This presentation was delivered to the International Transactions Clinic at the University of Michigan Law school on 12 April 2011. Ted London is the Director of the Base of the Pyramid Initiative at the William Davidson Institute at the University of Michigan.

1. Metrics in Social Impact Investing International Transactions Clinic University of Michigan Law School E+Co: Clean Energy Enterprises April 12, 2011

3. Market-based & Entrepreneur-centric

4. Six regional offices (Costa Rica, South Africa, Tanzania, Ghana, Thailand, China)

5. Affordable, Available and Appropriate Technology

6. Solar, Hydro, Biomass, LPG, Wind, Cook Stoves

7. Finance Continuum

8. Services

9. Seed Investments

11. E+Co Triple Bottom Line Returns *After write-offs and before operating expenses

13. In 2010 E+Co approved its third investment in Toyola for $542,000

14. Served over 35,000 households

15. Sold over 100,000 cook stoves

16. The operation has created over 200 jobs

18. IO Re-evaluate (EDS, if needed) Disbursement Processing – Legal Documents Approval IO IO Lawyer IO CP met in short term? Reviews and approves legal documents, prepare legal review checklist Prepare Legal Documents, Incorporate Terms in Term sheet Send term sheet to Lawyer Prepares repayment schedule in an excel Investment Approved Yes No IO/Leg C Ent CIO IO RM Sends docs to CEO for signature Perform Quality control on legal documents Reviews and approves legal documents and signs checklist Signs final documents, sends docs to IO/legal counsel Sends legal documents to Entrepreneur for signature Lawyer CEO Fin Spec Fin Spec Lawyer Handle post signature requirements (e.g. collateral registrations) Signs final documents and informs Fin Spec Returns signed docs to lawyers Files copy of documents (physical copy) Send final registered copies to Reg. Office/Fin Spec Process Complete 7

19. E+Co Investment Process Client Identification Prepare Introduction Sheet Provide Business Development Services Undertake due diligence Prepare Term Sheet Present Investment Recommendation To E+Co Senior Management up to $100,000 to E+Co’s Investment Committee $100,000+ Execute Legal Documents Disburse funds

21. E+Co staff sends Term Sheet to Lawyers once the investment is approved.

22. Lawyers prepare legal documents and communicate with client’s lawyers.

23. Lawyers oversee execution of documents, including registration of collateral and signed agreements.

24. If client defaults, E+Co engages local legal counsel to assist with collection.