For climate change related reasons, we exclude mining companies that derive over 20% of their revenues from thermal coal. Additionally, based on our own analysis, we exclude around 20 utilities whose energy generation’s CO2 intensity is high and that’s explained by the usage of coal as a fuel (we see gas ‘less bad’ at this point). Please note that we have calculated the intensity for the generation business, not for the company as a whole as that is misleading in some cases. When it comes to scenario analysis, we haven’t done that so far. We want the methods to develop further. When it comes to carbon footprint calculation, we calculate and report that in four different ways. The calculations are based on MSCI data on scope 1 and scope 2 emissions. We can report the carbon footprint as xx tons per invested million dollars, emissions owned xx tons CO2 (the share of companies’ emission owned by the fund, based on the ownership data), CO2 intensity xx (tons CO2 / mln $ sales) and weighted average CO2 intensity xx (tons CO2 / mln $ sales). Figures are available on our website for all the funds where data covers over 50% of investments. It is good to note that not all the methodologies mentioned are suitable for funds containing fixed income securities.