EBRD Microfinance Bonds
Tokyo / London, December 7, 2015 - The European Bank for Reconstruction andDevelopment (EBRD) issued a new MXN 1,700 million 10 year note following theprinciple of “Microfinance Bonds”. Crédit Agricole Corporate and Investment Bank
was the sole underwriter for this Bond. The Dai-chi Life Insurance Company,Limited (Dai-ichi Life; President: Koichiro Watanabe) is the sole investor in thebond, and with this investment Dai-ichi Life became the first financial institutional
investor to support EBRD’s Microfinance bond program.
The EBRD has a long history of support for micro and small-sized enterprises(MSEs). MSEs are an important source of jobs and growth and an essential part ofa healthy modern economy. At the same time, they are particularly vulnerable tosome of the transition gaps that exist in the EBRD region, such as financing
constraints, difficult business conditions and an economic legacy dominated bylarge state-owned companies. Improving MSEs’ access to funding is a crucial
aspect of EBRD’s effort to provide sustainable sources of lending to the real
economy, and a particular reference is made to the support of small and medium
sized enterprises in the agreement establishing the EBRD.
At the 2013 Annual Meeting, EBRD member countries stated that they "strongly
supported the importance of MSEs and the need for the Bank to continue tofinance them and even to increase EBRD's support” and launched a small
business initiative (“SBI”). In 2014 the EBRD extended €1.34 billion under the SBI
in 126 transactions, accounting for 33 per cent of its projects.

EBRD’s comment : “This bond not only helps EBRD finance key microcredit
projects, but also serves to highlight the importance of improving access to financefor those underserved by banks, thereby helping them to better cope with risk andto increase their income from self-employment.” said Isabelle Laurent, the EBRD’s
Deputy Treasurer and Head of Funding.
Daiichi Life’s comment : “Dai-ichi Life follows investment principles that combine
attractive investment opportunities with social, environmental, and governance(“ESG”) considerations. We strongly support the EBRD’s projects that provide thesustainable development of the emerging countries thorough funding to MSEs.
Therefore, it is very meaningful for Dai-ichi Life to become the first institutional
investor to provide financial support to Microfinace Bond Program through theseBonds. We also believe the bonds offer solid and attractive investment opportunity,”
said Kazuyuki Shigemoto, General Manager, Global Fixed Income Investment
Department, Dai-ichi Life.
Crédit Agricole’s comment: “Credit Agricole CIB is committed to play a key rolein the integration of social and environmental considerations in fixed-incomemarkets; and has been active in this space since 2010, becoming a world leader inGreen and Sustainability Bonds. This transaction highlights the leadership of bothDai-ichi Life and the EBRD to further develop this product. This trade alsohighlights the trend of globalization of Sustainability Bonds – with a committed
Japanese investor lending support through the EBRD to projects from central
Europe to central Asia,” commented Tanguy Claquin, Head of Sustainable Banking,Crédit Agricole CIB,”
Crédit Agricole CIB is the sole arranger of the bonds.
Summary Terms of the IDB EYE Bonds
 Currency： Mexican Peso (MXN) Notional Amount： MXN 1,700,000,000 (approximately $100 million)
 Tenor：10 year

About EBRD
The European Bank for Reconstruction and Development is an international
financial institution that invests in projects in more than 30 countries, from central
Europe to central Asia and the southern and eastern Mediterranean. It wasestablished in 1991 to support the transition of centrally planned economies tomarket economies. For more information, visit www.ebrd.com/.
About Dai-ichi LifeThe Dai-ichi Life Insurance Company is a leading life insurance firm based onJapan with assets of more than 35 trillion yen. Since its foundation in 1902, theDai-ichi Life Group has always put the customer first. The Group contributes tolocal communities by passing on peace of mind through providing life insurance,
property and casualty insurance, investment trust and related services. The Groupwill continue to stand by the side of our customers and their loved ones, for life. For
more information, visit www.dai-ichi-life.co.jp/english/.
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit
Agricole Group, the world’s No. 11 bank measured by Tier One Capital (TheBanker, July 2015).
The Bank offers its clients a comprehensive range of products and services
structured around six major divisions:

Client Coverage & International Network
Global Investment Banking
Structured Finance
Global Markets
Debt Optimization & Distribution
International Trade and Transaction Banking

The Bank provides support to clients in large international markets through its
network with a presence in major countries in Europe, Americas, Asia Pacific andthe Middle East. For more information, please visit its website at www.ca-cib.com

Contacts :Crédit Agricole CIB: Benjamin Lamberg, Global co-Head of MTNs & Private
Placements, and Asian Syndicates.

Benjamin.lamberg@ca-cib.com