Item - 2020.TA5.9

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved an investment of up to $1,500,000 subject to the terms and conditions outlined by the Investment Committee at its meeting of January 30, 2020 and as set out in Confidential Attachment 1 to the report (January 30, 2020) from the Vice President, Impact Investing.

2.  Directed the Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor.

3.  Directed that the confidential information contained in Confidential Attachment 1 to the report (January 30, 2020) from the Vice President, Impact Investing remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to the Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

The Board of Directors of the Toronto Atmospheric Fund recessed its public meeting to meet in closed session to consider the item as it contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization, and heard a confidential presentation from the Vice President, Impact Investing.

Based on due diligence demonstrating the potential for appropriate risk-adjusted return and strong alignment with Toronto Atmospheric Fund's mandate, the Investment Committee is recommending one (1) investment. The proposed investment is in compliance with the asset allocation range for Direct Investments (maximum 60 percent).