ESG Report 2021 
Bringing our ESG strategy to life 
through our investments

Introduction
Note from the White Star Capital partnership
Environmental, social and governance policy
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38
Contents
Section 1
Mobility
TIER
Finn.auto
Section 2
Foodtech
Butternut Box
Flash Coffee
Section 3
Pop Meals
Digital Health
Parsley Health
Dialogue
Section 4
900.care
Industrial Technology
Packhelp
Section 5
Future of Work
Novisto
Section 6
Fintech
TheGuarantors
Section 7
White Star Capital

Introduction1
White Star Capital

White Star Capital - 2021 ESG Report - 04
It is a pleasure for the team at White Star Capital to publish our ﬁrst environmental, 
social and governance (ESG) report. It has been designed to be as enjoyable to 
read as a business magazine. This analogy is inspired by our strong belief that 
taking ESG questions into account in our relationship with our portfolio companies, 
investors and employees creates lasting impacts on the world while unlocking sus-
tainable long-term value and generating competitive returns.
White Star Capital has formalized its environmental, social and governance policy 
in 2019 and has positioned itself to have a signiﬁcant impact on society and the 
environment. As investors, a decision to invest in a speciﬁc single company can not 
only help to shape the wider economy, but also the current and future society that 
we wish to live in. This tremendous responsibility is the reason we are so meticulous 
during our selection and investment processes, and prefer to act as an active and 
long-term partner. We also believe in the major role companies have to play in 
the environmental and social transition. Our portfolio companies are speciﬁcally 
demonstrating how digital solutions can accelerate and amplify sustainable inno-
vations to produce a common good. Whether or not they may all be “impact by 
design”, a large proportion of them are reinventing economic and social models 
related to healthcare, housing, mobility, nutrition or business practices. This report 
is a tribute to their initiatives, paving the way for more meaningful business activi-
ties and more respect for the planet and its people.   
The White Star Capital partnership

White Star Capital - 2021 ESG Report - 05
EnvironmEnTal, SoCial and govErnanCE poliCy
White Star Capital has based its environmental, social and governance (ESG) policy on two United 
Nations’ initiatives: the Principles for Responsible Investment (PRI) and the Sustainable Development 
Goals (SDG). 
i. White Star Capital’s integration of the Un pri
White Star Capital applies the six Principles for 
Responsible Investment as follows:
1. White Star Capital incorporates ESG issues 
into investment analysis and decision ma-
king processes by:
 -
Assessing 
potential 
target 
investments 
against relevant ESG criteria
 -
A thorough due diligence investigation and 
inherent ESG risk analysis
 -
The inclusion of ESG ﬁndings collected du-
ring due diligence in the investment commit-
tee memo and if identiﬁed ESG risks cannot 
be mitigated, no investment shall be made
2.  White Star Capital is an active investor 
and incorporates ESG issues into ownership 
practices by:
 -
Sharing ESG objectives, policies and prac-
tices with portfolio companies
 -
Supporting portfolio companies’ efforts in 
improving their ESG performance
 -
Actively engaging with portfolio companies 
and offering support to help them reach and 
surpass ESG compliance effort
3. White Star Capital seeks appropriate disclo-
sures on ESG issues by our portfolio compa-
nies by: 
 -
Requiring reporting on ESG issues hi-
ghlighted in the due diligence process 
 -
Asking for information from companies re-
garding adoption of/adherence to relevant 
norms, standards, codes of conduct or inter-
national initiatives
 -
Supporting shareholder initiatives and reso-
lutions promoting ESG compliance 
4. White Star Capital promotes acceptance 
and implementation of the principles within 
the investment industry by: 
 -
Communicating ESG expectations to service 
providers and will reassess relationships 
with providers that do not adhere to ESG 
guidelines 
 -
Aligning investment mandates, monitoring 
procedures and performance indicators 
White Star Capital believes in the opportunity for value creation generated by actively providing 
guidance and monitoring portfolio companies’ commitment to ESG factors. We formally became a 
signatory of the UN PRI in 2019, after having followed the principles in practice for many years.
As such, ESG issues are incorporated in the investment analysis and decision-making process and 
continue to be monitored into White Star Capital’s engagement with portfolio companies throughout 
the investment cycle.

White Star Capital - 2021 ESG Report - 06
The United Nations’ 17 Sustainable Development Goals (SDG) have universal appeal and although 
they were not originally developed with the investment community in mind, White Star Capital reco-
gnizes that they are remarkably effective in shaping an impactful sustainability agenda.
White Star Capital supports portfolio companies’ decisions to allocate resources and deploy policies 
that serve the furtherance of SDG goals. 
ii. White Star Capital and the Un Sustainable development goals
5. White Star Capital works to enhance its 
effectiveness in implementing the principles 
by: 
 -
Collaborating to address new issues and 
supporting initiatives by sharing informa-
tion, tools and resources with other actors 
 -
Collaborating with other venture capital 
funds to share best practices 
6. White Star Capital shall report on activi-
ties and progress towards implementing the 
principles by: 
 -
Where possible, raising awareness of ESG 
principles among stakeholders 
 -
Disclosing how ESG issues are integrated 
within investment practices

White Star Capital - 2021 ESG Report - 07
900.care
Butternut Box
dialogue
Flash Coffee
Finn.auto
novisto
packhelp
parsley Health
The Sustainable Development Goals addressed by the portfolio 
companies presented in this report
pop meals
Theguarantors
TiEr

White Star Capital - 2021 ESG Report - 08
iii. ESg and the White Star Capital portfolio 
For our inaugural ESG report, we have decided to focus on 11 portfolio companies which are illus-
trative of the ESG impact our portfolio companies have and evidencing that ESG considerations conti-
nue to be a key focus for White Star Capital and for our portfolio. We are pleased to report that all 
of White Star Capital’s portfolio companies address some measure of each component of our ESG 
agenda and we are committed to furthering the respective impact each of our portfolio companies can 
have, in compliance of our ESG policy.
This being said, we recognize that portfolio companies are often in different stages of evolution when 
it comes to addressing ESG issues, and we ﬁrmly believe that sharing best practices and experiences 
across our portfolio can have a signiﬁcant impact.
 
To this end, we are committed to facilitating knowledge sharing and best practices among our portfo-
lio companies, with a view to address identiﬁed areas of improvement, alongside our active engage-
ment at board and shareholder level to support portfolio companies’ decisions to allocate resources 
and to implement policies and decisions that serve the furtherance of ESG goals.
 
Looking ahead, we will undertake to map out how each of our portfolio companies address UN Sus-
tainability Development Goals and White Star Capital’s ESG strategy. In addition, we are reviewing 
how we can develop and assess relevant measurable indicators for all portfolio companies. Finally, 
we will continue to be engaged with stakeholders and the larger investment community in promoting 
ESG considerations across the investment cycle.
iv. White Star Capital is actively involved in actions aiming to promote 
diversity in venture capital in our different countries.
In Canada, Julie Plouffe, our CFO and General Partner in Montreal, is an active member of the AFFQ 
(Association des Femmes en Finance du Québec) and Jean-François Marcoux, Managing Partner in 
Montreal, and Sanjay Zimmerman, Principal in Toronto, are on the Board of Reseau Capital and its 
sub-committees, supporting diversity in venture capital initiatives.
In France, Matthieu Lattes, our General Partner in Paris, is the Chairman of the Venture & Growth 
Council at France Invest, which is very active in promoting diversity in venture capital. We also signed 
the France Invest Gender Equality and SISTA Gender Equality charters. 
 
In the UK, Nicholas Stocks, our General Partner in London, is also on the venture capital committee 
of the British Private Equity & Venture Capital Association (BVCA) which has organized several confe-
rences on this subject and is an active voice on the need for diversity in the industry. As a fund, we 
are part of the diversity.vc initiative which is aiming to improve diversity through offering internships 
at top tier funds in London.
 
Our team members are also active members of different formal and informal groups promoting diver-
sity in venture capital, such as INSEAD Women in Business group, Women in VC group in Canada 
and All Raise in the US.
 
At White Star Capital, we strive to hire the best talent worldwide and we ensure that we have access 
to a diverse pool of candidates. While this may require more time to hire, we are proud that 40% of 
our new active employees are women, contributing to a more diverse work environment.

Mobility2
White Star Capital

White Star Capital - 2021 ESG Report - 10
Activity: e-scooter rental company
Launch: 2018
Headquarters: Berlin, Germany 
Investment date: March 2019
TIER operates in 95+ cities in 12 countries. The company is headquartered in Berlin and 
employs approximately 900 people, with over 30 in its London base. TIER was founded by 
Lawrence Leuschner, Matthias Laug and Julian Blessin.
TIER is one of the most advanced 
companies in our portfolio in 
regard to ESG initiatives. For 
the past few years, the question 
of corporate responsibility has 
been placed at the heart of all 
strategic projects undertaken by 
the startup. Currently, TIER has 
brought answers to almost all 
the concerns raised by the emer-
gence of electric scooter ren-
tal companies in our everyday 
lives.        
The most noticeable one is the 
e-scooters’ 
durability. 
While 
the early models introduced by 
TIER’s competitors were some-
times used for less than 30 
days before being discarded, 
the company decided to design 
and produce its own optimized 
e-scooter in partnership with 
their manufacturer. Ailin Huang, 
Head of Sustainability, stresses 
that “by focusing on overall 
solidity, easily removable and 
repairable parts, as well as a 
continuous 
preventive 
main-
tenance of the ﬂeet, our data 
projects TIER e-scooters lasting 
5 years.” As battery manufac-
turing processes account for the 
majority of a scooter’s green-
house gas emissions, this has 
also been an area subject to 
intensive work. Instead of inte-
grated batteries that are part of 
the scooter frame, TIER opted for 
swappable batteries. As part of 
a recent partnership, 5,000 of 
them will soon be supplied by 
Northvolt, a Swedish company 
embracing renewable energy, 
recycling and circular econo-
my practices to minimize the 
environmental impact of its pro-
ducts (Northvolt has managed 
to reduce its greenhouse gas 
emissions by 70% compared to 
traditional battery producers). In 
the same spirit of cooperation, 
TIER is teaming up with local 
companies in charge of recy-
cling or upcycling its batteries 
and other used parts. One of 
these partners is a German and 
Indian-based non-proﬁt organi-
In order to further mitigate its 
environmental footprint, TIER 
became carbon-neutral in Ja-
nuary 2020 to becoming fully 
“climate-neutral”. Its approach 
goes beyond reducing and 
compensating carbon emissions 
associated with the charging 
of scooters, and includes emis-
sions of all greenhouse gases 
during production as well as 
operational and transportation 
processes. Within its emissions 
reduction strategy, TIER is pre-
sently banishing the most car-
bon-intensive materials during 
01
A PowerBox charging station
zation, Nunam, turning battery 
cells into charging systems for 
small appliances such as lamps 
and fans.

White Star Capital - 2021 ESG Report - 11
the production process of the 
e-scooters, using green energy 
only to charge the ﬂeets and run 
its warehouses, replacing diesel 
vans with e-cargo bikes and e-
vans as well as implementing the 
TIER Energy Network. The latter 
allows riders to easily swap 
depleted batteries for charged 
ones at a network of charging 
stations, 
called 
PowerBoxes, 
hosted 
by 
local 
businesses 
such as cafes and convenience 
stores. Riders are rewarded with 
a free ride every time they swap 
a battery. In 2021, TIER will set 
up 4,500 PowerBox charging 
stations across Europe creating 
a unique green energy network.
 
Only when the company 
cannot further reduce its emis-
sions during a given year, does 
it offset the remaining ones. 
Today, thanks to its support 
given to carbon-offset projects, 
TIER protects 6,000 hectares 
from deforestation in Europe 
and South America. 
In respect of sound governance, 
TIER focused some of its actions 
on rider and non-rider safety. 
Since 2020, a helmet is integra-
ted in the e-scooters and their 
speed is limited when ridden 
by new customers. As of 2021, 
TIER has partnered with Busby, 
an app using the sensors in a ri-
der’s phone to detect a crash or 
fall. In an emergency situation, 
the rider’s location is sent to 
TIER’s local city team which can 
investigate and arrange help as 
quickly as needed. Thanks to 
another partnership with Laza-
rillo, the world’s leading naviga-
tion app for the visually impai-
red, TIER is raising the safety 
standards for blind and partially 
sighted pedestrians. Lazarillo 
shares data with TIER on the 
routes most used by people with 
visual impairment, helping to 
inform the company’s decision-
making when it comes to setting 
up no-go and go-slow zones as 
well as parking spots.
 
Finally, TIER is also wor-
king on bridging relevant gen-
der-based and ﬁnancial gaps. 
With more than half of the ri-
ders being male, the startup has 
launched riding trainings for wo-
men by women. TIER is also pur-
suing research and partnerships 
with the goal of women’s safety 
during transport. Following a 
survey led in 2020, TIER has 
found that more than half of its 
riders are full-time employees 
(56%) while only a quarter are 
students. The situation encou-
raged the company to introduce 
low income fares in order to 
strengthen its sustainable and 
inclusive access to mobility.   
Internally, 
the 
social 
initia-
tives at TIER aim at creating 
an uplifting work environment. 
All the ﬁeld team members in 
charge of maintaining the ﬂeet 
are employed, not freelanced. 
Throughout the company, TIER 
raises employees’ awareness of 
diversity, inclusion and gender 
balance. In 2020, the Women 
of TIER podcast and webinar 
series was started with the mis-
sion to inspire female employees 
through examples of leadership, 
and to enable cross-departmen-
tal exchange of knowledge (with 
episodes available on Spotify). 
TIER’s responsibility also extends 
to its suppliers. On an ongoing 
basis, the company ensures 
that major social accountability 
standards are maintained throu-
ghout its supply chain.
A helmet is now integrated in TIER e-scooters
“By focusing 
on overall 
solidity [...] our 
data projects 
TIER e-scooters 
lasting 5 years”

White Star Capital - 2021 ESG Report - 12
Q&a 
SZONJA RAN
Head of central public policy 
Berlin
an important part of your governance 
policy lies in the collaboration with city 
officials, can you explain the content of 
these relationships? 
TIER’s mission is about changing mobility for 
good, which means offering sustainable and in-
clusive mobility solutions. Consequently, public 
authorities are key partners. In concrete terms, 
our partnerships span from jointly identifying the 
optimal number of e-scooters TIER should deploy 
in order to provide a locally relevant service wit-
hout creating negative externalities in the public 
space, to sharing anonymized data so as to 
encourage and facilitate intermodality in given 
neighborhoods. We see those collaborations as 
important catalysts of social innovation. In Ham-
burg for example, we have launched a pilot with 
the public transport authority in order to determine 
to what extent e-scooters offer a viable ﬁrst- and 
last-mile solution to commuters going in and out of 
the city everyday.  
in 2020, TiEr has announced a par-
tnership with two of its competitors, 
dott and voi; can you present the initia-
tive? 
TIER leads the micro-mobility industry by example, 
particularly when It comes to sustainability. With 
Dott and Voi, two other European e-scooter ope-
rators we joined forces to raise sustainability 
standards across the e-scooter industry through 
to ten environmental and social commitments. 
Combined, they cover the e-scooter’s full lifecycle 
and include never demolishing an e-scooter, fully 
running operations on green energy by the end 
of 2020 and not relying on gig workers. The 
commitment calls on all other operators to meet 
these objectives for the beneﬁt of cities and their 
people, both today and in the future.
What are the safety measures you have 
initiated since the beginning of the Co-
vid-19 pandemic?
All of our protocols during the pandemic are in-
formed by our Global Safety Board. The safety 
of our riders and teams is our top priority, which 
begins by offering socially distanced and indivi-
dual transport during times when collective public 
transport is constrained. We are taking extensive 
precautionary measures, following WHO guide-
lines as well as local policies. Despite the low risk 
of COVID-19 surface transmission on e-scooters, 
any risk is a risk that TIER has a responsibility to 
reduce. Some of our initiatives include the disin-
fection of every vehicle that undergoes a battery 
swap or maintenance. We are also testing a pho-
tocatalytic coating that continuously disinfects the 
most touched surfaces of our vehicles. With our 
riders, we are communicating health and safety 
guidelines and relevant updates via in-app notiﬁ-
cations and social media. 
 
Employee safety is also of utmost impor-
tance to ensure that our essential service can 
continue running. The shifts of our city teams 
have been staggered, reducing human-to-human 
contact to a bare minimum in our daily opera-
tions. Any employees whose role is non-essential 
in operations or administration continues to work 
remotely. Finally, personal protective equipment 
(sanitary mask, gloves and hydro-alcoholic gel) is 
available for all operations employees.

White Star Capital - 2021 ESG Report - 13
Activity: car subscription platform
Launch: 2019
Headquarters: Munich, Germany 
Investment date: December 2020
Finn.auto’s long term ambition is to become the most popular auto ecommerce platform in 
Europe and the US. It aims to provide a seamless and enjoyable experience, allowing customers 
to not worry about insurance, registration, taxes or maintenance. Finn.auto was founded in 
2019 by Max-Josef Meier along with 5 co-Founders.
We were eager to include ﬁnn.
auto in this report because, 
at White Star Capital, we be-
lieve the company successfully 
demonstrates how traditional 
greenhouse gas emitting beha-
viors can be progressively and 
efﬁciently steered towards more 
environmentally 
responsible 
practices.
 
Max-Josef founded the 
company on the acknowledge-
ment that people still depend on 
cars, and will continue to do so 
in the near future. Consequently, 
he focused ﬁnn.auto’s value on 
eliminating the burden of owning 
or leasing a vehicle. By develo-
ping a digitalized subscription 
model, and a ﬂexible all-around 
package (excluding gas or elec-
tricity) at a ﬁxed monthly price, 
ﬁnn.auto successfully eliminates 
excess efforts, hidden costs and 
uncertainty. The company is not 
trying to downplay the ecologi-
cal impact of using vehicles with 
a traditional combustion engine, 
that is why it is working hard to 
promote the use of electric and 
hybrid vehicles within its offer.     
02
The new Polestar 2, a pure EV offered by ﬁnn.auto (©Polestar) 
13
Finn.auto is currently listing cars 
with more than 150 different 
conﬁgurations on its website. At 
the beginning of May, electric 
and hybrid vehicles accounted 
for 14% of those. A high propor-
tion compared to the 3% share 
of EVs and hybrids amongst 
German registered cars. So-
phia Kremer, Head of customer 
sales, speciﬁes that “one of ﬁnn.
auto’s 2021 objectives is to per-
manently offer at least 20% of 
electric vehicles with pure EVs 
accounting for  at least 90% of 
these. Our array of EVs includes 
eight models from seven brands 
(BMW, Fiat, Hyundai, Mazda, 
Mini, Polestar and Tesla), from 
city cars to SUVs. They range 
between €299 and €1.199 per 
month and serve a broad range 
of our customers’ use cases.” 
The combustion engine vehicle 
offer has also been designed 
to promote more sustainable 
choices to customers. Whilst die-
sel represents 31% of the cars 
registered on the German roads, 
its average share in ﬁnn.auto’s 
portfolio is only 13%. The 62% 
remaining vehicles are gaso-
line-powered cars. In addition, 
Sophia stresses that the most 
popular leases last between 6 
and 13 months. Consequently, 
the company frequently offers 
opportunities to suggest cleaner 
vehicles to customers, whilst a 
purchased car is, on average 
used for more than 5 years, 
before being resold or disposed 
of.

White Star Capital - 2021 ESG Report - 14
Finn.auto’s other major environ-
mental initiative is the offsetting 
of all greenhouse gas emissions 
produced by the company’s 
ﬂeet throughout the subscription 
period. This commitment is also 
anchored in the shareholders’ 
agreement with White Star Ca-
pital. Since its inception, ﬁnn.
auto has teamed up with Cli-
matePartner, a major German 
player in the CSR consulting 
industry. It employs 150 people 
– environmental experts, eco-
nomists, developers and other 
industry specialists – and serves 
clients such as Nestlé, Deutsche 
Bank, Schneider and Canon. 
ClimatePartner 
has 
assisted 
ﬁnn.auto in creating its emission 
measurement tools, with each 
being speciﬁc to diesel, gaso-
line and electric engines. Since 
2019, ﬁnn.auto has already off-
set more than 1,500 CO2 equi-
valent tons, compensating on 
average €42 per year, per car 
leased. 
 
These funds are donated 
to two environmental projects. 
The ﬁrst is led by the NGO Pro-
jekt Bergwald (The Mountain Fo-
rest Project), and takes place in 
Bavaria, Germany. Its purpose 
is to support the preservation of 
local alpine landscapes by pro-
moting public awareness cam-
paigns, conducting educational 
training workshops and organi-
zing the planting of native tree 
species. The second project is 
carried out in the Democratic 
Republic of the Congo where 
ﬁnn.auto supports the construc-
tion of run-of-river hydroelectric 
power plants in the Virunga 
National Park. The energy gene-
rated connects around 30,000 
local inhabitants with their ﬁrst 
source of on-demand electricity. 
Additionally, in an area where 
97% of the population remain 
without access to electricity, the 
project also serves to counteract 
illegal deforestation fueled by 
the locals’ need to use wood as 
a primary source of energy. Wi-
thout this initiative, it is estima-
ted that local areas would have 
been deforested in less than ten 
years. In addition, many new 
businesses have been connec-
ted to the local grid, creating 
the infrastructural prerequisites 
for sustainable economic deve-
lopment.  
Finn.auto advocates a mana-
gement style based on auto-
nomy. This culture is evidenced 
through the company’s organic 
and employee-led governance 
and social initiatives. In 2021, a 
cross-departmental Sustainabili-
ty Squad was created consisting 
of employees from Operations, 
Fleet management, People, User 
acquisition and Sales. The team 
is responsible for identifying 
and executing CSR-related ini-
tiatives, and bases its actions on 
the company’s 5 values: Custo-
mer First, Owning It, Being Ho-
nest & Open-Minded, Growing 
& Succeeding Together and Em-
bracing the Struggle. The Squad 
is presently reviewing a range 
of different projects, from the 
launch of an eco-driving training 
mobile app, to the development 
of solutions enabling ﬁnn.auto 
to independently resell cars at 
the end of their leasing period. 
 
In practice, the compa-
ny’s values also directly translate 
into a constant attention on deli-
vering high levels of customer 
satisfaction. As an indicator of 
its success in this area, ﬁnn.auto 
currently holds a score of 4.8 
out of 5 on the customer review 
service Trustpilot. In addition, its 
Net Promoter Score - a customer 
loyalty and satisfaction measu-
rement - has been consistently 
above 75. The same conside-
ration is given to employees’ 
well-being with a strong focus 
on personal development. Every 
week, company-wide and de-
partmental knowledge sessions 
are held; all employees are free 
to share a presentation with 
team members, or the company 
as a whole, regarding a topic 
relevant to the organization 
(e.g. on the psychology of inter-
views, A/B testing, electric mo-
bility). Finn.auto also supports 
continuous learning by alloca-
ting a training budget that all 
employees are free to allocate 
to a topic of their choice.  
‘‘One of ﬁnn.
auto’s 2021 
objectives is to 
permanently 
offer at least 
20% of electric 
vehicles, with 
pure EVs 
accounting for 
at least 90% of 
these’’

Foodtech3
White Star Capital

White Star Capital - 2021 ESG Report - 16
Activity: fresh pet food
Launch: 2016 
Headquarters: London, UK 
Investment date: January 2018
Butternut Box provides pet owners with a convenient and nutritious solution by delivering 
healthy meals to dogs through a subscription-based service model. The company combines 
highly personalized dietary offers and an excellent customer experience, offering peace of mind 
to pet owners whilst tackling pet health issues and the high cost of veterinary fees. Butternut 
Box was founded by David Nolan and Kevin Glynn, and employs 277 people. 
In 2018, we at  White Star 
Capital began analyzing pet 
ownership in the UK and very 
quickly realized the extent and 
potential opportunities of the 
phenomenon. The latest ﬁgures 
showed that in 2020, 51% of 
UK adults owned a pet. 26% 
of this group were dog owners, 
meaning that there is an estima-
ted population of 10.1 million 
animals! This situation inevitably 
comes with sustainability-related 
challenges that Butternut Box is 
addressing through concrete ini-
tiatives.
In terms of absolute weekly ton-
nage, the company’s production 
capacity is signiﬁcant. Due to 
their scale, Butternut Box faces 
issues similar to those present 
in the human food-processing 
industry, one of which being the 
maintenance of efﬁ-
cient industrial pro-
cesses. 2020 was a 
year in which there 
was an intense ef-
fort focused on the 
reduction of food 
waste, due to impro-
ved manufacturing 
operations. 
Two 
levels have been 
addressed. On one 
hand, 
thanks 
to 
process 
overhauls 
only, the raw mate-
03
David Nolan and Kevin Glynn
In 2020, Butternut Box shipped 
in excess of half a million boxes 
to their customers. In order to 
decrease the environmental foot-
print of its packaging, the com-
pany is committed to transitio-
ning from using non-recyclable 
plastic pouches for its fresh 
meals to recyclable items. It is 
also working towards giving its 
customers the option to recycle 
them at their local supermarket. 
 
In order to insulate its 
frozen orders, Butternut Box is 
using a natural solution provi-
ded by Woolcool made from 
felted sheep wool. The material 
rial waste has been reduced to 
1/5th of Butternut Box’s waste 
in 2019. On the other, the pro-
cessed food waste was speciﬁ-
cally tackled due to alterations 
of the cooking process. These 
overhauls enabled the company 
to optimize meal portioning and 
reduce waste volume by 50% 
compared to 2019.

White Star Capital - 2021 ESG Report - 17
In the past two years, green-
house gas emissions reduction 
and carbon offsetting became 
two topics that were strongly 
advocated by environmentally 
conscious team members. In 
early 2020, Butternut Box par-
tnered with Ecologi, an English 
startup creating eco-plans and 
goals for individuals and com-
panies focusing on compen-
sating their carbon footprint 
thanks to tree planting and 
climate projects funding. Two 
projects were selected by But-
ternut Box, with the ﬁrst one 
located in Mozambique and the 
other in Nicaragua. The latter 
is a 500+ hectare reforestation 
project based in The Bosawas 
The donation made to The Mayhew
is entirely compostable and bio-
degradable. In 2019, the com-
pany introduced a Woolcool re-
turns system in order to facilitate 
the collection and reuse of the 
packaging. It has also shifted its 
subscription offer from delive-
ring chilled food products every 
week to shipping frozen delive-
ries every 2 to 6 weeks, further 
reducing miles traveled by an 
average of 67%. 
One of Butternut Box’s missions 
is to deliver health and happi-
ness to dogs, including dogs in 
need. To do so, Butternut Box 
collaborates with multiple cha-
rity partners across the UK inclu-
ding Foal Farm, The Mayhew 
and Dogs4Rescue. For every 
new customer who signs up 
with Butternut Box, the compa-
ny donates a meal to its charity 
partners. £60,000 worth of 
meals were donated in 2020! 
Working alongside the Wild 
at Heart Foundation, a charity 
working all over the world to 
help end the suffering of stray 
dogs thanks to rehoming, Butter-
nut Box launched the #Rescue 
from home initiative in 2020. 
The funds raised thanks to this 
pay-what-you-can 
sponsorship 
scheme are matched by Butter-
nut Box and cover costs such as 
food, vet care, toys, and bed-
ding. In a matter of weeks But-
ternut Box customers rallied to 
raise over £10,000, bringing 
the total amount of donations to 
more than £18,000.
Biosphere Reserve containing 
the largest remaining primary 
forest over 5,000 km2. By em-
ploying local villagers to plant 
native tree species, it will create 
at least 20 full-time jobs. So far, 
Butternut Box has already offset 
a larger quantity of emissions 
than the total amount generated 
by its direct operations. Its fun-
ding has resulted in the planting 
of more than 10,000 trees.
‘‘For every new 
customer who 
signs up with 
Butternut Box, 
the company 
donates a meal 
to its charity 
partners. 
£60,000 worth 
of meals were 
donated in 
2020’’

White Star Capital - 2021 ESG Report - 18
Q&a 
KHADEEJA PAUL
Brand manager
London
Butternut Box regularly highlights the 
healthiness of its products; how do you 
measure their effects on dog health?  
Although we have not put a ﬁgure on savings 
made in vet fees, we are conﬁdent that Butternut 
Box has made a positive impact on the health of 
the dogs it feeds. Gut health concerns regularly 
top the list of most common reasons for a vete-
rinary consultation in the UK. Our quality meals 
contribute to an improved gut health, with 96% 
of dogs eating Butternut Box producing what is 
considered as a good dog excrement. Almost 
two-thirds of our customers have reported an im-
provement on that level compared to their dog’s 
previous diets. Our highly digestible recipes also 
have a positive impact on dogs with sensitive sto-
machs. 56% of our customers have reported an 
improvement in sensitive stomach concerns after 
switching to Butternut Box. 
 
As part of our efforts to add value for our 
customers, we also provide free consultations from 
our in-house vet nurse team. Our motivation was 
simple, we wanted to make it easier and more af-
fordable for our customers to access professional 
veterinary advice. In 2020, 51% of calls made to 
our vet nurses were able to be triaged without the 
need for a vet appointment, saving our customers 
unnecessary consultation fees.
How is Butternut Box’s concern for hap-
piness and wellbeing translated within 
the company?
At Butternut Box, we have clear ambitions 
about what we want to achieve, and how we 
want to achieve them. But we also know that 
we can’t achieve these things without a team of 
driven people who love to come to work every 
day. The contentment of our team is something 
we take incredibly seriously, which is why we 
send out quarterly surveys to gain feedback on 
how we can strive for better. We endeavour to 
achieve a positive work life for our team, and our 
principles of Openness and Honesty help guide 
that goal. As part of those efforts, we launched 
our Career Steps framework to communicate to 
the team what a career path at Butternut Box 
looks like, what the expectations from a senior 
leadership point of view are, and how we plan to 
grow together. 
 
Ensuring Butternut Box is an inclusive place 
where everyone feels welcome is important to 
us. We regularly run initiatives, both internally 
and customer-facing, to promote Mental Health 
Awareness, International Women’s Day, Black 
History Month and Pride. As of September 2020, 
we founded the Butternut Ally Network to support 
and champion marginalised voices both within 
the company, and beyond Butternut Box. The 
network consists of 25 dedicated team members, 
including our co-founders Kev and Dave. Since its 
institution, the Ally Network has organised several 
educational events, such as diversity and inclusion 
training by The Other Box and a body-positivity 
seminar hosted by Alex Light. Being the mindful 
and inclusive company that we are, we plan to do 
much more to support underrepresented groups 
and charitable organisations, as we believe all 
humans (and of course, dogs) deserve better.

White Star Capital - 2021 ESG Report - 19
Activity: specialty coffee chain
Launch: 2019
Headquarters: Singapore
Investment date: March 2021
Flash Coffee offers a digitalized grab-and-go store model reﬂective of Asian metropolises’ 
fast-paced habits. Catering to busy ofﬁce workers, experience-seeking millennials and coffee 
enthusiasts alike, the company is introducing a new wave of coffee culture with the ambition to 
become one of Asia’s largest coffee chains. Flash Coffee was founded in 2019 by David Brunier 
and Sebastian Hannecker. It operates in Singapore, Thailand and Indonesia, and employs 
around 300 people.
The environmental and social 
sustainability of the coffee in-
dustry has been heavily scruti-
nized in recent years. Some of 
its main challenges derive from 
a lack of transparency over pro-
duct sourcing and packaging, 
as well as labor standards in 
coffee producing regions. Early 
on during our discussions, the in-
vestment team at White Star Ca-
pital felt that Flash Coffee was 
able to use its size and agility 
to progressively bring concrete 
and credible answers to these 
questions. 
In 2019, Flash Coffee began 
working with wholesalers in 
charge of sourcing and roasting 
coffee beans. In 2021, the com-
pany’s consumption will reach 
350 tons. Now having a clear 
understanding of its customers’ 
favorite varieties, Flash Coffee 
is working on building direct 
relationships with coffee bean 
farmers in South America. This 
conﬁguration will allow the 
team to ensure fair wages and 
high labor standards throughout 
its supply chain, as well as a 
consistent quality among orders. 
04
The Flash Coffee standardized lid model
Flash Coffee has introduced a 
number of speciﬁc initiatives 
over the past two years aimed at 
reducing the environmental foot-
print of its product packaging. 
Firstly, it removed all free plastic 
straws, representing 500,000 
units saved every year. It did the 
same with unnecessary plastic-li-
ned food paper packaging and 
opted for the lightest weight pa-
per available without compromi-
sing the products’ protection and 
integrity. Finally, it redesigned 
its cup range by standardizing 
its cup diameters, whilst still offe-
ring multiple sizes. Consequent-
ly, Flash Coffee is only using one 
small diameter lid size allowing 
plastic consumption savings esti-
mated at 1.4 tons. Additionally, 
the team is currently working 
on returnable packaging and 
free coffee tumblers as part of 
its new subscription offer. These 
two initiatives are expected to 
further reduce the company’s 
need for disposable packaging. 
David’s long-term dream is even 
to one day acquire a coffee farm 
in order to turn Flash Coffee into 
the only tree-to-cup chain.

White Star Capital - 2021 ESG Report - 20
Efforts to address food waste 
in Flash Coffee shops have 
also presented an opportunity 
for the company to revamp 
its retail experience. In 2020, 
David and Sebastian decided 
to trial the replacement of food 
showcases for menu screens in 
some outlets. The ongoing trial 
has already produced a steep 
decrease in electricity costs in 
the selected outlets, as well as 
a substantial reduction in the le-
vels of average food waste from 
5% to almost 0%. Food items 
are now prepared or heated up 
on demand instead of cooked in 
batches every morning. These 
initiatives paved the way for a 
broader consideration of the 
shops’ environmental footprint. 
Since then, the interior design 
team has been planning to ins-
tall the most electricity-efﬁcient 
and long-lasting lighting and air 
conditioning systems available. 
It is also considering the use of 
recycled materials in order to 
embellish and redesign the next 
Flash Coffee shops. 
Flash Coffee’s food showcases have been replaced by menu screens
Since its inception, Flash Coffee 
has been careful to avoid the pit-
falls of the modern gig economy. 
All the company’s baristas are 
directly employed and beneﬁt 
from local social security pro-
grams, including the provision 
of pension plans and health in-
surance that protects employees 
against work accidents. In addi-
tion, the wages offered by the 
company exceed the average 
domestic market rate by 15%.
 
 A similar commitment 
to responsible corporate gover-
‘‘All the 
company’s 
baristas 
are directly 
employed 
and beneﬁt 
from local 
social security 
programs’’
David Brunier
nance and human rights prin-
ciples is also guiding Flash Cof-
fee’s efforts to combat all forms 
of discrimination. The company 
prides itself on being a fair 
and progressive employer, and 
all recruitment executives must 
undergo a specialized training 
program focused on removing 
conscious and unconscious bias 
from selection processes. A spe-
ciﬁc policy against discrimina-
tion and harassment at work is 
currently being designed and 
will soon be included in the em-
ployee handbook.  
Finally, career management and 
employee development appear 
as the third pillar of Flash Cof-
fee’s governance approach. The 
company’s leadership staff have 
set the objective of becoming 
the “Nike of Coffee”, as they 
desire to be as empowering and 
supportive as possible in acce-
lerating their employees’ profes-
sional journey and helping them 
achieving their personal deve-
lopment and career goals.

White Star Capital - 2021 ESG Report - 21
Activity: vertically integrated food delivery
Launch: 2015
Headquarters: Kuala Lumpur, Malaysia
Investment date: December 2019
Pop Meals (formerly known as Dahmakan, meaning “have you eaten?” in Malay) is a 
Southeast Asian direct-to-consumer foodtech startup, with a focus on accessible and affordable 
food. The company has completely built its end-to-end operating system, powering the entire 
value chain from product development to last-mile delivery, organized around a network of 
omnichannel outlets that service dine-in, takeout and delivery to customers. Pop Meals was 
founded by Christian Edelmann, Jessica Li and Jonathan Weins. It operates in Kuala Lumpur, 
Malaysia, and employs around 200 people.
The very essence of Pop Meals 
lies on a triple stake: ﬁrst the 
accessibility and affordability of 
food for all, then the integration 
of key ESG initiatives related to 
the F&B industry (local sourcing, 
quality ingredients, limited food 
waste, sustainable deliveries) 
largely optimized by technolo-
gical solutions, and ﬁnally good 
working conditions for the com-
pany’s employees. For these rea-
sons, White Star Capital very 
early had the intuition that Pop 
Meals was able to make a dent 
in the foodtech sector by jointly 
promoting sound ESG practices 
and digital innovations.
06
Chris Edelmann, Jessica Li and Jonathan Weins
Since the beginning of the ad-
venture in 2015, Pop Meals’ 
co-founders have bet on an 
accessible-to-all 
cuisine. 
The 
company’s 
product 
offering 
constantly evolves with more 
than 30 new dishes introduced 
every month and a growing da-
tabase of 2,000 tested recipes 
starting at a price point of 2.5 
US dollars.
 
Pop Meals carefully se-
lects and curates its ingredients 
from local producers. In order 
Beyond quality, Pop Meal’s inte-
grated operating system is also 
a game changer from an envi-
ronmental standpoint. Unlike 
marketplace services such as 
to keep its supply chain as short 
as possible, Pop Meals has es-
tablished direct and long-term 
business relationships with more 
than 200 of those suppliers. As 
such, 80% of the products used 
by Pop Meals’ cooks are sour-
ced locally. 
 
Pop Meals is constant-
ly motivated to ensure that its 
menus are not discriminating 
with regards to dietary restric-
tions (in particular religious and 
health-related ones), the start-up 
offers a complete list detailing 
the ingredients it uses and their 
allergens. Pop Meals also bene-
ﬁts from a Halal certiﬁcation of 
its meals, which abides by the 
religious requirements of most 
Malaysians.
 
The success of this ap-
proach is shown by a high cus-
tomer satisfaction level. With al-
most 8,000 reviews on Google, 
the company is rated 4.7 out 
of 5. It also measures its custo-
mer Net Promoter Score (NPS) 
monthly, as well as capturing 
real-time feedback through its 
app on more than 30% of its 
orders.

White Star Capital - 2021 ESG Report - 22
‘‘The company 
which is 
making tens 
of thousands 
of deliveries 
every month 
generates 
less than 2% 
waste when 
the industry 
average is 
15%’’
One of Pop Meals omnichannel outlets
On a social level, Pop Meals’ 
cooking and delivery teams are 
employed by the company. All 
its full-time staff are eligible for 
a yearly medical allowance and 
the company also provides a 
comprehensive accident insu-
rance to its operations staff, in-
cluding delivery drivers usually 
using motorbikes. In addition, 
the cooking team members are 
regularly trained in Occupatio-
nal Health and Safety (OHS) 
in order to prevent workplace 
hazards, ensure food safety and 
handling in compliance with lo-
cal health standards.
 
The company has a strict 
no discrimination and harass-
ment policy in place outlined in 
the employee handbook. In the 
event of an incident, an indepen-
dant investigation and review 
process is led by the People 
Operations team also in charge 
of maintaining a safe and res-
pectful work environment. The 
way Pop Meals is promoting 
diversity in its hiring practices is 
illustrated up to the Board level 
of the company where a 50% 
male-female parity has been 
progressively achieved. Finally, 
the quality of working life is also 
ensured thanks to speciﬁc mana-
gerial practices: team leaders 
are encouraged to undertake 
monthly 1-on-1 conversations 
with their teammates regarding 
performance and career deve-
lopment, 360-degree reviews 
are run twice a year, and sala-
ry benchmarks and market re-
search about employee beneﬁts 
are conducted regularly.   
Foodpanda, UberEats or Deli-
veroo – acting as middlemen 
picking up food from restaurants 
and delivering them to customers 
– Pop Meals owns a network of 
outlets across Kuala Lumpur. This 
conﬁguration allows the compa-
ny to be as close as possible to 
its customers and to signiﬁcantly 
reduce the greenhouse gas emit-
ted during transportation.
 
Technology 
plays 
a 
signiﬁcant role in this model. 
Pop Meals’ in-house enginee-
ring team has built a routing 
algorithm able to determine the 
most efﬁcient routes for its deli-
very drivers. Taking into account 
information such as previous 
itinerary routes, weather and 
trafﬁc congestion, it is also able 
to assign a delivery slot to the 
most relevant driver in order 
to minimize mileage and emis-
sions. In addition, a forecasting 
tool – another in-house creation 
– uses machine learning to help 
the company predict demand 
on particular days and adapt its 
supplies of perishable raw mate-
rials. Thanks to this solution, the 
company which is making tens 
of thousands of deliveries every 
month generates less than 2% 
waste when the industry ave-
rage is 15%.
 
However, 
the 
picture 
would be incomplete if it did 
not include the role of non-tech-
nological initiatives. In order to 
further minimize its environmen-
tal impact, the packaging items 
used by Pop Meals are all 100% 
biodegradable.

Digital Health
4
White Star Capital

White Star Capital - 2021 ESG Report - 24
Activity: technology-enabled medicine
Launch: 2016
Headquarters: NYC, USA
Investment date: October 2019
Parsley Health was founded by Dr. Robin Berzin MD to democratize personalized and patient-
centric care. Based on a monthly subscription model, the NYC-based company provides care 
all over the US, through its own team of onsite and online doctors, nurse practitioners and 
health coaches. Parsley Health is on a mission to promote holistic medicine, using a doctor-
led approach bridging conventional medicine, functional medicine and personalized care. It 
employs 202 people.
The White Star Capital team is 
in sync with Dr. Robin Berzin 
when she states that medical in-
surances have had the power to 
inﬂuence treatments and that tru-
ly personalized care is still avai-
lable to a luxurious few. That 
is why we are supporting this 
company able to democratize 
a functional and whole-body 
approach of medicine, tailored 
to anyone, thanks to technology. 
05
Dr Robin Berzin MD
The social impact of the com-
pany is directly associated with 
the health improvements of its 
patients, which it monitors clo-
sely. While going through treat-
ment, patients report on their 
progress by updating a detailed 
questionnaire designed by Pars-
ley Health. Answers are used to 
calculate the Parsley Symptom 
Index (PSI) measuring different 
health outcomes. Across all pa-
tients, 79% report a relief or a 
resolution of their symptoms wit-
hin the ﬁrst 12 months of their 
care through Parsley Health, 
and more than 90% reduce their 
symptoms tied to chronic condi-
tions such as Irritable bowel 
‘‘Across all 
patients, 79% 
report a relief or 
a resolution of 
their symptoms 
within the ﬁrst 
12 months 
of their care 
through Parsley 
Health’’
The Parsley Health medical ap-
proach combines conventional 
medicine (in-depth testing and 
scientiﬁc analysis to know a 
patient better), functional medi-
cine (the study of genetic and 
lifestyle factors to identify the 
root of persistent symptoms) and 
personalized care (individua-
lized treatments created to suit 
one’s lifestyle, health concerns 
and life goals). The company 
has developed a 3-step medi-
cal program - Getting to know 
a patient, Performing lab work 
and specialty testing, Creating a 
personalized health plan - in or-
der to formulate speciﬁc recom-
mendations on nutrition, physi-
cal activity, lifestyle adjustments, 
supplements, and prescription 
of medication if necessary.

White Star Capital - 2021 ESG Report - 25
If the health beneﬁts and impro-
vements are of utmost impor-
tance, Parsley Health also pays 
attention to the means. By com-
bining western medicine with a 
holistic approach to care, the 
company works to reduce the 
dependency 
on 
prescription 
drugs. Patty Izquierdo, Senior 
Director of People & Culture 
states that “Parsley Health has 
enabled 77% of its patients to 
reduce prescription drug use (on 
average, from 3 to 1 medicine), 
and reduced prescription drug 
costs by about 30% across the 
whole patient base. Our nutri-
tion recommendations, by their 
nature, also help our patients 
make choices that are more sus-
tainable for the planet: reducing 
or eliminating the consumption 
of processed and packaged 
foods, reﬁned sugars, foods with 
chemical additives, and indus-
trially-farmed animal products. 
We estimate that through educa-
tion around food and nutrition, 
we impact not only the health 
but also the consumer behavior 
of our patients and their imme-
diate families in ways that last 
years if not decades.”
Operationally-wise, the com-
pany also cares to see climate 
change addressed systematical-
ly. The 2 brick & mortar Parsley 
Health centers, in New York City 
and Los Angeles, are run in or-
syndrome (IBS), Premenstrual 
syndrome (PMS), insomnia or 
eczema. Patient satisfaction is 
also a fundamental aspect of 
care: out of 10 patients, 8.5 
recommend Parsley Health to 
friends and family.
Parsley Health holistic approach includes nutrition recommendations
With regards to internal social 
and governance initiatives, Pars-
ley Health focuses its efforts on 
diversity, equality and inclusion 
(DEI). It all starts with educa-
ting the teams on how to foster 
an inclusive and safe environ-
ment for team members from 
all walks of life. This includes 
der to generate low waste levels, 
they use recycled and reusable 
materials (cups, straws, plates) 
and avoid toxic chemicals in all 
cleaning products and personal 
care products (where medically 
safe). Their architecture includes 
built out spaces implementing 
biophilic design, a methodology 
that uses principles from nature 
in order to induce healing states 
in the body.
heavy investments in training on 
“unconscious bias”, “power & 
privilege” and most importantly 
on how to build fair and equi-
table interview methodologies. 
In terms of processes, Parsley 
Health follows a strict “two in 
the pool” rule, which requires to 
include at least 2 diverse people 
in the pool of candidates for 
every open position (diverse is 
deﬁned as gender diversity and 
non-white). As for internal talent 
management, Parsley Health 
works to provide equal com-
pensation and promotion by fol-
lowing a fair and equitable sys-
tem that rates everyone across 
the same measures.
 
These 
initiatives 
have 
shown positive results so far as 
there has been a steep increase 
in diversity amongst recent 
hires. The best example is given 
at the very top of the company 
as women and non-whites repre-
sent half of the executive team. 
Amongst 4 women, 1 is Hispa-
nic, 1 is Indian and 2 are Asian 
Paciﬁc Islanders. Parsley Health 
has also achieved a 50% male-
female parity at board level.
‘‘We impact 
not only the 
health but also 
the consumer 
behavior of our 
patients’’

White Star Capital - 2021 ESG Report - 26
Activity: telemedicine platform
Launch: 2016
Headquarters: Montreal, Canada
Investment date: February 2018
Born out of the mission to bring the highest quality healthcare service to all employees, Dialogue 
provides a telemedicine platform through which users can quickly chat with healthcare 
professionals before ever stepping foot in a clinic or hospital. Dialogue was founded by Cherif 
Habib, Anna Chif and Alexis Smirnov, and employs 800 people.
Accessible healthcare is a core 
pillar of a thriving society, and 
also one of its biggest chal-
lenges. Beyond responsible poli-
cies, we, at White Star Capital, 
view Dialogue as a textbook 
example of a company that em-
bodies a key ESG initiative by 
working to remove barriers to 
high-quality healthcare through 
telemedicine.
06
The team at Dialogue
Dialogue also closely monitors 
its appointment outcomes thanks 
to various key metrics. Patient 
satisfaction is measured through 
the Net Promoter Score (NPS), 
steadily scoring between 75 
and 80 (compared to an ave-
rage of 26 in the Canadian 
health industry). This variable 
is not only important from a 
business perspective, but for the 
overall efﬁciency of the organi-
zation. Low patient satisfaction 
is commonly correlated with a 
higher probability of requests for 
a second medical opinion, thus 
reducing the availability of doc-
tors to treat other patients, and 
lowering the chances of reques-
ting a healthcare consultation 
when necessary in the future. 
Thanks to Dialogue, patients are 
usually very satisﬁed with their 
ﬁrst consultation and more likely 
to reach a doctor in the future, 
increasing the company’s ability 
to treat them efﬁciently.
 
In order to assess speciﬁc 
health improvements, Dialogue 
uses the Patient Health Ques-
tionnaire 9 (PHQ9), an instru-
ment allowing to screen for the 
presence and severity of depres-
sion symptoms, especially rele-
vant since the beginning of the 
COVID-19 pandemic. The com-
pany has proven that its various 
medical services around mental 
health have been able to reduce 
the PHQ9 score by 50% in less 
than 3 months, thus lowering 
the intensity of patients states of 
depression.
One of these barriers is the time 
needed to obtain a medical ap-
pointment, referred to as “Time 
to doctor” in the industry. Only 
40% of Canadian people can 
gain same-day access to their 
family doctor with 20% having 
to wait 7 days or more. Thanks 
to Dialogue, the Time to doctor 
rate is drastically reduced. 50% 
of users see a doctor in less than 
30 minutes and 80% in less than 
an hour. Dialogue maintains this 
high level of efﬁciency thanks 
to 300 employed general prac-
titioners and practical nurses. 
They hold an average of 1,500 
consultations every day and also 
offer access to psychologists, nu-
tritionists and physiotherapists.

White Star Capital - 2021 ESG Report - 27
From the perspective of em-
ployers, it is no longer a problem 
to allow employees to access 
medical care during working 
hours. Care is offered to em-
ployees and their family free of 
charge, and consequently Dia-
logue has been able to increase 
professional satisfaction and 
reduce absenteeism. Jean Chris-
tophe De Le Rue, Director of Pu-
blic and Government Relations, 
stresses that “using Dialogue as 
your company care provider 
has been shown to result in a 
reduction of stress, and an over-
all improvement in organizatio-
nal productivity and wellbeing. 
Through telemedicine, Dialogue 
reduces the time necessary for a 
single consultation on average 
by 4 hours. On a single plat-
form, physical health, mental 
health and wellness can be ta-
ken care of with more ﬂexibility 
and no time lost.”
In terms of governance and 
social initiatives, Dialogue is 
continually working to improve 
the platform’s accessibility for 
users with disabilities. It will 
soon become compliant with the 
‘‘Thanks to 
Dialogue [...] 
50% of users 
see a doctor 
in less than 
30 minutes 
and 80% in 
less than an 
hour’’
Thanks to Dialogue, employees can access medical care during working hours
The Dialogue mobile interface
Accessibility for Ontarians with 
Disabilities Act (AODA), a strict 
East-Canadian law enforcing 
standards in order to guarantee 
access for people with disabili-
ties to essential goods and ser-
vices. Simultaneously, Dialogue 
is taking all the necessary mea-
sures to continuously protect and 
fully anonymize the users’ medi-
cal information. No information 
is shared, unless patients speciﬁ-
cally ask for it. Dialogue is also 
very aware of wider medical 
issues and responsibilities, and 
as such the company is openly 
ﬁghting against the overuse of 
antibiotics.      
 
Internally, Dialogue has 
passed several ESG audits and 
obtained high grades. The com-
pany has recently introduced 
a stock ownership program al-
lowing a vast majority of its em-
ployees to become shareholders 
thanks to shares and options.
 
Internally, Dialogue has 
passed several ESG audits and 
obtained high grades stressing 
its achievements in regards to 
gender diversity. The company 
has recently introduced a stock 
ownership program allowing a 
vast majority of its employees to 
become shareholders thanks to 
shares and options.

White Star Capital - 2021 ESG Report - 28
Activity: personal care products
Launch: 2019 
Headquarters: Paris, France
Investment date: December 2020
900.care (like the 900 seconds, or 15 minutes, we spend on average each day in our bathroom) 
has developed an extensive range of care products for a zero-waste bathroom: solid shower and 
hand gel, chewable toothpaste, reﬁllable deodorant, etc. Only a few weeks after its inception, the 
company’s ethos and identity allowed it to close the biggest French crowdfunding round in the 
cosmetics industry with 100,000 products sold. 900.care was founded by Aymeric Grange and 
Thomas Arnaudo, and employs 13 people.
The cosmetics industry pro-
duces a variety of environmen-
tal impacts: heavy water needs, 
widespread single-use plastic 
packaging, some chemical and 
unsafe components, just to name 
a few. We believe at White Star 
Capital that the 900.care team 
is offering credible answers to 
all of them with a brand that 
does remain humble and ap-
proachable, and thus appears 
as an alternative to some elitist 
niche companies.
07
Water pollution is also a serious 
concern at 900.care. Common 
cosmetics 
contain 
chemicals 
used for different purposes: tex-
ture, smell, foam effects, etc. 
These are usually discarded into 
wastewaters and may cause 
environmental pollution. That is 
why the company has chosen to 
develop formulas using at least 
95% natural ingredients. The 
remaining 5% are non-harmful 
components essential to the ef-
fectiveness of the products such 
as ﬂuorine in the toothpaste or 
synthetic fragrances used to re-
place allergenic essential oils. In 
900.care products are all wa-
terless. When needed, water 
is only added at home by cus-
tomers in speciﬁc containers. 
That is the case for the shower 
and hand gels coming into a 
stick-like form and mixed into 
a recycled and reﬁllable plas-
tic bottle. This approach allows 
900.care not to use water, but 
also to ship only a small fraction 
of a care product’s total weight. 
In the case of the shower gel, 
100 grams of active ingredients 
are sent to customers in order to 
create a 1-litre end product. As 
such, greenhouse gas emissions 
related to transportation are cut 
by 90%, in light of the fact that 
almost all the company’s pro-
duction activities are located in 
France.
Aymeric Grange, Thomas Arnaudo and the team at 900.care
‘‘100 grams 
of active 
ingredients 
are sent to 
customers in 
order to create 
a 1-litre end 
product’’

White Star Capital - 2021 ESG Report - 29
The recycled and reﬁllable plas-
tic bottle used by 900.care was 
the primary motivating factor in 
the formation of the company. 
“It was in our own bathroom 
that the idea of  900.care was 
born. We were tired of seeing 
the different single-use plastic 
bottles piling up and decided to 
ﬁnd solutions able to make them 
addition, all the 900.care pro-
ducts’ ingredients are 100% bio-
degradable, which means that 
they do not negatively impact 
ecosystems. As a token of conﬁ-
dence, 900.care products are 
rated over 93/100 on Yuka, the 
safe cosmetics rating app.
‘‘The company 
also strives to be 
at the forefront 
of traceability: 
it has identiﬁed 
the country of 
origin of 78% of 
its ingredients. 
33% come 
from France, 
58% from 
other nearby 
countries’’
On a governance level, 900.
care is proud to work with and 
support local businesses, even 
more so in an industry that gene-
rally prefers manufacturers from 
South-East Asia. The company 
also strives to be at the forefront 
of traceability: it has identiﬁed 
the country of origin of 78% of 
its ingredients. 33% come from 
France, 58% from other nearby 
countries (Germany, the UK, 
Italy and Belgium), and only 
9% from other countries. Tho-
mas Arnaudo explains “We 
have visited all our suppliers in 
order to ensure fair employment 
practices. Whenever possible, 
we have also chosen to work 
alongside ethical partners with 
high social standards. As an 
example, Group Ares, our ship-
ping partner, hires long-term 
unemployed workers and helps 
them getting back into the job 
market.”
900.care also ﬁnds a necessary 
support within its governance 
structure, as its Board of direc-
tors includes White Star Capi-
tal and an impact fund (Future 
For Good). Both funds have pu-
shed the company to balance 
business objectives with environ-
mental and social imperatives. 
As such, 900.care’s projects 
are still plentiful: obtaining the B 
Corp certiﬁcation, conducting a 
life cycle analysis of the different 
products and assessing the com-
pany’s carbon footprint. 
reusable. We have considered 
glass and wood before choo-
sing plastic. All in all, plastic has 
shown the lowest environmen-
tal footprint by being durable, 
strong and light. Our bottle is 
made from 50% recycled plas-
tic and we will be soon able to 
increase that share to almost 
100%. It is offered once to cus-
tomers with any ﬁrst purchase of 
a care product” explains Ayme-
ric Grange.
The recycled and reﬁllable 900.care bottle 
The 900.care reﬁllable deodorant

White Star Capital - 2021 ESG Report - 30
Q&a 
AYMERIC GRANGE
Co-founder
Paris
What are your policies in order to fight 
discrimination and harassment in the 
workplace? 
We conduct anonymous pulse surveys every three 
weeks. It enables us to surface any element of 
concern or negative feedback about the compa-
ny’s management and its work environment. We 
also have hired a Head of People in April 2021, 
one of our ﬁrst full time employees. One of her 
missions is to implement anti-harassment and anti-
discrimination policies.
How do you manage career develop-
ment at 900.care?
We conduct bi-monthly feedback sessions with 
every individual team member during which we 
discuss their career development. We have also 
created the 900.academy, which is our onboar-
ding curricula enabling people to develop new 
skills. Besides, one of the missions of our new 
Head of people is to build our career develop-
ment policy.
 
We also have a free-book policy: any em-
ployee interested in learning about a new busi-
ness topic can purchase a book which is paid 
for by the company. This unfortunately does not 
apply to Harry Potter!
How do you track your ESg perfor-
mance? 
We have been using Zei, a French GreenTech 
platform that we compare to a toolkit. It is able 
to suggest ESG initiatives but also to prioritize 
environmental and governance indicators that 
are most relevant based on our size. We are 
also using it as a reporting solution in order to 
measure and visualize our ESG impact across dif-
ferent dimensions.

Industrial 
Technology5
White Star Capital

White Star Capital - 2021 ESG Report - 32
Activity: packaging marketplace
Launch: 2015
Headquarters: Warsaw, Poland
Investment date: February 2019
Packhelp is a BtoB marketplace that enables businesses to source and fully customize their 
packaging products thanks to an automated online platform, an international network of 
suppliers and the advice of industry-leading experts. Today, more than 35,000 European 
companies, from SMEs to large corporations (L’Oréal, H&M…), rely on Packhelp as their 
packaging partner. The startup is well-placed to tackle this $40bn market and make custom 
packaging accessible to all. Packhelp was founded by 6 co-founders, and employs 200 people.
As an intermediary between 
businesses requiring customized 
packaging, printing houses and 
packaging suppliers, Packhelp 
is in the perfect position to pro-
mote sustainable solutions. The 
company has taken a proactive 
stance in its sustainability ap-
proach, moving ahead of regu-
latory pressure, and not waiting 
for sustainability to become 
unavoidable to adapt its offer. 
In 2020, 65% of all packaging 
items sold on Packhelp were pro-
duced with recycled materials 
and 92% of them were recy-
clable. Over the last two years, 
the company has introduced a 
sustainable alternative to all of 
the products within its range 
(more than 40 references). For 
example, the plastic poly mailers 
(those ﬂexible envelopes favored 
by fashion ecommerce compa-
nies) are offered by Packhelp in 
a bioplastic version, made from 
biomass sources. In relation to 
its cardboard use, Packhelp ex-
tensively promotes FSC certiﬁed 
items. The Forest Stewardship 
Council label guarantees that 
the wood pulp used in FSC cer-
tiﬁed packaging is sourced from 
sustainably 
managed 
forests 
08
One of the packaging produced with recycled 
Packhelp has also adopted 
other strategies in order to steer 
customers choices towards more 
environmentally 
responsible 
solutions. The sustainable alter-
native to a packaging item is 
always presented as the ﬁrst 
option, whilst the “Eco” ﬁlter 
allowing the customer to sort 
more sustainable items is the 
ﬁrst one to appear on the com-
pany’s e-shop. Additionally, the 
Packhelp team has developed a 
great deal of online marketing 
content in order to comprehen-
sively detail the properties and 
sustainable features of its pac-
kaging solutions. Some of which 
can even be printed on the pac-
where deforestation is limited 
and local ecosystems are protec-
ted. This approach also extends 
to all consumable products: pa-
per Kraft tapes, natural glues or 
bio-based inks.
‘‘In 2020, 65% 
of all packaging 
items sold 
on Packhelp 
were produced 
with recycled 
materials’’

White Star Capital - 2021 ESG Report - 33
Logistics solutions accounts for 
another signiﬁcant part of the 
In terms of responsible gover-
nance, Packhelp is focused 
on creating a supportive work 
environment. The company has 
divided its approach between 
the promotion of personal deve-
lopment and the prevention of 
any form of discrimination and 
harassment. 
 
To support the fulﬁlment 
of its employees, Packhelp has 
deﬁned a clear career develop-
ment path coupled with a public 
salary matrix for each role, and 
a set of expected hard and soft 
skills. To help nurture its em-
ployees’ development, Packhelp 
provides signiﬁcant individual 
and 
company-wide 
training 
budgets as well as regular feed-
back sessions. Packhelp is also 
offering additional annual leave 
so that employees can dedicate 
on their own time and initiative 
to social volunteering or com-
munity service, to support em-
ployees’ personal development 
and sense of fulﬁlment in their 
private lives
 
In order to create a res-
pectful work environment, Pack-
help has introduced a range of 
different policies. Firstly, every 
employee must sign an internal 
code of conduct, helping them to 
recognize and prevent discrimi-
native behaviors. A mandatory 
training program called “Equal 
at work” has been attended by 
all team members and a newly 
created cross-functional project 
team is now acting as the guar-
dian of diversity and inclusion 
within the company. In addition, 
awareness events are frequently 
organized with one dedicated 
to women’s rights being carried 
out in 2021.
kaging items in order to inform 
the ﬁnal recipient.   
 
Magda 
Sowierszenko, 
Head 
of 
Communications, 
stresses the importance of Pack-
help’s team members in the pro-
motion of the sustainable refe-
rences offered by the company: 
“We have realized that beyond 
our initiatives on the e-shop, 
the interaction between our 
customers and both our sales 
representatives and packaging 
experts, in charge of dealing 
with technical and high-volume 
orders, is a critical moment re-
garding the promotion of our 
green items. For that reason, 
all of them are speciﬁcally and 
regularly trained. We believe 
that the level of service we are 
able to offer on that ground is 
quite high. If a customer wants 
to base his choice on quantita-
tive data or precisely compare 
our products with his existing 
packaging, we can call on our 
network of third-party partners 
and provide life cycle assess-
ments, material substitution stu-
dies or eco-conception design 
services.” Recently, these colla-
borations resulted in a number 
of customers removing seconda-
ry packaging and lowering the 
net amount of material they use 
thanks to more robust primary 
packaging, as well as the ob-
tainment of speciﬁc recyclability- 
and compostability-related certi-
ﬁcates. Some customers have 
even been encouraged to avoid 
adhesives altogether thanks to 
new foldable packaging deve-
loped on demand.
Life at work
environmental footprint made 
by ordering packaging items. In 
this regard, Packhelp relies on in-
dustry leaders such as DB Schen-
ker, UPS and Kuehne+Nagel. 
Aside from its low-price incen-
tives these respective compa-
nies have been chosen by the 
company due to their strong 
environmental credentials and 
active implementation of sustai-
nability-oriented initiatives. For 
example, all three companies 
have committed to moving away 
from diesel and conventional 
kerosene and have set long-term 
carbon neutrality targets and 
policy frameworks. Whenever 
possible, Packhelp selects inter-
modal itineraries, usually com-
bining road and rail, to deliver 
its products to its customers. The 
slightly increased delay is not 
detrimental to customer satisfac-
tion as Packhelp beneﬁts from a 
4.5 grade, out of 5, on the eva-
luation tool Trustpilot.

Future of Work
6
White Star Capital

White Star Capital - 2021 ESG Report - 35
Activity: ESG software
Launch: 2019
Headquarters: Montreal, Canada
Investment date: May 2021
Founded by a team of tech specialists and sustainability experts, Novisto is an ERP-like 
platform that leverages the power of automation to collect and consolidate sustainability data, 
improving its customers’ reporting procedures and allowing them to gain insights for better ESG 
decision making and value creation. Novisto was founded by Charles Assaf, Edouard Clément 
and Marian Borca, and employs 27 people.
Novisto is one of our portfo-
lio companies with the biggest 
potential impact on ESG chal-
lenges. As companies and insti-
tutions are acknowledging their 
ESG responsibilities, they are 
still facing difﬁculties in framing 
and putting adequate coun-
ter measures in place to tackle 
them. Novisto provides the 
necessary tools and support to 
navigate through that transition. 
It also demonstrates clearly that 
ESG initiatives can generate sus-
tainable growth opportunities, 
and we, at White Star Capital, 
believe this makes Novisto a ca-
talyst for fundamental change.
09
Marian Borca, Charles Assaf and Edouard Clément
Novisto also invests heavily in 
its customer success team to sup-
port its clients in the search for 
actionable insights. The team is 
ESG is fast becoming central to 
corporate reporting. In 2019, 
90% of S&P 500 companies 
disclosed ESG-related metrics 
in some form, compared to just 
20% in 2011. Before tools like 
Novisto, there’s been a deﬁcit 
of ESG data management and 
reporting systems, and corpo-
rations have found it difﬁcult to 
link ESG performance and eco-
nomic value creation. Novisto 
has built its software around dif-
ferent key features: a single digi-
tal environment where to consoli-
date ESG data, automated data 
analysis able to identify discre-
pancies resulting in better qua-
lity and integrity, the automation 
of ESG reporting processes and, 
ﬁnally, the recommendation of 
ESG initiatives able to increase 
users’ 
extra-ﬁnancial 
perfor-
mance. Less than 2 years after 
its inception, Novisto is already 
used by publicly-listed global 
companies such as JetBlue (air-
line company), CAE (simulation 
software) and TMX Group (stock 
exchange operator). 
‘‘In 2019, 90% 
of S&P 500 
companies 
disclosed ESG-
related metrics 
in some form, 
compared to just 
20% in 2011’’

White Star Capital - 2021 ESG Report - 36
Internally, Novisto ﬁrmly belie-
ves that its success depends on 
the diverse, smart, passionate 
and compassionate people that 
make up the team. The CO-
VID-19 pandemic has been a 
major HR challenge: it hit right 
at the moment the company 
was strengthening its corporate 
culture as well as building a safe 
and emulating work environ-
ment for all. The founding team 
did not feel discouraged and 
pursued its efforts on core ques-
tions. This year’s main objec-
tives are to achieve male-female 
strict gender parity in the entire 
workforce (currently women re-
present 40%) and to improve its 
employee Net Promoter Score 
(NPS) above 70.
composed of sustainability ex-
perts with over 30 years of cumu-
lative experience in ESG consul-
ting, in order to provide the 
appropriate training material, 
thought leadership and adviso-
ry services. Among other chal-
lenges, it accompanies clients in 
bridging the gap between ESG 
data and corporate strategy, 
and as such avoids the common 
pitfalls around misstatement or 
ESG-washing. 
According 
to 
Edouard Clement, Chief Product 
Ofﬁcer, 
“ultimately, 
Novisto 
helps its clients realize measu-
rable improvements which in the 
end translate into reduced envi-
ronmental and social impacts. 
Novisto is also the perfect tool to 
stay one step ahead in the face 
of rapidly changing regulations 
and expectations.”
The Novisto interface
By offering a fully digital pro-
duct and currently managing a 
small workforce, Novisto has a 
very low direct environmental 
footprint. Nevertheless, the com-
pany is committed to following 
the guidelines it recommends 
to its clients, and is in the pro-
cess of assessing opportunities 
for improvement in that area. 
Novisto is also developing a 
Responsible Procurement policy, 
which will, for instance, identify 
the criteria to select its data cen-
ters and suppliers, and an Envi-
ronmental code of Conduct. The 
later, will speciﬁcally address 
employee commuting and tra-
vels, ofﬁce management (ener-
gy use, waste management, 
recycling and composting), and 
dedicated corporate training 
on environmental management 
best practices. The objective is 
to release the policies by the 
end of 2021.
 
To demonstrate accounta-
bility and its full commitment to 
sustainable practices, Novisto 
plans to release its ﬁrst internal 
‘‘Novisto 
helps its 
clients realize 
measurable 
improvements 
which in the 
end translate 
into reduced 
environmental 
and social 
impacts’’
ESG report in 2021, and has 
already started the application 
process to obtain the B-Corp cer-
tiﬁcation.

Fintech7
White Star Capital

White Star Capital - 2021 ESG Report - 38
Activity: Insurance broker for landlords and tenants
Launch: 2016
Headquarters: NYC, USA
Investment date: January 2016
After personally experiencing the disconnect between landlords and tenants, Julien Bonneville 
founded TheGuarantors to give ﬂexibility and security to both owners and renters in the rental 
housing market through ﬁnancial and insurance products. The company currently employs 
more than 150 people, with ofﬁces in New York, San Francisco, Los Angeles and Montreal.
As the United States’ big cities 
turn into metropolises, housing 
prices are skyrocketing and per-
sonal economic stability is beco-
ming ever more elusive. As of 
January 2020, 29% of renters 
in New York City pay more than 
half of their income toward rent, 
and rental price inﬂation has 
particularly impacted younger 
renters and those at the lower 
end of the spectrum; in recent 
years, the most affordable NYC 
apartment rents have grown at a 
faster rate than more expensive 
ones. At White Star Capital, we 
see TheGuarantors as a great 
example of a company that has 
leveraged smart solutions and 
ﬁnancial services in order to em-
power renters and solve one of 
the biggest challenges faced by 
city dwellers around the world.
10
U.S. residential real estate is 
heavily dependent on credit 
scores to evaluate the “rent-wor-
thiness” of potential tenants, 
a criterion which excludes up 
to 20% of all apartment appli-
cants. These are mainly people 
without credit scores (like forei-
gners) and others with low cre-
dit scores or no full-time job 
(like students and retirees). The 
 ‘‘As of January 
2020, 29% of all 
renters in New 
York City pay 
more than half 
of their income 
toward rent’’
situation makes it extremely dif-
ﬁcult for them to ﬁnd housing 
and is translated into extended 
time searching for apartments 
or houses, and always higher 
ﬁnancial guarantees that are ei-
ther inaccessible or complicated 
to provide (up to a year’s rent in 
prepayment is frequent in some 
high demand areas of large ci-
ties). 
 
In 2016, TheGuarantors 
launched its ﬁrst product with in-
surance partners (the company 
acts as a broker); the Lease Gua-
rantee is a type of insurance po-
licy that renters buy to provide 
rent payment guarantees to the 
landlord. With this product atta-
ched to an application, building 
owners can accept renters they 
might have otherwise rejected, 
because the ﬁnancial risk of lost 
Julien Bonneville, Founder

White Star Capital - 2021 ESG Report - 39
rent is backed by both TheGua-
rantors and their insurance par-
tners. At the same time, it pro-
vides a way for renters without 
credit score to ﬁnd new housing 
more easily. For example, for 
a 1-year lease, the cost of the 
insurance policy is less than a 
month’s rent. Since its inception, 
TheGuarantors has helped thou-
sands of tenants across the U.S. 
ﬁnd a new home thanks to this 
product.
 
As the price of security 
deposits increase, the cost of 
moving to a new apartment or 
house can become restrictive – 
applicants are often required to 
pay three months of rent in cash. 
This is why TheGuarantors has 
rolled out another product, the 
Security Deposit Replacement. 
With this offer, the company 
actually pays for a tenant’s secu-
rity deposit in exchange for a 
monthly fee, and in doing so re-
duces the up-front moving costs 
by up to 90%. 
 
Finally, in order to ad-
dress the credit score itself, 
TheGuarantors has partnered 
with another US-based startup: 
LevelCredit, This company pro-
vides a fully automated software 
Up to a year’s rent in prepayment is frequent in New York City
Inspired by the early impact 
with LevelCredit, and the abi-
lity to extend the reach of its 
products through partners, The-
Guarantors is now expanding 
their programs to work with 
LEED certiﬁed buildings owners 
across the U.S. The Leadership 
in Energy and Environmental 
Design is a green building cer-
tiﬁcation 
program 
covering 
design, construction, operation, 
and maintenance which aims 
to help building owners and 
operators be environmentally 
responsible. TheGuarantors is 
able to provide greater access 
to these green buildings, often 
more expensive, by including 
both its Lease Guarantee and 
Security Deposit Replacement 
products part of the application 
offer to renters.
solution collecting users’ large 
monthly payments and repor-
ting them directly to the major 
credit bureaus in charge of 
calculating credit scores. Over 
the past ﬁve years TheGuaran-
tors has built a rich and precise 
database of its customers’ spen-
ding habits and built custom mo-
dels to understand each renter’s 
capacity to pay rent on time. By 
working with LevelCredit, The-
Guarantors taps into a unique 
opportunity to show creditwor-
thiness. Julien Bonneville, CEO 
of TheGuarantors, explains that 
“thanks to this partnership with 
LevelCredit, hundreds of tenants 
have been able to improve their 
credit score by up to 30 points, 
just by reporting the rent pay-
ments they were already ma-
king.”
‘‘Thanks to this 
partnership 
with 
LevelCredit, 
hundreds of 
tenants have 
been able to 
improve their 
credit score 
by up to 30 
points, just 
by reporting 
the rent 
payments they 
were already 
making’’

White Star Capital has provided these materials (together with any accompanying oral presentation 
and supplementary documents provided therewith, the “Materials”) for information purposes only. 
The Materials are necessarily based upon economic, ﬁnancial, market and other conditions, and 
information available or provided to White Star Capital, in each case, existing as of the date of this 
presentation (unless otherwise speciﬁed) and, accordingly, should be regarded as indicative, preli-
minary and for illustrative purposes only.
 
In its preparation of the Materials, White Star Capital has assumed and relied upon, without assu-
ming responsibility for independent veriﬁcation of, the accuracy and completeness of all such infor-
mation. White Star Capital does not assume any responsibility for independent veriﬁcation of such 
information and makes no representation or warranty, express or implied, as to the accuracy or 
completeness of such information. Although subsequent events may affect the accuracy and com-
pleteness of the Materials, White Star Capital assumes no responsibility for updating or otherwise 
revising the Materials, and the delivery of the Materials will under no circumstances create any 
implication that the information contained herein has been updated or corrected.
 
Forward-looking information contained in the Materials, including all statements of opinion and/
or belief, are based on a variety of estimates and assumptions by White Star Capital, including, 
among others, market analysis, estimates, projections and similar information available or provided 
to White Star Capital. These estimates and assumptions are inherently uncertain and are subject to 
numerous business, industry, market, regulatory, competitive and ﬁnancial risks that are outside of 
White Star Capital’s control. Based upon changing conditions, if any one or more of these risks or 
uncertainties materialize, or if any underlying assumption proves incorrect, actual results may vary 
materially from those described herein as anticipated, believed, estimated, expected, or intended. 
Consequently, there can be no assurance that the assumptions made will prove accurate. Neither 
White Star Capital nor any of its afﬁliates or representatives has made or makes any representation 
to any person regarding any of the potential transactions described herein, including that any such 
transactions can or will be completed or, if completed, that they will be completed on the terms des-
cribed herein.
 
The Materials should not be construed as investment, legal, tax or other advice, and you should 
consult your own advisers as to the legal, business, tax and other related matters concerning an 
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securities and may not be relied upon in connection with any purchase or sale of securities.