The document discusses Just Capital's mission to track and measure corporate behavior on issues that Americans care about most, such as worker treatment, environmental impact, and product quality. Just Capital conducts public surveys to identify important issues, defines metrics to measure company performance, analyzes data from companies, and publishes annual rankings and indexes to recognize leaders. Research found that companies highly ranked for responsible behavior exhibited lower investment risk and that indexes composed of highly ranked companies outperformed traditional indexes in both absolute and risk-adjusted returns.

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CORPORATE RESPONSIBILITY METRICS & INVESTOR RETURN
HERNANDO CORTINA, JUST CAPITAL

2. 2 | © 2017 JUST CAPITAL. ALL RIGHTS RESERVED. JUSTCAPITAL.COM
JUST Capital makes it easier for people, companies, and markets to do the right thing by
tracking the business behaviors that Americans care about most.
We believe business and markets can act as a positive force for
change on the issues Americans care most about:
LIVING WAGE | COMMUNITY HEALTH | FAIR PAY
ENVIRONMENTAL IMPACT
Our data and rankings platform empowers all people
WORKERS | INVESTORS | LEADERS | CONSUMERS
to
WORK FOR | INVEST IN | SUPPORT | PURCHASE FROM
companies that do right by the American people.
OVERVIEW

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Poll the Public Publish RankingsAnalyze Companies
We conduct surveys of the American
Public to identify which business
behaviors are most important:
worker treatment, job creation,
healthy communities, the
environment, and more.
We tabulate the data and publish
industry-relative and absolute, cross-
industry rankings. The JUST 100 is
published annually in the December
issue of Forbes, and the complete
rankings on JUSTCapital.com.
We define metrics that map to
these issues, and in a fair, unbiased,
and rigorous way, track and analyze
data on the largest publicly traded
companies in the United States (i.e.
The Russell 1000 Index).
STEP 1 STEP 2 STEP 3
OUR APPROACH

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STEP 1: WHAT DO THE AMERICAN PEOPLE VALUE?
G E N E R AT IO N
33%
Millennial
31%
Baby Boomer
26%
Gen X
10%
Golden Ager
13% 18% 16% 17% 17% 19%
18–24 25–34 35–44 45–54 55–64 65+
G E N D E R
49%
51%
EDUCATION
37%
High School or less
18%
Some College
8%
Associate Degree
22%
Bachelor’s Degree
15%
Graduate Degree
55%
Non-Investor
43%
General
Investor
2%
High Net
Worth
Investor
IN VE ST O R S
39%
Decision-maker
B U S IN E S S D E CIS IO N - MAK E R S
60%
Employee
32%
Conservative
24%
Liberal
36%
Moderate
9%
Apolitical
ID E O L O G Y
22%
Less than
$24,999
11%
$25,000 –
$34,999
14%
$35,000 –
$49,999
18%
$50,000 –
$74,999
13%
$75,000 –
$99,999
13%
$100,000 –
$149,999
5%
$150,000 –
$199,999
3%
More than
$200,000
IN CO ME
R E G IO N
17%
Pacific
7%
Mountain
7%
West North
Central
12%
West South
Central
14%
East North
Central
6%
East South
Central
19%
South Atlantic
13%
Mid-Atlantic
5%
New England
AG E
All our surveys sample
a representative slice
of America, split by all
major demographic
cuts: income, political
ideology, geography,
age, and more. We
amplify these
collective voices in
order to empower all
people with
information they can
use to make more
informed choices.
JUST Capital asks Americans what matters to them, and evaluates companies on how they perform
on those issues. We have reached over 72,000 Americans with our surveys about corporate
behavior, and will reach more every year.

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2016 POLLING: DRIVER AND COMPONENT WEIGHTS
Worker Pay & Benefits 25%
Pays a fair wage for the industry and job level (7.7%)
Pays a living wage (5.5%)
Does not discriminate in pay (4.1%)
Pays workers fairly compared to CEO (3.1%)
Sponsors health insurance (2.5%)
Helps workers prepare for retirement (1.4%)
Provides paid time off (1.2%)
Worker Treatment 24%
Does not discriminate in hiring, firing, and promotion
practices (6.7%)
Provides a safe workplace (6.3%)
Respects workers (5.9%)
Handles grievances and layoffs fairly (2.1%)
Provides education and training (1.6%)
Promotes work-life balance (1.4%)
Leadership & Ethics 17%
Follows laws and regulations (6.1%)
Has leaders with integrity (4.8%)
Is truthful in advertising and labelling (3.2%)
Pays fair share of taxes (2.7%)
Minimizes political spending (0.5%)
Customer Treatment 7%
Does not discriminate in customer treatment (2.2%)
Protects customer privacy (2.1%)
Maintains strong relationships with customers (1.6%)
Provides fair pricing and sales terms (1.5%)
Product Attributes 6%
Makes quality products (3.0%)
Makes products that are beneficial to health, environment,
or society (2.6%)
Domestic Job Creation 6%
Creates jobs in the U.S. (5.6%)
Environmental Impact 5%
Has environmentally responsible management (1.8%)
Minimizes pollution (1.7%)
Uses resources efficiently (1.5%)
Supply Chain Impact 4%
Does not have suppliers with abusive conditions (1.9%)
Does not do business with repressive governments (1.2%)
Does not cause or contribute to conflict abroad (1.0%)
Investor Alignment 4%
Is transparent and accurate in financial reporting (2.3%)
Is profitable over the long-term (1.0%)
Provides investor return (0.6%)
Community Well-Being 2%
Maintains strong relationships with communities (1.3%)
Contributes to charitable causes (0.4%)

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STEP 2: TRACK AND ANALYZE COMPANIES
Our universe currently comprises
897 companies from the Russell
1000 index, representing 92% of
the U.S. stock market. They are
classified into 32 industry groups.
Metrics are selected to measure
performance on each Component.
The 36 Components are mapped
to 67 Metrics, which are informed
by 95 data sets.
We currently have a database of
over 100,000 data points. Data
sources include publicly available
data, vendor data, and crowd-
sourced data. Data is adjusted
and normalized for use in the
ranking.
The benchmark is translated into
a ranking formula, which
measures company performance
relative to the industry average.
We use the formula to score each
company and create the ranking.
The JUST 100 is our flagship
index.
Companies
D E F I N E U N I V E R S E
Metrics
C R E A T E M E T R I C S
Data
A N A L Y Z E D A T A
Ranking & Index
C R E A T E R A N K I N G S
Guided by the polling results, our research team conducts extensive analysis on how companies are
performing on the issues the American public prioritized. This iterative and continually updated process
creates performance measurements that drive JUST Capital’s platform, rankings, and indexes.

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STEP 3: PUBLISH THE RANKINGS AND CELEBRATE WINNERS
Full results available at justcapital.com/just-explorer.
Published in partnership with Forbes on November 30, 2016, forbes.com/just-companies
AEROSPACE & DEFENSE AUTOMOBILES &
COMPONENTS
BANKS
CAPITAL GOODS IT SERVICES INSURANCE
CHEMICALS COMMERCIAL &
PROFESSIONAL SERVICES
CONSUMER AND
DIVERSIFIED FINANCE
PHARMACEUTICALS
BIOTECHNOLOGY & LIFE
SCIENCES
CONSUMER DURABLES &
APPAREL
CONSUMER SERVICES
Our annual rankings celebrate America’s
Most JUST Companies: the top performing
company in every industry sector, as well as,
starting in 2017, the JUST 100, an absolute
ranking, published in Forbes. All winning
companies are awarded a seal that they can
use across all of their various channels to
signal that they are one of America’s Most
JUST. We focus on the largest corporations
because they:
§ Employ over 30 million people
§ Generate trillions of dollars in profit
§ Provide nearly 50% of U.S. healthcare
coverage
§ Represent nearly 90% of investable equities
§ Exert immense influence over the US
economy
§ Affect the behavior of millions of working
families, both directly and via their supply
chains

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THE BUSINESS CASE FOR CORPORATE RESPONSIBILITY
Equity indexes based on the JUST rankings reflect the values of the American public, without
sacrificing investment return. For example, compared with Russell 1000 companies excluded from the
index, the top 50% of companies on average:
Charitable Contributions
• Include 75% more companies that pay nearly
every worker a living wage
• Pay 10% more of their workers a living wage
• Recycle more than twice as much waste
• Give approximately 3x more to charitable
causes
• Pay 86% fewer fines for consumer-related
violations
• Create jobs in the U.S. 8% faster
• Include 32% more companies with stringent
systems in place to ensure product quality
• Have a 2.4% higher Return on Invested Capital
(ROIC)

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THE BUSINESS CASE FOR CORPORATE RESPONSIBILITY
§ Equity indexes based on the leaders of
JUST Capital’s 2016 rankings
outperformed the Russell 1000 index in
both absolute and risk-adjusted terms over
three to ten years prior to our 11/30/2016
launch.
§ The indexes are based on the JUST 100
constituents, as well as on the top 50%
ranked companies by industry.
§ The 1–4 percentage-point annual
outperformance holds over ten years and is
robust to three different stock weighting
schemes.
§ The indexes have higher Sharpe ratios,
similar or better downside risk
characteristics, and moderate tracking risk
versus the Russell 1000.
10-Year Outperformance of JUST
Investable Equity Indexes

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JUST ALPHA: JUST COMPANIES EXHIBIT LOWER INVESTMENT RISK
We’ve examined whether companies that behave more justly are also more resilient to market and
earnings risks. Please see JUST Companies Exhibit Lower Investment Risk, available at JUSTCapital.com.
Source: JUST Capital 2016 rankings.

11. 11 | © 2017 JUST CAPITAL. ALL RIGHTS RESERVED. JUSTCAPITAL.COM
JUST ALPHA: JUST COMPANIES EXHIBIT LOWER INVESTMENT RISK
§ We found significant evidence that
stocks in the top quintile of JUST
scores carry less investment risk than
those with lower JUST scores.
§ Top-quintile ranked JUST companies
have 18%-22% lower volatility, 6% lower
beta, 5% shallower drawdowns, near-
half the quarterly earnings-per-share
volatility, and 4.5% higher ROIC than
bottom-quintile companies.
§ These findings are consistent, though
more pronounced in magnitude, than
those in other research from the
Environmental, Social and Governance
(ESG) investment community.

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RISK/RETURN METRICS BY QUINTILE OF OVERALL JUST SCORE

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WHAT DRIVERS OF CORPORATE RESPONSIBILY GENERATE ALPHA?

14. 14 | © 2017 JUST CAPITAL. ALL RIGHTS RESERVED. JUSTCAPITAL.COM
LIVE INVESTABLE INDEX: JUST US LARGE CAP DIVERSIFIED INDEX
Launch date: 11/30/2016. TICKERS: Bloomberg: JULCD <INDEX> Thomson Reuters: (RIC: .TFTJULCDU)
Index Description: The JUST U.S. Large Cap Diversified Index (JULCD) is designed to track the performance of U.S.
large-capitalization companies that most closely align with the American public's definition of just business behavior.
The JULCD index includes the top 50% of Russell 1000 companies ranked by JUST Capital by industry and is
constructed to match the Russell 1000's industry weights. The index generally tracks the Russell 1000 while
including only the companies that rank well on the issues that matter most to the American public.
Index Info (As of 2017-10-20):
Dividend Yield: 1.90%
Number of Securities: 426
Tracking Error (vs R1): 0.80% (since inception)
Total Return (%) as of 2017-10-20:
JULCD Russell 1000
Since
Inception:
(11/30/16)
20.58 18.97
Year-to-Date: 18.30 16.78
Last Week:
Oct 13 - 20
0.79 0.86