1 | P a g e

Ebury Key Points on Foreign Currency Inflow Management Presentation Alistair Woodhams from Ebury will present to the Audit Committee a proposal on foreign currency management services they wish to offer Gender Links. Below are the key points as submitted by Alistair Woodhams for audit committee members’ information on the basis of the service offered. Attached to this, is also the following;

1. ES04 – Ebury Guides – A guide to Trading 2. ES12 – Ebury Security & Regulation 3. ECHAR01 – Charities and NGO Brochure

Proposition by Alistair Woodhams from Ebury Competitive Exchanges - The most basic but most tangible way we can show an instant improvement is by becoming the exchange provider when looking to send money to another country and/or converting the income received from partners. Ebury are in essence a currency specialist, having access to 25 banking counter parts and an FX turnover of + USD 5bn. This gives us significant buying power, allowing NGOs to tap into this model, rather than going to one bank themselves with a much smaller amount. There will be no doubt that an improvement will be made on the spot market. Two Currency Markets - One area that I stressed was to not convert money into two different currency markets, due to the costs and margins imposed by all intermediaries involved. For your ZAR requirements then we can convert any currency your paid straight into ZAR, and recommend that ZAR be used only for the operation of the SA area. One thing that should be avoided is converting USD income into ZAR, and then sending that money on to another country, where ZAR isn't used. To avoid this scenario and the money lost via this method, is to convert all income currencies that were mentioned, into the numerous currencies that Gender links needs. So for example, any NOK that is sent, and money is needed in Botswana, Ebury can convert NOK straight into BWP, rather than going into USD first, or then converting into ZAR. Logistics - The logistics behind this point is for the team to have an understanding over "How much is being received in each currency" "How much is being spent in other countries" "How much ZAR is needed on an annualised basis". These are key to understanding because then there will be no reason for currency to be converted 2 or 3 times before being sent to the ultimate beneficiary. Local Delivery - Confirmation that we can distribute funds to all countries and beneficiaries that Gender Links has within Africa. Ebury in SA - Ebury has approval to work in South Africa. We can receive income on your behalf where there are not the correct currency accounts.

2 | P a g e

Remove Budget Volatility - At this moment in time, all funds both on the income side and the cost side are not protected by pre-arranged rate agreements. Currency volatility is a huge risk, and considering the amount of currencies that are actually used by Gender Links, this is really important area. Going on the spot market with limited reporting on it, means that at the moment there is a significant hidden cost by leaving all money to be dictated by the market rate a bank is offering on the time of transfer. By then, the currency conversion could be at one of the lowest points of the year, take EUR for example, and converting into ZAR it has been one of the worst times to do so recently. This means that there is potentially 10's of thousands that are being lost. When you consider conversion into other African currencies, the volatility is even greater which increases the risk. Personal Contact - Ebury will assign Gender Links a personal contact within our office, they will be the main point of contact to make payments through and will manage all the transactions going forward. They will also be the strategist and will create some options for the above example ie pre arranging rates. We would need to go into a greater amount of detail with regards to cost and amounts but essentially it would stop Gender Links funds being affected by the movements that are happening in the currency markets.

Ebury, the global finance specialist, is empowering charities to move funds effectively across the world, giving smaller charities the ability to access hedging strategies and emerging market currencies, like their larger peers

Better FX strategies mean that more money can reach

projects on the ground, where the funds are needed most.

Many charities would benefit from greater market insight

and expertise, particularly when working with emerging

market currencies which can be volatile and prone to sudden

change. Without this support, hundreds of charities are

being held back from reaching their full potential and having

maximum impact through their international projects.

This is where Ebury comes in. Ebury works with over 3,000

organisations and businesses across Europe, helping them

to manage currency risk and strategically plan their approach

to overseas payments.

Ebury has traded £6bn in foreign exchange over the past

three years. From offices in London, Madrid and Amsterdam,

Ebury can process transactions in more than 140 currencies –

quickly and easily through a managed service.

Regulated as an Authorised Payments Institution by the

Financial Conduct Authority, licensed by HM Revenue and

Customs, and backed by the most respected investors in

new technologies, including the global venture capital firm

83North, Ebury is a trusted partner to clients worldwide.

EBURY & NGOS

After working at Charities Aid Foundation (CAF) for 7 years, moving to the commercial world was not a step I took lightly. I believe Ebury can add significant value to the charitable sector and I wouldn’t have made this move if I didn’t have that conviction.

Having worked in the charitable sector for many years I understand the struggles charities face, particularly in this difficult economic climate. I myself support an overseas charity so these issues are close to my own heart. Streamlining and reducing the costs to charities enables more money to be delivered on the ground to where it is needed most. Ebury is in a prime position to help these charities and I’m excited to be leading a team that has so much to offer the sector I care so strongly about.

Beverley GwaderaHead of Business Development (Charities)

01

Ebury supports a multitude of charities and NGOs through our unique value proposition

We want to make moving funds as simple, safe and, ultimately, accessible for charities around the world

ExpertiseIf you are sending funds overseas, and particularly to

developing countries, knowledge about the local markets is

key. Currency volatility is caused by a range of factors and

it is important to understand why a currency appreciates or

depreciates in order to preempt any downturns. Having a

currency specialist trained in the markets, and familiar with

the challenges of moving funds into the necessary country,

will be essential to developing a comprehensive FX strategy.

Range of currenciesWe work with over 140 currencies which covers the emerging

markets. This offers you unrivalled access and allows you to

transfer your inbound currency into the desired local currency

in one simple step. This removes the need to transfer money

on the ground and you can send the funds directly to project

leaders in the correct local currency.

Risk managementIt is important that charities protect their hard earned funds

from market fluctuation by using effective risk mitigation

tools, such as deliverable and non-deliverable forward

contracts, market orders and hedging.

TransparencyTransparency is key to us, both in price and in service. You

will be informed of the rate before executing the transfer and

know the exact amount of local currency that will reach the

destination. Our service is far more secure and cost effective

than exchanging currencies locally.

WHY EBURY?

Market insightEbury contributes to Bloomberg FXFC forecasting and our

Chief Risk Officer, Enrique Diaz, provides regular reports on

market moves and macroeconomic news. These are selected

by your currency specialist in line with your exposure.

Competitive pricingWe can, on average, save you 2-4% on emerging market

currency transfers.

Fast delivery of fundsEbury has an experienced operations team, allowing us

to get funds into less developed countries which lack

traditional financial structures. We can offer reliable and

efficient transfers with delivery times between 1 and 2 days

to all countries.

No ongoing costsThere is no cost applied for operating and maintaining

accounts.

Innovation in products and servicesWe have built a dedicated team of technology specialists

who continuously innovate our systems and allow us to offer

you greater capabilities. Alongside our managed service,

we can offer an in-house built online platform so you can

managing your currency requirements.

03

WHY EBURY?

Local currencies and the Third Sector

CURRENCY

CURRENCY

Traditionally, it was viewed as easier (from an administrative

and reporting point-of-view) to send “hard currency”, such

as Euros or Dollars, to partner organisations or international

projects overseas. However, in effect this passes on the

exchange rate risk from headquarters to local jurisdictions.

This can lead to hidden losses including poor management

of currency reserves, small transactions suffering large

commissions from local banks, and a lack of transparency.

Charities can benefit substantially from access to the local

currencies that operate in the developing countries, in which

they work. In particular, having access to local currencies can

enable charities to:

• Centralise currency management

• Send only the desired currencies to local partners/

branches

• Avoid local bank charges and unfavourable rates

• Have greater transparency, security and increased cost-

efficiency

• Deliver programmes on budget by knowing the exact

amount of local currency that will arrive on the ground

This effectively means more money, earmarked for good

causes, will reach its intended goal.

Case study We work with a UK foundation which collaborates with several

local NGOs in different countries. The foundation had been

sending Sterling to projects overseas and relied on news from

their counterparts on the ground to know the amount of local

currency that had reached the destination. This uncertainty,

and the cost of local bank charges, meant that this could not

be a long term solution to their currency needs.

Now, working with Ebury, the foundation is made aware of

the macroeconomic data driving volatility in their currency

pairs and is told prior to transfer how much local currency

will arrive at their projects. This means they can schedule

transactions to benefit from market upswings and budget

effectively for the overseas projects, secure in the knowledge

of how much local currency is set to arrive.

THE STEP-BY-STEP PROCESS

1Confirm your

trade

2Funds

transfer

3Funds release

4Confirmation

email

Either via email or by phone,

confirm the type of transaction

and your currency specialist will

let you know the exact amount

of local currency that will reach

your beneficiary.

Transfer funds to the relevant

Ebury segregated client

account.

We will then release the

funds to your beneficiary’s

bank account in the required

currency.

Confirmation will be supplied

via email from our team.

INR

PEN

SENDING AND RECEIVING LOCAL CURRENCIESCASE STUDY

Ebury pays special attention to emerging markets, as these currencies often come with restrictions and limited liquidity, and it is important for charities to get the right expertise in order to navigate

this securely. In these markets, volatility can be high, with movements of up to 4% in one day, which is why the analysis of each charity’s exposure and risk management is key to achieving a

successful FX strategy.

Ebury offers access to over 140 currencies , allowing your organization to send money almost anywhere in the world

ZAR

GTQ

GHS

After the transaction type and currency rate have been discussed, the foundation sends their Sterling funds to Ebury’s Sterling segregated client. Ebury then sends the funds on to the foundation’s counterpart

in Guatemala in Quetzales (GTQ).

FOUNDATION EBURY GUATEMALA

One of their transfers from Sterling to Guatemala in Quetzales

(GTQ) is explained on the right.

04

RISK

RISK

Many charities do not have a clear and proven strategy in

place for currency exchange. This leaves them exposed to

rate volatility, especially when working with emerging market

currencies, which can be difficult to navigate and prone to

sudden change.

Ebury’s currency services offer a lifeline to charities and NGOs

who seek comprehensive risk management strategies. Banks

often restrict access to these services to their larger corporate

clients. As a result, charities that are considered “lower

value” clients by the banks are only offered the simplest spot

contracts, with little-to-no information about expected market

moves or how to hedge against their currency exposure.

Therefore, many charities are unnecessarily exposing their

hard earned funds to currency fluctuations.

We enable charities to eliminate currency volatility through

access to tailored risk management strategies. This could

include a combination of any of the following: forward

contracts (window or fixed), non-deliverable forwards (NDFs),

market orders and hedging. This allows charities to achieve

a stable, reliable exchange rate and the ability to budget

effectively for overseas projects.

Risk Management and the Third Sector

Case Study A UK based NGO carries out sustainable development

projects in Africa and uses Ebury’s expertise to form their

hedging strategy.

The NGO receives private and public grants worth £2 million

per year, 80% of which goes to projects in Kenya, South Africa,

and Ghana. The NGO used to send their funds in Sterling for

its projects in these three countries via spot transaction. Thus,

it was missing out on the benefits of using local currencies

and those of employing an effective risk management

strategy. The lack of risk management in particular meant

the exchange rate was open to constant fluctuation, they

were unable to know how much money would turn up on the

ground, and therefore unable to accurately budget for the

projects.

Through working with Ebury, the NGO realised that they

could benefit from risk management tools. Their work in

South Africa, in particular, was in a perfect position to make

the most of hedging with a forward contract. There was a

number of factors supporting the using of hedging with a

forward contract, including the fact that the project was to

last a year and the costs schedule was well established. The

hedging strategy allowed the NGO to achieve a set exchange

rate for the year, against which they could budget effectively.

In this way they could be certain to have the right volume of

local currency on the ground, regardless of currency volatility

in the markets.

One of their transfers from Pounds Sterling to South African

Rand (ZAR) is explained on the right in two scenarios one with

and one without the risk management strategy in place.

18.60

The NGO makes use of the fixed exchange rate 17.60 GBP/ZAR

BENEFITS OF RISK MANAGEMENTCASE STUDY

WITH RISK MANAGEMENT WITHOUT RISK MANAGEMENT

Project receives ZAR 1,760,000

No loss or gain. Nor speculation.

The stability afforded by an effective risk management strategy can make a huge difference to the work of NGOs and charities overseas.

The 100,000 GBP is traded at spot rate in the foreign exchange markets

LossGain

GBP Appreciation

GBP Appreciation

GBP Depreciation

GBP Depreciation

16.60 18.60 13,20

Project receives ZAR 1,860,000

Project receives ZAR 1,660,000

This example, of transferring 100,000 GBP to South Africa in Rand (ZAR), considers two scenarios, one with a forward contract in place, allowing the

NGO to set the exchange rate at 17.60 GBP/ZAR, and one without in which the NGO is exposed to volatility in the foreign exchange market.

06

The safety and security of our clients is the driving force behind every decision we make at Ebury. Protecting your funds from unnecessary risk is our primary goal and this governs the way our business operates.

FCA regulated Ebury is regulated as an Authorised Payments

Institution by the Financial Conduct Authority. Our

registration number is: 522933. The FCA requires us

to meet standards across three areas. Ebury exceeds

all three of these standards which cover:

CAPITAL ADEQUACY

The levels of capital requirements are based on

our level of activity. The FCA reviews our capital

adequacy on an annual basis.

CLIENT PROTECTION

Our client funds are held in segregated accounts,

entirely separate from our own operating accounts,

so client funds are always safe. We hold client

segregated bank accounts with Barclays PLC

in London. We also have account facilities with

Citibank, and for our European clients, ABN Amro in

Holland and SocGen in Spain.

S&P A2Moody’s AFitch AAccount domiciled UK

S&P AMoody’s A2Fitch A+Account domiciled The Netherlands

S&P AMoody’s A2Fitch AAccount domiciled Spain

S&P A+

Moody’s A2

Fitch A

Account domiciled UK

Licensed with HM Revenue & Customs Ebury is registered with HMRC as a Money Services Business (MSB).

Our license number is: 12570621.This means that we apply the 2007

Money Laundering Regulations and other associated legislation.

Data Protection ActEbury is registered with the ICO under the UK Data Protection Act;

our registration number is Z209673X. We do not share any client

information with third parties and all client information is held securely

on our remote servers. Client information, paper or electronic, is

handled with due care; in line with Ebury’s internal guidelines.

Operating abroadAs a regulated Payment Institution, Ebury is able to passport its licence

to offer its services in all EEA Member states. Full details of the Ebury

licence can be found on the FCA register: http://www.fsa.gov.uk/

register/psdFirmPassports.do?sid=241602

ROBUST INTERNAL RISK MANAGEMENT

We have strict governance and operational

processes in place to scrutinise the accuracy of each

of our transactions, with appropriate involvement

from our Directors. Compliance with our governance

and processes is regularly audited.

SECURITY & REGULATION 08 SECURITY & REGULATION 09

SECURITY & REGULATION

Salvador has led the creation and growth of Ebury from the company’s inception to the success it

is today. His passion and expertise has steered the business to become one of the rare financial

providers that are able to offer the Global SME a range of financial products, required to secure

their vital growth and stability, in the international market place.

Juan is a technology entrepreneur. As the CEO of Basekit, former CEO of BEAM.TV, a board

member of Oneview GmbH and an investor in a raft of technology start-ups throughout Europe,

Juan is well versed in creating and steering companies from idea to market leader. A penchant for

innovation underpinned by non-stop success means that Ebury remains focused and on target for

continued success.

Salvador Garcia, CEO & Co-founder

Juan Lobato, NED & Co-founder

Beverley Gwadera, Head of Business Development (Charities)Beverley joined Ebury after seven years at Charities Aid Foundation (CAF), with the last three years

as Senior Business Development Manager overseeing the regional business development team.

This role supported charities by helping them manage, attract and save funds through various

financial and fundraising solutions.

Through this role, Beverley developed a deep understanding of the charitable sector and the

struggles NGOs face in this difficult economic climate. She is committed to working with these

organisations to support effective international programme delivery.

LEADERSHIP & GOVERNANCE

LEADERSHIP & GOVERNANCE

Meet our leadership team

Enrique Díaz-Alvarez, Chief Risk OfficerBefore joining Ebury, Enrique worked in capital markets as a Portfolio Manager operating mainly in

currencies and interest rates from a macroeconomic perspective. Enrique worked in this position

for several hedge funds in New York and Madrid, as well as at Société Générale in New York

where he was Managing Director. Prior to his career in capital markets, he worked as a consultant

for McKinsey & Co. Enrique holds a doctorate in Telecommunications Engineering from Cornell

University.

10

Contact us | T +44 (0) 20 3582 0454 | charitiesteam@ebury.es | ebury.com

First you need to register with us. There are no set up

costs and no obligation to trade at any time, but you

will not be able to trade until an account is opened

with us. Registration can be completed online through

our website (www.ebury.com) or by downloading an

application form and returning it by email to info@ebury.

com or sending it in the post to Ebury, 42-44 Grosvenor

Gardens, London SW1W 0EB. You will need to provide

either your driving licence number or the MRZ number of

your passport which is the long number at the base of the

photo identification page.

The process could not be simpler to trading A guide

We will run your details through our security programs to

ensure that we comply with all UK Anti-Money Laundering

regulations. Occasionally further validation is needed and

we may require you to send:

• A photocopy of your passport or driving license

• Proof of home address - for example, a photocopy

of bank statement or utility bill that is dated within

the last three months

One of our experienced currency specialists will get in

touch with you to discuss your currency requirements.

The aim of this is to gain a complete understanding of

what you need so we can tailor our solutions specifically

to you. This will be part of an ongoing dialogue between

you and your currency specialist so that, as your business

changes, we can adapt our strategies to deliver you the

most benefit.

You can either email your currency specialist or speak

with them over the phone to place a trade.

To book a trade, simply confirm the rate you wish to trade

at and the type of the transaction - for example, a spot

or forward - and any other conditions of the transaction.

Please note that once you have booked a trade, this is a

binding agreement and cannot be amended in the future.

Your currency specialist will ensure you understand the

rate and details of the trade and will only proceed once

you are completely happy.

You will then receive confirmation via email. This

confirmation will contain:

• The agreed rate

• The amount due

• How to pay Ebury

• Your beneficiary’s details

• Forward specific terms (e.g. maturity details, deposit

amount)

The next step is to transfer the funds to Ebury. Once we

have received the amount due, you will receive another

email to confirm incoming funds. It is at this point that we

will release funds to your beneficiary’s bank account, the

confirmation of which will be supplied via email from our

Operations Team.

Please note that for your security, all of our client accounts

are segregated from our business accounts as per FCA

regulations and that all calls are recorded for security

purposes and quality control.

*Dependent on the compliance process and once we have received all necessary documentation.

01 Registration

02 Compliance checks

03 Meet your currency specialist

04 Making a trade

ebury.com

Get in touch with Ebury

T +44 (0) 845 519 1009

info@ebury.com

42–44 Grosvenor Gardens

London SW1W 0EB

More for Business

It takes 5 minutes to register your account with Ebury and you can be trading within a couple of hours.*

Security and regulation

The safety and security of our clients is the driving force behind every decision we make at Ebury. Protecting your funds is our primary goal and this governs the way our business operates.

ebury.com

Get in touch with Ebury

T +44 (0) 845 519 1009

info@ebury.com

42–44 Grosvenor Gardens

London SW1W 0EB

More for Business

Regulated by the Financial Conduct Authority Ebury is regulated as an Authorised Payments Institution by the Financial Conduct Authority (FCA). Our registration number is: 522933. The FCA requires us to meet standards across three areas. Ebury exceeds all three of these standards which cover:

Capital Adequacy – The levels of capital requirements are based on our level of activity. The FCA reviews our capital adequacy on an annual basis.

Client Protection – Our client funds are held in segregated accounts, entirely separate from our own operating accounts, so client funds are always safe.

Robust Internal Risk Management – We have strict governance and operational processes in place to scrutinise the accuracy of each of our transactions, with appropriate involvement from our Directors. Compliance with our governance and processes is regularly audited.

Licensed with HM Revenue & CustomsEbury is registered with HMRC as a Money Services Business (MSB). Our license number is: 12570621. This means that we apply the 2007 Money Laundering Regulations and other associated legislation.

Data Protection ActEbury is registered with the ICO under the UK Data Protection Act; our registration number is Z209673X. We do not share any client information with third parties and all client information is held securely on our remote servers. Client information, paper or electronic, is handled with due care; in line with Ebury’s internal guidelines

Operating abroadAs a regulated Payment Institution, Ebury is able to passport its licence to offer its services in all EEA Member states. Full details of the Ebury licence can be found on the FCA register:

http://www.fsa.gov.uk/.

Ebury’s Accounts

S&P A

Moody’s A1

Fitch A+

Account domiciled UK

S&P A

Moody’s A2

Fitch A

Account domiciled The Netherlands

S&P A

Moody’s A2

Fitch A

Account domiciled Spain

S&P A

Moody’s A2

Fitch A

Account domiciled UK

S&P A

Moody’s A3

Fitch A

Account domiciled UK