2019 Financial Year Our Impact Management, Measurement & Performance.

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Impact Report2019 Financial YearOur impactmanagement,measurement& performance.

2IIG IMPACT REPORT 2019CONTENTS356791113141517192043About UsOur Impact at a GlanceOur Performance HighlightsRenewable EnergyVenture Capital: Giant Leap FundReal Estate & Place-based InvestingCatalyst FundIIG Operational ImpactOur Impact ProcessesAbout the Impact Management ProjectAbout the Sustainable Development GoalsAppendix: Impact Reports for Our Trusts & FundsStay In TouchAUTHORS:DR ERIN CASTELLAS, CHIEF IMPACT OFFICERJOSHUA ZAIL, IMPACT ANALYST

3IIG IMPACT REPORT 2019About UsIIG is a leading Australian ImpactInvestment Funds Manager.We want to prove that finance canbe a force for good. That financecan support outcomes that are goodfor people and good for the planet.We believe that helping to transformcrucial economic systems is ourpath to meaningful environmentaland social impact. We see a futurewhere energy is 100% renewable,affordable and universally accessible.Our buildings, towns and citiescan be sustainable, inclusive andbeautiful. Vibrant businesses cangrow while regenerating the earthand contributing to our society.Our community of investors hasfunded solar farms, green buildings,and the start-up years of missiondriven businesses. As impactinvestors, we aim for financialreturns alongside intentionalenvironment and social benefits thatwe manage towards and measure.We help individuals, family offices,foundations and institutions invest inline with their values, and we supportthem to move further towardspositive impact.We contribute work, ideas, andenergy to the communities that shareour goals. We’re part of the ImpactManagement Project, a memberof the Responsible InvestmentAssociation of Australasia, the GlobalImpact Investing Network, and we’rea proud B-Corporation.We’re fully owned by Small Giants,the family office of Berry Libermanand Danny Almagor.Below (L–R): Danny Almagor – Chair,Amanda Goodman – Head of Syndication,Daniel Madhavan – CEO, Caroline Vu – Head ofEnlightened Hospitality, Will Richardson – Headof VC

4IIG IMPACT REPORT 2019“Tell me, what is it you planto do with your one wild andprecious life?Mary OliverDear Reader,”We are happy to share our first organisation-wide impact report to showhow we’re thinking about impact and share some highlights of our impactperformance.The aim of this report is transparency — a chance for us to share our impactwithout being worried about perfection.Impact management and measurement is an emerging and evolving space, andwe believe it’s time to lift the curtain and share our thinking and approaches.We believe that by making investments, we are having an impact. We defineimpact as a meaningful change experienced by people or the planet as aresult of our intervention or investment. This can be positive or negative. Thechange can occur from our investments, but it can also occur as a result ofour behaviours as an organisation and as wider systemic changes that occurbecause of what we learn and what we share.We are striving for a balance between, what our chairman Danny Almagor calls,the poetry and the grammar of impact investing.The grammar of impact investing is the conventions and frameworks that helpus make meaningful sense of all of this. As impact investors, we are intentionaland evidence-driven in creating positive change. So we align with globalbest practice in impact management and measurement. We use theories ofchange, performance data, and global conventions such as the UN SustainableDevelopment Goals and the emerging Impact Management Project.The poetry of our work is how we can feel impact, hear the stories, and knowsomething meaningful is happening; we can be inspired and know that matters.We hope the whole picture feels easy to digest, has intuitive meaning, andgives a balanced picture of what we do, who we are, and how we think aboutimpact. We hope it makes a whole poem.We have also shared some indications of where we hope to go in the comingyear or two to deepen our impact across our investment teams. We also hopeto deepen our impact as a whole enterprise and with our partners acrosssectors to drive meaningful systemic change that can be somehow observed,measured, and conveyed.Please get in touch with us if you are inspired to join us in a conversation aboutthe impact we can make together and what we might also learn from you.Warm Regards,Erin CastellasChief Impact Officer

5IIG IMPACT REPORT 2019Our Impact at a GlanceThe Impact Management Project’s framework helps us to screen investments,manage and assess our impact performance.This is an assessment of our overall portfolio; theinvestments and projects within all of our products.AvoidedharmCaused harmBenefited peopleand the planetContributedto solutionsIIG’s PortfolioIMPORTANT NEGATIVE EFFECTWHATIMPORTANT POSITIVE EFFECTWHAT OUTCOME HAS OCCURRED, AND HOW IMPORTANT WAS IT TOTHE PEOPLE OR THE PLANET?WELL SERVEDWHOUNDER-SERVEDOur products address a range of social and environmentalchallenges. For example, our investments can address:climate change; the need for clean energy; sustainablecities and communities; better health outcomes; closedloop systems; waste reduction; and, educational trainingprograms.Our investments support different types of beneficiaries.Firstly, as many of our investments support improvedenvironmental outcomes, we recognise the planet as avulnerable ‘stakeholder’.WHO EXPERIENCED THE OUTCOME, AND HOW UNDERSERVED ARETHEY?MARGINALDEEP EFFECTHOW MUCHHOW MUCH OF THE OUTCOME OCCURRED, ACROSS SCALE, DEPTHAND DURATION?LIKELY WORSELIKELY BETTERCONTRIBUTIONWHAT WAS THE ENTERPRISE’S CONTRIBUTION, ACCOUNTING FORWHAT WOULD HAVE HAPPENED ANYWAY?HIGH IMPACT RISKRISKLOW IMPACT RISKWHAT IS THE RISK TO PEOPLE AND PLANT THAT THE IMPACT DOESN’TOCCUR AS EXPECTED?This is one of the most difficult dimensions to assess asit requires choosing a benchmark, which is not alwaysstraightforward. We try to be thoughtful about how weapproach ‘how much’ impact we create and base theassessment against our impact thesis as well as what ishappening in the world around us.We often don’t have a data-driven approach to assessingwhat would have happened in the absence of ourinvestment. In many cases, we know that commercial(non-impact) investment would support the companies orprojects that we have. However, we contribute more thanfinancial investment, and it is difficult to assess what wouldhappen in our absence.Like other types of risk, impact risk can vary throughout aninvestment’s lifecycle. We try to screen for different typesof impact risk to determine whether there is a high or lowrisk if that impact does not take place or of unintendednegative consequences.We try to manage risks wherepossible and update the risk profile in our annual reportingto clients.

6IIG IMPACT REPORT 2019Our PerformanceHighlightsOur investments are producing benefitsthat reflect aspirations under the UNSustainable Development Goals 1 million estimated healthcare3 properties targeting 5-star NABERSsavings in FY19 from improvedtreatment plan adherence1.Cumulative: 1.2 million to date(since Jan 2018)Energy ratings.2 properties targeting the maximumpossible 6-star GBCA Green Starcertification.1,020 avoided pollution-relatedillnesses in FY192.Cumulative: 2,053 to date (sinceFY16)2 properties targeting highestpossible Platinum WELL rating foroccupants’ wellbeing.639 education program graduates137.6 tonnes waste divertedfrom landfill in FY198 (more than 19garbage truck-loads!)9.in FY193.217,970 tonnes of CO2-eemissions removed or abated in FY19(equivalent to taking 46,000 cars offthe road for a year)10.Cumulative: 328,128 tonnes to date1199,583 MW-hours4 of cleanelectricity generated in FY19(equivalent to the electricityconsumed by 17,504 Australianhomes in a year — more thanenough to power all the homes inthe suburb of St Kilda5). 6.9 million gross sales volume1. Perxgenerated for independent retailersin FY166.Cumulative: 15 million (FY17–19)2. Renewable Energy Portfolio3. Academy Xi4. Renewable energy portfolio5. Based on average household use of 5.689 MWh per annum. Ref: Australian EnergyRegulator, and 14,000 households in St Kilda in 2019. RefSource: -households-dwellings?WebID 1606. YourGrocer446 jobs secured by candidates that7. Appliedotherwise wouldn’t have been hired .8. Goterra Glamcorner79. Ref: cles10. Ref: cles11. IIG Renewables FY16–19, Future Super FY19 only

7IIG IMPACT REPORT 2019Renewable EnergyWe see a future where energy is 100% renewable,affordable and universally accessible. Weare committed to supporting Australia’stransition to a clean energy economy. Six solar farms and one wind farm99,583 MW-hours of cleanelectricity generated in FY19. 35.4 million deployed in FY19 176.7 million under management at30 June 2019 Three active funds (IIG Solar Income Fund,IIG Solar Asset Fund and IIG Wind Trust)104,064 tonnes of CO2-eemissions avoided in FY1912. Assets in four states/territories1,020 avoided pollution-relatedillnesses in FY1913.12. Full cycle carbon intensity factors applied according to regional location of the asset inaccordance with the National Greenhouse Accounts July 2018.13. Ref: The Lancet (15–21 September 2007): 370, 9591 “Energy and Health 2: ElectricityGeneration and Health”, by A. Markandya & P. Wilkinson. Based on estimate of currentgrid composition: 75% coal, 15% gas and 10% other (assumed to have no overall impactwhen compared to renewable energy)

8IIG IMPACT REPORT 2019Renewable EnergyContinuedCaused harmAvoidedharmBenefited peopleand the planetContributedto solutionsIIG’s Renewable Energy PortfolioWe are dedicated to investingin the clean energy revolution.Our renewables team invests inhigh-quality infrastructure to supportAustralia’s transition to a cleanenergy system. To date, we haveraised three renewable energy fundsthat develop and operate Australianutility-grade solar farms and a windfarm. These assets increase the shareof utility-scale renewable energy,facilitating a transition to a cleanereconomy with reduced pollution,climate benefits, and associatedhealth outcomes for people.What we’re thinking indeepening our impact —lifting the benchmarkBy developing and operatingrenewable energy assets,particularly in a time when the policyenvironment is highly uncertain, wefeel we have an important role toplay in bringing more renewablesinto the energy mix. In our mostrecent renewables fund, the SolarAsset Fund, we demonstrated thatinvestors are willing to understandthe complexity of the energy marketand take on power price risk. In our2016 renewables fund, the SolarIncome Fund, we financed 5 percentof Australia’s installed renewableenergy capacity14, helping to play acatalytic role as the market began todevelop.As we look to deepen the impactof our renewables portfolio, weare also thinking more deliberatelyabout how we engage communitiesand how we manage the land forbetter environmental and biodiversityoutcomes. At our Mount Majura SolarFarm in the ACT, we recently moveda colony of bees onsite. This is partof our exploration of opportunities tofind ways of mixing sustainable landmanagement and renewable energygeneration. We are also looking forpossibilities around how we manageland for multiple benefits by thinkingabout factors such as managingsoil health and weed management.We have also been engaging moremeaningfully with stakeholdersaround our solar farms, includingengaging with Indigenous Australiansto better understand the historyof the land and how we can moremeaningfully work with traditionalowners and custodians of the land.14. In 2016, IIG financed 13 MW of solar energy projectsout of 264 MW installed capacity across Australia. sources-hub/clean-energy-australia-reportBelow: IIG Solarguardians visit to theChinchilla Solar Farmin Queensland

9IIG IMPACT REPORT 2019Venture Capital:Giant Leap Fund 1 Impact-focused VC fund 1 million estimated healthcaresavings from improved treatmentplan adherence in FY1915. Raised 15 million 10 portfolio companies as of 30 June 2019 6.9 million gross sales volume 4 new portfolio companies in FY19generated for independent retailersin FY1916.Cumulative: 15 million (FY17–19) 2.2 million deployed in FY19446 jobs secured by candidatesthat otherwise wouldn’t have beenhired17.137.6 tonnes of waste divertedfrom landfill18.6 billion kms cumulative, carbonneutral delivery19.113,900 tonnes of CO2-eemissions avoided by portfoliocompanies in FY19. 2 million funds divested fromdirect fossil fuel activity in FY1920.15. Perx16. YourGrocer17. Applied18. Goterra Glam Corner19. Sendle, company lifetime20. Future Super

10IIG IMPACT REPORT 2019Venture Capital:Giant Leap FundContinuedCaused harmAvoidedharmBenefited peopleand the planetContributedto solutionsGiant Leap Portfolio CompaniesWe believe that investing inbusinesses that do good issimply good business.What we’re thinking indeepening our impact —lifting the benchmarkSince launching in 2013, IIG hasmade investments in early stagebusinesses that share its values andhave great business potential. Afterseeing numerous impact start-upswith strong potential, IIG establisheda dedicated venture fund in 2016called the Giant Leap Fund.Passionate people have a way ofbeing able to make big thingshappen, and we want to be apart of those successes. There aremany ways that finance can playan instrumental role in supportingbusinesses that are focused onaddressing the world’s most pressingsocial and environmental challenges.While we provide investment capitalat crucial stages of an enterprise’sdevelopment, we know that ourreal value is in supporting impactentrepreneurs at all stages of theirjourney: sharing what we’ve learned,connecting people to one another,and starting from a position ofservice.Giant Leap is Australia’s first 100percent impact venture capital fund,designed to meet investor demandfor attractive risk-adjusted financialreturns as well as measurable socialand environmental outcomes.Our research shows that nearly 25percent of Australian venture capitaldeals in 2018 could be classified asimpact deals, and we are committedto growing this number by growingthe ecosystem. We believe that if wedemonstrate how we respect andcare for people, we will help cultivatea thriving ecosystem of passionateentrepreneurs, values-driveninvestors, and skilled intermediarieswho feel supported and connected intheir efforts to use business as a forcefor good.Below left: Giant Leap at the Above All Humanconference.Below right: Sendle CMO Eva Ross & Giant LeapVenture Partner Adam Milgrom

11IIG IMPACT REPORT 2019Real Estate &Place-based Investing 6 active trusts/assets at 30 June 20193 properties targeting 5-starNABERS Energy ratings21. 115.3 million deployed FY19 508.6 million under management at30 June 20192 properties targeting themaximum-possible 6-star GBCAGreen Star certification22.2 properties targeting highestpossible Platinum WELL rating23 foradvancing the wellbeing and healthof building occupants.14 community events hosted/supported in FY19.2 properties targeting zero wasteand carbon neutrality.1 property targeting waterneutrality.21. NABERS (National Australian Built Environment Rating System) is a buildingsperformance rating system that can help managers assess their energy, waste and waterusage. The NABERS Energy rating has a maximum of 6 points based on energy efficiencyand carbon emissions. https://www.nabers.gov.au/about/what-nabers22. The GBCA (Green Building Council of Australia) Green Star Design and As Builtcertification relates to a building’s environmental performance and includes assessmentson energy, water, materials, indoor air quality etc. For more see: esign-and-built/23. The WELL rating is about human health and well-being, focused on improving the indoorenvironment of buildings. In Australia, only 5 properties have attained a Platinum WELLrating. https://www.wellcertified.com/

12IIG IMPACT REPORT 2019Real Estate &Place-based InvestingContinuedCaused harmBenefited peopleand the planetAvoidedharmContributedto solutionsIIG’s Property PortfolioWe invest in industryleading green buildings andrun ambitious rejuvenationprojects.We invest in places to create moresustainable cities and communities.We do this by delivering best in classenvironmental building performanceand attractive returns with thepotential for capital appreciation. Wealso work on ambitious rejuvenationsof properties that have greatunrealised long-term potential forinvestors and communities.What we’re thinking indeepening our impact —lifting the benchmarkWe have recently developed the NetCommunity Benefit Methodology(NCBM) as a way to identify thebest ways to create public value forcommunities and private value forinvestors24. We are working withpartners to draw upon existingevidence and take a data-drivenapproach combined with communityconsultation to understand thegreatest opportunity to design forcommunity benefits. For example,if we invest in a precinct withhigh unemployment, we couldpotentially curate a mix of tenantsand offer incentives for thosecreating particularly meaningfulwork opportunities that match thecommunity’s needs. We hope to workwith government to deliver moreattractive incentives, particularlythrough the planning and permittingprocess, that boost financial returnsand in turn can be reinvestedinto community benefits. We arepassionate about investing in placesthat deliver positive outcomes for ourcommunities, the environment andour investors.The methodology was developedfrom our experience with theYoung Husband development inKensington, Victoria, which was afinalist for Best New Project, MixedUse Development at the WorldArchitectural Awards in November2018. The development has providedus with the knowledge on how bestto engage in collaboration to codesign a vibrant community.Property Highlight –25 King Street, Brisbane 100% of potable waterconsumption to date has beensupplied by rooftoprainwater harvestingIn FY19, IIG sold the highest ratedenergy building in Brisbane whiledelivering a 15% annualised return forinvestors. Tallest and largest engineered-timberoffice building in the world at thetime of completion24. See our 2019 article published in the Stanford SocialInnovation Review on our methodology to improve placebased programs: y benefits to improve place based programsImage courtesy Bates Smart 6-star target Green Star Rating(highest possible) 8.15 tonnes waste diverted fromlandfill Platinum WELL rating targeted 14.5% of whole building electricityconsumption supplied by rooftopsolar (July 2019) Queensland Architecture Awards2019 winner 5-star target NABERS energy rating Good Design Australia Awards2019 winner

13IIG IMPACT REPORT 2019Catalyst FundThe Catalyst Fund is our foundationestablished to support a range of impactfulorganisations in different ways.Snapshot: 170,000 disbursed since inception (FY17–19) 20 organisations supported to dateFigure 1: Deployed by SDG11%30%0.8%12%24%5%3%3%12%We established the CatalystFund to catalyse deeper andmore meaningful impactOur mission is to use the entirespectrum of returns to generateimpact, including, but not limitedto, providing a complementary setof resources to help achieve thebroader change targeted by IIG’scommercial investment portfolio.The Catalyst Fund has provideddifferent types of grants andinvestment capital with the thesisof catalysing deeper and moremeaningful positive change. We dothis by matching staff donations,engaging in strategic philanthropy,investing in capacity building throughphilanthropy and investments, anddemonstrating the spectrum ofimpact investment returns to expandthe universe of impact investmentopportunities.Organisations supported to dateinclude:Sycamore school, Project Santo;Makerspace, Summer Foundation,Australia Institute, Victoria UniversityWoMEDA, Tender Funerals, ThinkEqual, Lymphoma Australia, GreatBarrier Reef Foundation, SocialStudio, Environment Victoria, BethelOrphanage, Australian ChildhoodFoundation, Yher from YGap, FairAgenda, Standup, Royal Children’sHospital, Hope for Nauru, and theWestern Health Foundation.

14IIG IMPACT REPORT 2019IIG Operational ImpactWe think about impact not justin terms of our investments,but also in terms of ourculture, our operations, andour people.IIG has been a certified B Corporationsince 2013. As an Australian pioneerand proud supporter of the B Corpmovement, we are committed todemonstrating how business canbalance both profit and purpose byadhering to third party certificationand auditing of our social,environmental and governancepolicies, practices and performance.Our overall B Impact Assessmentscore is 86.625 (out of a possible200 points) and we know we can dobetter.The average B Impact Assessmentscore for Certified B Corps iscurrently 95.126(compared tothe average score of 55.1 for allbusinesses of our size — B Corpand non-B Corp). As part of BCorp Awareness month 2019, weheld a whole of team engagementworkshop to understand how wecould use the B Corp assessmentframework to help us lift staffhappiness and perform better acrossour operations. And going forwardwe intend to collect more operationalimpact data to better understandand manage our water and energyusage, and our emissions intensity.In addition to being a B Corporation,we are proud sponsors, advisorsand members of many industry andsector building initiatives and groupsincluding: Impact ManagementProject; Investor Group on ClimateChange; Responsible InvestmentAssociation AustralAsia; CreativeState (Victorian government’sstrategy for creative industry);Impact Investing Summit Asia-Pacific;Green Building Council of Australia;Global Impact Investing Network;and, Biogregional One Planet Livingnetwork.We are also working toward moremeaningful engagement withIndigenous Australians and arebuilding our Reconciliation ActionPlan, which we hope to share in thecoming year.And we are thinking about howwe value and create value for ouremployees. We are experimentingwith the use of a global tool thatmeasures Gross National Happiness27.This tool was developed by thegovernment of Bhutan and is used tomeasure not just national growth andproductivity but the overall health,happiness and satisfaction levels ofthe entire population. We are hopingto launch in the next year the GrossIIG Happiness survey as a way of“measuring how happy and engagedour staff are. Prior to aligning withGross Happiness, IIG measured itsstaff engagement and in FY19 staffreported an NPS score of 60. Thisindicated a very high level of staffengagement and that staff stronglyrecommend IIG as a place to work.And finally, we are deliberate inmoving beyond the transactionalnature that has come to define theway business is typically done andare striving to build meaningfulrelationships and nurture ourcommunity. We see and relateto others as human beings withfeelings, plans, desires and needs.When we approach people througha lens of shared humanity, we canbest serve them, ourselves and ourwork. Our team calls this approach,‘Enlightened Hospitality’, andwe are building these ideas intoways of working with each other,our investors and our extendedcommunity.Clearly this is a very talentedgroup, but what appeared to beparticularly exceptional was thelevel to which each individual’sactions are aligned with their ownhearts and each other’s hearts.Investor25. To become a B Corporation, an organisation mustscore at least 80 points https://bimpactassessment.net/26. B Corp Impact Data, B Lab, data.world/blab/b-corpimpact-data, Accessed 27 August 2019”27. http://www.gnhcentrebhutan.org/what-is-gnhSmall Giants (IIG’s owner) has partnered with Bhutan’sGross National Happiness Centre and runs programsto support clients and other investors to connect withpurpose and impact through ‘Impact Safaris’ (https://www.impactsafari.com/bhutan-2019)

15IIG IMPACT REPORT 2019Our Impact ProcessesHow do we manage and measure impact?We embed an impact lens intoour decision making acrossour business and we havedeveloped processes andtools that reflect both how wemanage for better outcomesand how we measure the typeand degree of change that hasresulted from our efforts.measuring. In other cases, wherewe manage assets directly, we workwith our internal team, consultantsand third-party independent expertsto collect social and environmentaldata. And occasionally, we feel thatan in-depth impact evaluation isrequired to understand deeper ormore complex outcomes from aprogrammatic intervention.We ask what impact we can have;screen for whether there is enoughimpact and understand how we canmanage and deliver those targets;and, evaluate and reflect uponwhether we achieved what we setout to do.We have adopted a cloudbased impact management andmeasurement platform, ImpactCloud28, which supports our teamin keeping track of the most upto-date impact performance of ourinvestments.We have aligned with global bestpractice in impact managementand measurement and haveincorporated elements from theImpact Management Project andSustainable Development Goals intoour processes and tools.Bringing it all together; howdo we know meaningfulchange has occurred?We collect impact data in differentways. In some cases, we collect datafrom the enterprises in which weinvest, agreeing with executive teamsabout the appropriate impact metrics(including qualitative evidence), andrecognising we are aiming to supportthe mission and growth of thesebusinesses. To not over-burden smallteams and tight budgets we deferto simpler proxy metrics that alignwith what entrepreneurs are alreadyTo report our impact results, we tryto make meaningful sense of whathas happened for our clients andbroader stakeholders. We do thisby streamlining impact reportingand consistently reporting againstthe Sustainable DevelopmentGoals, Impact Management Project,highlighting the most importantheadline quantitative impact metricsand sharing at least one case studyor story. The balance of key metrics,consistent frameworks, streamlinedreporting and meaningful storieslets us and our stakeholders knowwhether and what type of changehas resulted from our investments.28. https://info.sopact.com/impact-cloudFigure 2: Impact across the investment lifecycleDesign Sector & subsectoranalysis New product ideas Impact thematics Aspirational goalsWhat impact canwe have?Implement & iterateEvaluate Decision-making filters Results fromimplementing theimpact managementand measurementprocesses Impact managementinterventions andchecklists Clarifying effects andTheories of Change todevelop a processto achieve outcomesWill it be enoughimpact? Data feed intolearnings for iterativemanagement and designDid we generatethe desiredimpact?

16IIG IMPACT REPORT 2019Our Impact ProcessesContinuedOur Theory of ChangeOur approach to creating morepositive impact is underpinned byour theory of change, which tells ushow we translate the inputs for ourbusiness into activities or what wedo that should ultimately result inthings that matter and lead us to theoutcomes we are seeking to achieve.Our theory of change (see Figure3)says that we acknowledge and valuethat we are more than a businessbased on financial inputs but we relyupon people, the environment andtheir connections to exist.Each of our investment teams havetheories of change that reflect thisapproach to managing for betteroutcomes through our investments.And our operational teams embedthis thinking into how we run ourorganisation as a values-driven Bcorporation29. As we share our theoryof change, we also want to share thatwe are learning as we go, testing thistheory, adapting and iterating. We’rehappy to share our thinking on thisbefore it’s perfect as we feel there isvalue in opening up the ‘black box’and getting other perspectives.29. https://bcorporation.com.au/Figure 3: Theory of ChangeIf we(Inputs)By(Activities)It will lead to(Outputs)And(Outcomes)And ultimately(Impacts)Engage and mobilisedifferent types ofcapitalBuilding impactinvestment productsthat respond toproblems, valuingwhat matters andengaging peopleMore scale and reachfor stakeholder,enterprise andasset level socialand environmentalbenefitsMeaningful changesexperienced by staff,clients, communitiesand the planetContribute towardcreating the nexteconomy that valuespeople, planet andour connections at theheart of all we doHow do we do that?How do we do that?Identifying social/environmentalproblems to address,identifying how ourfinancial productsaddress these, mobiliseour six capitals, andengage with othersAssessing how thequality of our businesshas grown, how manypeople we’ve touchedand what our productsare doingHow do we do that?Acknowledging andbeing deliberate abouthow we mobilisedifferent types ofcapital: natural, human,social, intellectual,financial andmanufactured capitalsExample Measures: Environmentalinputs (energy, waterconsumed etc) # and diversity of staff social capital scores IP examples Balance sheet OwnershipExample measures: Team size anddiversityExample measures: # of projects, peopleor businesses wesupport Asset-level outputs Staff development FUM; EBITDA Stakeholderengagement activitymetrics B-corp scores # of people trainedHow do we do that?Assessing meaningfulchanges that haveoccurred from ourinvestment products,enterprise initiativesand stakeholderengagementExample Measures:How do we do that?Translating our effortsto broader goals andsharing stories andlearningsExample Measures: IIG Gross NationalHappiness score Size of the impactinvestment market(no attribution) Engagement scoresfrom stakeholders Contribution towa

2 IIG IMPACT REPORT 2019 CONTENTS AUTHORS: DR ERIN CASTELLAS, CHIEF IMPACT OFFICER JOSHUA ZAIL, IMPACT ANALYST 3 About Us 5 Our Impact at a Glance 6 Our Performance Highlights 7 Renewable Energy 9 Venture Capital: Giant Leap Fund 11 Real Estate & Place-based Investing 13 Catalyst Fund 14 IIG Operational Impact 15 Our Impact Processes 17 About the Impact Management Project

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