About NMI

2010 Management Report: Investing in Microfinance

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May 5, 2011

Dear Colleagues and Friends:

We are pleased to present herewith the 2010 Management Report for the Norwegian Microfinance Initiative ("NMI"). This Report contains a summary of NMI's progress and accomplishments during 2010 and also sets forth our outlook for 2011 and the coming years.

We are particularly gratified to note that at the end of 2010 the NMI Funds had committed to investments amounting to more than USD 50 Million in 8 Microfinance Investment Vehicles ("MIVs") and 5 MFIs. These investments were reaching 79 MFIs in 34 countries at 31 December 2010. In addition, these MFIs had provided more than USD 7 billion in loans to more than 12 million clients.

We hope that you will enjoy reading this Report. It describes in some detail the investments of the NMI Global Fund and the NMI Frontier Fund, including information about our Portfolio MIVs and MFIs. In addition, the Report summarizes the activities of the NMI Professional Assistance Facility and sets forth NMI's approach and commitment to Social Performance and Social Responsibility.

We thank all of you for the various contributions you have made to NMI as colleagues and friends; without these contributions, we would not have been able to make the progress toward our Mission that this Report describes.

Best regards,

Richard Weingarten
Managing Director