May 2017

CONFIDENTIAL AND NOT FOR DISTRIBUTION PURPOSES

GEF Presentation

2CONFIDENTIAL

Market and Key Barriers

MDBs

Sustainable investing is an increasingly mainstream area that will impact MDB’s positioning in the market

Fina

ncia

l Ret

urns

Development Impact / Sustainable Investing_

_

+

+

SRI Players

Private Sector Investors

Partnership Potential

There is significant partnership potential with institutions that have common goals and complementary capabilities

Current space

Trends

Reputation + Sustainability

Drivers

Note: For illustrative purposes. Several sources were consulted but exact position/proportion of shaded areas could vary

Call for all MDBs

3

Market: Growth potential/upside particularly for those who can address current bottlenecks

4

CurrentMkt Size

US 120 bn*

Investors interest inenvironmental finance

investmentsUS 620 bn*

Yearly investment needs in environmental finance

US 780 bn*

* Estimates based on New Energy Finance publications, EBGC calculations of demand from Pension funds, SWF, insurance companies, other institutional investors, HNWI and Family Offices, Stern Report and World Bank “Winds of Change” estimates

Exposure to regulators and policy makers and skills that go beyond the traditional banking/investment managers

Cross disciplinary team with ability to build synergies across environmental sectors: investors, knowledge, network, brand reputation

Strong network and access to niche opportunities

Tailored and customized risk approaches

Regulatory uncertainty

Information and knowledge gaps

Lack of scale and high transaction costs

Infant sector with underdeveloped risk tools

… that requireBottleneck factors …

(1) CAGR 2011-2016

Allocation & Growth Potential1InstrumentsSources

Public money Offset money Private moneyLegend: NE Not Estimated

Private funding sources

~55

Carbonmarkets

2

Carbontaxes

7

Generaltax revenues

NE

Offset markets and voluntary

3

Globalcapital

markets55+

Domesticpublic

budgetsNE

Bilateralagencies/

banks24

Multilateralagencies/

banks15

Public funding sources

~42

Policy incentivesNE

Carbon Offset flows

3

Grants4

Concession loans

13

Market rate loans

56

Equity18

2%

10%

Privatesector

finance55

Notes:

($, bn)

Source: Climate Policy Initiative (CPI) , ADB. Boxes and flows not drawn to scale

Climate change finance market

5

6CONFIDENTIAL

Lessons Incorporated in ACP Design

A vehicle that will mobilize capital at scale from global public and private sector investors …

Fund$500m

Direct Investments Co-investments

… to invest in environmental finance in Asia …

+

… designed to maximize impact and complement existing initiatives in this space.

PE ClimateFund

Clean energy initiatives

… through an unique investment management platform that combines private operators and MDBs with equity, debt and grant facilities …

Fund Manager

7

The Climate PPP Fund Concept

12

34

Traditional Private Equity FundsDifferentiator factors

Environmental, Socialand Governance

4

No in-house capabilities;Typically dependent on third parties

Reference institutions in ESG regulators standards1; Socially Responsible Investment Vehicle

Risk-mitigation

3Unmitigated exposure to sovereign and

regulatory risk

Unique set of potentially risk-mitigating facilities (guarantees, b-loans, grants), and access to policy

makers

Fee structure

5

Traditional 2/20 fee structureCompetitive 1.5/15 fee structure and significant

anchor committments

Comparison with other Asian Resource Efficiency PE Funds

8CONFIDENTIAL

1. Refer Appendix section ESG & Reporting

ACP

Size and opportunityAverage USD 200 mn; Limited either by scale

(fund size) or scope (geography/sector)Up to USD 500 mn; Diversification across sectors,

regions, and investment participations

1

Deal sourcing and track record

Mostly first time managers with presence limited to 1 or 2 markets

Combined team/platform augments traditional deal-sourcing across the whole region;

>15 years track record in this space

2

Vehicle‘s suitability to addressmarket constraints

2Deployment ratios below

expectations due to market conditions and disbursement criteria

Recognized by World Economic Forumas highly applicable to market conditions:one-stop shop for debt, equity and grants

Knowledge and technology transfer

3Limited reach/network within cleantech

communityPartnerships with industry players to promote

FDI and knowledge/technology transfer

Reach

4Policy/regulatory work separated from

investment arm; Limited reach beyond DFIs and government institutions

Financial facilities combined with policy dialogue; Diverse set of investors & players operating under a common

platform

Returns

5Primarily loans and grants, often not

reinvested into this spacePrivate equity, commercially-driven returns model with revolving effect

Leverage/Resource mobilization

1Marginal % of private

sector investorsTargets multiper effect of >200x

Impact

6Limited due to reach, scope, and lack

of private sector leverage effectUnique impact on job creation (>5,000 jobs/year),

CO2 reductions (2.5M TCO2/year),

ACP Differs from Existing Public Sector Facilities

9

ACPDifferentiator factors Pure Public Sector Facilities

Full Fledged Investment Platform in PE Environment Finance

10CONFIDENTIAL

+

Debt

Grant

Project finance

Guarantees

Dedicated TA

Other climate change related facilities managed by ADB

+Support Financial Facilities

PositiveDevelopmental and

Environmental Impact

Country dialogue

Regulatory framework

Political risk mitigation

ESG Assessment

Dedicated resources

Socially Responsible Investing (SRI) compliance

Climate Change Mitigation Advocacy

Historic project/country information

Network and reach

Support Knowledge Facilities

Fundraising: Institutional investors, HNWIs, family offices, public institutions, sovereigns

Deal Sourcing: > 30 offices in the region (combined Robeco, ORIX and ADB)

Execution: Team of > 10 based in Hong Kong, supported by Partners’ platforms

Portfolio Management: Unique capabilities (co-financing, ESG, regulatory risk)

InvestmentProgram

Return Objective >20% gross1

Note: In gray, ACP specific add-ons1. This target return is based on gross returns, and does not include fees or charges, which could significantly impact the return of such investment. This target return represents a net return equivalent of

approximately 15% per annum. Target returns are provided solely for illustrative purposes

ACP

ADB Can Play a Pivotal Part in the Capital Structure of ACP Deals

11CONFIDENTIAL

Having ADB in the capital structure may not only potentially help bridge an equity / debt gap, but also help attract other lenders

Sponsor

Investment

$$

ADB

Sponsor Equity

ACP Equity

Sub-debt / Mezz

Other Financiers

Capital Structure

$ACP

ADB Senior Debt

Market Positioning

12CONFIDENTIAL

Infrastructure

Project Finance /Loan instruments

Retu

rn

Risk_

_

+

+

ACP

Venture Capital

Win

d/So

lar

Hyd

ro/G

eoth

erm

al

Bio

mas

s/ B

iofu

els

Bui

ldin

g ef

ficie

ncy

& R

etro

fits/

Li

ghtn

ing

Agr

icul

ture

Rec

yclin

g/ W

aste

Man

agem

ent

Wat

er T

reat

men

t/

Dis

trib

utio

n

Dis

trib

utio

n/ S

mar

tG

rids

/ St

ora

ge

Clea

ner

Ener

gy/

CHP

Bat

tery

Tec

h&

V

ehic

les

Fore

stry

/Fi

sher

ies

China

India

Malaysia

Indonesia

Thailand

Philippines

Pakistan

Vietnam

Bangladesh

Kazakhstan

Mongolia

Cambodia

Other Asian Countries

Core Opportunistic

Core

Opp

ort

unis

tic

High Medium Low

Core and Opportunistic Markets

13CONFIDENTIAL

ACP Expected Development Impact

CP3Environment, Social &Governance (ESG)

compliance

Public sector track record

At entrance/investment relying in most cases on 3rd parties implementation

Private sector track record

At entrance/investment relying in most cases on 3rd parties implementation

ACP

ADB in the driver’s seat with direct impl. responsibilities on ESG issues

Greenhouse gas emission

reduction (tCO2-eq/year)

Public sector yearly average

18,560,131

Private sector yearly average

3,268,145

ACP expected yearly average

2,500,000

Job creation (#) / Taxes

generated ($, mn)

Public sector operations

NA

Yearly private sector operations impact

4,391 jobs / $472m paid taxes

Yearly ACP impact

> 2500 jobs / >$500m paid taxes

Public sector avg catalytic effect CP3 catalytic effect

Total multiplier effect of $100m

ADB Investment

Public sector average catalytic effect Private sector average catalytic effect ACP catalytic effect

Typical ADB Public Sector Investment CP3Typical ADB Private Sector Investment ACP

14

Geo exposure & promotion of

regional integration

Average project

Mostly country focus

Average project

Mostly country focus

ACP

Regional

ACP Expected Development Impact (Cont.)

15

ADB Public Sector Operations ADB Private Sector Operations ACP

Definition of space and exposure to new

markets

Average project

Climate change mitigation oradaptation

Average project

Mostly renewable energy projects

ACP

In addition to RE/EE, introduction of athird pillar-nature based assets (sust.

agri, water, forestry, fisheries)

Traditional Interventions

Knowledge dissemination, technicalassistance, policy dialogue and public

financing

Scope of interventions and resources

Traditional Interventions

Participation in commercial viableprojects originated by private sector operators. ADB intervention mostly

as financier

ACP platform

Combination of policy dialogue, grant,debt and equity facilities under the

same platform. Exclusively dedicated team active along full

invest. cycle

Private investors participation (%)

Average project Average project ACP

< 10% < 40% < 60%

Private Sector InvestorsDFIs & Public Investors

Average project CP3Foreign direct investment

promotion (%) < 20% < 30% < 70%

Average project Average project ACP

Non-Reg. Inv. / FinanciersLocal Investors

Important Disclosures

16CONFIDENTIAL

There can be no assurance that actual results will not differ materially from those described in such statements because of various factors. In considering any investment or other performance information contained in this presentation,prospective investors should bear in mind that past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve comparable results. The prior investment results and returns for variousentities set forth herein are provided for illustrative purposes only and may not be indicative of the fund’s investment results. The nature of, and risks associated with, the fund’s investments may differ substantially from those investmentsand strategies undertaken historically by such entities. There can be no assurance that the investments of the fund will perform as well as past investments managed or advised by RobecoSAM or its affiliates. All written and oral forward-looking statements attributable to the fund or persons acting on its behalf subsequent to the date of this presentation are qualified in their entirety by this provision.

In regards to the ‘track record’ section and all valuation projections and other estimates in this presentation, including estimates of value, returns or performance, these are forward-looking statements, are based upon certain assumptions,and are preliminary in nature. Actual results are difficult to predict and may depend on factors that are beyond the fund’s control. Actual events may differ from those assumed. Other events which were not taken into account may occurand may significantly affect the projections and estimates contained herein. Any assumptions should not be construed to be indicative of the actual composition of the portfolio, of the actual range, magnitude or timing of changes in themarket value of the fund’s investments or the actual amount and timing of the expenses and liabilities of the fund. Certain of the assumptions may, in certain cases, illustrate results that are inconsistent with the result that are likely tooccur. Some important factors which could cause actual results to differ materially from those in any projections and estimates contained herein include the following: changes in interest rates or financial, market, economic or legalconditions; differences in the actual allocation of investments from those assumed herein, among others.

There can be no assurance that estimated returns or projections will be realized or that actual returns or results will not be materially lower than those referred to herein. Such estimated returns and projections should be viewed ashypothetical and do not represent the actual returns that may be achieved by an investor. Investors should conduct their own analysis, using such assumptions as they deem appropriate, and should fully consider other availableinformation, including the information described under ‘investment considerations and risk factors’ in the memorandum in making an investment decision.

This presentation may contain estimated valuations of certain investments made by RobecoSAM directly or indirectly through investment partnerships it has established. These valuations were estimated by RobecoSAM and, due to thenature of the investments, these estimated valuations might have differed had they been made as of any date other than the relevant one set forth herein.

This presentation does not provide sufficient data to evaluate the merits and risks of an investment in the fund and is neither an offer to sell nor a solicitation of an offer to purchase an interest in the fund. Such offer or solicitation must beaccompanied by a confidential information memorandum (provided to qualified offerees only) that describes the risks, conflicts of interest and fees and expenses relating to an investment and you should read those documents carefullybefore you invest in the fund.

Past performance is not an indication of future results. There can be no assurance that the fund will achieve its objectives.

Returns reflect the IRR of similarly managed funds which are no longer being offered to investors. Net returns reflect the reinvestment of dividends (if applicable) and other earnings and are net of transaction costs and investmentmanagement fees.

The fund is not and will not be registered under, and an offering of interest in the fund will be made in reliance upon an exemption from, the registration requirements of the securities act of 1933, as amended and state securities laws foroffers and sales of securities which do not involve any public offering. The fund is not registered and does not intend to register as an investment company under the investment company act of 1940, as amended, and is not subject to thesame regulatory requirements as mutual funds.

An investment in the fund is speculative, involves significant risks and is suitable only for those persons who can (i) bear the risk of losing all or a substantial portion of their investment; and (ii) who have a limited need for liquidity in theirinvestment as there are restrictions on selling or transferring interests in the fund, including but not limited to set redemption dates, notification requirements, potential withdrawal fees and the absence of any secondary market for thefund. The fund may distribute to redeeming investors, securities that may not be readily marketable. The fund and investee funds (i) engages in leveraging and other speculative investment practices that may increase the risk ofinvestment loss; and (ii) may have volatile performance. The fund’s and investee funds’ high fees and expenses may offset the fund’s trading profits. The fund is not required to provide periodic pricing information to investors, and mayinvolve complex tax structures and delays in distributing tax information. Tax exempt investors may be subject to ubti. The performance fee may create an incentive to make riskier investments.

The success of the fund depends primarily on investment manager’s ability to choose the underlying fund managers as the multi-manager approach delegates control of the fund’s investments to persons other than the manager of the fundof funds. The success of a fund of funds depends on the ability of the manager of each underlying fund to select investment opportunities, to correctly interpret market data and otherwise implement the underlying fund’s strategy.

The fund and investee funds may utilize highly speculative investment techniques, hold highly concentrated portfolios, control positions and illiquid investments and participate in workouts. The availability of investment opportunitiesgenerally will be subject to market conditions. To the extent a portion of committed capital is not invested, the fund's potential for return will be diminished. The fund and investee funds may invest in portfolio companies that are newventures. These investments are subject to greater risk of loss than those in companies with more stable operations or financial condition. The fund and each investee fund may have limited or no operating history upon with an investormay evaluate likely performance. Numerous other private equity investors heave raised or are raising new capital for investments. This could increase competition for attractive investments and make it difficult for the fund to achieve itsobjectives. Investments made with non u.s. dollars will be subject to fluctuations in the exchange rate which may have an adverse effect on the value, price or income of an investment. Funds typically invest in securities that are not readilymarketable. Valuation procedures may be subjective in nature and may not reflect actual values at which investments are ultimately realized. The investment manager relies on the underlying managers’ representations that the valuationis fair and the disclosure is complete. The fund and investee funds may invest in securities of foreign companies which will expose the fund to additional risks including exchange, political, social, risk, foreign tax risk, lack of uniformaccounting standards, price volatility, potential illiquidity, higher transaction costs and less government supervision of exchanges. Investments in companies of Emerging Markets may increase these risks.

The Investment Manager to the fund is Robeco Institutional Asset Management, US, Inc. ("RIAM, US"). Securities offered in the US through Robeco Securities, LLC, ("RSec") member SIPC. RIAM US, SAM and RSec are affiliated firms.RobecoSAM may have business dealings, in addition to fund investments, with some of the managers mentioned in the presentation.