r2s national sustainability screen 0211 v0.6

8/4/2019 R2S National Sustainability Screen 0211 v0.6

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South Africas Johannesburg Stock Exchange [JSE]

National Sustainability Screen

General Interest | March 2010


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Contents:- Overview- Economy Lens- Theme Lens- Sector Lens- Finance Sector Review: Banks- Solutions Requirements- Methods & Data


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Overview


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National Sustainability Screens

Principal Objectives

Private & Confidential

Localization of Route2s (Sustained Value Management TM) measurement tool- US Input-Output model employed as economic baseline and refined with RSA energy technologyprofiles and sector wide emission intensities

- Comprehend the research implications to fully localize

Extension of Route2s (Sustained Value Management TM) measurement tool- Inclusion of human and social capital functional flows

- Comprehend the research implications to extend

Generate high level insights of sustainability issues within RSA- JSE is the largest exchange in Africa (16th largest globally), giving a strong indication of current

sustainability issues / opportunities within RSA

Employ findings as indicators of the sustainability challenges Route2 will facewithin RSAs corporate world (and begin the search for solutions)

Provide initial screen and focus for our future investment activities


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RSA Universe


Sectors Representation(# Companies in Sector)

Scale (Reported revenue /Estimated employment*)

Agriculture 10 R217bn / 479k

Construction 20 R129bn / 650k

Finance 99 R1,183bn / 1,404k

Manufacturing 55 R659bn / 1,652k

Mining 52 R829bn / 407k

Transport & Communications 32 R394bn / 531k

Wholesale & Retail 40 R438bn / 2,089k

TOTAL 308 R3,848bn / 7,212k

NOTES: The screen excluded the contributions of Households and the Public Sector; *Estimated employment numbers

for the entire industry NOT the listed entities included within the screen


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RSA Sustainability Themes


Capital Theme Driver(s)

Natural Climate Change (-ve) Greenhouse Gas Emissions

Water Scarcity (-ve) Fresh Water Consumption

Waste (-ve) Solid Waste Releases:landfilled, incinerated andradioactive

Pollution (-ve) Toxic Releases: to Land, Air and Water (asclassified by the US EPA Toxic Release Inventory)

Biodiversity (+ve) Ecosystem Service Provisions: derived fromland use (and non use)

Human Health (-ve) / (+ve) Disease: economic cots of AIDS; abatementthrough education and treatment

Knowhow (+ve) Employment: economic benefits of employment(beyond wage)

Social Social Cohesion (-ve) / (+ve) Crime: economic cost of crime (impact on growth);abatement through policing

NOTE: (-ve) refers to negative themes / external costs; (+ve) refers to positive themes / external benefits

NOTE: Themes are not definitive, rather a representative sample. Please take the following analysis as a demonstration of the potential of

the Route2 Sustainability model.


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RSA Headline Insights

Part 1


Total net externalities (upstream supply chains included)estimated to be R -750 bn on a revenue base of R 3,800 bn &profit base of R 311 bn1

Estimated external costs of R -1,040 bn Estimated external benefits of R 290 bn

4 significant sustainability themes revealed Pollution 72% of total net externalities Unemployment - 36% of total net externalities Water Scarcity 27% of total net externalities Waste - 26% of total net externalities


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Part 2


Pollution, the costliest theme, largely manifests in the early stages of supplychains, requiring deep supply chain engagement by corporations

The first tier of supply chains is the source of the majority relative costs,suggesting corporations need to (and can) engage more actively with theirdirect suppliers

Water Scarcity, Waste and Unemployment, are the themes whichcorporations appear to have the most direct control over (and thus the

associated issues / opportunities)

The total profit erosion of the 8 core themes is estimated to be -241 % ofthe 308 listed entities 2009 reported net income

The estimated Sustained Profit (Profit net of net externalities) for the 308listed entities is R -440 bn. All sectors except for Finance and Wholesale /Retail generated negative Sustained Profit in 2009


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Part 3


Sector insights (distilled from exposure matrix)The Exposure Matrix positions the sectors quantified exposure to the core themes against the sectors current

economic importance to identify current and future risks / opportunities for government, investors, debt providers

and insurers

Finance is the star sector Finance has a relatively low exposure to natural capital themes, high exposure to

human capital benefits (derived from its large employee base) and significant

(relatively) contribution to the economy (revenue, tax receipts and employment)

Manufacturing carries the highest risk Manufacturing has the largest exposure to the natural capital themes (not offsetby the benefit of its significant employee base) Agriculture is heavily exposed to the natural capital themes but contributes less

(relatively) to the RSA economy (and therefore sits in the bottom left quadrant)


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Theme Summary


Theme Externality (Benefit or Cost) Top 3 Sectors

Human Capital:Unemployment

R 271 bn(benefit)

Manufacturing (27%) Wholesale / Retail (20%) Finance (19%)

Natural Capital:Biodiversity

R 9 bn(benefit)

Agriculture (49%) Manufacturing (39%) Mining (5%)

Human Capital:Disease (AIDS) R -4 bn(cost)

Manufacturing (23%) Wholesale & Retail (16%) Finance (16%)

Social Capital:Crime

R -23 bn(cost)

Finance (27%) Mining (22%) Manufacturing (22%)

Natural Capital:ClimateChange

R -56 bn(cost)

Mining (51%) Manufacturing (22%) Transport & Communications (9%)

Natural Capital:Waste

R -197 bn(cost)

Transport & Communications (26%) Manufacturing (26%) Waste(15%)

Natural Capital:Water

R -206 bn(cost)

Agriculture (45%) Manufacturing (28%) Mining (21%)

Natural Capital:Pollution

R -544 bn(cost)

Manufacturing (55%) Mining (21%) Agriculture (7%)


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Sector Summary


Sector Net Externalities / % of profit Top 3 Themes / % of profit

Finance R -10 bn / -13 % Unemployment / 69% Waste / (41)% Pollutants / (24)%

Wholesale & Retail R -10 bn / - 65 % Unemployment / 340% Pollutants / (195)% Waste / (145)%

Construction R -11 bn / -176 %

Pollutants / (330)% Unemployment / 328% Waste / (103)%

Transport & Communications R -66 bn / -145 % Waste / (113)% Pollutants / (58)% Unemployment / 50%

Agriculture R -121 bn / -392 % Water Scarcity / (298)% Pollutants / (128)% Unemployment / 54%

Mining R -185 bn / -175 % Pollutants / (108)% Water Scarcity / (42)% Unemployment / 34%

Manufacturing R -349 bn / -999% Pollutants / (852)% Unemployment / 208% Water Scarcity / (167)%


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Value Chain Summary


Sector Net Externalities / % of profit Top 2 Tiers / % of profit

Finance R -10 bn / -13 % Direct / 27% Other Tiers / (23)%

Wholesale & Retail R -10 bn / - 65 % Direct / 193% Other Tiers / (125)%

Construction R -11 bn / -176 % Other Tiers / (199)% Direct / 160%

Transport & Communications R -66 bn / -145 % Direct / (63)% Other Tiers / (33)%

Agriculture R -121 bn / -392 % Direct / (193)% First / (116)x%

Mining R -185 bn / -175 % First / (64)% Other / (51)%

Manufacturing R -349 bn / -999% Other Tiers / (351)% Direct / (230)%


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Economy Lens


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Economy Lens

Overview


This section is the consolidation of all 308 entities rolled up to drawinsights at a national level (excluding the direct impact of Governmentand Private Households)

As with the entire SA Screen output, the focus is on the 8 majorsustainability themes (ranked by estimated financial impact within

each capital good stock)

The analysis is performed across the supply chain from the directactions of the relevant corporate to the actions of their suppliers (1sttier), their suppliers suppliers (2nd tier) and further up the chain (Othertiers)

The implications of the listed entities actions (both their externalbenefits and external costs net externalities) is measured in Randimpact and often in the analysis made relative to the profit of thatsector or corporate entity.


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Economy Lens

Direct Impacts


-R102 590

-R16 116

-R74 223

-R87 380

R2 705

-R2 116

R148 732

-R12 779

WATER

CLIMATE

WASTE

POLLUTANTS

BIODIVERSITY

AIDS

UNEMPLOYMENT

CRIME

Net Direct

Externalities

R -144 bn

Direct External

Benefits

R 154 bn

Direct External

Costs

R -297bn

Million Rand


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-R205 841

-R56 892

-R196 558

-R543 556

R8 596

-R3 751

R271 030

-R23 369

WATER

CLIMATE

WASTE

POLLUTANTS

BIODIVERSITY

AIDS

UNEMPLOYMENT

CRIME

Economy Lens

Total Supply Chain Impact


Net Indirect

ExternalitiesR -750 bn

Indirect External

BenefitsR 290 bn

Indirect External

Costs

R -1040 bn

Million Rand


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Economy Lens

Theme Total Impact by Value Chain Origin [%]


-100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100%

Bio-diversity

Climate Change

Crime

Disease

Pollutants

Unemployment

Waste

Water Scarcity

Direct First Tier Second Tier Other Tiers


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Economy Lens

Theme Total Impact by Value Chain Origin [%]


-100% -80% -60% -40% -20% 0% 20% 40%

Direct

First Tier

Second Tier

Other Tiers

Total

Bio-diversity Climate Change Crime Disease Pollutants Unemployment Waste Water Scarcity


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Economy Lens

Net Externalities as % of Profit


-250% -200% -150% -100% -50% 0% 50%

Direct

First Tier

Second Tier

Other Tiers

Grand Total


- 241 %


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Economy Lens

Sustained Profit Waterfall [Million R]


-R500 000

-R400 000

-R300 000

-R200 000

-R100 000

R0

R100 000

R200 000

R300 000

R400 000

FI

NA

N

CE

MI

NI

N

G

WH

OL

E

SA

LE

&R

E

TA

I

L

TR

AN

S

PO

RT

&C

O

MM

S

MA

NU

F

AC

TU

RI

N

G

CO

NS

T

RU

CT

IO

N

AG

RI

C

UL

TU

RE

TOTALR -440 bn

FI

NA

N

CE

MI

NI

N

G

WH

OL

E

SA

LE

&R

E

TA

I

L

MA

NU

F

AC

TU

R

IN

G

CO

NS

T

RU

CT

IO

N

AG

RI

C

UL

T

URE

TR

AN

S

PO

RT

&C

O

MM

S

TOTALR311bn

NetExternalities

SustainedProfit

NetIncome

Million Rand


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Economy Lens

Sustained Profit Waterfall - Notes


Sustained Profit is a measure of the corporates profit / loss afteraccounting for its net externalities The chart shows how the corporates that make up the listed entity

screen (bucketed by sector) build to the sum of traditional profit(reported annual operating income)

and then how that traditional profit pictures falls to a sum sustainedprofit / loss number (again bucketed by sector) This analysis can be taken to a higher resolution i.e. corporates within a

sector or business units within a corporate or products within a business

unit

This lens should be used as a high level indication of sustainability of theeconomy, a sector within that economy, a corporate within thatsector, a business unit within that corporate etc. or for benchmarkingpurposes (i.e. corporates within a sector)


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Economy Lens

Exposure Matrix


AGRICULTURERev: R217bn

Tax: R8bnEmply: 479k

Ext Costs: R121bn

MANUFACTURINGRev: R659bn

Tax: R9bnEmply: 1,652k

Ext Costs: R349bn

CONSTRUCTIONRev: R129bn


Ext Costs: R11bn

TRANSPORT/COMMS

Rev: R394bnTax: R12bn

Emply: 531k

Ext Costs: R66bn

MININGRev: R829bn


Ext Costs: R185bn

FINANCERev: R1,183bn

Tax: R19bnEmply: 1,404k

Ext Costs: R10bn

WHOLESALE/RETAIL

Rev: R438bnTax: R5bn

Emply: 2,089k

Ext Costs: R10bn

Size of thebubbledenotes

total netexternalities

INCREASINGE

XPOS

URETOM

AJOR

THEME

S

INCREASING ECONOMIC IMPORTANCE(CONTRIBUTION TO GNP, TAX RECEIPTS, EMPLOYMENT)


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Economy Lens

Exposure Matrix - Notes


The matrix is used to identify issues / opportunities by showing the relativeimportance of a sector to RSA as measured by revenue, tax payments andemployment against the relative exposure of that sector to the 8 majorsustainability themes

This lens can be used as a high level indicator of where the risks /opportunities lie (in this case for the economy) as external costs becomeinternalised or as a high level screen investment tool to identify sectors over /under exposed to certain themes (with the relevant x axis metric)

Higher resolution can easily be applied revealing corporates within sectors,business units within corporates and products within business units


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Theme Lens


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Theme Lens

Overview


This section reviews the 8 major sustainability themes (ranked by estimatedfinancial impact within each capital good stock) 5 themes emerge and charts each major industry sectors exposure level to the themes (in

Rand and relative terms by sectors)

The themes are ranked from the most beneficial theme to the mostdamaging theme

A higher resolution lens can be applied to corporates within sectors,business units within corporates and products within business units

and helps to identify where the largest exposures are an initial screen totarget more detailed analysis


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Theme Lens

Unemployment By Sector: R 271 bn


Manufacturing

Wholesale &

Retail

Finance

Mining

Transport &

Comms

Construction

Agriculture

- 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000

Manufacturing27%

Wholesale &Retail

20%

Finance19%

Mining13%

Transport &Comms

8%

Construction7%

Agriculture6%


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Theme Lens

Biodiversity By Sector: R 9 bn


Agriculture

Manufacturing

Mining

Wholesale &

Retail

Construction

Finance

Transport &

Comms

- 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500

Agriculture

49%

Manuing

39%

Mining

5%

Wholesale &

Retail

2%

Construction2% Finance

2%

Transport &

Comms

1%


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Theme Lens

Disease (AIDS) By Sector: R -4 bn


Agriculture

Construction

Transport &

Comms

Mining

Finance

Wholesale &

Retail

Manufacturing

-1 000 - 800 - 600 - 400 - 200 -

Agriculture

-5%

Construction

-12%

Transport &

Comms

-12%

Mining

-16%

Finance

-16%

Wholesale &

Retail

-16%

Manufacturing

-23%


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Theme Lens

Crime By Sector: R -23bn


Construction

Agriculture

Transport &

Comms

Wholesale &

Retail

Manufacturing

Mining

Finance

-7 000 -6 000 -5 000 -4 000 -3 000 -2 000 -1 000 -

Construction

-4% Agriculture

-5%

Transport &

Comms

-10%

Wholesale &

Retail

-12%

Manufacturing-22%Mining-22%

Finance

-27%


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Theme Lens

Climate Change By Sector: R -56 bn


Construction

Finance

Wholesale &

Retail

Agriculture

Transport &

Comms

Manufacturing

Mining

-35 000 -30 000 -25 000 -20 000 -15 000 -10 000 -5 000 -

Construction

-1%

Finance

-4%Wholesale &

Retail

-5%

Agriculture

-6%

Transport &

Comms

-9%

Manufacturing

-22%

Mining

-51%


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Theme Lens

Waste By Sector: R -197 bn


Agriculture

Construction

Wholesale &

Retail

Mining

Finance

Manufacturing

Transport &

Comms

-60 000 -50 000 -40 000 -30 000 -20 000 -10 000 -

Agriculture-3%

Construction

-3%

Wholesale &

Retail

-12%

Mining

-15%

Finance

-15%

Manufacturin

g-26%

Transport &

Comms

-26%


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Theme Lens

Water (Scarcity) By Sector: R -206 bn


Construction

Finance

Transport &

Comms

Wholesale &

Retail

Mining

Manufacturing

Agriculture

-100 000 -80 000 -60 000 -40 000 -20 000 -

Construction

-1%Finance

-3%

Transport& Comms

-2% Wholesale &

Retail

-2%

Mining

-21%

Manufacturing-28%

Agriculture

-45%


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Theme Lens

Pollution By Sector: R -206 bn


Finance

Construction

Transport &

Comms

Wholesale &

Retail

Agriculture

Mining

Manufacturing

-350 000 -300 000 -250 000 -200 000 -150 000 -100 000 -50 000 -

Finance

-3%

Construction-4%

Transport &

Comms

-5%

Wholesale

& Retail

-7%

Agriculture

-7%

Mining

-21%

Manufacturing

-55%


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Sector Lens


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Sector Lens

Overview


This section takes a look at the 7 macro industry sectors and charts exposure levels according to supply chain origin (from

direct to the final tier) and to each of the 8 major sustainability themes

Each sector also has the net externalities in Rbn and net externalities asa % of the relevant sectors net income

The macro industry sectors are ranked from the sector with the lowestlevel of net external costs to the sector with the highest level of netexternal costs

A higher resolution lens can be applied to corporates within sectors,business units within corporates and products within business units

and helps to identify where the issues / opportunities lie within thesupply chain and the relative importance of the issues / opportunitiesboth to one another and relative to the traditional financial measure

(profit) this initial screen can then be used to target more detailed


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Sector Lens

Finance: R -10 bn / -13%


-100% -80% -60% -40% -20% 0% 20% 40% 60% 80%

Direct

First Tier

Second Tier

Other Tiers

Grand Total



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Sector Lens

Wholesale / Retail: R -10 bn / -65%


-500% -400% -300% -200% -100% 0% 100% 200% 300% 400%

Direct

First Tier

Second Tier

Other Tiers

Grand Total



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Sector Lens

Construction: R -11 bn / -176%


-600% -500% -400% -300% -200% -100% 0% 100% 200% 300% 400%

Direct

First Tier

Second Tier

Other Tiers

Grand Total



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Sector Lens

Transport & Communications: R -66 bn / -145%


-250% -200% -150% -100% -50% 0% 50% 100%

Direct

First Tier

Second Tier

Other Tiers

Grand Total



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Sector Lens

Agriculture: R -121 bn / -392%


-500% -400% -300% -200% -100% 0% 100%

Direct

First Tier

Second Tier

Other Tiers

Grand Total



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Sector Lens

Mining: R -185 bn / -178%


-250% -200% -150% -100% -50% 0% 50%

Direct

First Tier

Second Tier

Other Tiers

Grand Total



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Sector Lens

Manufacturing: R -349 bn / -999%


-1400% -1200% -1000% -800% -600% -400% -200% 0% 200% 400%

Direct

First Tier

Second Tier

Other Tiers

Grand Total



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Finance Sector Review: Loan Books


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Finance Sector Review

RSAs Big 4 Loan Books


This section takes a look at the loan books of the big 4 RSA banks toevaluate, at the highest level, the impact of their advances with respect to

the 8 major sustainability themes

The analysis is based on the reported advances to the relevant sectors. Wehave then assumed that 1 rand advanced, generates 1 rand of revenue

within that sector and used that to calculate the net externalities of bankadvances in 2009

Clearly, the assumption of a 1 rand advanced to 1 rand revenue generationis crude and further employing average sector net externalities is also crude,but as throughout this analysis, more granular disclosure and / or access to

the loan books is required to refine the outputs

There are a number of usages of this lens risk management (to assess a corporates ability to service loans) loan pricing (which accounts for the different risk profile) understand sustainability


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Total Loan Books


-1000 000

-800 000

-600 000

-400 000

-200 000

-ABSA FIRST NED STANDARD

Corporate

ConsumerMillion Rand


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Consumer Loan Books: Net Externalities [R m]


Million Rand

-200 000

-150 000

-100 000

-50 000

-ABSA GROUP FIRST BANK NEDBANK STANDARD BANK

Food & Beverage

Agricultural products

Fuel

Water


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Corporate Loan Books: Net Externalities [R m]


Million Rand

Transport

Agricultural products

Construction

Manufacturing

-700 000

-600 000

-500 000

-400 000

-300 000

-200 000

-100 000

-ABSA FIRST NED STANDARD


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AgricultureManufacturing

TransportElectricity

ConstructionGovernment

MiningOther

ServicesRetailers

FinanceBanks

Wholesale


Retail Bank Exposure Analysis


Standard

Bank

Ned

Bank

ABSA

Bank

First

Bank


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Normalized Corporate Loan Book

[Net Externalities per Rand Advanced]


-3,10

-4,84

-1,76

-1,41

ABSA FIRST NED STANDARD


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Solutions Requirement Table


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Overview


Given that Route2 is focused on helping corporates address theirsustainability issues and realize their sustainability opportunities, it is vital we

are in position to identify, propose and help implement solutions. Thestarting point is identifying the significant issues / opportunities and

subsequently cost effective solutions

The following tables sets out the economic value of the sector / themecombination together with the exposure level as measured by netexternalities

The table is sorted by exposure levels


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Corporate Level Solutions


SECTOR / THEME Exposure (Rm Net Extern.) Economic Score

POLLUTANTS_Manufacturing 297 419 940 650

POLLUTANTS_Mining 112 466 929 541

WATER SCARCITY_Agriculture 91 750 303 876

WATER SCARCITY_Manufacturing 58 246 940 650

WASTE_Transport & Comms 51 442 493 833

WASTE_Manufacturing 50 589 940 650WATER SCARCITY_Mining 43 550 929 541

POLLUTANTS_Agriculture 39 395 303 876

POLLUTANTS_Wholesale & Retail 30 510 787 813

WASTE_Finance 30 380 1 433 864

WASTE_Mining 29 766 929 541

CLIMATE CHANGE_Mining 29 158 929 541

POLLUTANTS_Transport & Comms 26 372 493 833

WASTE_Wholesale & Retail 22 790 787 813POLLUTANTS_Construction 19 740 238 242

POLLUTANTS_Finance 17 654 1 433 864

CLIMATE CHANGE_Manufacturing 12 528 940 650

CRIME_Finance 6 304 1 433 864

WASTE_Construction 6 185 238 242

WASTE_Agriculture 5 407 303 876


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Methods & Data

M h d & D


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Methods & Data

Overview


Figure 1 illustrates the concepts of indirect upstream (supply chain)and indirect downstream (product use and disposal) impacts

(negative and positive). Increasingly companies need to understandand help manage the risks beyond their immediate boundaries ofoperation (e.g. EU legislation holding electrical product manufacturersresponsible for final disposal)

Figure 2 depicts the architecture of the integrated models employedto quantify the 4 capital direct and indirect functional flows ofcompany activities, at both process and product levels

Figure 3 details the various valuation techniques employed tomonetize the functional flows emanating from the 4 capitals.Monetization enables relative weighting of functional flows andimportantly allows integration with finance data)

Table 4 lists the data and sources employed in the preceding analysis

1 V l Ch i & Lif C l


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1. Value Chains & Life Cycles


e.g.,Sainsburys

Suppliers Customers

e.g. indirectupstream

sustainability

exposures of

supplied inputs

e.g. Indirectdownstream

sustainability

exposures of

product use & disposal

e.g. directsustainability

exposures of

retail operations

Mixed Input-OutputAnalysis

[MIOA]

Life-CycleAnalysis

[LCA]

ChingfordsLonaRiverside

Material & Energy FlowsAnalysis

[MEFA]

Integrated Hybrid Models

2 I t t d H b id M d l


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2. Integrated Hybrid Model


National

Economic

Input-Output[IO] Table

Product LifeCycle

Inventory[LCI] Tables

Company

Data

OtherRegions

EconomicInput-OutputTables (e.g.

China)

Product

System

DownstreamCut Offs

National

Exports / OtherRegion Imports

Product

System

Upstream Cut

Offs

NationalImports / Other

Region Exports

Non Market Factor Inputs (e.g. Greenhouse Gas Assimilation)

Non Market Factor Weightings (e.g. Monetary Values)

NonMarketFactorOu

tputs(e.g.SoilRestoration)

NonMarketFactorWeig

htings(e.g.MonetaryValues)

Inputs

Model Components

IO Table: National mixed

(financial and physical)

commodity by commodity,

mitigation technology explicit,input-output model

Product LCI Tables: Life

Cycle Inventory [LCI] data

sets (e.g. EcoInvent, US

DoE LCI databases).

Ecosystem

Dynamics

Company Data: Company

disclosures - concerning

supplier expenditures,

product recipes and

environmental flows

IO Table: Other national

mixed (Financial and

Physical) IO models (toenable true multi regional

modeling)

Environmental (in) flows of

commodity groups and specific

process (made explicit by the LCI

tables)

Monetary values for

environmental flows

Environmental

(out) flows of

commodity groups

and specific

process (madeexplicit by the LCI

tables)

Monetary

values for

environmental

flows

3 V l ti T h i


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3. Valuation Techniques


Hedonic Pricing

Labor Property

Avertive Behavior

Cost of Illness /Cost to Production

Travel Cost

Abatement Cost

Remediation Cost

Replacement Cost

Contingent Valuation

Conjoint Analysis

(Choice Modeling)

Willingness to Pay(WTP)

Willingness toAccept (WTA)

ChoiceExperiment

ContingentRanking

Contingent Rating

PairedComparisons

Revea

ledPreferenceMet

hods(IndirectMetho

ds)

DoseResponseF

unctions(DRF)

Stat

edPreferenceMeth

ods(DirectMethods)

Value Transfer

4 D t & I f ti S


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4. Data & Information Sources

Data Source

1. JSE listed entities (#308) / 5 year financial data Bloomberg

2. Annual financial & sustainability reports Company websites

3. South African Macro Statistics Statistics South Africa

4. External Cost & Benefit Values Synthesis of publishedresearch

5. 4 Capital Flow Measurement Route2 proprietary integratedhybrid models

6. Exposure Analysis Combination of 1-5 / Route2Sustained Value ManagementTM framework


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Thank you

r2s national sustainability screen 0211 v0.6

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