1. © Global Impact Investing Network, 2015 1 Financial Performance: Impact Investing Benchmark AMIT BOURI CEO GLOBAL IMPACT INVESTING NETWORK JULY 9, 2015

2. © Global Impact Investing Network, 2015 2 Inclusion Criteria The key criteria for inclusion in the benchmark were funds that are: Structured as private, fixed-term limited partnerships Invested with the intent of providing social and/or economic benefits to communities in either developed or emerging countries Targeting market rate investment returns

3. © Global Impact Investing Network, 2015 3 Impact BenchmarkComparative Universe n = 51, Total fund assets = $6.4bn n = 705, Total fund assets = $293.0bn By sector# Funds% Capitalization# Funds% Capitalization Multi Industry3467.7%68298.3% Business Services 1.1% 0.0% Financial Services1026.8% 0.1% Information Technology* 3.6% -- Consumer/Retail33.3%221.6% By geography# Funds% Capitalization# Funds% Capitalization Africa1151.2%201.0% Asia/Pacific-Emerging42.6%12816.6% Canada 0.0%40.2% Europe-Developed 3.1%454.4% Europe-Emerging 0.2%4 Global-Emerging106.2%124.9% Latin America & Caribbean62.0%120.6% Middle East-Emerging 0.2%80.4% US1534.5%47271.8% Impact Investing Benchmark Characteristics

4. © Global Impact Investing Network, 2015 4 Performance by Vintage Year

5. © Global Impact Investing Network, 2015 5 Distribution of Fund IRR by Quartile

6. © Global Impact Investing Network, 2015 6 Emerging market impact investing funds performed in line with the comparative universe of EM funds. 9.1% 10.4% Impact investing funds under $100 million often outperformed similarly-sized funds in the comparative universe. Emerging market impact investing funds launched from 1998 - 2004 outperformed the comparative universe. 15.5% 7.6% Older impact investing funds (launched from 1998 through 2004) performed in line with or better than the comparative universe of non-impact investing funds. US-focused impact investing funds under $100 million outperformed the comparative universe of US funds. 13.1% 3.6%

7. © Global Impact Investing Network, 2015 7 Market-rate returns are attainable in impact investing Manager selection is key

8. © Global Impact Investing Network, 2015 8 Where do we go from here?