investing in water security

Thomas Schumann Capital, June 2021

NextGen – Global Institutional Grade Benchmark Index Family Thomas Schumann Water Risk Index®

This presentation was prepared by Thomas Schumann Capital and is for informational purposes only and presented as marketing materials

for Institutional Investors Only. Moorgate Benchmarks act only in the capacity as Index Administrator and Calculation Agent.

Investing in

Water Security

June, 2021

Thomas Schumann Capital, June 2021Thomas Schumann Capital, June 2021

Water stress is

projected to increase in

every continent,

escalating “liquidity

risks of the H20 variety”

according to the CFA

Institute.

The Climate Crisis is a Water CrisisWater stress poses serious risks to businesses and investors

2

41% of assets

owned by MSCI

ACWI companies

are in high water

stress regions.

Source: Luck, M., M. Landis, F. Gassert. 2015 “Aqueduct Water Stress Projections: Decadal Projections of Water Supply and Demand Using CMIP5 GCMs.”

• 9 out of the 10 worst global risks are linked to water

• Investors increasingly use water risk as a proxy for climate risk

• Water stewardship will impact future earnings

• Winners manage water efficiently - Losers mismanage their water resources


What is Water Risk?Water Risk directly impacts the financials of nearly all companies

• Water Risk Is:– Future negative earnings impact

– Environmental

– Ubiquitous across all sectors

– Unaccounted for in Benchmarks

• Financial Risks– Operational

– Reputational Risk

– Regulatory Risk

– Litigation Risk

• Water Risk Drivers:– Climate change / climatic events

– Failing infrastructure

– Pollution

– Weak regulations

Investors who fail to incorporate Water Risk into their

portfolios face significant future underperformance

1 “A transformational framework for Water Risk” (dws.com) Francesco Curto, Michael Lewis, Murray Birt: DWS Research Institute, November 2020.2 CDP’s Global Water Forum – The Role of Companies in Building a Water-Secure World, 3 March, 2021


$301 billionPotential financial

impact of water risks2

$ 55 billionMoney required to

mitigate those risks2

• Acting on Water Risk Makes Business Sense:

The financial penalty for failing to mitigate water

risk is over 5x larger than the mitigation costs!

A Video Introduction to Water Security

https://www.thomasschumanncapital.com/about

https://www.dws.com/insights/global-research-institute/a-transformational-framework-for-water-risk/

https://www.thomasschumanncapital.com/about


Why Now?Water Security: A Mega-Theme – UN Sustainable Development Goal 6


• First-mover opportunity that is aligned with U.S. SEC and ESMA MiFID II legislative frameworks

specifically re. Climate risk & ESG integration

• Existing specialist water thematics are not focused on‒ Water Security, Water Stewardship, UN SDG 6

‒ Alignment with policy makers and regulators

‒ Responsible Investing

‒ Engagement

‒ Positive Impact

‒ Sustainable Alpha


Why Now? Water Security Remains at the Top of Global News


“As a theme, water is absolutely compelling, clean water access is “a huge problem that we’re not talking about”. While

thematic funds were among the big winners of 2020, the returns of water-themed funds were in the low single digits.

Water-themed funds that are currently available have heavy exposure to utility companies, rather than providing a way

to invest in long-term solutions to water scarcity.”

Kenneth Lamont, Senior Analyst for Passive Funds Research, Morningstar Europe – Financial Times 21 January 2021.

“How a company addresses water risks is vital information for investors. Corporate water security transparency is a

fundamental step in the transition to a water-secure world.“ CDP Global Water Report 2020

“Net-zero means water too, for Corporations serious about climate risk. Investors are pushing food, apparel, energy,

chemicals, pharma and mining companies to address water security in their strategies for a net-zero economy.”

ImpactAlpha - 3 March 2021

SEC Announces Enforcement Task Force Focused on Climate and ESG Issues

“Climate risks and sustainability are critical issues for the investing public and our capital markets.”

SEC Press Release - 5 March, 2021

“Climate change indices and ETFs are in great demand by major investors such as sovereign wealth funds, insurance

companies and pension funds.“ justETF.com - 28 February, 2021

“Companies and investors are significantly exposed to water risk, especially in the US and Europe where these risks

are strongly undervalued.” Dr. Upmanu Lall, Department Chair Columbia University Department of Earth &

Environmental Engineering; Senior Research Scientist, International Research Institute for Climate & Society


Expert Institutional ResearchDWS Research Institute: A Transformational Framework for Water Risk1 (November, 2020)


• The 2030 water targets outlined by the UN requiring $670 billion of annual outlay will most likely not be met

without stronger new actions.

• Water-related targets were ‘largely missed’ in 2020 with many displaying a deteriorating trend.

• The investment community must address water risk. However, they lack the information to assess ‘water’

risk, as well as understanding how water risk impacts portfolio performance.

• Equities provide the greatest progress in water and DWS identifies four product approaches:

o Thematic Equity: investing solely in companies associated with the “water” theme

Higher risk, poor returns don’t address water risk, SEC and MiFID II or SDG 6

o Positive Approaches: investing in companies that drive better water stewardship

Limits engagement with poor water stewardship managements

o Engagement: investors influence corporate water stewardship by engaging directly with company management

Requires investment in higher risk companies which can hurt performance

o Risk Control: investing in the overall market by reducing exposure to stocks with higher water risk

Best of both worlds, facilitating engagement, reducing water footprint and providing sustainable returns

1 “A transformational framework for Water Risk” (dws.com) Francesco Curto, Michael Lewis, Murray Birt: DWS Research Institute, November 2020.

https://www.dws.com/insights/global-research-institute/a-transformational-framework-for-water-risk/


Water Risk can be quantified by measuring water use, water stewardship and environmental controversies

TSC Quantifies Water Risk

Water Utilisation - How well does a company utilise water?

Water Stewardship - water policies

targeting water efficiency

Environmental Controversies - Reported infractions

Water Utilisation Metrics

– Total Water Withdrawal

– Fresh Water Withdrawal

– Water Discharged

– Water Pollutant Emissions

– Water Recycled

Tier 1

Tier 2

Tier 3

7

1 All raw water metrics are provided by Refinitiv and transformed to a comparable water risk assessment by TSC

The Water

Footprint

(Where are

they now?)


Where are

they headed?


Rules-based, Systematic & Transparent

TSC Water Security Index® Selection Methodology

Large cap US & Eurozone markets

Water Utilisation, Water Policies, Environmental ControversiesNormalisation & scaling of Refinitiv water data to create quartile rankings

Filtering

Calculate Water Risk

Selection Universe

Overweight Low Water Risk, Underweight High Water Risk*

Constituent Weights

Exclude Defense, Tobacco, Gambling, Worst ESG/SDG Companies

Quarterly Review & Rebalancing

* Companies who do not report any Water Risk data are unadjusted. Constituent weights adhere to UCITS guidelines at rebalancing. 8Thomas Schumann Capital, June 2021

ESG/SDG

Compliance

TSC Expertise

Targeting Lower

Water Footprint

Frequent

Review


*Source: Thomas Schumann Capital, Anatase Ltd,, Refinitiv, S&P Global. Water Footprint is measured in total cubic metres and Carbon Footprint is measured in metric tonnes as of 31 May, 2021

Managing Water Security Substantially Reduces Water Footprint and Carbon Footprint

TSC Water Security Indices Water & Carbon Footprint


Lower Water Footprint = Lower Carbon Footprint

TSC US Water Security Index Water Footprint

TSC Euro Water Security Index Water Footprint

TSC US Water Security Index Carbon Footprint

TSC Euro Water Security Index Carbon Footprint


Annual Returns*

Simulated Performance Analysis

TSC US Water Security Net Return Index

Index Returns*

Performance Analysis* Volatility*

*Source: Thomas Schumann Capital, Anatase Ltd,, Refinitiv, 2021. The TSC US Water Security Index is live as of 4 January 2021 with a base date of 30 Oct. 2015. All performance prior to Live Date has been retrospectively calculated by applying the Index

Methodology and includes reinvestment of dividends net of withholding tax. Accordingly, the results shown during the retrospective periods do not reflect actual returns. Past performance is not necessarily indicative of how the Index will perform in the future. The

performance of any investment based on the Index would have been lower than the Index as a result of fees.


800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400TSC US Water Security NR Index

S&P 500 NR Index

11.0%

22.8%

-4.6%

33.2%

24.7%

11.5%

16.8%

11.2%

21.1%

-4.9%

30.7%

17.8%

12.4%15.0%

2016 2017 2018 2019 2020 YTD Annualised

TSC US Water Security NR Index

S&P 500 NR Index

0%

5%

10%

15%

20%

25%

30%

35%

40%TSC US Water Security NR Index

S&P 500 NR Index

Oct. 30 2015 -

May 31 2021

TSC US Water

Security NR Index

S&P 500

NR Index

Cumulative Return 138.1% 118.4%

CAGR 16.8% 15.0%

Volatility Overall 19.4% 18.8%

Volatility LTM 17.9% 17.1%

Dividend Yield 1.29% 1.38%

Correlation 99.7%

Tracking Error (Ann) 1.63%


Annual Returns*

Simulated Performance Analysis

TSC Euro Water Security Net Return Index

Index Returns*

Performance Analysis* Volatility*

*Source: Thomas Schumann Capital, Anatase Ltd,, Refinitiv, 2021. The TSC Euro Water Security Index is live as of 4 January 2021 with a base date of 30 Oct. 2015. All performance prior to Live Date has been retrospectively calculated by applying the Index

Methodology and includes reinvestment of dividends net of withholding tax. Accordingly, the results shown during the retrospective periods do not reflect actual returns. Past performance is not necessarily indicative of how the Index will perform in the future. The

performance of any investment based on the Index would have been lower than the Index as a result of fees.


600

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500TSC Euro Water Security NR Index

S&P Euro 75 NR Index

4.2%

12.7%

-13.0%

27.4%

-0.9%

16.1%

7.1%5.2%

12.2%

-14.6%

25.3%

-4.9%

16.3%

5.4%

2016 2017 2018 2019 2020 YTD Annualised

TSC Euro Water Security NR Index


0%

5%

10%

15%

20%

25%

30%

35%TSC Euro Water Security NR Index


Oct. 30 2015 -

May 31 2021

TSC Euro Water

Security NR Index

S&P Euro 75

NR Index

Cumulative Return 46.4% 34.1%

CAGR 7.1% 5.4%

Volatility Overall 18.6% 19.7%

Volatility LTM 18.1% 19.5%

Dividend Yield 2.45% 2.35%

Correlation 99.2%

Tracking Error (Ann) 2.67%


TSC Euro Water Security Index Historical Sector Weights

*Source: Thomas Schumann Capital, Anatase Ltd, 2021. The TSC Water Security Indices are live as of 4 January 2021. All weights prior to that date have been retrospectively calculated by applying the Index Methodology. Accordingly, the results shown during the

retrospective periods do not reflect actual sector or country exposures.

Performance does not come from sector or country bets

TSC Water Security Indices

TSC US Water Security Index Sector Exposure

TSC Euro Water Security Index Historical Country Weights

TSC Water Security Indices vs. Benchmark Weightings


TRBC Economic Sector

TSC US Water

Security

Index

Over /

Under vs.

Benchmark

TSC Euro

Water Security

Index

Over /

Under vs.

Benchmark

Basic Materials 2.0% -0.6% 5.1% -4.8%

Consumer Cyclicals 13.1% -1.7% 20.4% 1.7%

Consumer Non-Cyclicals 5.1% -3.3% 8.9% -2.5%

Energy 2.0% -0.8% 3.4% -0.6%

Financials 10.9% 0.8% 18.0% 4.3%

Healthcare 14.0% 1.2% 6.3% -0.2%

Industrials 7.1% -1.3% 12.3% 2.1%

Real Estate 2.7% 0.1% 1.7% 0.6%

Technology 41.9% 6.8% 20.5% 0.9%

Utilities 1.2% -1.3% 3.5% -1.7%


TSC Euro Water Security Index Historical Turnover

*Source: Thomas Schumann Capital, Anatase Ltd, 2021. The TSC Water Security Indices are live as of 4 January 2021. All turnover prior to that date has been retrospectively calculated by applying the Index Methodology.

Two-Way Quarterly Turnover

TSC Water Security Indices

TSC US Water Security Index Historical Turnover



Direct Indexing BenefitsA solid underlying for customised investment products

14

• Low Tracking Error

• Volatility in-line with benchmarks

• Large capacity / scalability (highly liquid constituents)

• Low turnover

• Easily hedged by Program Trading

• Dividend Decrement or Volatility Targeted versions can be provided with exclusivity / white labelling

• Daily constituent list with weights via FTP or Administrator website

• BMR & ESG compliant


Water Stress by Country: 20401

-Transformative Investment

-U.S. SEC, ESMA MiFID-aligned

-Positive Impact

-UN SDG 6-aligned

-Engagement

-Sustainable Returns

-Healthy TER

-Profitable Structured Product Opportunities1 Source: World Resources Institute


Fund Name TERAUM (Dec 2020)

EUR millions2020

ReturnY/Y Change

in AUM

Pictet Water Strategy 1.60% 7,790 6.60% 12%

BNP Paribas Aqua (France) 1.75% 3,177 8.90% 19%

BNP Paribas Aqua (Luxembourg) 1.75% 2,304 8.90% 9%

Fidelity Sustainable Water & Waste Fund 1.06% 2,039 11.90% 102%

RobecoSAM Sustainable Water Strategy 0.92% 1,811 13.92% 25%

KBC Eco Water Fund 1.40% 957 4.92% -4%

Lyxor UCITS ETF World Water 0.60% 767 8.13% -4%

iShares Global Water Index ETF 0.60% 200 13.56% 31%

Pramerica SICAV Clean Water 1.62% 184 4.55% -

DWS Global Water 0.75% 137 3.89% -9%

Specialist Water Sector Strategies$31Billion in AUM as of December 2020

Thomas Schumann Capital, November 2020 16Thomas Schumann Capital, June 2021

Existing Water Funds do not focus on Water Security, Responsible Investing,

Engagement, Water Stewardship, Positive Impact, Sustainable Alpha, Policy &

Regulation-Leadership

Specialist Water Sector Funds League Table1

1 Source: Global Water Intelligence (GWI), Thomas Schumann Capital, Anatase Ltd, 2021

Investors continue to

pour money into a false

water narrative that

embraces utilities,

technology & equipment

as drivers of “Clean

Water” without realising

that their investments

are not transformative,

UN SDG 6 and/or ESG-

aligned, nor impactful,

or addressing water

stewardship &

sustainability.


Transformative CollaborationsThomas Schumann Capital® partners with global leaders to transform water risk into water security



1. How do the TSC Water Security Indices differ from other Water Indices in the market?Existing water indices are highly concentrated (30-50 companies) and are limited to investing solely in companies that are in the water industry (manufacture

water purification/recycling products and water utilities.) Their scope provides little diversification, scalability and no measurement of water risk. The TSC Water

Security Indices are the only indices that invest across all sectors while incorporating their proprietary water risk measures.

2. Why does the Index include so many companies rather than simply target "best" water stewardship?The TSC Water Security Indices apply a comprehensive approach to ensure that index membership best reflects large capitalisation equities across all sectors.

This results in much higher correlation to equity markets while meaningfully reducing the water footprint vs. the benchmark.

3. Why do the TSC Water Security Indices exclude gambling, tobacco and defence contractors?Companies from these industries are generally considered unethical and unsustainable investments and in order to adhere to ESG criteria, the TSC Water

Security Indices exclude these companies as a matter of compliance.

4. Why do the TSC Water Security Indices exclude the worst ESG/SDG companies?Companies with the lowest ESG/SDG Combined Ratings are considered to be non-compliant with UN Sustainability and ESG Principles.

5. What is the source of the TSC water risk metrics?The TSC Water Security Indices source all raw metrics from Refinitiv, who are the market leader in the provision of this data. As the key input to index

rebalancing, TSC apply proprietary techniques in order to quantify water risk at the company level.

6. Are water metrics required to be reported by companies?Water measures are reported by many companies in their annual report and other public filings. While there are no regulatory requirements for companies to

provide this information, more and more companies are reporting their water usage and stewardship each year in response to public pressure. As the focus on

Climate at the company level increases, the number of companies including water metrics is expected to increase. The TSC Water Security Indices help to

engage with those companies who do not report which TSC believes will incentivise better reporting.

7. How many companies report water measures today?594 of the 600 largest US companies report at least some water measures. In the Eurozone, 242 of the largest 250 companies report on some water measures.

The number of water measures reported by companies is increasing and is expected to increase as further pressure is applied to managements to provide more

water data.

8. Where can I find out more information about Thomas Schumann Capital?Please visit www.thomasschumanncapital.com for further information.

18

Frequently Asked Questions (FAQ)


http://www.thomasschumanncapital.com/


© Copyright 2021, Thomas Schumann Capital LLC (the Firm). All rights reserved. Thomas Schumann Capital will not be liable under any circumstances for any financial risk you choose to take based on the methodology

included in this document. Nothing in this document is investment, financial, tax, accounting, or legal advice, and this document should not be relied on as such. Nothing in this document shall be interpreted as an offer to

sell or a solicitation to buy any financial instrument.

Past performance, whether live or historically simulated, is not an indicator of future performance.

NO SECURITIES OFFERING OR INVESTMENT ADVICE: Thomas Schumann Capital (the Firm) is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended. The material contained in this presentation

is intended to present a general summary of the TSC Water Security Index and is not soliciting any action based upon it. Further information on the Firm and our products (including fee structure) may be obtained from the Firm's Form ADV,

which is available without charge upon request. The information in this presentation is intended to enable investors to understand the nature of the Firm’s suite of Water Security Indices. It is not intended as and does not constitute investment

advice or legal or tax advice or an offer to sell any securities to any person or a solicitation of any person of any offer to purchase any securities. The information in this presentation should not be construed as the Firm's endorsement,

recommendation or sponsorship of any company or security. There are inherent risks in relying on, using or retrieving any information found in this presentation, and the Firm urges you to make sure that you understand these risks before

relying on, using or retrieving any information from this presentation. You should evaluate the information made available through this presentation, and you should seek the advice of professionals, as appropriate, to evaluate any opinion,

advice, product, service or other information. The Firm's services are designed to integrate with the services provided by its clients' other financial, legal and tax advisers, not to replace their services. The Firm advises its clients from time to

time on non-investment related matters, but clients must rely on their other professional advisers for final approval and/or implementation of non-investment matters. You acknowledge that any of your requests for information are unsolicited

and any information shall neither constitute nor be construed as investment advice from the Firm to you or to form an investment advisory relationship, or any other client relationship between you and the Firm or any of its affiliates or

employees. The Firm strongly recommends that you seek outside advice from a qualified securities professional. The Firm does not guarantee the suitability or potential value of any particular investment or information source. The Firm may

invest or otherwise hold an interest in companies or securities that may be discussed on the Website. Information on the Website is not to be construed as an offer to sell or the solicitation of an offer to buy any security. Any such offer or

solicitation can only be made by means of the delivery of a Confidential Memorandum, which contains a description of the significant risks involved in such an investment. All figures are estimated and unaudited unless otherwise noted and are

shown net of all expenses, management fees and estimated incentive allocations. All figures reflect the reinvestment of dividends and other earnings, where applicable. Actual returns may differ from the reported results due to differences in

contribution dates, fee structures and new issue eligibility. Notwithstanding the foregoing, please note the following with respect to investment in indices created by the Firm: Investments in the indices are meant for sophisticated investors and

involve a high degree of risk. Investors can lose all or a substantial portion of their investment. Investment returns may be volatile. Investments in underlying investment wrappers linked to the Water Indices may not be diversified. Investment

products linked to the Water Indices may have substantial fees and expenses which may offset profits. There may be no secondary market for interests in investment wrappers linked to the Water Indices and none may develop.

PAST PERFORMANCE IS NOT COMPARABLE Any performance data presented in this presentation may or may not reflect the reinvestment of dividends and other earnings as stated within, and does not reflect the deduction of expenses,

management fees and incentive fees and allocations. The TSC Water Security Indices went live on 4 January, 2021 and as such, performance prior to that date has been retrospectively calculated by using an application of the index

methodology going back in time. Furthermore, this process, known as “back-testing” may not represent how the TSC Water Security Indices would have actually behaved had they been live in the past. Back-testing can introduce bias to the

performance of an index and can also avail of the benefits of hindsight. The Firm believes that any performance shown on was generated with an investment philosophy and methodology similar to that described in the official Index

Methodology located on the Index Administrator’s official website. Furthermore, the performance discussed herein reflects that of the Water Indices for a limited period of time and does not reflect performance in different economic or market

cycles. You should not assume that the Water Indices will experience returns, if any, comparable to those described herein. The performance results have not been compiled, reviewed or audited by an independent accountant. These indices

and benchmarks are not provided for comparative purposes, but only as examples of general market performance. Due to the differences between the composition of a fund's portfolio and these indices and benchmarks, the Firm cautions

potential investors that no such index or other benchmark is directly comparable to any fund.

DISCLAIMERS AND LIMITATION OF LIABILITY

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19Thomas Schumann Capital, June 2021

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investing in water security

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