TCFD REPORT 2021 TACKLING CLIMATE CHANGE 28 PUTTING CLIMATE AT THE HEART OF OUR BUSINESS STRATEGY Specialist infrastructure asset manager, Vauban Infrastructures Partners  (€5bn in assets under management as of 12/31/2020), integrates the growing need for decarbonization and adaptation to climate change into its investment strategy to develop resilient infrastructure. Vauban IP excludes the entire fossil fuel sector from its investment scope while the carbon footprint of the assets (scopes 1, 2 and 3) is annuallyassessed. Thefirmiscommittedtooffsettingitsowncarbonemissions. Since 2016, French private equity player, Naxicap Partners (€4bn in assets under management as of 12/31/2020) has committed to the French Initiative Climat International (iCi) program, which in turn, has been backed by the United Nations Principles for Responsible Investment (UN-PRI) since 2019. The iCi network brings together international private equity players committed to the fight against climate change and alignment with the Paris Agreement targets. As a signatory, Naxicap is committed to (i) taking into account climate challenges throughout the investment period, (ii) progressively measuring the carbon footprint of the portfolio for companies for which this issue is material, and (iii) defining an action plan in conjunction with company top management to reduce emissions and adapt to climate change. Loomis Sayles (€284bn in assets under management as of 12/31/2020) has integrated climate-related challenges into its asset management strategy since 2020 with a focus on two guiding principles. First, any material challenge is a key component in investment decisions for all asset classes. Second, the climate theme is addressed through direct issuer engagement. Loomis Sayles has also worked on integrating climate scenario analysis into its asset management. Harris Associates (€85bn in assets under management as of 12/31/2020) considers each individual asset management climate risk in the context of sectorand company- specific material exposure. The company conducts issuer analyses by factoring in the impact of current and future climate regulations in addition to growth opportunities inspecificsectorssuchascleanenergy. The purpose of NIM Solutions (€59bn in assets under management as of 12/31/2020) isto deliver tailored solutions to its clients which are selected from NIM affiliates’ palette of asset management products and strategies. As of end- 2020, NIM Solutions has leveraged S&P Trucost’s climate data to offer holistic support to clients in their efforts to measure and integrate climate criteria into their investment decision-making. This has resulted in the rollout of multiple services: • portfolio analysis to assess the status of client portfolios (carbon intensity, Paris Agreementalignment,physicalrisk,transitionrisk); • climate criteria integration to develop investment solutions: strategic allocation, investment vehicle selection as well as multi-asset class, structured and/or carbon offsetting products; • non-financial reporting:  carbon emission measures, carbon intensity and portfolio temperatures,ensuringclientinvestmenttransparencyfromaclientperspective;; • methodological R&D in a sector where convergence between standards and practices is vital. In collaboration with S&P Trucost, NIM Solutions plans to publish a white paper to promote a common analytical framework to analyze Paris Agreement alignment with respect to multi-asset class portfolios. NIM Solutions: new client services focused on climate challenges