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For this purpose, we utilise MSCI’s proprietary Climate Value-at-Risk (CVaR) dataset that converts","page_number":2,"box":{"x":76,"y":85,"width":821,"height":9}},{"id":"3679b0eb-228a-4ddb-92a0-81d88d94482b","block_type":"box","text":"these climate scenarios into company-level impacts at a 15-year time horizon (expressed as a percentage of a company’s market value). It should be","page_number":2,"box":{"x":75,"y":100,"width":829,"height":8}},{"id":"a6adb9dd-5e69-47ec-ada2-b1750a0759af","block_type":"box","text":"noted that MSCI CVaR data is based on several assumptions made by MSCI. Scenario analysis methodologies continue to evolve, and data presented","page_number":2,"box":{"x":76,"y":114,"width":839,"height":9}},{"id":"3dba7210-3562-46d3-b063-912ac38c0f9b","block_type":"box","text":"here is subject to change in future. As described above, climate scenario analysis is provided to highlight potential climate risks and their underlying","page_number":2,"box":{"x":76,"y":128,"width":819,"height":9}},{"id":"d9ca0286-1869-4525-ba45-c459ed1ce42f","block_type":"box","text":"drivers, however there is considerable uncertainty related to these estimates, and specific risks vary under different scenarios.","page_number":2,"box":{"x":76,"y":143,"width":699,"height":8}},{"id":"28487891-eebd-4888-8c87-f76bcaa41f8d","block_type":"box","text":"Based on the MSCI CVaR dataset, we provide quantitative disclosure of three key pillars: (i) Policy Risk, which generally correlates to transition risk, (ii)","page_number":2,"box":{"x":76,"y":166,"width":840,"height":9}},{"id":"15a791ef-74e8-4dd4-b1c3-2ba9672faa4f","block_type":"box","text":"Technology Opportunities, which generally correlates to transition opportunities, and (iii) Physical Risk.","page_number":2,"box":{"x":75,"y":181,"width":570,"height":8}},{"id":"f6c910b2-bac7-4f83-a5f2-86b89451b646","block_type":"box","text":"Based on our analysis of the MSCI CVaR data for companies in a broad global equity and corporate fixed income index universe, companies in the","page_number":2,"box":{"x":76,"y":204,"width":817,"height":9}},{"id":"5340c478-83c2-41b9-a52b-5db56b1468cf","block_type":"box","text":"Utilities, Materials and Energy sectors may be exposed to higher levels of transition risk compared to companies in other sectors. Similarly, those","page_number":2,"box":{"x":76,"y":219,"width":805,"height":8}},{"id":"6d4dc52b-8d80-422c-8b16-769db49a1a9e","block_type":"box","text":"companies in the Utilities, Industrials and Materials sectors may be exposed to a higher level of transition opportunities compared to others. If the Fund","page_number":2,"box":{"x":76,"y":233,"width":837,"height":8}},{"id":"24cdb871-ae41-4fe4-85c1-e2fd6db1a8ce","block_type":"box","text":"invests in these sectors, those investments may be exposed to the climate risks and opportunities outlined, though company-level risks and","page_number":2,"box":{"x":76,"y":247,"width":774,"height":9}},{"id":"9f26b22a-f564-42a3-b841-4e8e5cb14e4a","block_type":"box","text":"opportunities vary within sectors.","page_number":2,"box":{"x":76,"y":261,"width":181,"height":9}},{"id":"f0dc284c-bcd7-40ae-a994-c0b4bbc9bf67","block_type":"box","text":"Sources:","page_number":2,"box":{"x":76,"y":285,"width":48,"height":7}},{"id":"01b08943-2126-4ea6-ad6d-34c41ca9b2da","block_type":"box","text":"https://www.ngfs.net/sites/default/files/medias/documents/ngfs_climate_scenarios_for_central_banks_and_supervisors_.pdf.pdf","page_number":2,"box":{"x":76,"y":299,"width":709,"height":9}},{"id":"a7e730af-42eb-4a0a-9278-186cb09d1c40","block_type":"box","text":"MSCI","page_number":2,"box":{"x":76,"y":314,"width":29,"height":6}},{"id":"eb6744a7-6952-4114-9d77-b6d6cf06114f","block_type":"box","text":"Climate Scenario Alignment","page_number":2,"box":{"x":76,"y":358,"width":244,"height":13}},{"id":"c38a82cb-97b2-4647-952e-0a796c75c031","block_type":"box","text":"Coverage: 78.27%","page_number":2,"box":{"x":812,"y":360,"width":110,"height":9}},{"id":"2dc406b8-a291-4f25-95f1-27301e16c9c4","block_type":"box","text":"The Multi-Asset Diversified Growth Sub-Fund has an Implied Temperature Rise increase of:","page_number":2,"box":{"x":75,"y":387,"width":612,"height":10}},{"id":"5b9f90ce-8b4f-4ce6-ab1f-908c642b5690","block_type":"box","text":"3.39°C","page_number":2,"box":{"x":423,"y":412,"width":167,"height":27}},{"id":"df82f33b-9b8c-4829-aff3-9813a768d674","block_type":"box","text":"The climate scenario alignment uses MSCI’s Implied Temperature Rise (ITR) model, and measures, in aggregate, a portfolio’s","page_number":2,"box":{"x":75,"y":455,"width":842,"height":10}},{"id":"51245ed8-8112-4369-9193-75da84119410","block_type":"box","text":"temperature alignment (in °C) to keeping the world’s temperature rise to 2°C by 2100. For example, an ITR of 2.5°C assigned","page_number":2,"box":{"x":75,"y":470,"width":837,"height":10}},{"id":"98957b0c-d22b-41e1-8cac-ed6f9ee8e0f5","block_type":"box","text":"to a given portfolio would indicate that the portfolio is exceeding its fair share of the global carbon budget, and that if everyone","page_number":2,"box":{"x":75,"y":486,"width":839,"height":10}},{"id":"a73e35a7-5d61-4d3e-a228-4b121003f8d0","block_type":"box","text":"exceeded their fair shares by a similar proportion, we would end up in a world with ~2.5°C of warming. Please note there is","page_number":2,"box":{"x":76,"y":501,"width":818,"height":10}},{"id":"256f58b9-55fe-466e-99a6-f80ad17e6257","block_type":"box","text":"significant uncertainty related to this temperature estimate, and outputs differ amongst different data vendors as","page_number":2,"box":{"x":76,"y":517,"width":744,"height":10}},{"id":"dfa7f791-665b-4c78-bc89-d000ccc6b202","block_type":"box","text":"methodologies continue to evolve and mature.","page_number":2,"box":{"x":76,"y":532,"width":307,"height":10}},{"id":"4b4f27ed-c406-4289-a13d-7d1cc65ec5d0","block_type":"box","text":"State Street Global Advisors","page_number":2,"box":{"x":76,"y":934,"width":158,"height":7}},{"id":"31ebfa6a-5f98-49b4-b97c-31c209215ac1","block_type":"box","text":"Report ID: 4646274.1","page_number":2,"box":{"x":257,"y":935,"width":109,"height":7}},{"id":"5155cea9-33fe-46c1-a83c-b03f4f052915","block_type":"box","text":"Published: 28 Mar 2025","page_number":2,"box":{"x":391,"y":935,"width":122,"height":6}},{"id":"73c814bd-3086-44fd-b950-e1feb451b667","block_type":"box","text":"Page","page_number":2,"box":{"x":859,"y":934,"width":26,"height":8}},{"id":"35a18963-3ebc-4e2b-ba06-aa45e4de0bb4","block_type":"box","text":"2","page_number":2,"box":{"x":892,"y":934,"width":6,"height":6}},{"id":"8e8beadb-8b8e-4a36-adf4-5d578140620e","block_type":"box","text":"of","page_number":2,"box":{"x":905,"y":934,"width":10,"height":6}},{"id":"08914bf3-2911-4970-94cb-57778cc3938b","block_type":"box","text":"6","page_number":2,"box":{"x":918,"y":934,"width":6,"height":6}},{"id":"b2077724-a5e0-48a9-8ce0-b7c649ef01ea","block_type":"box","text":"Marketing Communication","page_number":3,"box":{"x":76,"y":35,"width":156,"height":8}},{"id":"60859013-23ec-4b31-ac33-4628e1f06da0","block_type":"box","text":"The material presented herein is for informational purposes only.","page_number":3,"box":{"x":75,"y":53,"width":358,"height":8}},{"id":"fe96a277-b682-440a-8167-2b85fb229137","block_type":"box","text":"For institutional / professional investors use only.","page_number":3,"box":{"x":76,"y":71,"width":269,"height":8}},{"id":"e8aa4cfd-6ab5-4cda-9f69-750c592152f9","block_type":"box","text":"Past performance is not a reliable indicator of future performance.","page_number":3,"box":{"x":76,"y":89,"width":364,"height":8}},{"id":"edee332b-7a59-41cf-a55f-a703c1977c83","block_type":"box","text":"Investing involves risk including the risk of loss of principal. The whole or any part of this work may not be reproduced, copied or transmitted or any of its","page_number":3,"box":{"x":76,"y":106,"width":845,"height":9}},{"id":"7e625eee-16f4-4aa7-b3d8-61d493602267","block_type":"box","text":"contents disclosed to third parties without SSGA’s express written consent.","page_number":3,"box":{"x":76,"y":119,"width":415,"height":9}},{"id":"ff304924-3735-4955-a82a-4f12709edf93","block_type":"box","text":"This report provides climate data which are estimates based on certain assumptions made by SSGA or","page_number":3,"box":{"x":75,"y":137,"width":616,"height":9}},{"id":"24f1ceed-ee33-47a3-ac2f-f119fa35a5a0","block_type":"box","text":"its affiliates such as the Truview","page_number":3,"box":{"x":696,"y":137,"width":192,"height":7}},{"id":"ff5658a4-1564-42a5-9491-551b6f731faf","block_type":"box","text":"analytics platform and State Street Global Services, or by third parties such as MSCI.","page_number":3,"box":{"x":76,"y":150,"width":507,"height":9}},{"id":"3cd971b8-27b0-48eb-96da-59d323c691d8","block_type":"box","text":"There is no guarantee that the estimates will be accurate.","page_number":3,"box":{"x":587,"y":150,"width":319,"height":9}},{"id":"d4544be9-6074-40b8-adca-701c18272870","block_type":"box","text":"Non-availability of ESG data, complexity of mapping architecture, the use of modelled data and other data issues may contribute to","page_number":3,"box":{"x":76,"y":163,"width":783,"height":9}},{"id":"281ebe78-889e-4967-bb2b-71f1c1950afa","block_type":"box","text":"deviations from other ESG data sources.","page_number":3,"box":{"x":76,"y":176,"width":242,"height":7}},{"id":"d2cd8f95-2793-4bb5-8af1-17420aa3d45d","block_type":"box","text":"All material, including information from or attributed to State Street, has been obtained from sources","page_number":3,"box":{"x":322,"y":176,"width":555,"height":9}},{"id":"1f70dd70-2ebe-42c7-b346-03b0b01da784","block_type":"box","text":"believed to be reliable, but its accuracy is not guaranteed, and State Street does not assume any responsibility for its accuracy, efficacy or use. The","page_number":3,"box":{"x":76,"y":189,"width":819,"height":9}},{"id":"8d365a29-6321-48ac-8717-13faa756d453","block_type":"box","text":"views expressed in this report are subject to change based on market and other conditions. Whilst this report may contain certain statements that","page_number":3,"box":{"x":75,"y":203,"width":807,"height":8}},{"id":"7f2d641c-ba92-4618-a5cb-65ed44c5924f","block_type":"box","text":"appear forward looking, these do not constitute guarantees of future performance. Actual results or developments may differ materially from those","page_number":3,"box":{"x":76,"y":216,"width":809,"height":8}},{"id":"40689b2f-7ac0-4d04-a175-fe7f9c2a8c5c","block_type":"box","text":"projected.","page_number":3,"box":{"x":76,"y":229,"width":53,"height":8}},{"id":"1631975d-a44a-40f8-8da4-c792624c9b13","block_type":"box","text":"Please note that this report may be updated from time to time as the underlying information is revised.","page_number":3,"box":{"x":76,"y":246,"width":612,"height":9}},{"id":"5ffcbc32-0c4d-4f04-a83b-26e00c648da7","block_type":"box","text":"Further details regarding particular data","page_number":3,"box":{"x":693,"y":247,"width":219,"height":8}},{"id":"ce6967d2-9434-4e09-82fa-27b77804ce47","block_type":"box","text":"may be available upon request from your relationship manager.","page_number":3,"box":{"x":76,"y":260,"width":351,"height":8}},{"id":"cb02b2b3-947f-4b48-9011-aa20a39cbeaa","block_type":"box","text":"The returns on a portfolio of securities which exclude companies that do not meet the portfolio’s specified ESG criteria may trail the returns on a","page_number":3,"box":{"x":75,"y":277,"width":799,"height":9}},{"id":"8e65d67c-0e5d-4984-bcb5-353c4d8d94f0","block_type":"box","text":"portfolio of securities which include such companies.","page_number":3,"box":{"x":76,"y":290,"width":291,"height":9}},{"id":"097a498a-3b29-47c2-995e-3b361b6e224b","block_type":"box","text":"A","page_number":3,"box":{"x":371,"y":291,"width":8,"height":6}},{"id":"f8453efe-77ff-4d47-b32f-794fde80b582","block_type":"box","text":"portfolio’s ESG criteria may result in the portfolio investing in industry sectors or securities which","page_number":3,"box":{"x":383,"y":290,"width":533,"height":9}},{"id":"c90c029b-ebcb-4da1-a206-d72993f54ac2","block_type":"box","text":"underperform the market as a whole.","page_number":3,"box":{"x":76,"y":304,"width":204,"height":8}},{"id":"fba8d1c4-9bb3-4371-b8e5-160d29abb80a","block_type":"box","text":"This communication is directed at professional clients (this includes eligible counterparties as defined by the FCA) who are deemed both knowledgeable","page_number":3,"box":{"x":75,"y":321,"width":845,"height":9}},{"id":"9474493b-6e6a-4f63-8c2f-5ef4e9304d75","block_type":"box","text":"and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons","page_number":3,"box":{"x":76,"y":335,"width":831,"height":8}},{"id":"77a9c2e0-6c0d-4774-9ef9-ffb2a42629ad","block_type":"box","text":"and persons of any other description (including retail clients) should not rely on this communication.","page_number":3,"box":{"x":76,"y":347,"width":551,"height":9}},{"id":"bcc5333d-69da-4a7e-975a-8fc83feb2578","block_type":"box","text":"The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2014/65/","page_number":3,"box":{"x":75,"y":365,"width":837,"height":9}},{"id":"142d0d71-1728-45ee-9dde-5b27289b11c2","block_type":"box","text":"EU) and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into","page_number":3,"box":{"x":76,"y":378,"width":804,"height":9}},{"id":"b98994a4-1d76-4a21-ac72-f95f2a66bc49","block_type":"box","text":"account any investor’s or potential investor’s particular investment objectives, strategies, tax status, risk appetite or investment horizon. If you require","page_number":3,"box":{"x":76,"y":391,"width":827,"height":9}},{"id":"26679577-c54c-4e81-8cd4-ad9c24c6394d","block_type":"box","text":"investment advice you should consult your tax and financial or other professional advisor.","page_number":3,"box":{"x":76,"y":404,"width":495,"height":9}},{"id":"2685b22d-59b5-4ff8-91bb-2856f666aa7a","block_type":"box","text":"The information contained in this communication is not a research recommendation or ‘investment research’","page_number":3,"box":{"x":75,"y":422,"width":652,"height":7}},{"id":"adf04574-4af6-4983-ab04-b576fdc4bfb6","block_type":"box","text":"and is classified as a","page_number":3,"box":{"x":731,"y":422,"width":125,"height":7}},{"id":"567ff794-ef5a-4cc0-9df3-43793753a475","block_type":"box","text":"‘Marketing Communication’ in accordance with the Markets in Financial Instruments Directive (2014/65/EU). This means that this marketing","page_number":3,"box":{"x":76,"y":435,"width":829,"height":9}},{"id":"76aa726b-d13e-4f1b-a587-b4a00ed55058","block_type":"box","text":"communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment","page_number":3,"box":{"x":76,"y":448,"width":806,"height":9}},{"id":"3bd1257d-1d16-4e2f-8ee9-8e56b8b4d6ed","block_type":"box","text":"research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research.","page_number":3,"box":{"x":76,"y":462,"width":642,"height":8}},{"id":"7e5dc927-d2bb-41e5-b06a-fd55254766ff","block_type":"box","text":"This report must be read in conjunction with the TFCD report of the Firm.","page_number":3,"box":{"x":75,"y":486,"width":437,"height":8}},{"id":"7865011e-a0bf-4f25-9002-38e640945c6f","block_type":"box","text":"Investment through separately managed mandates is subject to the investment management agreement. Investment in Pooled Vehicles is subject to","page_number":3,"box":{"x":76,"y":510,"width":825,"height":8}},{"id":"a3f489c0-cfe8-477b-bc22-bb2da2ce8a1f","block_type":"box","text":"the","page_number":3,"box":{"x":75,"y":523,"width":17,"height":6}},{"id":"27d47476-44a8-45ee-bf68-8acc19f2445f","block_type":"box","text":"relevant constitutional documents.","page_number":3,"box":{"x":97,"y":523,"width":188,"height":6}},{"id":"1b187384-68d2-47e1-bb5d-c6bd6e91d3ab","block_type":"box","text":"Managed Pension Funds Limited(MPF): Investing in the MPF is effected by means of an insurance policy written by Managed Pension Funds Limited,","page_number":3,"box":{"x":76,"y":547,"width":835,"height":8}},{"id":"c60ae295-502d-4d76-8cb1-fd9453167161","block_type":"box","text":"a","page_number":3,"box":{"x":76,"y":562,"width":6,"height":4}},{"id":"c0f01c5f-fc3f-4e06-9e52-57d5e4dbbaf0","block_type":"box","text":"member of the State Street group of companies. 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