On November 29, 2022, Fundación WWB Colombia, DWM Panamá, S.A., WWB ISIS Fund and Bamboo Financial Inclusion Panamá S.A. reached an agreement whereby Fundación WWB Colombia will acquire directly and indirectly, from DWM Panamá, WWB ISIS Fund and Bamboo Financial Inclusion Panamá, a stake of approximately 14% of the subscribed and outstanding shares of Banco W S.A.

Fundación WWB Colombia is an independent and autonomous institution that has been working for more than four decades to close inequality gaps for women and promote their active participation in economic development. It promotes the development of personal and business skills, especially for women entrepreneurs in situations of socioeconomic vulnerability; the generation, dissemination and appropriation of knowledge through research and analytics; and investment in sustainable businesses that promote the closing of inequality gaps for women. Fundación WWB Colombia is currently a shareholder of Banco W, with a shareholding of 85.73%. With its majority investment in Banco W, Fundación WWB Colombia expects to continue advancing its mission of facilitating access to credit for the socially and economically disadvantaged, recognizing the importance of facilitating access to credit for these sectors of the economy.

Bamboo Capital Partners is an impact investor specializing in emerging and frontier markets. Bamboo works with development agencies and financial institutions to develop innovative financing solutions that deliver lasting impact at scale through its range of catalytic, commercial and blended impact funds. Developing World Markets is a U.S.-based fund manager that seeks investment solutions that sustainably address the social, environmental and economic needs of the developing world. Finally, Women’s World Banking Asset Management invests in financial companies with innovative and inclusive business models in emerging markets. WAM supports these companies in attracting substantial participation of financially marginalized female customers and female staff and leaders in untapped groups.

Banco W S.A. is an entity supervised by the Superintendencia Financiera de Colombia, created in 2011, with a national presence that promotes financial and social inclusion through microfinance and other financial products and services. Its purpose is to contribute to economic and social development by facilitating financial solutions to micro-businesses and small businesses. In 2019, the Ministry of Labor and the United Nations Development Program awarded Banco W the Equipares Silver Seal. In the same year, Banco W was recognized among the 20 best places to work within the category of more than 500 employees by Great Place To Work. Banco W also received a four-star rating with a stable outlook on a five-star scale from MicroRate, an international rating agency that awards this recognition to companies with an excellent level of social performance.

Fundación WWB Colombia and Banco W are grateful to DWM Panamá, S.A., WWB ISIS Fund and Bamboo Financial Inclusion Panamá S.A. for their valuable contributions to the successful management of Banco W since 2011.

Closing is subject to the fulfillment of conditions precedents common to this type of transaction, including obtaining the required governmental authorizations.

• Announcement date: November 11, 2022

Legal Advisors

Counsel to Fundación WWB

Posse Herrera Ruiz

Counsel to Fundación DWM Panamá, S.A., WWB ISIS Fund and Bamboo Financial Inclusion Panamá S.A.