Example on how to calculate the value on an Indicator where an FMP has 2 Financial Products (FP) with 2 investments (Inv) each.

Indicator: Emissions to water (Annex I, Table 1, Indicator 8) Metric: Tonnes of emissions to water generated by investee companies per million EUR invested, expressed as a weighted average A=B1+B2+B3+B4 B1 B2 B3 B4 C1 C2 C3 C4 D1 D2 D3 D4 E1=B1/C1 E2=B2/C2 E3=B3/C3 E4=B4/C4 F1=D1*E1 F2=D2*E2 F3=D3*E3 F4=D4*E4 G=F1+F2+F3+F4 I=G/4 J=I/A Indicator weighted aggregated Indicator for all investments per quarter Indicator expressed as an annual weighted average Indicator per million EUR invested expressed as a weighted average Inv 1 Inv 2 Inv 3 Inv 4 Inv 1 Inv 2 Inv 3 Inv 4 Inv 1 Inv 2 Inv 3 Inv 4 Inv 1 Inv 2 Inv 3 Inv 4 Inv 1 Inv 2 Inv 3 Inv 4 Q1 12 2 5 5 0 1,268 4,924 5,338 693 50 125 15 0 0.16% 0.10% 0.09% 0.00% 0.08 0.13 0.01 0.00 0.22 0.055 0.005 Q2 21 9 6 5 1 1,268 4,924 5,338 693 50 125 15 0 0.71% 0.12% 0.09% 0.14% 0.35 0.15 0.01 0.00 0.52 0.130 0.006 Q3 27 10 10 4 3 1,268 4,924 5,338 693 50 125 15 0 0.79% 0.20% 0.07% 0.43% 0.39 0.25 0.01 0.00 0.66 0.165 0.006 Q4 28 13 0 7 8 1,268 4,924 5,338 693 50 125 15 0 1.03% 0.00% 0.13% 1.15% 0.51 0.00 0.02 0.00 0.53 0.133 0.005 Total 88 0.483 0.022 FP 2 "Current value of all investments" in EUR million Point in time (end of…) FP 2 FP 1 FP 1 FP 2 FP 1 FP 2 Current value of investment in EUR Million Enterprise value in EUR Million Investee Indicator Tonnes of emissions to water generated by investee company Weighted average current value of investment out of enterprise value Indicator weighted Indicator attribution per investment in Tonnes FP 1 FP 2 FP 1 11. In the delegated regulation, the timing of the amount of the current investments in an investee company (holding date) and the enterprise value (company’s fiscal year end) are not aligned. Given market movement between those dates, the calculation of the percentage owned will be inaccurate. Art 6 (3) states for the PAIs it is an average of the impacts on four dates, so this will lead to problems in some cases and will lead to over/under representation of the emissions of some investee companies. The ESAs are aware that there is a potential misalignment between the timing of the (at least) quarterly calculations of the adverse impacts under Section II and Annex I of the Delegated Regulation. The quarterly impacts should be based on the current value of the investment derived from the valuation the individual investment (e.g. share) price valued at fiscal year-end multiplied by the quantity of investments (e.g. shares) held at the end of each quarter. In such manner the composition of the investments at the end of each quarter is taken into account, but the valuation reflects the fiscal-year end point in time.