances that will fall within the private placement or other exemptions of the Joint Investment Trusts Law, the Securities Law and any applicable guidelines, pronouncements or rulings issued from time to time by the Israeli Securities Authority.

This document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Any offeree who purchases a fund is purchasing such fund for its own benefit and account and not with the aim or intention of distributing or offering such fund to other parties (other than, in the case of an offeree which is an Sophisticated Investor by virtue of it being a banking corporation, portfolio manager or member of the Tel-Aviv Stock Exchange, as defined in the Addendum, where such offeree is purchasing funds for another party which is an Sophisticated Investor). Nothing in this document should be considered Investment Advice or Investment Marketing defined in the Regulation of Investment Counselling, Investment Marketing and Portfolio Management Law, 5755-1995.

Investors are encouraged to seek competent investment counselling from a locally licensed investment counsel prior to making the investment. As a prerequisite to the receipt of a copy of this document a recipient may be required by the fund to provide confirmation that it is an Sophisticated Investor purchasing funds for its own account or, where applicable, for other Sophisticated Investors.

Japan
No registration pursuant to Article 4, paragraph 1 of the Financial Instruments and Exchange Act of Japan (the “FIEA”) has been made or will be made with respect to soliciting applications for the acquisition of Interests in the Fund, on the grounds that the Interests are securities set forth in Article 2, paragraph 2, item 6 of the FIEA and the solicitation constitutes a “solicitation for a small number of investors” as set forth in Article 23-13, paragraph 4 of the FIEA.

No Interests shall be sold in Japan unless some of the Interests are acquired by at least one qualified institutional investor (“QII”) as defined in Article 2, paragraph 3, item 1 of the FIEA and Article 10 of the Cabinet Order regarding Definitions under Article 2 of the FIEA.  The number of persons other than QIIs in Japan who acquire Interests shall not exceed 49.  No Interests shall be sold to or held by any person set forth in Article 63, paragraph 1, item 1, sub-items (i) to (iii) of the FIEA (“Disqualified Investors”).

No transfer of an Interest acquired by a QII may be made to persons other than QIIs.  No transfer of an Interest acquired by a person other than a QII in Japan may be made except for the transfer by such person of its entire interest to only one person.  No Interest acquired by a QII or acquired by a person other than a QII in Japan may be transferred to a Disqualified Investor.

This document does not purport to contain all the information relevant to evaluating an investment in the Fund and you should read the offering documents for the Fund prior to investing.

In Japan, HarbourVest Partners (Japan) Limited is registered with the Kanto Local Finance Bureau as a Type II Financial Instruments Business Operator under the registration number 2447.

Kazakhstan
This presentation is for the use of the named addressee only and should not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee’s consideration thereof).

Korea
No HarbourVest funds other than HarbourVest Partners Mezzanine Income Fund L.P. (the “Registered Funds”) have been registered with the Financial Supervisory Service of Korea for a public offering in Korea. The Registered Funds have not been and will not be offered, sold or delivered directly or indirectly, or offered, sold or delivered to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea, except as otherwise permitted under applicable Korean laws and regulations, including the Financial Investment Services and Capital Markets Act and the Foreign Exchange Transaction Law and the decrees and regulations thereunder. By the purchase of the Funds, the relevant holder thereof will be deemed to represent and warrant that if it is in Korea or is a resident of Korea, it purchased the Registered Funds pursuant to the applicable laws and regulations of Korea. These materials do not constitute an offer to sell or the solicitation of an offer to buy interests in any other investment sponsored (collectively, the “Unregistered Products”), or investment services offered, by HarbourVest Partners L.P. or its affiliates.  None of the Unregistered Products are currently registered in Korea and they are not currently available for purchase in Korea. This material is highly confidential and is not to be reproduced or distributed to persons other than the Recipient without the express written permission of HarbourVest.

Liechtenstein
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

In relation to each Member State of the EEA which, at the date of this document, has not implemented AIFMD, this document may only be distributed and the Fund may only be offered or placed to the extent that this document may be lawfully distributed and the Fund may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Luxembourg
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

Malaysia
As the approval of the Malaysian Securities Commission pursuant to section 212 of the Malaysian Capital Markets and Services Act 2007 has not been / will not be obtained, the Funds hereunder are not being and will not be deemed to be issued, made available, offered for subscription or purchase in Malaysia, and neither this presentation nor any document or other material in connection therewith should be distributed, caused to be distributed or circulated in Malaysia, save and except to individuals or other legal entities who fall under paragraphs 3(a), 4, 5, 6 10, 13 and 24 of Schedule 6 to the Capital Markets and Services Act 2007.

Netherlands
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

New Zealand
This presentation is not a registered prospectus or an investment statement for the purposes of the Securities Act 1978 and does not contain all the information typically included in a registered prospectus or investment statement. This material relating to HarbourVest funds does not constitute an “offer of securities to the public” for the purposes of the Securities Act 1978 and, accordingly, there is neither a registered prospectus nor an investment statement available in respect of the funds. HarbourVest funds may only be offered to the public in New Zealand in accordance with the Securities Act 1978 and the Securities Regulations 2009.

Norway
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

In relation to each Member State of the EEA which, at the date of this document, has not implemented AIFMD, this document may only be distributed and the Fund may only be offered or placed to the extent that this document may be lawfully distributed and the Fund may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Oman
The information contained in this document neither constitutes a public offer of securities in the Sultanate of Oman as contemplated by the Commercial Companies Law of Oman (Royal Decree 4/74) or the Capital Market Law of Oman (Royal Decree 80/98), nor does it constitute an offer to sell, or the solicitation of any offer to buy Non-Omani securities in the Sultanate of Oman as contemplated by Article 139 of the Executive Regulations to the Capital Market Law (issued by Decision No.1/2009). Additionally, this document is not intended to lead to the conclusion of any contract of whatsoever nature within the territory of the Sultanate of Oman.

Peru
HarbourVest Partners X and HarbourVest 2015 Global Fund (each, the “Fund”) have not been registered before the Superintendencia del Mercado de Valores (SMV) and are being placed by means of a private offer.  SMV has not reviewed the information provided to the investor. This presentation is only for the exclusive use of institutional investors in Peru and is not for public distribution.

Poland
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

In relation to each Member State of the EEA which, at the date of this document, has not implemented AIFMD, this document may only be distributed and the Fund may only be offered or placed to the extent that this document may be lawfully distributed and the Fund may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Qatar
The Fund is only being offered to a limited number of investors who are willing and able to conduct an independent investigation of the risks involved in an investment in such Fund. This presentation does not constitute an offer to the public and is for the use only of the named addressee and should not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee’s consideration thereof). No transaction will be concluded in your jurisdiction and any inquiries regarding the Fund should be made to HarbourVest.

Singapore
This presentation is intended for institutional investors only and the recipient of this presentation may not forward, transmit or otherwise give a copy of this presentation to another person without HarbourVest’s prior approval. This presentation has not been registered as a prospectus under the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”),by the Monetary Authority of Singapore. Accordingly, the Funds may not be offered or sold, or made the subject of an invitation for subscription or purchase, nor may this presentation or any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the Funds be circulated or distributed, whether directly or indirectly, to any person in Singapore other than: (a) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 304 of the SFA; or (b) otherwise pursuant to, and in accordance with, the conditions of any other applicable exemption or provision of the SFA.

Spain
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

South Africa
HarbourVest is not currently authorized as a Financial Services Provider (FSP) in South Africa. These materials do not constitute an offer to sell or a solicitation of an offer to buy interests in any fund or investment vehicle (each a “Fund”) managed by HarbourVest Partners or its affiliates. Such an offer may only be made in accordance with the laws of South Africa and will be made 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 US 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.

Sweden
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

Switzerland
The distribution of interests of certain HarbourVest funds (each a “Fund”), being Scottish limited partnerships, in Switzerland will be exclusively made to, and directed at, qualified investors (the “Qualified Investors”), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended (“CISA”) and its implementing ordinance. Accordingly, the Fund has not been and will not be registered with the Swiss Financial Market Supervisory Authority (FINMA). The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The Paying Agent in Switzerland is Banque Cantonale de Genève, 17 Quai de l’Ile, CH-1211 Geneva 2, Switzerland. The place of performance for Interests of the Fund offered or distributed in or from Switzerland is the registered office of the Representative. Copies of the Private Placement Memorandum, Limited Partnership Agreement and annual and semi-annual reports of the Fund can be obtained free of charge from the Representative.

Taiwan
These materials do not constitute an offer to sell or the solicitation of an offer to buy interests in any fund (“Fund”) or any other investment sponsored by HarbourVest Partners L.P. or its affiliates. The Funds are not registered in Taiwan and may not be sold, issued or offered in Taiwan. No person or entity in Taiwan has been authorised to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the Funds in Taiwan. Any offering will be made in accordance with applicable laws and pursuant to the Private Placement Memorandum of the Fund and subscriptions will be accepted solely pursuant to definitive documentation. 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. See final pages for additional notes.

United Arab Emirates
This document, and the information contained herein, does not constitute, and is not intended to constitute, a public offer of securities in the United Arab Emirates and accordingly should not be construed as such. This fund (“Fund”) is only being offered to a limited number of sophisticated investors in the UAE who are either (a) an investment fund owned by federal or local government entities in the UAE, (b) an entity whose main object or purpose, or one of its objects, is to invest in securities and its investment in the Fund would be for its own account and not for the account of its clients or (c) an investment manager with authority to make and execute investment decisions. The Fund have not been approved by or licensed or registered with the UAE Central Bank, the Securities and Commodities Authority or any other relevant licensing authorities or governmental agencies in the UAE. No transaction will be concluded in the UAE and any enquiries regarding the Fund should be made to HarbourVest.

United Kingdom
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this communication may only be distributed and the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this communication may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).

Venezuela
Under the laws of the República Bolivariana de Venezuela (“Venezuela”), no public offer of a HarbourVest product described in this presentation may take place in Venezuela. This presentation may not be publicly distributed within the territory of Venezuela.