SFDR Principal Adverse Impact (PAI) indicators - FY23

Avikro has reported on the Principal Adverse Impact (PAI) indicators to help investors with their reporting for the

EU Sustainable Finance Disclosure Regulation (SFDR).

The Manager and the Sub-Investment Manager will take into account the principal adverse impacts indicators

outlined in the below table (the “PAIs”) when determining whether the sustainable investments that the Portfolio

intends to make, do not cause significant harm to any environmental or social sustainable investment objective:

Unless otherwise noted, the data in this table reflects performance for the period of 1 April 2021 to 31 March

2023, which is referred to as 'FY23’ in the table below.

Adverse sustainability indicator			Metric	Avikro response
Climate and other Environment-Related indicators
Greenhouse gas emissions	1	GHG emissions	Scope 1 GHG emissions	Avikro's Scope 1 GHG emissions were 2.8 thousand tonnes CO2e in FY23. See page 12 of FY23 ESG Performance Data
			Scope 2 GHG emissions	Avikro's Scope 2 (market-based) GHG emissions were 7.3 thousand tonnes CO2e in FY23. See page 12 of FY23 ESG Performance Data
			Scope 3 GHG emissions	Avikro's Scope 3 GHG emissions were 178.1 thousand tonnes CO2e in FY23. See page 12 of FY23 ESG Performance Data
			Total GHG emissions	Avikro's Total GHG emissions for Scope 1, 2 (market-based) and 3 were 188.2 thousand tonnes CO2e in FY23. See page 12 of FY23 ESG Performance Data
	2	TEST UPDATE	Carbon footprint	-
	3	GHG intensity of investee companies	GHG intensity of investee companies	Avikro's GHG emissions intensity for scope 1, 2 and 3 is 1.5 tonnes CO2e per $1m revenue for FY23. See page 12 of FY23 ESG Performance Data
	4	Exposure to companies active in the fossil fuel sector	Share of investments in companies active in the fossil fuel sector	Avikro does not operate in the fossil fuel sector
	5	Share of non renewable energy consumption and production	Share of non-renewable energy consumption and non-renewable energy production of investee companies from non-renewable energy sources compared to renewable energy sources, expressed as a percentage	62% of Avikro's electricity consumed in FY23 was renewable, 38% was not renewable. Electricity was 92% of FY23 total energy consumption. See page 14 of FY23 ESG Performance Data
	6	Energy consumption intensity per high impact climate sector	Energy consumption in GWh per million EUR of revenue of investee companies, per high impact climate sector	Avikro's energy intensity was 10.5 tonnes MWh per $1m revenue in FY23 See page 14 of FY23 ESG Performance Data
Biodiversity	7	Activities negatively affecting biodiversitysensitive areas	Share of investments in investee companies with sites/operations located in or near to biodiversitysensitive areas where activities of those investee companies negatively affect those areas	Avikro is looking into the LEAP Nature Risk Assessment Approach and how it can be applied to our business in order to determine whether we have any sites/operations located in or near to biodiversity sensitive areas.
Water	8	Emissions to water	Tonnes of emissions to water generated by investee companies per million EUR invested, expressed as a weighted average	Avikro does not discharge solid, liquid or gaseous pollutants or contaminants into a body of water.
Waste	9	Hazardous waste ratio	Tonnes of hazardous waste generated by investee companies per million EUR invested, expressed as a weighted average	Avikro does not publish data on hazardous waste as it is not material to our business.

Social and Employee, Respect for Human Rights, Anti-Corruption and Anti-Bribery matters
	10	Violations of UN Global Compact principles and Organisation for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises	Share of investments in investee companies that have been involved in violations of the UNGC principles or OECD Guidelines for Multinational Enterprises	Avikro has not violated the UNGC principles or OECD Guidelines for Multinational Enterprises.
Social and employe e matters
	11	Lack of processes and compliance mechanisms to monitor compliance with UN Global Compact principles and OECD Guidelines for Multinational Enterprises	Share of investments in investee companies without policies to monitor compliance with the UNGC principles or OECD Guidelines for Multinational Enterprises or grievance /complaints handling mechanisms to address violations of the UNGC principles or OECD Guidelines for Multinational Enterprises	We have policies in place that align with the principles of both the UNGC and OECD Guidelines, except where they conflict with local legal requirements or rights.
	12	Unadjusted gender pay gap	Average unadjusted gender pay gap of investee companies	Avikro publishes gender pay gap data for the UK only. See 2022 UK Gender Pay Gap Report for FY22 data.
	13	Board gender diversity	Average ratio of female to male board members in investee companies	At 31 March 2023, 45% of the Avikro Board was female. See page 5 of FY23 ESG Performance Data
	14	Exposure to controversial weapons (antipersonnel mines, cluster munitions, chemical weapons and biological weapons)	Share of investments in investee companies involved in the manufacture or selling of controversial weapons	Avikro is not involved in the manufacture or selling of controversial weapons, and also as a matter of policy does not provide services to these companies.