BlueKey

Verifier Statement
Prepared for Water.org on December 16, 2021
BlueKey Inc. was engaged by Water.org to verify their alignment with the Operating Principles forImpact Management (OPIM) and to validate their 2021 OPIM Disclosure Statement dated June 4,2021.

Summary of Findings
Water.org is unique among OPIM signatories in that it does not manage assets directly, but rather
catalyzes investments by partners through its WaterCredit program and other interventions. Our
analysis confirms that Water.org is broadly aligned to the OPIM principles as expressed in theirannual disclosure statement of 2021.

Principles
Principle 1 - Define strategic impact objective(s), consistent with the investment strategy
Water.org's objectives are directly aligned with SDG 6.1 and 6.2 and impact is measured basedon both people reached and capital mobilized through their partners who perform the actual
investments by providing loans for water and sanitation to their customers.
Principle 2 - Manage strategic impact on a portfolio basis.
Each intervention is separately measured and the results have a multi-stage validation process
before being accepted. Staff incentives are partially aligned to the impact of the interventions.
Principle 3 - Establish the Manager’s contribution to the achievement of impact
Water.org gathers detailed monthly impact information from each partner which they engage
with, however establishing the true additionality of their interventions is difficult, as loans are
made by the partners who have existing loan services.
Principle 4 - Assess the expected impact of each investment, based on a systematic approach.
Both achieved and expected impact are assessed monthly using a systematic, partiallyautomated approach. Impact is separated by gender, country, and income level among othervariables.
Principle 5 - Assess, address, monitor, and manage potential negative impacts of each investment
Water.org has updated their information gathering to mitigate a possible negative impact thatwas flagged. While no examples were available of rejecting partners as a result of due diligence,
they have terminated several partnerships due to the partner's poor performance.

BlueKey Inc. - 7380 Rue St-Denis, Montreal, Quebec, Canada - H2R 2E4

BlueKeyPrinciple 6 - Monitor the progress of each investment in achieving impact against expectations andrespond appropriately.
Monthly data is gathered on impact as compared to targets and the results are visualized andanalyzed both at an aggregate and granular level.
Principle 7 - Conduct exits considering the effect on sustained impact
Water.org conducts endline surveys and wrap-up visits to gather lessons learned and long-termexpectations. As Water.org does not manage loans directly, exit effects are generally lesspronounced.
Principle 8 - Review, document, and improve decisions and processes based on the achievement ofimpact and lessons learned.
Water.org regularly updates strategies and reporting based on results from impact
measurements.
Principle 9 - Publicly disclose alignment with the Principles and provide regular independent
verification of the alignment.
This report is the implementation of principle 9.

Methodology
BlueKey examined Water.org's 2021 disclosure statement to validate the claims and theirconformity to the principles articulated. A series of more in-depth questions and requests forevidence was returned to Water.org, and their subsequent responses were scrutinized. The data
gathering process, analysis and visualization systems of Water.org were also examined to ensurethat the appropriate data was being collected and validated.

About BlueKey
BlueKey Inc. is an independent consultancy specializing in software system analysis, development,and technical evaluation. BlueKey regularly consults for Water.org to assist with their WaterPortal,
which is the information system through which performance data is gathered, tracked, andanalyzed.
The evaluation was performed by Clayton Grassick, BASc in Computer Engineering, who is an IT
and data consultant with 25 years of experience in architecting and developing large-scalecomputer systems. He brings broad analysis, development, and data management skills with aparticular expertise in large-scale monitoring and evaluation projects. He founded and architectedmWater, a global WASH-oriented M&E platform whose users include UNICEF, WaterAid, andWater.org. mWater houses over 9 million survey responses from 2000 organizations globally andallows in-depth, ad hoc querying of data.

BlueKey Inc. - 7380 Rue St-Denis, Montreal, Quebec, Canada - H2R 2E4