Capital Allocation

We see a compelling opportunity to direct capital toward the net zero transition. The GCE Strategy targets companies driving or enabling this shift, using a high-conviction, research-
led approach.

We focus on:

Operation leaders – companies actively transforming their operations and value chains to thrive
in a low-carbon, warmer world, identified using our proprietary Transition Risk (T-Risk) Framework.
Climate solutions providers – companies generating at least 20% of revenue from products and services that mitigate or adapt to climate change.

This focus positions the strategy to capture both resilience and innovation in the climate transition.

This translates to investment themes, which have alignment with the principles of the following sustainable development goals:

Portfolio Holdings Overview

The graph presents the classification of strategy holdings as at 31/12/2025, illustrating whether holdings are categorised as operational leaders or climate solutions providers, and indicating alignment with Sustainable Development Goals 7 or 13.

The table below highlights a selection of GCE Strategy holdings to illustrate our climate rationales and core investment themes. These examples are representative, not exhaustive: all portfolio holdings are deliberately selected for their distinct contribution to the climate transition, consistent with our high‑conviction, research‑led approach and focus on companies capable of supporting measurable progress towards the climate transition.

Security Description	Climate Rationale
Name: AstraZeneca Holding Classification: Operations	AstraZeneca is investable as an operations name due to its strong transition strategy and clear progress in decarbonising its own operations and value chain. The company is transforming its footprint through science‑based targets, large‑scale renewable energy adoption, next‑generation low‑GWP propellants and supplier decarbonisation initiatives. These efforts position AstraZeneca as an operational transition leader – driving material emissions reductions in the pharmaceutical industry.
Name: BYD Holding Classification: Solutions	BYD is a strong climate‑solutions investment given its leadership across multiple technologies essential to the electrification and decarbonisation of transport and power systems. As the world’s largest NEV manufacturer and a major global battery producer, BYD enables the shift to electric mobility through expansive EV, bus and truck platforms, while its advanced LFP and Blade battery technologies support safer, lower‑cost energy storage. The company also provides high‑efficiency solar modules and rail transit solutions, together offering an integrated suite of clean energy and mobility technologies that underpin the low‑carbon transition.
Name: Linde Holding Classification: Solutions	Linde is a strong climate‑solutions investment due to its central role in enabling decarbonisation across hard‑to‑abate sectors. As a leading industrial gases provider, its technologies support efficiency and emissions reductions in semiconductors, manufacturing and chemicals. Linde is also advancing lower‑carbon hydrogen through blue and green production pathways, providing essential infrastructure for cleaner industrial processes, transport applications and utility decarbonisation. Together, these capabilities position Linde as a key contributor to the low‑carbon transition.
Name: Procter & Gamble Holding Classification: Operations	P&G faces substantial transition and physical climate risks, including exposure to carbon pricing across its value chain and vulnerability to severe weather and water stress. This underscores the importance of going beyond its SBTi‑validated Scope 1 and 2 target (63% reduction) by also committing to a 40–50% reduction in Scope 3 emissions by 2030. In parallel, P&G is advancing climate‑mitigating product innovation – from detergents enabling energy‑saving cold‑water washing to hybrid reusable/disposable nappies – further reinforcing its position as an operations‑focused transition leader.
Name: Public Service Enterprise Group Holding Classification: Solutions	PSEG is a strong climate‑solutions investment due to its role in enabling the electrification of the economy through its electricity transmission and distribution infrastructure. Its networks are essential for integrating clean energy, supporting electrified transport and reducing reliance on fossil fuels. By investing in grid modernisation and resilience, PSEG provides the foundational services needed to expand renewable generation and deliver a more reliable, low‑carbon energy system.
Name: Schneider Electric Holding Classification: Solutions	Schneider is a key climate‑solutions provider through its portfolio of electrical and automation technologies that improve energy efficiency across data centres, buildings and power grids. Its digital automation and industrial control systems further reduce energy use in manufacturing, supporting decarbonisation across multiple sectors. While production remains energy intensive, Schneider’s commitment to a net‑zero target across its entire value chain by 2050 reinforces the credibility of its transition and strengthens its role as an essential enabler of a more efficient, electrified energy system.
Name: Sony Group Holding Classification: Operations	Sony is investable as an operations leader due to its robust, lifecycle‑wide climate strategy and accelerated net‑zero ambition. The company targets net‑zero emissions across its value chain by 2040, supported by RE100 commitments, product‑level energy efficiency improvements, and extensive supplier engagement to cut Scope 3 emissions. Sony is also addressing operational risks through renewable energy expansion, material efficiency, and circular design initiatives under its “Road to Zero” plan. Together, these measures reflect a coordinated decarbonisation effort across manufacturing, logistics, and product use, validating Sony’s position as a credible operational transition leader rather than a direct climate‑solution provider.
Name: Tetra Tech Holding Classification: Solutions	Tetra Tech represents a strong climate‑solutions investment due to its core focus on climate adaptation and resilience. The company delivers technical and systemic capabilities spanning risk assessment, resilient infrastructure design, nature‑based solutions, and climate‑smart urban and water management. Through global projects – from coastal protection in island states to climate‑ready infrastructure and disaster preparedness – Tetra Tech helps communities, ecosystems and institutions build long‑term resilience to physical climate risks, aligning closely with adaptation needs across sectors.
Name: Thermo Fisher Holding Classification: Operations	Thermo Fisher qualifies as an operations leader due to its comprehensive decarbonisation strategy and strong execution across Scope 1–3 emissions. The company has validated near‑term and net‑zero targets, aiming for a 50% reduction in Scope 1 and 2 emissions by 2030 and full value‑chain net zero by 2050, supported by rapid renewable energy adoption and fossil‑fuel‑free site transitions. With over 90% of emissions in the value chain, Thermo Fisher is actively engaging suppliers through science‑based target requirements and structured decarbonisation guidance. These actions demonstrate a credible and business‑integrated transition pathway, positioning the company as an operations-focused climate transition leader.
Name: Zoetis Holding Classification: Operations	Zoetis is investable as an operations leader due to its clear and well‑executed decarbonisation strategy, centred on achieving carbon‑neutral operations by 2030. The company has already reduced Scope 1 and 2 emissions by 36% (2021 base year), completed 28 energy‑efficiency projects in 2024, and now sources over 80% renewable electricity as it progresses toward its RE100 commitment. Zoetis is further strengthening its transition through fleet electrification, on‑site renewables, enhanced supply‑chain resilience, and expanding Scope 3 measurement – together demonstrating a credible, operations‑focused pathway aligned with a low‑carbon economy.
As of: 31/12/2025 The information provided is for illustrative purposes only and should not be construed as an investment recommendation.

Portfolio KPIs

2025 Data Summary Table		Global Climate Equity Strategy			MSCI ACWI
2025 Data Summary Table		Dec 2023	Dec 2024	Dec 2025	Dec 2023	Dec 2024	Dec 2025
Fossil Fuels	Percentage of companies with fossil fuel exposure⁶	0.0	5.3	9.8	11.5	14.5	16.9
Carbon Emissions	Weighted average intensity (tCO_²e/$M sales)	101.4	111.2	105.3	128.7	113.6	111.2
Carbon Emissions	Carbon footprint (tCO2e/$M invested)	21.8	25.6	22.9	54.8	41.8	39.5
Climate Governance	Percentage of companies with a CDP score >B	65.7	78.9	61.0	35.4	45.1	41.0
Climate Governance	Percentage of companies with SBTi ambitions⁷	71.0	68.4	78.0	28.80	35.6	34.7
Stewardship	Voting percentage⁸	96.0	97.0	100.0
As of date: 31/12/2025 Source: Aladdin & MSCI

Data Consistency Note
In 2024, we updated our data aggregation methodology and introduced new input sources for all fossil fuel-related data. While the most recent data reflects these enhancements, historical figures for 2023 have been retained as previously reported. As a result, some year-on-year comparisons may be affected.
⁶ Fossil fuel exposure defined as companies with an industrial tie to fossil fuels (thermal coal, oil and gas), in particular reserve ownership, related
revenues and power generation.
⁷ SBTi ambitions includes validated SBTs or commitment to achieve validated SBTs.
⁸The percent of Strategy holdings we have exercised our voting rights on. Due to conflict of interest, in 2023 and 2024 we were unable to vote against all holdings as the GCE had investments in Aviva Investor Funds.

The increase in fossil fuel exposure between 2024 and 2025 reflects the expansion of fossil fuel‑related business activities within two existing holdings, Siemens and United Rentals, as identified through MSCI. The strategy will engage with both companies in 2026 to understand the scale, rationale and expected trajectory of this exposure, and to assess alignment with their decarbonisation commitments.

In 2025, fewer companies in both the portfolio and benchmark achieved a CDP score of B or above. Our engagements suggest this reflects higher investor expectations, streamlined disclosure practices and a shift towards ISSB‑aligned reporting. We continue to value CDP as a key externally validated tool for cross‑sector comparability and assessing transition credibility.