Slides supporting comments prepared for ESG in FInance Symposium for Villanova School of Business 22 October 2014

1. More Externalities
A cape fur seal pup swims around apparently unconcerned with the plastic ring around it¹s neck. However the seal is still growing and the plastic is not, leading to the
inevitable and painful death of this animal. Plastic pollution in our seas is a growing problem and this is not an isolated incident. Photographed by Jean Tresfon at Duiker
Island, Hout Bay 2013, on a Nikon D300 in a Subal Underwater Housing with 2 Sea & Sea Strobes. 1/250 F9 ISO400. underwaterimages.co.za.

2. More ESG data
// ESG on Bloomberg
ESG UNIVERSE
ESG data coverage reported by Bloomberg LP, November 2013. 20.8% global coverage based on 10,807 companies of total number of listed companies in country
with an average score of 18.6, includes only companies with active trading status at 5 October 2013. Environmental scores based on 4,379* companies
with an average score of 20.7. Social disclosure scores based on 5,706* companies with an average score of 23.1. Governance disclosure scores based on 9,936*
companies with an average score of 45.7. SOURCE: Bloomberg LP, November 2013.

3. Performance
Source: MSCI Inc, October 2014. On September 1, 2010 the FTSE KLD indexes transitioned to the MSCI ESG Indexes. The former KLD indexes had multiple third party index calculators over time.
Consequently the MSCI ESG index histories have been aggregated and compiled to create a continuous time series from a variety of sources—sources which may have followed different index
calculation methodologies in some instances. The MSCI ESG Indexes use ratings and other data supplied by MSCI ESG Research Inc, a subsidiary of MSCI Inc. The MSCI KLD 400 Social Index
was launched on Sep 01, 2010. Data prior to the launch date is back-tested data (i.e. calculations of how the index might have performed over that time period had the index existed). There are
frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-tested -- is no indication or guarantee of future performance.