Global Climate Partnership Fund Quarterly Report to Shareholders Q2 2017

Transcription

1 Global Climate Partnership Fund Quarterly Report to Shareholders Q2 207 GLOBAL CLIMATE PARTNERSHIP FUND SA, SICAV-SIF (GCPF) is a closed-ended investment company, organized under the laws of Grand Duchy of Luxembourg and is exempt from the scope of the AIFM Directive (The Directive on Alternative Investment Fund Managers) pursuant to article 2 (2) c. The Product as defined hereunder is intended exclusively for, and may only be distributed to qualified investors/professional clients or type of investors as defined in the legislation of the country of origin of a potential investor. The Product is not for retail investors. This information material is provided for information purposes only, does not constitute an offer or a recommendation to buy or sell financial products or services, is personal to each recipient and may only be used by those persons to whom it has been handed out.

2 Contact Information Fund Initiator and Lead Investor Investment Manager GCPF Global Climate Partnership Fund SA SICAV-SIF 4 Boulevard Royal L-2449 Luxembourg KfW Claudia Arce Palmengartenstr. 5-9 D Frankfurt a.m. claudia.arce@kfw.de responsability Investments AG Antoine Prédour Josefstrasse 59 CH-8005 Zürich antoine.predour@responsability.com Fund Activity In the second quarter of 207, GCPF invested a total of USD 25 million in two existing counterparties. USD 0 million was disbursed to Southeast Bank, in Bangladesh, as the Bank had already fully utilized the previous tranche to finance energy efficiency projects in the readymade garments sector. A further USD 5 million was disbursed to TBC Bank in Georgia to finance hydro projects. On the direct investment side, the Investment Commitee approved a USD 20 million investment in a company active in distributed generation of solar power. Assessment is underway on several other investments. The Technical Assistance Committee approved eight new projects during the last three months, leading to a total of six Technical Assistance offerings that will be accessible as standard support packages for GCPF partner Financial Institutions. This includes a collaboration with the United Nations Environment Program (UNEP) to implement the global baseline concept for simplifying the reporting of a selected set of standard loans. On the investor side efforts are ongoing to secure further private investors, the Investment Manager expect to attract one to two new private investors in the third quarter. The Board of Directors met on 27 June and the shareholders met on 28 June in The Hague, the Netherlands. GCPF investee Banco Promerica participated in the Shareholder Meeting to present their green lending activities, both through the Nicaraguan subsidiary Banpro and the Banco Promerica Costa Rica. Global Climate Partnership Fund Q2 207 Quarterly Report 2

3 Definitions AuM (Assets under Management): Include NAV of A-Shares, B-Shares, C-Shares, Notes at notional and accrued dividends; NAV calculated as per Issue Document DI: Direct Investment EE: Energy Efficiency E&S: Environmental and Social FI: Financial Institution IM: Investment Manager Liabilities: Fees and other payables of the fund (including Notes) NAV (Net Asset Value) of the Fund: Sum of the Net Asset Value of all A-Shares, B-Shares and C-Shares issued by the Fund PI: Partner Institution PV: Photovoltaic RE: Renewable Energy RMG: Ready-made garments TA: Technical Assistance Total Assets: Net invested volume (gross loans and advances to PIs minus provisions) plus unrealized gains on derivative financial instruments plus interest receivables plus other receivables and prepayments plus cash and cash equivalents Global Climate Partnership Fund Q2 207 Quarterly Report 3

4 Key Investment Figures as of Q2 207 Largest country exposures by outstanding amount, 2 Bangladesh 3.% India 3.% Turkey 7.8% Ukraine 7.8% Georgia 6.5% Nicaragua 6.5% Vietnam 6.5% Sri Lanka 5.2% Costa Rica 5.2% Kenya 5.2% Mongolia 3.9% Ecuador 3.9% Honduras 3.9% Brazil 2.6% Armenia 2.6% Namibia.8% South Africa.7% Dominican Republic.3% Cambodia 0.8% Tanzania 0.2% 0% 2% 4% 6% 8% 0% 2% 4% Geographical allocation by outstanding amount Asia Pacific 42.6% Central America 7.0% Central Asia 9.% Sub-Saharan Africa 9.0% Middle East & North Africa 7.8% Eastern Europe 7.8% South America 6.5% Other 0.% 0% 0% 20% 30% 40% Asset allocation in % of Total Assets 3% 0% 20% Maturity of invested volume breakdown outstanding amount as of Q % 20.54% 9.00% 4% 83% Senior Debt Subord. Debt Cash 5% 0% 5% 4.9% 3.63% 5.92% 2.79%.59% 2.43% 0% < year - 2 year 2-3 year 3-4 year 5-6 year 6-7 year 7-8 year 8-9 year > 9 year Asset allocation (USD) Senior Debt 367,752,02 Average time to maturity 5.5 years Subord. Debt 5,000,000 Cash 58,50,366 Other Assets 2 -,702,777 Total Assets 3 439,550,69 NAV of the fund 4 356,897,943 Encompasses cash at banks and time deposits. 2 Including provisions and interest receivables. 3 Invested volume including provisioned amount, cash, interest and other receivables. 4 NAV: Sum of the Net Asset Value of all A-Shares, B-Shares and C-Shares issued by the Fund plus accrued dividends. Currency In % Total Assets USD 00.00% Due to rounding, breakdown does not add up to 00%. 2 The fund has an exposure to the parent company of OGE Tanzania, which is located in Cayman Islands. Global Climate Partnership Fund Q2 207 Quarterly Report 4

5 Investment overview Partner Institution Counterparty rating Country Country rating 2 Type of PI Investment instrument Currency Facility Commitment (USD) 3 Outstanding amount (USD) Outstanding amount (%) Provisions level Ameriabank B+ Armenia B+ FI Senior Debt USD 30,000,000 0,000,000 0,000, % 0.00% Banco Atlantida B- Honduras B+ FI Senior Debt USD 5,000,000 5,000,000 5,000, % 0.00% Banco Pichincha B Ecuador B FI Subord. Debt USD 5,000,000 5,000,000 5,000, % 0.00% Banco Pine BB Brazil BB FI Senior Debt USD 0,000,000 0,000,000 0,000, % 0.00% Banco Promerica CR B+ Costa Rica BB+ FI Senior Debt USD 20,000,000 20,000,000 20,000, % 0.00% Banco Promerica Dominican B- DR Republic BB- FI Senior Debt USD 9,000,000 5,000,000 5,000,000.3% 0.00% Banpro B- Nicaragua B+ FI Senior Debt USD 25,000,000 25,000,000 25,000, % 0.00% Chase Bank CCC Kenya B+ FI Senior Debt USD 20,000,000 20,000,000 20,000, % 3.00% Pan Asia Bank B Sri Lanka B+ FI Senior Debt USD 20,000,000 20,000,000 20,000, % 0.00% PRASAC B- Cambodia B FI Senior Debt USD 20,000,000 5,000,000 3,000, % 0.00% Ratnakar Bank B India BBB- FI Senior Debt USD 20,000,000 20,000,000 20,000, % 0.00% Sekerbank B+ Turkey BBB- FI Senior Debt USD 30,000,000 30,000,000 30,000, % 0.00% Southeast Bank B+ Bangladesh BB- FI Senior Debt USD 20,000,000 20,000,000 20,000, % 0.00% SREI B+ India BBB- FI Senior Debt USD 30,000,000 30,000,000 30,000, % 0.00% TBC Bank BB- Georgia BB- FI Senior Debt USD 25,000,000 25,000,000 25,000, % 0.00% The City Bank B+ Bangladesh BB- FI Senior Debt USD 30,000,000 30,000,000 30,000, % 0.00% Ukreximbank B- Ukraine B- FI Senior Debt USD 30,000,000 30,000,000 30,000, % 0.00% Vietinbank B+ Vietnam BB- FI Senior Debt USD 25,000,000 25,000,000 25,000, % 0.00% XacBank B- Mongolia B- FI Senior Debt USD 5,000,000 5,000,000 5,000, % 0.00% Subtotal 9 370,000, ,000, % CRONIMET BB- South Africa BBB- Direct Senior Debt USD 2,830,000,034,43,034, % 0.00% OGE 4 CCC+ Direct Senior Debt USD 3,000,000 3,000, % 0.00% OGE Tanzania CCC+ Tanzania No Rating Direct Senior Debt USD - 852, % 0.00% OGE Cayman CCC+ Cayman AA- Direct Senior Debt USD - 365, % 0.00% RMB 5 BB+ Direct Senior Debt USD 2,500, ,500, % 0.00% Aloe Invest BBB- Namibia BBB- Direct Senior Debt USD 7,070,707.85% 0.00% RMB BB+ South Africa BBB- Direct Senior Debt USD 5,429,293.42% 0.00% Subtotal 3 6,534,43 4,752, % Grand Total ,534,43 382,752, % Counterparty rating source: responsability Investments AG. Q2 reporting period for the counterparties is not over yet, status as per Q reporting: 2 counterparties have covenant breaches, of which have full or partial waiver. 2 Country rating source: Fitch where available, S&P (Honduras); Moody s (Cayman Islands) 3 Total Commitments as of present quarter. Commitments to PIs are lowered in line with repayments by the PI. The difference between Commitments and Outstanding Amount are undrawn Commitments to the PI. 4 Legal exposure to OGE Mauritius but risk is between Tanzania (operating company) and Cayman Islands (parent company). 5 Legal exposure to RMB in South Africa but risk allocation is between Aloe in Namibia and RMB in South Africa. 6 Partner Institution shown as per Legal View (Deposit with RMB). Global Climate Partnership Fund Q2 207 Quarterly Report 5

6 Investments by internal counterparty rating Internal rating Q2 207 Q 207 Counterparty rating changes No. of investees Portfolio share (%) No. of investees 2 Portfolio share (%) Upgrades Downgrades New counterparty/ disbursement BBB-.85% 0.35% BB+.42% 3.4% BB 2.6% 2.79% BB % 2 3.3% B % % B % % B % % CCC % % CCC 5.23% 5.59% Total % % Q2 reporting period for the counterparties is not over yet, status as per Q reporting: 2 counterparties have covenant breaches, of which have full or partial waiver. Changes in portfolio share related to counterparty ratings are driven by disbursements, repayments, and capital flows between RMB and Aloe invest. 2 Number of Partner Institutions shown as per Risk View, therefore OGE Mauritius exposure is entirely split between OGE Tanzania and OGE Cayman, whereas RMB is only partially split between Aloe Invest and RMB itself. Q2 207 Q 207 Provisions No. of investees Portfolio share (%) No. of investees Portfolio share (%) Investments by country rating Q2 207 Q 207 Country rate changes % of total outstanding amount % of total outstanding amount Country Rating No. of investees % of NAV 2 No. of investees AA- 0.0% 0.0% 0.0% 0.0% BBB % 5.99% % 26.4% BB % 0.22% 5.59% 5.64% BB % 8.4% 2.79% 2.82% BB % 29.42% % 22.55% B % 25.22% % 25.37% B % 5.04% % 5.07% B- 2.76% 2.6% % 2.68% CCC % 0.00% % 0.00% CCC % 0.00% % 0.00% CCC % 0.00% % 0.00% CC % 0.00% % 0.00% CC % 0.00% % 0.00% D % 0.00% % 0.00% RD % 0.00% % 0.00% No Rating % 0.24% 0.24% 0.24% 24 00% 07% 24 00% 0% Country rating source: Fitch where available, S&P (Honduras); Moody s (Cayman Islands). 2 NAV: Sum of the Net Asset Value of all A-Shares, B-Shares and C-Shares issued by the Fund. 3 Tanzania currently has no rating assigned. % of NAV 2 Upgrades Downgrades Turkey from BBB-; South Africa from BBB- Costa Rica from BB+ New country Global Climate Partnership Fund Q2 207 Quarterly Report 6

7 Issue Document compliance Limit Level Current level Limit scope Limit Maximum aggregate exposure to single investment / Total Assets of the fund 30.00% 6.83% All countries Maximum Single Investment (PI) / Total Assets of the fund 5.00% 6.83% Maximum Related Investments / Total Assets of the fund 30.00% 4.79% Maximum Investment per Country / Total Assets of the fund 20.00%.38% Financial Instruments Maximum Investments in Equity 5.00% 0.00% PI Type Share classes Minimum Investment in Fin. Institutions / Total Assets 70.00% 83.72% Maximum Investment in Direct Investments / Total Assets 30.00% 3.36% Maximum Nominal Value of Notes / A-Share NAV 00.00% 50.9% Maximum A-Share NAV plus Notes at nominal / (C-Share NAV + B-Share NAV) % 8.73% Maximum B-Share NAV / C-Share NAV 00.00% 4.3% Global Climate Partnership Fund Q2 207 Quarterly Report 7

8 Total in USD m Funding Structure & Financial Performance Assets under Management of the Fund (USD) 450'000' '000' '000' '000' '000' '000'000 50'000'000 00'000'000 50'000' ,897, ,897,943 Investment Volume ICP Total Net Asset Value GCPF AUM AuM include NAV of A-Shares, B-Shares, C-Shares, Notes at notional and accrued dividends, excluding provisions; NAV calculated as per Issue Document. Subscribed capital by investor (%) KfW on behalf of BMUB IFC KfW 5.33% 8.60% 7.29% ASN DECC BEIS FMO ÄVWL OeEB.53%.24% 9.22% 6.92% 6.88% Danida responsability 0.23% 2.75% 0% 5% 0% 5% 20% 25% Note: In percentage of total drawn amount plus Notes at nominal. Funding split (USDm) Commitments Note: Draw-Down: NAV excluding dividends; C-Shares: excluding Target Return current year. 80 Drawn Down C-Shares B-Shares A-Shares Notes 4.00% 3.00% 2.00% Profit structure 3.42% 3.47% 3.20% 3.52% 2.3%.78%.74%.92% 3.96%.89%.26%.05%.5%.3%.00% 0.65% 0.44% 0.4% 0.76% 0.45% 0.46% 0.00% Total income Total expenses Funding cost Available for complementary dividends Notes: Please note that the Total Expense ratio is not taken into account. Expenses consist of management fee, direct operating expenses, bank charges, IRS impact, and performance fee. Funding costs consist of target dividends and note interest expenses. All percentages are relative to average total assets during the period. Only annual audited figures are shown. 207 figures not yet audited and therefore not included in the above profit structure. Global Climate Partnership Fund Q2 207 Quarterly Report 8

9 Shareholders overview Investment type C-Shares B-Shares A-Shares Committed Drawn Committed Drawn Remaining Commitments Committed Drawn Remaining Commitments KfW on behalf of BMUB Government 80,682,854 80,682, KfW Development bank - - 5,000,000 6,500,000 8,500,000 60,000,000 60,000,000 - IFC Development bank - - 5,000,000 5,000,000-60,000,000 60,000,000 - responsability Private sector - -,000,000,000, Danida Government,95,96,95, BEIS Government 48,726,25 48,726, OeEB Development bank - - 4,925,373 4,925,373-4,925,373 4,925,373 - FMO Development bank ,000,000 20,000,000-20,000,000 20,000,000 - Total 4,324,76 4,324,76 65,925,373 57,425,373 8,500,000 54,925,373 54,925,373 - Shareholders overview (continued) Investment type Total Voting rights Remaining commitments NAV plus accrued dividend # voting rights Voting right % Committed Drawn KfW on behalf of BMUB Government 80,682,854 80,682,854-80'788'73,6 26.8% KfW Development bank 75,000,000 66,500,000 8,500,000 67'447' % IFC Development bank 75,000,000 75,000,000-76'64'746, % responsability Private sector,000,000,000,000 - '09' % Danida Government,95,96,95,96 - '97' % BEIS Government 48,726,25 48,726,25-48'593' % OeEB Development bank 29,850,746 29,850,746-30'362' % FMO Development bank 40,000,000 40,000,000-40'549' % Total 362,74, ,674,922 8,500, '897'943 6, % NAV of A and B Shares is calculated annually and during the year dividends are accrued. NAV of A- and B-Shares includes accrued dividends; NAV of C-Shares includes accrued dividends. Noteholders overview Investor type Notes committed Notes drawn Remaining Commitments Nominal ÄVWL Private sector 30,000,000 30,000,000-30,000,000 ASN Private sector 50,000,000 50,000,000-50,000,000 Total 80,000,000 80,000,000-80,000,000 Global Climate Partnership Fund Q2 207 Quarterly Report 9

10 Fund performance USD 6 M LIBOR rate applied:.3767% Q2 207 Total Spread Maturity return Compl. div. Year-to-date 207, 2 Total return Compl. div. IRR Since inception A-Shares - Tranche KfW.50% % 0.03%.42% 0.03% 2.99% A-Shares - Tranche 3 IFC.50% % 0.03%.45% 0.03% 2.95% A-Shares - Tranche 4 OeEB.50% % 0.03%.45% 0.03% 2.9% A-Shares - Tranche 5 FMO.50% % 0.03%.45% 0.03% 3.04% B-Shares - Tranche KfW 2.50% % 0.04%.46% 0.04% 4.78% B-Shares - Tranche 3 IFC 2.50% % 0.06%.98% 0.06% 4.62% B-Shares - Tranche 4 OeEB 2.50% % 0.06%.98% 0.06% 4.55% B-Shares - Tranche 5 responsability 2.50% % 0.06%.98% 0.06% 4.64% B-Shares - Tranche 6 FMO 2.50% % 0.04%.30% 0.04% 4.04% C-Shares - Tranche BMUB 3 - Unlimited 0.33% % % C-Shares - Tranche 2 BMUB 3 - Unlimited 0.33% % % C-Shares - Tranche 3 Danida - Unlimited 0.33% % - 0.0% C-Shares - Tranche 4 BEIS - Unlimited 0.33% % % C-Shares - Tranche 5 BMUB 3 - Unlimited 0.33% % -.2% Notes 207 ASN Bank 2.0% % % % Notes 206 ASN Bank 2.0% % % % Notes 202 ÄVWL 2.00% % % % Target Dividends/Returns are calculated based on 6M USD LIBOR + Spread on an ACT/360 basis. LIBOR is fixed twice yearly (2 banking days earlier than December 3 and June 30). Without taking into account dates of cash flows. 2 Annual effective interest rate. 3 KfW on behalf of BMUB. Waterfall distribution as of Q2 207 (USD) 0'000'000 8'67'636 9'000'000 8'000'000 7'000'000 6'000'000 5'000'000 4'000'000 3'000'000 2'000'000 '000' '52'22 487'800 '005'695 5'026'08 2'80'2 45' ' ' ' '228 88'606 45'884 29'36 * Including Foreign exchange gains/losses and IRS gains/losses realised and unrealised hitting C-Shares. Global Climate Partnership Fund Q2 207 Quarterly Report 0

11 Global Climate PartnershipS.A. SICAV-SIF Financial statements as of 3 March 207 (USD) Q2 207 Q 207 ASSETS Loans and advances to Partner Institutions 380,52,02 355,324,459 Gross loans outstanding 382,752,02 357,924,459 Provisions -2,600,000-2,600,000 Unrealised gains on derivative financial instruments 2,453 82,406 Interest receivable on loans to Partner Institutions 872,864 3,962,27 Other receivables and prepayments Cash and cash equivalents 2 58,54,27 84,974,280 TOTAL ASSETS 439,550,69 444,343,272 Excluding provisioned amount breakdown directly below included for clarification. 2 Cash at banks, time deposits, and short term cash balances. CURRENT LIABILITIES Distribution payable to holders of Class A Shares prior year - 4,330,43 Distribution payable to holders of Class B Shares prior year -,0,562 Distribution payable to holders of Class A 2,226,095,076,763 Distribution payable to holders of Class B 967,00 383,706 Accrued Fund management fees,07,3,044,8 Accrued bonus to the Fund manager 484,228,45 Accrued bonus to the Fund manager prior year - 826,359 Accrued TA Facility contribution 372,552 78,962 Accrued TA Facility contribution prior year - 627,487 Direct operating expenses payable 258, ,869 Structuring fees payable - 399,75 Interest received in advance on Loans and advances to Partner Institutions - - Interest on Notes 430,07 663,376 Net interest payable on derivative financial instruments - Other payables - - TOTAL CURRENT LIABILITIES 5,845,853,029,5 NON CURRENT LIABILITIES Net assets attributable to holders of redeemable ordinary Shares Class A Shares 54,925,373 54,925,373 Net assets attributable to holders of redeemable ordinary Shares Class B Shares 57,425,373 57,425,373 Unrealised loss on derivative financial instruments - - Notes 80,000,000 80,000,000 TOTAL NON CURRENT LIABILITIES 292,350, ,350,746 EQUITY Share capital 4,324,76 4,324,76 Profit / Loss brought forward -82,363-82,363 Profit for the year 842,278 45,20 TOTAL EQUITY 4,354,092 40,963,05 TOTAL LIABILITIES AND EQUITY 439,550,69 444,343,272 Possible differences in the reporting of the Balance Sheet compared to the Financial Statements as reported by the accountant / auditor. Global Climate Partnership Fund Q2 207 Quarterly Report

12 Profit and Loss Q2 207 Q 207 Interest Income (Loans & Cash) (+) 8,67,636 4,85,738 IRS Impact (+/-) 55,845 6,240 Fee Income (Loans & Cash) (+) 287,76 07,770 Interest expenses (Notes issued) (-) -,346, ,376 Direct Operating Expenses (DOEs) (-) -487, ,067 Bank charges and interest expenses -2,656 -,24 Management fees -2,52,22 -,044,8 Net Income 5,026,08 2,236,253 Fx Impact (+/-) -8,283 -,80 Equity risk (impairment) and credit risk (-) - - Write back provision (-) - - Interest on IRS / realised/unrealised gain/loss on IRS (+/-) -80,322 - Amortisation discount on investments (+) - - Result from investments -88,606 -,80 Remaining Net Income 4,937,43 2,234,443 A-Shares -2,80,2 -,076,763 B-Shares -937, ,706 C-Shares -842,278-46,06 Provision hitting C-Share - - Total distribution incl. complementary dividend 3,960,363,92,530 Remaining Income after Dividend 977,050 32,93 TA contribution -372,552-78,962 Performance Fee -484,228 -,45 IRS value Impact (+/-) - - Placement Fee Notes -45,250-22,500 Total Fees -902,029-32,93 Remaining Income after Fees 75,02 - A-Shares Complementary Dividend -45,884 - B-Shares Complementary Dividend -29,36 - Remaining Income after Compl. Dividend 0 0 Global Climate PartnershipS.A. SICAV-SIF Profit and Loss statement as of 30 June 207 (USD). Above table is the rundown of the Profit and Loss in the Waterfall until all income of the period has been distributed to the share classes. Thus there are differences in reporting to the Income Statement shown in the Financial Statements by the fund accountant. Global Climate Partnership Fund Q2 207 Quarterly Report 2

13 Impact CO2 reductions (tco2/year) CO2 reductions (%) 3 Energy savings (MWh/year) Energy savings (%) 4 Renewal energy production (MWh/year) CO2 reductions and energy savings Annual savings of loans disbursed in Q ,834 37% 8,743 36% 82,43 Annual savings of loans disbursed since inception, living assets 3 Including RE production projects. 4 Excluding RE production projects. 435,336 48% 524,43 46% 726,73 Annual energy and CO2 emission savings of living assets in portfolio CO2 emission savings of living assets in portfolio 800' ' ' ' ' ' '000 00'000-60% 50% 40% 30% 20% 0% 0% Annual energy savings of loans disbursed (MWh) Annual renewable energy production of loans disbursed (MWh) Annual CO2 reductions of loans disbursed (tonnes CO2) Average CO2 portfolio reductions Annual energy savings, RE production and CO2 reductions achieved by financed assets in the portfolio, as per quarter reported. Only includes assets that have not reached their projected lifetime (still generating savings) Simple average of the % CO2 reductions achieved by financed assets in the portfolio. Only includes assets that have not reached their projected lifetime (still generating savings). Key impact figures CO2 reductions and energy savings at year (quarter) end Q2 207 Expected lifetime CO2 reductions from loans disbursed since inception (tonnes) 62,689,282,699 2,97,84 3,03,42 4,20,526 8,625,3 9,823,533 Cumulative realized CO2 reductions (tonnes) 2,8 34,459 2,97 245,022 4, ,257 97,747 Cumulative number of sub-loans since inception 200 9,02 3,794 25,443 33,84 48,07 50,786 CO2 reductions (tco2/year) proportional to GCPF funding, active sub-loans 2 6,685 37,638 57,079 8,552 77,797 87,963 90,044 Following the removal of Turanbank from the GCPF portfolio at the end of 206 figures are lower compared to the 207 Q report. 2 Newly introduced reported figures as of Q2 following an updated request from a private investor. Data for Q2 show annual figures, while in Q lifetime figures were shown. Active sub-loans refers to sub-loans that have not matured. Global Climate Partnership Fund Q2 207 Quarterly Report 3

14 MW Disbursements by technology since inception Annual CO2 reductions by technology since inception, living assets Transportation 2% Other % Agriculture 7% Buildings 9% Renewable Energy 65% Transportation % Agriculture 4% Buildings 2% Consumer Appliances % Consumer Appliances % Industrial Process 8% Renewable Energy 36% Industrial Process 4% The category Other has been removed from the graph as it represents less than % of the total. Disbursed sub-loans, since inception of fund (USD) Annual CO2 reduction distribution, per project type, since inception, living assets 400'000' '000' '000' '000' '000' ,800, '000'000 00'000' '000'000 - On-lent volumes by technology and institutions, since inception of fund (USD) Partner Institution Agriculture Buildings Consumer Appliances Industrial Process Renewable Energy Transportation Other Total 27,042,63 74,99,278 42,456,627 56,20,49 39,359,730 46,030,08 3,59,604 Global Climate Partnership Fund Q2 207 Quarterly Report 4

15 Partner Institution Country Oustanding amount (USD) Oustanding sub-loans 3 Reported disbursements by institution On-lending targets by end of Q2 207 % On-lending target achieved 4 Annual CO2 reductions of reported sub-loans (tonnes) Simple average of loan CO2 reductions 2 Note: TuranBank has been removed from the GCPF books and hence also disbursed sub-loan amount and savings have been removed from the GCPF portfolio. Including sub-loans to manufacturers and distributors of EE/RE equipment. 2 Updated according to monitoring of eligibility expansion agreed with Shareholders. It now excludes the RE portfolio of the Institutions. 3 Based on disbursed amounts of active sub-loans for all institutions but Promerica CR, which reports the actual outstanding of sub-loans. 4 Excluding DIs. 5 Banco ProCredit currently has no outstanding facility with GCPF but are still reporting projects as a new facility will be disbursed before the end of the year according to plan. 6 Actual disbursement target is 0 until September 208. Shown here is an interpolated disbursement target, assuming a linear progression from 0 to 30 million until September 208. Q2 207 Since inception, living assets Since inception, living assets Ameriabank FI Armenia 0,000, % - Banco Atlantida FI Honduras 5,000,000 5,000,000 4,250,000 05% - 6,956 0% 3 Banco Pichincha FI Ecuador 5,000,000 24,428,83 4,250,000 7% 3 64,096 47% 33,584 Banco Pine FI Brazil 0,000,000 9,527,39 9,500,000 00% -,83 5% 3 Banco ProCredit 5 FI Ecuador - 7,282, ,79 36% 297 Banco Promerica CR FI Costa Rica 20,000,000 0,324,97 7,500,000 38% 9 2,05 32% 65 Banco Promerica DR FI Dominican Republic 5,000,000,703,28 2,000,000 85% % 3,36 Banpro FI Nicaragua 25,000,000 2,477,39 5,750,000 36% 2 52,42 26% 366 Chase Bank FI Kenya 20,000,000-9,000,000 0% - - 0% - Pan Asia Bank FI Sri Lanka 20,000,000 22,542,68 7,000,000 33% %,222 PRASAC FI Cambodia 3,000, % - Ratnakar Bank FI India 20,000,000 0,728,988 9,000,000 56% 69 8,759 46% 4,290 Sekerbank 6 FI Turkey 30,000,000 24,628,424 7,500,000 4% 42 73,532 59% 6,960 Southeast Bank FI Bangladesh 20,000,000 2,63,392 7,250,000 74% - 4,392 38% 7 SREI FI India 30,000,000 30,000,000 23,00,000 30% - 08,2 0% TBC Bank FI Georgia 25,000,000 8,500, ,47 0% The City Bank FI Bangladesh 30,000,000 7,757,85 8,000,000 99% 2 25,688 32% 5 Ukreximbank FI Ukraine 30,000,000 30,000,000 28,500,000 05% - 3,408 45% 3 Vietinbank FI Vietnam 25,000,000 0,00,485 24,750,000 40% - 2,596 23% 5 XacBank FI Mongolia 5,000,000 4,584,644 4,250,000 02% 64 2,55 30% 88 Aloe Invest DI Namibia 2,500,000 2,500, % - CRONIMET DI South Africa,034,43,034, ,705 0% - OGE DI Tanzania,27,959,27, % - Total 382,752,02 285,870,604 25,600,000 08% ,336 46% 50,786 Number of reported sub-loans disbursed Since Inception Global Climate Partnership Fund Q2 207 Quarterly Report 5

16 Fund Facts Fund name Fund domicile and type Regulation Investment Manager Administrative and Domiciliary Agent Custodian bank GCPF (Global Climate Partnership Fund SA) Luxembourg, SICAV-SIF, closed-end investment company As the Fund is managed in the public interest, it is exempt from the scope of the AIFM law pursuant to article 2(2) thereof responsability Investments AG, Zurich Banque de Luxembourg, Luxembourg Banque de Luxembourg, Luxembourg Inception date 22 December 2009 Operation start October 200 Initiators Fund currency Distribution Valuation (NAV calculation) Minimum subscription Subscription/Commitment Redemption of units Term Fees and Expenses p.a. Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB) KfW Entwicklungsbank USD Annually Quarterly (last calendar day of March, June, September and December) USD equivalent of EUR 200,000 (for individual investors participating in a note tranche) USD 5m (note tranches, A & B-share tranches) At each closing (at the discretion of the Board of Directors), investors commit to subscribe or directly subscribe to a specific share class and/or the notes At maturity (all shareclasses have a defined maturity) Closed-ended fund with unlimited duration Direct operating expenses (approx. 0.5% of NAV) Investment manager fees and expenses (.2% of invested assets,.0% for invested assets above USD 300m) Performance fees (up to 30% of the investment manager fees, decision by the Fund,s Board of Directors) Technical Assistance facility contribution (up to 0.2% of NAV, decision by the Fund,s Board of Directors) Classes Notes Class A Shares (senior) Class B Shares (mezzanine) Class C Shares (first loss) Features Floating rate interest rate of USD 6 months Libor plus a spread or fixed rate Duration: 5-7 years for each tranche Target dividend plus a complementary dividend (if target dividend exceeded) Target dividend is USD 6 months Libor plus a spread agreed with the Board of Directors Duration: 5 5 years for Target dividend plus a complementary dividend (if target dividend exceeded) Target dividend is USD 6 months Libor plus a spread agreed with the Board of Directors Duration: 5 5 years for Target return: a fixed rate target return or floating rate target return p.a. set in the relevant commitment agreement and/or subscription form Duration: unlimited each tranche each tranche Global Climate Partnership Fund Q2 207 Quarterly Report 6

17 Complaints Any complaints to the Fund can be submitted either in written form to responsability Investments AG, Josefstrasse 59, 8005 Zurich, or electronically through Legal disclaimer This information material was produced by responsability Investments AG (hereinafter responsability ). This information material relates to GLOBAL CLIMATE PARTNERSHIP FUND SA, SICAV-SIF (GCPF) (further referred to as the Product ). The Product qualifies as an alternative investment fund within the meaning of the AIFM Law that is internally managed in the public interest with at least a ¾ majority of the members of the Board as well as of the Investment Committee Qualifying Representatives. As a result the Product is exempt from the scope of the AIFM Law pursuant to article 2(2)c) thereof. The Product is offering Shares (the "Shares") and notes (the "Notes") on the basis of the information contained in the issue document (the "Issue Document") and in the documents referred to herein. The information contained in this information material (hereinafter information ) is based on sources considered to be reliable, but its accuracy and completeness are not guaranteed. The information is subject to change at any time and without obligation to notify the investors. Unless otherwise indicated, all figures are unaudited and are not guaranteed. Any action derived from this information is always at the investors own risk. This information material is for information purposes only, and is not an official confirmation of terms. The value of an investment and any income from it are not guaranteed. Changes in the assumptions may have a substantial impact on the return. Past performance is no indication of current or future performance, and the performance data do not take account of the commissions and costs incurred on the issue and redemption of Shares. Based on the legal document (Issue Document) expenses and fees will be charged in particular for administration and investment management services. The Shares are issued under registered form only. No Share certificates shall be issued. The registered Shares are recorded in the Shareholders' register kept by the Product or by one person appointed to that effect by the Product; the inscription shall indicate the name of each holder of registered Shares, its nationality, residence, legal address or registered office as communicated to the Fund, the number of registered Shares held and the amount of any outstanding commitment to the Product. The Investments within the Product are subject to market fluctuations and to the risks inherent in all investments. Accordingly, no assurance can be given that the Investment Objective will be achieved. The risk factors hereafter may result in substantial Net Asset Value volatility and depreciation. The GCPF-Note can be considered as a structured product in some jurisdictions and is therefore not suitable for all types of investors. Structured transactions are complex and may involve a high risk of loss. The return on the structured products is linked to the performance of the underlying asset, the GCPF, which may be negative, and involves risks specific to the relevant underlying asset. The performance of structured products depends on the general global economic situation along with the political and economic factors in the relevant countries. Neither responsability nor the issuer nor any of their officers or employees assumes any responsibility for the economic success or lack of success of an investment in the products or the performance of the reference portfolio. The structured Products value is dependent not only on the development of the value of the underlying, but also on the creditworthiness of the issuer, which may change over the term of the structured product. 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Investors are expressly made aware of the risks described in the Issue Document and the lower liquidity and greater difficulty in determining the value of the Product s investments (which are generally unlisted and not traded), and must also be prepared to accept substantial price losses including the entire loss of their investment. responsability and/or the members of its board of directors and employees may hold Shares in the financial product (or any related investments) mentioned in this information material and may add to or sell these positions from time to time. Additionally, the members of the board of directors and employees of responsability may serve as members of boards of directors of the investments in which the financial product is invested. This information material is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under applicable law. The financial product specified in this information material is and will not be licensed for distribution in the United States of America. As a result, it may not be offered, sold, or delivered there. Neither the present information material nor copies thereof shall be sent or taken to the United States of America, or issued in the US or to a US person(in the terms of Regulation S of the United States Securities Act of 933, in the respective current version). The distribution of the Issue Document and the offering of the Shares and Notes may be restricted in certain jurisdictions. This work is protected by copyright law. All rights reserved, in particular with respect to translation, reproduction, communication, copying of images and tables, broadcasting, microfilming or reproduction by other means, as well as storage on data processing equipment, even where such use only applies to excerpts. Reproduction of this work or parts thereof is permissible only within the scope of statutory provisions without the prior written consent of responsability. Germany: The Product is is exempt from the scope of the AIFM law pursuant to article 2 (2) c and therefore does not require registration with the Federal Financial Supervisory Authority ( BaFin ) in Germany. Luxembourg: The Product is an investment company with Global Climate Partnership Fund Q2 207 Quarterly Report 7

18 variable capital governed by the laws of the Grand Duchy of Luxembourg and is subject to the Law of 3 February The above registration does however not require any Luxembourg authority to approve or disapprove either the adequacy or accuracy of the issue document or the assets held in the Product. Any representations to the contrary are unauthorised and unlawful The fact that the Product is entered on the list of authorised specialised investment funds by the Luxembourg authority shall not under any circumstance be described in any way whatsoever as positive assessment made by the Luxembourg authority of the quality of Shares and Notes offered for sale. The Netherlands: The Product is is exempt from the scope of the AIFM law pursuant to article 2 (2) c and therefore does not require registration with the Netherlands Authority for the Financial Markets ( AFM ). Switzerland: This Product is not authorized for distribution to the public in Switzerland. The present information material is therefore strictly limited to internal use and may not be passed on to any third party, unless (i) such third party has solicited so on its own initiative, or (ii) such third party is a qualified investor under the terms of the Swiss Federal Act on Collective Investment Schemes and related regulations. responsability Investments AG, 207. All rights reserved. Global Climate Partnership Fund Q2 207 Quarterly Report 8