Exclusion Determination Methodology - EMD

GMO relies on data feeds from third-party service providers to determine whether a company meets the exclusion criteria.  Regarding the controversial weapons exclusion listed in the prospectus, GMO considers the following business activities to be relevant for the foregoing analysis:

Industry

Business Activity

Exclusion Criteria

Biological and Chemical Weapons

Production of biological or chemical weapons.

Any amount of revenue is derived from the business activity.

Cluster Munitions

Production of cluster munitions whole weapons systems or key components that are tailored for exclusive use in cluster munitions.

Any amount of revenue is derived from the business activity.

Anti-personnel Landmines

Production of anti-personnel landmines whole weapons systems, or essential components tailored for exclusive use in anti-personnel landmines.

Any amount of revenue is derived from the business activity.