TBLI Group Holdings B.V .

Building a Community of ESG & Impact for Over 20 Years

February 2018

About TBLI Group Holdings B.V.

COMPANY INFORMATION

· TBLI was established in 1998 by Robert Rubinstein, Chairman and Founding Partner. TBLI’s headquarters are based in The Netherlands. In 2015, Julie Muraco joined as CEO and Managing Partner and branded TBLI operations in the U.S.

· TBLI is one of the most established organizations dedicated to the IMPACT investing sector with brand recognition on a global scale.

· The Company is focused on educating, facilitating, and advising the growth of global Sustainability and IMPACT investment with three divisions:

(1) TBLI Foundation™ (2) TBLI Conference™ (3) TBLI Consulting™ · Over the past 20 years, TBLI has conducted over 35 conference events across 4

continents, and has established nearly 2500 global experts dedicated to societal issues such as climate change, safe agriculture/water , renewable energy, carbon reduction, and community development, among others.

· TBLI works with organizations such as, individual UNHW investors, Family Offices, NGO’s, Foundation & Endowments, Corporate & Government Pension Plans, as well as other asset managers and sector specific companies dedicated to IMPACT.

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About TBLI Group Holdings B.V . TBLI Group Holdings is focused on educating, facilitating and advising the growth of Global Sustainability and IMPACT investment through its divisions.

FOUNDATION

· Registered charitable foundation focused on education and capacity building for ESG & IMPACT. The Netherlands, Hong Kong and London domicile.

CONFERENCE & CONVENING

· Successful bespoke conferences conducted on four continents focused on Sustainability, ESG, and IMPACT Investment & Finance

· Master c lasses conducted through traditional and new social media

· Private Thought Leadership Forums and Think Tank Salons with global

· TBLI Global Expert Network (TEN) Leading academic, financial and industry expert connections conducted for vertical supply chain integration of sustainability and IMPACT, cross border or global frontier strategies and execution.

ADVISORY & CONSULTING · Social Capital Investment Strategies and formation

· Due Diligence, Research analytics, bespoke white paper & research publication

· Global Support Infrastructure for Front/Back Office, Capital Markets & Transactions

· Public & Private Exchange Strategies & Marketplace Platform Connectivity 3

Management Biographies

Robert Rubinstein Chairman & Founding Partner

Since 1998, Mr. Rubinstein is the Chairman and Founding Partner of TBLI Group Holdings B.V. He has been leading the Company since inception and has organized over 33 conferences on 4 continents. Mr. Rubinstein focuses on capacity building and convening from public and private conferences and salons, to one on one bespoke industry connections. Mr. Rubinstein is globally sought out as a ”pioneer” and ”industry leader” in the space and is visible in a wide variety of conferences and publications.

Prior to his career in the IMPACT sector, Mr. Rubinstein was an entrepreneur as an owner/publisher in print media.

Julie Muraco CEO & Managing Partner

In 2015, Ms. Muraco partnered with TBLI Group Holdings B.V., conducting business advisory and capital markets consulting from headquarters in the USA. TBLI USA is focused on financial integration and scalability of impact strategies from main-stream and traditional capital.

Since 2008, Ms. Muraco has been founder and Managing Partner of Praeditis Group LLC, a capital markets and business advisory working with serial entrepreneurs, family offices, UHNW, and F&E’s seeking direct investments or secondary and alternative investments strategies.

Ms. Muraco has a 25 year financial career on Wall Street including stints at The NASDAQ Stock Market, J.P. Morgan, and Citi. She has executive leadership roles in 2 USA based foundations, including investments.

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Global Corporate Partners

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TBLI Group Holdings B.V .

IMPACT Investments: Why Now?

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Major Stakeholders Engaged

· Launched in 2000, The UN Global Compact is the world's largest corporate sustainability initiative with 13,000 corporate participants and other stakeholders in 170 countries.

· The Sustainable Stock Exchange Initiative is a campaign coalition of over 100 investors representing $10 trillion in AuM and $400 billion in market cap. SSE has 62 Partner Exchanges from 57 countries, representing 70% of global market capital.

· In 2015, Carbon Disclosure Project investor initiatives included subscriptions from more than 827 institutional investors representing over US$100 trillion in assets, seeking evidence and insights into a companies’ GHG emissions, water usage and strategies for managing climate change, water/deforestation risks .

· COP21 and Climate Action had more than 38,000 country delegates from UN agencies, charities, campaign groups, universities, companies and media.

· The Go Fossil Free divestiture movement stands at ~$3.4 trillion of investment value of fossil fuels divested among 509 institutions lead by faith based groups, foundation, government organizations, corporate pension plans, and colleges, universities and schools.

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Key issues and themes The UN Global Compact, the World Economic Forum and Corporate Sustainability goals are centered around several key themes and industry sector verticals. These key issues frame many IMPACT investment strategies.

Reducing Environmental Impact

Climate Change

Water

Agriculture

Deforestation

Carbon Reduction

GHG Reduction

Economic Development

Equality

Green Real Estate

Financial Access

Community Invest

Job Creation

Education

Sustainable Living

Resources

Infrastructure

Mobility

Renewable Energy

Waste/Biomass

Smart Cities

Wellness & Healthcare

Quality of Life

Basic Medicine

Food Safety

Nutrition

Eco- Lodging

Consumer

Social Issues

Human Rights

Basic Needs

Poverty

Diversity

Civil Society

Human Trafficking

Agriculture · Climate Change · Education · Financial Inclusion · Forestry · Health & Nutrition · Resources · Water

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Considerations for Sustainable Investment

Return rate spectrum for IMPACT Investments Philanthropic Financial Instruments Capital Markets Financial Instruments Perception: No/below market rate financial returns Perception: Above market rate financial returns

Charitable Cash

Grant Support

Micro - Finance Equity Capital

Social Impact Bonds/ Loans

Senior Loans

Cash/Cash Equivalents

Fixed Income

Public Equity

Venture Capital/ Private Equity

Direct Investments

Asset Class: IMPACT investments available along the capital market spectrum

Intentionality: a measurable social, economic or environmental impact

Industry Themes & Sectors: C limate change (water, agriculture, carbon), Sustainable Living (infrastructure, mobility, renewable energy), Economic Development, Health & Wellness

Fiduciary Responsibility: marginalizing performance with a IMPACT mandate

Investment Criteria: (1) Credit risk profile (2) Expected rate of return (3) Volatility (4) Liquidity (5) Size (6) Scale

Performance Benchmarks: Russell 2000, MSCI Emerging Markets, MSCI ESG, S&P

Measurement: no standardized measurement software, criteria or metric

Source: The Global IMPACT Investor Network, www.thegiin.org 9

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TBLI Group Holdings B.V .

IMPACT Investments: The Market

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The Market: Global Growth of IMPACT

The Global Sustainable Investment Review 2016 states, IMPACT investment as a percentage of total managed assets grew 7% over two years, from $21.4T in 2014 to $22.89T in 2016. The growth was concentrated in few regions. IMPACT investments were approximately 26% of total global managed assets.

SRI/ESG Assets Relative to Total Managed Assets in the Region

Region 2014 2016

Europe 58.8% 52.6%

United States 17.9% 21.6%

Canada 31.3% 37.8%

Australia/New Zealand 16.6% 50.6%

Asia ex Japan* 0.8% 0.8%

Japan 3.4%

Global 30.2% 26.3%

*Asia figure includes Japan in 2014 but excludes in 2016 Source: Global Sustainable Investment Review 2016, GSIA

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The Market: ESG Institutional Participants

Participants in the ESG space are lead by foundations & endowments. This group of investors incorporated ESG factors into their investment decisions 48% and 53%, respectively. The average institutional investor incorporated ESG decision making into 37% of investment decisions.

Source: 2016 ESG Interest and Implementation Survey, Callan Associates, 2016

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The Market: Geographic breakdown

IMPACT investment is highly concentrated in Europe and the United States, accounting for 90.7% of total impact investment allocations.

Source: Global Sustainable Investment Review 2016, GSIA

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The Market: Asset Allocation Breakdown

IMPACT asset allocation is inconsistent across geographies. Canada and Europe report asset allocation. Other countries do not. The majority of Investments are in debt/bonds and equities.

Source: The Global Sustainable Investment Review 2016, GSIA

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The Market: Sustainable Strategies

Through 2016, investment strategies were markedly different than in the prior two years. In 2012- 2014, investment remained conservative with negative exclusionary screening and ESG integration garnering the highest investment allocations themed investment strategies. Europe and the U.S., Canada and Australia contributed to the respective growth in strategies.

Source: The Global Sustainable Investment Review 2016, GSIA

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TBLI Group Holdings B.V .

TBLI Expertise

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TBLI Expertise and Advantage

· Quality, Discretion, Integrity: TBLI is dedicated to providing clients with high quality deliverables and conducts its operations within the geographic regulatory framework of the project, with discretion, and with the highest integrity.

· Established relationships: TBLI has expertise and established relationships in the private capital markets and dedicated social exchanges, including industry sector specific bulletin boards.

· Independent experts: TBLI has established the largest independent network of experts in ESG and IMPACT with strategy and execution experience. TBLI’s Expert Network can be activated expediently with nearly 2500 persons across academics, thought leaders, industry experts, industry operators and serial entrepreneurs.

· Impact & Main Stream Capital Expertise: Principals approach IMPACT investment from social capital and mainstream capital relationships and strategies, with breadth/depth of experience in their respective fields.

· Asset Class Knowledge: TBLI is able to source fund managers for liquid/ illiquid IMPACT strategies across asset classes and global relationships.

· Low Cost Solution: TBLI operations and personnel are scaled to client engagement through the use of project employees and/or outsourced personnel to provide a lower cost solution than typical and traditional organizations. 17

TBLI Expert Network Specialists

Well-Being, Health, Nutrition, WASH

Agriculture, Conservation, Resource Efficiency

Gender Equality, Education

Poverty Aleviation, Economic Development, Financial Inclusion

Investment Expertise, Due Diligence, Financial Engineering

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TBLI Expert Network Industry Coverage

Sustainable IMPACT Strategies & ESG Factors covered within TBLI’s Global Network

· Agriculture & Forestry · BoP/ Emerging Markets · Biodiversity/ Conservation · CleanTech · Climate Change · Corporate Governance · CSR · Development Finance · Education · Energy · Extractive Industries · Faith Finance · Gender-lens Investing

· Green Bond Finance · Green Real Estate · Health · Human Rights · Measurement & Analysis · Micro/SME-Finance · Mobility & Transportation · Social Bonds · Sustainable Sourcing · Philanthropy Investing · Urban Infrastructure · Waste · Water

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Contact Information

Robert Rubinstein Chairman & Founding Partner TBLI Group Holdings B.V. Amsterdam The Netherlands

Robert@tbligroup.com +31 (0)20 428 6752

Julie Muraco CEO & Managing Partner TBLI Group Holdings B.V. New York, NY USA

Julie@tbligroup.com +917- 903- 2708

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