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Negative emissions are limited.","page_number":1,"box":{"x":76,"y":886,"width":387,"height":8}},{"id":"a3c4cf72-266e-4055-b716-cc88bca2050b","block_type":"box","text":"- Hothouse world scenario: Nationally Determined Contributions (NDCs, 3°C): the NDC scenario includes all nationally pledged targets even if not yet","page_number":1,"box":{"x":76,"y":900,"width":829,"height":9}},{"id":"069bd71e-c81d-4046-b34b-b58b54fd2539","block_type":"box","text":"State Street Global Advisors","page_number":1,"box":{"x":76,"y":934,"width":158,"height":7}},{"id":"02b3c6c7-0afc-4ace-b6a0-4e1331e5c8b8","block_type":"box","text":"Report ID: 4646271.1","page_number":1,"box":{"x":257,"y":935,"width":109,"height":7}},{"id":"d06c8b0e-3666-4329-a719-23f7f891200e","block_type":"box","text":"Published: 28 Mar 2025","page_number":1,"box":{"x":391,"y":935,"width":122,"height":6}},{"id":"cc1352ab-54cd-46b0-9f60-6e44ee48a39a","block_type":"box","text":"Page","page_number":1,"box":{"x":859,"y":934,"width":26,"height":8}},{"id":"cd1c5a6a-23c2-4129-8423-907dac4e6865","block_type":"box","text":"1","page_number":1,"box":{"x":893,"y":934,"width":3,"height":6}},{"id":"ec432270-3f8e-40f7-934e-bd929d65179b","block_type":"box","text":"of","page_number":1,"box":{"x":905,"y":934,"width":10,"height":6}},{"id":"2470f402-2807-4027-8f9e-6b3a98788ebb","block_type":"box","text":"6","page_number":1,"box":{"x":918,"y":934,"width":6,"height":6}},{"id":"0a085e85-8b9f-4537-95b8-247eccc174b8","block_type":"box","text":"backed up by implemented effective policies.","page_number":2,"box":{"x":76,"y":48,"width":248,"height":8}},{"id":"f156b0ba-f3cc-4b05-9ca1-beaf4b5fcf7f","block_type":"box","text":"These scenarios are based on complex modelling of the Earth’s physical and socioeconomic systems, and it is considered challenging to convert these","page_number":2,"box":{"x":75,"y":71,"width":841,"height":9}},{"id":"ccc1fe25-4006-4b22-b414-5c4ef2b48d97","block_type":"box","text":"into quantitative return implications for portfolios. 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":"821616eb-bd9f-4aa7-99d5-8d1b5e87c00d","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":"9604258f-78f5-4bc1-b656-de5beca185c4","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":"01913f6b-b05f-4edf-a6ab-8e6b2b137292","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":"1112b594-2750-4920-8c8c-333ce88fd91d","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":"abc4ecb8-69bf-4890-ad81-7a671bf639af","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":"fbbbfeb2-64a0-4d96-90c7-7cea5c2851dd","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":"fbeaa3f9-b8db-4c09-9416-d2792361040a","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":"63165e99-9ec4-47f1-a5a2-819504d15b8a","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":"484e9db2-9387-4cd6-8f8f-e556d08a15f8","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":"eeb7ed07-7575-49f3-ab54-1b6bf964c435","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":"f31ce4f8-f499-4501-a93f-454ab5676a58","block_type":"box","text":"opportunities vary within sectors.","page_number":2,"box":{"x":76,"y":261,"width":181,"height":9}},{"id":"e8ba79f7-e469-48fd-8b24-5999b1c1916a","block_type":"box","text":"Sources:","page_number":2,"box":{"x":76,"y":285,"width":48,"height":7}},{"id":"7e3a8860-0778-4869-8d10-8c8cc0ac730c","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":"2560e492-79ef-4d96-94e5-7ed9bd8449e4","block_type":"box","text":"MSCI","page_number":2,"box":{"x":76,"y":314,"width":29,"height":6}},{"id":"2b742446-2263-420c-acd4-9456eefcb583","block_type":"box","text":"Climate Scenario Alignment","page_number":2,"box":{"x":76,"y":358,"width":244,"height":13}},{"id":"023641bd-4df3-4840-8461-fb5ed89fb173","block_type":"box","text":"Coverage: 99.81%","page_number":2,"box":{"x":812,"y":360,"width":110,"height":9}},{"id":"aa7f18fc-39a4-49e2-ab0a-c44ec87b29f3","block_type":"box","text":"The HSBC Islamic Equity Index Sub-Fund has an Implied Temperature Rise increase of:","page_number":2,"box":{"x":75,"y":387,"width":590,"height":10}},{"id":"6b74c245-8a7d-4ce0-8ae3-66f22c9f03d0","block_type":"box","text":"3.54°C","page_number":2,"box":{"x":423,"y":412,"width":167,"height":27}},{"id":"c40200a1-59cc-47b6-8875-4e3615dbeb79","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":"6fa4c9f7-8b9d-4f84-8003-4318c3e2d7a5","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":"0a1ccaa8-d4f7-47f6-bb23-5b029d7115c8","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":"b6d07964-5e88-4993-b41c-f8858a31f0a2","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":"fe1e4f80-2a4f-402c-8822-f4f878044f2f","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":"6f395435-1495-48b8-b0e5-97946f1864b7","block_type":"box","text":"methodologies continue to evolve and mature.","page_number":2,"box":{"x":76,"y":532,"width":307,"height":10}},{"id":"a8543919-7c1c-44da-89bf-0619e9ebcf9f","block_type":"box","text":"State Street Global Advisors","page_number":2,"box":{"x":76,"y":934,"width":158,"height":7}},{"id":"3f653d59-6969-4f12-abdf-0e37ba29006a","block_type":"box","text":"Report ID: 4646271.1","page_number":2,"box":{"x":257,"y":935,"width":109,"height":7}},{"id":"2d4f56ef-cae2-411e-acac-1275f454eb90","block_type":"box","text":"Published: 28 Mar 2025","page_number":2,"box":{"x":391,"y":935,"width":122,"height":6}},{"id":"0a349ae1-14de-40b7-bc3e-b4a2af7a9ea9","block_type":"box","text":"Page","page_number":2,"box":{"x":859,"y":934,"width":26,"height":8}},{"id":"45433eba-591c-4f59-a70b-54607695b79a","block_type":"box","text":"2","page_number":2,"box":{"x":892,"y":934,"width":6,"height":6}},{"id":"d6b3a3ac-8d04-4b0a-a398-3521f4479665","block_type":"box","text":"of","page_number":2,"box":{"x":905,"y":934,"width":10,"height":6}},{"id":"031b1185-c378-4165-bfcf-6455a65f7c6e","block_type":"box","text":"6","page_number":2,"box":{"x":918,"y":934,"width":6,"height":6}},{"id":"7d7d8f4a-e42c-43f9-bf9d-d8bc229d370e","block_type":"box","text":"Marketing Communication","page_number":3,"box":{"x":76,"y":35,"width":156,"height":8}},{"id":"d0e8c303-c715-4e08-864a-6ae3b94ef19b","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":"1bf245a4-7117-4682-9938-f753d2724e62","block_type":"box","text":"For institutional / professional investors use only.","page_number":3,"box":{"x":76,"y":71,"width":269,"height":8}},{"id":"0acd7133-16fc-465b-bc85-6772d2f893dc","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":"de729c62-87ac-4ac4-a3a9-a68dc2c679a3","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":"0135dee7-7612-4b78-95ab-b77428a3c766","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":"81db51a3-e2a9-4bbc-ae5b-651e38e6ac8f","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":"962f03bf-1012-4d4a-86ee-cd509d386ebf","block_type":"box","text":"its affiliates such as the Truview","page_number":3,"box":{"x":696,"y":137,"width":192,"height":7}},{"id":"a29a03ce-4c09-4525-aaa0-4fd83d089034","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":"1049d87c-d321-4c0c-b1d2-6daeb1a230ed","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":"372bd3b2-c674-448b-8989-f43acac54d1d","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":"cc9f7b32-c4ac-4234-91d8-b26dda3415ac","block_type":"box","text":"deviations from other ESG data sources.","page_number":3,"box":{"x":76,"y":176,"width":242,"height":7}},{"id":"1767917b-00a3-4186-a2fd-b53fc64f57c4","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":"19327a3f-966c-40c3-91fd-4275cb30fd23","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":"9fc7c34e-e623-4385-ba99-9acca2aa6717","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":"08621ab0-6e12-49ac-8856-41c8890900fd","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":"f8af7093-7fe0-4dbc-b43c-c2358e60452e","block_type":"box","text":"projected.","page_number":3,"box":{"x":76,"y":229,"width":53,"height":8}},{"id":"dc674e49-ce6c-4e09-a6fc-5d8f8e4c8a67","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":"8538d4cb-9eda-4c02-b692-b70f81eba3b2","block_type":"box","text":"Further details regarding particular data","page_number":3,"box":{"x":693,"y":247,"width":219,"height":8}},{"id":"27b810f2-2d45-430e-be48-6a2cf4ee309a","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":"a4379998-072d-4fa9-889d-37fcf59a4f20","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":"b3ce9390-4735-4c23-a2a2-5d3c8d79e9ec","block_type":"box","text":"portfolio of securities which include such companies.","page_number":3,"box":{"x":76,"y":290,"width":291,"height":9}},{"id":"66a5e1a1-81ed-4bbd-8663-4811d3f9cd2e","block_type":"box","text":"A","page_number":3,"box":{"x":371,"y":291,"width":8,"height":6}},{"id":"e010d01a-5d46-4481-b751-d503a65eba3a","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":"a63634e9-1bb3-4d63-bc2e-3d2828d7c674","block_type":"box","text":"underperform the market as a whole.","page_number":3,"box":{"x":76,"y":304,"width":204,"height":8}},{"id":"58642e5b-fd54-4706-b85c-a2d981dd6931","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":"8ba89d2a-ca15-4788-a36c-37df26cc2f91","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":"888de10d-a7da-47a1-b1ba-5de805948762","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":"f7a3e4c8-c28b-4200-913a-77e32166ac1b","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":"a91401b1-7c01-45ba-9bc8-60850b7bba81","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":"86640d81-af55-4f92-9332-5bc3fe5f0d0c","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":"88868caa-f1c8-434d-b660-4746e92b8541","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":"a0b72ccb-58c2-47e7-b687-de5d3c9d8a81","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":"bade8cd2-e74a-4aa3-a560-5b118ebf46da","block_type":"box","text":"and is classified as a","page_number":3,"box":{"x":731,"y":422,"width":125,"height":7}},{"id":"9ace4ed8-8517-4e62-b982-a20c86d515eb","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":"7d4afb7a-aa76-4419-9fea-2750b17cc144","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":"2f5a7cc1-fac6-44a9-998d-6bd91fc58642","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":"eebc282c-f1a7-4774-8cd2-aa508595b990","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":"a563498d-e0d1-4790-ae34-4d89f3c6dab9","block_type":"box","text":"Investment through separately managed mandates is subject to the investment management agreement. 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This document should not be construed as an invitation or inducement to engage in investment","page_number":3,"box":{"x":86,"y":560,"width":800,"height":8}},{"id":"f96f2c64-a74a-4267-bb94-b66a53b6057b","block_type":"box","text":"activity.","page_number":3,"box":{"x":76,"y":573,"width":40,"height":8}},{"id":"f4c1fdc9-86ff-437c-9c90-90c3ba632b3f","block_type":"box","text":"The Managed Pension Fund is available to pension schemes (including overseas schemes) registered with HM Revenue and Customs for the","page_number":3,"box":{"x":121,"y":573,"width":789,"height":8}},{"id":"dc94d691-0d56-4e16-89e1-a5f8c6057c46","block_type":"box","text":"purposes of Chapter 2 of Part IV of the Finance Act 2004. In particular scheme members should consult with their employer or scheme trustee. 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