Confidential04/12/2023

1

A Global Private Equity Firm

• Microfinance pioneers

• Management team with track record • Diversified portfolio by geography and stage

• Demonstrated returns; funds target 20% IRR• Offices in Geneva, Luxembourg, Singapore, Bogota and Nairobi

$250MPrivate Equity

46 Investments

30 Countries

4Regional Hubs

Bamboo Finance is a commercial private equity investor specializing in business models that benefit low-income communities in emerging markets.

Confidential04/12/2023

2

A $200 Million Financial Inclusion Private Equity Portfolio

Objective: Support Sector Growth Through Private Equity

Deliver Commercial Returns

Raise What Could Be Profitably Deployed

Deploy Multiple Strategies based on Geography

Financial Inclusion Fund I

Confidential04/12/2023

3

Financial Inclusion Fund Portfolio Today

Lebanon

Uganda

Kenya

Ghana

Mongolia

El Salvador

Zambia

South Africa

Bolivia

Argentina

Bamboo Financial Inclusion Fund I Portfolio Companies

Offices

Guatemala

Panama

India

Peru

Ecuador

Nigeria

Honduras

KyrgyzstanRomania

Jordan

Cameroon

Colombia

Singapore

SwitzerlandAlbania

PolandRussia

Mexico

Luxembourg

Philippines

Palestine Iraq

Nairobi

31 Investments Operating in 28 Countries

Confidential04/12/2023

4

Financial Inclusion Fund Financial Returns

An exit delivering a 23% IRR2011

An exit delivering a 26% IRR and 2x Cash Multiple An exit delivering a 24% IRR and 2x Cash Multiple

2013

2014 - 2017

The forecasted growth (CAGR) of the book value for mature and transforming portfolio companies

in the Financial Inclusion Fund is 17% and 40% for start-ups and transforming stage companies

with several companies projected to IPO in the next three years .

Bamboo Finance Overview

Confidential04/12/2023

5

Financial Inclusion Fund Impact Returns

Pho

to S

ara

h D

jari

• We developed an Impact Management System defining a comprehensive process to identify, measure, monitor and enhance impact in our investments.

• We developed and apply a proprietary social performance scorecard, ASPIRE.

• We engage with industry initiatives that promote best practices in the field of social performance, such as the UNPRI/PIIF, the SPTF the Smart Campaign and Micro Finance Transparency.

SYSTEMS & PROCESSES

MONITORING AND MEASUREMENT

BEST PRACTICES AND FIELD BUILDING

Financial Inclusion Portfolio Outreach*

*As of 9/30/12

Confidential04/12/2023

6

Lessons Learned

COUNTRY AND REGIONAL DIVERSIFICATION IS CRITICAL TO PORTFOLIO BUILDING STRATEGY

DEPENDENCE OF ECONOMY ON CONCENTRATED EXPORT SECTORAND REMITTANCES IS A MAJOR RISK FACTOR

LESSONS LEARNED

SOME COUNTRIES HAVE UNDERDEVELOPED CAPACITY SOME COUNTRIES ARE CROWDED AND COMPETITIVE

EXCEPT IN NICHES

THE MICROFINANCE/MSME ACTIVITY PROVES TO BE COUNTERCYCLICAL

POLITICAL STABILITY AND INTERFERENCE WITH REGULATORY AUTHORITIES

Confidential04/12/2023

7

Lessons Learned: Asmitha

Increased Stability

Less Dependence

on International

Funding

Transparency Savings

Focus on the transformation of credit-only institutions into regulated organizations and full-fledged banks.

Bamboo became their first institutional investor in 2008

Asmitha started operations in Andhra Pradesh as a NBFC (non-deposit taking institution)

in 2002

Confidential04/12/2023

8

The Next $200M in Private Equity

We estimate the absorptive capacity of the market is $2B over the next fund cycle

Global, multi-stage vs. country or niche sector focus

Focus on deposit-taking transformation

20% to adjacent services

Objective: Accelerate financial inclusion through multi level, multi channel private equity investing

Financial Inclusion Fund II

Confidential04/12/2023

9

1

2

3

4

5

RAPIDLY GROWING MARKET

QUALITY LOAN PORTFOLIOS

LOW LEVELS OF LEVERAGE

INCREASING EXITS WITH A GROWING INTEREST FROM A VARIETY OF BUYERS

PROFITABLE AND SCALABLE

DIVERSIFICATION

The Next $200M in Private Equity The Investment Case

Confidential04/12/2023

10

The Next $200 Million

Key Performance Indicators 2007 2009 2011Yearly Average

2006-2011

Gross Loan Portfolio Growth 72%* 34%*

Debt/Equity Ratio 4.23* 4.12*

Portfolio > at risk 30 days 1.73%* 2.21%*

Return on Equity 18.8%* 18.8%*

Price/Book Value Multiple 1.2* 1.4*

21%*

4.21*

3.38%*

10.22%*

1.7*

31%

4.28

3.67%

16.42%

Not available

Performance Driven

* Annualized average growth for the 2 previous years. JPMorgan/CGAP, Global Microfinance Survey 2012

Bamboo Finance Overview

A Mixture of Mature and Growth Stage MFIs

Confidential04/12/2023

11

The Next $200 Million

Latin America

• Mature market with mature organizations

• Consolidation strategy through holding companies

• Domestic or cross border acquisitions led in cooperation with banks

• Regional expansion into new countries

Asia

• Strong Demand

• Rise of family owned banks and credit-only structures

• Consolidation strategy on base assets above $25M

• Enter into underserved markets in China and Myanmar

Africa

• An enhanced regulatory framework in some countries

• Demand is outpacing supply in most countries

• Supply is disorganized

• Creation of regional holding structures to maximize efficiencies

• Targeting organizations with assets above $30M

Global Diversification

Confidential04/12/2023

12 The Opportunity: Xac Bank Example

Loan PortfolioGrowth Trajectory

Responsible lending contributed to low defaults

Historically strong profitability

• Xac Bank is part of the major Mongolian financial group TenGer Financial Group (TFG).

• Started as a nonprofit microfinance lender in 2001

• Has evolved into the fourth largest bank in Mongolia

• It is a fully regulated commercial bank, recognized for its transparency, governance and fair lending practices, with 500,000 customers in 21 provinces, 97 branches, and US$935 million in assets

Confidential04/12/2023

13

The Opportunity: Xac Bank Example

Bamboo sold its stake in Xac Bank in 2013 Returns above 25% and

2x multiple

Transaction demonstrates attractive financial returns can be combined

with positive social impact

Confidential04/12/2023

14

Access to Finance is Top 3 Driver of Growth in Low-Income Markets

Consumer Demand in Low-Income Markets is Growing.

There is a $400B Small and Medium Enterprise Funding Gap.

Financial Access Investments Doubled in 2011 with attractive Valuations; Demand is Outpacing Supply.

Economic Drivers

The Opportunity in Financial Inclusion