Sustainability Finance Real Economies SICAVSIF SFRE Laurie Spengler

Sustainability | Finance | Real Economies SICAV-SIF (“SFRE”) Laurie Spengler (Enclude)

Why SFRE? Sustainability | Finance | Real Economies SICAV-SIF (“SFRE”) is all about sustainability-focused financial institutions (“SFIs”): Long-term, supportive capital SFRE SFIs -> Small to mid-sized banks -> Serving local real economies -> Client centred with full suite of financial services -> Sustainably profitable -> Complementary to other FIs -> Growing segment Slide Deepening of SFIs’ commitments to sustainable banking Increase and strengthen SFI sector with sustainable banking models Build inclusive and sustainable local economies

SFRE Is… § SFRE is… §An open-ended financing vehicle … §Investing long term growth capital globally into … §Sustainability-focused financial institutions (SFIs) with… §A distinctive investment value proposition: §Sound financial performance + §Strong engagement with the real economies of local communities Every dollar of equity invested in SFRE will be leveraged 10 x to invest in real economy enterprises meeting the needs of local communities Slide

The SFRE Journey →Developing and launching and SFRE has been like climbing a mountain: Second Peak Ascended = Amsterdam 2016: The fund is operational; to date 3 investments; $50 m+ commitments First Peak Ascended = Paris 2015: The fund is launched February 12, 2015 @ $40 m Base Camp 5 = Melbourne 2014: Marketing underway Base Camp 4 = Berlin 2013: The architecture is set Base Camp 3 = Vancouver 2012: The “supply” appetite is tapped Base Camp 2 = Peru 2011: The GABV pursuit of SFRE is initiated Base Camp 1 = Dhaka 2010: The “demand” idea is formed Slide 4

What Have we Accomplished? Investment Capital q q Slide 5 > 50 Million in Commitments Range of investors: § Financial Institutions § Faith-based Institutional investors § Foundations § Family offices Investments Made q 1 equity investment q 2 sub-debt investments q 1 deposit q Near-term pipeline of > 65 Million

Value Proposition & Impact Attractive Risk. Adjusted Financial Returns Sustainability and Support of Real Economies Multi-level Impact: Size and Scale SFRE Transparent Management and Governance Diversification Efficient Access Slide Ø Ø Portfolio SFI segment FI sector Real economy

What do We Need? Investors §Investor ideas / introductions, in particular in 2 primary near-term target groups: § Faith-based investors § Private wealth advisors/family offices Slide Investments §Investment introductions to banks on “journey” of becoming a more sustainability-focused financial institution §Market insights and feedback §Sharing of best practices between GABV and SFRE investee community

Breakout Groups §Investor Leads (Laurie Spengler, CEO Enclude) §Investee Leads (Doug Young, CIO, Micro. Vest & James Prouty, CEO, SFRE) Slide

THANK YOU! Slide

How does SFRE Look? §Luxembourg Specialized Investment Fund (SIF) § Open-ended with unlimited duration § Umbrella structure, may consist of several compartments (i. e. sub-funds) §First Compartment: § Expected investor return 7 -9% (of which 1 -3% as current yield) § Open-ended with quarterly liquidity (liquidity reserve of 15% of NAV) § Investments in Tier 1 and 2 capital of SFIs globally, assessed by scorecard §Highly experienced Board and management § Chief Executive Officer: James (Jim) Prouty § Micro. Vest Capital Management: Portfolio manager of the First Compartment Slide

Ambition and Goal Ambition: Raise and deploy up to $1 billion in first 10 years Goal: Attractive investment proposition Strengthen well-performing SFI sector Contribution to more robust and diverse ecosystem and greater customer choice Every dollar of equity invested in SFRE will be leveraged 10 x to invest in real economy enterprises meeting the needs of local communities Slide

Progress to Date and Outlook Launch: $40 million; $17. 5 million from GABV banks Feb 2015 Second closing: $3. 6 million => $44 million Sep 2015 Banco Vision: $6. 8 million equity; GABV member; Paraguay Slide Dec 2015 Desyfin: $3 million sub debt; Costa Rica Approved: $8. 7 million => $50 million+ Jan 2016 Feb 2016 Cambodia SFI: IC recommended $4 million subdebt; Cambodia Near-term target: $75 million June 2016