ENERGISINGEMERGINGMARKETS

COMPLETE LIFECYCLE FINANCING FOR RENEWABLE ENERGY

Climate Investor One is an innovative approach to infrastructure financing designed to accelerate the delivery of renewable energy infrastructure in emerging markets.

Climate Investor One combines three investment funds into one facility to finance renewable energy projects at specific stages of the project lifecycle. At an early project stage, Climate Investor One provides financial, technical, environmental, social development and structuring support through a Development Fund. Climate Investor One then reduces the complexity associated with multi-party negotiations by equity financing a large part of construction through a Construction Equity Fund. Once the project is operational, Climate Investor One mobilises long-term debt financing through a Refinancing Fund with the objective of optimising the financing over the operational life of the project.

20 PROJECTS$ 1 BILLION AVOIDING 1,5 M TONNES CO2

EMISSIONS

Climate Investor One includes: A Development Fund to reduce development times and improve bankability of projects.

A Construction Equity Fund to provide a single source of equity finance to fund construction and progress projects to an operational stage.

A Refinancing Fund to provide long-term and low risk debt during operations.

Innovative FeaturesClimate Investor One is the only investment platform offering 5 different risk/return investment options in well-structured renewable energy projects in emerging markets within a single structure. Geographical AreasThrough its regional offices, Climate Investor One will invest in countries in Africa, Asia and Latin-America.

Technology and Target SizeThe technology of preference is on-shore wind, solar power and run-of-river hydro. Climate Investor One will target medium-sized projects, from 25MW to 75 MW.

CLIMATE INVESTOR ONE KEY FEATURES

StrategyThe principal objective of Climate Investor One is to develop projects and achieve medium to long-term investment returns through private sector participation in a portfolio of renewable energy assets in emerging markets.

Recent years have seen more developing countries establishing supportive regulatory frameworks for private investment in renewable energy. However, finance remains scarce, requires multiple providers of capital, and the use of complex financing arrangements often leading to extensive delays in the development period, higher costs, and sometimes outright failure.

By combining several innovative investment funds into one, Climate Investor One helps early-stage renewable energy projects achieve bankability quicker, provides a full lifecycle financing solution, and mobilises capital into emerging markets at a more attractive risk profile to institutional investors.

Fund Closing DatesA first close is targeted for each fund in Q1 2016 with subsequent interim closes within the following 18 months.

Facility SizeClimate Investor One is targeting total commitments of US$ 1.05 billion at final close:

US$ 50 million for the Development FundUS$ 500 million for the Construction Equity Fund. andUS$ 500 million for the Refinancing Fund.

Funds Life25 years from the first closing date.

Investment PeriodThe investment period of each fund will be the earlier of the fund being fully invested and 15 years.

Portfolio DiversificationClimate Investor One will seek to invest capital across the technology range and geographic locations. Investment sizes will range per fund but will not exceed 15% of the Total Commitments of any Fund in any one project.

DEVELOPMENT FUND US$ 50 million

CONSTRUCTION EQUITY FUND Tier 1: US$ 100 million

REFINANCING FUND US$ 500 million

Construction Equity Fund Tier 2: US$ 200 million

Construction Equity FundTier 3: US$ 200 million

GEOGRAPHICFOCUS

target regions

focus countries

Climate Fund Managers (CFM), is the fundmanager of Climate Investor One. CFM is a joint venture between FMO and Phoenix InfraWorks, both experienced in infrastructure investing, asset and fund management.The CFM team will provide strategic, commercial, operational and financial expertise into investment activities aimed at delivering superior risk adjusted returns for investors and creating value for communities.

Andrew Johnstone: T: +27 82 901 4034 a.johnstone@climatefundmanagers.com

Georges Beukering: T: +31 70 314 9867g.beukering@climatefundmanagers.com

FMO is the Dutch Development Bank, with more than 45 years investment experience in the private sector in developing countries and emerging markets and a strong competence in energy.

Phoenix InfraWorks is an infrastructure investment business with expertise in Africa, Europe and Asia including a track record in fundraising, acquiring,optimising, and disposing of assets.

This document is being provided to targeted recipients as a source of preliminary information about Climate Investor One. This document does not constitute an offer to sell or a solicitation of an offer to buy any securities. This document does not contain all the information necessary to fully evaluate any transaction or investment, and it should not be relied upon. Any investment decision should be made based solely upon appropriate due diligence and upon receipt and careful review of relevant offering documents. Recipients of this document should neither treat nor rely on the contents of this document as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisers. This document includes forward-looking statements that represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. Actual and future results and trends could differ materially from those described by such statements due to various factors, including those beyond our ability to control or predict. CFM does not undertake any obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise. Past performance is not a guarantee of future results or returns. Any discussion of past or proposed investment opportunities should not be relied upon as an indication of future deal flow. Targeted returns are not guaranteed. This document includes information obtained from publicly available information and from third party sources considered to be reliable. Whilst this information is provided in good faith, it is not, and does not purport to be comprehensive and has not been independently verified. The Development Fund, the Construction Equity Fund, the Refinancing Fund are on the date hereof not yet in existence and CFM is in the process of being established. The Development Fund, the Construction Equity Fund and the Refinancing Fund described herein are therefore not registered or approved for marketing in any jurisdiction (if required) and are therefore not under public supervision. This presentation is solely intended to provide the reader with an overview of features and modalities of the envisaged structure. Securities in the funds described herein may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended (the “Securities Act”), or an exemption therefrom. The Fund Manager has not registered and does not intend to register any securities under the Securities Act and does not intend to make a public offering of any securities in the United States. Securities in the funds described herein may not be transferred or resold (i) except as permitted under the constituent documents of the applicable fund and (ii) unless they are registered under the Securities Act and under any other applicable securities laws or an exception from such registration is available. Interests in the funds described herein have not been approved or disapproved by the US Securities and Exchange Commission (the “SEC”) or by the securities regulatory authority of any state, nor has any other authority or commission passed upon the accuracy or adequacy of this material. Any representation to the contrary is a criminal offense. No fund described herein will be registered as an investment company under the US Investment Company Act of 1940, as amended, in reliance on one or more exemptions or exclusions thereunder. Each fund described herein will obtain appropriate representations and undertakings from prospective investors to ensure that applicable conditions are met. CFM is not registered as an investment adviser with the SEC pursuant to the US Investment Advisers Act of 1940, as amended, and the protections of such registration will not be afforded to the funds described herein or any investor in such funds.

PHOENIXINFRAWORKS

“ PEOPLE WILL ALWAYS NEED POWER, COME BOOM OR BUST“ - Warren Buffett - Bloomberg News

CLIMATE INVESTOR ONE REPRESENTS A NEW APPROACH TO FUNDING CLEAN POWER INFRASTRUCTURE IN A FASTER AND SIMPLER MANNER