*

Stabilising microfinance markets in developing countries by offering a A Specialised Investment Fund Supported by: reliable and flexible source of debt to microfinance institutions Quarterly Factsheet Oesterreichische Entwicklungsbank AG 31 December 2018

Key Figures Dec 2018 Cumulative Portfolio Development – Q4 2018 Portfolio Evolution

Microfinance investment During Q4 2018, the MEF disbursed a total of USD 94 M in loans to portfolio USD 600.4 M USD 1.949 B 25 institutions in 16 countries including USD 60 M in local currencies (including USD and EUR as local tender), bringing the overall Total assets * 800 Cash & Time Deposits USD 49.3 M percentage of local currency lending by the MEF to 56%. The Microfinance Investment Portfolio amounts to USD 600 M Microfinance investment portfolio 700 Other short term assets USD 18.8 M at the end of December 2018. 600 Total assets USD 668.5 M Investment Advisors 500 Total net asset value USD 573.4 M 400 Microfinance portfolio Symbiotics BlueOrchard as a % of total assets 89.8 % USD 94.4 M USD 265.7 M 300 16 % 44 % Equivalent USD M Average exposure per MFI 200 – at disbursement USD 3.9 M 100 Average outstanding maturity 21 months

Number of MFIs 118 195 responsAbility Cyrano Jun-09 Sep-09 Jun-10 Sep-10 Jun-11 Sep-11 Jun-12 Sep-12 Jun-13 Sep-13 Jun-14 Sep-14 Jun-15 Sep-15 Jun-16 Sep-16 Jun-17 Sep-17 Jun-18 Sep-18 May-09 Dec-09 Mar-10 Dec-10 Mar-11 Dec-11 Mar-12 Dec-12 Mar-13 Dec-13 Mar-14 Dec-14 Mar-15 Dec-15 Mar-16 Dec-16 Mar-17 Dec-17 Mar-18 Dec-18 Number of loans 196 563 USD 132.1 M USD 108.1 M Number of countries 44 54 22 % 18 % * total assets based on IFRS starting 2017

Regions* Top 5 Countries* Currencies* PORTFOLIO

India $ 82.0 13.7 % EUR 4.0 % EUR 3.1 % Top 5 Currencies EUR - Local CCY 0.9 % MENA 2 % Middle East SA 15 % Mexico $ 65.3 10.9 % USD 358.7 59.7 % and North Africa South Asia Cambodia $ 63.2 10.5 % INR 81.9 13.7 % LAC-SA 22 % Local currency Local CCY 37.2 % Latin America Peru $ 53.2 8.9 % + USD & EUR MXN 45.3 7.5 % and the Caribbean South America Local CCY Ecuador $ 38.9 6.5 % 56.0 % EUR 23.7 3.9 % SSA 10 % Sub-Saharan PEN 16.8 2.8 % Africa USD - Local CCY 17.9 % Top 5 Exposures* CA 2 % LAC-CA 30 % Central Asia Latin America and the Caribbean Banco Continental (Paraguay) $ 25.0 4.2 % Central America Local currencies : AMD, AZN, BWP, CNY, CRC, GHS, Financiamiento Progresemos S.A. USD 58.9 % $16.8 2.8 % HNL, HTG, INR, KGS, KHR, KZT, MXN, NGN, PEN, de C.V. SOFOM ENR (Mexico) EECAU 3 % EAP 16 % USD 41.0 % PLN, RUB, THB, TND, TZS, XAF, XOF, ZMW Eastern Europe East Asia Letshego (Botswana) $16.8 2.8 % EUR – Local CCY : EUR as legal tender in Montenegro and Caucasus and the Pacific and Kosovo USD – Local CCY : USD as legal tender in Ecuador, LOLC (Cambodia) $15.5 2.6 % El Salvador and Panama Prasac Microfinance $15.3 2.5 % * USD million and percentage of microfinance investment portfolio Institution Ltd (Cambodia) All investments hedged to USD 1/4 Baobab Microfinance Bank Nigeria Limited is one of its clients female, Baobab Nigeria is contributing to Investor Structure General Secretary of the leading microfinance banks in Nigeria and the social and economic development of the country. Total Assets as of 31 December 2018 a subsidiary of Baobab Group – a leader in digital Innpact Sàrl Baobab Group has a Social Performance Management finance created in 2005 and active in nine countries 5, rue Jean Bertels across Africa and in China (formerly Microcred). Policy aligned with the Smart Campaign’s Client Protection Principles and the Social Performance Task 1230 Luxembourg Since its launch in 2010, Baobab Nigeria has been Force’s Universal Standards for Social Performance Notes $ 52M constantly growing and expanding its presence Management. Group staff oversees the Social Private Investors Grand-Duchy of Luxembourg in two key states with strong growth potential. Performance reporting within Baobab Nigeria. The [email protected] A Baobab Nigeria offers financial services to facilitate Group trains its teams and constantly implements $ 124M Private Investors business growth and expansion, including financing internal processes to protect the interests of its Shares for working capital and investments. The company clients, employees, community, general public and Investment Advisors targets micro, small and medium entrepreneurs the environment. (MSMEs) who are either underserved or financially Advised by four leading private excluded by traditional banks. The target market Investment Advisors coordinated is served with carefully developed tailor-made by MEF’s General Secretary: products to address the needs of Baobab’s clients. B $ 338M Shares Micro loans increased to 47% in 2018 with the remainder Oesterreichische Entwicklungsbank AG of the loan portfolio extended to SMEs. Baobab Nigera’s BlueOrchard Finance AG strategy is to have half of its loan book dedicated to 231 Seefeldstrasse SMEs as they are struggling to get access to financing in Nigeria and the market offers significant opportunities 8008 Zurich - Switzerland to grow with low competition. C Shares $ 86M Oesterreichische Entwicklungsbank AG [email protected] STORY OF THE QUARTER OF STORY Support to the growth of young borrowers' businesses is Targeted-C The USD 2 M investment from MEF to $ 25M significant with about 70% of the portfolio outstanding Baobab Microfinance Bank Nigeria. Shares * to this group. With youth as a focus and more than half Cyrano Global LLC Total Assets $ 668.5 M Orange Street Wilmington, incl. other assets Delaware 19801 - United States of America [email protected] Social Outreach Clients * Targeted-C Shares shall only be impacted by & bear As of 31 December 2017 As of 31 December 2017 the exclusive risk of the valuation of Target Investments. responsAbility Investments AG 600,000 Microentrepreneurs reached Microenterprise 22 % (five or fewer employees) Notes A Shares Josefstrasse 59 by funding provided by MEF SME Other 18 % 8005 Zurich - Switzerland Private investors KfW 23.9 M Microentrepreneurs reached 14 % [email protected] by MEF MFIs (total MFI clients) Education Private investors FUNDING STRUCTURE 1 % Consumption Symbiotics SA USD 1,224 Average loan size 17 % Large B Shares C Shares Rue de la Synagogue 31 enterprises 1204 Geneva - Switzerland 85 % Women 21 % Housing 7 % KfW German Federal [email protected] Ministry for Economic 56 % Rural Sectors International Finance Cooperation (BMZ) Corporation (IFC) As of 31 December 2017 Swedish International LuxFLAG Microfinance label since 2011 78 % Individual loans Development Bank of Austria Development Cooperation * Agriculture/livestock Manufacturing (OeEB) Agency (SIDA) 18 % Group loans /fishing /production 18 % 9 % European Investment Bank Development Bank of Austria (EIB) (OeEB) Registered office at 5, rue Jean Monnet 18 % of loan portfolio invested Other L-2013 Luxembourg SOCIAL PERFORMANCE SOCIAL in Agriculture, Livestock & Fishing 15 % Commerce OPEC Fund for Targeted-C Shares & trade International Grand-Duchy of Luxembourg 9 % of loan portfolio invested 32 % Development (OFID) in Manufacturing & Production German Federal FMO Ministry for Economic Service Cooperation (BMZ) www.mef-fund.com 76 % MFIs have adopted the Client 26% Protection Principles (CPPs)

Disclaimer - All rights reserved. This fund is reserved for eligible investors, meaning, with respect to the Shares, only professional investors as defined under Annex II of the Directive 2014/65/EU of the European Parliament and of the Council on 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, and with respect to the Notes, well-informed investors as defined under article 2 of the Luxembourg law of 13 February 2007 (the “2007 Law”) on specialised investment funds, as both the preceding terms may be amended or supplemented from time to time. The distribution of Shares and Notes in this investment fund may be restricted in certain jurisdictions. In particular, Shares and Notes in this investment fund may not be offered, sold or transferred, directly or indirectly, in the USA or its territories or possessions or areas subject to its jurisdiction, or to citizens or residents thereof (‘US Persons’) other than in accordance with the laws of the United States. The information given in this document does not constitute an offer or solicitation or a product recommendation. It is provided for individual information purposes only. No guarantee is given or intended as to the completeness, timeliness or adequacy of the information provided herein. Past performance is no guarantee for future results. The value of the fund and its share classes is calculated without taking into account any placement or redemption fees and assuming constant reinvestments of dividends. This is not a fund prospectus as specified by the 2007 Law. The investments by MEF are subject to market fluctuations and to the risks inherent in all investments as well as all the specific risks referred to in the Issue Document MEF; accordingly, no assurance can be given that the objectives stated in this document will be achieved. © 2018, MEF. All rights reserved. 2/4 MICROFINANCE INVESTMENT PORTFOLIO as of 31 December 2018

Investment Currency Portfolio New investments First Last Country Region Name of MFI Advisor of investment Equiv. USD M in Q4 2018 USD M Disb. Maturity Albania EECAU JSC Fondi BESA Albania SY EUR 1.14 1.14 2018-11 2021-11 Armenia EECAU ACBA Credit Agricole Bank CJSC CY USD 3.00 2017-08 2021-08 Finca Armenia BO USD 1.25 2016-05 2019-05 Azerbaijan EECAU Azercredit rA USD 0.00 2016-10 2019-12 Demirbank rA USD 0.00 2015-02 2018-02 Bolivia LAC-SA Crédito con Educación Rural - CRECER BO USD 6.00 2017-03 2019-05 Sembrar Sartawi BO USD 1.00 2017-06 2020-06 Botswana SSA Letshego Botswana CY BWP 16.86 3.55 2016-12 2021-12 Burkina Faso SSA Coris Bank Burkina S.A. rA EUR 5.72 2017-12 2019-12 Fidelis rA EUR 1.14 2018-01 2020-01 Cambodia EAP Amret Co Limited CY USD 15.00 2017-03 2021-03 Angkor Mikroheranhvatho Kampuchea Co.,Ltd BO USD 0.25 2016-03 2019-03 Hattha Kaksekar BO THB 7.73 2018-04 2022-04 Kredit Microfinance rA USD 3.40 2017-11 2020-06 LOLC Cambodia CY USD 12.50 0.50 2016-09 2021-10 THB 3.08 2018-08 2021-08 Prasac Microfinance Institution Ltd BO USD 10.00 3.07 2016-01 2020-02 THB 5.31 2015-12 2021-10 Sathapana Limited CY USD 5.50 2016-06 2020-12 Vision Fund Cambodia BO USD 0.44 2016-03 2019-03 China EAP China Foundation for Poverty Alleviation SY EUR 9.32 9.32 2018-12 2021-12 Grassland rA CNY 5.03 5.03 2018-10 2021-10 Costa Rica LAC-CA Banco Improsa BO USD 10.00 2016-08 2020-12 Banco Promerica Costa Rica SY USD 15.00 15.00 2018-11 2021-11 Financiera Desyfin BO USD 3.00 2017-04 2020-03 Mucap SY USD 5.00 5.00 2018-11 2022-11 Mutual Alajuela rA USD 2.00 2018-07 2022-07 Dominican Republic LAC-CA Banco Multiple Promerica de la Republica Domincana S.A. BO USD 3.75 2016-12 2019-12 DRC SSA Advans Banque Congo BO USD 1.02 2016-06 2019-06 Ecuador LAC-SA Banco Amazonas SY USD 5.00 2018-08 2021-08 Banco D-Miro S.A. BO USD 2.24 2018-05 2020-05 Banco Procredit Ecuador SY USD 3.00 3.00 2018-12 2021-12 Banco Solidario rA USD 12.00 2016-05 2019-07 COAC PJL SY USD 2.00 2.00 2018-12 2021-12 Espoir SY USD 0.50 0.50 2018-10 2021-04 FACES BO USD 4.00 1.00 2017-10 2021-10 Insotec BO USD 4.98 0.93 2017-04 2021-06 Mutualista Pichincha BO USD 8.00 8.00 2018-12 2021-12 PRODUBANCO BO USD 8.00 2016-08 2019-07 Vision Fund Ecuador SY USD 3.50 1.50 2017-12 2021-12 El Salvador LAC-CA AMC de R.L. de C.V. CY USD 3.00 2017-09 2020-09 Banco Atlantida BO USD 12.50 5.00 2017-12 2022-12 Banco Hipotecario BO USD 3.75 2017-10 2021-10 Banco Promerica El Salvador SY USD 15.00 2018-09 2021-09 Credicampo BO USD 0.60 2016-08 2020-01 ENLACE BO USD 0.08 2016-05 2019-05 Georgia EECAU CRYSTAL FUND rA USD 3.00 2017-10 2020-10 Ghana SSA Advans Ghana CY GHS 2.05 2017-08 2020-08 Bayport Ghana BO GHS 2.02 2018-09 2023-09 Guatemala LAC-CA Arrend BO USD 3.75 2016-11 2020-02 Haiti LAC-CA ACME rA HTG 1.25 2017-12 2020-01 Honduras LAC-CA Banco Financiera Comercial Hondurena S.A. y Subisidiaria FICOHSA BO USD 3.33 2017-05 2020-05 Banco Popular rA HNL 1.94 2017-12 2020-06 IDH Honduras SY HNL 1.00 1.00 2018-11 2021-11 India SA Asirvad Microfinance Pvt Ltd BO INR 10.03 2016-03 2019-03 Aye Finance BO INR 3.72 2017-07 2020-07 Chaitanya India Fin Credit Pvt Ltd BO INR 3.58 2017-06 2020-06 Fusion Microfinance BO INR 4.87 2018-08 2020-02 Indian School Finance Company Pvt. Ltd BO INR 4.58 2017-08 2020-08 Kinara Capital rA INR 6.59 2.01 2018-05 2021-05 Muthoot BO INR 10.03 2016-11 2019-11 NeoGrowth Pvt Ltd BO INR 5.73 2016-11 2019-11 Pahal rA INR 2.86 2018-06 2020-06 Saija Finance Pvt Ltd BO INR 3.36 2016-07 2019-07 Satin Creditcare Network Limited SY INR 6.45 2017-12 2020-12 Satya Microcapital rA INR 2.86 2018-09 2020-03 Spandana rA INR 10.53 5.87 2017-10 2021-12 SV Credit Line Private Limited BO INR 3.72 2015-12 2019-01 Vaya Finserv rA INR 3.08 3.08 2018-10 2020-04 Regions: CA: Central Asia / EAP: East Asia and the Pacific / EECAU: Eastern Europe and Caucasus / LAC-CA: Latin America and the Caribbean - Central America / LAC-SA: Latin America and the Caribbean - South America / MENA: Middle East and North Africa / SA : South Asia / SSA: Sub-Saharan Africa Investment Advisor : BO - BlueOrchard / CY - Cyrano / rA - responsAbility / SY – Symbiotics 3/4 MICROFINANCE INVESTMENT PORTFOLIO as of 31 December 2018 continued from previous page

Investment Currency Portfolio New investments First Last Country Region Name of MFI Advisor of investment Equiv. USD M in Q4 2018 USD M Disb. Maturity Ivory Coast SSA Microcred Côte d'Ivoire BO XOF 1.36 2016-06 2019-06 Jordan MENA Finca Jordan rA USD 2.50 2.50 2018-10 2020-10 Kazakhstan CA Asian Credit Fund rA KZT 1.43 0.48 2018-08 2021-10 KMF(ex LLC Microcredit Organization Kazmicrofinance) rA KZT 4.12 2017-03 2020-09 Kenya SSA I&M Bank rA USD 4.93 2017-12 2020-12 Kosovo EECAU Finca International BO EUR 2.29 2017-03 2019-04 Kyrgyz Republic CA MCC Mol Bulak Finance LLC CY USD 5.00 2017-07 2020-07 Salym Finance BO USD 0.13 2017-02 2019-02 The First Microfinance Company rA KGS 2.97 2017-12 2021-06 Lebanon MENA Vitas Lebanon SY USD 5.00 5.00 2018-12 2022-12 Mexico LAC-CA Alternativa del Sur rA USD 10.00 2018-05 2020-11 Equipate rA MXN 4.65 2018-03 2020-09 Exitus Capital BO MXN 13.87 2017-09 2022-09 Financiamiento Progresemos S.A. de C.V. SOFOM ENR CY MXN 16.89 1.00 2016-11 2021-12 FINANCIERA LABOR SAPI DE CV SOFOM ENR BO MXN 2.44 2.44 2018-11 2021-11 ITACA BO MXN 0.49 2017-11 2019-05 MasKapital rA MXN 1.93 2018-08 2020-08 Operadora de Servicios Mega rA USD 10.00 2017-12 2020-12 Siempre Creciendo S.A. de C.V. BO MXN 5.06 2017-12 2021-08 Moldova EECAU I.M. O.M.F. Microinvest S.R.L. BO EUR 1.29 2017-04 2020-04 Mongolia EAP Khan Bank LLC BO USD 10.00 2017-03 2019-03 Montenegro EECAU Lovcen banka AD BO EUR 2.86 2016-05 2019-07 Nicaragua LAC-CA Banco de Finanzas rA USD 10.00 2017-12 2020-12 Banco FICOHSA Nicaragua S.A. BO USD 7.50 2017-07 2020-07 Financiera Finca Nicaragua BO USD 0.67 2017-04 2020-04 Financiera FUNDESER BO USD 2.45 2016-05 2020-11 Fondo de Desarrollo Local BO USD 0.90 2016-04 2019-04 FUNDENUSE BO USD 0.17 2016-10 2019-10 Nigeria SSA AB MF Bank Nigeria BO NGN 0.72 2015-04 2019-04 Baobab (ex:Microcred MFB) rA NGN 2.01 2.01 2018-12 2019-12 FORTIS Microfinance Bank CY NGN 0.00 2017-11 2018-12 La Fayette MFB BO NGN 0.99 0.99 2018-11 2020-11 Other Other Zola (ex: Off-Grid Electric) SY USD 2.50 2.50 2018-12 2022-12 Palestine MENA FATEN CY USD 2.86 2016-12 2019-12 Panama LAC-CA Panacredit rA USD 5.00 2018-08 2021-09 Paraguay LAC-SA Banco Continental BO USD 25.00 2016-03 2019-06 Vision Banco S.A.E.C.A. CY USD 7.43 2017-04 2021-02 People's Republic of China EAP Microcred China rA CNY 9.62 2017-12 2020-12 Peru LAC-SA Acceso Crediticio BO PEN 10.20 2017-03 2020-11 Caja Rural de Ahorro y Credito Crédinka S.A. CY USD 15.00 2017-04 2020-09 Coop Pacifico SY USD 5.00 2017-12 2020-11 CRAC Raiz BO PEN 3.72 2016-10 2019-10 Financiera TFC S.A. BO USD 5.00 2017-01 2020-01 Poland EECAU Inicjatywa Mikro BO PLN 0.80 2018-05 2022-09 Russia EECAU Finca Russia rA RUB 0.57 2017-10 2020-11 Sri Lanka SA Bimputh Finance PLC BO USD 0.38 2017-07 2019-07 LOLC BO USD 10.00 2016-07 2019-07 Tajikistan CA IMON International rA TJS 1.00 1.00 2018-12 2021-12 Tanzania SSA Bayport Tanzania BO TZS 4.83 2018-02 2021-02 Togo SSA Ecobank Transnational Incorporated SY USD 15.00 2018-08 2023-01

TOTAL OUTSTANDING PORTFOLIO 600.40 Total new investments in Q4 2018 94.39 Including new investments in local currencies* in Q4 2018 60.82

* Loans disbursed in local currencies and in countries where either the USD (Ecuador, El Salvador, Panama) or EUR (Kosovo, Montenegro) is the legal tender. Regions: CA: Central Asia / EAP: East Asia and the Pacific / EECAU: Eastern Europe and Caucasus / LAC-CA: Latin America and the Caribbean - Central America / LAC-SA: Latin America and the Caribbean - South America / MENA: Middle East and North Africa / SA : South Asia / SSA: Sub-Saharan Africa Investment Advisor : BO - BlueOrchard / CY - Cyrano / rA - responsAbility / SY – Symbiotics 4/4