SOURCES AND FOOTNOTES

Sources and Footnotes (1/2)

All photos used in this report have either been provided by the Fund Manager or sourced from the underlying company website. 1 Data on underserved healthcare services is provided by fund manager LeapFrog. Among the people reached not all the individuals would be equally underserved even if they live in the same country. 2 Data on underserved financial services is provided by fund managers LeapFrog, responsAbility, and Quona. Among the people reached not all the individuals would be equally underserved even if they live in the same country. 3 Data on jobs supported is provided by fund managers LeapFrog, responsAbility, Quona, and Triodos. 4 Data on smallholder farmers reached and certified hectares is provided by fund managers responsAbility and Triodos. 5 Data on average payments to smallholder by investees is provided by fund manager responsibility. 5 Data on CO₂ emissions avoided is provided by fund managers NN IP and KGAL. 7 Source for the equivalent figure on cars is from the EEA. This number is pro-rated for the GIP. Calculation based on the average new car emitting 120 g/km and driving an average 20,000 km. https://www.eea.europa.eu/data-and-maps/daviz/average-emissions-for-new-cars-5#tab-googlechartid_chart_11. 8 Data on renewable energy generated is provided by fund managers NN IP and KGAL. 9 Source for the equivalent figure on Dutch household electricity usage is from https://www.odyssee-mure.eu/publications/efficiency-by-sector/households/electricity-consumption-dwelling.html. This number is pro-rated for the GIP. Calculations based on figure that the average electricity consumption per household in the Netherlands is 3,051 kWh. 10 Data on estimated resource waste avoided is provided by fund manager Triodos. 11 Source for the equivalent figure on waste is from Eurostat. This number is pro-rated for the GIP. Calculation based on 492kg (0.492 tonnes) waste generated per person per year on average. https://ec.europa.eu/eurostat/web/products-eurostat-news/-/DDN-20200318-1 12 Data on estimated water savings over lifetime of solar & wind projects under development & construction is provided by fund manager KGAL. 13 Source for the equivalent figure on water use is from Waternet. This number is pro-rated for the GIP. Calculation based on 1-person households using 52,000 litres per year. On average, 2-person households use 99,000 litres per year. Therefore, the water use of multi-person households is more economical than 1-person households (average household of 3 or 4 people). 14 Impact Management Project. For further information, refer to: https://impactmanagementproject.com/ 14 Global spending on health: a world in transition. Geneva: World Health Organization; 2019 (WHO/HIS/HGF/HFWorkingPaper/19.4). Licence: CC BY-NC-SA 3.0 IGO. 15 World Health Organization The world health report 2010 - health systems financing: the path to universal coverage. Geneva: World Health Organization; 2010. 16 Sachs, J., Schmidt-Traub, G., Kroll, C., Lafortune, G., Fuller, G. (2019): Sustainable Development Report 2019. New York: Bertelsmann Stiftung and Sustainable Development Solutions Network (SDSN). 17 LeapFrog’s definition of underserved people, which are those willing and able to pay for critical financial and health services, but are either entirely excluded or underserved by traditional institutions by virtue of being a low-income consumer, or due to other factors (health condition, caste, religion, ethnicity, gender). 18 IRENA (2015), ‘Renewable Energy in the Water, Energy & Food Nexus’. 19 World Economic Forum –The Global Risks Report 2020. Refer to the following link http://www3.weforum.org/docs/WEF_Global_Risk_Report_2020.pdf 20 Projected water consumption savings p.a. include those projects that are also not currently operational but are in a development phase. 21 Actual water consumptions savings from Photon, Sardegna and Veja mate projects in 2019. 22 WWAP (UNESCO World Water Assessment Programme). 2019. The United Nations World Water Development Report 2019: Leaving No One Behind. Paris, UNESCO. 23 United Nations Sustainable Development Goals –SDG 7 –Facts & Figures: https://www.un.org/sustainabledevelopment/energy/ 24 Actual 2019 CO₂ emissions avoided from KGAL’s Photon and Veja mate projects and KGAL ESPF 4. 25 Actual 2019 renewable energy generated from KGAL’s Photon and Veja mate projects and KGAL ESPF 4. 26 United Nations Sustainable Development Goals –SDG 8 –Why it matters: Decent Work and Economic Growth: https://www.un.org/sustainabledevelopment/wp-content/uploads/2016/08/8.pdf 27 The definition of underserved can vary per fund manger, as well as among the people reached. Not all the individuals would be equally underserved even if they live in the same country. 28 responsAbility Press Release June 6, 2018: https://www.responsability.com/en/responsability-launches-new-fund-sustainable-agriculture 29 For this metric, responsAbility uses certified hectares, while Triodos uses hectares of land farmed organically. The exact definitions may differ. 30 Unlocking Growth in the Era of Farmer finance: https://mastercardfdn.org/wp-content/uploads/2018/06/Inflection-Point_April-20160-accessible.pdf

Sources and Footnotes (2/2)

31 Tracking Universal Health Coverage: 2017 Global Monitoring Report. 32 Remittances and the SDGs: https://www.un.org/en/events/family-remittances-day/un-action.shtml 33 All numbers in this table are pro-rated based on KGALs share in the underlying projects. Numbers are based on green electricity generation projections that are expected to take place annually. KGAL’s 2019 impact projections are the source for this table. Impact target on green electricity originally based on a €500 million of equity with leverage of 50% results in €1 billion of total investment volume, has been scaled by 1.5x to account for fund growth to approximately €750 million. 34 Number of households being served: based on average household electricity consumption of approximately 3.000 kWh p.a. 35 Job creation during development & construction of PV or wind projects based on statistical data is on average 3.5 person years/MW. 36 Job creation during Operation & Maintenance of PV or wind projects based on statistical data is on average 0.4 person years. 37 The numbers are presented for the total project. KGAL has 95% ownership of the project. 38 Sarah K. Lowder, Jakob Skoet, Terri Raney, The Number, Size, and Distribution of Farms, Smallholder Farms, and Family Farms Worldwide, World Development, Volume 87, 2016, Pages 16-29, ISSN 0305- 750X, https://doi.org/10.1016/j.worlddev.2015.10.041. 39 Refer to article: https://www.business-standard.com/article/economy-policy/2-5-of-gdp-india-s-annual-economic-loss-due-to-degraded-land-in-2014-15-118060300061_1.html 40 Martina Sartori, George Philippidis, Emanuele Ferrari, Pasquale Borrelli, Emanuele Lugato, Luca Montanarella, Panos Panagos, A linkage between the biophysical and the economic: Assessing the global market impacts of soil erosion, Land Use Policy, Volume 86, 2019, Pages 299-312, ISSN 0264-8377, https://doi.org/10.1016/j.landusepol.2019.05.014. 41 Figures based on World Bank and Bloomberg Opinion Calculations. Refer to: https://theprint.in/opinion/india-is-the-largest-exporter-of-water-even-as-taps-run-dry-across-the-country/259588/. 42 Numbers based on reporting from around 33.1% of the portfolio for renewable energy, 71.4% for emission reductions. 43 Numbers based on reporting from around 31.8% of the portfolio for renewable energy, 68.1% for emission reductions. 44 Numbers provided by NN IP Green Bond Strategy Brief December 2019. 45 Refer to: https://www.cbs.nl/en-gb/news/2018/16/energy-consumption-hardly-changed-in-2017 46 Refer to: https://www.cgap.org/blog/financial-inclusion-has-big-role-play-reaching-sdgs 47 GIP committed to the AQF in December 2019. Quona focuses on the qualitative impact thesis, drilling down into whether the company business model truly reaches the underserved, and focuses on agreeing with the portfolio company on the specific KPIs it will track –rather than projecting specific figures for each indicator. Given the venture stage of Quona’s investments, projections would be less scientific and data driven than for, for instance, PE investments and is not considered a meaningful focus. 48 Lives Touched is the sum of customers and/or businesses served by the portfolio companies and the number of FTE of those companies, together multiplied by the average household size of each market in which those portfolio companies operate. 49 The fund has a tailored approach per company for defining its underserved customer segments. Examples include: customers with poor, thin or no-file credit; MSME customers under a certain annual revenue size defined for the specific market. As a result, underserved means something different for each geography and market. 50 Quona’s response to the Kempen Impact Questionnaire, 2019. 51 Quona’s Year In Review 2019: Fintech for Inclusion in Emerging Markets, Page 21. 52 Demirgüç-Kunt, Asli, Leora Klapper, Dorothe Singer, Saniya Ansar, and Jake Hess. 2018. The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution. Washington, DC: World Bank. doi:10.1596/978-1-4648-1259-0. License: Creative Commons Attribution CC BY 3.0 IGO 53 Refer to: https://www.un.org/sustainabledevelopment/sustainable-consumption-production/ 54 United Nations Environment Programme, Valuing plastic: The Business Case for Measuring, Managing and Disclosing Plastic Use in the Consumer Goods Industry (2014). 55 https://wedocs.unep.org/bitstream/handle/20.500.11822/25496/singleUsePlastic_sustainability.pdf?isAllowed=y&sequence=1 56 Some numbers from the tables are rounded. These numbers are targets from the underlying managers and have not been pro-rated for GIP’s investment in the underlying funds. 57 For KGAL ESPF 4, only actual numbers for 2019 are included. Projects under development and construction are not included. All target numbers are high level estimates based on the fund size of 743 EUR million with leverage 50%, assuming average investment costs of UR 1.000/kW (mix of PV and onshore wind). CO 2 emission savings or water savings calculations are based on the assumption of how a specific power mix develops in a country/region. The remaining life of KGALs operational projects is 25 years.

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THIS REPORT WAS PREPARED BY KEMPEN CAPITAL MANAGEMENT N.V. For more information about this report and Kempen’s Global Impact Pool / Kempen’s responsible investment approach, please contact:

Narina Mnatsakanian Director Sustainable & Impact Investing Narina.mnatsakanian@Kempen.nl

Janine Whittington Impact Manager Janine.whittington@Kempen.nl

Kempen Capital Management to: Global Impact Pool team PO Box 75666 1070 AR Amsterdam The Netherlands

www.kempen.com

CONTRIBUTORS Narina Mnatsakanian, Marjoleine van der Peet, Ralph Engelchor, Ulrike Beyrich, Janine Whittington, Wieke Maarleveld

SPECIAL THANKS To the fund managers of the GIP, for the impact that has been achieved, the data provided, and the effort put towards the publication of this report.

To the Impact Management Project, for the feedback and guidance provided during the creation of this report.