ESG Risk Ratings - Analyst Views (AV)

Knowing how exposed and how well your portfolio companies manage their material ESG issues is a critical part of making well-informed investment decisions.

That is why the world's leading investors rely on our ESG research and ratings for a consistent approach to evaluate financially material ESG issues that affect the long-term performance of their investments.

Covering more than 16,000 companies, Morningstar Sustainalytics has the widest coverage of analyst-based ESG Risk Ratings in the market. The newly expanded universe includes public and private companies, fixed-income issuers and listed Chinese companies and allows investors to support diversified investment strategies.

Sustainalytics ESG Risk Ratings measure a company's exposure to industry-specific material ESG risks and how well a company is managing those risks. This multi-dimensional way of measuring ESG risk combines the concepts of management and exposure to arrive at an absolute assessment of ESG risk. We identify five categories of ESG risk severity that could impact a company's enterprise value.

Analyst Views contains the qualitative assessment of a company's performance under the ESG Risk Rating, with comments related to its exposure to, and management of, relevant Material ESG issues.

*“The ESG-related information, methodologies, data and opinions contained or reflected herein are not
directed to or intended for use or distribution to India-based clients or users and their distribution to Indian
resident individuals or entities is not permitted, and Morningstar Sustainalytics accepts no responsibility
or liability whatsoever for the actions of third parties in this respect.”*

Crux Product Identifier: Cx26213

了解投资组合公司（portfolio companies）在重大ESG（Environmental, Social and Governance）议题上面临的风险敞口及其管理水平，是做出明智投资决策的关键环节。

正因如此，全球领先的投资者依赖我们的ESG研究与评级，以一致的方法评估影响其投资长期表现的财务重大ESG议题。

Morningstar Sustainalytics覆盖超过16000家公司，拥有市场上最广泛的基于分析师的ESG风险评级（analyst-based ESG Risk Ratings）覆盖范围。新扩展的评级范围包括上市公司、私营公司、固定收益发行人（fixed-income issuers）和中国上市公司，助力投资者实施多元化投资策略。

Sustainalytics ESG风险评级衡量公司在行业特定重大ESG风险中的敞口及其管理能力。这种多维度的ESG风险衡量方式结合了管理能力与风险敞口的概念，以得出对ESG风险的绝对评估（absolute assessment）。我们定义了五类可能影响公司企业价值（enterprise value）的ESG风险严重程度。

分析师观点（Analyst Views）部分包含对公司在ESG风险评级下表现的定性评估（qualitative assessment），以及关于其相关重大ESG议题风险敞口与管理情况的评论。

*本文件所含或体现的ESG相关信息、方法、数据及观点不针对或拟供印度境内客户或用户使用或分发，亦不得向印度居民个人或实体分发；Morningstar Sustainalytics对第三方在本事项中的行为不承担任何责任或义务。*

Crux产品标识符（Crux Product Identifier）：Cx26213