Page| |

ImpactAssets June 2014

Page| |July 2014 ImpactAssets

Firm Overview

ImpactAssets is a nonprofit financial services firm that seeks to increase the flow of capital to investments that deliver financial, social and environmental returns

InvestmentStrategies

GivingFund

Impact InvestingProducts

AdditionalEducationalResources

ImpactAssets 50

Impact Investing Field Building

• Donor advised fund with $110+ million AUM

• 30%+ CAGR in assets since 2010 spin-off from Calvert Foundation

• Thematic offerings for financial and impact return

• Annual showcase of experienced impact investment fund managers

• Library of Issue Briefs

• ImpactAssets website

• Events, conferences, trainings

C

Page| | ImpactAssetsJuly 2014

Tim Freundlich, President

Mr. Freundlich is a long-time innovator in new financial instruments in the social enterprise sector, which he now applies

as the head of ImpactAssets. He has served in a number of capacities at Calvert Foundation over the last fourteen years,

including his current role as special consultant. At Calvert Foundation, he conceived of and launched the Giving Fund,

was instrumental in building the $225 million Calvert Community Investment Note and helped to launch Community

Investment Partners, an analysis and asset administration business. He co-founded and serves as managing partner for

Good Capital, including its flagship Social Enterprise Expansion Fund LP and its two operating spin outs: 1) the annual

Social Capital Markets (SOCAP) conferences in San Francisco and Europe and 2) Hub Bay Area, a co-working, meeting

and community space. Additionally, he serves on the steering committee of Hub North America. He received a Bachelor

of Arts from Wesleyan University and a Master of Business Administration from the University of San Francisco.

Executive Leadership

Fran Seegull, Chief Investment Officer and Managing Director

Ms. Seegull leads the Investments team at ImpactAssets. She oversees product development, manages the Investment

Strategies platform and heads investment management for the Giving Fund, including investment selection, monitoring

and reporting. Prior to joining ImpactAssets, she was Managing Director, COO and Venture Partner at Funk Ventures, an

early stage venture capital and acceleration firm, targeting clean technology, sustainable living and medical technologies.

Ms. Seegull has consulted to a range of purpose-driven companies including National Geographic, NPR West and many

family foundations. She also served as VP of Business Development at Novica United, a venture-backed social enterprise

that retails and wholesales products made by artisans in Asia, Africa and Latin America. Ms. Seegull has a B.A. in

Economics from Columbia University and an M.B.A. from Harvard Business School. She is Adjunct Professor at USC’s

Marshall School of Business. She also serves as Investment Committee Member at the Goldhirsh Foundation.

Page| | ImpactAssetsJuly 2014

Jed Emerson, Chief Impact Strategist

Mr. Emerson oversees ImpactAssets’ intellectual property development and field building efforts including the ImpactAssets

50. Mr. Emerson is a widely-recognized, international thought leader on impact investing, performance metrics, and

sustainable finance and has over two decades of experience in impact investing. He has held appointments at the business

schools of Harvard, Stanford, and Oxford Universities. He is co-author of the book Impact Investing: Transforming How We

Make Money While Making A Difference, the first book published on the topic of impact investing. He was founding director

of Larkin Street Services and the Roberts Enterprise Development Fund (REDF), a founding board member of Pacific

Community Ventures and the first senior fellow at Generation Investment Management. Mr. Emerson is currently a senior

fellow with the Center for Social Investment (Heidelberg University) and senior advisor to The Sterling Group (Hong Kong).

Executive Leadership (cont.)

Elizabeth Stelluto, Chief Growth Officer

Ms. Stelluto is responsible for leading business development, marketing and client experience for ImpactAssets. She brings

more than 25 years of experience in financial services and has served as a volunteer and board member of several industry

associations and non-profits. Prior to joining ImpactAssets, Ms. Stelluto was Chief Marketing Officer for NestWise, a firm

offering personal financial advice to middle class Americans; Executive Vice President for LPL Financial where she led

Product and Platform development. She spent nearly 17 years with Charles Schwab, where she held several executive

positions in marketing, business line management and product development. She has also held investment management

and sales positions with Goldman Sachs and Scudder. Ms. Stelluto has a BA in Economics from Middlebury College and an

MBA from the Wharton School at the University of Pennsylvania. She serves as a mentor for Students Rising Above, a

member of the Marketing Committee for East Meets West Foundation and Impact100, Sonoma.

Page| | ImpactAssetsJuly 2014

Ron Cordes, Board Member & Executive Committee Member

Ron D. Cordes has enjoyed a 30-plus year career in the investment industry, having co-founded and then sold AssetMark Investment Services to Genworth Financial in 2006. He is currently Executive Co-Chairman of AssetMark Inc., formerly Genworth Wealth Management, which is responsible for over $25 billion in assets under management for individual and institutional clients. He is co-author of The Art of Investing & Portfolio Management, published in 2004 by McGraw Hill, and he was recognized as an Ernst & Young Entrepreneur of the Year in 2005. He holds a Bachelor of Science in business administration from the University of California, Berkeley. Mr. Cordes speaks and writes extensively on the field of impact investing, including authoring a series of articles for Financial Planning magazine and presenting at Social Capital Markets (SOCAP), Clinton Global Initiative, TakeAction! and the Global Philanthropy Forum. He is a co-founder with his wife, Marty, of the Cordes Foundation and a regent for the University of the Pacific, as well as Chairman of the Advisory Board for the University's Global Center for Social Entrepreneurship. In addition, he serves on the boards of AssetMark, MicroVest Capital Management, Opportunity Collaboration, FairTrade USA, the Sarona Frontier Markets Fund and the East Bay Community Foundation. The Cordes Foundation is one of three nonprofits that are majority owners of MicroVest Capital Management. The Cordes Foundation is also an investor in MicroVest funds MicroVest I and MicroVest+Plus.

Executive Leadership (cont.)

D. Wayne Silby, Chairman, Investment Committee & Executive Committee MemberD. Wayne Silby founded Calvert Investments, a $15 billion investment management group in Bethesda, MD, noted for its leadership in the area of socially responsible investment. Though he is no longer active in most of the day-to-day business of Calvert, he serves as president of Calvert Social Investment Fund and supervises its private equity activities. Mr. Silby also co-founded Social Venture Network, a group of socially oriented entrepreneurs and investors, and Calvert Social Venture Partners, one of the first socially-oriented venture capital funds. He helped start an Internet company focused on group collaboration, called GroupServe Foundation, which he now chairs. He also started the Emerging Europe Fund for Sustainable Investment, a $60 million Overseas Private Investment Corporation (OPIC) private equity fund focused on Central Europe. Mr. Silby sits on the board of UNIFI, the Calvert Foundation, Calvert Funds, the Ice Organization (UK), Syntao (Beijing), Committee for the Future (DC) and the Grameen Foundation. He serves as the Chairman of the ImpactAssets Board of Directors and also serves on ImpactAssets’ Investment Committee. He has a Bachelor of Science in economics from the Wharton School of Finance at the University of Pennsylvania, and a Juris Doctor from the Georgetown University Law Center.

Page| |ImpactAssets

Stuart Davidson Stuart Davidson has been involved in investing in early-stage companies for the past seventeen years. He is a Managing Partner of Labrador Ventures. Mr. Davidson is the Labrador Ventures representative to the following portfolio companies: Integrated Materials, iPV, Shotspotter, Solaicx, Ultriva, Ustream and Wired Benefits. He also co-founded Sonen Capital, an impact investment management firm where he currently provides strategic planning and oversight to the firm's overall investment activities and portfolio management for select strategies. Prior to Labrador and Sonen, Mr. Davidson founded and served as CEO of Combion, Inc., which was acquired by Incyte (Nasdaq:INCY). He also served as President of Alkermes, Inc. (Nasdaq: ALKS), a biotechnology company focused on drug delivery. He managed the development of this company from concept stage through the initiation of human clinical trials. This growth phase included raising over $13 million from the venture capital community and research and development partnership sources prior to the company’s initial public offering. Mr. Davidson also worked for MCI Communications and for Warner Communications, where, in different management capacities, he was responsible for the development of a number of information technology business opportunities, including electronic messaging, data networking, interactive cable TV and on-line services. Mr. Davidson is currently a member of the Advisory Boards of Filanthropia Inteligente and the Global Impact Investing Rating System (GIIRS). Mr. Davidson is a graduate of Harvard College (1978) and Harvard Business School (1984).

Lisa HallLisa Hall is Managing Director of Impact Investing with Anthos Asset Management B.V., a privately owned investment manager. At Anthos Asset Management, Ms. Hall is responsible for managing a portfolio focused on social, environmental and financial returns. Lisa previously served as President and CEO of Calvert Foundation, a global leader in impact investing with assets under management of more than $400 million. In 2003, Ms. Hall participated in the American Marshall Memorial Fellowship, a fellowship and travel program for emerging leaders from the US and Europe. Ms. Hall serves on the executive committee of ANDE (Aspen Network for Development Entrepreneurs), a global network focused on promoting entrepreneurship in emerging markets, and the Board of the Non-Profit Finance Fund, a US-based community development financial institution. She holds a Bachelor of Science in economics from the University of Pennsylvania and a Master of Business Administration from Harvard Business School. She resides in Amstelveen, NL with her husband and young daughter.

Karl "Charly" Kleissner, Ph.D., Chairman of ImpactAssets’ Investment CommitteeDr. Charly Kleissner is an impact investor and philanthropic entrepreneur utilizing his high technology background in his venture philanthropy. Together with his wife, Lisa, he co-founded KL Felicitas Foundation, which focuses (a) on enabling social entrepreneurs and social enterprises worldwide and (b) on advocating for impact investing. Dr. Kleissner co-founded Social-Impact International, which helps social entrepreneurs worldwide to accelerate and increase their social impact. Dr. Kleissner also co-founded Toniic, a global network of action-oriented impact investors. Dr. Kleissner has over twenty years of experience as a senior technology executive in Silicon Valley. He held executive and senior engineering management positions at Ariba Inc., NeXT Software Inc., Digital Equipment Corp. and Hewlett-Packard Company. Dr. Kleissner serves on the Advisory Board of the non-profit companies Global Social Benefit Incubator and Mission Hub. Dr. Kleissner currently supports multiple social venture and microfinance funds committed to double- and triple-bottom line returns. He also serves on the Investment Committee of ImpactAssets. Furthermore, he serves on the Advisory Council of MicroVest, Ennovent and Acumen Capital Markets I. Dr. Kleissner also serves on the Board of Dasra and Healthpoint Services. Dr. Kleissner earned his M.S. and Ph.D. in Computer Science from the University of Technology, Vienna. He has authored two software patents and published numerous articles. Dr. Kleissner is co-author of “Solutions for Impact Investors: From Strategy to Implementation.” He received the Distinguished Alumnus award from the University of Technology, Vienna.

Wayne Silby(See Mr. Silby’s biography above.)

July 2014

Investment Committee

Page| |ImpactAssets

Peggy ClarkPeggy Clark is the Vice President of Policy Programs and the Executive Director of Global Health & Development at The Aspen Institute. Ms. Clark is a leader in founding and shaping the microfinance field internationally, helping to draft the first microenterprise legislation for USAID and serving on the first microenterprise advisory council to the Administrator of USAID. Ms. Clark also led efforts to establish the microfinance field in the US, creating the first national evaluation and documentation of the microenterprise field and helping to develop the first Small Business Administration (SBA) legislation to support the field. For this work, Ms. Clark received the Inaugural Presidential Award for Excellence in Microenterprise Development from President Bill Clinton in 1995. Previously, Ms. Clark was the founding Managing Director of Realizing Rights; the Executive Vice President for Policy Programs and Seminars of the Aspen Institute; founder of the Self-Employment Learning Project, later named the Economic Opportunities Program, which she led for ten years at the Aspen Institute; a Program Officer at the Ford Foundation; and the first Director of Small Scale Enterprise and Credit at Save the Children. Ms. Clark is the author of numerous publications on poverty, global health, international development, workforce strategies and microenterprise. She is on the board of the Calvert Foundation.

Ron D. Cordes(See Mr. Cordes’s biography above.)

Karl "Charly" Kleissner, Ph.D.(See Dr. Kleissner’s biography above.)

Gerhard PriesGerhard Pries is Founder and Managing Partner of Sarona Asset Management Inc. and the Sarona funds; Founding Director and Vice-Chairman of MicroVest General Partner Holdings; and Investment Committee member and Chairman of several MicroVest funds. He previously served as CFO of MEDA, Founding Chairman of MicroCap Capital Management and Latin America Challenge Investment Fund, Founding Director of International Association of Microfinance Investors and Director of numerous companies in the financial services and agribusiness industries. His experience also includes working at PricewaterhouseCoopers. In addition to Mr. Pries’s responsibilities as Vice-Chairman of the MicroVest Holdings Board of Directors, he also serves as a Trustee of the Board of Directors of Gray Matters Capital and as a member of the Board of Directors for both Prodir SA and MiCredito. Gerhard Pries is the founding Director and Vice-Chairman of MicroVest General Partners Holdings, an Investment Committee member and Chairman of several MicroVest funds.

Liesel Pritzker SimmonsLiesel Pritzker Simmons is co-founder and Principal of Blue Haven Initiative, a family office dedicated to deploying for-profit and non-profit capital to solve social problems. She is the co-founder of the IDP Foundation, Inc., a private foundation with a mission to mobilize resources and strategic support to increase educational opportunities. Established in 2008, the IDP Foundation has supported and developed a wide range of programs in the education sectors most notably the innovative IDP Rising Schools Program in Ghana, which leverages microfinance networks to empower nearly 200 low-cost private schools with trainings and financial services. Ms. Pritzker Simmons is a co-founder of Opportunity International’s Young Ambassadors for Opportunity (YAO), a global network of young professionals who are passionate about microfinance. She serves on the boards of Waste Enterprisers, Eco-Post and Synergos. Ms. Pritzker Simmons attended Columbia University, where she studied African History. She lives in Cambridge, MA with her husband, Ian Simmons.

July 2014

Board of Directors

Page| |ImpactAssets

Jennifer PryceJennifer Pryce is President and CEO of Calvert Foundation and has nearly 20 years of finance and community development experience. Ms. Pryce joined Calvert Foundation in 2009, previously holding the positions of U.S. Portfolio Manager, Vice President of Strategic Initiatives and Chief Strategy Officer. In her role as Chief Strategy Officer, she led Calvert Foundation’s Strategic Initiatives team and its work on raising capital, developing new products and initiatives and marketing and communications. She has also overseen Calvert Foundation’s wholly-owned subsidiary, Community Investment Partners, which offers fund and asset management services for institutional clients. Prior to Calvert Foundation, Ms. Pryce worked with Nonprofit Finance Fund as the Director of the Washington Metro Area office. She has also held positions at Wall Street firms, working at Neuberger Berman as an equity research analyst and Morgan Stanley’s London office in the Investment Banking division. She was a Peace Corps Volunteer in Gabon and also worked at the Public Theater in New York City. Ms. Pryce received a Bachelor of Science in Mechanical Engineering from Union College and a Master of Business Administration from Columbia University. She serves on the Boards of Hitachi Foundation and Groundswell.

D. Wayne Silby, Chairman of ImpactAssets’ Board of Directors(See Mr. Silbyr’s biography above.)

Mark E. Van NessMark E. Van Ness is founder and former Chief Executive Officer of Sperry Van Ness, commercial real estate advisors, where he led the creation of the company's Corporate Social Responsibility Programs and established the Sperry Van Ness Legacy Foundation that finances social enterprises throughout the U.S. and abroad. Mr. Van Ness is a co-founder and past Vice-Chair of the Young Presidents Organization, where he founded the Corporate Social Responsibility Network, co-founded the Strategic Philanthropy Network and the Economic Development Network and was a charter member of the Micro-Finance Action Forum and the Peace Action Network. He is also founder of Social Enterprise Leadership Forums as well as the founder of the Social Enterprise Loan Fund (SELFund), a syndicate of donor advised funds providing credit enhancement and financing to social enterprises. In addition, Mr. Van Ness is founder of Real Leaders Magazine. Mr. Van Ness has been a featured speaker for many organizations and has appeared in recent articles in Business Week, USA Today and Forbes magazines. He is an Orange County Community Foundation Ambassador; is a member of Los Angeles Social Venture Partners, Impact Hub and the Social Enterprise Alliance; and serves on the founding Advisory Board for Good Capital, an impact investment firm.

July 2014

Board of Directors (cont.)