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

2. 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

3. 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

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

5. 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

6. 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

7. 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

8. Breakout Groups Investor Leads (Laurie Spengler, CEO Enclude)
Investee Leads (Doug Young, CIO, MicroVest & James Prouty, CEO, SFRE)

9. THANK YOU!

10. 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

11. 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

12. 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