SIMA Overview – Fund Manager and Advisor Social Investment Managers & Advisors, LLC (“SIMA”), a Delaware corporation, is an impact-first investment fund manager and adviser who puts social objectives at the forefront of business strategy by integrating social goals into financial goals of the business. Besides clearly targeting social objectives, this strategy also leads to greater profits and reduced risks. We invest in innovative companies that align their business and social goals for improving the lives of low-income customers. SIMA seeks to create a platform for social enterprise by bringing differently motivated monies together to not only invest in high impact sectors but to work on policy, learn by doing and share these learnings, and bring resources to grow young, promising businesses. SIMA’s teams are in India, Kenya, Pakistan, Mauritius, Uganda and the US providing us with local on the ground knowledge. SIMA’s principals are one of the longest-serving impact asset managers, with experience in investing $2.3 billion in social finance, investing in 250+ social enterprises in 50+ countries, and managing 19 debt and equity international impact investment funds in off-grid solar, financial inclusion, affordable housing, and education. To date, SIMA has managed four innovative Funds totalling over USD 320 million, and disbursed financing to over 130 socially driven companies in 20 countries (including 15 least developed countries) across Sub- Saharan Africa and Asia. Business Overview For over 20 years, SIMA’s Managing Partners have engaged in cutting edge initiatives in impact investing. We see alignment of business and social goals as fundamental to serve low-income people and reduce climate change. Our advisory services provide tools to balance scale and sustainability with appropriate risk while enhancing impact. Advisory Services include:
• Develop and structure impact investments
• Evaluate and diligence companies serving the base of the pyramid
• Provide outsourced financial management, operational controls, and risk management functions for impact portfolios.
• Execute program related investments (PRIs) for foundations and family offices
• Merger and acquisition advisory – execute buy- and sell-side mandates
• Develop and implement impact investing and grant programs
• Share knowledge through research, organizing conferences and industry events
• Implement CSR initiatives and employee engagement programs
• Impact related training for boards and employees
• Formulate business continuity planning and prepare for economic shocks.
• Develop metrics and scorecards for social and environmental impact
• Align business and impact strategies with stakeholder goals and Sustainable Development Goals (SDGs)
• Evaluate and assess programs and technical assistance
• Risk assessment
• Financial controlling SIMA Off-Grid Solar and Financial Access Senior Debt Fund I, BV (“Fund I”) Social Investment Managers and Advisors, LLC has developed Fund I to address the needs of the off-grid solar and financial access sectors in particular order to make available debt capital that is vital to grow the off-grid solar sector with proven providers serving the Base of the Pyramid. The five (5) year USD $89.875 million debt fund has enabled consumer finance at a large scale. We believe this is critical for the success of solar home system growth. We also believe that debt financing will substantially lower the financial barriers encountered by potential customers and enable off-grid solar companies to expand pay as you go (PAYG) offerings into new markets. SIMA’s financing has addressesd the need for working capital to finance inventory and distributors. This is important mainly due to the lead time between ordering and receiving consignments. Access to commercial bank debt finance by off-grid companies and their distributors tends to be difficult as these companies are still in their high growth and reinvestment phase. Financing from Fund I will help (i) prevent temporary shortages of working capital thereby ensuring that off-grid companies have adequate inventory, and (ii) limit bad quality, generic products from penetrating the market. Fund I has provided flexible financing products from October 2017 to October 2022. Where hedging instruments were available on commercially reasonable terms, Fund I has also provided provide funding in local currency and worked with local financial institutions to provide local currency through back-to- back arrangements. SIMA has also utilized the network and experience to create partnerships between off-grid companies and microfinance institutions (MFIs) as part of its “financial access” objective. Since there was a potential that these MFIs can distribute the PAYG systems to their customers through their existing branch network. The customers were more familiar with these MFIs and would therefore had more trust in the products if it was being presented to them by the MFI. This strategy had allowed PAYG companies to piggy-back on the existing operations and branch network of a more established partner alongside adequate and appropriate financing. SIMA Angaza Distributor FInance Fund (“DFF”) The DFF is an integrated, technology-based platform to catalyze development and growth of younger and locally owned off-grid solar distributors. The DFF combines the Manager’s underwriting technique with data from the

Angaza Hub to assess eligibility for funding, reduce the duration and complexity of due diligence (thus lowering transaction costs), monitor and report on loans, and predict portfolio performance. The DFF invests exclusively in distributors that are customers of the Angaza, a PAYG software provider. The DFF taps a nearly untapped market of viable businesses waiting for finance to scale their operations. We hope to transform emerging market distributor financing by leveraging Angaza’s data analytics capability by not only making the investment process more efficient (and thereby gain time thus avoiding stock outs or loss of momentum) but making it smarter by using data and predictive models to better assess risk, to streamline data collection, and to improve monitoring. The DFF’s financing will help address the need for working capital to finance inventory and receivables for up to 5 years. This is important mainly due to the lead time between ordering and receiving consignments. Access to commercial or bank debt finance by distributors is practically non-existent as these companies are still an early stage of growth. Financing from the Fund will help prevent temporary shortages of working capital thereby ensuring that off-grid companies have adequate inventory. SIMA has a history of financing LMDs by developing innovative lending products that mitigate risk through partnerships with manufacturers and proper structuring. Energy Access Relief Fund (“EARF”) The Energy Access Relief Fund (EARF) is a pioneering initiative that offers subordinated, unsecured, and low-cost subsidized loans to energy access companies facing liquidity challenges due to the impact of COVID-19. With a focus on smaller to mid-sized companies serving bottom- of-the-pyramid consumers, the EARF provides crucial financial support during these challenging times. The fund has allocated around 121 loans, primarily targeting amounts below $1 million, ranging from $50,000 to $2.5 million. Since its official launch in September 2021, the EARF has received over 850 applications from sub-Saharan Africa and Asia Pacific. SIMA has streamlined the underwriting process, ensuring swift disbursal of funds, with the fastest loan disbursed within just 7 weeks from the start of due diligence. The application process involves two phases of evaluation against eligibility and underwriting criteria, allowing for efficient assessment of applicants. EARF has provided concessional and accessible financing to energy access companies, serving low-income households and micro-businesses in peri-urban and rural areas in developing countries. The focus is on countries with large energy access deficit and sizable populations served by off-grid solutions, particularly in Sub-Saharan Africa (SSA), followed by South Asia, and East Asia/Pacific. EARF’s financing has provided energy access companies with the necessary liquidity to continue their operations, retain their staff, especially women, and maintain their supply chain and inventory so that they can grow post-crisis. Through this relief funding, EARF also seeks preserve the emissions reductions the sector has already gained and position the companies to expand emissions reductions to new customers beyond the crisis. The fund has been established with following major development impacts:- a) Sustainable Development Potential b) Resiliency Building c) Health Benefits d) Gender Sensitive Development Impacts e) Employment Impact. f) Economic Co-Benefits g) Improvement in Education and benefits Small Enterprises h) Environmental Co-Benefits SIMA Commercial & Industrial Solar Green Bond (“SIMA C&I”) SIMA’s C&I Solar Green Bond aims to foster the development of a vibrant ecosystem of small and medium-sized enterprises (SMEs) in the commercial and industrial (C&I) solar sector. By providing tailored financing solutions, we empower SME developers to meet their corporate needs, ranging from working capital and inventory financing to project financing requirements. This initiative opens up new avenues of financing for this crucial segment, complementing mini- grids and off-grid solutions. The bond focuses on financing projects in the Productive Use Sector, encompassing areas such as Agriculture, Agro-processing, Education, Healthcare, Manufacturing, Services, and Hospitality. We target projects with a capacity of 5 MW or smaller, ensuring that the bond supports diverse and impactful ventures. Environmental, Social, and Governance (ESG) principles are integral to our approach. We employ an ESG numeric scorecard to measure and improve the compliance of developers in our portfolio. Through technical assistance, we actively engage developers in strengthening their ESG practices, thus creating a sub-sector within C&I that drives profound industry-wide implications. At SIMA, we measure the impact of our C&I Solar Green Bond in multiple dimensions. This includes the capacity of solar energy established, the number of companies supported in scaling their businesses, the reduction in CO2 emissions achieved, the volume of diesel displaced by solar energy utilization, and the employment generated through scaled initiatives. Together, we are driving sustainable growth and shaping a cleaner, more inclusive future through the power of solar energy. SIMA C&I had its first close in Dec’2023 and now the fund is deployment stage.