1. IFC Asset Management Company Creating Opportunities in Emerging Markets May 2010
This presentation is solely for the use of the client institution and shall be held in strict confidence. This presentation may be distributed only to the client institution's directors, officers and employees on a need-to-know basis, and only for the purpose of evaluating the transaction. No part of this presentation may be circulated, quoted, or reproduced for distribution outside the client's organization without prior written approval from IFC Asset Management Company, LLC.

2. IFC Asset Management Company, LLC
IFC’s Business Mix
IFC’s business consists of three complementary ‘pillars’ that support its mandate and strategic priorities
Investment Services
Advisory Services
IFC Asset Management Company, LLC
Loans and intermediary services
Equity and quasi-equity
Syndications
Structured and securitized products
Risk management products
Trade finance
Subnational finance
Treasury operations
Access to finance
Corporate advice
Environmental and social sustainability
Infrastructure advice
Investment Climate
Invests third-party capital in a private equity fund format
Enables outside investors to participate in IFCs transaction pipeline
Leverages IFC’s expertise and track-record in achieving strong equity returns as well as development impact

3. IFC Asset Management Company
AMC Board
(Chaired by L. Thunell)
Gavin Wilson
CEO
George Springsteen
Legal
Marcos Brujis
Cap Fund
Haydee Celaya
Fund Raising
Ruth Horowitz CAO
Sujoy Bose
Fund II
Viktor Kats
New Products
Jerry Truzzolino
Controller
Africa Fund*
(US$200M)
Equity Fund
(US$1.275Bn)
Sub-Debt Fund
(US$1.725Bn)
African, Latin American and Caribbean Fund
(US$1Bn)

4. IFC’s Global Footprint
100+ offices worldwide

5. IFC Equity Track Record 1999 - 2009
IFC surpasses benchmarks in the aggregate and across most sectors
IFC’s aggregate equity portfolio achieved an average annual before-expenses alpha of 11.0% in the last 10 years (annual return of 24.8% vs. 13.8% for the MSCI EM global index)
Note: Returns calculated as quarterly arithmetic mean return multiplied by four.

6. IFC Equity Track Record 2004 - 2009
IFC’s performance has even been better in the last 5 years, with an average alpha of 16% (annual return of 35.5% vs. 19.5% )
Note: (i) Returns calculated as quarterly arithmetic mean return multiplied by four.

7. IFC’s Approach to Equity Investments
IFC own account investments are typically limited to 25% of the total capitalization of the company or the project
IFC equity ownership is typically limited to 20%
IFC does not operate companies
IFC invest as a minority shareholder and structures investments with exit options, convertibles etc. to ensure a realistic exit mechanism
IFC has been able to achieve significant returns (e.g. telecom and banking) by seizing early market opportunities in emerging markets and partnering with the right sponsors
IFC has a long-term investment horizon that looks beyond short- term market volatility
IFC offers a full range of financial products across the capital structure to support investee companies through all business cycles and foster long term relationships

8. IFC’s Value Added for Equity Investments
Focus on financial returns and developmental impact
Deep understanding of regulatory reform, including collaboration with the World Bank
Socially responsible investments subject to industry leading Environmental & Social Standards
In-house technical expertise
Minority investor
Counter-cyclical investment strategy
Ability to provide debt financing and in-house technical assistance
Own financing is usually limited to 25% of company capitalization
Unsurpassed emerging markets knowledge and 54 year track record of success
Focus on exit

9. Capitalization Funds Fund Size & Investors Term & Returns
Global Fund: US$3 billion consisting of Equity & Sub-Debt Funds
Africa Fund: US$200 million parallel fund targeted to close in May 2010
Russia Fund: Up to US$1.5 billion new fund still in concept phase
Term & Returns
8-10 years; 3 year investment period
Targeted IRR per IFC benchmarks in the financial sector
Investment Criteria
The Capitalization Funds invest exclusively in commercial banks
Global Fund invests only in systemic banks, defined by loan market share
Africa Fund and future funds will be able to invest in all banks
Investment Size
The Capitalization Funds can invest up to US$300 million in any given institution and allow IFC to partner with systemically important banks where, prior to the creation of the Funds, headroom/credit constraints would have reduced volumes
Investment Process
All investments will be processed by IFC. The Fund will leverage IFC’s banking expertise and rely on IFC’s technical & market analysis, environmental & social, corporate governance, and integrity due-diligence as inputs for its own analysis.
The Fund most often invests directly given IFC’s large participation (US$1Bn) in the Global Fund. In certain circumstances, the Fund will co-invest alongside IFC.

10. Africa/LAC Fund Investment Criteria
Fund Size & Investors
Size: US$1 billion ($800 million committed to date)
World-class Investors: a Dutch pension fund manager; Korean, Azeri and Saudi sovereign wealth funds; and IFC.
Term & Returns
10 years; 5 year investment period
Targeted IRR per IFC benchmarks in the two regions
Regions & Sectors
Sub Saharan Africa
The Fund invests across all IFC Sectors
Latin America
& Caribbean
Investment Process
The Fund is a co-investment fund that will have the option to invest alongside IFC in each equity investment above US$10 million in LAC and CAF. IFC has agreed to offer 25% of all equity investments >US$10 million in LAC and CAF.
All investments will be processed by IFC. The Fund will leverage IFC’s sector knowledge and rely on IFC’s technical & market analysis, environmental & social, corporate governance, and integrity due-diligence as inputs for its own analysis.
The Fund will co-invest on similar terms with IFC. IFC and the Fund likely will have separate legal documents due to the potential need for independent exits -- the Fund has a 10 year life whilst IFC can be an evergreen investor.