Pre-Investment Screening

An initial high level ESG fatal flaw analysis[1];

Screening against the WB/IFC Exclusion List; and

Assign an initial project risk categorization A, B or C according to the IFC Project Risk Categorisation Criteria and provide the rationale for this categorization[2].

[1] A Fatal Flaw is deemed to be:

A foreseeable material breach of legislation, of the Musa ESG Policy and/or IFC Performance Standards; and which
Cannot be mitigated reasonably and/or cost-effectively as required by the Fund (i.e. through a Condition Precedent); or which poses
A significant reputational risk in national or local media.

[2] Category A: Business activities with potential significant adverse environmental or social risks and/or impacts that are diverse, irreversible, or unprecedented.

Category B: Business activities with potential limited adverse environmental or social risks and/or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures.

Category C: Business activities with minimal or no adverse environmental or social risks and/or impacts.

An initial high level ESG fatal flaw analysis[1];

Screening against the WB/IFC Exclusion List; and

Assign an initial project risk categorization A, B or C according to the IFC Project Risk Categorisation Criteria and provide the rationale for this categorization[2].