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Climate change. It's the most pressing issue of our time. The impacts on planet and people are causing tremendous losses, environmental social and also financial. We're not on track to limit global warming to 1.5 °C or even 2.0. The level set by the Paris Agreement to preserve a sustainable future.

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Achieving these goals requires delivering on a €90 trillion funding gap from now through 2050 which government commitments and spending alone cannot address yet. There is reason for optimism. According to the IPCC, the solutions and technologies needed to drive decarbonisation already exist much of it from the private sector. Climate innovation just needs to be harnessed and scaled.

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We think climate innovation offers three compelling opportunities for investors to profit from accelerating structural growth, driving from climate solutions to provide and direct capital to companies producing the most impactful technologies and to participate in a more sustainable society. Companies are no longer just sources of emissions. In fact, they are becoming the enable

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of solutions we can invest in beyond just low carbon or clean technology to take advantage of climate innovation in whatever sectors or geographies where it is taking place. This is a new cap back cycle emerging after years of under investments, spurred by both a desire to address climate risk as well as a renewed focus on energy security.

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Our concentrated global actively managed portfolio combines rigorous fundamental analysis with New Beger Berman's recognized leadership in ESG investing. This allows us to capture alpha all along the technology maturity curve without holding spanning the following

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entrenched technologies demonstrating cost parity with existing fossil fuel sources while continuing to build scale such as utility scale solar and onshore wind

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expanding technologies which are already commercially viable but are still experiencing rapidly declining cost curves that show further penetration like EVs

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and emerging technologies which are just beginning to be commercially viable but will prove critical in decarbonisation pathways such as carbon capture and storage.

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The time to invest in climate innovation is now we need to double if not triple the level of annual investment taking place to combat climate change by accelerating the adoption of scalable cost effective climate solutions. And we believe our approach can help investors capture today the opportunities that afford us a greener tomorrow.