Microfinance: The end of the El Dorado for Investors?

PARIS, March 5, 2010 - PlaNIS, an entity of PlaNet Finance Group dedicated to
advising SRI (Socially Responsible Investment) funds, has noticed that during
the last decade, the microfinance sector has benefited from a sustained
growth due to an increased interest from many international investors. In
2008, European funds assets dedicated to microfinance have grown by 31%
thanks to private investors and public entities.

In 2009, in a very tough economic environment damaged by the
crisis, SRI funds dedicated to microfinance have continued to increase their
fundraising, with a 16% volume growth, (an excellent rate compared to the
asset management market). Today, SRI European funds represent more than 6
billion USD.

Nevertheless, in 2009 and contrary to the previous years, the
earning rates for SRI funds dedicated to microfinance have strongly decreased
to reach rates between 1.74% and 2.31% which used to be at an average of 4%.

These results can be explained by:

- An increasing credit-related risk: Outstanding payments
linked to high-risk-portfolio, generated by credit repayment default reaching
up to 20% in certain areas.

All this, has led some funds to settle very significant
provisions.

- The growing over-liquidity of numerous microfinance funds
leading to the drop of their revenues: Slowdown of MFIs' development,
combined to a more regulated credit policy, has drawn to the decrease of
their financing demand. At the present time, PlaNIS estimates the total
non-used liquidity to 1 billion USD which represents about 20% of the asset
under management.

- Local currencies volatility

Therefore, SRI funds in microfinance have to be careful before
investing and need to work with specialists in order to mitigate the risks.

Despite hard market conditions, PlaNIS managed to maintain
good results for 2009. Its portfolio has increased by about 30% (from 119M
USD to 153M USD), and the average return of the financing programs proposed
to advised funds has come about 9%.

These results proceed from its big ability in terms of
sourcing, its high level of expertise of the market and its portfolio
composed by promising MFIs.

NEWS :

PlaNIS is a partner of MicroFinancial Services World. Organised by Hanson
Wade and chaired by Xavier Reille of CGAP MicroFinancial Services World is
the largest gathering of Microfinance Practitioners and Socially Responsible
Investors in Europe. The conference will take place from the 10th to the 12th
of May 2010 in Amsterdam.

Website: www.mfs-world.com

About PlaNIS:

In 2009, PlaNIS' met 300 MFIs in 40 countries. 70 investment proposals
were drawn up and close to 50 million USD were lent out to MFIs. PLANIS
currently advises 9 microfinance funds and manages a 153-million-USD
portfolio distributed among 75 MFIs across 30 countries, 4 of these funds are
managed by responsAbility; PLANIS main partner.

PlaNIS is part of PlaNet Finance group and has the chance to benefit from
its 13 years of expertise concerning microfinance.

www.planetfinancegroup.org

    MicroFinancial Services World
    Charlotte Whewell
    charlotte.whewell@hansonwade.com
    +44(0)20-3141-8700

Press Contacts: PlaNet Finance, Marlène Biard, mbiard at planetfinance.org, +33-1-49-21-26-15; Audrey Le Blanc, aleblanc at planetfinance.org, +33-1-49-21-26–5; MicroFinancial Services World,
Charlotte Whewell, charlotte.whewell at hansonwade.com, +44(0)20-3141-8700