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<p class=MsoNormal align=right style='text-align:right'><b><span
style='font-family:"Arial","sans-serif";color:white'>January 2010 </span></b><span
style='font-family:"Arial","sans-serif";color:white'><o:p></o:p></span></p>
</td>
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<td width="100%" colspan=3 style='width:100.0%;background:#33A600;padding:
0cm 0cm 0cm 0cm;height:7.5pt'>
<p class=MsoNormal style='mso-line-height-alt:7.5pt'><img id="_x0000_i1027"
src="cid:swift-12647217014b621f25a3d87.0@swift"><o:p></o:p></p>
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<td width=420 valign=top style='width:315.0pt;padding:0cm 7.5pt 0cm 7.5pt'>
<p class=MsoNormal style='mso-margin-top-alt:10.5pt;margin-right:0cm;
margin-bottom:12.0pt;margin-left:0cm;text-align:justify'><span lang=EN-US
style='font-family:"Calibri","sans-serif"'>Friends,<br>
<br>
We enter 2010 poised for massive growth in the field of impact investing,
after 2009 saw a series of historic firsts for microinsurance. LeapFrog is
proud to have become the largest dedicated investor in a sector that,
according to the new Lloyds global report, has 135 million clients, and a
potential market size of 1.5 billion people.</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><span lang=EN-US style='font-family:"Calibri","sans-serif"'>In
the fourth quarter, on World AIDS Day, <a href="#leap1"><b>LeapFrog announced
an investment of over $6M in AllLife</b></a>, an innovative South African
life insurer providing much-needed cover to people living with HIV and
diabetes, and doing it profitably. LeapFrog’s investment will help AllLife
reach 250,000 beneficiaries. </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><a href="#leap2"><b><span lang=EN-US style='font-family:
"Calibri","sans-serif"'>SCOR, a leading global reinsurer</span></b></a><span
lang=EN-US style='font-family:"Calibri","sans-serif"'>, joined LeapFrog’s
distinguished group of investors in November – a strong signal of the
commercial attractiveness of the microinsurance sector. </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><span lang=EN-US style='font-family:"Calibri","sans-serif"'>We
launched our <a href="#leap3"><b>LeapFrog Global Fellows Program</b></a> –
with applications closing on February 1. So be sure to send this newsletter
along to the next generation of leaders in frontier financial services…</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><span lang=EN-US style='font-family:"Calibri","sans-serif"'>Our
team – in Sydney, Johannesburg, Edinburgh, and Washington – continued to
grow. We are thrilled to welcome <a href="#leap5"><b>Stephane Chatonsky</b></a>
as a Principal, leading our Philippines and Indonesia work, and <a
href="#leap42"><b>Nina Schuler</b></a> as Director of LeapFrog Labs, our new
technical assistance facility for microinsurance companies. Nina and Labs
will be based in Edinburgh, marking an expansion of our <a href="#leap5a"><strong><span
style='font-family:"Calibri","sans-serif"'>Europe office</span></strong></a>.
<a href="#leap43"><b>Paolo De Martin</b></a>, the eminent CFO of SCOR, joined
the LeapFrog Advisory Board.<o:p></o:p></span></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><span lang=EN-US style='font-family:"Calibri","sans-serif"'>The
fast-unfolding LeapFrog story continues to be <a href="#leap51"><strong><span
style='font-family:"Calibri","sans-serif"'>covered by media across the globe</span></strong></a>,
including great pieces in <em><span style='font-family:"Calibri","sans-serif"'>Fast
Company, </span></em>and will be featured at The Economist Innovation Summit
in March.</span><span lang=EN-US><o:p></o:p></span></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><span lang=EN-US style='font-family:"Calibri","sans-serif"'>Finally,
last quarter, we left you with the news that I was asked to speak alongside Bill
and Hillary Clinton at the closing plenary of the Clinton Global Initiative
annual meeting. Drawing the analogy with ‘Banker to the Poor’ Muhammad Yunus
and Grameen Bank, <a href="#leap6"><b>President Clinton hailed LeapFrog as
the Insurer to the Poor</b></a>. Here is a short <a
href="https://www.wmail.com.au/lt/t_go.php?i=1411&e=NTQ5ODky&l=-http--www.leapfroginvest.com/cgi_video.php"><b>video</b></a>
of the day.</span><span lang=EN-US><o:p></o:p></span></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><span lang=EN-US style='font-family:"Calibri","sans-serif"'>We
are often asked: What can I do? You are not a charity, so how can I
contribute to LeapFrog’s mission of reaching 25 million vulnerable people
with insurance, profitably? What difference can I really make to your work in
countries like India, South Africa, Ghana, Kenya, Indonesia and the
Philippines? </span><span lang=EN-US><o:p></o:p></span></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><span lang=EN-US style='font-family:"Calibri","sans-serif"'>The
scale of our collective challenge and ambition is humbling. But becoming part
of this extraordinary community is easier than you might think. You could
spread the word and forward this message<b> </b>to friends and colleagues<b>.
</b>We also welcome<b> <a href="#leap7">referrals to microinsurers, insurers,
and large distributors</a></b>, such as large microfinance institutions,
retail chains, religious groups, and mobile operators, whose clients could be
well served by insurance.</span><span lang=EN-US><o:p></o:p></span></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><span lang=EN-US style='font-family:"Calibri","sans-serif"'>There’s
more on these profit-with-purpose stories and opportunities below, and at </span><span
lang=EN-US><a
href="https://www.wmail.com.au/lt/t_go.php?i=1411&e=NTQ5ODky&l=-http--www.leapfroginvest.com/"><b><span
style='font-family:"Calibri","sans-serif"'>www.leapfroginvest.com</span></b></a></span><span
lang=EN-US style='font-family:"Calibri","sans-serif"'>. We wish you a happy
and meaningful year, and look forward to connecting and acting with you in
2010.</span><span lang=EN-US><o:p></o:p></span></p>
</td>
<td width=160 valign=top style='width:120.0pt;background:#33A600;padding:
0cm 0cm 0cm 0cm'>
<p class=MsoNormal align=right style='text-align:right'><b><span
style='font-family:"Arial","sans-serif";color:white'>In this edition: </span></b><span
style='font-family:"Arial","sans-serif";color:white'> <o:p></o:p></span></p>
<p align=right style='text-align:right'><span style='font-size:9.0pt;
font-family:"Arial","sans-serif";color:white'> <o:p></o:p></span></p>
<div align=right>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=175
style='width:131.25pt'>
<tr>
<td width=88 valign=top style='width:66.0pt;padding:0cm 3.75pt 15.0pt 3.75pt'>
<p class=MsoNormal><a href="#leap1"><b><span style='text-decoration:none'><img
border=0 width=88 height=100 id="_x0000_i1028"
src="cid:swift-12647217014b621f25ab699.2@swift"></span><br>
</b></a><o:p></o:p></p>
</td>
<td width=72 style='width:54.0pt;padding:0cm 7.5pt 15.0pt 0cm'>
<p><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";
color:white'>Investment in AllLife, innovative African insurer</span></b><b><span
style='font-size:8.5pt;color:white'><o:p></o:p></span></b></p>
</td>
</tr>
<tr>
<td width=88 style='width:66.0pt;padding:0cm 3.75pt 15.0pt 3.75pt'>
<p class=MsoNormal><a href="#leap2"><span style='text-decoration:none'><img
border=0 width=88 height=100 id="_x0000_i1029"
src="cid:swift-12647217014b621f25ad9bf.3@swift"></span></a><o:p></o:p></p>
</td>
<td width=72 style='width:54.0pt;padding:0cm 7.5pt 15.0pt 0cm'>
<p><strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif";
color:white'>Global reinsurer SCOR becomes an investor</span></strong><b><span
style='font-size:8.5pt;color:white'><o:p></o:p></span></b></p>
</td>
</tr>
<tr>
<td width=88 style='width:66.0pt;padding:0cm 3.75pt 15.0pt 3.75pt'>
<p class=MsoNormal><a href="#leap3"><span style='text-decoration:none'><img
border=0 width=88 height=100 id="_x0000_i1030"
src="cid:swift-12647217014b621f25af901.4@swift"></span></a><o:p></o:p></p>
</td>
<td width=72 style='width:54.0pt;padding:0cm 7.5pt 15.0pt 0cm'>
<p><strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif";
color:white'>Launch of the Global Fellows Program</span></strong><b><span
style='font-size:8.5pt;color:white'><o:p></o:p></span></b></p>
</td>
</tr>
<tr>
<td width=88 style='width:66.0pt;padding:0cm 3.75pt 15.0pt 3.75pt'>
<p class=MsoNormal><a href="#leap5"><span style='text-decoration:none'><img
border=0 width=88 height=100 id="_x0000_i1031"
src="cid:swift-12647217014b621f25b27d7.5@swift"></span></a><o:p></o:p></p>
</td>
<td style='padding:0cm 7.5pt 15.0pt 0cm'>
<p><strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif";
color:white'>The global team grows</span></strong><b><span
style='font-size:8.5pt;color:white'><o:p></o:p></span></b></p>
</td>
</tr>
<tr>
<td style='padding:0cm 3.75pt 15.0pt 3.75pt'>
<p class=MsoNormal><a href="#leap51"><span style='font-size:13.5pt;
text-decoration:none'><img border=0 width=88 height=100 id="_x0000_i1032"
src="cid:swift-12647217014b621f25b52ca.6@swift"></span></a><o:p></o:p></p>
</td>
<td style='padding:0cm 7.5pt 15.0pt 0cm'>
<p><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";
color:white'>News, views, events </span></b><b><span style='font-size:8.5pt;
color:white'><o:p></o:p></span></b></p>
</td>
</tr>
<tr>
<td width=88 style='width:66.0pt;padding:0cm 3.75pt 15.0pt 3.75pt'>
<p class=MsoNormal><a href="#leap6"><span style='text-decoration:none'><img
border=0 width=88 height=100 id="_x0000_i1033"
src="cid:swift-12647217014b621f25b897a.7@swift"></span></a><o:p></o:p></p>
</td>
<td width=72 style='width:54.0pt;padding:0cm 7.5pt 15.0pt 0cm'>
<p><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";
color:white'>President Clinton hails Insurer to the Poor</span></b><b><span
style='font-size:8.5pt;color:white'><o:p></o:p></span></b></p>
</td>
</tr>
<tr>
<td width=88 style='width:66.0pt;padding:0cm 3.75pt 15.0pt 3.75pt'>
<p class=MsoNormal><a href="#leap7"><span style='text-decoration:none'><img
border=0 width=88 height=100 id="_x0000_i1034"
src="cid:swift-12647217014b621f25b9d09.8@swift"></span></a><o:p></o:p></p>
</td>
<td width=72 style='width:54.0pt;padding:0cm 7.5pt 15.0pt 0cm'>
<p><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";
color:white'>The search for opport-unities</span></b><b><span
style='font-size:8.5pt;color:white'><o:p></o:p></span></b></p>
</td>
</tr>
</table>
</div>
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<p class=MsoNormal><img border=0 id="_x0000_i1035"
src="cid:swift-12647217014b621f25bac9f.9@swift"><o:p></o:p></p>
</td>
<td width=420 valign=top style='width:315.0pt;padding:0cm 7.5pt 0cm 7.5pt'>
<p><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'><img
border=0 id="_x0000_i1036" src="cid:swift-12647217014b621f25bbc3e.10@swift"></span><span
style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p>
<p><span lang=EN-US style='font-size:10.0pt;font-family:"Calibri","sans-serif"'>President
& Founder</span><span lang=EN-US style='font-size:9.0pt;font-family:"Calibri","sans-serif"'><o:p></o:p></span></p>
</td>
<td valign=bottom style='background:#33A600;padding:0cm 0cm 0cm 0cm'>
<p class=MsoNormal><img border=0 width=183 height=175 id="_x0000_i1037"
src="cid:swift-12647217014b621f25bfabc.11@swift"><o:p></o:p></p>
</td>
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<p class=MsoNormal><img border=0 width=627 height=10 id="_x0000_i1038"
src="cid:swift-12647217014b621f25c0e46.12@swift"><o:p></o:p></p>
</td>
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<p align=center style='mso-margin-top-alt:7.5pt;margin-right:0cm;margin-bottom:
7.5pt;margin-left:0cm;text-align:center'><span style='font-size:9.0pt;
font-family:"Arial","sans-serif"'>You have received this newsletter as a
friend or colleague of the LeapFrog team, or a co-attendee of leading
conferences. To unsubscribe, <a
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here</a>. If you received this email indirectly, <a
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<p class=MsoNormal><img border=0 id="_x0000_i1039"
src="cid:swift-12647217014b621f25c21ce.13@swift"><o:p></o:p></p>
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<h2><a name=leap1></a><i><span style='font-size:12.0pt;font-family:"Arial","sans-serif";
color:#33A600'>LeapFrog invests in AllLife, an innovative African insurer</span></i><i><span
style='font-size:10.0pt;color:#33A600'><o:p></o:p></span></i></h2>
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<o:lock v:ext="edit" aspectratio="t" />
</v:shapetype><v:shape id="_x0000_s1026" type="#_x0000_t75" alt="" style='position:absolute;
left:0;text-align:left;margin-left:0;margin-top:0;width:133.5pt;height:88.5pt;
z-index:251658240;mso-wrap-distance-left:7.5pt;mso-wrap-distance-top:0;
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</v:shape><![endif]--><![if !vml]><img width=178 height=118
src="cid:swift-12647217014b621f25c643a.14@swift" align=left hspace=10
v:shapes="_x0000_s1026"><![endif]><span lang=EN-US style='font-family:"Calibri","sans-serif"'>On
World AIDS Day, LeapFrog announced an investment of over $6M USD in
AllLife. In addition to providing much needed life insurance to people
living with HIV and diabetes, AllLife links its insurance products to an
adherence management program that helps clients manage their health
appropriately, routinely alerting them to potential health concerns and
enabling them take action to maintain their well-being. The company
has observed an average 15% improvement in its clients’ health, after
taking out an AllLife insurance policy. The Insurance Business Review,
HedgeCo and others reported on this landmark investment. </span><o:p></o:p></p>
<p style='margin-bottom:12.0pt'><i><span lang=EN-US style='font-family:
"Calibri","sans-serif"'>Read about the AllLife investment and other news at
</span></i><span lang=EN-US><a
href="https://www.wmail.com.au/lt/t_go.php?i=1411&e=NTQ5ODky&l=-http--www.leapfroginvest.com/news.php"><i><span
style='font-family:"Calibri","sans-serif"'>www.leapfroginvest.com/news.php</span></i></a></span> <o:p></o:p></p>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td colspan=3 style='padding:7.5pt 0cm 7.5pt 0cm'>
<p class=MsoNormal><img border=0 id="_x0000_i1040"
src="cid:swift-12647217014b621f25c21ce.13@swift"><o:p></o:p></p>
</td>
</tr>
<tr>
<td colspan=3 style='padding:0cm 0cm 0cm 0cm'>
<h2><a name=leap2></a><i><span style='font-size:12.0pt;font-family:"Arial","sans-serif";
color:#33A600'>Global reinsurer SCOR becomes an investor</span></i><i><span
style='font-size:10.0pt;color:#33A600'><o:p></o:p></span></i></h2>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
style='width:100.0%'>
<tr>
<td style='padding:1.5pt 1.5pt 1.5pt 1.5pt'>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><!--[if gte vml 1]><v:shape id="_x0000_s1027" type="#_x0000_t75"
alt="" style='position:absolute;left:0;text-align:left;margin-left:0;
margin-top:0;width:82.5pt;height:83.25pt;z-index:251659264;
mso-wrap-distance-left:3.75pt;mso-wrap-distance-top:0;
mso-wrap-distance-right:3.75pt;mso-wrap-distance-bottom:0;
mso-position-horizontal:left;mso-position-horizontal-relative:text;
mso-position-vertical-relative:line' o:allowoverlap="f">
<v:imagedata src="cid:swift-12647217014b621f25ca2a8.15@swift" o:title="swift-12647217014b621f25ca2a8" />
<w:wrap type="square"/>
</v:shape><![endif]--><![if !vml]><img width=110 height=111
src="cid:swift-12647217014b621f25ca2a8.15@swift" align=left hspace=5
v:shapes="_x0000_s1027"><![endif]><span lang=EN-US style='font-family:"Calibri","sans-serif"'>LeapFrog’s
distinguished group of global investors now includes SCOR, a leading global
reinsurer, which announced an investment in LeapFrog in November: "The
Group believes that the microinsurance sector is a market that has the
potential to expand very quickly as it represents more than one billion
individuals without access to traditional insurance services such as life,
health, disability or livestock insurance,” said Paolo De Martin, Chief
Financial Officer of SCOR. SCOR's backing signals that the industry is
recognizing the commercial appeal of microinsurance, along with LeapFrog’s
robust approach to tapping and serving the immense market at the Base of
the Pyramid.</span><o:p></o:p></p>
<p><i><span lang=EN-US style='font-family:"Calibri","sans-serif"'>To learn
more about our investors visit </span></i><span lang=EN-US><a
href="https://www.wmail.com.au/lt/t_go.php?i=1411&e=NTQ5ODky&l=-http--www.leapfroginvest.com/investors.php"><i><span
style='font-family:"Calibri","sans-serif"'>www.leapfroginvest.com/investors.php</span></i></a></span><span
lang=EN-US style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td colspan=3 style='padding:7.5pt 0cm 7.5pt 0cm'>
<p class=MsoNormal><img border=0 id="_x0000_i1041"
src="cid:swift-12647217014b621f25c21ce.13@swift"><o:p></o:p></p>
</td>
</tr>
<tr>
<td colspan=3 style='padding:0cm 0cm 0cm 0cm'>
<h2><a name=leap3></a><i><span style='font-size:12.0pt;font-family:"Arial","sans-serif";
color:#33A600'>Recruiting outstanding young leaders</span></i><i><span
style='font-size:10.0pt;color:#33A600'><o:p></o:p></span></i></h2>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
style='width:100.0%'>
<tr>
<td style='padding:1.5pt 1.5pt 1.5pt 1.5pt'>
<p style='margin-bottom:12.0pt;text-align:justify'><!--[if gte vml 1]><v:shape
id="_x0000_s1028" type="#_x0000_t75" alt="" style='position:absolute;
left:0;text-align:left;margin-left:0;margin-top:0;width:187.5pt;height:109.5pt;
z-index:251660288;mso-wrap-distance-left:3.75pt;mso-wrap-distance-top:0;
mso-wrap-distance-right:3.75pt;mso-wrap-distance-bottom:0;
mso-position-horizontal:left;mso-position-horizontal-relative:text;
mso-position-vertical-relative:line' o:allowoverlap="f">
<v:imagedata src="cid:swift-12647217014b621f25cd56d.16@swift" o:title="swift-12647217014b621f25cd56d" />
<w:wrap type="square"/>
</v:shape><![endif]--><![if !vml]><img width=250 height=146
src="cid:swift-12647217014b621f25cd56d.16@swift" align=left hspace=5
v:shapes="_x0000_s1028"><![endif]><span lang=EN-US style='font-family:"Calibri","sans-serif"'>LeapFrog
is looking for outstanding and dynamic young leaders to join us as Global
Fellows in our Sydney, Johannesburg and Edinburgh offices. Fellows will
help LeapFrog to grow the microinsurance sector while working directly with
LeapFrog Principals as well as portfolio companies. The deadline for
applications is fast approaching. </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt'><i><span
lang=EN-US style='font-family:"Calibri","sans-serif"'>To read more about
the position and how to apply visit </span></i><span lang=EN-US><a
href="https://www.wmail.com.au/lt/t_go.php?i=1411&e=NTQ5ODky&l=-http--www.leapfroginvest.com/fellowship.pdf"><i><span
style='font-family:"Calibri","sans-serif"'>www.leapfroginvest.com/fellowship.pdf</span></i></a><o:p></o:p></span></p>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td colspan=3 style='padding:7.5pt 0cm 7.5pt 0cm'>
<p class=MsoNormal><img border=0 id="_x0000_i1042"
src="cid:swift-12647217014b621f25c21ce.13@swift"><o:p></o:p></p>
</td>
</tr>
<tr>
<td colspan=3 style='padding:0cm 0cm 0cm 0cm'>
<h2><a name=leap5></a><i><span style='font-size:12.0pt;font-family:"Arial","sans-serif";
color:#33A600'>LeapFrog's global team grows</span></i><i><span
style='font-size:12.0pt;color:#33A600'><o:p></o:p></span></i></h2>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=629
style='width:471.75pt'>
<tr>
<td style='padding:1.5pt 1.5pt 1.5pt 1.5pt'>
<p style='text-align:justify'><!--[if gte vml 1]><v:shape id="_x0000_s1029"
type="#_x0000_t75" alt="" style='position:absolute;left:0;text-align:left;
margin-left:0;margin-top:0;width:82.5pt;height:105pt;z-index:251661312;
mso-wrap-distance-left:7.5pt;mso-wrap-distance-top:0;
mso-wrap-distance-right:7.5pt;mso-wrap-distance-bottom:0;
mso-position-horizontal:left;mso-position-horizontal-relative:text;
mso-position-vertical-relative:line' o:allowoverlap="f">
<v:imagedata src="cid:swift-12647217014b621f25d0c19.17@swift" o:title="swift-12647217014b621f25d0c19" />
<w:wrap type="square"/>
</v:shape><![endif]--><![if !vml]><img width=110 height=140
src="cid:swift-12647217014b621f25d0c19.17@swift" align=left hspace=10
v:shapes="_x0000_s1029"><![endif]><b><span style='font-family:"Calibri","sans-serif"'>Stéphane
</span></b><b><span lang=EN-US style='font-family:"Calibri","sans-serif"'>Chatonsky</span></b><span
lang=EN-US style='font-family:"Calibri","sans-serif"'> joins LeapFrog as a
Principal, located in the Sydney office, bringing over </span><span
style='font-family:"Calibri","sans-serif"'>15 years’ experience in private
equity, investment banking and strategy across Europe and Asia Pacific. His
career includes posts at Lazard Frères & Co, working on IPOs and
privatisations; McKinsey & Co, focused on financial services and
telecommunications; Macquarie Bank, managing private equity transactions
and development of green-field companies; and Telecom New Zealand, driving
Group M&A and Investments. Building on this track record, Stéphane
established his own practice, investing with or advising private equity
funds, family offices and their portfolio companies on deal sourcing and
structuring, due diligence, transaction management, business planning and
performance improvement. He led or was centrally involved in over 20
private equity transactions in recent years. Stephane teaches Private
Equity, Venture Capital, and Valuation as an adjunct at two leading
Australian business schools. He holds an MBA from Wharton.</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><!--[if gte vml 1]><v:shape id="_x0000_s1030" type="#_x0000_t75"
alt="" style='position:absolute;left:0;text-align:left;margin-left:0;
margin-top:0;width:82.5pt;height:99.75pt;z-index:251662336;
mso-wrap-distance-left:7.5pt;mso-wrap-distance-top:0;
mso-wrap-distance-right:7.5pt;mso-wrap-distance-bottom:0;
mso-position-horizontal:left;mso-position-horizontal-relative:text;
mso-position-vertical-relative:line' o:allowoverlap="f">
<v:imagedata src="cid:swift-12647217014b621f25d5e1e.18@swift" o:title="swift-12647217014b621f25d5e1e" />
<w:wrap type="square"/>
</v:shape><![endif]--><![if !vml]><img width=110 height=133
src="cid:swift-12647217014b621f25d5e1e.18@swift" align=left hspace=10
v:shapes="_x0000_s1030"><![endif]><a name=leap42></a><b><span lang=EN-US
style='font-family:"Calibri","sans-serif"'>Nina Schuler</span></b><span
lang=EN-US style='font-family:"Calibri","sans-serif"'> joins as the
Director of LeapFrog Labs, a technical assistance facility that works with
companies and partners to address key challenges in expanding the quality
and reach of microinsurance products. She is based in the Edinburgh office.
Previously, at the World Bank, Nina advised governments in Uganda, Malawi,
Kenya, Tanzania, Zambia, Swaziland and Eritrea on local governance and
HIV/AIDS investments. In Indonesia, Nina was seconded by GTZ to help manage
an innovative $50million multi-donor trust fund. In Sri Lanka, with the
Asia Foundation, Nina engaged government, academic, and business leaders to
address key stumbling blocks to local and regional business development.
Nina’s roles have also included leading an innovative project to tackle
fraud in grantmaking, and serving as an expert on urban poverty,
decentralization, HIV/AIDS, and local economic development. Nina, who is
both a German and an American national, holds an MSc from the London School
of Economics. </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><!--[if gte vml 1]><v:shape id="_x0000_s1031" type="#_x0000_t75"
alt="" style='position:absolute;left:0;text-align:left;margin-left:0;
margin-top:0;width:123.75pt;height:82.5pt;z-index:251663360;
mso-wrap-distance-left:7.5pt;mso-wrap-distance-top:0;
mso-wrap-distance-right:7.5pt;mso-wrap-distance-bottom:0;
mso-position-horizontal:left;mso-position-horizontal-relative:text;
mso-position-vertical-relative:line' o:allowoverlap="f">
<v:imagedata src="cid:swift-12647217014b621f25d8cfa.19@swift" o:title="swift-12647217014b621f25d8cfa" />
<w:wrap type="square"/>
</v:shape><![endif]--><![if !vml]><img width=165 height=110
src="cid:swift-12647217014b621f25d8cfa.19@swift" align=left hspace=10
v:shapes="_x0000_s1031"><![endif]><a name=leap5a></a><span lang=EN-US
style='font-family:"Calibri","sans-serif"'>Nina and Labs<span
class=apple-style-span> are located in Edinburgh, marking an expansion of
our </span><strong><span style='font-family:"Calibri","sans-serif"'>Europe
office</span></strong><span class=apple-style-span>. Led by Jim Roth, a
pioneer of commercial microinsurance, the Europe office manages
relationships with European investors, manages opportunities that come via
European headquartered organizations (such as insurers, private equity
firms, and brokerage firms) and overseas our investment activities in South
Asia. </span></span><span class=apple-style-span><span lang=EN-US
style='font-size:13.5pt;font-family:"Calibri","sans-serif"'> <o:p></o:p></span></span></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><!--[if gte vml 1]><v:shape id="_x0000_s1032" type="#_x0000_t75"
alt="" style='position:absolute;left:0;text-align:left;margin-left:0;
margin-top:0;width:82.5pt;height:105pt;z-index:251664384;
mso-wrap-distance-left:7.5pt;mso-wrap-distance-top:0;
mso-wrap-distance-right:7.5pt;mso-wrap-distance-bottom:0;
mso-position-horizontal:left;mso-position-horizontal-relative:text;
mso-position-vertical-relative:line' o:allowoverlap="f">
<v:imagedata src="cid:swift-12647217014b621f25da07d.20@swift" o:title="swift-12647217014b621f25da07d" />
<w:wrap type="square"/>
</v:shape><![endif]--><![if !vml]><img width=110 height=140
src="cid:swift-12647217014b621f25da07d.20@swift" align=left hspace=10
v:shapes="_x0000_s1032"><![endif]><b><span lang=EN-US style='font-family:
"Calibri","sans-serif"'>Paolo De Martin</span></b><span lang=EN-US
style='font-family:"Calibri","sans-serif"'> joins our Advisory Board in his
personal capacity, bringing wise counsel after many years as a leader in
reinsurance, insurance, and investment<b>. </b>He is currently Group Chief
Financial Officer of SCOR Group, a leading global reinsurer with operations
in 120 countries and annual premium income of over €6 billion. </span><span
lang=DE-CH style='font-family:"Calibri","sans-serif"'>Previously, he served
as CFO of Converium, a Swiss reinsurance firm, following a progressive
11-year career at General Electric that culminated as CFO of GE Frankona
Group. He began his career as a member of GE’s reputed internal auditing
and consulting group, with assignments in the Americas, Europe, and Asia.
Early in his career, he was Managing Partner and Founder of an Italian
eyewear manufacturer. He holds a Masters in Business Economics from Ca’ Foscari
University, Italy. </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt'><i><span
lang=EN-US style='font-family:"Calibri","sans-serif"'>Learn more about our
global team at </span></i><span lang=EN-US><a
href="https://www.wmail.com.au/lt/t_go.php?i=1411&e=NTQ5ODky&l=-http--www.leapfroginvest.com/people.php"><i><span
style='font-family:"Calibri","sans-serif"'>www.leapfroginvest.com/people.php</span></i></a><o:p></o:p></span></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt'><i><span
lang=EN-US style='font-family:"Calibri","sans-serif"'>See who else is on
our advisory board at </span></i><span lang=EN-US><a
href="https://www.wmail.com.au/lt/t_go.php?i=1411&e=NTQ5ODky&l=-http--www.leapfroginvest.com/board.php"><i><span
style='font-family:"Calibri","sans-serif"'>www.leapfroginvest.com/board.php</span></i></a></span><span
lang=DE-CH style='font-family:"Calibri","sans-serif"'><o:p></o:p></span></p>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td colspan=3 style='padding:7.5pt 0cm 7.5pt 0cm'>
<p class=MsoNormal><img border=0 id="_x0000_i1043"
src="cid:swift-12647217014b621f25c21ce.13@swift"><o:p></o:p></p>
</td>
</tr>
<tr>
<td colspan=3 style='padding:0cm 0cm 0cm 0cm'>
<h2><a name=leap51></a><i><span style='font-size:12.0pt;font-family:"Arial","sans-serif";
color:#33A600'>News, views, events</span></i><i><span style='font-size:10.0pt;
color:#33A600'><o:p></o:p></span></i></h2>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
style='width:100.0%'>
<tr>
<td style='padding:1.5pt 1.5pt 1.5pt 1.5pt'>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;
text-align:justify'><!--[if gte vml 1]><v:shape id="_x0000_s1033" type="#_x0000_t75"
alt="" style='position:absolute;left:0;text-align:left;margin-left:0;
margin-top:0;width:187.5pt;height:132.75pt;z-index:251665408;
mso-wrap-distance-left:7.5pt;mso-wrap-distance-top:0;
mso-wrap-distance-right:7.5pt;mso-wrap-distance-bottom:0;
mso-position-horizontal:left;mso-position-horizontal-relative:text;
mso-position-vertical-relative:line' o:allowoverlap="f">
<v:imagedata src="cid:swift-12647217014b621f25db408.21@swift" o:title="swift-12647217014b621f25db408" />
<w:wrap type="square"/>
</v:shape><![endif]--><![if !vml]><img width=250 height=177
src="cid:swift-12647217014b621f25db408.21@swift" align=left hspace=10
v:shapes="_x0000_s1033"><![endif]><span lang=EN-US style='font-family:"Calibri","sans-serif"'>Recent
media coverage of the fund’s investment strategy and novel business model
has been extraordinary. <i>Fast Company</i> interviewed Andy Kuper under
the headline “Microinsurance: The New Microcredit,” identifying the
LeapFrog fund as an investment vehicle able to “drive entrepreneurship and
facilitate wealth accumulation in developing countries.” MicroCapital also
recently interviewed Andy in the inaugural issue of <i>The Microinsurance
Times</i>, the first dedicated industry publication. <i>Insurance Day </i>now
regularly covers LeapFrog for the industry. We also invite you to tune into
the Microinsurance Summit in February and the Economist Innovation Summit
in March, as people around the world turn to LeapFrog and fellow innovators
to learn how to succeed with profit-with-purpose business models and
investment.</span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt'><i><span
lang=EN-US style='font-family:"Calibri","sans-serif"'>To read these and
many more news articles visit </span></i><span lang=EN-US><a
href="https://www.wmail.com.au/lt/t_go.php?i=1411&e=NTQ5ODky&l=-http--www.leapfroginvest.com/news.php"><i><span
style='font-family:"Calibri","sans-serif"'>www.leapfroginvest.com/news.php</span></i></a></span><span
lang=EN-US style='font-family:"Calibri","sans-serif"'> </span><o:p></o:p></p>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td colspan=3 style='padding:7.5pt 0cm 7.5pt 0cm'>
<p class=MsoNormal><img border=0 id="_x0000_i1044"
src="cid:swift-12647217014b621f25c21ce.13@swift"><o:p></o:p></p>
</td>
</tr>
<tr>
<td colspan=3 style='padding:0cm 0cm 0cm 0cm'>
<h2><a name=leap6></a><i><span style='font-size:12.0pt;font-family:"Arial","sans-serif";
color:#33A600'>President Bill Clinton hails "Insurer to the Poor"</span></i><i><span
style='font-size:10.0pt;color:#33A600'><o:p></o:p></span></i></h2>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
style='width:100.0%'>
<tr>
<td style='padding:1.5pt 1.5pt 1.5pt 1.5pt'>
<h2 align=center style='text-align:center'><i><span style='font-size:13.5pt;
color:#33A600'><img border=0 width=400 height=266 id="_x0000_i1045"
src="cid:swift-12647217014b621f25dd72e.22@swift"></span></i><i><span
style='font-size:12.0pt;color:#33A600'><o:p></o:p></span></i></h2>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:
auto'><span lang=EN-US style='font-family:"Calibri","sans-serif"'>In the
Closing Plenary of the Clinton Global Initiative 2009, former President
Bill Clinton and LeapFrog President Andy Kuper spoke to an audience of 1000
global leaders and to thousands watching online. President Clinton drew the
direct link with the work of Nobel Laureate Muhammad Yunus to bring
microcredit to millions of people, as the ‘Banker to the Poor’, announcing
that “LeapFrog is quickly becoming the ‘Insurer to the Poor’. Just like
Yunus, [LeapFrog] is the first out of the gate, the first microinsurance
fund in the world.” <o:p></o:p></span></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:
auto'><em><span lang=EN-US style='font-family:"Calibri","sans-serif"'>Watch
the video at <a
href="https://www.wmail.com.au/lt/t_go.php?i=1411&e=NTQ5ODky&l=-http--www.leapfroginvest.com/cgi_video.php"
target="_blank">http://www.leapfroginvest.com/cgi_video.php</a></span></em><span
lang=EN-US><o:p></o:p></span></p>
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<p class=MsoNormal><span style='display:none'><o:p> </o:p></span></p>
<div align=center>
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<p class=MsoNormal><img border=0 id="_x0000_i1046"
src="cid:swift-12647217014b621f25c21ce.13@swift"><o:p></o:p></p>
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<h2><a name=leap7></a><i><span style='font-size:12.0pt;font-family:"Arial","sans-serif";
color:#33A600'>The search for opportunities in key emerging markets</span></i><i><span
style='font-size:10.0pt;color:#33A600'><o:p></o:p></span></i></h2>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=623
style='width:467.25pt'>
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<td style='padding:1.5pt 1.5pt 1.5pt 1.5pt'>
<p class=MsoNormal style='mso-margin-top-alt:.1pt;margin-right:0cm;
margin-bottom:.1pt;margin-left:0cm;text-align:justify'><!--[if gte vml 1]><v:shape
id="_x0000_s1034" type="#_x0000_t75" alt="" style='position:absolute;
left:0;text-align:left;margin-left:0;margin-top:0;width:187.5pt;
height:124.5pt;z-index:251666432;mso-wrap-distance-left:7.5pt;
mso-wrap-distance-top:0;mso-wrap-distance-right:7.5pt;
mso-wrap-distance-bottom:0;mso-position-horizontal:left;
mso-position-horizontal-relative:text;mso-position-vertical-relative:line'
o:allowoverlap="f">
<v:imagedata src="cid:swift-12647217014b621f25e0221.23@swift" o:title="swift-12647217014b621f25e0221" />
<w:wrap type="square"/>
</v:shape><![endif]--><![if !vml]><img width=250 height=166
src="cid:swift-12647217014b621f25e0221.23@swift" align=left hspace=10
v:shapes="_x0000_s1034"><![endif]><span lang=EN-US style='font-family:
"Calibri","sans-serif"'>LeapFrog continues to expand its search for
investments in microinsurance and related financial services businesses
in Africa and Asia. Our focus countries include Kenya, Ghana, South
Africa, India, Indonesia and the Philippines. We are interested in businesses
that serve, or could serve, market segments that are typically
financially excluded such as low-income clients or people with
disabilities or pre-existing illnesses. We consider investments in
businesses that are risk-bearing such as insurance companies as well as
businesses that play a role in the management and distribution of
insurance such as third party administrators or microfinance
institutions. We are also able to partner with distributors such as
retail chains, religious groups, and mobile phone operators. Our typical
investments can be between US $5 million and US $10 million, though we
can partner with other firms including funds, banks, and insurers on
larger investments. All of our portfolio companies will be invested in
and monitored on the basis of clear financial and social impact metrics. </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:.1pt;margin-right:0cm;
margin-bottom:.1pt;margin-left:0cm;text-align:justify'><span lang=EN-US
style='font-family:"Calibri","sans-serif"'> </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:.1pt;margin-right:0cm;
margin-bottom:.1pt;margin-left:0cm'><i><span lang=EN-US style='font-family:
"Calibri","sans-serif"'>To learn more about our investment approach visit
</span></i><span lang=EN-US><a
href="https://www.wmail.com.au/lt/t_go.php?i=1411&e=NTQ5ODky&l=-http--www.leapfroginvest.com/investment.php"
target="_blank"><i><span style='font-family:"Calibri","sans-serif"'>www.leapfroginvest.com/investment.php</span></i></a></span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:.1pt;margin-right:0cm;
margin-bottom:.1pt;margin-left:0cm'> <o:p></o:p></p>
<div align=center>
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width=600 style='width:450.0pt;background:white'>
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<td style='padding:0cm 0cm 0cm 0cm'></td>
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<p class=MsoNormal><img border=0 id="_x0000_i1047"
src="cid:swift-12647217014b621f25c21ce.13@swift"><o:p></o:p></p>
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<h2><i><span style='font-size:12.0pt;font-family:"Arial","sans-serif";
color:#33A600'>Thank you!</span></i><i><span style='font-size:10.0pt;
color:#33A600'><o:p></o:p></span></i></h2>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
width=608 style='width:456.0pt'>
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<td style='padding:1.5pt 1.5pt 1.5pt 1.5pt'>
<p class=MsoNormal style='mso-margin-top-alt:.1pt;margin-right:0cm;
margin-bottom:.1pt;margin-left:0cm;text-align:justify'><span
lang=EN-US style='font-family:"Calibri","sans-serif"'>Our ability to
identify and grow profitable businesses to reach millions of people
would not exist without the dedication of our partner firms. Today we
send special thanks to leading actuarial firm Quindiem and our
exceptional legal teams at Akin Gump, Wiley Rein, Eversheds and
Cliffe Dekker, who have worked overtime to make our
profit-with-purpose vision real and robust. </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:.1pt;margin-right:0cm;
margin-bottom:.1pt;margin-left:0cm;text-align:justify'><span
lang=EN-US style='font-family:"Calibri","sans-serif"'> </span><o:p></o:p></p>
<p class=MsoNormal style='mso-margin-top-alt:.1pt;margin-right:0cm;
margin-bottom:.1pt;margin-left:0cm;text-align:justify'><i><span
lang=EN-US style='font-family:"Calibri","sans-serif"'>To read more
about all our partners visit </span></i><span lang=EN-US><a
href="https://www.wmail.com.au/lt/t_go.php?i=1411&e=NTQ5ODky&l=-http--www.leapfroginvest.com/partners.php"><i><span
style='font-family:"Calibri","sans-serif"'>www.leapfroginvest.com/partners.php</span></i></a></span><o:p></o:p></p>
<p style='text-align:justify'><span lang=EN-US style='font-family:
"Calibri","sans-serif"'>To our community, all of those who supported
the LeapFrog mission and achieved extraordinary results in 2009, we
send a heartfelt thank you!</span><o:p></o:p></p>
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src="cid:swift-12647217014b621f25e34e8.24@swift"></span><span lang=EN-US
style='font-size:7.5pt'><o:p></o:p></span></p>
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