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Presentation Slides

1) 2015 Annual Impact Report

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3) 2015 Annual Impact Report Table of Contents 2015 in Review..................................................................................................................4 Commitment to Bettering our Communities and our Environment................................10 Fixed Income Impact Investing.......................................................................................14 2015 Impact....................................................................................................................16 Fixed Income Impact Themes.........................................................................................24 Fixed Income Impact Investments...................................................................................26 Looking Ahead................................................................................................................30 Community Capital Management, Inc. is a Florida-based investment advisor registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The securities identified and described herein are current holdings and for illustrative purposes. Their selection was based upon non-performance criteria, such as the security’s social and/or environmental attributes. Impact figures mentioned in this report are approximate values. Past performance does not guarantee future results. Market conditions can vary widely over time and can result in a loss of portfolio value. © 2015 Community Capital Management, Inc. 3

4) 2015 in Review Community Capital Management (CCM) has been managing fixed income ESG/ impact investments since 1999. The landscape for these investments has changed dramatically since that time. The vast nomenclature alone leads many to wonder what ESG and impact really mean in the investment world. For us, it is simple. We incorporate the “environmental” and “social” aspects of ESG into our investment philosophy by proactively screening market-rate bonds that have a positive impact in our nation’s communities. Our third annual impact report serves to inform our clients on CCM’s: 3 7-year commitment to fixed income ESG/ 1 impact investing; 3 eep focus on transparency as well as d quantitative and qualitative impact metrics; 3 edication to increasing awareness and d knowledge in this space; and 3 esponsibility to act with the utmost r principles of accountability. Community Capital Management (CCM) has been managing fixed income ESG/ impact investments since 1999. 4 © 2015 Community Capital Management, Inc.

5) 2015 Annual Impact Report Looking back at 2015, there are several notable elements that stand out in our minds: Customization – The ability to offer a bespoke portfolio to impact investors is essential. CCM offers a high degree of customization that investors can use to target their investments to specific geographies or impact themes. Talent – As pioneers in the fixed income ESG/ impact investing space, we are experts and this is our specialty. With these in mind, we are proud and excited to announce that the firm has invested $6.9 billion in cumulative community development initiatives nationwide on behalf of our clients, generating the following powerful results: • 321,000 affordable rental housing units •  4,500 home mortgages for low- and 1 moderate-income borrowers •  290 million in enterprise development/job $ creation Innovation – As Albert Einstein stated “The measure of intelligence is the ability to change.” We continuously strive to find enhanced ways to better our offerings, improve our impact reporting and communicate with our clients. •  355 million in economic development $ (i.e., environmental sustainability, neighborhood revitalization, healthy communities) Reporting – Clear, concise and timely financial and impact reporting are essential. This is top priority at CCM and we enjoy collaborating with our clients to ensure the highest quality deliverables. •  32 million in affordable healthcare/ $ rehabilitation © 2015 Community Capital Management, Inc. •  739 million in statewide homeownership $ and down payment assistance 5

6) In September, we released a new white paper, Place-Based Investing and the Role of the Impact Investor. The report covers an introduction to place-based investing and case studies of four urban housing redevelopment projects. The feedback was extremely positive with particular focus and interest on the section of CCM’s role in the life cycle of place-based investments. Over the last year, we have seen an increase in investors looking to positively screen their bond portfolios for fossil fuel free holdings, a focus on gender lens, rural community development and place-based investments. We created several new reports providing investors a better understanding of how their fixed income securities can have a positive impact while benefiting these initiatives. In September, CCM released a new report, “Place-Based Investing and the Role of the Impact Investor.” Investors were increasingly interested in the section on CCM’s role in the life cycle of place-based investments. 6 © 2015 Community Capital Management, Inc.

7) 2015 Annual Impact Report One of CCM’s initiatives in 2015 was its announcement to invest $100 million in bonds financing rural community development. One of the greatest challenges to rural communities is that their poverty rates are disproportionately higher than urban or suburban areas. Fixed income investment with a focus on rural community development utilizes CCM’s positive screening approach to identify bonds that finance or support initiatives in rural or HUD-designated underserved communities. 1 2 3 4 5 6 7 At the end of 2015, CCM has invested approximately $595 million (since inception) in bonds financing rural community development initiatives across the country with approximately $22 million in non-metro counties with persistent poverty across 31 states. In 2016, we will be working actively to invest the outstanding portion of our $100 million commitment. Rural community development, as an impact theme, is relatively new and a great example of the flexibility and customization in CCM’s menu of impact themes that can align with an investor’s social objectives. First, the private or public sector funds and builds a property for market-related use that is appropriate at time of construction. Second, with the passage of time and changes in neighborhoods and local economies, a property’s original purpose is no longer relevant or economically viable. Third, subsequent neglect and sometimes abandonment create an eyesore, safety hazard and contribute to decline in property values and become part of a negative spiral for communities and residents. Fourth, government planners and foundation-supported entities seek to craft a repurpose and rehabilitation strategy that will return property to fuller use and be part of overall revitalization goals. Fifth, a winning plan emerges and the scramble to put together financing packages begins. Public agencies and/or foundations spend money to create an opportunity that will attract private capital. Sixth, construction and rehab occur, frequently with grants, program-related investments (PRIs) or foundation support for non-profit partners, available subsidies are drawn and a property is ready to return to the market with a new purpose. Banks and construction lenders will play a part. Seventh, a permanent financing takeout whereby a patient capital long-term investor will own a mortgage or similar investment instrument on the reincarnated property. This is where CCM’s role comes into play – the long-term patient capital. © 2015 Community Capital Management, Inc. 7

8) CCM is always looking to expand upon and surpass the goals of its many initiatives which over the last couple of years include Superstorm Sandy and sustainable agriculture in addition to rural community development. In July, CCM committed to invest $100 million to the Obama Administration’s new initiative to increase solar access for all Americans. The initiative is geared toward low- and moderate-income communities while also expanding opportunities to join the solar workforce. Fossil fuel free investments received an abundance of coverage in 2015 which we feel will only continue into 2016 and beyond. Many investors initially think of fossil fuel free equities; however, investors may also own corporate bonds issued by these companies in their fixed income portfolios. At CCM, we do not hold debt of corporations and believe a focus on re-investment and support for local communities is an important component of the growing movement for fossil fuel free investments. We believe that we have the longest track record of impact managers assisting clients with their fossil fuel free fixed income portfolios. CCM took part in the Obama Administration’s new initiative to increase solar access for all Americans that was announced on July 7 in Baltimore. 8 © 2015 Community Capital Management, Inc.

9) 2015 Annual Impact Report Lastly, the Department of Labor’s (DOL) new guidance regarding economically targeted investments (ETIs) made by retirement plans covered by the Employee Retirement Income Security Act (ERISA) was historic. The DOL guidance states that the consideration of ESG factors in investment decisions does not violate a pension plan sponsor’s fiduciary duty and noted that such factors can have financial benefits in addition to social benefits. In response, CCM released a report on how ESG criteria may now be encouraged in ERISA portfolios and how CCM customizes market-rate, fixed income ETI portfolios for ERISA plans. It was an exciting 2015 and we look forward to furthering our initiatives and the broader increasing momentum in the fixed income ESG/impact investing space in 2016. While we are still in the early years of impact investing as a mainstream phenomenon, the transition taking place represents a fundamental and irreversible shift. With 17 years of experience in this growing segment of the market, we are thrilled to play an important and significant role in the change. Sincerely, Community Capital Management, Inc. While we are still in the early years of impact investing as a mainstream phenomenon, the transition taking place represents a fundamental and irreversible shift. With 17 years of experience in this growing segment of the market, we are thrilled to play an important and significant role in the change. © 2015 Community Capital Management, Inc. 9

10) Commitment to Bettering our Communities and our Environment CCM is committed to serving and bettering our environment, communities nationwide, and the areas in which we live and work.  Charitable giving is critical and the firm coordinates volunteer service days for its employees several times a year.  Each year, CCM looks to donate approximately 1% of net income to charitable giving and encourages and supports its employees to volunteer their time with local community organizations.  10 The firm is a proud sponsor of a local foundation – The Jason Taylor Foundation – whose proceeds benefit South Florida children. One of the organizations supported by the Foundation is Take Stock in Children, which provides college scholarships to low-income and at-risk students, many from minority families, to escape the cycle of poverty through education.  Some of CCM’s employees have volunteered their time serving as mentors for Take Stock.  © 2015 Community Capital Management, Inc.

11) 2015 Annual Impact Report We were also excited to be a first time sponsor of the Julia Center, a neighborhood outreach center serving hundreds of immigrant families in the West Town area of Chicago. The Julia Center is a Catholic not-for-profit, funded by private grants and donations and as a supported ministry of one of our clients, Our Lady of Victory Missionary Sisters. For the past three years, CCM has participated in the United Way of Broward County’s Day of Caring. In 2015, CCM team members participated in the 21st Annual Day of Caring for Broward County United Way of Florida to package Outreach Program meals for the hungry. A total of 300,456 Outreach Program meals were packaged that day. © 2015 Community Capital Management, Inc. Some of CCM’s employees volunteer their time each week to be a ReadingPal at a local elementary school. The program, coordinated through the United Way of Broward County, is an early literacy initiative for children in kindergarten through third grade. It focuses on ensuring children have been exposed to the wonders of literature and are reading at grade level at the end of third grade. In 2015, CCM donated much-needed refrigerators to the Ronald McDonald House in Fort Lauderdale. The mission of the Ronald McDonald House Charities (RMHC) is to create, find and support programs that directly improve the health and well being of children in South Florida. 11

12) We are equally proud of our employees’ participation on various boards in 2015: a  lyssa Greenspan, President & Chief OpA erating Officer, serves on the board of The Forum for Sustainable and Responsible Investment (US SIF) where she is Chair of the Nominations Committee. a  avid Sand, Chief Investment StrateD gist and Interim Chief Impact Investment Officer, serves on the New York Advisory Board for Enterprise Community Partners where he is Chair of the Loan Committee. He is also on the board of advisors of the Croatan Institute. 12 a J ulie Egan, Director of Municipal Research/Portfolio Manager, serves on the board of the National Federation of Municipal Analysts where she is Treasurer. She also serves on the board of the Southern Municipal Finance Society. a ames Malone, Director of Investment J Platforms, serves on the board of the Sawgrass Adventist School where he is a member of the Personnel and Finance Committees. He also serves on the Board of Elders for Plantation SDA Church and is Chair of the Finance Committee. a  ndy Shafter, Client Portfolio Manager, A serves on the Hingham Massachusetts School Committee and is Chair. He also serves on the Hingham Scholarship Investment Committee and the Northwestern University Leadership Council (NULC) – Boston. © 2015 Community Capital Management, Inc.

13) 2015 Annual Impact Report CCM’s environmental commitment includes encouraging office recycling, minimizing the use of plastic bottles in our office by offering a water filtration system, using energyefficient lighting, and attempting to conduct most marketing efforts online, rather than using printed materials.  When we do print, our printers offer an environmentally friendly solution called “green ink”. The commitment includes three stages: Ink – The ink used is an alcohol-free process, with soy vegetable-based inks that have extremely low Volatile Organic Compound (VOC) ratings. n  © 2015 Community Capital Management, Inc. Paper – 100% of all our printers waste trimmings are recycled and they are a small percentage of printers in the state of Florida to attain Forest Stewardship Council™ (FSC) Certification. n  Process – Our printers commitment to the environment doesn’t end with ink and paper choices. They evaluate all of their practices company-wide to continuously find innovative ways to reduce their footprint and improve their contribution to a healthier ecology. n  CCM continually seeks ways to grow our business in a sustainable, eco-friendly manner. 13

14) Fixed Income Impact Investing CCM’s fixed income ESG/impact investing strategy’s overriding investment philosophy is predicated on incorporating the “environmental” and “social” aspects of ESG. This is accomplished by investing in governmentrelated subsectors of the bond market that finance a variety of economic development and environmentally sustainable initiatives nationwide, including fossil fuel free securities. ESG/Impact research Financial Analysis Investment Transparency Fixed income investments provide capital to finance project’s with clearly defined ESG/ impact positive outcomes. The firm’s pioneering research process combines ESG/impact research with financial analysis providing an added layer of investment transparency by detailing the use of bond proceeds. • Who will this benefit? •  hat is the underlying objective W of the project? •  here is the property/project W located? •  hen will it be completed? W •  hy is this an ESG/impact W investment? •  ow will it positively benefit H the community? • Bond issuer • Source of repayment • Credit research • Prepayment analysis • Issuer exposure • Duration and yield curve • Sector allocation • What if scenarios • Liquidity • Client guidelines • Financial reporting • Impact reporting 14 © 2015 Community Capital Management, Inc.

15) 2015 Annual Impact Report Primary sectors we invest in: Single Family Agency MBS •  ector: The U.S. single family residential mortgage market consists of a primary mortgage market S in which lenders make loans to homebuyers and a secondary mortgage market in which mortgage lenders exchange loans for mortgage-backed securities (MBS). Those MBS can be purchased by investors such as CCM. We invest in single family agency MBS pools backed by Fannie Mae, Freddie Mac and Ginnie Mae. • mpact: CCM’s customized single family agency MBS pools are specifically to low- and moderateI income borrowers. Our due diligence criteria includes an analysis of borrower information, loan balances, geographies and minority census tracts. Pools can additionally be screened to include counties recognized for developing and increasing walkable neighborhoods. Multifamily Agency MBS •  ector: Multifamily agency MBS are collateralized by mortgages on multifamily residential properties S (i.e., assisted living facilities, affordable rental housing properties or mental health complexes). U.S. agency multifamily MBS are issued by Ginnie Mae and Fannie Mae. • mpact: Many of these affordable multifamily properties have a variety of positive community impacts I such as but not limited to: incorporating environmentally friendly practices, assisting in the revitalization of a larger community effort, offering onsite childcare and education opportunities and providing opportunities for greater self-sufficiency to its residents. Taxable Municipals •  ector: Taxable municipals are taxable debt obligations of a state or local government entity and are S subject to federal taxes. They tend to offer yields more comparable to those of other taxable sectors, such as corporate bonds or bonds issued by U.S. governmental agencies, than to those of taxexempt municipals. • mpact: Taxable municipals finance a variety of community development projects and activities such I as neighborhood revitalization, environmental sustainability, education, childcare, transit-oriented development, neighborhood revitalization, job creation and so much more. SBA Pools/Loans •  ector: The U.S. Small Business Administration (SBA) Secondary Improvements Act of 1984 S authorized, among other things, the means by which SBA pool assemblers could create and market guaranteed loan pools similar to commonly used MBS. • mpact: SBA loans finance enterprise development for small businesses helping to create and retain I jobs, provide access to capital and assist with capital for expansion or other business-related activities. They may additionally be financing environmentally friendly businesses and/or located in Historically Underutilized Business (HUB) Zones helping to revitalize a community. © 2015 Community Capital Management, Inc. 15

16) 2015 Impact CCM launched its fixed income ESG/impact investing strategy in 1999. Since that time, it has used a macro framework for measuring impact using the classifications listed in the table below. In total (as of YE2015), CCM has invested $6.9 billion in community development initiatives nationwide on behalf of its clients. This includes $600 million invested in 2015 generating results that make a powerful impact. On each of the following pages, you will find more detailed analysis for each category listed below. Additionally, in 2015, CCM increased its list of customized impact themes as a subset to the macro listings below. More information on these sub-impact themes that investors can tailor is included in this report. 2015 Since Inception 26,000 321,000 1,400 14,500 Enterprise Development/Job Creation $32 million $290 million Economic Development $21 million $355 million Statewide Homeownership and Down Payment Assistance $19 million $739 million Affordable Healthcare/Rehabilitation Facilities $2 million $32 million $600 million $6.9 billion Affordable Rental Housing Units Home Mortgages for Low- and Moderate-Income Borrowers TOTAL 16 © 2015 Community Capital Management, Inc.

17) 2015 Annual Impact Report © 2015 Community Capital Management, Inc. 17

18) Affordable Rental Housing Units In 2015, CCM invested $240 million in bonds that helped finance 26,000 affordable rental housing units nationwide. WEST: •  ,000 affordable 2 rental housing units MIDWEST: •  ,000 affordable 6 rental housing units SOUTHWEST: •  ,000 affordable 3 rental housing units 18 NORTHEAST: •  2,000 affordable 1 rental housing units SOUTHEAST: • 3,000 affordable  rental housing units © 2015 Community Capital Management, Inc.

19) 2015 Annual Impact Report Affordable Home Mortgages In 2015, CCM invested $527 million in bonds financing approximately 1,400 home mortgages to low- and moderate-income borrowers. WEST: •  00 mortgages to 1 low- and moderateincome borrowers MIDWEST: •  30 mortgages to 4 low- and moderateincome borrowers SOUTHWEST: •  00 mortgages to 3 low- and moderateincome borrowers © 2015 Community Capital Management, Inc. NORTHEAST: •  00 mortgages to 2 low- and moderateincome borrowers SOUTHEAST: • 370 mortgages to  low- and moderateincome borrowers 19

20) Enterprise Development/Job Creation In 2015, CCM invested $32 million in U.S. Small Business Administration (SBA) loans and pools providing small businesses with access to capital, job training, and employment opportunities. 2015 Job Creation/Retention: a$32 Million invested a84 SBA loans a400 jobs created/retained1 Source: Hoovers.com The U.S. SBA was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. 1 20 © 2015 Community Capital Management, Inc.

21) 2015 Annual Impact Report Economic Development In 2015, CCM invested approximately $21 million in bonds financing economic development initiatives. Within this macro category lie a multitude of positive impact initiatives. These include environmental sustainability, healthy communities, education, childcare, neighborhood revitalization, human capital plans and many more. The following representative investments characterize the positive economic impact embedded within the securities CCM purchases on behalf of its clients. Sound Transit is a regional transit authority encompassing portions of King, Snohomish and Pierce counties in the central Puget Sound region of the State of Washington. Sound Transit’s mission support communities, the environment and economy by providing affordable, environmentallyfriendly public transit that connect residents to where they live, work and play. The Ames Schoolhouse is a historic school building in Dedham, Massachusetts. Proceeds are being used to provide financing for the reconstruction and other improvements to the property. Phases include renovation for a combined town hall and senior center as well as much-needed renovations to police and fire stations. The Town of Dedham established a Sustainability Advisory Committee to advise on strategies for advancing the Town’s commitment to renewable energy. Source: https://en.wikipedia.org/wiki/Ames_ Schoolhouse#/media/File:AmesSchoolhouseD.JPG © 2015 Community Capital Management, Inc. 21

22) Statewide Homeownership and Down Payment Assistance In 2015, CCM invested $19 million in bonds financing statewide homeownership and down payment assistance programs for low- and moderate-income people. Statewide homeownership opportunities help individuals and families create a base to build wealth creation and often represents a family’s primary asset. Down payment assistance programs are designed to help homebuyers purchase a home with less out-of-pocket costs. The following representative investments characterize the positive economic impact supporting statewide homeownership and down payment assistance embedded within the securities CCM purchases on behalf of its clients. The Utah Housing Corporation’s (UHC) Single Family Mortgage Program provides financing for the purchase of housing by low- and moderate-income persons within the State of Utah. UHC’s “FirstHome” mortgage program is geared towards families of modest income who are first-time homebuyers. The program offers competitive interest rates that keep the monthly payments affordable, allowing families with smaller incomes to purchase a home. The Kentucky Housing Corporation established its Housing Finance Program in 1973 and adopted the Resolution authorizing the issuance of its Housing Revenue Bonds to finance mortgage loans and construction loans for such housing. The Corporation’s Program assists persons and families of lower- and moderate-income income in the Commonwealth with their housing needs. All mortgage loans have terms of 30 years. 22 © 2015 Community Capital Management, Inc.

23) 2015 Annual Impact Report Affordable Healthcare/Rehabilitation In 2015, CCM invested approximately $2 million in bonds financing affordable healthcare and rehabilitation initiatives. This includes creating and retaining affordable healthcare and rehabilitation facilities and providing caring, affordable and high quality healthcare and supportive services to low- and moderate-income and/or medically underserved persons. It also includes the rehabilitation and renovation of healthcare facilities to better serve communities and people. The following representative investments characterize the positive economic impact supporting affordable healthcare/rehabilitation embedded within the securities CCM purchases on behalf of its clients. Partners HealthCare (PHC) is one of the largest charitable diversified health care services organization in the country. Proceeds are being used to finance a variety of capital projects for PHC such as the construction of an approximate 500,000 square foot building at the main campus in Boston to house: a relocated and expanded radiation oncology department; expanded emergency services; three levels of operating and procedure suites; 150 neurosciences and medical oncology ICU and acute patient rooms; a new sterile processing department; and a new central receiving desk. The Hospice of the Florida Suncoast, Inc. (the Hospice) and The Hospice Foundation of the Florida Suncoast, Inc. (the Foundation) are nonprofit corporations. Proceeds are being used to finance the construction and renovation of health facilities. The Hospice provides a full range of health and community services including palliative care, emotional and bereavement support for those living with a chronic or terminal illness, and their families. The Foundation’s mission is to advance understanding and support of the Hospice. As a community hospice, all those in the community who need hospice care are eligible to receive it. © 2015 Community Capital Management, Inc. 23

24) Fixed Income Impact Themes CCM’s clients have the opportunity to customize their impact focus by tailoring their investments to support specific impact themes or geographies. The investment team then seeks bonds whose proceeds benefit those specified positive screens. Investments customized to impact themes can target a variety of initiatives including but not limited to those listed below. Investments customized to geographies can target nationwide or by state or county. CCM’s investment team works with clients to customize investments that meet their stated goals. Agriculture Affordable Healthcare/ Rehabilitation Affordable Housing Disaster Recovery Education/Childcare Enterprise Development/Jobs Environmental Sustainability Gender Lens Healthy Communities Human Capital Plan Neighborhood Revitalization/Redevelopment 24 HUD Designated Rural Community Development Seniors/Disabled © 2015 Community Capital Management, Inc.

25) 2015 Annual Impact Report Definitions of Fixed Income Impact Investing Themes Agriculture Assisting in the art and science of growing plants and other crops and the raising of animals for food; supporting agriculturallysustainable businesses. Affordable Healthcare/Rehabilitation Creating and retaining affordable healthcare and rehabilitation facilities and providing caring, affordable high quality healthcare and supportive services to low- and moderate-income and medically underserved persons. Affordable Housing A home often represents a family’s primary asset and serves as a base to build wealth creation. Affordable rental housing should cost no more 30% of a household’s income, and can help a community maintain a stable population by supporting workforce housing, and housing for low-income families, the elderly and disabled Disaster Recovery Supporting various community development activities in federally-designated disaster areas to enable the recovery or continuation of daily life following a natural or human-induced disaster. Education/Childcare Assisting the education and development of children and youth, with special emphasis on those who are educationally at risk. Enterprise Development/Jobs Providing small businesses with access to capital; job training for the un- and under-employed; and employment opportunities for low- and moderate-income people and communities. Environmental Sustainability Rehabilitation of existing buildings; adaptive reuse; meeting energy codes; using renewable, reused, or recycled materials; water conservation; wind farms; solar; access to transit; sustainable agriculture, brownfield development; LEED certification, and environmentally sustainable small businesses. Gender Lens Benefiting woman and girls, primarily those that are low- and moderate-income and/or located in low- and moderate-income communities. Healthy Communities Establishing and maintaining effective population-based strategies that reduce the burden of chronic disease and achieve healthy equity. HUD Designated Historically Underutilized Business Zone (HUBZone); Distressed/Underserved; Empowerment Zone; Enterprise Community; Renewal Community; Neighborhood Networks. Human Capital Plan Human capital plans identify resident needs and resources that assist them in achieving personal goals, greater self-sufficiency and upward mobility. It also helps link residents with community opportunities and resources. Neighborhood Revitalization/Redevelopment Transforming blighted neighborhoods into areas of opportunity; assisting in the revitalization of neighborhood facilities. Rural Community Development Investing in rural communities so they help alleviate poverty/create wealth and are self-sustaining, re-populating and thriving economically. Seniors/Disabled Affordable living for seniors and/or disabled individuals; meeting the physical, social and psychological needs of seniors and/ or the disabled. © 2015 Community Capital Management, Inc. 25

26) Fixed Income Impact Investments Casa de Primavera, Phoenix, Arizona Casa de Primavera is an affordable rental property for seniors where 161 of the 162 units receive Section 8 assistance. It resides in a low-income census tract. Casa de Primavera is an apartment community designed especially for the elderly and mobility impaired living at 30 percent or less of the area median income. The community offers one-bedroom apartments in a parklike atmosphere with specially-fitted units for physically disabled residents with in-unit emergency call systems. Other amenities include a fitness room with pool table, on-site senior center with covered patio, outdoor exercise walk area, meditation garden and well-landscaped, spacious grounds. Chicanos Por la Causa, Inc. (CPLC) Elderly Services and Programs, located in the Senior Center at Casa de Primavera, is focused on meeting the social and nutritional needs of the elderly. Occupants are privy to an array of supportive services designed to address their varying needs: •  ase Management Services – A service C coordinator addresses the needs of the residents and promotes active communication between residents, social workers, health care workers, family members and the management team. •  ome Delivered Meals Program – IndividuH als unable to prepare meals for themselves or leave their home to participate in daily congregate meals will be registered to receive hot nutritious home delivered meals. •  ongregate Meals – Individuals unable C to prepare meals for themselves or who prefer to eat in the company of others can participate in the Case de Primavera center congregate meal program and join other residents and community senior adults in the dining room for a nutritious meal. 26 © 2015 Community Capital Management, Inc.

27) 2015 Annual Impact Report City Market at O Street, Washington DC City Market at O Street is a one million square foot mixed-use development in the historic Shaw neighborhood in Washington, DC. The development includes over 200 residential apartment and condominium units, a 182-unit hotel, a supermarket, a two-story below-grade parking garage, 300 indoor bicycle parking spaces, a 270 linear rooftop dog park and market retail space. Included in the project is The Hodge on 7th; an affordable housing residence for active adults older than 55 where 72 of the 90 units are restricted to residents with incomes at or below 60% of area median income. The remaining 18 units are restricted to residents with incomes at or below 50% of area median income. City Market at O Street is considered a key component in the revitalization of the Shaw neighborhood, one of Washington’s oldest commercial, residential and cultural districts. The project also includes the restoration of the historic O Street Market. City Market at O Street is a walkable community centrally located near the metro allowing residents, visitors and employees easy access to public transportation. The project is targeting a LEED Silver certification and compliance with Green Communities criteria. The project is the only mixed-use development around the country selected by the Obama administration to be expedited through the permitting and environmental review process. The Presidential Memorandum directs agencies, such as the Department of Housing and Urban Development, to expedite reviews and permit decision for a select few of the country’s most high priority infrastructure projects that look to create a significant number of jobs. Constructed in 1881, the O Street Market was one of Washington DC’s three original farmer’s markets and a central part of the Shaw community. The market was damaged by a snowstorm in 2003 and has been restored to again serve the Shaw community as a 72,000 square foot Giant Food store. © 2015 Community Capital Management, Inc. 27

28) Local Greens Farms, Berkeley, California Local Greens implements smart water farming techniques and has been able to grow over 2000 pounds of produce using the same amount of water as the average California Household and 1% used in an average produce farm. The farm is currently growing micro greens, wheatgrass and herbs, and plans to venture into living lettuces next. Local Greens Farms is a family run hydroponic indoor farm in Alameda County, California. Local Greens Farms uses controlled environment agriculture (CEA) to grow produce indoors, under LED lighting, without the use of heavy tools which rely on energy. The business uses organic and certified pathogen-free seeds and 100% vegan nutrients and minerals in their FDA approved facility. No chemicals, GMO seeds or products, soils or animal bi-products are used. Founded in 2013, Local Green Farm’s mission is to revolutionize how people feed themselves through sustainably growing high quantities of fresh healthy foods just down the road from where the food will be served or sold. Local Greens Farms serves commercial customers such as Whole Foods and Safeway, as well as institutions such as hospitals and schools, by delivering cost competitive, healthy green foods within 20 miles of each facility. Local Greens Farms limits waste by removing all expired products from store shelves to donate as animal feed or compost. Additionally, extra product is regularly donated to Berkeley Food Pantry or Harrison House Emergency Shelter. Local Greens Farms co-founder Faye Mitchell, a previous Montessori Preschool Director, is active in supporting local schools efforts to educate children on healthy foods and improve children’s health. She has developed “Guess the Greens” game for children to see that exploring unusual healthy foods can be fun. 28 © 2015 Community Capital Management, Inc.

29) 2015 Annual Impact Report Associated Blind a/k/a Selis Manor, New York, New York Associated Blind, also known as Selis Manor, is an affordable rental property for the disabled in New York City where 200 of the 205 units receive Section 8 assistance. Addressing a growing need for building-wide repairs and major capital improvements, the Board of Directors of the Associated Blind Housing Development Fund (Associated Blind HDFC) Corporation is currently undergoing renovations to the individual residences and common areas. Built with funding by the U.S. Department of Housing and Urban Development (HUD), the 14-story building opened in 1980 as housing for 200 visually impaired and physically disabled tenants, their families and service dogs. In addition to the residences, which were designed with special features to address the tenants’ special needs, the building also contains amenities available to all residents such as an auditorium, bowling alley, roof garden, fitness room, library and snack bar. © 2015 Community Capital Management, Inc. Associated Blind HDFC also provides substantial in-kind space at Selis Manor to VISIONS, a not-for-profit organization that provides services for 3,500 visually impaired persons annually, including the tenants. The HUD loan to Selis Manor finances the renovation project with repair or replacement of nearly all of the building’s major systems, including mechanical, plumbing, electrical, heating and HVAC, life and fire safety, and the elevator. Temporary living space was created for tenants during the renovations. With a strong commitment to sustainable building and energy efficient practices, Associated Blind HDFC is looking to make the renovations as green as possible incorporating alternative materials and state-of-the-art energy efficiency measures. 29

30) Looking Ahead In this report, we hope to demonstrate our 17 years of expertise in the fixed income ESG/impact investing space and the significant positive impact created as a result. With the number of investors looking to make an impact with their investments increasing rapidly, we think that CCM’s positive approach to impact investing is an ideal strategy. For those investors that have yet to invest or those just beginning their research, we feel that fixed income is a great place to start. Investors can measure positive impact – quantitatively and qualitatively, as we have shown in this report – and without taking on typically higher levels of risk in other asset classes. We know there are powerful impact opportunities – within our asset class and others – to target specific social and environmental impact themes or geographies while meeting investors’ financial objectives. That being said, we look forward to expanding our impact reporting and finding new and innovative ways to convey our impact metrics. As impact investing continues to evolve, we are excited and proud to be a pioneer in the space and look forward to what is in store for the future of ESG/impact investing. With the number of investors looking to make an impact with their investments increasing rapidly, we think that CCM’s positive approach to impact investing is an ideal strategy. 30 © 2015 Community Capital Management, Inc.

31) 2015 Annual Impact Report About CCM CCM is a privately-held registered investment advisor with the Securities and Exchange Commission. Headquartered in Weston, Florida with offices in Charlotte, North Carolina and Boston, Massachusetts, the firm was founded in 1998 and manages over $2 billion in assets. CCM’s flagship intermediate fixed income impact investing strategy is available as a separate account or via a mutual fund (CRA Qualified Investment Fund). For more information, please visit www.ccmfixedincome.com or call 877-272-1977. © 2015 Community Capital Management, Inc. 31

32) 2500 Weston Road, Suite 101 Weston, Florida 33331 Phone 954.217.7999 Toll-free 877.272.1977 Fax 954.385.9299 www.ccmfixedincome.com