This presentation by Finance in Motion's Florian Meister was given at a session titled "Layered Impact Funds as Investment Vehicles" at the Global Landscapes Forum: The Investment Case on June 10, 2015. For more, please visit http://www.landscapes.org/london/

1. CONFIDENTIAL
Layered Impact Funds as Investment Vehicles
London, June 10, 2015
Florian Meister

2. CONFIDENTIAL
2
Finance in Motion manages EUR 1.5 BN in tranched development funds
EFSE
EUR 1.03 bn
Microfinance
Initiated by KfW
Anchor donors
include BMZ/EU
Refinancing
Banks/MFIs with
debt, hybrid capital
16 countries in
Southeast Europe,
Caucasus, Turkey
GGF
EUR 360 mn
Green Energy
Initiated by
KfW/EIB Anchor
donors include
BMZ/EU
Refinancing Banks
for EE, Project Fin
debt/mezzanine
13 countries in
Southeast Europe,
Caucasus, Turkey
SANAD
USD 129 mn
MSME finance
Initiated by KfW
Anchor donors
include BMZ/EU
Refinancing
Banks/MFIs with
LC debt, debt,
equity
9 countries in the
Middle East and
North Africa
Committed
Capital
Instrument
Geography
Topic
Initiators
and donors
eco.business
EUR 30 mn
Biodiversity
Initiated by KfW, FiM
and CI
Anchor donors BMZ
Refinancing Banks for
certified businesses,
direct investments
possible
Latin America and
the Caribbean
All figures as of 31 March 2015
Arbaro
(in pre-
marketing)
Target USD 200 mn
Sustainable forestry
Anchor investor EIB
Equity
SSA, Latin America
‘green impact funds‘

3. CONFIDENTIAL
A proven public-private partnership with committed funds of EUR 360mn
How do tranched funds work? Example: Green for Growth Fund
B Shares
7%
Notes
8%
SubordinationWaterfall,
A Shares
60%
IncomeWaterfall
C Shares
25%
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Donor
Funds
International
Financial
Institutions
Private
Investors

4. CONFIDENTIAL
0
50
100
150
200
250
300
350
400
2010 2011 2012 2013 2014 2015
C Shares B Shares A Shares Notes
Fund Size in million EUR
Tranched structures ideal for phasing in private investors over time
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Green for Growth Fund – Funding Evolution

5. CONFIDENTIAL
5
Why layered structures make sense in development space
Social
Impact
Return
Segregation into tranches allows each investor to optimize balance of results
Risk
N = Note in debt impact fund
N
B = B Share in debt impact fund
B
SE
E
SE = Senior equity in social PE fund
= Equity in sustainable forestry fund
E = Equity in social PE fund

6. CONFIDENTIAL
JV combining expertise in navigating developing economies with forestry
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Investing in sustainable forestry in Latin America and Southeast Africa
Arbaro Fund
Fund type / legal form Luxembourg based Special limited partnership (SCS)
Investment Advisor Joint venture FiM and UNIQUE
Target size USD 200 mn, first closing at USD 75 mn
Fund term 15 years from initial closing date + optional extension of 1 year
Target IRR 12% p.a. nominal, net after fees and local taxes
Target E&S impact
- CO2 sequestration >50 mn tons
- Creation of >5,000 jobs
- All investments FSC certified
Minimum commitment USD 5 mn, lower amounts at discretion of GP
Closing Dates Initial closing Q4 2015, final closing end 2016
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7. CONFIDENTIAL
Investing in sustainable forestry in Latin America and Southeast Africa
Focus countries
 Focus on reforestation
and timber production
 Strict application of the
“Site-Species-Market”
approach
 Preference of land lease
models
 Balanced project portfolio
with brownfield and
greenfield projects
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8. CONFIDENTIAL
Thank you for your attention!
Contact: Florian Meister Phone +49 (0)69 / 9778 7650-12
Fax +49 (0)69 / 9778 7650-10
E-mail f.meister@finance-in-motion.com