Lignes directrices en matière d’investissement socialement

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« Les géosynthétiques : protection contre lérosion

Programme de la Journée Technique du C F G « Les géosynthétiques : protection contre l'érosion » Mercredi 23 mars 2016 – Ifsttar – Marne‐la‐Vallée 9H30 : Accueil des participants 10H00 – 13H00 Ouverture de la journée par le Président du CFG et par le Comité Scientifique

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ème Périodes Littérature Activités de lecture Etude de la langue Production d’écrit Oral 1 Agir sur le monde – Agir dans la cité – Pouvoir et individu La marraine de guerre, C

Lignes directrices en matière d’investissement socialement

gouvernement français* et la Fédération belge du secteur financier Febelfin** Accrédité sur la base d'un audit strict mené par un organisme indépendant Il rend plus visible les produits ISR*** pour les investisseurs en France, en Belgique et en Europe

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P R O F E S S I O N A L S O N L Y

SRI Guidelines

Carmignac Portfolio Family Governed

January 2022

Our operations are

Carbon neutral

20191

Office

Environmental

practices

UNPRI signatory

2012

Tobacco Free

supporter

Coal exclusions

and total coal exit 2030

Energy

investments aligned to Paris

Agreement

All portfolio

managers and analysts are responsible for ESG integration

Rigorous 3rdparty

audit

French ISR2

Belgian Towards

Sustainability3

Climate Change

Empowerment

Leadership

Fulfil our

fiduciary duty

Represent our

shareholders rights

Multiple source

ESG indicators

Proprietary

scoring and analysis

Smart interface

for all PM ESG requirements

FirmFirm-wide

exclusions

100% ESG

integration

19 RI fund

labels 3 key engagement themes 100%
votingESG

Platform

START4

1 Scope 1, 2 and Scope 3 (business travel and IT services). For more information please consult https://www.carmignac.lu/en_GB/responsible-investment/snapshot-4742

2 French Label ISR. For further information, please visit https://www.lelabelisr.fr/en/

3 Belgian Label Towards Sustainability. For further information, please visit: https://www.towardssustainability.be

4 The proprietary ESG system START combines and aggregates market leading data providers ESG indicators . Given the lack of standardisation and reporting of some ESG indicators by public companies, not

aggregated external data should it be incomplete

5SFDR: Sustainable Finance Disclosure Regulation (EU) 2019/2088, assets undermanagement as of January 2022, Source: Carmignac

90% Article

8 and 9

(SFDR5)

17% Article 9

funds

Over 70% Article

8 funds

Carmignac Portfolio Family Governed ʹArticle 8 Fund with the French and Belgian sustainability labels accreditations

Source: https://eur-lex.europa.eu/eli/reg/2019/2088/oj

1Label obtained in January 2020. For further information, please visit https://www.lelabelisr.fr/en/

2Label obtained in February 2020. For further information, please visit

https://www.towardssustainability.be/ https://www.febelfin.be/fr

3Socially Responsible Investment

Labels supported respectively by the French1

government and Belgian Financial Sector

Federation Febelfin2

Accredited upon a strict audit run by

an independent body

Labels renders SRI3products more

visible for investors in France and

Belgium and across Europe

The fund has environmental (E) and governance

(G) characteristics according to Article 8 of EU

REGULATION 2019/2088 (SFDR Sustainable

Finance Disclosure Regulation)

Our Internal ESG Guidelines

The fund employs an environmental and

prospectus and is classified as Art 8 under the

SFDR EU* regulation

Universereducedbymorethan20%through

(includingMSCI1assessmentandSTART)

The Fund aims to achieve carbon emissions 30%

lower than its reference indicator (MSCI ACWI)2

Minimum90%ofportfolioholdingsareanalysed

forESGrisksandopportunities

ESGresearchsystemSTART3usedtocentralise

rawESGData,proprietaryscoringandrevenue impact

An objective of participation rate of 100%

We commit to a strengthened dialogue with

companies to improve their approach to ESG issues aligned with our corporate themes5

*SFDRFund Classification as of 1stJanuary 2022: Article 8 Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. For more information please refer toEUR-lex 1 MSCI ESG Ratings is a proprietary methodology from MCSI. To

arrive at a final rating (from AAA the best to CCC the worst) the weighted averages ofthe 37 Key Issue Scores covering 10 different themes (4 for Environment, 4 for Social & 2 for Governance) are aggregated and companies' scores

are normalized relative to their industries. These assessments of company performance are not absolute but are explicitly intended to be relative to the standards and performance of a company's industry peers. Carmignac is

conscious that by monitoring 37 Key Issue Score the methodology cannot follow all the sustainable aspects from the development of companies but Carmignac ensures that this is the most appropriate one. Moreover, by defining a

rating relative to industry peers, the rating cannot be taken as the objective/ inherent assessment of the Company approach in regards of sustainability

2 CO2 emissions: The Sub-Fund aims to achieve carbon emissions 30% lower than the reference indicator as measured by carbon intensity (tCO2/ mUSD revenue converted to Euros; aggregated at portfolio level (Scope 1 and 2of

GHG Protocol))

3The proprietary ESG system START combines and aggregates market leading data providers ESG indicators . Given the lack of standardisation and reporting of some ESG indicators by public companies, not all relevant indicators can

4 Please refer to our ESG-related themes at https://www.carmignac.lu/en_GB/responsible-investment/our-approach-4743

Source: Carmignac, January 2022

PORTFOLIO CONSTRUCTION

OBJECTIVEINTEGRATION OF ESG CRITERIAVOTING &

ENGAGEMENT

5 The Investment Process: A Combination of Proprietary, Fundamental, and Governance Analysis * The investable universe is reviewed on a quarterly basis

Source: Carmignac, December 2022

Carmignac 500*

Financial Screening

Fundamental &

Governance Analysis

Financial screening based on proprietary methodology Discipline in sizing positions, ongoing assessment and risk monitoring

ESG screenings

~370 stocks ~120 stocks ~500 stocks Fundamental analysis of company financial statements

Proprietary Governance analysis

QUANTITATIVE

ANALYSIS

QUALITATIVE

ANALYSIS

Negative Ethical & Environmental exclusions

Governance screen

ESG screen (CCC excluded)

Starting Universe: MSCI ACWI

Aggregate voting rights >10%

Liquidity assessment

~3000 stocks ~40 stocks 6

Our Focus on Governance

Source: Carmignac, 2021

Emphasisonlongterminvestment

overshorttermgains

30yearsofinvestmentexperience

includingemergingmarketinvesting hastaughtusvigilance

Dedicated governance analyst:

monitoring of portfolio holdings, pre-investment deep-dives, and governance-related investment recommendations

Arangeoffamilycompanieswith

attractivefundamentalsandstrong

Governance

engagementpolicy:whenareasof improvementareidentified,the governanceanalystengagesdirectly withthecompanytoseektoeffect change

OUR TRACK RECORD

QuantitativeapproachʹExternal:MSCIESG

governancebuttick-boxingapproachisbiased ourin-housegovernanceanalysisisbasedon

1.Boardstructure(boardcomposition,

shareholderrights,responsiblepay, responsibleaccounting)

2.Boardbehavior(managementof

controversies,responsetoshareholder activism,integrationofenvironmentaland socialconsiderations)

EnvironmentalandSocialcriteria

OUR PROCESS

OUR TARGET OUTCOME

WHATTOLOOKFORANDWHATTOAVOID?

Top pics: robust governance structure, planned succession, and responsible board behaviour G 7 Tailored governance analysis followed by active stewardship to tackle identified risks

[PDF] Lignes directrices en matière d’investissement socialement

Journée technique CFMS-CFG « Les Géosynthétiques et leurs

« Les géosynthétiques : protection contre lérosion

règlement national des grades grappling gi nogi fight

Programmation Français 3ème - Segpachouette

Lignes directrices en matière d’investissement socialement

ABB Robotics Manuel d’utilisation RobotStudio

ultimate traffic Live User Guide

P R O F E S S I O N A L S O N L Y

SRI Guidelines

Carmignac Portfolio Family Governed

January 2022

Our operations are

Carbon neutral

Office

Environmental

UNPRI signatory

Tobacco Free

Coal exclusions

Energy

Agreement

All portfolio

Rigorous 3rdparty

French ISR2

Belgian Towards

Sustainability3

Climate Change

Empowerment

Leadership

Fulfil our

Represent our

Multiple source

ESG indicators

Proprietary

Smart interface

FirmFirm-wide

100% ESG

19 RI fund

Platform

START4

1 Scope 1, 2 and Scope 3 (business travel and IT services). For more information please consult https://www.carmignac.lu/en_GB/responsible-investment/snapshot-4742

2 French Label ISR. For further information, please visit https://www.lelabelisr.fr/en/

3 Belgian Label Towards Sustainability. For further information, please visit: https://www.towardssustainability.be

4 The proprietary ESG system START combines and aggregates market leading data providers ESG indicators . Given the lack of standardisation and reporting of some ESG indicators by public companies, not

5SFDR: Sustainable Finance Disclosure Regulation (EU) 2019/2088, assets undermanagement as of January 2022, Source: Carmignac

90% Article

8 and 9

17% Article 9

Over 70% Article

8 funds

1Label obtained in January 2020. For further information, please visit https://www.lelabelisr.fr/en/

2Label obtained in February 2020. For further information, please visit

3Socially Responsible Investment

Labels supported respectively by the French1

Federation Febelfin2

Accredited upon a strict audit run by

Labels renders SRI3products more

Belgium and across Europe

The fund has environmental (E) and governance

REGULATION 2019/2088 (SFDR Sustainable

Finance Disclosure Regulation)

Our Internal ESG Guidelines

The fund employs an environmental and

SFDR EU* regulation

Universereducedbymorethan20%through

The Fund aims to achieve carbon emissions 30%

Minimum90%ofportfolioholdingsareanalysed

ESGresearchsystemSTART3usedtocentralise

An objective of participation rate of 100%

We commit to a strengthened dialogue with

2 CO2 emissions: The Sub-Fund aims to achieve carbon emissions 30% lower than the reference indicator as measured by carbon intensity (tCO2/ mUSD revenue converted to Euros; aggregated at portfolio level (Scope 1 and 2of

GHG Protocol))

3The proprietary ESG system START combines and aggregates market leading data providers ESG indicators . Given the lack of standardisation and reporting of some ESG indicators by public companies, not all relevant indicators can

4 Please refer to our ESG-related themes at https://www.carmignac.lu/en_GB/responsible-investment/our-approach-4743

Source: Carmignac, January 2022

PORTFOLIO CONSTRUCTION

OBJECTIVEINTEGRATION OF ESG CRITERIAVOTING &

ENGAGEMENT

Source: Carmignac, December 2022

Carmignac 500*