2023

Positive Change

Impact measurement methodology
July 2023
This document details the methodology we use to analyse and report on the positive impact associated with the Positive Change
Strategy. The sections that follow explain how we analyse the potential impact of a company, how we report on this impact in ourannual Positive Change Impact Report and how we collect and calculate headline impact data.
We continue to evolve our approach and to engage with the companies in the portfolio to encourage them to do the same.

Analysing and reporting on impact
The Positive Change Team takes a positive and proactive
approach to impact investing with our two equally important
objectives: to deliver attractive investment returns and tocontribute towards a more sustainable and inclusive world. We
aim to support companies making decisions and taking actions
that will be beneficial for their business, society and theenvironment in coming years and decades.
We believe that reporting on impact is fundamental to Positive
Change. We aim to be as robust and transparent as possible in
our approach to reporting on our second objective ‘To
contribute towards a more sustainable and inclusive world’.
Analysing and reporting on positive impact is not easy: impact
will not always be quantifiable (nor should it be); different
companies have different impacts, and there is currently little in
the way of standardisation for how companies should report on

how they impact people and the planet. To allow the reader tounderstand our approach to reporting on our second objective,
we have explained below how we analyse the potential impactof a company.
Our approach to impact analysis is based on robust, bottom-up
research that is independent from, but complementary to, theinvestment analysis. We only hold companies in the portfolio for
the impact their core products and services can deliver, but weanalyse all aspects of a business before making an investment.
We have developed a qualitative framework to allow us to
independently and consistently assess and compare how
companies are driving change based around threecomponents.

Products and services

IntentBusiness practices

All the companies in the portfolio are there
because their products and/or services addressa global environmental or social challenge andare improving the status quo. Our assessmentof product impact considers the relationshipbetween the product and the problem; thebreadth and depth of the impact; and themateriality of the product or service, both in thecontext of the business and the challenge.

Understanding a company’s intent
towards delivering positive change can help us
to understand how likely it is that the company
will deliver on the expected impact. Here we
consider a company’s mission and how it is
implemented; its strategy, actions,commitments and structures; and influence inthe wider industry.

Understanding a company’s businesspractices helps us to determine whether
it can achieve sustainable growth. This
is where we look at a company’s actions
across the full value chain and its
relationship with all stakeholders.

Our impact analysis supports a holistic assessment ofcompanies. We learnt in the very early stages of developing
Positive Change that there is no perfect company. There is also
no easy way to sum and ‘net off’ those different positive andnegative impacts – they often occur across multiple timeframes,with different stakeholders and, where they are possible tomeasure (and many aren’t), they are not always quantified
consistently. Companies will make it into the portfolio where webelieve that the overall impact is more positive than negative,
based on thorough analysis and professional judgement.

Companies in the portfolio are organised into four themes
which represent key global challenges. These themes are:Social Inclusion and Education; Environment and Resource
Needs; Healthcare and Quality of Life; and Base of the Pyramid.
Our impact analysis drives our inclusion of a company in the
Positive Change Strategy, and the key outcomes and impacts
are reported on an annual basis in the Positive Change Impact
Report.

All investment strategies have the potential for profit and loss, your or your clients’ capital may be at risk.
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Impact measurement methodology

Positive Change Impact Report
In the Positive Change Impact Report, the output of our impact
analysis is summarised for each company in the portfolio
individually (both positive and negative). Although we publish
the Impact Report annually, we think impact can only truly bemeasured over the long term, which we define as five years andbeyond.
Within the Impact Report we disclose impact at a company andportfolio level:— The Positive Chains show how each company is delivering
positive change through its products and services. We do
not include positive or negative impacts from the businesspractices (how the companies operate) in the Impact Report
as we report on this separately in our annual Environmental,
Social, Governance (ESG) and engagement report Positive
Conversations. Further detail is provided in the ‘Business
Practices Reporting’ section of this document.

— The Portfolio Snapshots: Headline Impact Data show
aggregated data to illustrate how the portfolio holdings arecontributing towards delivering positive change.
— The Portfolio Snapshots: Significant Sustainable
Development Goal (SDG) Contributions show which
companies contribute to the United Nations SDGs. Our
explicit aim is to identify and hold companies for theirpositive contributions. Accordingly, the number of holdings
we found to be making a significant negative contribution to
the SDGs through their products and services is less thanthose holdings making positive contributions.
The methodology we use to report on the above is detailed
below.

— For companies held in the portfolio five years and beyond,we have developed full company pages. We have included
our Positive Change Hypothesis and commentary on
progress and real world context.

Demonstrating company level impact through the Positive Chain
We demonstrate how companies in the portfolio are addressing
the themes through a Positive Chain. Our Positive Chains are
based on the ‘Theory of Change’, a methodology where
identified change is mapped out with outcomes shown inrelation to each other chronologically. Our Positive Chains show
how each company is delivering change through its productand services and have five components to help illustrate how
the holdings are delivering positive change:— Outcomes (short-term changes as a result of those activities
and outputs); and— Inputs (the resources used by the company, eg financial
capital, human capital);

Under the impact column we highlight the UN SDGs and targets
that each company is contributing towards through its products
and services. Further detail is provided in the ‘Significant SDG
Contributions’ section of this document.

— Activities (the use of inputs or other actions to produce
outputs);— Impacts (system-level changes expected to happen owing
to the company’s activities and outputs).
Further information on how we collect our company datacontained within the Positive Chains can be found below in the‘Collecting company data’ section.

— Outputs (the production or delivery of products or services
to beneficiaries);2

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2023

An example of a Positive Chain based on Coursera, which is owned in the portfolio:
Input

Activities

Outputs

Outcomes

R&D
US$165.1m

Coursera partners withleading universities
and companies tooffer a catalogue of
educational content
and credentials,
including professional
certificates, guided
projects, and bachelor
and master degrees.

In 2022, Coursera had 118
million learners registered,with 39 million course
enrolments, 434 million
lectures watched, and70 million completedassessments. Over 18,000
students were enrolled indegree programmes by theend of 2022.

77 per cent of learners
globally and 91 per centof learners in emerging
markets report seeing
career benefits, suchas a promotion or a pay
increase, from taking
courses on Coursera.

Employees
1,401(Y/E Dec
2022)

In addition to annual impact shown through the Positive Chain,for companies held since inception of the strategy, we have
expanded our reporting to include progress over time:— Positive Change hypothesis. For each company held
since inception, the hypothesis outlines how we expect
companies' products and services to deliver positivechange, and why we believe this represents a goodinvestment opportunity.
— Long-term progress. Commentary and supporting impact(since inception period) and investment metrics (overfive-year periods) to ensure that we are accountable tothe philosophy that investment returns and impact arecomplementary. See below for further methodology.
— Real-World context. Further commentary around thechallenges each company is solving.
Impact objective metrics, such as Ørsted’s avoided emissions
from green generation, are selected and monitored by the
impact analysts using publicly-available data. Where the fulltime series of data is not available we do not report.
Investment objective metrics, such as revenue growth andshare price return are derived from third party sources including
FactSet and Refinitiv.
Revenue growth is calculated using third-party source FactSet,
which collects data from both annual and interim, preliminary
and final documents (eg 8-K, 10-K, 10-Q). Data is sourced fromboth the face and the notes of the cash flow statement andbalance sheet, and the face of the cash flow statement reportedby the company. Sales data is therefore sourced from theincome statement. The growth percentage calculation
approach is (Sales/Sales -5Y)^(1/No. of years)-1)*100.
The most recently available sales figure (reported prior to thereport date) is compared to the same figure five years prior, thedifference is then annualised and converted into a percentage.

Impact (SDG target)QUALITYEDUCATION

4.4

DECENT WORKAND ECONOMICGROWTH

8.5, 8.6

Additional notes:
1. Due to the timing of financial reports, Moderna’s revenue
growth for the FY 2022 Impact report is calculated between
two revenue amounts that are six years apart, and therefore
no. of years applied is 6.
2. When the currency used in the report differs from thesecurities ‘as-reported’ currency, FactSet sources
exchange rates from WM/Reuters to convert the data items.
An average exchange rate is used to covert data items fromthe income statement and cash flow statement, and an
end-of-period exchange rate is used to convert data items
from the balance sheet.
In order to calculate cumulative share price return in US dollars
we download the total return index from Eikon Datastream into
Excel and then calculate a cumulative return based on thecalculation: (opening date from the closing date)*100. This is
the same calculation whether it is daily return or return since
inception.
As we are pulling in daily data, to make it easier to find thecorrect value for each date when calculating longer time
periods we usea VLOOKUP function to source the correct sharevalue. We then use the formula above to calculate the time
periods requested. In order to calculate the annualised return
we first need to calculate the number of years for the since
inception period. To do this we subtract the Opening Date fromthe Closing Date and divide this by 365. We then apply this tothe cumulative formula, so this becomes (closing value/opening
value (1/No. of years)-1)*100.

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Impact measurement methodology

How we collect and calculate our headline impact data
Collecting company data
— We collect data from each of the companies held in the
Positive Change Strategy on what their impact is at the endof their fiscal year1. For those holdings that have been in theportfolio for less than the full year, no attempt has been madeto pro-rate and therefore we include the full year of impact.
— We try to pick just one or two of the most relevant metrics foreach company and this data varies. Metrics are guided by thefour impact themes which represent key global challenges.
For example, we would report on CO2 emissions saved fora green energy provider in the Environment and Resource
Needs theme, or patients treated for a healthcare company in
the Healthcare and Quality of Life theme.
— We only include data that relates to positive impacts from theproducts and services of the companies held in the portfolio(so what they do or sell). We do this to be rigorous andconservative with our reporting. We do not include positiveor negative impacts from the business practices (so how thecompanies operate) in the Impact Report as we report on
this separately in the annual ESG and engagement report,
Positive Conversations. Further detail is provided in the‘Business Practices Reporting’ section of this document.
— The way in which companies measure and report is notalways uniform, so as well as obtaining this data fromcompany reports we also engage with companies tounderstand how they have compiled the data.

— Where information is not available to calculate impact, we
do not estimate a company’s contribution and so we believe
our impact figures are conservatively calculated. Throughproactive engagement we hope the gaps in this data willdiminish and consistency in reporting will increase over time.
— In some instances, we use the most recent company
reported data to calculate outcomes.
— Data for CO2 emissions saved is based on company
reporting, which is either in CO2 or carbon dioxide equivalent(CO2e); the aggregate data is presented as CO2e as this is themost conservative approach.
— Data in the report is based on companies’ publicly-reported
data for the financial year 2022 (if reported before 30 June
2023 or through company engagement), unless indicatedotherwise.
— Healthcare companies tend to report cumulative data, andtherefore data related to healthcare is presented to date,covering multiple years.
— It is important to note that this data is for the overall
companies. We are not trying to factor in the specificownership stake in the companies held by Positive Changeclients.

Calculating the headline impact data
— Where companies report on relevant data, we add this together to provide Headline Impact Data for Positive Change overall.
— As we note above, if a company does not report a figure that can be verified, we do not include any contribution in these headline
statistics. We believe this provides a conservative estimate.

Ecolab
3.6m
Novozymes
65mØrsted
18.2m
Tesla
13.4m
Umicore9.3m

Through products in use
and/or sold during the year,
enabled the avoidanceof almost110

milliontonnes of CO2e

Coursera
118m

Duolingo
60m

Provided access to education
and/or training to over178

millionregistered learners
FDM
3.2k

Dexcom1.7m

Alnylam
3.7k

Provided treatment anddisease management
solutions for over

1.7

millionpatients

Our impact report collects data from the full, prior fiscal year. Note that companies will pick slightly different fiscal year end points eg some companies
have a December Fiscal Year end, while for others it is March.

1

4

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2023

How our Impact Indicator works— We take the overall impact data we have collected for thecompanies in the portfolio. The data for each company isdivided by its market capitalisation (the total value of thelisted shares of a company) in US dollars. This figure is thenmultiplied by the percentage weighting of that company inthe representative portfolio (all as at end December 2022).
— We aim to factor in ownership stakes using our Positive
Change Impact Indicator.

((

Impact Reported
Market capitalisation(US$)
4.8 million
7,847 million (US$)

x% of fundweighting

x

0.57%

)
)

— To calculate individual investments in our Impact Indicator,
the figure is pro-rated again for the value entered andconverted into the relevant currency.
— To illustrate, Safaricom, a company in the portfolio, enabled
4.8 million people to send, save and spend money on
healthcare services. Using the impact formula, we canestablish the impact associated with a particular ownershipstake in that company through investing in Positive Change:

x

value
entered=associated impactx

1
million=enabled 3 people tosend, save and spend
on healthcare service

A few important notes:— The impact is generated by the companies rather than
individual investments. As long-term providers of capital,
the Positive Change Strategy aims to support thesecompanies to improve their product(s) or service(s) as wellas their business practices, to create a more sustainable
world for future generations. However, while increasing
an investment in the strategy increases your stake in thecompanies, it does not actually lead to an increase in theoverall impact the company would have delivered last year.
For more information on this, please see The Capital Chain
section below.
— Our reporting year is dated from 1 January 2022 to 31
December 2022, and we report on all companies held as
at 31 December 2022.

— Where we have divested a holding in the reporting year,
we do not include the impact of that business.
— Headline Impact Data, while providing an indication of the
impact of the portfolio, is vulnerable to inconsistencies.
These can be caused by underlying assumptions. How
companies measure and report is not always uniform and,in some cases, requires conversion to allow for aggregation
across the portfolio. For example, converting Xylem’s
reduced water loss from cubic meters to litres.
— If a company does not report a figure that can be verified,
we do not include any contribution within the Headline
Impact Data snapshot; as such, we believe this provides aconservative estimate.

— For those holdings that have been in the portfolio for lessthan the full year, no attempt has been made to pro-rate
the contribution and therefore we include the full year of
impact. However, as we have a long-time horizon andaim to invest in our holdings for 5–10 years on average,
portfolio turnover is low.

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Impact measurement methodology

Significant SDG contributions
All companies in the Positive Change portfolio contribute to
the UN SDGs. We take a rigorous approach to SDG mapping,identifying the SDGs that companies contribute to through thedelivery of their products and services, at the target level (theyhave 169 underlying targets). This ensures that companies are
genuinely addressing the changes needed to deliver the goals,
rather than merely aligning with one of our four themes at asuperficial level.
We do not consider alignment to the Goals through businesspractises as this is not the reason companies are held within
the portfolio. For robustness and consistency we undertake theSDG mapping independently of company reporting. The link
between each company’s impact and the SDGs is shown in
the Positive Chains, and at aggregate level across the whole
portfolio in the Portfolio Snapshots, as detailed earlier.
Our explicit aim is to identify and hold companies for theirpositive contributions. Accordingly, the number of holdings wefound to be making a significant negative contribution to the
SDGs through their products and services is less than thoseholdings making positive contributions.

Addressed by companies in the
Positive Change portfolio as atend Dec 2022.
Images: © United Nations
Department of Public Information.
Based on the Positive ChangeTeam’s views.

Independent verification – Positive Change Impact Report
The Positive Change Team seek independent limited assurance over aspects of the Positive Change Impact Report. We engage
an independent third-party annually to seek Limited Assurance over Selected Information contained within the Positive Change
Impact Report under International Standards on Assurance Engagements (UK) 3000 - ‘Assurance Engagements other than Audits
or Reviews of Historical Financial Information’ (‘ISAE (UK) 3000’). Please see the most recent Positive Change Impact Report for
the full opinion on the most recent reporting year.
We hope that this impact measurement methodology provides clients and prospective clients with comfort that the way in which
we report impact, and the underlying data we use, are robust.

Business practices reporting (covering ESG issues)
We publish Positive Conversations, which is an accompanimentto our annual Impact Report using a different, but equallyimportant, lens to look at the contribution of the Positive
Change portfolio to society. The Impact Report focuses on theimpact of the products and services of the companies in theportfolio, whereas Positive Conversations looks at the businesspractices (ESG) of these companies, essentially how they
operate and behave. It also details our engagement, or positive
conversations, with management teams as we seek to supportand influence companies over the long term.

We produce separate reports because it is important todistinguish between business strategy (products and services)and business practices (ESG). While companies make it into
our portfolio based on the impact from products and services,
we aim to own shares in exceptional companies that operatewith honesty and integrity, that treat their stakeholders well,and are leaders within their respective areas. We believe ourbespoke approach will lead to more interesting and effective
conversations and actions over time.

Positive Conversations includes information on key ESG issues
such as carbon footprint and net zero expectations, social
issues such as financial inclusion and governance matters, aswell as important information on company engagements andproxy voting.

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2023

The Capital Chain
We hold shares in companies who have publicly listed shares. What does this mean for where your money goes?

You invest in Positive Change

If the company’s shares have been listed forsome time, we buy shares on an exchange froma third party (not from the company directly).

Or

If the company is listing its shares on an
exchange for the first time via an Initial Public
Offering (IPO) then we buy shares from thecompany directly.
For context, so far we have participated infour IPOs since the strategy’s inception in 2017.

IN BOTH CASESThe Positive Change portfolio holds shares in the companies in which we invest. Together,shareholders are the owners of the business.
Part ownership of the business means that we, on your behalf, have the right and the
responsibility to engage with management teams on important topics about how thebusiness is run.
Supportive long-term shareholders can also perform other important functions:— Not selling shares and supporting company management during periods ofshort-term pressure from other stock market participants can help them realise
long-term strategy.
— At times companies may need to raise more money from their existing shareholder
base. As long-term shareholders we can choose to support these capital raisings.
In these cases we would be providing capital directly to companies.

IN TIMEWe may choose to sell the shares in a company and relinquish our ownership stake. This could
be because our investment and impact cases have played out as expected and we don’t foresee
future investment or impact potential, or because the investment did not work out as we expected.
We aim to hold the shares of the company in this portfolio for 5–10 years on average. This isbacked up by our portfolio turnover. We feel this long holding period allows us to best fulfil ourrole as supportive long-term shareholders in helping the companies in the portfolio deliver bothfinancial returns and impact.

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Impact measurement methodology

Risk factors

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This communication was produced and approved in July 2023
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