2

reportPerformance

2015

3

PART I. OVERVIEW 2015>>Highlights & Achievements What is said about QuadiaInvestment ThemesQuadia Impact Evaluation MethodologyRatio Evolution

1.2.3.4.5.

PART II. CASE STUDY>>Food & Nutrition: The Investment CaseCase Study: La Ruche Qui Dit Oui!

1.2.

PART III. PORTFOLIO COMPANYPERFORMANCE>>Company Performances1.

PART IV. ANNEXES>>Best of twitter 2015Outlook 2016Philanthropy & SponsorshipTeamAbout Quadia

1.2.3.4.5.

4

PART I.OVERVIEW2015>>

5

1. Highlights & Achievements>>

1st IMPACT Report published

USD150M Invested mark5th anniversary

VINTAGE PORTFOLIOStart of Investments

2008

FIRST 2 EXITS 3% IRR2009

QUADIA Founded2010

USD 35M Invested markStart of QUADIA investee services

2011

2012

USD 55M Invested markQUADIA Lux Asset Management

2013

3rd EXIT (PARTIAL) 7% IRRUSD 100M invested mark

2014

2015

6

5 years ago Learnings Today

1. Impact evaluation isa communication tool.

Impact evaluation is a tool to determine risks throughout specific value chains and how to mitigate them.

Awareness and knowledge of social and environmental stakes increase investment skills.

2. It is better to use existing and tested methodologies and standards.

Flexibility and adaptability are key in impact evaluation. No two companies or industries are the same.

Our methodology is structured to support a high level of customisation according to sector and company, all the while providing a fundamental universal base.

3. Impact performance is validated by numbers (e.g. jobs created, loans disbursed, energy saved).

Numbers can hide the “true story” and dismiss qualitative realities.

Risk on all levels needs both quantitative and qualitative input.

Impact is mostly evaluated at the reporting stage.

Impact evaluation is more than reporting. It is an integral part of the due-diligence and post in-vestment management process.

Financial performance is driven by realised and expected impact performance.

4.

Impact evaluation is a niche tool.

Impact evaluation must be applied to all activities.

Impact evaluation is essential in order to achieve optimal risk adjusted returns.

5.

7

In 2015, Quadia invested in La Ruche Qui Dit Oui!, a dynamic and hip French company. The firm has developed and manages an online platform that connects all over Europe consumers with local fresh food producers.We were impressed by the innovative yet simple service of the platform. It offers strong multidimensional impact potential that is already demonstrated on the field. Learn more about this investment in Part 2 of this report and on our website www.quadia.ch/lrqdo

1. 2015 Highlights & Achievements >>

For Quadia, identifying and evaluating impact means being able to select the companies which will achieve a better overall performance and be the leaders in a context where social and environmental priorities are at the forefront of economic development.

A company’s product and/or service is at the core of our analysis as we believe it drives the creation of positive impact and drives the regenerative economy.

This year, we decided to present each company’s impact profile through four aspects (see p. 30):

Mission: what is the impact mission of the companySolution: what is the company’s core business Position: how does the company implement the solutionImpact: what are the essential impact data and projections

Since 2012, the staple of our methodology has essentially remained the same (learn more in p.12-19): first, we identify the most pressing global social and environmental challenges which need to be addressed (p.12). Second, we evaluate the impact outreach of a product/service and how it solves the above challenges. Third, we calculate our three dimensional ratio (p.19) and fourth, we ensure that our portfolio is coherent as a whole.

This methodology gives us the possibility to work on qualitative and quantitative data, so we can confirm our initial thoughts on the company and our vision for impact, which must be much more than a score.

Quadia’s Impact Vision >>

8

After 5 intense years of scouting the planet to determine the biggest challenges it is facing, we have selected the most innovative and transformative business models which could provide effective solutions. We have concluded that Smart Energy and Food & Nutrition must be our top investment priorities. Quadia has now the in-house expertise to lead investments in these two sectors. Sustainable Food & Agriculture will be a focus in 2016 (Smart Energy is already +50% of our portfolio).

We nonetheless believe in the interconnectedness and interdependence of our world’s challenges and as such will keep our eyes open for opportunities in other sectors.

In Q2 2015 we welcomed a new addition to the Geneva team in the person of Aymeric Jung. A London and Zurich based investment banker, Aymeric shifted his focus after learnings from the 2007 crisis on the agri/food sectors. Since then, he has developed a unique expertise in financing for the small scale food industry. In 2013 he decided to leave the investment banking world and focus all his energy on his passion and is now leading our Food & Nutrition cluster.

In 2015, Kostis Tselenis celebrated his 5 years with Quadia, showing a great commitment to the company. Find more about our team on our websitewww.quadia.ch/commitment

Quadia is continuously growing. In February 2015, we moved to bigger offices and created two new companies, Quadia UK and a joint venture that will lead to future activities in link with China. We are convinced that China is a key actor in the drive toward sustainability. In 2016, Quadia (UK) Limited will open an office in London.

9

In 2015, we entered into a strategic advisory relationship with ABS. Quadia will provide support to ABS for the impact investing allocation within their wealth management offering.We are delighted with this cooperation and look forward to creating significant impact.

Learn more in Part 4 of this report and on our websitewww.quadia.ch

At the end of 2015, Quadia’s AuM rose to USD 150M. See below our portfolio’s sector weighting:

Smart Energy 71% Development 6% Healthcare Innovation 0.2% Biodiversity and conversation 3% Sustainable Housing and infrastructure 5% Sustainable consumption and production 2% Alternative Financial Services 10%

71%2%

6%5%

0.2%

3%

10%

10

Quadia HQs are located in Switzerland but the portfolio is invested directly and indirectly, through debt and equity, in more than 40 countries.

In dollar amounts, 74% of invested capital is in Europe. South America accounts for 16%, Asia 7% and Africa 3%

Quadia direct investmentsQuadia fund investments geopraphic exposure

11

2. What is said about Quadia >>

HRH Princess Irene van lippe-Biesterfeld of the Netherlands“Guillaume Taylor (Quadia’s co-founder) and I share the same worldview, which is based on the interconnectedness and the oneness of all life. Our shared dream includes wanting to change the way the world does business. Guillaume’s tireless effort to bring leaders from the corporate world in touch with the wild is a meaningful contribution to create a better world in which humans and nature are aligned”. www.bergplaas.com

Bérangère MagarinosVP Sustainability Partnerships, Firmenich“Quadia has been a pioneer in responsible finance and has been courageous and ambitious in its work on defining a new paradigm for impact investors. Some of the strategic choices of Quadia, in particular in the space of food waste and improved nutrition, can potentially transform the food chain, which will bring some of the most important social innovations in the future”.www.firmenich.com

Cedric Christmann Chairman, Aventron“Thanks to Quadia, aventron was able to secure a large European shareholders’ base to fund its development. Quadia has an outstanding network, which outlines the professionalism and reputation of its team. They help us to focus on sustainability, which we believe, will have a positive impact on our long term financial success”. www.aventron.com

Michael Diaz Executive VP, Alternative Bank Schweiz“We highly appreciate Quadia’s global experience and knowledge in the field of impact investing. For ABS’ further development this collaboration is key. With the help of Quadia we will be able to bring our innovative services to the next level offering satisfying investment solutions with real impact”. www.abs.ch

Firoz LadakCEO, The Edmond de Rothschild Foundations“Over time, with multiple networks and state of the art research, Quadia has brought impact investment to a new dimension. By combining thought leadership with practical experience, it demonstrates how business acumen and social consciousness can cross-fertilize and build innovative ecosystems. Quadia is truly a unique player in investment savviness and sustainability”.www.edrfoundations.org