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

2 Why SFRE? Sustainability | Finance | Real Economies SICAV-SIF (“SFRE”) is all about sustainability-focused financial institutions (“SFIs”): SFIs Deepening of SFIs’ commitments to sustainable banking Long-term, supportive capital -> Small to mid-sized banks SFRE Increase and strengthen SFI sector with sustainable banking models -> Serving local real economies -> Client centred with full suite of financial services Build inclusive and sustainable local economies -> Sustainably profitable -> Complementary to other FIs -> Growing segment 2

SFRE Is… 3 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 10x to invest in real economy enterprises meeting the needs of local communities 3

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; $50m+ commitments First Peak Ascended = Paris 2015: The fund is launched February 12, 2015 @ $40m 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

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

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

What do We Need? Investors Investments Investor ideas / introductions, in particular in 2 primary near-term target groups: Faith-based investors Private wealth advisors/family offices 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, MicroVest & James Prouty, CEO, SFRE)

THANK YOU!

How does SFRE Look? 1010 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 MicroVest Capital Management: Portfolio manager of the First Compartment 10

Attractive investment proposition 1111 Ambition and Goal Ambition: Goal: Raise and deploy up to $1 billion in first 10 years Attractive investment proposition Strengthen well-performing SFI sector Contribution to more robust and diverse eco-system and greater customer choice Every dollar of equity invested in SFRE will be leveraged 10x to invest in real economy enterprises meeting the needs of local communities 11

Progress to Date and Outlook 1212 Progress to Date and Outlook Launch: $40 million; $17.5 million from GABV banks Second closing: $3.6 million => $44 million Approved: $8.7 million => $50 million+ Near-term target: $75 million Feb 2015 Sep 2015 Dec 2015 Jan 2016 Feb 2016 June 2016 Banco Vision: $6.8 million equity; GABV member; Paraguay Desyfin: $3 million sub debt; Costa Rica Cambodia SFI: IC recommended $4 million sub-debt; Cambodia 12