NPX-100 METHODOLOGY v1.0.0 AEQUARA · The Fiduciary Intelligence Index Effective date: 2026-07-01 Canonical document · UTF-8 · SHA-256 of this file (excluding this line) is the methodology hash ================================================================================ 1. MISSION STATEMENT ================================================================================ NPX-100 is AEQUARA's flagship fiduciary intelligence index. It identifies and tracks the 100 financial stewardship organizations in the United States that best demonstrate calibrated, transparent, and structurally aligned fiduciary conduct — and tracks how that demonstration evolves across quarterly publication cycles. The index is a calibration instrument, not a performance instrument. It measures whether organizations demonstrate the structural and behavioral preconditions for trustworthy fiduciary judgment, not whether they produce superior returns. A firm can score highly on NPX-100 while underperforming its benchmark in a given year; a firm producing strong returns via opaque processes, conflicts, and suppressed errors will score low. ================================================================================ 2. UNIVERSE DEFINITION ================================================================================ 2.1 PRIMARY ELIGIBILITY Candidate organizations must satisfy all of the following: (a) REGULATORY STATUS: US-registered investment adviser with Form ADV on file with the SEC Investment Adviser Public Disclosure (IAPD) database as of the evaluation date; OR SEC-registered public company whose primary business is asset management, investment advisory, trust and custody services, or financial planning; OR a qualifying Insurgent per Section 2.3. (b) SCALE THRESHOLD: Greater than or equal to $500 million in regulatory assets under management (RAUM) as reported on the most recent Form ADV Part 1, Schedule D, Column (1) for Registered Investment Advisers; OR greater than or equal to $100 million RAUM with a published, machine-verifiable investment methodology and five or more consecutive years of GIPS-compliant performance. (c) DISCLOSURE AVAILABILITY: Sufficient publicly available regulatory filings exist to score at least four of the seven axes without relying on proprietary or self-reported data that cannot be cross-verified against a public source. 2.2 EXCLUSIONS The following categories are excluded regardless of other criteria: (a) Dual registrants (RIA + broker-dealer) where broker-dealer revenue exceeds 50% of total advisory revenue in the most recent fiscal year. (b) Organizations under active SEC enforcement action (open investigation, consent order, or pending litigation with the SEC or FINRA as of the evaluation date). (c) Organizations that have materially paid for ratings, rankings, or index inclusion from any third party in the twelve months preceding evaluation (anti-issuer-pay firewall, per AEQUARA Methodology Principle §2). (d) Subsidiaries of disqualified parent organizations, unless the subsidiary operates with documented operational and fiduciary independence from the parent (separate Form ADV, separate investment committee, documented conflict-management procedures). 2.3 INSURGENT EXCEPTION Organizations founded seven or fewer years before the evaluation date may qualify with a minimum of $50 million RAUM if all of the following hold: (a) They have filed at least two consecutive Form ADV annual updates with the SEC IAPD. (b) They publish a machine-verifiable investment methodology (minimum: a structured PDF with stated decision rules, signal inputs, and weighting approach). (c) Their composite score equals or exceeds 97 under the scoring framework of Section 4, assessed without the CE-2 (track record) criterion, which is scored as Partial by default for Insurgent candidates until five years of audited performance exist. ================================================================================ 3. DATA SOURCES ================================================================================ All scoring is grounded in public, independently verifiable data. Primary sources, in priority order: 3.1 PRIMARY (required for axis scoring) (a) SEC EDGAR / IAPD: Form ADV Parts 1, 2A, 2B (including historical versions accessible via EDGAR full-text search). The authoritative source for fiduciary structure, compensation arrangements, conflicts of interest, and client disclosure quality. (b) SEC EDGAR: Annual Reports (Form 10-K), Proxy Statements (DEF 14A), Current Reports (Form 8-K) for public companies. The authoritative source for governance, audit independence, and capital structure for listed organizations. (c) CFA Institute GIPS Compliance Directory (gipsstandards.org/firms): The authoritative source for verified GIPS compliance status. 3.2 SECONDARY (supplements primary; cannot stand alone for scoring) (d) Organization websites: Published investment methodology documents, steward bios, stated forecast archives, error acknowledgment communications. (e) Academic literature and practitioner publications: For MT-3 (third-party replication criterion) only. (f) SEC Office of Inspector General and EDGAR enforcement search: For DH-3 (regulatory record criterion). 3.3 EXCLUSIONS FROM DATA SOURCING No proprietary data vendor databases, no paid data subscriptions that create conflicts, and no self-reported data accepted unless cross-verified against at least one public regulatory filing. ================================================================================ 4. SCORING FRAMEWORK — SEVEN AXES ================================================================================ Each of the seven axes is scored 0 to 100. The composite score is the weighted average of all seven axis scores. Bonus points (see Section 5) may increase the composite above 100, to a maximum of 105. Scoring criteria use three bands: FULL: satisfies the criterion completely. Upper bound of the criterion range. PARTIAL: partially satisfies the criterion. Middle range. MINIMAL: does not satisfy the criterion or cannot be determined from public data. Lower bound (may include 0 for complete absence of evidence). Scores within each band are graduated (not binary). The steward scoring the criterion assigns a point value within the applicable band using disclosed evidence. All scoring evidence is cited to a specific public filing or document. -------------------------------------------------------------------------------- 4.1 CAPITAL EFFICIENCY (CE) · Weight: 18% -------------------------------------------------------------------------------- Measures how efficiently the organization converts client capital into client outcomes, net of costs. CE-1 | Fee ratio vs. mandate peer median (maximum: 40 points) Source: ADV Part 2A Item 5 / GIPS supplement / public fund fact sheet FULL (30-40 pts): AUM-weighted blended expense ratio is at or below the peer-median for the organization's primary mandate category (e.g., domestic equity, fixed income, global balanced) by 25 basis points or more. PARTIAL (10-29 pts): AUM-weighted expense ratio is within plus or minus 25 basis points of the peer-median for the primary mandate category. MINIMAL (0-9 pts): AUM-weighted expense ratio exceeds the peer-median by more than 25 basis points, or fee schedule is insufficiently disclosed to compute. CE-2 | Five-year net performance vs. stated benchmark (maximum: 35 points) Source: GIPS verification report / ADV composite performance / fund prospectus FULL (28-35 pts): Five-year net-of-fee performance places the organization in the top tercile of its stated benchmark comparison set, per a GIPS- verified composite or SEC-filed performance record. PARTIAL (10-27 pts): Performance is middle tercile, or a three-year (not five-year) verified record is available, or benchmark definition is not stated. MINIMAL (0-9 pts): Bottom tercile performance, track record below three years, or insufficient public performance disclosure to assess. CE-3 | Capital structure overhead disclosure (maximum: 25 points) Source: Form 10-K (public companies) / ADV Part 1 Schedule D / annual report FULL (18-25 pts): The organization explicitly discloses operating overhead as a percentage of AUM or as a line-item expense breakdown covering at least general and administrative expenses. PARTIAL (7-17 pts): Partial overhead disclosure (e.g., total operating expense without AUM-relative framing, or consolidated with non-advisory segments). MINIMAL (0-6 pts): No overhead or operating expense disclosure in public filings. -------------------------------------------------------------------------------- 4.2 FIDUCIARY ALIGNMENT (FA) · Weight: 22% -------------------------------------------------------------------------------- Measures the structural and legal depth of fiduciary commitment. FA-1 | Legal fiduciary duty (maximum: 30 points) Source: ADV Part 1 Item 12 (registration type and BD affiliations) FULL (24-30 pts): Pure RIA registration. No broker-dealer affiliation in any affiliated entity. Investment Advisers Act of 1940 fiduciary duty applies to all client relationships. PARTIAL (10-23 pts): Hybrid registration (RIA + BD) with a documented fiduciary-first policy that applies the RIA standard to advisory relationships. MINIMAL (0-9 pts): Broker-dealer as primary registration, fiduciary standard elective or inapplicable, or material dual-hat conflicts undisclosed. FA-2 | Compensation structure (maximum: 25 points) Source: ADV Part 2A Items 5 and 6 FULL (20-25 pts): Compensation is entirely AUM-based, flat-fee, or hourly. Zero commissions, zero revenue-sharing from product manufacturers, zero 12b-1 fees or equivalent soft-dollar arrangements. PARTIAL (8-19 pts): Primarily AUM-based with limited performance-only fees; commissions are disclosed and represent less than 5% of total revenue. MINIMAL (0-7 pts): Commission-based, revenue-sharing, or 12b-1 arrangements constitute material revenue, or compensation structure is undisclosed. FA-3 | Conflict-of-interest disclosure quality (maximum: 25 points) Source: ADV Part 2A Items 9 through 14 and Brochure Supplement Scored on three equal sub-criteria (8.33 points each): (a) SPECIFICITY: Does the disclosure name specific conflicts (not generic language)? Does it identify the party, the conflict type, and the potential harm to the client? (b) CANDOR: Does the disclosure acknowledge that the conflict could disadvantage the client, in direct language (not euphemism)? (c) COMPLETENESS: Does the disclosure appear to address all material relationships, compensation arrangements, and affiliated-entity interests visible in the ADV Part 1? Each sub-criterion: FULL (7-8.33), PARTIAL (3-6), MINIMAL (0-2). FA-4 | Client-steward ratio (maximum: 20 points) Source: ADV Part 1 Schedule D, Section 5.D FULL (16-20 pts): Fewer than or equal to 100 client accounts per supervised investment advisory representative (disclosed in ADV Part 1). PARTIAL (7-15 pts): 101 to 500 accounts per adviser, or metric disclosed but exceeds 100. MINIMAL (0-6 pts): Greater than 500 accounts per adviser, or metric is not disclosed in any public filing. -------------------------------------------------------------------------------- 4.3 PREDICTION TRACK RECORD (PT) · Weight: 15% -------------------------------------------------------------------------------- Measures whether the organization makes falsifiable predictions and scores them honestly. PT-1 | Published, timestamped forecasts with stated horizon (maximum: 40 points) Source: Firm publications / archived website / SEC filings (shareholder letters, outlook reports with dates accessible via Wayback Machine or EDGAR) FULL (32-40 pts): Three or more consecutive years of quarterly or annual market, macroeconomic, or asset-class forecasts, with: (i) stated confidence levels or probability ranges; (ii) explicit resolution horizon; (iii) public archiving in original form (not retroactively edited). PARTIAL (12-31 pts): One to two years of qualifying forecasts, or forecasts present but without stated horizons or confidence levels. MINIMAL (0-11 pts): No published forecasts, only retrospective commentary, or forecasts not publicly archived in original form. PT-2 | Forecast accuracy scoring (maximum: 35 points) Source: NEXUS Brier scoring protocol applied to archived forecasts; or firm's own published accuracy record FULL (28-35 pts): The organization publishes its own Brier-scored accuracy record; OR AEQUARA independently scores archived forecasts and achieves a Brier Skill Score (BSS) of 0.15 or greater over a naive climatological baseline, across at least 20 scored prediction events. PARTIAL (10-27 pts): Partial accuracy record, fewer than 20 scorable predictions, or BSS between 0.00 and 0.14. MINIMAL (0-9 pts): Insufficient data for scoring, or negative BSS (forecasts worse than naive baseline). PT-3 | Error acknowledgment (maximum: 25 points) Source: Firm publications / shareholder letters / ADV disclosures FULL (20-25 pts): Explicit, dated acknowledgment of at least one materially wrong forecast in public communication, with identification of the forecast, the error, and (where applicable) a corrected view. PARTIAL (8-19 pts): Implicit acknowledgment (e.g., revised outlook without naming the prior error) or single passing reference to forecast error. MINIMAL (0-7 pts): No acknowledgment of any forecast error in the public record reviewed. -------------------------------------------------------------------------------- 4.4 METHODOLOGY TRANSPARENCY (MT) · Weight: 15% -------------------------------------------------------------------------------- Measures whether the investment process is published, version-controlled, and independently replicable. MT-1 | Published investment process (maximum: 35 points) Source: Firm website / ADV Part 2A Item 8 ("Methods of Analysis, Investment Strategies and Risk of Loss") FULL (28-35 pts): The complete investment process is described in a machine-readable form (minimum: a PDF with sequential decision rules, named signal inputs, explicit weighting rationale, and risk management approach) that is accessible without registration or payment. PARTIAL (10-27 pts): Investment process described in general terms (e.g., "we use fundamental analysis and valuation screens") without actionable detail on decision rules or signal inputs; or description requires registration to access. MINIMAL (0-9 pts): No published investment process, or description is limited to a single marketing sentence. MT-2 | Process version control (maximum: 35 points) Source: Public documentation audit (firm website, EDGAR ADV history) FULL (28-35 pts): The investment methodology is explicitly versioned with dated change descriptions; OR the firm publishes a hash or fingerprint of the current methodology document with a change log. PARTIAL (10-27 pts): Periodic updates to published methodology documents are evident (e.g., through EDGAR ADV Part 2A amendments) but formal version control language is absent. MINIMAL (0-9 pts): No version history available; methodology documents appear to be overwritten without change records. MT-3 | Independent replication (maximum: 30 points) Source: Academic literature / practitioner publications / audit reports FULL (24-30 pts): The investment methodology has been independently reviewed by a named third party (academic institution, independent practitioner, or accounting / audit firm) and the review is publicly accessible. PARTIAL (8-23 pts): External commentary exists (e.g., academic citation, industry analyst coverage) without full methodology replication. MINIMAL (0-7 pts): No external review or replication of the investment process has been published. -------------------------------------------------------------------------------- 4.5 GOVERNANCE (GV) · Weight: 12% -------------------------------------------------------------------------------- Measures the ownership structure and independence of organizational governance. GV-1 | Ownership structure (maximum: 35 points) Source: ADV Part 1 Item 7 (organization and structure) / Form 10-K FULL (28-35 pts): Client-owned mutual structure (e.g., fund shareholders own the adviser); nonprofit with a mission-locked governance charter; or employee- owned with a documented no-external-shareholder policy and no PE backing. PARTIAL (10-27 pts): Private partnership structure without active private equity ownership; or publicly traded with documented governance protections against short-term shareholder pressure (staggered board, dual-class shares with fiduciary covenant, or equivalent). MINIMAL (0-9 pts): Private equity-backed with material GP ownership; or subsidiary of a diversified financial conglomerate where advisory interests may conflict with the parent's other businesses. GV-2 | Board independence (maximum: 35 points) Source: DEF 14A (public companies) / governance documents (private organizations) For public companies: FULL (28-35 pts): 75% or more of board members qualify as independent under the applicable exchange listing standards (NYSE or Nasdaq), per the most recent proxy statement. PARTIAL (10-27 pts): 50% to 74% independent directors. MINIMAL (0-9 pts): Fewer than 50% independent directors. For private organizations: FULL (28-35 pts): Documented advisory board or independent oversight committee with named outside members and published charter. PARTIAL (10-27 pts): Advisory board exists but is informal or undocumented. MINIMAL (0-9 pts): No documented external governance oversight. GV-3 | Key-person risk mitigation (maximum: 30 points) Source: ADV Part 2B (Brochure Supplement) / Form 10-K risk factors FULL (24-30 pts): Documented succession plan AND at least two named lead portfolio managers or decision-makers per strategy; OR investment process is structurally codified such that a departure of the founding individual would not disrupt the methodology. PARTIAL (8-23 pts): Some succession documentation, or multiple PMs but no formal succession plan. MINIMAL (0-7 pts): Single key person with no documented succession, or key- person concentration risk cited as a material risk factor without mitigation. -------------------------------------------------------------------------------- 4.6 AUDIT INDEPENDENCE (AI) · Weight: 10% -------------------------------------------------------------------------------- Measures the independence and rigor of performance and financial verification. AI-1 | GIPS compliance (maximum: 40 points) Source: CFA Institute GIPS Compliance Directory / ADV Part 2A FULL (32-40 pts): GIPS compliant, with independent verification by a named third-party GIPS verifier (not self-claimed). PARTIAL (12-31 pts): GIPS compliance claimed in ADV or marketing but third-party verification is absent or expired. MINIMAL (0-11 pts): Not GIPS compliant, or GIPS applicability not addressed. AI-2 | Anti-issuer-pay policy (maximum: 35 points) Source: ADV Part 2A conflicts disclosure / firm policy documents FULL (28-35 pts): Documented written policy explicitly prohibiting acceptance of paid-for ratings, rankings, list placements, or awards from any third party where the firm pays to be considered or featured. PARTIAL (10-27 pts): No evidence of paid-for rankings, but no explicit written anti-issuer-pay policy published. MINIMAL (0-9 pts): Evidence of paid-for rankings, "best of" list placements requiring submission fees, or award programs where the firm paid to participate. AI-3 | Auditor independence (maximum: 25 points) Source: Form 10-K / DEF 14A (public companies only); not applicable to private organizations without SEC-reporting obligations For public companies: FULL (20-25 pts): Independent audit by a PCAOB- registered firm; audit committee composed entirely of independent directors; audit partner rotation per SEC Rule 2-01(c)(6) documented. PARTIAL (8-19 pts): Two of three criteria satisfied. MINIMAL (0-7 pts): Fewer than two of three criteria satisfied, or material audit independence concerns noted in the most recent 10-K. For private, non-reporting organizations: FULL (20-25 pts): Voluntary annual audit by an independent CPA firm, made available to clients on request. PARTIAL (8-19 pts): Periodic (biennial or less frequent) audit by an independent CPA. MINIMAL (0-7 pts): No independent audit. -------------------------------------------------------------------------------- 4.7 DURABILITY HORIZON (DH) · Weight: 8% -------------------------------------------------------------------------------- Measures the long-run structural integrity of the client relationship. DH-1 | Client retention (maximum: 35 points) Source: ADV Part 1 Schedule D / firm communications FULL (28-35 pts): Five-year rolling client retention rate of 90% or greater, explicitly disclosed in an ADV filing or public communication. PARTIAL (10-27 pts): Retention disclosed but below 90%, or only a three-year metric is available. MINIMAL (0-9 pts): Retention rate not publicly disclosed. DH-2 | Fee schedule stability (maximum: 35 points) Source: ADV Part 2A historical versions (SEC EDGAR) FULL (28-35 pts): Fee schedule has been unchanged or decreased for five or more consecutive years, with no ratchet clauses and no AUM-tiered increases in the EDGAR ADV Part 2A amendment history. PARTIAL (10-27 pts): Minor fee increases with at least 30 days' advance notice to clients, or one increase in five years. MINIMAL (0-9 pts): Multiple fee increases without adequate notice, ratchet mechanisms, or no EDGAR history available for review. DH-3 | Regulatory record (maximum: 30 points) Source: SEC EDGAR enforcement search (litigation releases, administrative proceedings) / FINRA BrokerCheck (for hybrid registrants) FULL (24-30 pts): No material deficiency letters, enforcement actions, or consent orders involving the firm or its advisory personnel in the three most recent SEC examination cycles available in the public record. PARTIAL (8-23 pts): Minor deficiency letters (corrected) only; no enforcement actions. MINIMAL (0-7 pts): Material enforcement actions, open consent orders, or material deficiency letters not publicly resolved. ================================================================================ 5. BONUS POINTS — EXEMPLARY TRANSPARENCY ================================================================================ Up to five additional composite points are available for exemplary transparency behaviors that exceed the baseline scoring criteria. Bonus points are awarded at the steward's discretion, with documented evidence citation. (a) +2.0 POINTS: The organization publishes a Brier-tracked forecast ledger with resolved scores (not only predictions) — meaning it records forecasts before resolution, scores them against realized outcomes, and publishes the complete record publicly. (b) +1.5 POINTS: The organization publishes material AI model usage in its investment or research process, including: model name or description, purpose, and an accuracy or calibration track record for AI-assisted outputs. (c) +1.5 POINTS: The organization publishes a methodology SHA-256 hash or equivalent cryptographic fingerprint alongside each research report, investment outlook, or index publication — demonstrating version stability and enabling independent verification. ================================================================================ 6. COMPOSITE SCORING AND OPERATIONAL BAND ================================================================================ 6.1 COMPOSITE CALCULATION The composite score C is computed as: C = (CE × 0.18) + (FA × 0.22) + (PT × 0.15) + (MT × 0.15) + (GV × 0.12) + (AI × 0.10) + (DH × 0.08) + B where each axis score (CE, FA, PT, MT, GV, AI, DH) is expressed as a value 0 to 100, and B is the total bonus points (0 to 5.0). Maximum composite: 105. Minimum composite: 0. 6.2 OPERATIONAL BAND AND ELIGIBILITY INELIGIBLE: C below 85 — not eligible for the index or watch list. WATCH LIST: C from 85 to 96.9 — monitored across cycles; eligible to enter the index when composite reaches 97. INDEX BAND: C from 97 to 100 — NPX-100 constituent eligible. EXEMPLAR: C above 100 — Exemplar band; Trustee Tier "Exemplar Watch" designation. The index targets 100 constituents in the 97+ band. If fewer than 100 firms qualify at publication, the index publishes with the actual qualifying count. The constituent count is disclosed alongside the active composite score and per-axis breakdowns for every quarterly cycle. 6.3 CONSTITUENT COUNT AND OPERATIONAL BAND NPX-100 headline is 100 constituents. Operational band is 97 to 105. This follows the S&P 500 / Russell indexation precedent: a tight headline integer with an operational band reduces forced-trade churn at the boundary. The active constituent count is published with every cycle. ================================================================================ 7. QUARTERLY PUBLICATION RITUAL ================================================================================ First Tuesday of February, May, August, and November. Eight artifacts published per cycle without exception. Holidays cause the publication to move to the next business day; nothing else changes the schedule. Artifact 1: Constituent list with composite scores and per-axis breakdowns for all 97-105 band members. Artifact 2: Brier ledger — prior cycle's quantitative predictions scored against realized outcomes, with individual scores and running calibration. Artifact 3: Methodology hash — SHA-256 of this canonical document, confirmed unchanged. Any pending amendment class noted. Artifact 4: Revenue disclosure — source breakdown of all AEQUARA revenue; anti-issuer-pay firewall attestation. Artifact 5: Confluence matrix — inter-axis Pearson correlation matrix for constituents in the current cycle. Artifact 6: Steward attestation — named human steward takes personal accountability for the publication cycle. Full name disclosed. Artifact 7: Sub-index roll — NPX-AI, NPX-Sector, NPX-Ethics-90, and NPX-Trustee-Tier sub-index updates. Artifact 8: Error log — errors from the prior cycle, with correction dates and explanations. ================================================================================ 8. ANTI-ISSUER-PAY FIREWALL ================================================================================ No organization pays for NPX-100 coverage, inclusion, scoring improvement, or removal. Revenue from this index comes exclusively from Trustee Tier subscriptions (early access, per-cycle API feed) and institutional licensing. Any commercial relationship between AEQUARA and a constituent or candidate firm must be disclosed in Artifact 4 (revenue disclosure) and the constituent's score must be placed in steward-quarantine (withheld from publication pending independent review) until a steward uninvolved in the commercial relationship confirms the score is not influenced by the relationship. The sequestered NPX-BL sub-family exists for any AEQUARA internal entities that would otherwise qualify; they are excluded from NPX-100 proper. ================================================================================ 9. METHODOLOGY HASH PROTOCOL ================================================================================ The SHA-256 hash of this canonical document (encoded as UTF-8, with Windows-style line endings normalized to Unix LF before hashing, and excluding this Section 9 from the hashed content) is the methodology hash for NPX-100 v1.0.0. The hash is computed over Sections 1 through 8 (inclusive), Section 10, and the document header (lines 1 through 5 inclusive). Section 9 is excluded from the hash to avoid a circular dependency. The hash rotates only when a new index family is declared (e.g., NPX-100v2 or NPX-200). Operational amendments are versioned without rotating the hash. Verifiers may reproduce the hash by: (1) obtaining this canonical document from https://aequara.ai/npx-100-methodology-v1.0.0.txt; (2) normalizing line endings to Unix LF; (3) extracting Sections 1-8 and 10 plus the header; and (4) computing the SHA-256 digest. ================================================================================ 10. INAUGURAL CYCLE AND FOUNDING COHORT ================================================================================ 10.1 INAUGURAL PUBLICATION DATE First quarterly publication: 2027-02-02 (first Tuesday, February 2027). 10.2 FOUNDING COHORT EVALUATION PERIOD The founding cohort evaluation period runs from 2026-07-01 to 2026-12-31. During this period, AEQUARA evaluates candidate organizations against this methodology using public regulatory filings and the NEXUS scoring protocol. Founding subscribers (organizations that subscribe to the NPX-100 publication before 2026-12-31) receive: (a) The pilot signal list — organizations scoring 85 or above on the watch- list band — delivered by 2026-11-04. (b) Access to the scoring rationale for each pilot signal, with evidence citations to specific public filings. (c) Early access to the first quarterly publication, 24 hours before public release. 10.3 CANDIDATE UNIVERSE — FOUNDING COHORT The following organizations are under active evaluation for the founding cohort. Inclusion on this list reflects initial eligibility assessment; it is not a constituent list and does not represent a published score or index membership. Organizations are listed alphabetically. Amalgamated Financial Corp (AMAL) Baillie Gifford & Co Boston Common Asset Management Brandes Investment Partners Calvert Research and Management Dimensional Fund Advisors LP First Affirmative Financial Network Northern Trust Corporation (NTRS) Parnassus Investments T. Rowe Price Group Inc (TROW) TIAA (Teachers Insurance and Annuity Association of America) Trillium Asset Management Vanguard Group Inc Organizations are added to or removed from this evaluation list quarterly. ================================================================================ END OF CANONICAL METHODOLOGY DOCUMENT — NPX-100 v1.0.0 AEQUARA · hello@aequara.ai · aequara.ai ================================================================================