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January 2010

January 2010. Fund Manager and Investment Bank. Asset Management. Investment Banking. Institutional-scale origination capacity & credit skills Emerging Markets fund manager since 1994. Structured Finance Instruments M&A/Strategic Advisory Corporate Finance Services. Microfinance.

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January 2010

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  1. January 2010

  2. Fund Manager and Investment Bank Asset Management Investment Banking • Institutional-scale origination capacity & credit skills • Emerging Markets fund manager since 1994 • Structured Finance Instruments • M&A/Strategic Advisory • Corporate Finance Services Microfinance DWM combines its Asset Management and Investment Banking skills to create and structure innovative financing solutions for microfinance institutions Securities transactions thru DWM Finance LLC members FINRA/SIPC 1

  3. Mission to Bring Capital Markets to Microfinance A Portfolio of “Firsts” Amongst the first Social Capitalist for-profit award winners, 2008 Structured the first international capital markets bond issuance in Azerbaijan, 2007 Created with SNS the firstinstitutional microfinance fund, 2007 Arranged the first major direct equity investment in MF by a mainstream asset manager - TIAA CREF/ ProCredit, 2006 Obtained the first credit rating for a MF CDO - senior tranche of MFS XXEB, 2006 Structured the first multi-tranche debt fund for smaller MFIs - Global Partnerships 2005 Structured the first collateralized debt obligation (CDO) for MF - BOMSI, 2004 First emerging market IPO Fund, 1999 Securities transactions thru DWM Finance LLC members FINRA/SIPC 2

  4. Market Leader in Microfinance Capital Markets DWM has structured & placed microfinance capital markets transactions February 2008 $25,000,000 MICRO FINANCE BANK OF AZERBAIJAN 1st International Capital Markets Bond Issuance for single MFI March 2007 & September 2005 $10,000,000 GLOBAL PARNTERSHIPS MICROFINANCE FUNDS Loans to MFIs in Latin America September 2006 €34,000,000 LARGEST US PRIVATE SECTOR EQUITY INVESTMENT Teachers Insurance and Annuity Association (TIAA) shares in ProCredit Holding AG 1st Major direct equity investment in microfinance by a mainstream asset manager Sponsor & Placement Agent Placement Agent & Advisor Advisor June 2006 $60,000,000 MICROFINANCE SECURITIES XXEB Securitization of Loans to 26+Microfinance Institutions in Latin America, Eastern Europe and Asia March 2006 $9,000,000 UNITUS EQUITY FUND, L.P. Equity investment in MFIs in India & Latin America December 2005 €25,000,000 BALKAN FINANCIAL SECTOR EQUITY FUND Equity investments in banks lending to Small and Medium Enterprises May 2005 & July 2004 $87,000,000 BLUE ORCHARD MICROFINANCE SECURITIES I 1st Global Collateralized Loan Obligation Loans to 14 Microfinance Institutions in Latin America, E. Europe & S.E. Asia Placement Agent Equity Investor & Sponsor Sponsor & Placement Agent Master Servicer Placement Agent & Advisor Placement Agent & Advisor Securities transactions thru DWM Finance LLC members FINRA/SIPC

  5. January 2009 $82,000,000 DWM Microfinance Equity Fund I Investment Manager Advisor Anchor Investors DWM Managed Funds and Investors – $560mm AUM1 November 2008 €130,000,000 SNS Institutional Microfinance Fund II November 2008 €170,000,000 SNS Institutional Microfinance Fund I Investment Manager Investment Manager Anchor Investor Anchor Investor Investors: Investors: • Netherlands-based APG (All Pensions Group), one of Europe’s largest pension asset managers • US-based TIAA-CREF, a national financial services organization with $363 billion in combined assets under management (as of 12/31/08) • SNS REAAL • DWM • Several insurance companies and pension funds through SNS REAAL NV, a publicly listed Dutch financial services company with €124 billion in assets and 7,500 employees 1: As of 31 Oct 2009 Securities transactions thru DWM Finance LLC members FINRA/SIPC 4

  6. Rigorous Investment Process Comprehensive due diligence and structuring, aided by unparalleled market knowledge Due Diligence and Approval DWM Investment Decision Identify Potential Deals Negotiate terms & structure Obtain legal, accounting & tax opinions Terms Denied; Renegotiation From a pool of 300 MFI relationships & 100 debt partners 1- MFIs (large or expansion/acquisition) 2- Holding companies 3- JVs with banks/operators Advised by SNS Terms Approved; Equity Disbursed Conduct extensive ongoing monthly and annual monitoring. Quarterly Strategy Meetings Attend MFI Board Meetings Structure and realize exits Securities transactions thru DWM Finance LLC members FINRA/SIPC 5

  7. DWM Geographical Experience and Current Exposures DWM has significant debt experience and equity availability • Current Equity Investments = USD 25 million • Current Equity Availability = USD 125 million **DWM Debt and Equity exposures reflects SIMF I allocations 6

  8. Senior Management / Investment Committee • Peter Johnson, Partner, Capital Markets Manager • Managing funds in emerging markets at DWM since 1994 • 14 years of emerging markets commercial & investment banking – Bankers Trust • 3 years of Board Chair of Pro Mujer International, a microfinance network with over 200,000 low-income women clients in Latin America. • Judy Kirst-Kolkman, Partner, Portfolio Manager • Managing funds in emerging markets at DWM since 1994; Developed extensive experience selecting & participating in over 350 IPOs on local emerging markets stock exchanges • Originated Pro Mujer Loan Fund and served as a member of the Loan Fund Committee of Pro Mujer International • Brad Swanson, Partner, Private Equity Manager • 16 years of senior level emerging markets investment banking and advisory • 5 years orchestrating microfinance equity platform- DWM • Built and ran emerging markets banking business – BNP Paribas • Headed microfinance and small business funding program in occupied Iraq • Jim Kaddaras, Partner, OAS Manager • Former President and CEO of US-based MFI, Working Capital • Chief architect, principal negotiator & fundraiser for ACCION Investments, a $20mm microfinance equity fund • Helped launch the microfinance funds for Freedom from Hunger & Opportunity International • 12 years international legal counsel for BankBoston; 4 years MFI transaction management- DWM

  9. Private Equity Team • Shannon Dunphy Ramos, Vice President • 8 years experience working in Latin America • 4 years of finance, investment banking, and private equity experience • Co-founder of Building Blocks International, a Chilean/US NGO, while a Fulbright Scholar • Fernanda Lima, Vice President • 6 years of private equity experience with major private equity firms in Europe, LatAm & the US social sphere - AIG GIG, AFLA Citicorp Venture Capital and ShoreBank • 8 years experience working with developing countries • British Chevening Scholarship (UK Government – London School of Economics) • Aleem Remtula, Vice President • 7 years in private equity and investment banking,-JPMorgan Chase, NYC Investment Fund, and Bridges Ventures • Fluent in two Indian languages, Hindi & Gujarati   • Aaron Gress, Associate • 2 years of corporate/investment banking and private equity - KeyBank • Consultant with ACCION San Diego • Jessica Moffett-Rose, Analyst • Management Associate at ProCredit Holding, Robert Bosch Foundation Fellow in Germany, and Partners for the Common Good non- profit loan fund • Worked in Nepal with Pact’s Women’s Empowerment Program 8

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