Nancy E. Pfund, Managing Partner TBLI Conference Europe 2012 November 9, 2012

DBL Investors - Double Bottom Line Venture Capital

We are a San Francisco-based firm with a “Double Bottom Line” approach to venture capital investing

Our unique strategy:

Venture capital investing with a goal of achieving top-tier financial returns

Proprietary assistance to portfolio companies - delivering social, environmental and economic benefits to our regions

Results:

Fund I ($75M) has consistently achieved top-tier financial returns

Successfully closed Fund II in 2011 at $150M

22 active portfolio company investments as of November 2012

Market leading companies creating thousands of jobs with meaningful impact

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DBL Investors Fund I Exits

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IPO June 2010

IPO

A

CQU

IRED

Acquired by Johnson &

Johnson in June 2005

Acquired by SunPower in January

2007

Acquired by Siemens in January

2012

IPO June 2011 Filed for IPO

Impact Measurement & Metrics

Why we measure

o DBL’s double bottom line mission is grounded in a commitment to metrics

o Transparency in social and environmental returns is essential to make informed decisions on current and future investments

How we measure

Limited Partners help shape reporting requirements o Ford Foundation

o CalPERS/CalSTRS

o The California Endowment

o Banks with Community Reinvestment Act (CRA) requirements

What we measure

o Quantitative metrics: job creation, quality of jobs-benefits, diversity, companies and employees in LMI/Enterprise Zone

o Qualitative metrics: programs in workforce development, community engagement, environmental stewardship, public policy

When we measure

o Two LP reports per year, combining quantitative charts & qualitative narrative

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Job Creation is the Key Metric

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Investing in sustainable, scalable companies creates net new jobs in a region Job creation yields long-term impact on individuals and ultimately on communities through:

Stable income Housing Education Healthcare

Wealth creation Security Dignity Community Revitalization

Metrics for Fund I

750

1500 1,509

3463

4,000

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Entry Level Total Jobs over Life of Fund

Fund I Bay Area Jobs Created

Target Number of Jobs

Actual Number of Jobs (6/30/12)

Projected Bay Area Job Creation over Life of Fund

Fund I geographic focus is the San Francisco Bay Area 5

Over 6,500 total project jobs nationwide by 2014

Total Jobs: 2,662

Earning LMI wages

65%

Living in LMI area

51%

Net New Jobs Created Since DBL Invested 1423

Total (out of 2,662) Ethnic Minority Employees 926

Total (out of 2,662) Women Employees 488

Benefits Enrollment – Employer Co-pay Health Care Retirement/401K ESOP

74% 48% 99%

Diversity of Key Managers (Women, Ethnic Minority) 25%, 14%

Company Facility in LMI or Enterprise Zone 64%

Company Community Engagement Programs 57%

Company Environmental Stewardship Programs 64%

Living in LMI area, and

earning LMI wages 36%

Aggregate Second Bottom Line Metrics as of June 30, 2012

Metrics for Fund II (2010 Vintage Year)

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DBL Portfolio Companies Products Significantly Cleaner Than Incumbents

OPX BioAcrylic chemicals have the potential to achieve an 80% reduction in petroleum use per

kilogram of final product compared to petroleum-sourced

Acrylic Acid

The eco.bottle uses approximately 66% less plastic than traditional rigid plastic

bottles

Tesla’s electric vehicles are 0% petroleum-powered

As of 3/31/11- Tesla Roadsters

had driven more than 16 million real-world kilometers- that's nearly 2 million liters of

fuel that didn't burn

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DBL Solar Companies Have Contracts That Equate to A Reduction of Millions of Tons of CO2 Emissions Per Year

US Solar Pioneer PowerLight designed and deployed hundreds of large-scale solar power systems with a total capacity of more than

100MW between 1996 and 2006, when acquired by SunPower

As of 6/30/2012, SolarCity had deployed 201MW of rooftop solar

A solar system for a typical 3-Bedroom home will offset 50 tons of carbon dioxide over 20 years, saving the equivalent of driving a car 160,000

kilometers, the CO2 absorbed by 50 trees or 110,000 liters of water used in electricity

A typical 100MW BrightSource Energy solar power plant will reduce CO2 emissions by

131,600 tons per year based on the California average CO2 emissions of power

plants of 376 metric tons per GWh

Solaria’s net environmental

impact is at least 16X less than

Natural Gas and 37X less than Coal

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Workforce Development

Second Bottom Line activities improve the First Bottom Line

Community Engagement

Public Policy Assistance

Environmental Stewardship

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Double Bottom Line Program Areas CO

NFI

DEN

TIA

L

First investment (2007): 63

October 2012: over 2,000

Company Spotlight

Veterans Hiring Program

SolarCity created a veterans hiring program which employs 65 veterans (as of Q2 2012) as solar installers, managers/administration, IT, and energy efficiency auditors

National veterans hiring program partners include: CA National Guard, JPMorgan Chase’s 100,000 Jobs Hired, Swords to Plowshares, CA Conservation Corps, Veterans Green Jobs and Veterans Affairs offices

Job Creation Public-Private Partnership

SolarStrong program installing 300MW of solar on 120,000 military housing units across the US

SolarCity contracted to provide solar installations for over 100 multi-family affordable solar housing projects

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$500K PRI from Kellogg Foundation provides low-interest equipment financing for New Orleans kitchen facility

Kaiser Permanente & East Bay Community Foundation grants help to fund Oakland Summer Food Service Program, providing meals for low-income kids during summer

First investment (2006): 2

October 2012: over 900

200,000/day

80% to low-income students

Company Spotlight

Employee Financial Literacy

In 2012 DBL created and sponsored financial education workshops for entry-level employees (75% of Oakland’s hourly workers attended April and June workshops)

Workshops teach value of banking, budgeting and saving, helping convert unbanked employees to banked

Partners include EARN and One Pacific Coast Foundation

Job Creation Public-Private Partnership

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Healthy Meals Served

Revolution Foods

Impact Investing Virtuous Cycle

Invest in sustainable, scalable companies with industry-leading disruptive innovations

Portfolio companies

Create new markets or disrupt existing markets

Create net new jobs: quantity and quality

Deliver measurable social, environmental and economic benefits

Revitalize economically depressed areas & improve local tax base

Asset class of impact venture capital continues to grow with measurable results

Using a Double Bottom Line investment approach helps portfolio companies develop a “culture of impact”

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For More Information

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Nancy E. Pfund, Managing Partner Email: nancy@dblinvestors.com Phone: +1 415-568-2910