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Because of the nature of our business, we have the opportunity and responsibility to promote sustainable development, by directing investments towards innovative projects and solutions that have the socio-environmental development of our local area as their objective.

Our Group ESG Policy confirms our commitment and lays down guidelines for the integration of ESG (Environmental, Social and Governance) criteria into the activities of lending, the provision of corporate and investment banking services, and investments in financial instruments made by the Group on a proprietary basis and/or on behalf of our clients (“Business Activities”).

The Policy is based on a combination of negative screening (exclusion criteria to identify parties involved in specific activities and/or in the production and/or sale of goods with particular technical characteristics) and/or positive screening (criteria intended to identify parties and/or assets that are valued positively from an ESG standpoint).

In addition to general principles applicable to all Business Activities (for example, operations with companies involved in the production and/or sale of weapons that violate fundamental humanitarian principles are excluded, as are operations with companies convicted of serious breaches of human rights or crimes in connection with the health and safety of their staff and/or serious damage to the environment), the Group has adopted diversified positive and negative screening criteria for the individual Business Activities involved.

With reference to lending and certain types of proprietary investments, specific policies have been drawn up in the area of biodiversity and excluded materials, and for sectors considered to be sensitive from an ESG standpoint, namely: defence and arms, forestry and use of forested areas, production of agricultural goods, the mining industry, production, sale and consumption of energy, and the infrastructure and transport sectors.

In defining our Policy, we have referred to the internationally recognized principles and frameworks, such as the Universal Declaration of Human Rights, the Ten Principles of the UN Global Compact, and the Sustainable Development Goals (SDGs) adopted by the United Nations.

Mediobanca has also recently adhered to the Principles for Responsible Banking promoted by the United Nations, which seek to integrate social and environmental issues into the banking sector, incentivizing banks to set objectives for sustainable growth, and promoting measurement of the impact of banking activities on individuals and the planet.

In line with the Group Policies, Mediobanca SGR, RAM Active Investment and Cairn Capital have all drawn up their own policies for responsible investments, to be applied in providing investment advisory services and managing clients’ portfolios and investment funds. Such policies are based, among other things, on the Principles for Responsible Investment (PRI), the criteria set by the United Nations with the aim of developing a sustainable global financial system and supporting the signatories in integrating ESG aspects into their investment decisions and active shareholder structure.

In portfolio management, the companies concerned have started to integrate ESG criteria with the aim of combining traditional financial valuations with assessments based on sustainability factors. Data has shown that a better performance on ESG issues can lead to an improved valuation of the overall risk/return for issuers belonging to the same sector with similar financial characteristics. Mediobanca therefore gives priority to such issuers without compromising the expected final performance of the portfolio, in the client’s interest according to a best-in-class approach.

To enable effective implementation of its sustainability policies, Mediobanca has also integrated environmental, social and governance (ESG) objectives into its remuneration policies, devoting increasing space to the achievement of such objectives within them with reference to the individual scope of responsibility in business and operating terms.

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