In 2025, we had 1,769 meetings and/or calls with the companies in our portfolios. These ranged from group calls with other investors to one-on-one meetings with executives or board members to improve our understanding of our holdings and progress our engagement objectives. We do not record all these interactions as engagements, as many are routine exchanges over the normal course of business as a shareholder. We regard an interaction as an engagement where there was a specific intent:

to fact-find on a specific topic, be that a material governance, strategic, and/or sustainability matter;

to assess a company's progress in a certain area, such as in relation to targets it has set or an area for improvement we have previously engaged on;

or to influence on an issue where we feel the company needs to change or improve.

Using this definition, we had 522 engagements with companies in 2025. We do not set targets for a specific number of engagements during the year. While our engagement activity may fluctuate as we refine our processes over time, we prioritise purposeful engagement, focusing on the issues most material to long-term value and set clear expectations for what we seek to achieve. The topics covered in these engagements are broken out by category in the table below. The spotlight and engagement highlights that follow provide more detail around some of these engagements, outcomes and next steps. As we often discuss multiple topics during each engagement, the total in the following table exceeds the total number of engagements.