1. Microfinance Institution Equity: Who is buying? Who is selling? Jacco Minnaar, Manager Latin America & Africa Foromic 2014 Triodos Investment Management Guayaquil Ecuador 0

2. Investor Approach Closed-end versus open-end funds 1

3. Holding Period on Stock Markets From eight years in the 1960s to around five days today 2

4. 3

5. 4 Triodos Investment Management Emerging Markets AuM: USD 750 million 34 financial institutions 12 countries

6. Development of Financial Markets From startup to consolidation 5 Start-up | transformation MatureConsolidation

7. Real Economy – Real Returns The business case for sustainability focused banking 6 Sustainability Focused Banks Global Systematically Important Financial Institutions

8. Jacco Minnaar Manager Africa and Latin America jacco.minnaar@triodos.nl 7 Thank you Our Latin America team