Inv -201 9-Mtg -01 1



G avi Alliance Investment Committee Meeting
8 February 201 9
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.00 Geneva
time on 8 February 201 9. Stephen Zinser , Investment Committee Chair, chaired
the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a in the
Committee pack ).

1.3 The minutes of the 8 Nov ember 201 8 meeting were tabled to the Committee and
duly approved (Doc 01b).

1.4 The Committee noted its action sheet (Doc 01c) and the forward work plan
(Doc 01d).

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2. Investment Portfolio Review (including SRI)

2.1 Jeanne Shen, Chief Investment Officer, updated the Committee on the four th
quarter (4Q) 2018 performance of the investment portfolio, manager activities and
related transactions (Doc 02).

2.2 Ms Shen outlin ed the volatile financial market s during 4Q, pointing to geopolit ical
uncertainty , Sino -US trade tensions, concern about US rates ris ing too quickly and
falling oil prices.

2.3 In relation to the long -term portfolio, Ms Shen noted the negative return in 4Q. She
highlight ed that the greatest negative impact on an absolute basis was seen in
Equitie s although the Multi -Exposure asset class was a primary detractor on a
relative basis . It was further noted that several Fixed I ncome fund s also delivered
returns which were negative for Q4 while the index benchmark was positive .

2.4 Ms Shen explain ed that c ash was the only asset class with a n overall positive
return in 2018 and that Gavi had US $ 175 m illion of cash not yet invested at the
end of 2018 . It was however highlighted that , despite a challenging past year for
the long -term portfolio , the individual asset classes still beat their benchmark s over
long er periods .

2.5 With regards to manager performance , Ms Shen highlighted a disappointing
performance in 2018 for a Directional Long -Only Fixed Income manager for which
Gavi had already reduced the portfolio . In the Multi -Exposure asset class,


Minutes

Inv -201 9-Mtg -02 1



G avi Alliance Investment Committee Meeting
7 May 201 9
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced a t 14.00 Geneva
time on 7 May 201 9. Stephen Zinser , Investment Committee Chair, chaired the
meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a in the
Committee pack ).

1.3 The minutes of the 8 February 201 9 meeting were tabled to the Committee and
duly approved (Doc 01b).

1.4 The Committee noted its action sheet (Doc 01c) and the forward work plan
(Doc 01d).

1.5 The Chair welcomed Afsaneh Beschloss as an observer, who had recently agreed
to join the Board of the Gavi Alliance from 1 January 2020 and would also be
formally joining the Investment Committee from that date with a view in due course
to succeeding the current Committee Chair when his term on the Gavi Alliance
Board ends on 30 June 2020.

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2. Manager presentation

2.1 The Chair reminded the Committee that an allocation of up to 10% of illiquid private
debt in the long -term portfolio was app roved in principle but had only been invested
to a modest degree. A fund manager of private debt in the lower middle market
space presented their strategy to the Committee.

2.2 Ms Jeanne Shen, C hief Investment Officer , presented the asset manager and
highlighted that Gavi used this manager as an investor of public debt securities in
the past. The purpose of the presentation was to highlight the potential
opportunities in the asset class and to educate the Committee, with the
understanding that a full due diligence had not yet been completed.

2.3 Senior representatives of the firm ?s strategy presen ted the fund, the team, sample
deals , target returns, the market opportunities, and outlined their experience and
approach to private lending (Annex A, Doc 02) .





Minutes

Inv -201 9-Mtg -03 1




G avi Alliance Investment Committee Meeting
10 September 201 9
Blac kRock Office, New York City


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced a t 08 .30 New
York City time on 10 September 201 9. Stephen Zinser , Investment Committee
Chair, chaired the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a in the
Committee pack ).

1.3 The minutes of the 7 Ma y 201 9 meeting were tabled to the Committee for
information (Doc 01b) . The minutes had been circulated and approved by no -
objection on 12 June 2019 .

1.4 The Committee noted its action sheet (Doc 01c) and the forward work plan
(Doc 01d).

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2. Manager presentation

2.1 The Chair introduced the asset manager and noted that the presentation , at this
stage, is for informational purpose s only (Doc 02) .

2.2 Hector Negroni, Founder, and Timothy Romer, Chief Executive Officer, presen ted
the manager and the fund, the team, target deals, target returns, the market
opportunities, and outlined their experience and approach to infrastructure debt
markets in the US .

Discussion

? In response to a question from a Committee member in relation to how they source
the ir deals , the manger noted that it is primarily through their wide network and
connection s with broker -dealers . The Committee asked various questions about
working with mun icipalities, liquidity, social infrastructure and specifically the
fund?s approach to socially responsible investing , source s of financing , investment
team composition and experience , deal sourcing and competition .

? The Committee further discussed the firm and fund and the Chair reminded the
Committee that an allocation of up to 10% of private debt in the long -term portfolio
was approved in principle but that well less than 10% had been invested to date.


Minutes

GAVI Alliance Investment Committee Meeting , 26 May 2011 FINAL MINUTES

Inv -2011 -Mtg -2 1




GAVI Alliance Investment Committee Meeting
26 May 2011
Teleconference


FINAL MINUTES

1. Chair?s report

Finding a quorum of members present, the meeting commenced at 10.0 2
Washington time on 26 May 2011. George W. Wellde, Jr, Investment Committee
Ch air chaired the meeting.

Standing declarations of interest were tabled to the Committee (Doc #1a in the
Committee pack).

The Committee took as read the minutes of its meeting on 18 March 201 1 and noted
that they were approved with no objection on 11 April 2011 (Doc #1b). Also, t he
Committee took as read the action sheet of matters arising from previous meetings
(Doc #1c) and the Committee?s forward workplan (Doc #01 d).

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2. Portfolio overview

General

Jeanne Shen, Senior Director of Investments pro vided an overview of the portfolio,
highlighting GAVI?s asset allocation, peer comparisons, investment income, a s well
as sector and quality comparisons of its investments (Doc #2). She reported the
portfolio?s YTD return and projected 2011 returns.

? Du ring the Q1 2011, GAVI?s portfolio was outperformed by the endo wments
and foundation comparator benchmark. As noted in the past, GAVI?s portfolio
has no allocation to capital appreciation asset classes.

? The two most recently hired investment managers are performing as
expected.

Risk matrix

Jeanne Shen presented a new risk evaluation methodology which would be used to
assess certain compliance aspects of GAVI?s investment managers includ ing senior
management stability, internal controls, regulatory compl iance, GAAP compliance,

GAVI Alliance Investment Committee Meeting , 20 March 2011 DRAFT MINUTES

Inv -2011 -UWC -1-Minutes




GAVI Alliance Investment Committee Decision s
4 June 2011


1. Minutes from 26 M ay 2011

Decision One

By unanimous consent, the GAVI Alliance Investment Committee moved to :

? Approve the minutes of its meeting on 26 May 2011.


2. Cash and Short -Term Investment P olicy

Decision Two

By unanimous consent, the GAVI Alliance Investment Committee moved to :

? Recommend to the Board that it approve the new Cash and Short -Term
Investment Policy (27 May 2011 version).






__________________________
Mr Kevin A. Klock
Assistant Secretary

GAVI Alliance Investment Committe e Meeting, 8 July2011 DRAFT MINUTES
Inv -2011 -Mtg -3 1




GAVI Alliance Investment Committee Meeting
8 July 2011
Geneva, Switzerland


FINAL MINUTES

1. Chair?s report

Finding a quorum of members present, the meeting commenced at 10. 22 Geneva
time on 8 July 2011. George W. Wellde, Jr, Investment Committee C hair chaired the
meeting.

Notice of the meeting was waived as all Committee members were present.

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2. Revision to the Cash and Short -Term Investment Policy

On 4 June 2011, the Investment Committee recommended to the Board that it
approve a new Cash and Short -Term Investment Policy. Since then, the World Bank
proposed three amendments to the recommended policy. Barry Greene, MD,
Finance and Operations, reviewed these amendments with the Committee (Doc #1).

? The amendments were consistent with the intent of the Committee and so the
Committee was comfortable recommending the m to the Board. However, it
noted a strong preference in the future to receiv ing proposed amendments
further in advance of the Board meeting.

Decision One

The GAVI Alliance Inv estment Committee moved to:

? Recommend to the Board that it approve the new Cash and Short -Term
Investment Policy (8 July 2011 version).

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There being no further business, the meeting was brought to a close.


__________________________
Mr Kevin A. Klock
Assistant Secretary

.......
GAVI Alliance Investment Committee Meeting
21 September 2011
Inv -201 1-Mtg -04 1




GAVI Alliance Investment Committee Meeting
21 September 2011
Teleconference


FINAL MINUTES


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 11.02
Washington time on 21 September 2011. George W. Wellde, Jr , Investment
Committee Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc #1a in
the Committee pack).

1.3 The Committee reviewed the minutes of it s meeting on 26 May 2011 (Doc
#1b) , noting they were approved by unanimous consent on 4 June 2011 (Doc
#1c). Further, it reviewed the minutes of its meeting on 8 July 2011 (Doc #1d).

1.4 The Committee then reviewed its action sheet (Doc #1e) and forward
workplan (Doc #1f).

Decision One

The GAVI Alliance Investment Committee :

? Approved the minutes of its meeting on 8 July 2011.

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2. Portfolio overview

2.1 Jeanne Shen, Chief Investment Officer, provided an overview of the portfolio,
highlighting the financial environment, risk -off environment, and the
environment?s impact on fixed -income investing (Doc #2). In addition, she
reviewed GAVI?s asset allocation, net returns, compar isons to peers , and
contribution to income. She also reported on the Secretariat?s evaluation of all
investment managers and vendors, including the reasons why one vendor
was terminated. Finally, she provided an update on Socially Responsible
Investing (SR I), informing the Committee that a new SRI vendor had been
hired, relaying how the competitive search process was conducted for this
vendor , and providing information on the new vendor ?s services .

GAVI Alliance Investment Committee Meeting , 20 March 2011 DRAFT MINUTES

Inv -2011 -UWC -2-Minutes




GAVI Alliance Investment Committee Decision
2 November 2011



1. Investment Policy

Decision One

By unanimous consent, the GAVI Alliance Investment Committee :

? Recommended to the Board that it approve the GAVI Alliance Investment
Policy (Doc 1) and revoke the GAVI Alliance Cash and Short -term
Investments Policy.






__________________________
Mr Kevin A. Klock
Assistant Secretary

.......
GAVI Alliance Investment Committee Meeting
28 March 2012
Inv -2012 -Mtg -1 1




GAVI Alliance Investment Committee Meeting
28 March 2012
New York, NY USA


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.42 New
York time on 28 March 2012 . George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack).

1.3 The Committee reviewed the minutes of it s meeting on 21 September 2011
(Doc 1b) , noting the discussion on the security control agreement that backs
a vaccine procurement deal with UNICEF and its implications on GAVI?s
ability to optimally invest funds. The Chair reported productive conversations
with UNICEF on this matter.

1.4 The Committee reviewed its action sheet (Doc 1c) and forward workplan (Doc
1d ).

Decision One

The GAVI Alliance Investment Committee :

? Approved the minutes of its meeting on 21 September 2011.

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2. Portfolio overview

2.1 Jeanne Shen, Chief Investment Officer, provided an overview of the portfolio,
highlighting 2011 sector returns ; portfolio returns; peer comparisons of net
returns ; asset class allocation ; the cash and short -term portfolio performance;
and long -term portfolio sector allocation , credit quality, and liquidity (Doc 2). In
addition, she reviewed the Secretariat?s outlook for inflation levels and its
strategies for addres sing inflation risk. Finally, she reviewed the accounting
implications of certain asset classes and reported the results of the latest
Socially Responsible Investing (SRI) screen ing .
Discussion

.......
GAVI Alliance Investment Committee Meeting
24 May 2012
Inv -2012 -Mtg -2 1




GAVI Alliance Investment Committee Meeting
24 May 2012
Teleconference


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 9.03
Washington time 24 May 2012 . George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack). The Committee reviewed the minutes of it s meeting on 28
March 2012 (Doc 1b) , noting they had been approved on 1 May 2012. The
Committee also reviewed its action sheet (Doc 1c) and forward workplan (Doc
1d ).

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2. Portfolio overview

2.1 Jeanne Shen, Chief Investment Officer, highlighted selected matters in the
general capital markets environment and provided an overview of GAVI?s
portfolio (Doc 2).

2.2 Specifically , she commented on the credit quality of the banking sector, and
revisions under consideration by US regulators to regulation s of money
markets funds. She described how GAVI and other potentially affected
organisations may have to adjust to these factors.

2.3 With regard to the portfolio, she reviewed cash, short -term, and long -term
portfolio performance; peer comparisons; contribution t o mission; excess
returns by sector; and individual manager performance and credit quality. She
also reported the total assets under management for each of the portfolio
funds, and commented on one instance in which GAVI assets comprised a
large portion of a particular fund?s assets under management.

2.4 Also, she updated the Committee on the transition of the portfolio to the asset
allocation approved by the Board on 16 -17 November 2011. Finally, she
reported on the Socially Responsible Investing program, noting that the
portfolio was in compliance with established thresholds . However, she
commented that as GAVI added certain assets classes to the portfolio, the

.......
GAVI Alliance Investment Committee Meeting
2 Nov ember 2012
Inv -2012 -Mtg -4 1




GAVI Alliance Investment Committee Meeting
2 Nov ember 2012
Teleconference


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting comm enced at 9.00 New
York time on 2 Nov ember 2012 . George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack). The Committee reviewed the minutes of its meeting on 11
September 2012 (Doc 1b) and its forward workplan (Doc 1c ).

Decision One

The GAVI Alliance Investment Committee :

? Approved the minutes of its meeting on 11 September 2012.

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2. Investment portfolio re view

2.1 Jeanne Shen, Chief Investment Officer, informed the Committee of the overall
investment portfolio performance for the year through September 2012 , and
provided an overview of the major asset classes in GAVI?s portfolio (Doc 02 ).
She also updated the Committee on the transition into the new asset classes
and provided an updated risk assessment and controls matrix . She also
reported on the global economic environment, returns by sector and by
manager, portfolio allocation, and contribution to mission.

Discussion

? The Committee asked what the total growth of the portfolio had been since
inception. Jeanne Shen promised to send this information to the Committee.

.......
GAVI Alliance Investment Committee Meeting
19 February 2013
Inv -2013 -Mtg -1 1




GAVI Alliance Investment Committee Meeting
19 February 201 3
New York, NY, USA


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.00 New
York time on 19 February 201 3. George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack). The Committee reviewed the minutes of its meeting on 2
Nov ember 2012 (Doc 1b), its action sheet (Doc 1c) and its forward workplan
(Doc 1d ).

Decision One

The GAVI Alliance Investment Committee :

? Approved the minutes of its meeting on 2 November 2012.

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2. Manager presentation ? Convexity

2.1 Jack Meyer , Mike Pradko, Pete van Amson, and Erica White from Convexity
Capital delivered an informational report that provided background on their
organi sation and its investment approach (Doc 2).

Discussion

? The Committee discussed with the Convexity representatives its trading
strategies, counterparty diversification , counterparty and broker/dealer
relationships, financing and repurchase agreements, benchmarking, and
management and performance fees.

? After th e Convexity representatives left the meeting, the Committee discussed
the firm?s strategy, fee structure, management team experience and
succession planning, net returns, and risk profile.

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