Investor Presentaiton

Data Analysis Local investors reported total AUM for impact investing of $343M, with a median value of $15M. This total represents approximately 25% of the total AUM reported for impact investing by investors based in all of Latin America ($1.4Bn). In addition to the AUM of local investors, 14 international investors active in Brazil reported total AUM for impact investing in Latin America of $2.1B. While this total relates to the whole region, we can reasonably expect that a part of this amount would be available for investment in Brazil. Almost all investors who invest in Brazil do not focus on investing in MFIs³. In the regional data, when MFI investors are excluded, Brazil is one of the top three countries in terms of AUM for impact investing in Latin America. Financial Instruments When asked about the type of equity and debt instruments used, over 70% of investors active in Brazil reported using debt and/or equity, followed by 39% using quasi-equity. Most investors make use of a combination of instruments, and 25% also use donations to complement their investing activity. Figure 3 Instruments Used DEBT 71 71 % % EQUITY 3. Investors who focus on microfinance institutions (MFIs) manage more capital and invest with bigger ticket sizes - including some deals larger than $100M than investors that do not focus on MFIs, in part because the microfinance industry globally took off earlier than the sector for impact investing more generally. In the Latin America regional report, we separated the data for non-MFI investments, allowing for a clearer picture of what is happening in other sectors. n=28 39 % QUASI EQUITY 25 % DONATION/GRANT 18 GUARANTEES % 11 OTHER % 18

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