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VDK MFI Lending Portfolio

Size	EUR 75.000.000
Invested portfolio per 2010-07-31	EUR 38.040.146
Advisor	Incofin Investment Management
Investment focus	Loans to bigger MFIs
Geographic scope	Developing countries
Legal structure	Facility on the balance of VDK spaarbank
Country of incorporation	Belgium

In 2007 VDK spaarbank, one of Incofin’s principal shareholders, decided to build its own MFI loan portfolio (VDK MFI Loan Portfolio). VDK spaarbank earmarked an amount of 75 million euro for this purpose. Incofin was appointed to act as mediator for this facility. Incofin’s task consists in selecting larger, high-quality microfinance institutions looking for debt financing. Incofin receives a management fee for this mediation activity.

The graphs below illustrate the geographical spread of investments and the distribution of investments by currency for the VDK MFI Loan Portfolio.

Geographic distribution portfolio, VDK MFI Loan Portfolio, as per 2010-07-31

Peru	7.943.192
Bolivia	6.028.160
Azerbaijan	5.630.784
Cambodia	5.040.934
Montenegro	4.000.000
Nicaragua	3.398.713
Bosnia and Herzegovina	2.000.000
El Salvador	1.438.745
Tanzania	1.114.101
Armenia	800.231
Tajikistan	645.286

Investment portfolio per currency, VDK MFI Loan Portfolio, as per 2010-07-31

Currency	Percentage
US dollar	84
EURO	16