Welcome

Mark Florman, Time Partners

Keynote: Private equity asset allocation

Nicolas Schellenberg, Cambridge Associates

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SETTING THE COURSE FOR PRIVATE EQUITYAN INVESTMENT CRUISESLIDES AVAILABLE VIA: HTTPS://CAMBRIDGEASSOCIATES.BOX.COM/V/ALLOCATE2019.

JUNE 2019

Keynote panel: Europe in a global private equity context

Allen MacDonnell, TRSMerrick McKay, Aberdeen Standard Investments

Greg Gille, Unquote (moderator)

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Panel: An outlook on long-term capital

Merrick McKay, Aberdeen Standard InvestmentsAnnemarie Dalka, PRFAnamica Broetz, DWSSam Kay, Travers Smith

Ipek Mutlu, Esas HoldingOscar Geen, Unquote

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Panel: Advanced secondaries

Greg Ciesielski, HarbourVestSerge Koniski, Northleaf

Laura Shen Lefranc, Headway Capital PartnersPatrick Knechtli, Aberdeen Standard Investments

Ben Pearce, Campbell LutyensThomas Erichsen, TMF Group

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Panel: Portfolio companies dealing with disruption

Jean-Marc Patouillaud, PartechCarrie-Anne Holt, Acuris

Lisa Edgar, Top Tier Capital PartnersNazo Moosa, v | t partners

Sonya Iovieno, Silicon Valley BankTara Waters, Ashurst

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Panel: Generalist versus specialist funds

Neil Harper, Morgan Stanley Alternative Investment PartnersNarcisa Sehovic, Hayfin

Marco Natoli, EIFIngrid Teigland Akay, Hadean Ventures

Cristina Alcaide, Pinebridge Investments

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Keynote: The human side of disruption, opportunities in a

changing landscape

Frode Odegard, Post-Lean Institute

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Panel: Food consumption

Robin Rowland, YO!Sushi, Caffe Nero, Marstons, Rosa Thai, Rosa Mexicano & Eathos, Trispan

Alastair Cooper, ADM Capital, Cibus FundSpyro Korsanos, Global Venture Partners

Richard Murray, FoodChainDenise Ko Genovese, Unquote

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Keynote: Impact investing

David Wilton, Zheng Partners LLC

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Impact Investing

A Sleeping Radical?

David WiltonCEO, Zheng Partners LLCThe Grove, June 2019

“Impact” is the Most Recent Approach to Sustainable Investing

2007

Term “Impact

Investing” coined

Co-operatives CDC

1970s

IFC

1948 19561900 1989

SRI(S. Africa

exclusions)

ESG(Ceres

coalition)

Triple

Bottom

Line

1998

GIIN

G8

Impact

Task

Force

2013 2018

Impact in the Context of Sustainable Investing

Impact Investing in Perspective

Source: GSIR Review 2018 & Blended Finance Task Force 2018

Investor Interest in Sustainable Strategies is a Trend, Not a Fad

Source: GSIR Review 2018

Sustainably Managed

Assets Local Currency

2018 Billions

Growth in Sustainably

Managed Assets

2014-2018

Percentage of Assets

Under Sustainable

Management

Europe 12,306 24% 49%

USA 11,995 83% 26%

Canada 2,132 111% 51%

Australia/ NZ 1,033 409% 63%

Japan 231,952 27513% 18%

2018 $ Billions % Growth 2016-2018

Screening 26,290 19%

ESG Integration 17,543 69%

Corporate Engagement/

Shareholder Action9,834 17%

Themed Investing 1,017 268%

Impact 444 79%

Total (due to double-use

of strategies)31,000

Wide Adoption of Impact Could Lead to Radical Change

Impact Can be Optimized

Risk + Return +Impact

Risk-Adjusted, Impact-Optimized Returns

The Additional Objective Changes the Optimal PortfolioWith Implications for the Relative Pricing of Assets

40% of assetsre-allocated

Risk + Return + Impact - What is Required?

The Design of Impact Needs to Align

With Current Portfolio Management Practice

Existing Structure of Portfolio Management

Existing Structure of Impact

Designing a General Theory

Rating Assets Using the General Theory

Return and Impact

Source: ‘Implications for Job Creation and Achieving Good Financial Returns in Emerging Markets:An Analysis of Private Equity Funds Backed by IFC (Vintage 2000-2011)’ by David Wilton and WilmotAllen, EMPEA Quarterly Review December 2012

Measuring Impact: How Deep to Go?

27

Points to Consider

• At present return and impact are only correlated for assets in which organic growth plays a rolein returns.

In future, when impact is priced, return and impact will be correlated for all assets.

• Within each asset class, the General Theory provides a guide to those assets most likely to benefit and those most likely to loose from the pricing of Impact.

• With a few exceptions such as Infrastructure, primary impact is likely to provide a good enoughguide to the relative capacity of assets to create impactful outcomes.

• Accounting rules and Stock Exchange Listing requirements need to make the data required forassessing impact available, just as they now make the data required for assessing risk and returnavailable.

• With increasing transparency, using primary impact you can probably model impact at home.

david.wilton@zhengpartners.co

Millenials and Gen Z: Who are they, why do they matter and

how to maximise their value

Check Warner 20th June 2019

Allocate

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

Kylie Jenner, Kylie Cosmetics (23)

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

Ben Francis, GymShark (25)

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

Sharmadean Reid, MBE, Beautystack (35)

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

Stephen Bartlett, Social Chain (25)

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

Check Warner, Ada Ventures (29)

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

The language of Millennials and Gen Z

JOMO On Fleek BAE IRL

Regging Slay Cray

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

Why should they matter to you?

The best place to look for secrets is where no one else is looking…

The best projects are likely to be overlooked, not trumpeted by a crowd; the best

problems to work on are often the ones nobody else even tries to solve.”

Zero to One

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

Millennials vs Gen Z

Millennials (23-38 in 2019) Gen Z (7-22 in 2019)

“Me” Generation “We” Generation

Experiential Generation Sober Generation

Tech Savvy Tech Innate

12 second attention span 8 second attention span (goldfish have 9s)

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

Things to consider

● 42% say they are always anxious (IPA)

● 3X more likely than others to have sought employment with a sustainably- minded

company (Morgan Stanley)

● Most likely to see their first job as being a stepping stone, and they’re likely to

change jobs as many as ten times between the ages of 18 and 34. (Staffbase)

● 74% of millenial and Gen Z managers have remote team members

● 86% are interested in sustainable investing (Morgan Stanley)

● Diversity matters. 38% of US millennials and 49% of US Gen Z are non-white. (Pew)

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

““For most people our age, we don’t think we’ll ever achieve the same levels of wealth,

or the same milestones such as owning a house. Because of this, we take more pleasure

in simple, everyday achievements rather than setting big goals that will put too much

pressure on us”

Gabriela (23)

How does this impact your investment process?

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

Sourcing

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

● Have you innovated in how you source investments or candidates in the last 5

years?

● What are your networks and how are you making sure you are expanding them to

increase exposure to this audience?

● Are you tracking data?

● Do you have a strong employer brand?

Think about..

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

Assessment

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

● How do you make investment decisions and do you need to re-evaluate it in light

of this generation?

● Are you still using CVs to assess founders?

● Are you screening candidates out based on where they went to school, their work

experience, rather than looking at what they’ve achieved since?

Think about..

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

Nurturing

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

● How are you supporting Millennial and Gen Z founders differently?

● Are you offering them additional services that could help them reduce burnout?

● Are you building a workplace that Millennials and Gen Z would be proud of?

● Are you building a community around your product and or workplace?

Think about..

CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY

Conclusion

Keynote: What does political change mean for

business in Europe?

Wolfango Piccoli, Teneo Intelligence

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Strictly Private and Confidential

What does political change mean for business in Europe?

Prepared for Allocate, 21 June 2019

Dr. Wolfango Piccoli

wolfango.piccoli@teneo.com

WHAT’S GOING ON

The normalization of the Euroskeptics

Political fragmentation on the rise

Voters becoming “promiscuous”

BREXIT

(Radical) Tories decide

Source: ESRC-funded Party Members Project Source: YouGov 11-14 June

The only deal possible

58

United EU: No incentive to jeopardize single market

Brussels won’t accept “Norway,” “managed no-deal” (Irish border!)

Divided UK: Polarization, divided parties, close referendum

Second referendum, early elections very risky (parties internally split)

No deal is no alternative

Remain-leaning parliament rejects disorderly Brexit

End game – (a version of) the only possible deal

Changes to language and trade in future relationship declaration?

POLITICS AND ECONOMICS IN THE AGE OF POPULISM

From global cooperation to strategic competition

Source: Financial Times

Recession in the age of polarization

1. Reform momentum gone

2. More polarized domestic politics and acrimonious

international relations (trade & currency wars)

3. Usual recession fighting tools not as available/effective:

a.Constrained monetary policy

b.QE → politically contentious, effectiveness uncertain

c.Governments with limited fiscal space (debt/GDP ratios

still very high)

61

Navigating populism

• Populists are here to stay

• Populists bring new people into the policy-making process (and a healthy dose of unpredictability)

• They tend to improvise – improvisation as the hallmark of working outside the mainstream

• Populists tend to distrust institutions

• Populism is based on binary convictions (bad and good)

• Populism ➔ political fragmentation ➔ policy paralysis

• Long-standing political-business alliances might crack under the rise of populists.

Notice and disclaimer

This presentation on Teneo Holdings LLC, and its affiliates (collectively, “Teneo”) is confidential and may contain privileged information, or may otherwise be

protected from disclosure. Any unauthorized disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is

strictly prohibited. Nothing contained in this disclaimer shall be construed in any way to grant permission to transmit confidential information or as a waiver

of confidentiality or privilege.

These materials are for informational purposes only. Nothing herein should be construed as an attempt to effect any transaction in, or induce or attempt to

induce the sale of, any security, or as a promise to undertake or solicit business. Investment banking services are provided solely by Teneo Capital LLC,

including securities transactions by its subsidiary Teneo Securities LLC, a member of FINRA and SIPC. Offers or solicitations for purchases and sales of

securities, including investments in any funds managed by Teneo, would be made only through a final private placement memorandum or prospectus,

subscription agreement and other related documents with respect to a particular investment opportunity and would be subject to the terms and conditions

contained in such documents and applicable law, including the qualifications necessary to become an investor.

Teneo does not provide tax, accounting or legal advice. This presentation is not intended or written to be used, and cannot be used or relied upon, by any

taxpayer for the purpose of (i) avoiding U.S. tax related penalties or (ii) promoting, marketing or recommending to another party any transaction or matter

addressed herein. Each person should seek advice based on its particular circumstances from independent legal, accounting and tax advisors regarding the

matters discussed in this communication.

Information contained herein with respect to Teneo includes transactions during engagements by previous employers and investment funds.

Keynote: Building a more inclusive economy – the

challenge for policy makers

Nicky Morgan MP, Chair of Treasury Select Committee

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Keynote: Investing in solutions

Michele Giddens OBE, Bridges Fund Management

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Investing in solutions

Driving enduring value by turning challenge into opportunity

67 ǀ Strictly Private and Confidential

“…just as any revolution eats its children, unchecked market fundamentalism can

devour the social capital essential for the long-term dynamism of capitalism itself ”

Mark Carney

Source: Inclusive capitalism - creating a sense of the systemicSpeech by Mr Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, 27 May 2014

68 ǀ Strictly Private and Confidential

Top 1% owns >50% of global wealth

Social challenges…

69 ǀ Strictly Private and Confidential

…environmental challenges…

Climate change1 Fish stocks2

Carbon emissions from fossil fuels need to fall close to zero

by 2050 to mitigate risk of serious climate change 1

90% of fish stocks are overfished or fully depleted 3

7 million people die globally each year from air pollution exposure 2

1.8 billion people globally use a source of drinking water that is contaminated with human waste 4

Sources and notes: 1) Le Quéré, C. et al. (2016) based on Rogelj et al, (2016) 2) WHO, March 2014 3) FT, 28 March 2017 4) Sustainable Development Goals

Climate change Fish stocks

Air Pollution Access to Clean Water

70 ǀ Strictly Private and Confidential Source: The Guardian; Benetton admits link with firm in collapsed Bangladesh building; Rebecca Smithers; 29

Apr 2013

24 April 2013 24 April 2013 27 April 2013

29 April 2013

“None of the companies

involved are suppliers to

Benetton Group or any of its

brands”

“A one-time order was

completed and shipped out of

one of the manufacturers

involved several weeks prior

to the accident. Since then,

this subcontractor has been

removed from our supplier

list.”

Photos taken at the site

circulate online1,134 people died when a

building containing clothing

factories in Bangladesh

collapsed

The building's owners ignored

warnings to avoid using the

building after cracks had

appeared the day before

Online reactionCorporate responseRana Plaza disaster

71 ǀ Strictly Private and Confidential

72 ǀ Strictly Private and Confidential

What concerns Millennials and Gen Z’s?

Source: The Deloitte Global Millennial Survey 2019

Based on survey of 13,416 millennials across 42 countries and territories and 3,009 Gen Z’s from 10 countries

73 ǀ Strictly Private and Confidential

And what do they expect of business?

74 ǀ Strictly Private and Confidential

75 ǀ Strictly Private and Confidential

“ESG” investing“Impact” investing

Impact Management Across the Spectrum of Capital

76 ǀ Strictly Private and Confidential

Dutch institutions committed to invest in line with the SDGsLarge asset managers entering

the space

Institutional Investors are taking note and large asset managers are creating

impact product

77 ǀ Strictly Private and Confidential

EQT's Stahlberg

launches

sustainability fund

Entrants to impact investing can be broadly categorised into three groups by

timeline…

Original pioneersLarge mainstream

entrantsNew specialist entrants

78 ǀ Strictly Private and Confidential

The Impact Management Project

79 ǀ Strictly Private and Confidential

Sustainable Development Goals

Sources and notes: Sustainable Development Goals

80 ǀ Strictly Private and Confidential

Bridges sources investments using the UN Sustainable Development Goals as a shared framework of challenges

Clear Societal Challenges

Spanning 17 Goals…

And 169 Objective Led

Targets

The SDGs are a set of goals to end poverty, protect the planet and ensure prosperity for all by 2030 as agreed by the 193 United Nations Member States in 2015

15.1 by 2020 ensure conservation, restoration and sustainable use of terrestrial and inland freshwater ecosystems and their services, in particular forests, wetlands, mountains and drylands, in line with obligations under international agreements

15.2 by 2020, promote the implementation of sustainable management of all types of forests, halt deforestation, restore degraded forests, and increase afforestation and reforestation by x% globally

15.3 by 2020, combat desertification, and restore degraded land and soil, including land affected by desertification, drought and floods, and strive to achieve a land-degradation neutral world

15.4 by 2030 ensure the conservation

of mountain ecosystems, including

their biodiversity, to enhance their

capacity to provide benefits which are

essential for sustainable development

15.5 take urgent and significant action to reduce degradation of natural habitat, halt the loss of biodiversity, and by 2020 protect and prevent the extinction of threatened species

15.6 ensure fair and equitable sharing

of the benefits arising from the

utilization of genetic resources, and

promote appropriate access to

genetic resources

15.4 15.5 15.6

15.1 15.2 15.3

15.c enhance global support to efforts to combat poaching and trafficking of protected species, including by increasing the capacity of local communities to pursue sustainable livelihood opportunities

15.b mobilize significant resources from all sources and at all levels to finance sustainable forest management, and provide adequate incentives to developing countries to advance sustainable forest management, including for conservation and reforestation

15.a mobilize and significantly increase from all sources financial resources to conserve and sustainably use biodiversity and ecosystems

15.9 by 2020, integrate ecosystems and biodiversity values into national and local planning, development processes and poverty reduction strategies, and accounts

15.8 by 2020 introduce measures to prevent the introduction and significantly reduce the impact of invasive alien species on land and water ecosystems, and control or eradicate the priority species

15.7 take urgent action to end poaching and trafficking of protected species of flora and fauna, and address both demand and supply of illegal wildlife products

15.a 15.b 15.c

15.7 15.8 15.9

We identified the 37 that were most relevant and investable through our UK funds strategies

81 ǀ Strictly Private and Confidential

Sustainable LivingHealth & Well-being Education & Skills Underserved Markets

Bridges Sustainable

Growth Capital Funds

Bridges Evergreen Holdings

Bridges Social Outcomes

Funds

Bridges approaches this through a platform of private funds focused on investable solutions to societal challenges

Bridges Impact Insights: Impact Investment Field Building

Bridges Impact Foundation: Strategic Grant-maker and Guarantor of Bridges’ mission

Bridges Property

Alternatives Funds

82 ǀ Strictly Private and Confidential

Viva GymA low-cost, high-quality gym group, improvingaccessibility to exercise facilities in underservedcommunities in Spain and Portugal

6x increase in D2C sales since investment

15k tonnes of CO2e being averted (12% increase)

Bridges Sustainable Growth Case Study

A market leading ‘circular economy’ business for the resale of used books

83 ǀ Strictly Private and Confidential

Viva GymA low-cost, high-quality gym group, improvingaccessibility to exercise facilities in underservedcommunities in Spain and Portugal

The protein shift: 41% of UK consumers actively looking

to reduce meat consumption

£75bn UK food service industry historically poor in

provision of plant-based menus

A specialist plant-based food ingredient supplier to the UK food service sector

Bridges Sustainable Growth Case Study

84 ǀ Strictly Private and Confidential

• A fourth joint venture with HUB - GDV £180m

• >513 lower-cost residential units

• Delivering 4x more affordable housing (50%) than

previous proposals

• The development will provide local training and

employment and reduce CO2e by 40% p.a.

Taberner HouseLow-cost Housing

Bridges Property Funds Case Study

Providing much-needed lower-cost housing and commercial regeneration in the heart of Croydon

85 ǀ Strictly Private and Confidential

Challenge: undersupply of quality, affordable care

• 2,000 beds, 3,200 staff, £94m sales, £11m EBITDA

• Ethos of “care you would want for your loved ones”

• Growth capital including material investment in

front-line staff and activation of employee ownership model

• Structured primarily as convertible and non-convertible preference shares

A top 10 employee-owned business in the UK providing residential and nursing care for the elderly

Bridges Evergreen Holdings Case Study

86 ǀ Strictly Private and Confidential

A market-leading ‘circular economy’ technology business, which has pioneered the reuse and recycling of used books that might otherwise go to landfill

Challenge: Nearly 800,000 16-24 year-olds are now

Not in Education, Employment or Training’

Total cost to society could be almost £30bn in next

decade

Our programmes help children improve resilience and engagement at school

To date we have supported 7 outcomes contracts

£16.0m outcomes achieved so far

✓ 4,262 improvement in school behaviour

✓ 3,849 improvement in attitude at school

✓ 8,752 qualifications achieved

Bridges Social Outcomes Fund Case Study

Supporting schoolchildren to help them improve attendance, behaviour, academic attainment and entry into employment/further education

Educational Support outcomes contracts

87 ǀ Strictly Private and Confidential

Opportunity

“We are the first

generation that

can end

poverty, the last

that can end

climate change”

Ban Ki-Moon

88 ǀ Strictly Private and Confidential

This presentation and its contents are confidential and its distribution (which term shall include any form of communication) is restricted pursuant to section 21 (Restrictions on Financial Promotion) of the FinancialServices and Markets Act 2000 (as amended).

This presentation is only directed at, and may only be distributed to, persons who are “investment professionals” (being persons having professional experience in matters relating to investments) within the meaning ofarticle 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”) or who are persons to who many of paragraphs (2)(a) to (d) of article 49 (high net worthcompanies, unincorporated associations etc.) of the Financial Promotion Order apply or who are persons to whom distribution may otherwise lawfully be made (“Permitted Recipients”).

Any investment, and investment activity or controlled activity, to which this presentation relates is available only to such persons and will be engaged in only with such persons. Persons that do not have professionalexperience should not rely or act upon this presentation unless they are Permitted Recipients. The content of this presentation is confidential and should not be distributed, published or reproduced, in whole or in part,nor should its contents be disclosed by a recipient to any other person other than their professional advisers.

Bridges Fund Management Limited (“Bridges”), which is authorised by the Financial Conduct Authority (“FCA”), with its registered office at 38 Seymour Street, London W1H 7BP United Kingdom, has taken all reasonablecare to ensure that the facts stated in this presentation are true and accurate in all material respects as at the time of writing. Permitted Recipients must rely, however, on their own assessment of the informationpresented herein.

Certain of the information contained in this presentation has been obtained from published sources prepared by other parties. Neither Bridges nor any other person assumes any responsibility for the accuracy orcompleteness of such information. Other than as set out above, no representation made or information given in connection with the Fund may be relied upon as having been made or given with the authority of Bridgesand no responsibility is accepted by Bridges, its subsidiaries or associates or any of their directors, officers, employees, agents or any other person in respect thereof. The delivery of this presentation does not imply thatthe information herein is correct at any time subsequent to the time of writing of this presentation.

All statements of opinion and/or belief contained in the presentation and all views expressed and all projections or statements relating to expectations regarding future events or the possible future performance of anyfund referred to in this presentation represent Bridges’ own assessment and interpretation of information available to it as at the date of this presentation. This document does not purport to be complete and does notnecessarily contain all the information which a prospective investor would consider material. No undertaking, representation, warranty or other assurance is given on, and none should be implied as to, and no relianceshould be placed on, the accuracy, completeness or fairness of the information or opinions contained in this document. Permitted Recipients must determine for themselves what reliance (if any) they should place onsuch statements, views or projections and no responsibility is accepted by Bridges in respect thereof.

This is a draft document. It does not constitute an offer or invitation to subscribe or purchase interests in any fund and the information contained herein is subject to updating, amendment and verification. It should notbe relied upon by any persons for any purpose. Interests in any fund will only be offered pursuant to an offering memorandum which should be read carefully by potential subscribers and their advisers.

The attention of each recipient is drawn to the fact that Bridges Sustainable Growth Fund IV (the “Fund”) is likely to be committing its funds to investments of a long term and illiquid nature in companies whose sharesor debt instruments are not quoted or dealt in on any stock exchange. Such investments may be difficult to value and are likely to involve an above average level of risk. Similarly, there is not anticipated to be anyavailable public market for interests in the Fund and no such market is expected to develop in the future.

Nothing described herein has been recommended by any U.S. federal or state or non-U.S. securities commission or regulatory authority, including the Securities and Exchange Commission. Furthermore, the foregoingauthorities have not confirmed the accuracy or determined the adequacy of this document. Any representation to the contrary is a criminal offence.

This presentation is being furnished only to those investors within the U.S. (or U.S. persons that are outside the U.S.) that are “accredited investors” as defined in the U.S. Securities Act of 1933, as amended. Each U.S.person receiving this presentation, and each non-U.S. person receiving this presentation in the U.S., must be an “accredited investor” and this presentation is strictly for their sole benefit.

The Fund has appointed Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva, Switzerland, as its Swiss Representative. Banque Heritage SA, 61 Route de Chêne, CH-1208 Geneva, Switzerland is the Swiss Paying Agent.In Switzerland interests shall be distributed exclusively to qualified investors. The fund offering documents, articles of association and audited financial statements can be obtained free of charge from theRepresentative. The place of performance with respect to interests distributed in or from Switzerland is the registered office of the Representative.

Disclaimer

89 ǀ Strictly Private and Confidential

A THREE YEAR STRATEGY TO ENABLE ALL ENTERPRISES AND INVESTORS TO…

Use impact-weighted financial accounts to integrate monetary value of impactsinto financial accounting statements

Assess and assure standard of implementation

Use transparent ratings to score performance in relation to science-based and SDG targets

Use impact management guidelines to implement those principles

Adopt generally accepted principles of impact management

PR

AC

TIC

EP

ER

FO

RM

AN

CE

BE

NC

HM

AR

KIN

G

Measure their positive and negative impacts that matter most to people and the planet (including ESG risk) and…Disclose data on those impacts in a comparable way, whenever possible and appropriate, so that they can…

Compare impacts to understand where they could be better, with the result that they…

Improve performance by mitigating/minimising negative impacts and increasing positive impacts

All enterprises and investors have processesto…

VISION

Use valuation techniques to estimate relative values of impacts, expressed in monetary terms.

Contextualise data in science-based targets and local SDG priorities to determine impact on global goals

Use the framework to measure and disclose performance using universal, thematic and bespoke data standards

Use a generally accepted conceptual framework for impact accounting, endorsed by governments globally

B. The IMP Structured Network

Contact us

Bridges Fund Management Limited

38 Seymour Street 505 Eighth Avenue, Suite 1805London W1H 7BP New York, NY 10018UK USA

+44 (0) 20 3780 8000 +1 212-784-6030www.bridgesfundmanagement.com www.bridgesfundmanagement.com/us

Maggie Loo, Partner, Investor Relations & Business Developmentmaggie.loo@bridgesfundmanagement.com

Printed on 100% recycled paper

Bridges Fund Management Ltd. is authorised and regulated by the Financial Conduct Authority. Registered in England No 10401079. Bridges Fund Management Ltd. is registered with the Securities and Exchange Commission as an Exempt Reporting Adviser

Panel: The journey to ‘impact’, the end-game for ESG

Natasha Buckley, UNPRICai Rees, SEI

Veronique Courlier, Racines PartnersErin Sarret, StepStone Global

Denise Ko Genovese, Unquote

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