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ESGBERT 27

Our Catalyst strategy has already committed over £1.2 billion to sustainably-focused private assets, and just after the financial year closed we announced our plans to further bolster our capacity in this area by acquiring a controlling stake in responsAbility, a leading player in impact investing, based in Europe and specialising in emerging markets.

The capital reserve comprises, unchanged, amounts achieved in the issuance of shares in excess of the nominal value.

Despite the partial data coverage, this gives an indication of how each portfolio might behave in each scenario.

The four objectives above are equally weighted at 25% of the target figure for the Deutsche Bank Group component of the STA.

Where necessary the Chairman discusses the responses with each Director individually.

We were also delighted to announce our new Board Chair on 24 February 2022.

All scenario analysis is, by its nature, uncertain.

We have reported our Scope 2 emissions using both the location and market-based methods in line with the GHG Protocol Scope 2 Guidance.

This year, we partnered with the Leonard Cheshire Change 100 scheme, an initiative to support students with disabilities to gain work placements.

Also a Director of First Integrity Limited and Peckwater Limited.

Details of the Board’s Committees and their composition are set out on page 44 of this Report.

The agreed upon procedures did not constitute an audit engagement or a review of the Half Year Report.

The Board continues to believe that Paul Bradshaw is an independent Chairman for Code purposes.

Regulation applicable to UCITS managers Tikehau IM and Sofidy manage and market UCITS in the European Union, and therefore must comply with strict rules on internal organisation, including requirements with regard to risk management and conflicts of interest, as well as rules of good conduct relating in particular to the amount of fees charged or information to be provided to clients.

We are convinced that good deals have no wheels, and that local footprint is a key differentiating factor.

Where the terms and conditions of options are modified before they vest, the change in the fair value of the options, measured immediately before and after the modifications, is recognised in the consolidated income statement over the remaining vesting period.

Our HR Framework includes policies and standards for Diversity and Inclusion, Employee Relations, Remuneration, Talent, Resourcing, Performance and Learning.

Dev’s indepth experience of sustainability and finance from his 32-year career at BP – where he led the company’s entry into solar and offshore wind power – and from his current role as Chief Executive Officer of VARO Energy Group AG, will be invaluable to us as M&G continues to embed sustainability in everything we do.

Most employees expressed alignment with the Group's values.

The purchase price to be paid per share upon exercise of the put options or upon the maturity of the forward purchase may not exceed by more than 10% or fall below 10% of the average of the share prices (closing auction prices of the DWS share in Xetra trading and/or in a comparable successor system on the Frankfurt Stock Exchange) on the last three stock exchange trading days before conclusion of the respective transaction in each case excluding ancillary purchase costs but taking into account the option premium received.

This approach is in line with work done at the level of France Invest, the main French trade association for private investors, on the collaboration between stakeholders.

When TREIC invests in vehicles managed by the Group, it is intended that the former will receive 25% of the carried interest from the vehicles concerned.

We also acknowledged the Board of Management’s risk report.

It reconciles its participants’ greenhouse gas emissions reduction targets (typically varying by 10% to 75% on scope 1 and 2) with the science-based climate data.

The firm’s mandatory all-employee training, which was introduced for Board members in Q4 2021, included sessions on Customer Vulnerability.

The Executive Board steers DWS KGaA and its subsidiaries based on uniform policies and generally controls the entities of DWS Group within the limits of applicable laws.

They show the part of the benefit obligations that has been recognised in profit or loss by the reporting date.

We have however ensured that the models have good coverage across all key funds and biggest counterparties, and cover three of our most significant asset classes: equities, debt securities and real estate.

Our success is based on a culture of professionalism and mutual respect.

Mr Mathieu Chabran, who are inter alia owners of a portion of the share capital of Tikehau Capital Advisors, does not reflect an executive’s managerial incentive within the meaning of the AFEP-MEDEF Code.

Weighted Average Carbon Intensity: arithmetical3) average carbon intensities of portfolio companies weighted by their portfolio weights which allows exposure to high emission companies to be assessed.

M&G plc will seek authority from its shareholders on an annual basis to issue shares up to a maximum amount, of which a defined number may be issued without preemption.

The fair value of the performance shares over and above the price paid for them by the employees was charged to the income statement.

This study resulted in six patents and a review of the full operational installation: from the preparation of the wood (delivery, cutting and drying), to carbonisation and production of electricity with the pyrolysis gas produced by carbonisation.

We have an infrastructure that has the capacity to support additional products and teams, we have the marketing resource, and we are keen to add to our Emerging Market capability, in particular as regards equities and perhaps bonds.

Our testing identified weaknesses in the design and operation of controls.

Therefore the Group would only exit this position in the case of a significant diminution in value, or if the fund was closing or a third party buyer could be found.

Where no market data is available for a particular instrument then pricing inputs are determined by assessing other relevant sources of information such as historical data, fundamental analysis of the economics of the transaction and proxy information from similar transactions, and making appropriate adjustments to reflect the actual instrument being valued and current market conditions.

This procedure is based on regulations governing Tikehau Capital’s business and generally accepted professional codes of conduct, including key professional associations (AFG, France Invest) of which Tikehau Capital is a member.

The bond issue agreement provides that any bondholder may obtain early redemption or repurchase of all or part of the bonds he owns at a price equal to the nominal value of the bonds (or, where applicable, the redemption price) plus accrued interest (See Section 2.2.4 (Liquidity and Capital Resources) of this Registration Document).

This Section describes the internal control procedures relating to the preparation and processing of Tikehau Capital’s financial and accounting information as they exist as at the registration date of this Registration Document.

ESG factors when determining our corporate strategy and new business initiatives.

The search for return has always been there, but it seems clear that offering higher return ways for investors to increase wealth, at what might be considered a reasonable price, will be an increasing trend going forward.

Lastly, it should be stated that around 60 senior corporate members have joined together to invest in a structure which owns an equity interest in Tikehau Capital Advisors and which receives 20% of the carried interest available on the funds managed by the Group.

The Company is committed to ensuring that any vacancies arising are filled by the most qualified candidates and recognises the value of diversity in the composition of the Board.

Deutsche Telekom, which accounted for more than 51% of IREIT’s gross rental income as at 31 December 2018, has set ambitious targets for reducing its energy consumption and won the National German Sustainability Award in 2017.

Active Capital Management and Operational Efficiency Our seventh strategic priority is Active Capital Management and Operational Efficiency.

AUM/NUM The growth of our net management fee revenue results from the growth of our assets and notional under management and the stability of our management fees charged to clients.

In the Eurozone, the government debt burden in some countries, especially in Italy, is a risk due to the fragile political situation.

Tenure, election, reappointment and removal of Directors Directors are typically appointed by the Board and then put forward for election by shareholders at the subsequent AGM.

Carbonex's biomass power generation projects were selected for the Grenelle de l'Environnement (French environmental pact) in 2010 and for the French Energy Transition for Green Growth Act (wood-energy call for tenders) in 2017.

It can be considered a guide identifying sector leaders and engagement with the laggards to ultimately bring them into alignment.

In our opinion CEF’s are consumer products.

The fair value for the accounts shortfall is calculated with option pricing models using Monte-Carlo simulations including the behavioural risk of the client.

Scope 1-2 for the Group This assessment was conducted on Scope 1, covering direct emissions from fixed or mobile sources controlled by the organisation, and Scope 2, covering indirect emissions associated with energy consumption.

The Company has exposure to higher-yielding private debt arrangements, which may include debt securities of smaller companies, some of which may be privately owned, and thus may be less transparent in respect of environmental, social and governance and sustainability-related disclosures.

The spot rate on 21 October 2019 was used for the closing TSR.

We receive regular briefings from Internal Audit throughout the year, and ask business owners to attend the Committee to explain actions being taken.

The financial statements of the material subsidiaries are prepared for the same accounting period as for the parent company.

The participation of ordinary shareholders in the General Shareholders’ Meeting of the Company takes place under the conditions provided for by law and the stipulations of Article 11.1 of the Company’s Articles of Association (See Section 4.2 (General Shareholders’ Meetings) of this Registration Document).

Once every financial year, the Board of Management extensively informs the Audit Committee about DBAG’s risk exposure.

The approach taken on external growth is one of flexibility, depending on the opportunities received or perceived and according to the strategy set by the Management, seeking the greatest complementarity with the Group’s existing activities.

Unit value of the share on the allocation date: €24.30 corresponding to the share price on 4 July 2018 (€27.00) to which a 10% discount was applied to take into account the absence of dividend rights over the vesting period.

Service Agreement between your company and the company Chardi Inc.

Lines are open between 09:00-17:30, Monday to Friday excluding public holidays in England and Wales.

Certain colleagues have entitlement to higher levels of core benefits retained from their employment prior to 2020.

Meantime the Group’s other products experienced different fortunes, with the Developed CEF and Frontier products performing strongly, but the Emerging Markets and Natural Resource equity strategies faring significantly less well.

Regular reports on investor sentiment and industry issues from the Company’s broker are submitted to the Board.

Matters considered during the year During the year under review, the Audit Committee has ensured the effective assessment of the Company’s evolving risk environment, particularly given the continued challenging effects of the COVID-19 pandemic on the market for the majority of the year with markets recovering towards the end of the year.

These are available to our analysts and investment teams to help them identify, understand and assess climate risks for different types of assets, drawing on a database of ESG information refreshed daily by our data vendors.

This capital increase was carried out with preferential subscription rights maintained at a price of €21 per new share and was subscribed in the amount of €239.8 million by cash contribution and €176.1 million by offsetting against debts with the equity convertible bonds issued by the Company in May 2015 (see Section 2.2.4 (Liquidity and Capital Resources) of this Registration Document).

They may change or be modified due to uncertainties related in particular to the economic, financial, competitive and regulatory environment.

The feedback provided was consolidated in a report, which was submitted – along with action items recommended by the Nomination Committee – to the Supervisory Board for its discussion and the adoption of measures.

In early 2018, an accredited consultant on Greenhouse Gas Emissions Audits (referred to here by its French acronym “BEGES”) conducted an analysis of the offices in Paris, London, Brussels, Milan and Singapore.

The Company has found that the issue of share awards to executives and employees has been a very useful tool in motivating and retaining key staff, and the Board intends to continue to maintain a flexible approach to share incentives and to seek to encourage significant employee ownership.

In addition, the Group maintains unfunded contributory post-employment medical plans for a number of current and retired employees who are mainly located in the United States.

As a result, the Board’s views on diversity principles are aligned with those expressed in the Hampton-Alexander Review regarding the proportion of women on boards and also the Parker Review about ethnic representation on boards, amongst other published commentaries.

Borrowings include operational borrowings attributable to shareholder-financed operations and other borrowings attributable to the With-Profits Fund.

The score is an indicator of how we measure, disclose and manage our carbon emissions footprint.

Documents on display The terms and conditions of all Directors’ appointments are available for inspection at the Company’s registered office during normal business hours and at the AGM.

Officer functions (Group Legal, Group Communication, Group Human Resources) and Group Chief Risk Officer expenses.

Our business is built on trust and we don’t take that lightly.

We have also made good progress towards pivoting the entire business towards sustainability.

Sustainability and Environmental Social Governance (ESG) risk has also been a key area of focus.

Our plans to optimise and simplify our processes in the interests of our customers, business partners and employees will enable us to identify further opportunities for growth for the good of our business and to the benefit of the community.

These changes in the fair value of the guarantees will be reflected in Other Revenues.

Investments in companies whose performance is more strongly linked to consumer demand mitigate the effects of business cycles on the value of the portfolio.

Carbon footprint of the diversified equity funds Tikehau Capital commissioned Trucost to carry out carbon benchmarks thanks to low exposure to the most polluting assessments of its main liquid funds at 31 December 2018. sectors (energy, materials, industries).

In particular we have seen continued growth in our DC Fiduciary model where we are the first provider to deliver a three year track record in this important arena.

Health represents a small proportion of SCOR Global Life’s portfolio.

Each member of the Supervisory Board should be able to build productive partnerships with key constituents including fellow Supervisory and Executive Board members.

The new fee that will apply from the appointment date will be £525,000 per annum.

We think giving people what they need from their homes now and in the future makes sense for the environment, for our business, and for our customers, who include millions of pensioners, savers and Prudential policyholders.

Consideration of individual performance The Committee considered performance assessments for the Executive Directors and concluded that the formulaic outcome of the STI was appropriate in the context of their personal contribution over the performance period.

As such, Tikehau IM Asia and IREIT Global Group are subject to the laws, regulations, guidelines and recommendations laid down by MAS.

In 2018, attendance fees were paid to him in respect of his duties as member of the Supervisory Board in 2017.

There will be only minor changes to the current accounting for lessors.

It will remain flexible in adding risk to the portfolio from both public and private markets as and when it sees value.

We attach particular importance to nurturing a corporate culture in which loyalty to the Company can prosper.

The Syndicated Credit Agreement provides for the option for each lender not to finance its participation of any possible drawdown and to terminate its commitment in the event of a change of control of the Company.