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1. Consorzio Etimos• Introduction to Etimos• Institutional Organization• Operational Areas

2. Etimos in the world• Latin America• Africa• Asia

3. Work in progress and goals• Etimos - Fund• Development of a Venture capital

4. Etimos in figures

Table of contents

1. Consorzio Etimos

International financial consortium based in ItalySpecialized to offer financial products and services to microfinance programmes,

producers’organizations(POs), and social initiatives in developing and emerging markets

Origins in 1989 As a civil association to sustain the development of fair trade and social economy

in Italy

Founder of• Banca Etica, first Italian ethical bank (1999)• SEFEA, European Financial Fund composed by European ethical banks (2002)• Fefisol, investment fund focused on MFIs and POs in Africa (2009)

Meeting point of 278 organizations: 113 Italian, 165 foreign organizations

Link between two complementary needs:• an efficient and responsible financial management• an effective social impact

Sister not-for-profit foundation, Etimos Foundation, focusing on:• research and training• technical assistance to enhance MFIs and POs• communication

Introduction to Etimos

Key figures (as of 31 December 2009)

• Team of 20 qualified and motivated professionals• 3 decentralised offices• Wide product range tailored to different financial needs

and maturity of MFIs and POs • Total assets: Euro 34 M• Equity: Euro 6 M• Outstanding portfolio: Euro 23 M, directly invested in

MFIs and POs • 3 funds under management:

- Fodima- Plasepri- Etimos Fund

Introduction to Etimos

Consorzio Etimos

Etimos Cono Sur

Etimos Africa

Etimos Lanka

Institutional organization

1. Microfinance institutions Department• more than 100 MFIs financed;• working with a wide range of institutions: local associations, financial NGOs, savings and credit unions;• from solid, well managed, fast growing MFIs to small-scale, niche or start-ups;• focused on social impact.

2. Producers organizations Department• in 2004, Etimos diversified the portfolio and included consortiums and producers’ co-operatives fair trade and/or organic oriented;• nowadays, finances 25 POs;• product range: advances on purchase contracts and long-term investments for infrastructures and transformation plants.

3. Projects DepartmentThrough subsidised funds, this department can:• support the development of Etimos financial offer;• offer technical assistance to enhance MFIs and POs: - supporting the governance and institutional process; - supporting and counselling in the internal organisation (business plan, staff training).

Operational areas

2. Etimos in the world

Etimos is present in 47 countries all around the world:

AlbaniaArgentina BeninBoliviaBosnia and HerzegovinaBrazilBulgariaBurkina FasoCambodiaCamerun CanadaChile

Congo Ivory CoastEcuador El Salvador FranceGhana Guatemala Guinea Honduras IndiaItalyKosovo

MaliMalta MexicoMoldavaMozambiqueNepalNicaraguaPalestinePanamaParaguayPeruGreat Britain

Dominican RepublicSouth AfricaSenegalSerbiaSri LankaUnited StatesSwitzerlandTanzaniaTogoUgandaUruguay

Where Etimos is

Where Etimos is

•Starting point of Etimos’ activities, now present in almost all countries in the area.

•Highly consolidated geographical area for Etimos investments, still offering many opportunities both in Microfinance and Producers’ sector.

Etimos Cono Sur

Since 2007, Etimos has a representative office based in Argentina.

Etimos Cono-Sur, as all the other representative offices based abroad, is in

charge to keep all the institutional relationships with national, international and

regional bodies and to carry out all the activities connected with the identification,

assessment and monitoring of the MFIs financed by Consorzio Etimos.

Latin America

Focus on FodimaFodima is a trust fund created with the objective to enhance microfinance institutions based in Argentina. So far, the principal investors are Consortium Etimos, IBD (Interamerican Bank of Development) and CAF (Corporación Andina de Fomento). Etimos Cono Sur has been appointed by the founders shareholders as managing company of the fund.

Few figures:•Starting amount of the Fund: 4 M Euro•Currency: Pesos Argentinos•Products: senior-debts and technical assistance•Beneficiaries: 35 Argentine MFIs•Term: 10 years

Latin America

The area where investments are most needed and where is more difficult to attract financial resources.

Etimos has expanded its presence in many countries especially targeting small MFIs and POs. This strategy has enabled Etimos to directly reach the poorest segments of the population, to strengthen the local economy and to improve the living standards.

Etimos Africa

Since last year, Etimos has been working in this region through its representative office based in Senegal.

Africa

Focus on PlasepriPlasepri is a fund constituted by the Italian and Senegalese Government for the development of small and micro-enterprises in Senegal. Consorzio Etimos was appointed by Plasepri as consultant for the selection, the assessment and the monitoring activities of the microfinance institutions which will have access to this fund.

Few figures:•Starting amount of the Fund: 8 M Euro•Currency: FCFA•Products: senior-debts•Beneficiaries: Senegalese MFI investing in small and micro enterprises based in Senegal

Africa

Focus on FefisolFefisol is an investment fund focused on investments in African microfinance institutions and producers’ organizations. It was created by Etimos in partnership with other European organizations (SIDI and Alterfin). The client identification, the due diligence and the field client follow up will be carried out by the fund founders.

Few figures:•Starting amount of the Fund: 15 M Euro•Currency: the majority of the fund will be invested in local currency •Products: 70% in senior-debts and 30% in equity•Beneficiaries: 80% MFIs and 20% producers’ organizations•Principal Investors: the founders, Agence Française de Développement, Proparco, Norway Microfinance Initiative, Caritas France

Africa

It is the last step in Etimos’ growth after Latin America, Africa and Eastern Europe.Etimos started its activities in Sri Lanka, where Microfinance played an essential role in the reconstruction of local economies affected by tsunami, and has expanded further the activities in Cambodia, Thailand, Nepal and India.

Etimos Lanka

Based in Sri Lanka since 2005, where Etimos run a project to enhance Microfinance institutions affected by tsunami.

Etimos Lanka monitors and supervises the portfolio invested by Etimos, but also develops new relationships and investments in the island and in other countries in South-East Asia.

Asia

The success of Consorzio Etimos is the result of the 20 years track record in financing with good performance over 100 microfinance institutions across more than 40 developing countries.

Consorzio Etimos’ experience has been recognized last year by multilateral banks, Italian and foreign governments and international organizations.

Summarizing

3. Work in progress and goals

Etimos Fund is a Luxembourg Specialized Investment Found (SIF), established as an investment company with variable share capital (SICAV). It was formed as a public limited liability company, in accordance with the law of 2007.

Etimos Global Microfinance debt is the first sub-fund mainly investing in microfinance institutions included in Tier 2 and Tier 3 level and up to 20% of its assets in producers organizations.

Etimos Fund is aiming at combining an attractive and competitive financial return while delivering an effective social impact in developing countries.

Etimos Fund

The next goal of Consorzio Etimos is the establishment of a Venture capital company.

It aims at intervening directly into the equity of the companies, on one hand, to strengthen, from a financial point of view, their structure, and, on the other hand, to enhance human resources, know-how, expertise and new commercial markets.

The first experience has been already realized.

Aim of this year: 5 M Euro.

Development of a Venture Capital

4. Etimos in figures

Equity by organization’s type

Etimos in figures (data as of 31 December 2009, in Euro)

Equity by country

Etimos in figures (data as of 31 December 2009, in Euro)

Comparison between A & L

Total assets: 34.051.200

Liabilities and equity34.051.200

Etimos in figures (data as of 31 December 2009, in Euro)

Members

Italian: 113Foreign: 165

Etimos in figures (data as of 31 December 2009, in Euro)

Portfolio by sector

Etimos in figures (data as of 31 December 2009, in Euro)

Portfolio by geographical area

Etimos in figures (data as of 31 December 2009, in Euro)

Portfolio by currency

Etimos in figures (data as of 31 December 2009, in Euro)

Number of investments

Etimos in figures (data as of 31 December 2009, in Euro)

Largest outstanding positions

Etimos in figures (data as of 31 December 2009, in Euro)

Consorzio Etimos S.c.Via G. de Menabuoi, 2535132 Padova - Italy

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