Summary of index methodology: A four step process is followed to determine the Index from the eligible universe which is the securities in the MSCI World ex Australia Index (Parent Index).

Step 1 - Fossil fuels exclusion:  Companies that have proved & probable coal reserves and/or oil and natural gas reserves used for energy purposes are excluded.  From the MSCI World Ex Australia Fossil Fuel Select SRI and Low Carbon Capped Index Methodology:
- All companies excluded by the application of the MSCI Global ex Fossil Fuels Indexes
methodology
- All companies that derive a part of their revenue (either reported or estimated) from
the mining of thermal coal (including lignite, bituminous, anthracite and steam coal) and
its sale to external parties
- All companies with evidence of owning fossil fuel reserves regardless of their industries,
including companies that own less than 50% of a reserves field
- All companies that derive a part of their revenue (either reported or estimated), from oil
and gas related activities, including distribution / retail, equipment and services,
extraction and production, petrochemicals, pipelines and transportation and refining
but excluding biofuel production and sales and trading activities

Step 2 - Screening of SRI and ESG companies: From the securities remaining after step 1, those whose businesses are significantly involved in or exposed to the following activities are excluded: Alcohol Gambling Tobacco Military weapons Civilian firearms Nuclear power Adult entertainment Genetically modified organisms Aninal welface (All companies that are involved in commercial animal husbandry for the purpose of food production, including breeding, raising, and slaughtering pork, veal, poultry, and beef, as well as dairy and egg farm operators and ll companies that conduct animal testing for non-pharmaceutical products such as cosmetic, personal care, and household cleaning products) and Soft drinks in addition all companies with an “Opportunities in Nutrition and Health score” greater than 2 (i.e. 3rd and 4th quartile) and all companies with Red, Orange or Yellow human rights controversy flags are excluded .   In MSCI ESG Research data is then used to determine which of the remaining securities are to be included in the Reference Index representing 15% of the Free Float Market Capitalisation in each GICS® sector from step 1.   Allowable revenue thresholds per category is shown pg 14 of the MSCI SRI Indexes Methodology.

Step 3 - Applying the carbon emitter screen: The remaining companies from step 2 are then ranked by carbon emission intensity and the top 25% by number are excluded from the Reference Index. The cumulative weight of securities excluded from any GICS sector is capped at 30% of the weight of the sectors from step 2. Securities are also excluded until the cumulative potential carbon emissions of the excluded companies reaches 50% of the sum of the potential carbon emissions of the constituents remaining from step 2.

Step 4 - Component weighting and capping:  The remaining securities are then weighted by their Free Float Market Capitalisation subject to a 5% weighting cap.