Aeon Investment Management is constantly trying to improve its techniques in incorporating ESG through on-the-job training. Analysts and Portfolio Managers regularly attend ESG training physically and via webcast.

In the past year, Aeon Investment Management participated in a number of engagements. In the current reporting period in question, we focused more on quality than quantity - we participated and initiated engagements that we believe addressed or at the very least created awareness of ESG factors.

Aeon Investment Management continues to record and report on ESG activities in a timely method.

In the past year, Aeon Investment Management participated in a number of engagements. We focused more on quality than quantity - we participated and initiated engagements that we believer addressed or at the very at least created awareness of ESG factors.

In the past year, Aeon Investment Management has updated its ESG incorporation into investment decision by incorporating more qualntitative ESG tools into the investment philosophy.

Aeon Investment Management's integration of ESG factors into their investment philosophy has had a significant contribution in helping Aeon steer clear of high ESG-risk investments such as EOH Ltd and Tongaat Hulett Ltd.

Adjusting hurdle rates either for positive or negative ESG factors has a significant impact on the earnings growth expectations implied by the current share price.  Significant progress has been achieved. Portfolio ESG analytics indicates a better ESG disclosure and trend position.

Significant progress has been achieved. Portfolio ESG analytics indicates a better ESG disclosure and trend position. Aeon Investment Management is currently in the process of developing and subsequently refining an in-house ESG Scorecard model by incorporating publicly available quantitative tools.

It is too early, in a developing economy, to assess the impact; however, Aeon Investment Management is in the process of developing and subsequently refining an in-house ESG Scorecard model. We have also recently incorporated climate-risk assessment tools (available to the public) to assess the impact environmental factors have on our investments and overall portfolio. It should be noted that these tools are still in the very early stages of their development, and companies still disclose very limited information on environmental and social factors. The assessment results from these tools thus have limitations.

Significant progress has been achieved. Aeon Investment Management has consistently contributed to the participation of RI initiatives. We constantly engage with company management on matters that involve ESG. Engagement activities include meetings with company management, voting during annual general meetings, and attending ESG-related events. However, it should be noted that it takes a number of years for positive ESG trends to emerge.

Significant progress has been achieved. During engagements with company management teams, we constantly encourage other asset managers to collaborate on RI initiatives and become signatories of the PRI. We also believe collaborative engagements tend to yield better outcomes than single-investor engagements

A complete record of all the engagements we participated in is published in our bi-annual and annual ESG Report. The Report is available upon request (https://www.aeonim.co.za/engagement-activities/#).

Significant progress has been achieved over the last year in ESG. We have actively engaged with companies such as Woolworths Holdings Ltd and Naspers Ltd.