Spyglass Portfolio -- Megatrends

0 Spyglass ESG Scoring Methodology The purpose of the Spyglass ESG Scoring Methodology is to generally inform the Spyglass research and investment process. Developing a scoring methodology allows Spyglass to gauge what policies, reports, disclosures, efforts and goals a company may have and is acting upon. Spyglass scores Environmental, Social and Governance (ESG) criteria individually on a scale from 1 to 5, with 5 representing the "best" score. This scoring approach allows Spyglass to develop an initial opinion about the target company through fundamental bottom-up research on a company's ESG efforts and, importantly, track the progress a company is making toward achieving its ESG goals. As such, Spyglass uses this proprietary scoring methodology to initially assess a company, as well as part of the ongoing evaluation of the company. This scoring approach is not intended to be a precise science based on specific factors or criteria, but rather a tool to provide proprietary insight on companies the Spyglass Team researches and invests. Please note, ESG is only one of the many criteria Spyglass uses when analyzing a company. Spyglass does not believe there is a consistent, effective or accurate ESG evaluation method that can be automated, particularly for small to mid-size companies. Spyglass views the scores provided by the major ESG rating services (MSCI, ISS and S&P) simply as contextual. Spyglass scores tend to differ from these services scores, often dramatically. Score 5 Scoring Methodology Methodology Company is making a clear, thoughtful, and inspiring effort regarding ESG initiatives and has specific goals on how they expect to improve the program moving forward. The company also provides strong disclosures and a sustainability or impact report. Company provides clear ESG disclosures. However, the company does not provide a sustainability or impact report, and/or lacks future intentions for the program. 4 3 Company makes limited ESG disclosures and provides limited detail around impact of the program to date. 2 Company makes a limited effort regarding ESG, but has committed to prioritizing ESG going forward. 1 Company is not actively pursuing ESG initiatives, but has communicated the intent to pursue ESG going forward. Company makes no effort regarding ESG and has no intentions to pursue ESG initiatives, and/or is involved in a prohibited business activity as defined in the Spyglass ESG Policy Statement. 45

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