OWL ESG™ ESG Consensus Scores & Detailed Metrics OWL ANALYTICS SUMMARY

OWL Analytics & Investment Research is a data and indexing company that offers detailed data and metrics on the environmental, social, and governance (ESG) characteristics of global equities. Founding in 2012, our clients are some of the largest financial firms in the world, representing over $2 trillion in assets under management and advisement.

BIG DATA APPROACH OWL employs a big data approach to generating ESG scores, peer ranks, and peer percentiles, based on the largest foundation of data for every company we cover.

CONSENSUS BASED OWL leverages the collective intelligence of hundreds of sources of ESG data and research to generate consensus metrics for every company on various common ESG themes.

MOST COVERAGE OWL offers the industry’s most comprehensive coverage of 25,000+ global equities, making us an ideal partner when benchmarking versus popular indices.

MONTHLY FREQUENCY OWL publishes ESG metrics monthly rather than yearly, providing fresher insight for our clients and partners.

1 AN ESG ISSUE: RANK DISPERSION

We created OWL ESG after discovering that companies received significantly different ESG scores and ranks from different research firms.

ESG Ranks of 12 Overlap Top 100 Ranked Companies Across 3 Research Firms

Average Rank Dispersion of 12 Companies

We found that as companies decreased in market capitalization, the score/rank discrepancy between providers only widened.

2 COMMON ESG DATA PROBLEMS

The rank dispersion results in large part due to problems with ESG source data.

LESS REGULATED NOT STANDARDIZED ESG reporting is not regulated in ESG reporting is all over the place, most markets and even in markets with many companies changing with regulation, standards are not the ESG issues they report on and nearly as strict as for financial how they report on them from year reporting. to year.

SELF-REPORTED LIMITED HISTORY Most ESG data is self-reported with ESG reporting is relatively new the lack of regulation resulting in making it difficult to gather companies only reporting on data enough data on each company favorable to them or framing from which useful insights and reporting in a favorable manner. intelligence can be generated.

3 ESG SCORING & RANKING PROBLEMS

Score and rank divergence is also due to different data used by the ESG research firms to rate companies.

Two Firms Rating Same Company One Firm Rating Two Companies In Same Industry

Data Used by Data Used by Data Used by Data Used by Firm 1 to Rate Overlap Firm 2 to Rate Firm 1 to Rate Overlap Firm 1 to Rate Company ABC Company ABC Company ABC Company XYZ

Research Firm 1 Data for Company ABC

Research Firm 2 Data for Company XYZ

4 OWL ESG SOLUTION

OWL ESG was designed from the ground up to reduce subjectivity in ESG scoring by providing a robust and reliable ESG consensus of every company covered.

Identified 12 Mapped data & Aggregated Environmental, Normalized and Generated metrics at the Provide more millions of ESG Social, and optimized inputs multiple industry and weight within a data elements Governance to eliminate versions of ESG, sector level from KPI to metrics and metrics themes (Key bias, reduce E, S, & G scores, underlying and data based from hundreds Performance error, and peer ranks, and sources to the on the level of of sources of Indicators) generate peer percentiles 12 Key consensus ESG information common to consensus at the from the base Performance among sources. & research. underlying KPI level. KPIs. Indicators (KPIs). sources.

1 2 3 4 5 6

5 CONSENSUS SCORING

Every company scored on the largest foundation of data and metrics for each of our 12 Key Performance Indicators (KPIs).

Supplement missing data for each KPI with public source data and metrics.

Weight ESG issues within KPI based on the degree of consensus among underlying sources.

OWL: Better Scoring of Peer Companies

Data Used by Data Used by OWL to Rate Overlap OWL to Rate Company ABC Company XYZ

Data for Company ABC Public Source Data Data: Firms 1-7

Data for Company XYZ ESG Issues: Most Consensus ESG Issues: Least Consensus

6 OWL DATA & METRIC OFFERING

OWL ESG OWL Detailed Metrics

ESG scores, ranks, & percentiles

E, S, & G scores, ranks, & percentiles

KPI scores, ranks, & percentiles

OWL ESG KPIs OWL ESG Benefits

8 OWL COVERAGE & FREQUENCY

Coverage Actionable Data

• OWL ESG provides scores, ranks, & percentiles on over 25,000 companies worldwide

• OWL ESG covers over 95% of the weight of most popular indices

• OWL ESG offers the best coverage of small-cap, emerging market, and frontier market companies

• OWL ESG scores, rankings, & percentiles are updated monthly rather than yearly

• OWL ESG metrics incorporate the latest available data for each company covered

• OWL ESG empowers investors to make decisions based on fresher inputs

• OWL Detailed Data available quarterly, semi- annually, or annually depending on data type

8 MAKE AN IMPACT

CONTACT

BENJAMIN WEBSTER CEO & President 310-704-6772 [email protected]

OWL ESG™ OWL Analytics & Investment Research 312 Arizona Avenue ESG Consensus Scores Santa Monica, CA 90401 424-800-3834 & Detailed Metrics [email protected]

www.OWLanalytics.net

This document, including any attachment(s) ("package"), is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to purchase, any interest in any investment vehicle managed by OWL Analytics & Investment Research, a division of New Millennium Macro, LLC ("OWL Analytics & Investment Research"), or as an official confirmation of any transaction. Such an offering may only be made by means of a private placement memorandum or other disclosure document. Nothing in this package constitutes investment advice. This material is intended for sophisticated investors only, particularly financial advisors and asset management companies and should not be forwarded without express written consent. Performance statistics shown herein are back-tested numbers and OWL Analytics & Investment Research makes no representation as to their accuracy. OWL Analytics & Investment Research does not accept any responsibility or liability arising from the use of this package. The package is highly confidential and should not be shared or distributed unless express written consent is provided by OWL Analytics & Investment Research.