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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":"0bf3c616-e962-452a-ac22-b29314b88d89","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":"40bd0ebf-cd8c-4357-8585-5fedea360da4","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":"274dfc93-b4c2-46ce-8151-ea3708af61a7","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":"8b6a0c71-652d-4bd2-911d-9b5b7bb758bd","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":"4d226d98-599b-45db-882b-6c1eec4c95a4","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":"0425617d-50de-41b4-afcf-dc3a335a5e27","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":"8e7fb556-e70e-411e-a6ed-0cc9deb505bd","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":"d544471e-64a5-4d79-bf2a-66b79f1de57e","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":"9995b43a-1111-48b4-91b4-bb1962615edf","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":"873cc8e2-e85b-4952-823c-c0512b6b3f1c","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":"9195fdc5-e715-4c33-ac39-c2e5aa7579ad","block_type":"box","text":"opportunities vary within sectors.","page_number":2,"box":{"x":76,"y":261,"width":181,"height":9}},{"id":"946a4b00-8299-4abc-a46c-c8efaecdd576","block_type":"box","text":"Sources:","page_number":2,"box":{"x":76,"y":285,"width":48,"height":7}},{"id":"62d95878-fd1d-4a68-97c4-17e3b30cd79f","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":"156084f7-fb30-472a-8d33-895a3a89ffa1","block_type":"box","text":"MSCI","page_number":2,"box":{"x":76,"y":314,"width":29,"height":6}},{"id":"da271112-6fa1-428c-8c97-9f44694a3e3e","block_type":"box","text":"Climate Scenario Alignment","page_number":2,"box":{"x":76,"y":358,"width":244,"height":13}},{"id":"7f17b4a0-6c58-4838-8f67-dc8c73b91232","block_type":"box","text":"Coverage: 98.67%","page_number":2,"box":{"x":812,"y":360,"width":110,"height":9}},{"id":"c35ea102-fe50-41bf-9cc0-1e850def8384","block_type":"box","text":"The Global Equity Diversified Index Sub-Fund has an Implied Temperature Rise increase of:","page_number":2,"box":{"x":75,"y":387,"width":616,"height":10}},{"id":"573d19a1-b053-4647-9d6a-609d0a6ac074","block_type":"box","text":"2.79°C","page_number":2,"box":{"x":423,"y":412,"width":167,"height":27}},{"id":"8aba8dec-deba-4e2f-bccb-9ec2b76189fa","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":"1dc96a7f-e5c1-489c-9b28-305ee392336c","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":"1040e964-92e2-45bd-a139-0cbcab3e77ef","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":"f9a4d6f4-ec0e-4b5b-bba1-167813cea586","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":"ed463d33-2eb0-472f-b155-19a1a26980ba","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":"6c9dc332-4c94-4558-8188-1433d4861e91","block_type":"box","text":"methodologies continue to evolve and mature.","page_number":2,"box":{"x":76,"y":532,"width":307,"height":10}},{"id":"281d8b35-a319-4b9d-b7bf-633065a84c87","block_type":"box","text":"State Street Global Advisors","page_number":2,"box":{"x":76,"y":934,"width":158,"height":7}},{"id":"38ba48db-6462-41f2-a9c8-baa6ceed8604","block_type":"box","text":"Report ID: 4644614.1","page_number":2,"box":{"x":257,"y":935,"width":109,"height":7}},{"id":"156a51cd-1fca-4c90-841b-b4df0848f284","block_type":"box","text":"Published: 28 Mar 2025","page_number":2,"box":{"x":391,"y":935,"width":122,"height":6}},{"id":"126df4e8-ebec-46f6-810a-a0b67b602a34","block_type":"box","text":"Page","page_number":2,"box":{"x":859,"y":934,"width":26,"height":8}},{"id":"b76f76fe-3fee-4ea3-b125-0904e41642c4","block_type":"box","text":"2","page_number":2,"box":{"x":892,"y":934,"width":6,"height":6}},{"id":"be50b96e-ec8d-4e55-9f95-fe4801bc490a","block_type":"box","text":"of","page_number":2,"box":{"x":905,"y":934,"width":10,"height":6}},{"id":"eab01428-f1d4-424d-861c-81dde2d8eb24","block_type":"box","text":"6","page_number":2,"box":{"x":918,"y":934,"width":6,"height":6}},{"id":"3dcbfdc0-2f10-4b49-9db1-4da15f1e14c9","block_type":"box","text":"Marketing Communication","page_number":3,"box":{"x":76,"y":35,"width":156,"height":8}},{"id":"1f21277d-5944-4500-a94f-e2f46f0c73e6","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":"b60f9f98-f18c-4ce6-957e-0d383dffb859","block_type":"box","text":"For institutional / professional investors use only.","page_number":3,"box":{"x":76,"y":71,"width":269,"height":8}},{"id":"e103c118-d96d-40ef-9f5b-26e253b268d5","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":"9ff3c6a6-8825-47e2-855e-2918acccf7d0","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":"c3348c76-5690-4889-92a8-21ce17cbd622","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":"ff21eb25-44c7-484b-a994-0cff19e608fc","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":"7a39bc47-e206-4b3d-97c1-3b2ae6471cb1","block_type":"box","text":"its affiliates such as the Truview","page_number":3,"box":{"x":696,"y":137,"width":192,"height":7}},{"id":"cdffcf8d-8d9d-4245-b2f7-f5ae2e4ae787","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":"1d7bdadd-0b3b-4a20-84f4-0862e3f3ae69","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":"d4e558fc-938b-498e-bf80-aa05850b9a89","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":"b2f3eda7-e30b-4ecd-8d3e-4006fb75081f","block_type":"box","text":"deviations from other ESG data sources.","page_number":3,"box":{"x":76,"y":176,"width":242,"height":7}},{"id":"c423d470-2014-4e5a-a7c5-4aac6a8bb2dc","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":"dba45472-72f3-41fd-a56f-bab3cf0993c5","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":"19dd3403-3094-4187-a9b8-2710338eadb9","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":"d91bc37c-aebd-48c8-bf6a-853a6d273b70","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":"675c5005-ce88-4a9f-87c0-30eb9163c903","block_type":"box","text":"projected.","page_number":3,"box":{"x":76,"y":229,"width":53,"height":8}},{"id":"660121c2-fec7-48be-8fb7-562d57885b22","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":"150de61e-f681-4030-90be-2e82489c8588","block_type":"box","text":"Further details regarding particular data","page_number":3,"box":{"x":693,"y":247,"width":219,"height":8}},{"id":"5f14ac41-652e-43c9-95a6-3670573ce6c4","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":"38f79a8b-2e91-4915-922c-3ff27733f746","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":"357750aa-a3a0-4dc9-950c-808a0fd20c35","block_type":"box","text":"portfolio of securities which include such companies.","page_number":3,"box":{"x":76,"y":290,"width":291,"height":9}},{"id":"2d451324-57a9-47df-8712-6c44dd17d3c6","block_type":"box","text":"A","page_number":3,"box":{"x":371,"y":291,"width":8,"height":6}},{"id":"064b1155-459d-46ab-a493-8918c7eb5b83","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":"6fe695e0-ed7f-4879-99c5-97e6269d1641","block_type":"box","text":"underperform the market as a whole.","page_number":3,"box":{"x":76,"y":304,"width":204,"height":8}},{"id":"6e80b5e8-f3f8-4028-8614-68ea692e2789","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":"1d654f73-e9ac-4c0e-938f-e671dadc9f5b","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":"6a803959-c943-452d-97fd-fe4fa15f07d3","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":"666d42a9-5595-4f84-a591-3768e25ff6a1","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":"a6ffe028-e773-41e7-be5f-8174fad4223d","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":"0ce5944e-0b79-4b76-8e7e-3e31f990b602","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":"e0c1cc46-17aa-4bb2-9fc6-5259bb05a3f7","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":"4dfeca71-39c7-4984-876a-d5908b97e9c3","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":"cb471a16-f527-480b-b53a-79c250d53be8","block_type":"box","text":"and is classified as a","page_number":3,"box":{"x":731,"y":422,"width":125,"height":7}},{"id":"34d43c2e-ba6f-46dc-ab47-9364c69d9ecc","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":"fb7cbd71-f028-4d6d-a666-a71793dcd030","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":"3dd14d28-8439-4b29-b4e8-4e016a4ead64","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":"a9386b01-19f8-427e-8b08-8ebab4de925b","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":"7ecd61f3-1d8b-49c5-95d7-ee8b03eeb2b4","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":"88477700-b43f-4def-99f4-5bf14d4139a8","block_type":"box","text":"the","page_number":3,"box":{"x":75,"y":523,"width":17,"height":6}},{"id":"38037fcc-a0a8-40b6-a73a-f95344df7773","block_type":"box","text":"relevant constitutional documents.","page_number":3,"box":{"x":97,"y":523,"width":188,"height":6}},{"id":"0be56542-6d81-4f29-8360-d4ed4945856d","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":"df85601f-7ddb-4712-bde8-37db8f864fbb","block_type":"box","text":"a","page_number":3,"box":{"x":76,"y":562,"width":6,"height":4}},{"id":"eca7547b-929f-4193-9795-2dcd6e157fb9","block_type":"box","text":"member of the State Street group of companies. 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