SinCo – sustainable investment consultants © FOR PROFESSIONAL INVESTORS USE ONLY – NOT FOR DISTRIBUTION TO THE GENERAL PUBLIC 1 REGULATORY INFORMATION No part of this report or proposal suggests or should understood to suggest endorsement or advice on any investment approach, strategy or offering. The rights and obligations of the investor are set out in the relevant policy contract. Market fluctuations and changes in rates of exchange or taxation may have an effect on the value, price or income of investments. Since the performance of financial markets fluctuates, an investor may not get back the full amount invested. Past performance is not necessarily a guide to future investment performance. the sustainable investment company …designing and developing world-class ESG architecture for institutional investment in frontier and emerging markets since 2006 sincosinco.com |

Lectures: Sustainable Investment Masterclass MBA Elective Project: Client: sincosinco.com 2 sincosinco.com/masterclass-hec-mba.php mba.hec.edu Sustainable Investment Masterclass MBA Elective

Africa Sustainable Investment Forum | africasif.org the sustainable investment company | sincosinco.com 3 REGULATORY INFORMATION No part of this report or proposal suggests or should understood to suggest endorsement or advice on any investment approach, strategy or offering. The rights and obligations of the investor are set out in the relevant policy contract. Market fluctuations and changes in rates of exchange or taxation may have an effect on the value, price or income of investments. Since the performance of financial markets fluctuates, an investor may not get back the full amount invested. Past performance is not necessarily a guide to future investment performance. Sustainable Investment Masterclass MBA Elective HEC Paris MBA Elective MB02FIN036 #sihecparismba12 Designing and developing world-class ESG architecture for institutional investment in frontier and emerging markets since 2006 Graham Principal SinCo sincosinco.com | President AfricaSIF.org africasif.org | Sustainable investment Masterclass MBA Elective HEC Paris | September 2012

Africa Sustainable Investment Forum | africasif.org the sustainable investment company | sincosinco.com SinCo sustainable investment company with global emerging markets practice  SinCo at a Glance  Bespoke investment advisory focused on sustainable investment architecture  Architect + analysts with support team operating projects with partners in Geneva, Seattle, London, Nairobi, Washington DC, Cape Town, Istanbul  Word-of-mouth, below-the-radar approach working directly with principal  Philosophy  SinCo is a boutique investment advisory firm specializing as an ESG investment architect for sustainable investment in frontier and emerging markets.  SinCo helps clarify questions, design & develop answers, and project manages thinking into action.  SinCo promotes answers to sustainability emerging from talent in frontier and emerging markets, as well as developed countries.  Experienced  Established boutique in Boston in Q4 2006: inaugural engagement for Wall St proprietary and third party manager with USD 900bn AUM, 200 analysts, mutli- asset classes  Since 2006, SinCo has delivered sustainable investment architecture globally to pension funds, asset managers and international organizations integrating ESG factors into investment practice.  Projects for proprietary clients in listed equity, hedge funds, investment product R&D, investment bank derivative instruments, ESG impact metrics.  Proven Project Leader  Multi-year, multi-stakeholder, multi-country projects over milestones through time, including PRI in EM project rollout.  ESG services  Bespoke research, benchmarking ESG best practices, making sustainable investment case, designing ESG indexes, streamlining private equity ESG frameworks, investment roadshows 4 As sustainable investment architect, we consider sustainability through the lens of environmental, social and governance factors are integrated in all investment decisions. Working with SinCo our clients have access to world-class strategy, plans and experience to quickly and effectively solve the challenges in making sustainable investment work. sincosinco.com

SinCo sincosinco.com …the sustainable investment company

Africa Sustainable Investment Forum | africasif.org the sustainable investment company | sincosinco.com 6 About SinCo team: Graham Sinclair Graham Sinclair is Principal at SinCo, where his roles include sustainable investment strategist, ESG architect and global project leader.  Graham has eight years specialist experience in sustainable investment globally after eight years in pensions consulting and investment banking in Africa. Recent consulting engagements in sustainable investment include leading IFC-funded research into private equity and liquid equity ESG strategies in sub-Saharan Africa in South Africa, Kenya and Nigeria to be published in 2011, developing innovative financing mechanisms strategy and ESG index architecture for developed, emerging and frontier markets for a Swiss- based international organization, and for a global institutional investment firm in New York with a US$ one trillion AUM portfolio, designing ESG architecture across private equity, liquid and global real estate portfolios covering philosophy and process innovations and investment strategies. Currently he provides index architecture and stakeholder engagement for the Istanbul Stock Exchange Sustainability Index.  As consultant to the UN, Graham developed strategy for 25 emerging markets and launched PRI in Emerging Markets project in Q for UNEP FI, creating a network infrastructure, building relationships with 108 investor stakeholders including in Africa through Before launching the sustainable investment advisory boutique SinCo in 2006 in Boston, he was Product Manager at KLD Research & Analytics, Inc adding to his background in pension funds and asset management.  Graham is a former contributor to the CSR Initiative at Harvard Kennedy School, Distinguished Member of Net Impact, alum of WWF One Planet Leaders programme and the Tallberg Forum New Leaders Program. He currently leads the AfricaSIF Project building an independent, pan-African not-for-profit Africa Sustainable Investment Forum network at africasif.org, member of ASISA’s Responsible Investment sub-committee, and a member of Investment Analysts Association of South Africa, and the Network for Sustainable Financial Markets. He has lectured at more than 25 graduate schools globally, and the most recently published work is chapters on Private Equity, Indexes and Africa to Evolutions in Sustainable Investing [Wiley Business, 2011].  Graham earned his MBA on scholarship at Villanova University in the USA where he co-managed the Arnone- Lerer SRI Fund equity portfolio in He holds a B.Com from the University of Natal and LL.B from the Howard College School of Law as well as numerous industry specialist certifications. He holds diplomas in retirement funds and insurance law, and in 1998 he was one of the youngest ever dual-FILPAs. He resides in Cape, South Africa and Vermont, USA. Graham Sinclair Principal SinCo sincosinco.com 1 August 1970 South African B.Com 1991, LL.B 1994, MBA 2004 Dip.RFM 1997, IISA 1998, ILPA 1999 IASSA, ELP, WWF OPL, USSIF.org AfricaSIF.org Experience in over 25 countries English, Afrikaans

HEC Paris MBA Sustainable Investment Masterclass September 2012 | © SinCo 2012 | HEC Paris MBA sustainable investment in six themes 1. Unpacking The Asset Management Value Chain Key components: interactions and reactions Mapping the value chain Making the investment case for sustainability. 2. Describing Sustainable Investment (SI) Definitions and debates Language of sustainable investment and investment policy statements Valuation techniques and adaptations 3. Dynamics Of SI Policies Frameworks and toolkits: CDC ESG Toolkit & Actis ESG, IFC E&S, Equator Principles 3 Examples from institutional investors Examples from emerging markets Criticisms of SI Policies. 4. Making the Sustainable Investment Case Expanding on “ESG integration”? Lessons from food & beverage sector and Access to Nutrition Index Project Impact investing, Project Finance & Private Equity Critiques of Sustainable Investment Case. 5. The Challenges and Opportunities For Sustainability Indexes ESG ratings, rankings and indexes Impacts and logic models Examples: MSCI ESG Index, JSE SRI Index, Istanbul Stock Exchange Sustainability Index, Hang Seng Corporate Sustainability Index. 6. Topics In Sustainable Investment - Role of initiatives: Carbon Disclosure Project (CDP) Water Project, Emerging Markets Disclosure Project (EMDP), Principles for Responsible Investment (PRI), Global Impact Investing Network (GIIN), International Corporate Governance Network (GIIN), Africa Sustainable Investment Forum (AfricaSIF.org), Global Reporting Initiative (GRI), Integrated Reporting Initiative (IRI), Long Finance. 7

HEC Paris MBA Sustainable Investment Masterclass September 2012 | © SinCo 2012 | 8 Biography: Firstname Lastname … Current role/s Previous role/s Background Education LinkedIn.com weblink 1.Name 2.Name of Firm 4.Skype 5.Cell 6.Date of Birth: 7.Nationality: 8.Education [Indicate college/university and other specialized education of staff member, giving names of institutions, degrees obtained, and dates of obtainment]: 9.Membership of Professional Associations: 10.Other Training [Indicate significant training since degrees 11.Countries of Work Experience: [List countries where staff has worked in the last ten years]: 12.Languages: headshot