TAILIEUCHUNG - The State of Microfinance Investment 2012 MicroRate’s 7th Annual Survey and Analysis of MIVs

The abolition of the entry load and the revision of trail commission guidelines have taken care of some key issues, but in turn have given rise to other aspects which need to be tackled and resolved. Mandatory disclosure of commission earned: A mandatory disclosure alerts the investor about the extent of distributor gain while putting the onus on the distributor to explain the rationale for the switch. In this context, a re-introduction of the entry load in its original form appears to many to be a regressive step rather than a solution to the current problems faced by the industry. One. | A service of MicroRate MicroRate X1LUMINIS The Power of Clarity The State of Microfinance Investment 2012 MicroRate s 7th Annual Survey and Analysis of MIVs Citi Microfinance European Investment Bank @ LUXFLAG Supporting Sustainable Finance About MicroRate MicroRate is the first microfinance rating agency dedicated to evaluating performance and risk in microfinance institutions MFIs and microfinance investment vehicles MIVs . As the most respected organization of its kind MicroRate has conducted over 650 ratings of 200 MFIs throughout Latin America Africa Europe and Central Asia. MicroRate is a leading social rater and has also become the largest MIV evaluator in the industry. About Luminis Luminis is a web-based analytical service of MicroRate that enables investors to search compare evaluate and monitor microfinance funds. The Luminis methodology framework evaluates fund performance risk social and management PRSM dimensions. Luminis answers investors demand for greater transparency and objective evaluation on microfinance funds by providing fund data trends and analysis through its in-depth PRSM profiles and fund reports. Thanks to all the contributors who made this industry research report possible Daniel Rozas Sebastian von Stauffenberg Damian von Stauffenberg Stephen Brown Rebecca Spradlin Antonio Vargas Copyright 2012 MicroRate Incorporated MicroRate . All rights reserved. This report may be reproduced provided that credit is given to MicroRate. Disclaimer Please note this report was compiled primarily on information provided by the MIVs listed in Appendix I. The information is providedfor informationalpurposes only and without any obligation whether contractual or otherwise. No warranty or representation is made as to the correctness completeness and accuracy of the information given. Data from previous years Surveys may differ from information presented here as new information was collected. The views and interpretations expressed herein are those of .

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