South Africas Johannesburg Stock Exchange [JSE] National Sustainability Screen

General Interest | March 2010

Contents:
- - - - - - - Overview Economy Lens Theme Lens Sector Lens Finance Sector Review: Banks Solutions Requirements Methods & Data

Overview

National Sustainability Screens

Principal Objectives
Localization of Route2s (Sustained Value Management TM) measurement tool
- US Input-Output model employed as economic baseline and refined with RSA energy technology profiles and sector wide emission intensities - Comprehend the research implications to fully localize

Extension of Route2s (Sustained Value Management TM) measurement tool

- Inclusion of human and social capital functional flows - Comprehend the research implications to extend

Generate high level insights of sustainability issues within RSA

- JSE is the largest exchange in Africa (16th largest globally), giving a strong indication of current sustainability issues / opportunities within RSA

Employ findings as indicators of the sustainability challenges Route2 will face within RSAs corporate world (and begin the search for solutions) Provide initial screen and focus for our future investment activities

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National Sustainability Screens

RSA Universe
Sectors Representation (# Companies in Sector) 10 20 99 55 52 32 40 308 Scale (Reported revenue / Estimated employment*) R217bn / 479k R129bn / 650k R1,183bn / 1,404k R659bn / 1,652k R829bn / 407k R394bn / 531k R438bn / 2,089k R3,848bn / 7,212k

Agriculture Construction Finance Manufacturing Mining Transport & Communications Wholesale & Retail TOTAL

NOTES: The screen excluded the contributions of Households and the Public Sector; *Estimated employment numbers for the entire industry NOT the listed entities included within the screen

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National Sustainability Screens

RSA Sustainability Themes
Capital
Natural

Theme
Climate Change (-ve) Water Scarcity (-ve) Waste (-ve) Pollution (-ve) Biodiversity (+ve)

Driver(s)
Greenhouse Gas Emissions Fresh Water Consumption Solid Waste Releases: landfilled, incinerated and radioactive Toxic Releases: to Land, Air and Water (as classified by the US EPA Toxic Release Inventory) Ecosystem Service Provisions: derived from land use (and non use) Disease: economic cots of AIDS; abatement through education and treatment Employment: economic benefits of employment (beyond wage) Crime: economic cost of crime (impact on growth); abatement through policing

Human

Health (-ve) / (+ve) Knowhow (+ve)

Social

Social Cohesion (-ve) / (+ve)

NOTE: (-ve) refers to negative themes / external costs; (+ve) refers to positive themes / external benefits NOTE: Themes are not definitive, rather a representative sample. Please take the following analysis as a demonstration of the potential of the Route2 Sustainability model.

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RSA Headline Insights

Part 1
Total net externalities (upstream supply chains included) estimated to be R -750 bn on a revenue base of R 3,800 bn & profit base of R 311 bn1
Estimated external costs of R -1,040 bn Estimated external benefits of R 290 bn

4 significant sustainability themes revealed

Pollution 72% of total net externalities Unemployment - 36% of total net externalities Water Scarcity 27% of total net externalities Waste - 26% of total net externalities

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RSA Headline Insights

Part 2
Pollution, the costliest theme, largely manifests in the early stages of supply chains, requiring deep supply chain engagement by corporations The first tier of supply chains is the source of the majority relative costs, suggesting corporations need to (and can) engage more actively with their direct suppliers Water Scarcity, Waste and Unemployment, are the themes which corporations appear to have the most direct control over (and thus the associated issues / opportunities) The total profit erosion of the 8 core themes is estimated to be -241 % of the 308 listed entities 2009 reported net income The estimated Sustained Profit (Profit net of net externalities) for the 308 listed entities is R -440 bn. All sectors except for Finance and Wholesale / Retail generated negative Sustained Profit in 2009
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RSA Headline Insights

Part 3
Sector insights (distilled from exposure matrix)
The Exposure Matrix positions the sectors quantified exposure to the core themes against the sectors current economic importance to identify current and future risks / opportunities for government, investors, debt providers and insurers

Finance is the star sector Finance has a relatively low exposure to natural capital themes, high exposure to human capital benefits (derived from its large employee base) and significant (relatively) contribution to the economy (revenue, tax receipts and employment) Manufacturing carries the highest risk Manufacturing has the largest exposure to the natural capital themes (not offset by the benefit of its significant employee base) Agriculture is heavily exposed to the natural capital themes but contributes less (relatively) to the RSA economy (and therefore sits in the bottom left quadrant)

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RSA Headline Insights

Theme Summary
Theme Human Capital: Unemployment Natural Capital: Biodiversity Human Capital: Disease (AIDS) Social Capital: Crime Natural Capital: Climate Change Natural Capital: Waste Natural Capital: Water Natural Capital: Pollution
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Externality (Benefit or Cost) R 271 bn

(benefit)

Top 3 Sectors
Manufacturing (27%) Wholesale / Retail (20%) Finance (19%) Agriculture (49%) Manufacturing (39%) Mining (5%) Manufacturing (23%) Wholesale & Retail (16%) Finance (16%) Finance (27%) Mining (22%) Manufacturing (22%) Mining (51%) Manufacturing (22%) Transport & Communications (9%) Transport & Communications (26%) Manufacturing (26%) Waste(15%) Agriculture (45%) Manufacturing (28%) Mining (21%) Manufacturing (55%) Mining (21%) Agriculture (7%)

R 9 bn
(benefit)

R -4 bn
(cost)

R -23 bn
(cost)

R -56 bn
(cost)

R -197 bn
(cost)

R -206 bn
(cost)

R -544 bn
(cost)

RSA Headline Insights

Sector Summary
Sector Finance Wholesale & Retail Construction Transport & Communications Agriculture Mining Manufacturing Net Externalities / % of profit R -10 bn / -13 % R -10 bn / - 65 % R -11 bn / -176 % R -66 bn / -145 % R -121 bn / -392 % R -185 bn / -175 % R -349 bn / -999% Top 3 Themes / % of profit
Unemployment / 69% Waste / (41)% Pollutants / (24)% Unemployment / 340% Pollutants / (195)% Waste / (145)% Pollutants / (330)% Unemployment / 328% Waste / (103)% Waste / (113)% Pollutants / (58)% Unemployment / 50% Water Scarcity / (298)% Pollutants / (128)% Unemployment / 54% Pollutants / (108)% Water Scarcity / (42)% Unemployment / 34% Pollutants / (852)% Unemployment / 208% Water Scarcity / (167)%

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RSA Headline Insights

Value Chain Summary
Sector Finance Wholesale & Retail Construction Transport & Communications Agriculture Mining Manufacturing Net Externalities / % of profit R -10 bn / -13 % R -10 bn / - 65 % R -11 bn / -176 % R -66 bn / -145 % R -121 bn / -392 % R -185 bn / -175 % R -349 bn / -999% Top 2 Tiers / % of profit
Direct / 27% Other Tiers / (23)% Direct / 193% Other Tiers / (125)% Other Tiers / (199)% Direct / 160% Direct / (63)% Other Tiers / (33)% Direct / (193)% First / (116)x% First / (64)% Other / (51)% Other Tiers / (351)% Direct / (230)%

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Economy Lens

Economy Lens
Overview
This section is the consolidation of all 308 entities rolled up to draw insights at a national level (excluding the direct impact of Government and Private Households) As with the entire SA Screen output, the focus is on the 8 major sustainability themes (ranked by estimated financial impact within each capital good stock) The analysis is performed across the supply chain from the direct actions of the relevant corporate to the actions of their suppliers (1st tier), their suppliers suppliers (2nd tier) and further up the chain (Other tiers) The implications of the listed entities actions (both their external benefits and external costs net externalities) is measured in Rand impact and often in the analysis made relative to the profit of that sector or corporate entity.
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Economy Lens
Direct Impacts
Direct External Costs R -297bn Net Direct Externalities R -144 bn Direct External Benefits R 154 bn

CRIME UNEMPLOYMENT AIDS BIODIVERSITY POLLUTANTS WASTE CLIMATE WATER -R102 590 -R87 380 -R74 223

-R12 779 R148 732 -R2 116 R2 705

-R16 116

Million Rand

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Economy Lens
Total Supply Chain Impact
Indirect External Costs R -1040 bn Net Indirect Externalities R -750 bn Indirect External Benefits R 290 bn

CRIME UNEMPLOYMENT AIDS BIODIVERSITY POLLUTANTS -R543 556 WASTE CLIMATE WATER -R205 841 -R196 558

-R23 369 R271 030 -R3 751 R8 596

-R56 892

Million Rand

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Economy Lens
Theme Total Impact by Value Chain Origin [%]
Water Scarcity Waste Unemployment Pollutants Disease Crime Climate Change Bio-diversity -100% -80% -60% Direct -40% First Tier -20% 0% 20% 40% 60% 80% 100%

Second Tier

Other Tiers

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Economy Lens
Theme Total Impact by Value Chain Origin [%]
Total

Other Tiers

Second Tier

First Tier

Direct -100% Bio-diversity -80% Climate Change -60% Crime -40% Disease -20% Pollutants 0% Unemployment 20% Waste 40% Water Scarcity

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Economy Lens
Net Externalities as % of Profit
- 241 % Grand Total

Other Tiers

Second Tier

First Tier

Direct -250% Bio-diversity -200% Climate Change -150% Crime Disease -100% Pollutants -50% Unemployment 0% Waste 50% Water Scarcity

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Economy Lens
Sustained Profit Waterfall [Million R]
Net Income TOTAL R311bn Net Externalities
M A N U F A C T U R I N G C O N S T R U C T I O N

Sustained Profit

R400 000 R300 000 R200 000 R100 000 R0 -R100 000 -R200 000 -R300 000 -R400 000 -R500 000
Million Rand
F I N A N C E M I N I N G W H O L E S A L E & R E T A I L T R A N S P O R T & C O M M S M A N U F A C T U R I N G C O N S T R U C T I O N A G R I C U L T U R E F I N A N C E M I N I N G W H O L E S A L E & R E T A I L T R A N S P O R T & C O M M S

A G R I C U L T U R E

TOTAL R -440 bn

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Economy Lens
Sustained Profit Waterfall - Notes
Sustained Profit is a measure of the corporates profit / loss after accounting for its net externalities The chart shows how the corporates that make up the listed entity screen (bucketed by sector) build to the sum of traditional profit (reported annual operating income) and then how that traditional profit pictures falls to a sum sustained profit / loss number (again bucketed by sector) This analysis can be taken to a higher resolution i.e. corporates within a sector or business units within a corporate or products within a business unit This lens should be used as a high level indication of sustainability of the economy, a sector within that economy, a corporate within that sector, a business unit within that corporate etc. or for benchmarking purposes (i.e. corporates within a sector)
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Economy Lens
Exposure Matrix
INCREASING EXPOSURE TO MAJOR THEMES
CONSTRUCTION Rev: R129bn Tax: R2bn Emply: 650k Ext Costs: R11bn WHOLESALE/ RETAIL Rev: R438bn Tax: R5bn Emply: 2,089k Ext Costs: R10bn FINANCE Rev: R1,183bn Tax: R19bn Emply: 1,404k Ext Costs: R10bn

TRANSPORT/ COMMS Rev: R394bn Tax: R12bn Emply: 531k Ext Costs: R66bn

MINING Rev: R829bn Tax: R34bn Emply: 407k Ext Costs: R185bn

AGRICULTURE Rev: R217bn Tax: R8bn Emply: 479k Ext Costs: R121bn

MANUFACTURING Rev: R659bn Tax: R9bn Emply: 1,652k Ext Costs: R349bn

INCREASING ECONOMIC IMPORTANCE (CONTRIBUTION TO GNP, TAX RECEIPTS, EMPLOYMENT)

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Size of the bubble denotes total net externalities

Economy Lens
Exposure Matrix - Notes
The matrix is used to identify issues / opportunities by showing the relative importance of a sector to RSA as measured by revenue, tax payments and employment against the relative exposure of that sector to the 8 major sustainability themes This lens can be used as a high level indicator of where the risks / opportunities lie (in this case for the economy) as external costs become internalised or as a high level screen investment tool to identify sectors over / under exposed to certain themes (with the relevant x axis metric) Higher resolution can easily be applied revealing corporates within sectors, business units within corporates and products within business units

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Theme Lens

Theme Lens
Overview
This section reviews the 8 major sustainability themes (ranked by estimated financial impact within each capital good stock) 5 themes emerge and charts each major industry sectors exposure level to the themes (in Rand and relative terms by sectors) The themes are ranked from the most beneficial theme to the most damaging theme A higher resolution lens can be applied to corporates within sectors, business units within corporates and products within business units and helps to identify where the largest exposures are an initial screen to target more detailed analysis

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Theme Lens
Unemployment By Sector: R 271 bn
Agriculture
Agriculture 6% Construction 7% Manufacturing 27%

Construction

Transport & Comms

Transport & Comms 8%

Mining

Mining 13%

Finance

Wholesale & Retail 20% Finance 19%

Wholesale & Retail

Manufacturing

10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000

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Theme Lens
Biodiversity By Sector: R 9 bn
Transport & Comms Construction 2% Wholesale & Retail 2% Finance 2% Transport & Comms 1%

Finance

Mining 5%

Construction

Wholesale & Retail

Agriculture 49%

Mining

Manuing 39%

Manufacturing

Agriculture

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

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Theme Lens
Disease (AIDS) By Sector: R -4 bn
Manufacturing Agriculture -5% Wholesale & Retail Manufacturing -23% Construction -12%

Finance

Mining

Transport & Comms -12% Wholesale & Retail -16% Mining -16%

Transport & Comms

Construction Finance -16% Agriculture

-1 000

- 800

- 600

- 400

- 200

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Theme Lens
Crime By Sector: R -23bn
Finance Construction -4% Agriculture -5%

Mining Finance -27% Manufacturing Transport & Comms -10% Wholesale & Retail -12%

Wholesale & Retail

Transport & Comms Mining -22% Manufacturing -22%

Agriculture

Construction

-7 000

-6 000

-5 000

-4 000

-3 000

-2 000

-1 000

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Theme Lens
Climate Change By Sector: R -56 bn
Mining Construction -1% Finance -4% Wholesale & Retail -5% Agriculture -6% Transport & Comms Transport & Comms -9% Mining -51% Wholesale & Retail

Manufacturing

Agriculture

Manufacturing -22%

Finance

Construction

-35 000

-30 000

-25 000

-20 000

-15 000

-10 000

-5 000

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Theme Lens
Waste By Sector: R -197 bn
Transport & Comms Agriculture -3% Construction -3%

Manufacturing Transport & Comms -26% Wholesale & Retail -12%

Finance

Mining

Mining -15%

Wholesale & Retail Manufacturin g -26%

Construction

Finance -15%

Agriculture

-60 000

-50 000

-40 000

-30 000

-20 000

-10 000

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Theme Lens
Water (Scarcity) By Sector: R -206 bn
Construction -1% Agriculture Transport & Comms Finance -2% -3% Wholesale & Retail -2%

Manufacturing

Mining Agriculture -45%

Mining -21%

Wholesale & Retail

Transport & Comms Manufacturing -28%

Finance

Construction

-100 000

-80 000

-60 000

-40 000

-20 000

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Theme Lens
Pollution By Sector: R -206 bn
Manufacturing Finance -3% Construction -4% Transport & Comms -5% Wholesale & Retail -7%

Mining

Agriculture Agriculture -7% Manufacturing -55% Transport & Comms Mining -21%

Wholesale & Retail

Construction

Finance

-350 000 -300 000 -250 000 -200 000 -150 000 -100 000 -50 000

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Sector Lens

Sector Lens
Overview
This section takes a look at the 7 macro industry sectors and charts exposure levels according to supply chain origin (from direct to the final tier) and to each of the 8 major sustainability themes Each sector also has the net externalities in Rbn and net externalities as a % of the relevant sectors net income The macro industry sectors are ranked from the sector with the lowest level of net external costs to the sector with the highest level of net external costs A higher resolution lens can be applied to corporates within sectors, business units within corporates and products within business units and helps to identify where the issues / opportunities lie within the supply chain and the relative importance of the issues / opportunities both to one another and relative to the traditional financial measure (profit) this initial screen can then be used to target more detailed

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Sector Lens
Finance: R -10 bn / -13%
Grand Total

Other Tiers

Second Tier

First Tier

Direct -100% Bio-diversity -80% -60% -40% Crime -20% 0% 20% Unemployment 40% Waste 60% 80%

Climate Change

Disease

Pollutants

Water Scarcity

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Sector Lens
Wholesale / Retail: R -10 bn / -65%
Grand Total

Other Tiers

Second Tier

First Tier

Direct -500% Bio-diversity -400% -300% -200% -100% 0% 100% Unemployment 200% Waste 300% 400%

Climate Change

Crime

Disease

Pollutants

Water Scarcity

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Sector Lens
Construction: R -11 bn / -176%
Grand Total

Other Tiers

Second Tier

First Tier

Direct -600% Bio-diversity -500% -400% -300% Crime -200% Disease -100% Pollutants 0% 100% 200% Waste 300% 400%

Climate Change

Unemployment

Water Scarcity

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Sector Lens
Transport & Communications: R -66 bn / -145%
Grand Total

Other Tiers

Second Tier

First Tier

Direct -250% Bio-diversity -200% Climate Change -150% Crime -100% Disease -50% Pollutants 0% 50% Waste 100% Water Scarcity

Unemployment

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Sector Lens
Agriculture: R -121 bn / -392%
Grand Total

Other Tiers

Second Tier

First Tier

Direct

-500% Bio-diversity

-400% Climate Change

-300% Crime Disease

-200% Pollutants

-100% Unemployment

0% Waste

100% Water Scarcity

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Sector Lens
Mining: R -185 bn / -178%
Grand Total

Other Tiers

Second Tier

First Tier

Direct -250% Bio-diversity -200% Climate Change -150% Crime Disease -100% Pollutants -50% Unemployment 0% Waste 50% Water Scarcity

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Sector Lens
Manufacturing: R -349 bn / -999%
Grand Total

Other Tiers

Second Tier

First Tier

Direct -1400% Bio-diversity -1200% -1000% -800% -600% -400% -200% Unemployment 0% Waste 200% 400%

Climate Change

Crime

Disease

Pollutants

Water Scarcity

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Finance Sector Review: Loan Books

Finance Sector Review

RSAs Big 4 Loan Books
This section takes a look at the loan books of the big 4 RSA banks to evaluate, at the highest level, the impact of their advances with respect to the 8 major sustainability themes The analysis is based on the reported advances to the relevant sectors. We have then assumed that 1 rand advanced, generates 1 rand of revenue within that sector and used that to calculate the net externalities of bank advances in 2009 Clearly, the assumption of a 1 rand advanced to 1 rand revenue generation is crude and further employing average sector net externalities is also crude, but as throughout this analysis, more granular disclosure and / or access to the loan books is required to refine the outputs There are a number of usages of this lens risk management (to assess a corporates ability to service loans) loan pricing (which accounts for the different risk profile) understand sustainability
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Finance Sector Review

Total Loan Books
ABSA FIRST NED STANDARD

-200 000

-400 000

-600 000

-800 000

-1000 000
Million Rand

Corporate Consumer

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Finance Sector Review

Consumer Loan Books: Net Externalities [R m]
ABSA GROUP FIRST BANK NEDBANK STANDARD BANK

-50 000

-100 000

-150 000

-200 000
Million Rand

Agricultural products Fuel

Water Food & Beverage

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Finance Sector Review

Corporate Loan Books: Net Externalities [R m]
ABSA FIRST NED STANDARD

-100 000

-200 000

-300 000

-400 000

-500 000

-600 000

-700 000
Million Rand

Agricultural products Construction

Manufacturing Transport

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Finance Sector Review

Retail Bank Exposure Analysis
Standard Bank Ned Bank ABSA Bank First Bank

Wholesale Banks Finance Retailers Services Other Mining Government Construction Electricity Transport Manufacturing Agriculture

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Finance Sector Review

Normalized Corporate Loan Book
[Net Externalities per Rand Advanced]
ABSA FIRST NED STANDARD

-1,41 -1,76

-3,10

-4,84

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Solutions Requirement Table

Solutions Requirement Table

Overview
Given that Route2 is focused on helping corporates address their sustainability issues and realize their sustainability opportunities, it is vital we are in position to identify, propose and help implement solutions. The starting point is identifying the significant issues / opportunities and subsequently cost effective solutions The following tables sets out the economic value of the sector / theme combination together with the exposure level as measured by net externalities The table is sorted by exposure levels

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Solutions Requirement Table

Corporate Level Solutions
SECTOR / THEME POLLUTANTS_Manufacturing POLLUTANTS_Mining WATER SCARCITY_Agriculture WATER SCARCITY_Manufacturing WASTE_Transport & Comms WASTE_Manufacturing WATER SCARCITY_Mining POLLUTANTS_Agriculture POLLUTANTS_Wholesale & Retail WASTE_Finance WASTE_Mining CLIMATE CHANGE_Mining POLLUTANTS_Transport & Comms WASTE_Wholesale & Retail POLLUTANTS_Construction POLLUTANTS_Finance CLIMATE CHANGE_Manufacturing CRIME_Finance WASTE_Construction WASTE_Agriculture Private & Confidential Exposure (Rm Net Extern.) 297 419 112 466 91 750 58 246 51 442 50 589 43 550 39 395 30 510 30 380 29 766 29 158 26 372 22 790 19 740 17 654 12 528 6 304 6 185 5 407 Economic Score 940 650 929 541 303 876 940 650 493 833 940 650 929 541 303 876 787 813 1 433 864 929 541 929 541 493 833 787 813 238 242 1 433 864 940 650 1 433 864 238 242 303 876

Methods & Data

Methods & Data

Overview
Figure 1 illustrates the concepts of indirect upstream (supply chain) and indirect downstream (product use and disposal) impacts (negative and positive). Increasingly companies need to understand and help manage the risks beyond their immediate boundaries of operation (e.g. EU legislation holding electrical product manufacturers responsible for final disposal) Figure 2 depicts the architecture of the integrated models employed to quantify the 4 capital direct and indirect functional flows of company activities, at both process and product levels Figure 3 details the various valuation techniques employed to monetize the functional flows emanating from the 4 capitals. Monetization enables relative weighting of functional flows and importantly allows integration with finance data) Table 4 lists the data and sources employed in the preceding analysis
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1. Value Chains & Life Cycles

Integrated Hybrid Models

Mixed Input-Output Analysis [MIOA]

Material & Energy Flows Analysis [MEFA]

Life-Cycle Analysis [LCA]

Suppliers

e.g., Sainsburys
Lona Chingfords

Customers

Riverside

e.g. indirect upstream sustainability exposures of supplied inputs

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e.g. direct sustainability exposures of retail operations

e.g. Indirect downstream sustainability exposures of product use & disposal

2. Integrated Hybrid Model

Model Components IO Table: National mixed (financial and physical) commodity by commodity, mitigation technology explicit, input-output model Environmental (out) flows of commodity groups and specific process (made explicit by the LCI tables) Monetary values for environmental flows

National Economic Input-Output [IO] Table

Product System Downstream Cut Offs

National Exports / Other Region Imports

Non Market Factor Weightings (e.g. Monetary Values)

Non Market Factor Outputs (e.g. Soil Restoration)

Product LCI Tables: Life Cycle Inventory [LCI] data sets (e.g. EcoInvent, US DoE LCI databases).

Product System Upstream Cut Offs

Product Life Cycle Inventory [LCI] Tables

Company Data: Company disclosures - concerning supplier expenditures, product recipes and Inputs environmental flows

Company Data

IO Table: Other national mixed (Financial and Physical) IO models (to enable true multi regional modeling) Environmental (in) flows of commodity groups and specific process (made explicit by the LCI tables) Monetary values for environmental flows

National Imports / Other Region Exports

Other Regions Economic Input-Output Tables (e.g. China)

Non Market Factor Inputs (e.g. Greenhouse Gas Assimilation) Non Market Factor Weightings (e.g. Monetary Values)

Ecosystem Dynamics

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3. Valuation Techniques
Hedonic Pricing Contingent Valuation

Revealed Preference Methods (Indirect Methods)

Stated Preference Methods (Direct Methods)

Willingness to Pay (WTP) Willingness to Accept (WTA)

Avertive Behavior

Dose Response Functions (DRF)

Labor

Property

Cost of Illness / Cost to Production

Conjoint Analysis (Choice Modeling)

Travel Cost

Choice Experiment

Abatement Cost

Contingent Ranking

Remediation Cost

Contingent Rating

Replacement Cost Private & Confidential

Value Transfer

Paired Comparisons

4. Data & Information Sources

Data
1. JSE listed entities (#308) / 5 year financial data 2. Annual financial & sustainability reports 3. South African Macro Statistics 4. External Cost & Benefit Values 5. 4 Capital Flow Measurement 6. Exposure Analysis

Source
Bloomberg Company websites Statistics South Africa Synthesis of published research Route2 proprietary integrated hybrid models Combination of 1-5 / Route2 Sustained Value Management TM framework

Thank you