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Climate Impact Report November 2022

Table of contents Introduction 3 1. Group vision 4 1.1. Sustainability commitment as a key pillar of Group strategy 4 1.2. Transition to a low carbon economy as a sustainability priority 5 2. Governance 6 2.1. Sustainability addressed across all relevant governance bodies 6 3. Risk assessment 8 3.1. Material climate-related risks and opportunities 8 4. Strategy 10 4.1. Playing an active role as a “transition player” 10 4.2. Integration of climate considerations in our business lines 11 4.3. Integration of climate considerations in our operations 14 5. Metrics and targets 16

Introduction In 2021 and 2022, the informed decisions. That is Intergovernmental Panel on Climate why the Group supports the Change (IPCC) published its sixth recommendations of the Task assessment report on climate change, Force on Climate-related Financial reiterating the emergency related to Disclosures (TCFD) and aims to The risk of Global impact of the increased anthropogenic greenhouse continue to develop its assessment business transition to a low carbon gas emissions. of the potential impact of climate as usual economy International institutions and change on its business, and its supervisors also warn about the businesses’ impact on a changing According to the IPCC**, the Achieving the transformation potential disruption and impact climate. current trajectory of economic of the global economy to activity will lead to an increase reduce greenhouse gas that climate change can have on In this report, we would like in temperature that will impact emissions and their effect the global economy. The European to present the key elements economic players in their on the climate will require Central Bank identifies climate change constituting our strategy operations and throughout transformation of production as a key risk driver for the euro area to manage climate-related their value chain. and consumption patterns. banking system and recommends risks and seize opportunities Anticipating the consequences Identifying the impact on this is considered in business risk resulting from the low an increased temperature our clients’ and investee management processes*. carbon transition of the could have on our businesses companies’ markets and their and our clients will improve business models will be crucial Rothschild & Co recognises that global economy, as well our resilience and our ability to in the coming decades. climate-related physical and as the key actions we service clients. transition risks have the potential have taken so far with the to destabilise the global economy, aim to mitigate these risks leading to unexpected market for our business and our changes. stakeholders. We believe that improved climate disclosure can lead to better * https://www.bankingsupervision.europa.eu/ ** AR6, IPCC, 2022

. Group vision .. Sustainability commitment as a key pillar in our Group strategy  countries Having been at the centre of the world’s financial markets for over 200 Our long-term ambition to use our influence and expertise to support years, our expertise, intellectual capital and global network enable us the sustainability transition of the global economy is a key pillar  locations to provide a distinct perspective that makes a meaningful difference to of the Group strategy and as such fundamental to delivering our our clients, communities and planet. business model. , employees Supporting the sustainability transition is key to our business model Values-driven culture Three established businesses Key differentiators We promote a culture of One Group consisting of three responsible business and long- established businesses Long-term view People-centric Unique brand heritage term value creation for our clients, ■ Family controlled ■ Breadth of experience ■ Strong credibility stakeholders and investors Merchant ■ Strong capital position ■ Deep know-how ■ High affiliation Global Advisory Banking ■ Enduring client ■ Partnership culture Thoughtful relationships ■ Well-connected We provide advice in We are the investment Considered M&A, Strategic Advisory arm of the Group and Financing Advisory, deploying the firm’s and Strategic encompassing: Restructuring, third parties’ capital in Long-term Debt Advisory and Equity private equity and Business aligned strategy Advisory. Our clients private debt include corporations, Global Reach opportunities, Principled private equity, alongside a select Focus Growth Value-creation Strong returns Sustainability Local Presence ambition families, set of leading Build strong Growth across Three Effective use of Responsible entrepreneurs and Family institutional and market positions our three established capital generates Use our influence Empathetic governments. Controlled private investors. and expertise businesses, both businesses with long-term and expertise around our three organically and strong synergies profit growth, to support the Committed core businesses through targeted between them supporting our sustainability Wealth and Asset Management acquisitions, focused on progressive transition of the mitigating sustainable dividend policy global economy Creative We invest, structure and safeguard assets, the impact of performance and Innovative creating innovative investment solutions cyclicality in our value creation to preserve and grow our markets Collaborative clients’ wealth. Entrepreneurial

.. Transition to a low carbon economy as a sustainability priority A common set of strategic priorities provides “At Rothschild & Co, we want to use our influence and expertise to support the our Group with a clear focus and joint sustainability transition of the global economy.” ambition when integrating sustainability considerations across our business model, Rothschild & Co ESG priority framework including our: ■ direct operational impact; Environment (E) People and Society (S) Business Practices (G) ■ investment approaches in the Wealth & Asset Management, and Merchant Banking businesses; ■ transaction advice in the Global Advisory business, including dedicated ESG advisory expertise; ■ Support and contribute to ■ Champion diversity of ■ Safeguard responsible ■ client and mandate onboarding; gic priorities transition to a low carbon thought business conduct e economy ■ Ensure employee ■ engagement of other operational supply at Str ■ Preserve and protect wellbeing chain partners; and biodiversity ■ Work against inequality ■ approach to support for charities and social enterprises. ■ Carbon footprint ■ Diverse and inclusive talent pool ■ Compliance culture ational ■ Responsible consumption ■ Employee wellbeing and development ■ Data and cybersecurity ocus For Rothschild & Co, managing climate- f and resource use ■ Financial crime related risks and implementing actions Opper contributing to the transition to a low-carbon Wealth & Asset Management and Merchant Banking economy is both an operational and a long- Investment policies Stewardship and engagement Products and services term strategic challenge. ation Across the Group, we have started to identify M&A transaction advice Global Advisory Financing and Investor advisory the key levers to optimise the business’ contribution to the low-carbon transition of Bussiness line implement the economy. We have a continued focus Mandates/clients/supplier selection on building the teams, the tools and the processes to implement these plans. opic Donations/debt/investments R&CoGenerations Pro-bono advisory This report describes the key actions taken so activities far by Rothschild & Co to support the transition. Philanthr

. Governance .. Sustainability addressed across all relevant governance bodies Rothschild & Co takes into account Rothschild & Co’s sustainability governance (/) ainability risks and opportunities, sust including related to climate change both in its operations and its business activities. Involvement: independent and non-independent directors The Group’s governance set-up has assigned responsibility for sustainability matters at different levels of the organisation and Board supervision ■ A dedicated Sustainability Committee of the Supervisory Board meets at least twice a year and assists the has defined policy frameworks to ensure Supervisory Board in ensuring that the Group is positioned to best identify, and address opportunities and risks a comprehensive understanding and associated with climate change, including but not limited to the identification of non-financial risks, the monitoring management of their potential impacts on our and reviewing of strategic priorities, and progress made against targets set activity. ■ The sustainability strategy is presented to the Supervisory Board and discussed as part of the meetings of the Audit and We aim to integrate climate risk and Risk Committee of the Board opportunity considerations as one of the key strategic sustainability priorities at every level of our organisation and into the existing risk management framework. Involvement: Managing Partner (R&CoG), Members of the Group Executive Committee (GEC) A number of group policies define areas with direct and/or indirect exposure to potential environmental risks. Top management ■ The Managing Partner (R&CoG) determines the Group’s sustainability strategy, defines group-wide strategic direction priorities, including those related to climate change, as well as the Group’s ambition for sustainability integration into Group strategy ■ The GEC assists the Managing Partner in overseeing the implementation of group-wide strategic sustainability priorities across the businesses, including those related to climate change, to ensure appropriate consideration of risks and opportunities in the business lines

Rothschild & Co’s sustainability governance (/) Involvement: Group Sustainability, Responsible Investment, Risk, Legal and Compliance Functions Expert ■ The Group Responsible Investment Committee (RIC) advises the GEC on the development and oversight of the support teams group-wide ESG investment integration ■ A dedicated TCFD steering group, reporting to the RIC, focuses on the materiality of climate risks, with particular attention given to investment activities ■ The Environment, Health & Safety Committee advises the GEC on the development of group-wide policies aimed at limiting and reducing the impact of our business operations Involvement: Risk, Compliance, Responsible Investment and Sustainability contacts at entity level, divisional management Businesses ■ Divisional Management Committees are responsible for defining an ESG strategy aligned with group-wide integration priorities, including climate-related risks and opportunities ■ Business entities implemented processes to consider climate matters within their activities (e.g., integration in client onboarding procedures, exclusion policies for investment activities, monitoring of ESG KPIs), with the involvement of all relevant expert support teams

. Risk assessment .. Material climate-related risks and opportunities The Group undergoes an annual operational and strategic risk assessment process, which provides senior management with an objective assessment of the risks to which the Group is exposed and the measures to control Physical climate risks and opportunities Transition climate risks and opportunities them. The relevance and impact of our business on Source: gradual changes or natural disasters related to perturbated Source: socio-economic, regulatory or technological changes generated a changing climate is, amongst other risks, global natural cycles that could affect the Group’s operations or activities by the transition to a low-carbon economy that could affect the Group’s considered in the Group’s annual review of Time horizon: medium to long term operations or activities material non-financial risks. Rothschild & Co approach: Time horizon: short to long term To assess, in particular, the effect of climate ■ Operations: physical risks resulting from a changing climate are Rothschild & Co approach: change on our operations and activities, the considered as part of the group’s ongoing Business Continuity ■ Operations: transition risks are mainly related to the climate impact Group conducted several climate workshops assessments and planning of our operations and increased disclosure obligations with key stakeholders within our businesses ■ Activities: physical risk is one of the elements taken directly or ■ Activities: transition risks are relevant and considered in business and support functions. This approach led to indirectly into account in the ESG investment framework in the planning and product & service development the identification of the most material risks Wealth & Asset Management and Merchant Banking business resulting from a changing climate that have an effect on our business, and for which the deployment of mitigation actions are needed. In its climate risk assessment, the Group considers both physical and climate-related risks. Climate change integration in the Group risk management framework The Group has adopted a risk governance model that is applied across the Group’s businesses and requires that all of the business lines and functions establish processes for identifying, evaluating and managing the key risks faced by the Group, including climate-related ones. It is based on the concept of ‘three lines of defence’. This model distinguishes between functions owning and managing risks, functions overseeing risks and functions providing independent assurance.

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

. Strategy .. Playing an active role as a “transition player” In order to support the low-carbon transition of the global economy, we can Integration in our global frameworks share our expertise and use our influence as an investor and adviser to our clients, and lead by example in our own operations. ■ Climate risk management is embedded in the Group’s Global Risk Framework and Our approach to the low-carbon transition is reviewed alongside other risks in line with the group’s sustainability and risk governance Defining the “red lines” Integration in offering Engaging with counterparts n ■ Climate change is considered within the o materiality assessment of non-financial i Identifying business practices that are not Defining processes and identifying tools to Promoting the low-carbon transition through t a risks on an annual basis r compatible with the low carbon transition support the Group’s priorities discussions with our business partners g e t ■ Our investment teams implement investment ■ All our business lines integrate considerations ■ Direct and collective engagement with ■ Ambition to “Act for climate and preserve in policies linked to recognised databases and on how to support the sustainability transition companies to enhance the development of our planet” embedded in the Group e lin exposure thresholds (incl. low-carbon transition) into their offering climate best practices investor advocacy Responsible Investment Roadmap for 2025 s either as an additional element of analysis, or in (e.g. Climate 100+, NZAMI) s ■ Our Global Advisory business integrates e climate risk considerations in its client- and the form of bespoke services and/or products ■ Operational impact of the Group on in s mandate-onboarding processes ■ Our investment businesses integrate climate climate change is considered in its u B metrics in their investment decisions and Environment Policy reporting through scoring ■ The physical risks of climate change could pose for our business operations Operational impact Philanthropic impact Empowering our employees are considered in the Group’s Business In our own practices, the Group is aiming to lead Continuity assessments and plans k R&Co4Generations provides philanthropic Developing our employees’ climate knowledge to al by example through: support in the fight against the effects of climate better serve our clients: e t change: h ■ Operational GHG reduction pathway in line ■ The Rothschild & Co Sustainability Academy k t with a net-zero trajectory by 2030, including ■ Support to organisations working to combat provides basic climate training to all employees al investment in carbon removal projects the effects of inequalities and climate change W ■ Dedicated training sessions and climate ■ Engaging with supply chain partners through donations, investments and pro-bono workshops are organised to ensure a correct advisory understanding of climate-related challenges

.. Integration of climate considerations in our business lines Climate change integration in our Responsible Investment approach A new Responsible Investment Roadmap for  In 2022, Rothschild & Co’s investment businesses have developed and validated a new Responsible Investment Roadmap, including objectives and actions for how the business lines’ product and service offering could evolve further to serve the Group’s long-term ambition to support the sustainability transition of the global economy. Organised around three key pillars, this roadmap aims at setting a common direction and a minimum calendar that each entity can use to build its own action plan. Act for climate and preserve our planet Contribute to a more inclusive economy 1 2 Facilitate the orientation of financial flows towards sustainable investments 3

The first pillar of this roadmap is central to our climate-risk management approach. The main anticipated actions will be: ■ Support the transition through the selection of methodologies, tools and the implementation of investment and engagement policies with the potential to An enhanced offering gradually bring our investment solutions in line with the emission reduction trajectory envisaged in the Paris Agreement, including a focus on the impact Our investment activities are integrating climate change considerations in their of the most carbon intensive players in our portfolios offering and follow key performance metrics: ■ Improve climate transparency disclosures at product and entity-level ■ Asset Management Europe manages two “Net Zero” funds with an investment reporting strategy focused on the low carbon transition. Furthermore, the carbon footprint is monitored and disclosed for all their funds. Asset Management These objectives reinforce the existing framework that our investment businesses Europe is preparing its climate action plan and objective in line with their have implemented such as the investment principles related to the thermal coal commitment to the framework of the Net Zero Asset Manager Initiative sector*, or the best-in-class investment approach followed by most of our entities. The investment business lines’ reporting obligations and the indicators chosen ■ In 2021, Merchant Banking launched its impact fund “Five Arrows Sustainable internally as part of the implementation of MiFID ESG will enable us to better Investments”, aiming at financing the transition to a low-carbon economy. assess the performance of our investment solutions in terms of alignment with the Merchant Banking is currently working on the definition of a climate strategy trajectory of the Paris Agreement. relevant to their offering ■ Our Wealth Management business in the UK developed its “Exbury” strategy, Engagement at collective and direct levels which in addition to its return objective, actively invests in assets that support We are convinced that the transition to a low carbon economy and the mitigation the goals of the Paris Agreement (net zero global emissions by 2050) and the fair of the most significant climate-related risks cannot be driven only by individual transition to a lower carbon world actions. That is why our investment businesses have developed direct and ■ On its “Mosaique” funds, Rothschild & Co Bank AG monitors the “transition collective engagement actions to support investee companies in their score” of the companies they invest in transition pathway. ■ Direct engagement: Voting policy and discussions with companies in which the business invests are initiated to raise awareness for the Group’s expectations. For instance, in 2021 our Asset Management entity in Europe initiated a discussion on ESG considerations with 94 issuers** ■ Collective engagement: the investment businesses partner with other players to reinforce the promotion of an integrated ESG approach, or to take common commitment regarding sustainable practices (Climate 100+, Net Zero Asset Managers Initiative, IC International) * R&Co Investment principles related to thermal coal AM Europe, Engagement report 2021 ** R&Co Asset Management Europe, Engagement and Voting Report 2021

Climate change integration in our Global Advisory activities Climate change integration in our Banking activities Rothschild & Co recognizes the opportunity to optimise Investor Advisory and Investor Marketing utilise investor The majority of the Group’s loan book is Lombard lending, its value proposition and enhance relationships with its insights around ESG matters, enabling them to advise on loans against portfolios of financial assets held by clients which clients by proactively addressing climate-related risks and climate strategy, responses to climate-related shareholder are managed by the Group’s Wealth & Asset Management opportunities in our Global Advisory services. activism and say-on-climate resolutions. The Investor Advisory businesses, which are integrating climate change team continues to work closely with the Equity Advisory and considerations as set out above. Approach and offering Private Capital teams across the regions, integrating ESG considerations in the IPO and earlier funding processes The other (non-Lombard) lending is predominantly secured M&A can be a catalyst in the transition to a low carbon to help companies best position themselves to access on real estate, where various ESG metrics are considered. For economy. Clean energy, such as that generated by wind and sustainable capital with an integrated sustainable strategy. example, the UK commercial property lending team has been solar, plays a major role in the energy transition and efforts collecting data in relation to energy performance and flood risk to limit greenhouse gas (GHG) emissions globally and clean Managing environmental and social risks in relation to for each property financed and ESG risks are considered as part electricity, such as that generated by wind and solar, are clients and transactions of each credit proposal. increasingly providing a greater percentage of energy to grids. We continue to take a leading role as an advisor on We are actively managing risks related to our business transactions relating to renewables, other low carbon activities. The Group’s Client Due Diligence Policy provides technologies and wider energy transition solutions, making for potential reputational risks that may arise from various the firm one of the leading advisers on global sustainable M&A sources, including, but not limited to, the nature or purpose transactions*. of a proposed transaction or service, the identity, location or 2021 was an important year for the sustainable finance activities of a potential client and the regulatory or political market and we were able to sustain a leading position context in which the business will be transacted. in raising financing for renewable projects and making Processes for the identification and assessment of green and social projects investible. Investors are reassigning environmental and social risks relating to a proposed large amounts of money towards ESG transactions and transaction or service are integrated into the businesses’ ESG ratings are increasingly in focus for businesses seeking procedures at the point of onboarding a new client and/or sustainable finance which meet the relevant criteria and mandate. objectives. Our financing advisory practice works with clients on innovative sustainable financing products, such as sustainability linked loans and bonds, education bonds and green bonds, correlating to the ambitions and net-zero targets of the client’s business. * Source: Refinitiv, Sustainable Finance Review, Sustainable Target or Acquiror M&A: Financial Advisor League Table, by number of deals, Q1/2022

.. Integration of climate considerations in our operations In November 2021, the Group set a reduction target for its We also improve continuously our operational environmental operational GHG emissions of 30% by 2030 (from a 2018 baseline), management practices to limit the direct and indirect impact of our which is aligned with the trajectory of the Paris Agreement. This business operations by implementing initiatives such as minimising commitment builds on previous commitments to reduce operational materials use and promoting circular economy practices. In 2020, GHG emissions and presents an ambitious update to the first targets we implemented the Group Responsible Materials Use guidance set in 2019. document to help the procurement and use of sustainable materials The pledge requires the Group to make changes to the way it operates is embedded in the business. We have committed to procuring and reduce its GHG emissions by more than 80% of absolute scope renewable and sustainable energy to meet 100% of our electricity 1 + 2 emissions, and 24% per FTE of operational scope 3 emissions. requirements by 2025. In 2021, we have procured 91% renewable In parallel the Group is committed to remove all its residual operational electricity. emissions by 2030 through the financing of carbon sequestration projects. This target puts the Group on a pathway to net-zero operations. Operational management priorities To support these targets, we have set an internal price on carbon, which is charged to all business units annually. In 2021 we decided to raise our Internal Carbon Price (ICP) to €50 per tonne of CO2e. This Clear emission reduction pathway mechanism places a monetary value on operational greenhouse gases and is a way to responsibly influence emissions, including those ■ -30% operational GHG emissions by 2030 (vs 2018) linked to travel. We recognise that meeting with clients is an integral ■ 100% electricity from renewable sources by 2025 part of our service and one that we recognise can increase the amount of GHG emissions released through business-related activities. We carefully monitor business travel and report business travel emissions in our scope 3 reporting. Whilst we expect a rebound in GHG emissions caused by a likely uptake in travel routines and use of office space once the pandemic impact on business activities decreases, we are From compensation to neutralisation of our GHG emissions conscious of limiting this rebound effect by seeking to capitalise ■ Compensation for scope 1, 2 and 3 emissions through a on longer term changes to working patterns and travel behaviour balanced portfolio of certified carbon offsets compared to pre-pandemic environment. To help reduce emissions, employees have access to video conferencing systems and c.120 ■ Shi from offsetting operational GHG emissions with avoidance dedicated video conferencing rooms are available across the Group. credits towards active carbon removal

Physical risks management Climate-related physical effects, such as those resulting from extreme weather events, have the potential to operationally disrupt business activities and impact livelihoods. An exercise aimed at identifying exposure of individual offices to the physical effects of extreme weather, the frequency of which is increasing due to a rapidly changing climate, is ongoing as part of the Group’s Business Continuity programme. Transition risks management Operational transition effects are likely to affect the Group’s operations in the form of, amongst others: expanded legal and compliance requirements, change in costs for energy and carbon offsetting, as well as reputational considerations. As a result of these climate-related impacts on its operations, the Group has implemented actions to monitor operational legal and regulatory requirements for all its offices; and minimise / neutralise its operational impact on a changing climate and proactively pursue operational adaptation opportunities. Supporting the low carbon transition in our supply chain The Group has formalised its expectations in a dedicated Supplier Code of Conduct, applicable to third parties who supply goods or services to the Group. The Code clarifies for its suppliers its expectations, including the requirement to conduct operations in a manner that is mindful of and proactively addresses their environmental impact. The Group has also implemented a group-wide Responsible Material Use guidance document aimed at reducing consumables, tracking their use and sourcing them responsibly.

. Metrics and targets .. Operational impact metrics (1) The most material climate-related risk is related to the Group’s Climate metrics for our operations reputation. A set of key impact metrics demonstrating our efforts related to climate change are closely monitored (2) Thereof business travel-related emissions (tCO eq)(2) Total GHG emissions (tCO2 eq) 2 by relevant governing bodies. Responding to arising risks, additional metrics will be added to this framework in the 29,711.2 coming months to ensure the Group is able to react to climate- Scope 1 related challenges in a timely and appropriate manner. 27,613.3 Scope 2 21,466.0 20,189.5 ■ Operations – as part of the ESG Management Reporting, key 10,799.9 Scope 3 operational metrics are reported quarterly to the Managing 8771.5 Partner, the Group Executive Committee as well as the 4,609.7 divisional Committees, and bi-annually to the Sustainability 2,541.5 Committee of the Board 2018 2019 2020 2021 2018 2019 2020 2021 (3) Total energy consumption (MWh) Share of renewable electricity (%) 26,216.9 91% 24,011.6 85% 56% 21,701.1 54% 19,797.0 2018 2019 2020 2021 2018 2019 2020 2021 (1) Extrapolated data. (2) All GHG emissions presented as market-based emissions. (3) Total energy consumption is from premise use, it does not include MWh from company-owned cars and vans.

. Climate metrics for investment activities The Group defined a selection of key metrics Identified list of climate and biodiversity-related investment on which investment business lines report impact indicators will be reported bi-annually to the Responsible internally (see table). Aggregated results will Investment Committee in 2022 and on a quarterly basis from 2023 be consolidated, and reported as part of onwards. These indicators will also be integrated into the ESG the regular ESG performance reporting to Management Reporting. management in the future, when interannual comparison is allowing for comments on trends at Group level. GHG emissions (absolute value) On top of the reporting requirements set at t n Carbon footprint Group level, each business has identified key e m ESG metrics to report on (e.g., AM Europe n GHG intensity of investee companies ro discloses the carbon footprint of its products). i v n Exposure to the fossil fuel industry In the coming months, the utility of additional E metrics, such as the climate risk indicators and Activities negatively affecting biodiversity sensitive areas temperature tools, will be further investigated. e c Violations of UN Global Compact principles and OECD guidelines an n r e v o Board gender diversity al / G i c o Exposure to controversial weapons S List of metrics to be monitored at Group level

. Climate metrics for investment activities - case study Rothschild & Co investment businesses are progressively developing their As an example, Asset Management Europe has launched two of the first apabilities and are gradually introducing new metrics to transition funds in 2019 with an impact strategy: R-co 4Change Net Zero climate reporting c SFDR monitor climate change impact and / or exposure of their strategies. Whilst Equity Euro and R-co 4Change Net Zero Credit Euro. While investing in all 9 this is not yet implemented across the entire AUM scope, some entities have sectors, the investment teams of these two funds are monitoring the portfolios’ already developed tools and strategies providing examples and best practices carbon intensities in accordance with the Paris Agreement through a decreasing SFDR to replicate in the future. trajectory of an average 7% on an annual basis. The fund R-co 4Change Net 9 Zero Equity Euro follows the following objectives: Intensity 20% below benchmark Reduction of the carbon intensity of the portfolio Encourage companies to have their environmental 1 by an average of 7% per year 2 targets audited (90% by 2030) 3 Carbon intensity (scopes 1 and 2) (tCO e / MEUR of revenues) Carbon intensity (scopes 1 and 2) (tCO e / MEUR of revenues) 2 2 % 190 ▲ 250 of companies with SBTi validated -20% minimum targets in portfolio in 2021 170 200 150 ▼ ▼-41% 150 130 100 % -7% Target of companies with SBTi 110 50 validated targets in portfolio by 2030 90 0 70 20192022202520282031203420372040204320462049 Benchmark Fund R-co 4Change Net Euro Stoxx (scenario -7%) Zero Equity Euro R-co 4Change Net Zero Equity Euro (target -7%) Source: Bloomberg, SBTi, MSCI ESG Research, Rothschild & Co Asset Management Europe - 31/08/2022 For illustrative purposes only. Figures quoted relate to past years. Past performance is not a reliable indicator of future performance and is not constant over time. Furthermore, given the subjective nature of certain analyses, it should be stressed that the information, projections, estimates, expectations, assumptions and/or opinions are not necessarily put into practice by the management teams of Rothschild & Co Asset Management Europe.

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