Transition climate risks and opportunities that could Horizon of Identified risks Identified opportunities impact an entity’s business model and strategy materiality over the short, medium and long term ■ Challenges and increasing ■ Business and investment costs related to the access to opportunities created by Technological robust climate impact data emerging technologies The approach to climate-related risks and Medium to long term ■ Increasing data reporting ■ Improved services to our opportunities could have a material impact on risks & requirements clients based on more the Group’s market position and reputation. The opportunities adequate data strategies developed in the different elements of our business model take this into consideration. To better understand the impact of and expectations ■ Poor management of climate- ■ Additional investment related investment risks performance and resilience around its climate-related risks and opportunities, Market in portfolio could lead to of “climate-supporting” the Group (i) conducts an annual review of its Medium term unanticipated losses investments Incr ■ Speculative bubbles can ■ Development of offerings and third party ESG ratings, (ii) implements ad-hoc e analyses of investment portfolios it holds on risks & emerge from the redirection services to support the low asing per opportunities of financial flows carbon transition behalf of its clients as part of the Group’s approach c to Responsible Investment and, (iii) conducts an eived le annual stakeholder relevance assessment of sustainability issues. ■ Increasing costs related ■ Regulations will improve Policy and to compliance with future climate disclosure and create vel of mat From our point of view, climate risks are not disclosure regulations level playing field deemed to have a material impact on credit, litigation ■ Legal actions intended by ■ Business opportunities Short to medium term liquidity and market risk relating to the Group’s investors or regulators for relating to supporting our eriality risks & potential non-compliance clients in adapting to new balance sheet activities. opportunities with regulation regulations ■ Perceived lack of ambition ■ Opportunity to support the and / or credibility can lead to businesses’ value proposition Reputational client losses and challenges and enhance relationships in talent retention with clients Short to medium term ■ Insufficient controls ■ Reinforcement of positioning: risks & around ESG claims could long term perspective opportunities lead to accusations that can jeopardise the Group’s reputation