MESSAGE FROM THE TEAM

Dear Investors,

We are issuing this annual impact report in the midst of the COVID-19 pandemic, the economic and social ramifications of which will shape 2020 and likely years to come. Pandemics cause massive disruptions and challenge the way the world operates. COVID-19 will test the preparedness and ability of our fund managers and investees to adapt. We believe the Global Impact Pool (GIP), our fund managers, and our investees are well positioned to weather the storm and we will continue to deploy capital in line with our mission of contributing to positive environmental and social outcomes.

Our fund investments and the underlying investees are well diversified across regions and sectors ranging from credit (for use as working capital), greenfield projects in renewable infrastructure, to private equity. In 2019, we are pleased to have allocated capital to the Accion Quona Inclusion Fund. The Fund focuses on financial inclusion by making investments in early-stage fintech companies in emerging markets. We are excited to see the future impact this investment will make.

This report highlights the way in which the allocated capital is helping many companies around the world change lives and benefit the planet. We summarise the impact that GIP is achieving at the level of the Fund, the underlying fund investments and at the investees level. The report combines both information about financial performance as well as the impact we helped to catalyse through our investments. Furthermore, we highlight how the GIP contributed to our target Sustainable Development Goals (SDGs) outcomes and sub-targets in 2019. This year we placed a greater emphasis on highlighting how we apply the five impact dimensions of the Impact Management Project (IMP) and understanding both our own and our investees contribution to realising the ultimate outcomes and impact on the ground.

We would like to thank you for your trust on behalf of the investees and all the people who benefited from the impact generated through GIP`s investments. We look forward to maintaining this ability to generate positive impact together with financial returns.

With Regards, Kempen Global Impact Pool