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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":"2b1de4b1-cf18-4a80-b545-1e670ae68be0","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":"6bcda443-2f41-4eaa-8c73-0852d1fd000d","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":"5187567a-f7e0-49da-9751-9554381f67f2","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":"587dce65-de52-4234-b512-e8d660ee17e6","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":"dfbdad70-3ab6-4787-bd98-05a1f7116c93","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":"088c47b1-435e-4a49-9937-3249b0a1c3da","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":"65f0a10d-540e-400d-81ed-afae4b2b4ebc","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":"766edbe9-f4d7-4fb3-9b24-098acc67b81e","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":"b3840c75-5de2-44c8-98f2-b293b60891f1","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":"5ea1c264-629e-4c60-a6fe-b7fd56ef5c22","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":"280357bc-729d-42bd-b7f6-2bd8116b622d","block_type":"box","text":"opportunities vary within sectors.","page_number":2,"box":{"x":76,"y":261,"width":181,"height":9}},{"id":"79c33a0b-7e8c-4339-953a-8cc967f4a8b2","block_type":"box","text":"Sources:","page_number":2,"box":{"x":76,"y":285,"width":48,"height":7}},{"id":"b9ba9e98-8c09-4b46-b96c-1ab7b6238472","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":"ceeb51ca-83ab-4a60-81ea-4138cd90e0c4","block_type":"box","text":"MSCI","page_number":2,"box":{"x":76,"y":314,"width":29,"height":6}},{"id":"233088e9-2df6-4eb3-8674-c289c6cd4290","block_type":"box","text":"Climate Scenario Alignment","page_number":2,"box":{"x":76,"y":358,"width":244,"height":13}},{"id":"cc951d94-4d1a-4548-b81f-d293c0d59349","block_type":"box","text":"Coverage: 99.98%","page_number":2,"box":{"x":812,"y":360,"width":110,"height":9}},{"id":"b19aa499-6a2b-4a8a-bd9a-79eeb59bf722","block_type":"box","text":"The Sterling Liquidity Sub-Fund has an Implied Temperature Rise increase of:","page_number":2,"box":{"x":75,"y":387,"width":521,"height":10}},{"id":"8119b01c-bc40-4852-b4cf-2cb30db3fcd5","block_type":"box","text":"3.55°C","page_number":2,"box":{"x":423,"y":412,"width":167,"height":27}},{"id":"8e88662b-5691-4911-9e1c-d746faffb745","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":"00de1095-c213-4d3f-9ed4-8f5b614de8ed","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":"d198e625-bb17-49b4-8514-ad5ce3767881","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":"2024278e-57b9-499c-a358-3c91d0499c1b","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":"667037e5-498f-4667-a65d-be39f112b89e","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":"ae15c8f6-d061-4e24-8c2c-2ac2827348f1","block_type":"box","text":"methodologies continue to evolve and mature.","page_number":2,"box":{"x":76,"y":532,"width":307,"height":10}},{"id":"e7a104c5-f625-4d48-b556-a081fb8d83a1","block_type":"box","text":"State Street Global Advisors","page_number":2,"box":{"x":76,"y":934,"width":158,"height":7}},{"id":"cd10cf44-2949-48d7-9499-f0475160c20e","block_type":"box","text":"Report ID: 4646299.1","page_number":2,"box":{"x":257,"y":935,"width":109,"height":7}},{"id":"16058558-d751-4c9c-90cb-9f8f82bc1bb3","block_type":"box","text":"Published: 28 Mar 2025","page_number":2,"box":{"x":391,"y":935,"width":122,"height":6}},{"id":"cd4e5685-1993-45f0-9a47-0ab78d7c18ae","block_type":"box","text":"Page","page_number":2,"box":{"x":859,"y":934,"width":26,"height":8}},{"id":"35d4a88a-9a8b-44c8-8cdb-d06373f79171","block_type":"box","text":"2","page_number":2,"box":{"x":892,"y":934,"width":6,"height":6}},{"id":"181b414f-ba87-4ffb-a29e-961afd84b2d1","block_type":"box","text":"of","page_number":2,"box":{"x":905,"y":934,"width":10,"height":6}},{"id":"6123cf4a-cff9-4f12-885e-9a4009599039","block_type":"box","text":"6","page_number":2,"box":{"x":918,"y":934,"width":6,"height":6}},{"id":"3a85504f-0e14-4641-a04d-3605a14dd6c8","block_type":"box","text":"Marketing Communication","page_number":3,"box":{"x":76,"y":35,"width":156,"height":8}},{"id":"a9c1c0a2-6ea4-462b-819e-4aa2f7682591","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":"1fe81f25-2279-4343-a670-b1aa7e48630e","block_type":"box","text":"For institutional / professional investors use only.","page_number":3,"box":{"x":76,"y":71,"width":269,"height":8}},{"id":"3ad291a4-9d52-414f-b00f-04fca7f150ab","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":"ff0f0828-5b0f-4f90-b426-cdcab5a81b8a","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":"a1f5e593-0025-452a-8233-b9d0701112be","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":"f073e3d1-19e1-46e6-a72b-7b351e3a2aac","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":"132ca611-e922-43bc-a816-aa14a2c95de0","block_type":"box","text":"its affiliates such as the Truview","page_number":3,"box":{"x":696,"y":137,"width":192,"height":7}},{"id":"726f4ff2-ff2d-4b61-a1d6-c5379cb4ec01","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":"b1b38420-5169-410f-a228-7eb9fcf9d992","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":"e80eb2f2-5548-49e9-8743-79109600852e","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":"ecc6d8a6-31a6-4ad8-95b8-5715a9bc0fad","block_type":"box","text":"deviations from other ESG data sources.","page_number":3,"box":{"x":76,"y":176,"width":242,"height":7}},{"id":"9b81edea-de27-41b2-9737-ed0fb29db7d1","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":"e10ab712-feac-4034-b055-5e02a63a296d","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":"eaccf252-f460-48e3-b285-7bbd44750ca5","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":"55279f67-ea77-46c1-beb2-b1465d51d6f6","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":"fdde293d-75da-44ea-868f-ea952f846999","block_type":"box","text":"projected.","page_number":3,"box":{"x":76,"y":229,"width":53,"height":8}},{"id":"85cbe56b-fd4f-4bfa-ad39-a78d750c9be7","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":"284a3fbc-5aa1-4bc7-8b74-8bebca62b365","block_type":"box","text":"Further details regarding particular data","page_number":3,"box":{"x":693,"y":247,"width":219,"height":8}},{"id":"d3c89d4b-1362-4133-b2ea-95ce44f84b01","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":"c7aa0820-9fb7-4712-9e07-0f88834ef650","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":"d38356ef-cc6e-4598-b5b9-dde79d4ffe95","block_type":"box","text":"portfolio of securities which include such companies.","page_number":3,"box":{"x":76,"y":290,"width":291,"height":9}},{"id":"95a6f1f5-0761-49aa-8be8-50d7e01d5679","block_type":"box","text":"A","page_number":3,"box":{"x":371,"y":291,"width":8,"height":6}},{"id":"b24b937b-23ac-48af-976d-8487e05f26b9","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":"ba51e39c-531f-46f7-a7d8-a5f08d2adb16","block_type":"box","text":"underperform the market as a whole.","page_number":3,"box":{"x":76,"y":304,"width":204,"height":8}},{"id":"aab8610a-6160-4a05-a8e3-4392ab0f1ab8","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":"8808de75-1907-4c32-8bb0-4d4b1b945eb3","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":"2687cbb9-ae72-4352-8fc1-87987ab60963","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":"19e4fb90-416e-45f3-8ede-d431de3394d7","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":"dc288696-46f9-4787-b696-d82bbb6ad352","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":"1104fab0-8e9a-48cc-a8dc-73b5e89eef51","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":"166001d8-6a94-447f-b828-3ed65fd075df","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":"1baa9adf-6da4-4d31-affb-c17b0ec27404","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":"5856d5e4-054b-45c5-9176-8eb1595f85e9","block_type":"box","text":"and is classified as a","page_number":3,"box":{"x":731,"y":422,"width":125,"height":7}},{"id":"30873d32-f9f4-4ed8-8fcd-88e2714c3052","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":"4305b400-189e-44c2-8f5b-1d3d2133c066","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":"37dbc7c8-ec83-4f86-a150-00b7ba65b2a1","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":"4449db16-e953-4fa6-96bb-2d4b342a1b4c","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":"580b7862-b086-4824-977b-9752d1b0b7f3","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":"4b08d4ac-b19f-4b51-8245-09c788a51b96","block_type":"box","text":"the","page_number":3,"box":{"x":75,"y":523,"width":17,"height":6}},{"id":"f79ed90a-1f06-4ae2-971e-a011b41a7def","block_type":"box","text":"relevant constitutional documents.","page_number":3,"box":{"x":97,"y":523,"width":188,"height":6}},{"id":"1f223f36-2bb0-4de6-9fdb-d7f37e4b1e6e","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":"fac3bf61-377a-4589-ad9e-401949af4c33","block_type":"box","text":"a","page_number":3,"box":{"x":76,"y":562,"width":6,"height":4}},{"id":"75659199-118b-404d-beef-8591739f7a80","block_type":"box","text":"member of the State Street group of companies. 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