Based on liquidity and tradability
information of the investment universe.

Company-level fundamental financial factors (revenues, operating cash flows, dividends and net asset value) will be incorporated by the Investment Team.

Desk-top research supplemented by country visits. A positive and negative (certain red-flag issues) assessment system based on sustainability data.

A Positive industry weighted company level assessment based on proprietary assessments systems. Country red-flag issues may lead to certain company omissions.

Based on the influence of each of these processes, a ranked market value independent, responsible investment universe is determined. The top 50 ranked in this universe will be included in the Africa Sustainability Fund portfolio.