英文自然与生物多样性

Note:ThefollowingisaredactedversionoftheoriginalreportpublishedAugust29,2024[73pgs].

EQUITYRESEARCH|August29,2024|3:58AMBST

Nature&Biodiversity

AnalysingrisksandopportunitiesthroughanewNatureDataTool

AsmorecompaniesfocusonBiodiversityandNaturetobothmeet

corporatesustainabilitystrategiesandmanagebusinessrisks,wesee

risinginterestbycorporatesandSustainableinvestorstoquantify

Nature-relatedperformance,riskandenablement.Withthisreportwe

introducetheGSSUSTAINNatureFramework,anewdatasetthatlookstobetterquantify1)corporateexposureandrelevance,2)transparencyandstrategy,and3)performanceonfourdifferentdriversinfluencingnatureoutcomes.

AsNatureandBiodiversityisearlyinitsemergenceasathemeinvestorsarelookingtoquantifyatthecompany-specificlevel,wewouldhesitatetodrawstrongconclusionsaboutNature'scurrentimpactonequity

valuation,thoughwemayseegreaterdivergenceovertime.Wedo,

however,findthatcompanieswithstrongerrelativeNaturePerformance(basedonourNatureFramework)tradeatmodestpremiumstolaggardpeers,whilemoreTransparentcompaniestendtotradeatdiscounted

valuationvslesstransparentpeers.Webelievethissupportstheview

thatthemarketmaybemorewillingtorewardfavourableperformance-

drivenoutcomesfromcompanies,ratherthanjustdisclosurealone,consistentwithourviewsonbroadESGintegrationandClimate

Transition.

MadelineMeyer

+44207774-4593

madeline.r.meyer@GoldmanSachsInternational

ShubhamJain

+1(332)245-7652

shubham.jain@GoldmanSachsIndiaSPL

EvanTylenda,CFA

+44207774-1153

evan.tylenda@

GoldmanSachsInternational

RachitAggarwal

+1(212)934-7689

rachit.aggarwal@GoldmanSachsIndiaSPL

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto/research/hedge.html.Analystsemployedbynon-USaffiliatesarenot

TheGoldmanSachsGroup,Inc.

registered/qualifiedasresearchanalystswithFINRAintheU.S.

Forthefulllistofauthors,seeinside.

CONTRIBUTINGAUTHORS

MadelineMeyer

+44(20)7774-4593

madeline.r.meyer@

GoldmanSachsInternational

DerekR.Bingham

+1(415)249-7435

derek.bingham@GoldmanSachs&Co.LLC

ShubhamJain

+1(332)245-7652

shubham.jain@

GoldmanSachsIndiaSPL

BrianSinger,CFA

+1(212)902-8259

brian.singer@

GoldmanSachs&Co.LLC

BrendanCorbett

+1(415)249-7440

brendan.corbett@GoldmanSachs&Co.LLC

RachitAggarwal

+1(212)934-7689

rachit.aggarwal@GoldmanSachsIndiaSPL

EvanTylenda,CFA

+44(20)7774-1153

evan.tylenda@

GoldmanSachsInternational

EmmaJones

+61(2)9320-1041

emma.jones@

GoldmanSachsAustraliaPtyLtd

GraceChen

+44(20)7774-5119grace.j.chen@

GoldmanSachsInternational

GoldmanSachs

GSSUSTAIN:Nature&Biodiversity

TableofContents

ExecutiveSummary

3

TheGSSUSTAINNatureTool:MeasuringBiodiversity&NatureAdopters

9

Movingbeyondmanagingrisk:IdentifyingBiodiversity&NatureEnablers

23

Whatsustainableinvestorsmaylooktoassessbutwheredisclosureremainslimited

28

FrameworksandCatalyststoChangeFutureDataAvailabilityLandscape

33

DisclosureAppendix

39

ThefollowingisaredactedversionofGoldmanSachsResearch’sreport“GSSUSTAIN:Nature&Biodiversity:AnalysingrisksandopportunitiesthroughanewNatureDataTool”originally

publishedAug.29,2024(73pgs).Allcompanyreferencesinthisnoteareforillustrativepurposesonlyandshouldnotbeinterpretedasinvestmentrecommendations.

19September20242

GoldmanSachsGSSUSTAIN:Nature&Biodiversity

ExecutiveSummary

Naturecontinuestogainmomentumasafocusareaforcorporatesustainabilitystrategies,sustainableinvestors,andotherstakeholders.Webelievetherearefivecatalystsforthistocontinue:

1.RecognitionbycorporatesoftheneedforNature-basedsolutionstoaddressdecarbonizationefforts,particularlyastechnology-basedsolutionscontinuetoscale.

2.Pushbycompaniestowardsgreaterefficienciesviauseoflandresources,by

governmentstoadvanceeconomicobjectivesandbycorporates/governmentstoadvancesustainableambitions.

3.Physicalandfinancialrisksofbiodiversitylossandassociatedimpactstocorporateoperations,supplychainsandmaterialssourcing.

4.Theneedtoaddressbiodiversityinthepermittingprocessforcorporateprojectsrequiringlanddevelopment,whereinsufficientriskmanagementofpotential

impactscouldleadtosignificantdelaysorinsomecasesprojectcancellations.

5.Country-levelresponsestotherecently-signedGlobalBiodiversityFramework,

whichhighlightedtheimportanceofenvironmentalissuesoutsideofclimatechangetoglobalsustainabledevelopment.

ButrisingdemandtoincorporateNatureintosustainableinvestmentstrategieshas,inmanycases,outpacedtheabilityof1)themarkettocoalescearoundareporting

framework,2)organizationstodevelopmethodologiesforunderstandingthefinancialandphysicalrisksassociatedwithbiodiversityloss,3)companiestomeasureand

disclosetheirimpactstonature,and4)thirdpartydatavendorstooffersolutionsforinvestors.WeintroduceourGSSUSTAINNatureTooltomeasurecorporate

transparencyandperformanceonfourdifferentdriversinfluencingBiodiversityandNatureoutcomes.Thisrepresentsastartingpointaheadofwhatweexpectwillbeincreasedcorporatefocusanddisclosure.Ouranalysissuggeststhatwhile

nuanceisrequiredtounderstandthesymbioticrelationshipsbetweendifferentdriversofnaturechangeandoptimizeopportunitiesforpositiveimpact,significantprogresshas

beenmademakingquantitativeanalysisofcorporatenature-relatedplansandperformancepossibletoday.

19September20243

Whythismattersforinvestors

Witharisingglobalfocusonnatureandbiodiversity,webelievesustainable

investorswilllooktoassesscompanies’biodiversityimpactsasanindicatorofimprovedbusinessresilienceandreducedrisk.Webelievethedifferencestorisk,earningsandreturnoncapitalfromhealthyecosystemsvs.disruptedonesislikelytobecomeincreasinglyrelevantforcompaniesandinvestors.Weseetwoareasof

increasedfocusataminimumforsustainableinvestorsbutpotentiallymorebroadly:

nPhysicalandfinancialrisksofpotentialecosystemserviceslossestocorporateoperationsandmaterialssourcing;and

nRegulatory,litigationandcostofcapitalrisksassociatedwithnotaddressing

negativeimpactsofoperations,productsandservicestonatureandbiodiversity.

MeasuringcorporateBiodiversitytransparencyandperformance

Inthisreport,weintroduceaframeworktohelpmeasurethoserisksandanalysehowcompanystrategies,commitments,andenvironmentalperformancemay

increaseordecreasethoserisksandexternalities.Weframetheassessmentofcompanyimpactstonaturethroughfivekeysteps:

1.Site/Setting

2.Natureimportance,stateandcondition

3.Activitiesofbusinessoperations

4.PlanandTransparencytoaddressimpacts

5.Performanceofbusinessimpactstothedriversofnaturechange(land-usechange,climatechange,pollution,andnaturalresourceuseandexploitation).

WeintroducetheGSSUSTAINNatureTooltomeasuresteps3-5.TheGSSUSTAINNatureToolisanewdatasetforinvestorstoassesscompanyexposureto,

transparencyon,andfootprintandperformancerelatedtobiodiversityandthedriversofnatureloss.Thisframeworkincorporatescompany-reporteddata,revenuealignmentand

GSproprietarydata.TheGSSUSTAINNatureToolcanhelpprovideinformationontherelevanceofcompanies’businessactivitiestonaturethroughmateriality

assessments,andoncompanies’biodiversity-relatedfootprints,assessing

transparency,performanceandplans.ThiscanactasastartingpointforinvestorduediligenceonSNAPPsteps3-5.Wheredatagapsexist,wehighlightkeyareasofdevelopment,alternativesolutionsandcatalystsforimprovementindataavailability

movingforward.

19September20244

Keytakeawaysfromouranalysis

1.Naturedataisscarce,however,whereavailableitcanserveasausefultoolforprovidingcontexttocompanyanalysis.Whileavailabilityofdataiscurrently

limitedtomeasuresomedriversofnaturechangetoday,we’vebeenabletouse

existingdatatofindwherecompaniesareearlyleadersinconsideringbiodiversityinriskmanagementprocessesanddisclosingexposures.OurGSSUSTAINNaturetoolalsohighlightschallengesinbiodiversityanalysis,asveryfewcompanieshave

sector-leadingplansandperformanceonrelevantnumericindicatorsandmetricsacrossdriversofnaturechange.MostcompaniesthatrankwellintheSUSTAIN

NatureHeadlinePerformanceandPlanranksarethusnotsector-relativeleadersonalldriversofnaturechangeandinsteadhaveareasofstrengthandotherareasforfuturefocustoreducepotentialnegativeimpacts.

2.Weanticipatethedataforbiodiversitytosignificantlyimproveintheyears

aheaddrivenbypushesforgreaterlandandmaterialefficiencies,implementationofdecarbonizationstrategies,biodiversitylossimpactstomaterialssourcing,increasedscrutinyonlanddevelopmentprojects,andresponsestotheGlobalBiodiversity

Framework.Establishingaquantitativescience-basedframeworkfor

investmentandriskmanagementstrategiestodaycanprovidefirstmoveradvantagestomeasuringanddevelopingproduct,inourview.

3.AsNatureandBiodiversityemergeasanewtheme,consensusaround

leadershipremainsinconsistent.Thus,wewouldhesitatetodrawstrong

conclusionsaboutNature’simpactoncompanyvaluation,thoughwemayseegreaterdivergenceovertime.Wedo,however,seecompanieswithstronger

relativeNaturePerformanceformaterialsectorstradeatamodestpremiumtolaggardpeerson12mfwdEV/EBITDA,whileNaturePlan/Transparencyleaderstradeatadiscounttolaggards.Webelievethissupportstheviewthatthemarketiswillingtorewardfavourableperformance-drivennatureoutcomesfromcompaniesvs.justdisclosurealone.

4.Onstockperformance,NaturePerformanceleadershaveunderperformed

laggardpeersandtheMSCIACWIsincethebeginningof2022,withcumulativeunderperformanceof14%ptsand8%ptsrespectively.This,inourviewcould

indicatethepotentialfordiscoveryvalueforcompanieswithstrongperformance-drivenoutcomes.LeadersintheGSSUSTAINNature

Plan/TransparencyRankhaveperformedsimilarlyvslaggardpeersoverthesameperiodandoutperformedtheMSCIACWI,offeringslightlyhigherdownsideprotectionin2022tobothQ5andtheACWI.

5.Whileweareabletoanalyseadoptersofnatureriskmanagement,further

workisrequiredtosystematicallyevaluateNatureEnablers,Solutions

ProvidersandRevenueBeneficiaries.Waterresiliency,land&agriculture

management,thecirculareconomy,infrastructureefficiency,technologysolutions,andenvironmentalremediationcompanieswillbekeytoaddressnature-related

dependenciesandresultingriskfromecosystemservicedisruptions.Weprofile36companiesacrossthesethemesasrevenuebeneficiariesandnatureenablers.

19September20245

GoldmanSachsGSSUSTAIN:Nature&Biodiversity

19September20246

GoldmanSachsGSSUSTAIN:Nature&Biodiversity

Whereinvestorswilllikelyfocus,andcompaniesthatstandoutfavorablyNature&BiodiversityAdopters

Webelieveinvestorswillinitiallyfocusonsectorswherepotentialnegative

impactstobiodiversityareveryhigh.TheseincludesectorslikeFood&BeverageandMetals&Miningwheretheremaybeconcernsregardingdeforestation,soilandwaterpollution,habitatfragmentationandnaturalresourceconsumption.

Nature&BiodiversityEnablers

Disruptionofecosystemservicesasaresultofnatureandbiodiversitylosswill

becomeincreasinglyrelevantforcompaniesandinvestors,inourview.Asthereisgreaterfocusbybothinvestorsandcorporatesonbusinessresiliency/reliability,weseeincreasingfocusonthedeploymentofadaptivemeasurestomitigatebothnatureand

climatephysicalandfinancialrisks.Weseepotentialforinvestorstorewardissuerswithincreasedresilienceplansandperformance,andthosethatareprovidingadaptive

solutions.

Webelievewaterresiliency,land&agriculturemanagement,thecirculareconomy,infrastructureefficiency,technologysolutions,andenvironmentalremediation

companieswillbekeytoaddressingnature-relateddependenciesandresultingriskfromecosystemservicedisruptions.

19September20247

GSSUSTAINNatureFrameworkandRelativeValuation

AsNatureandBiodiversityemergeasanewtheme,consensusaroundleadershipremainsinconsistent.Thus,wewouldhesitatetodrawstrongconclusionsaboutNature’simpactoncompanyvaluation,thoughwemayexpecttoseegreater

divergenceovertime.Today,modestpositivevaluationsignalsareapparentfor

ourSUSTAINNaturePerformanceheadlinerank,withanEV/EBITDAaverage

premiumof9%forNaturePerformanceQ1vs.Q5betweenJanuary2021andAugust2024andamoremodest3%premiumforNaturePerformanceQ1vsconstituentsof

theMSCIACWIwithModerate,HighorVeryHighNaturemateriality.Plan/Transparency,however,showsconsistentunderperformanceforleadersvs.laggardsintheGS

SUSTAINNaturePlanheadlinerank,withanaveragediscountof-29%Q1vs.Q5

betweenJan2021andAugust2024and-17%Q1vs.theMSCIACWI.Consistentwith

ourviewsonbroaderESGintegrationandclimatetransition,webelievethissupportstheviewthatthemarketismorewillingtorewardfavorableperformance-driven

outcomesfromcompanies,ratherthanjustdisclosurealone.

Exhibit1:NaturePerformanceleadersconsistentlytradeata

premiumtolaggardpeers,andataslightpremiumtoMSCIACWIsectorpeers...

12m

12mfwdEV/EBITDA&relativepremium(trimmedmean),Q1-Q5GSSUSTAINNatureFrameworkPerformanceRanks(forsectorswithModerate,HighorVeryHighmateriality),MSCIACWI

fwdEV/EBITDA(10%trimmedmean)

16x15x14x13x12x11x10x9x8x

7x

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

ACWIQ1PerfQ2Perf一Q3PerfQ4Perf一Q5Perf

Source:FactSet,Bloomberg,LSEG,GoldmanSachsGlobalInvestmentResearch

Exhibit2:...WhilethemultiplespreadbetweenNaturePlan

leadersandlaggardshasbeenconsistentlynegative,withNaturePlanleaderstradingatadiscounttobothlaggardsandtheMSCIACWI...

12m

12mfwdEV/EBITDA&relativepremium(trimmedmean),Q1-Q5GSSUSTAINNatureFrameworkPlanRanks(forsectorswithModerate,HighorVeryHighmateriality),MSCIACWI

fwdEV/EBITDA(10%trimmedmean)

16x15x14x13x12x11x10x9x8x

7x

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

ACWI一Q1PlanQ2PlanQ3PlanQ4Plan一Q5Plan

Source:FactSet,Bloomberg,LSEG,GoldmanSachsGlobalInvestmentResearch

WhydataforNatureisinearlierstagesvs.Decarbonization

A‘globallimit’targetforbiodiversitylosshasnotbeenwidelyrecognizedand

agreedupon,incontrasttothe1.5CwarminglimitforclimatechangetargetedbytheParisAgreement.Similarly,asingularmetricthroughwhichprogressagainsta

globallimittargetcanbemeasuredislackingforbiodiversityloss,incontrastto

CO2eemissionsforclimatechange.ProgresshasbeenmadeinthefewyearsthroughtheGlobalBiodiversityFramework,theTaskforceonNature-relatedFinancialDisclosuresandotherinitiatives,butinmanycasesSustainableinvestorsandcompaniesarelookingforsolutionswhilestillworkingwithlessinformationabouttheirexposuresand

potentialimplicationsthanwithclimate.Thisoffersanopportunityfornuanceinapproachesandstrategiesforinvestorsthatcanquantifyevidenceofa

science-basedapproachtounderstandingandinvestinginnature,inourview.

19September20248

TheGSSUSTAINNatureTool:MeasuringBiodiversity&NatureAdopters

Commentaryfromcompanies,conversationswithinvestors,increasedofferings

fromESGdataprovidersandrecentlydefinedBiodiversityframeworkspointto

risingdemandtoincorporateBiodiversityimpactintoinvestmentstrategies.Whileweexpecttoolsthatquantifyimpactwillcontinuetoevolve,investorshave

opportunitiestodaytogainexposuretobiodiversityandnatureimprovementthroughidentifyingcompanieswithrobuststrategiesinplacetomanageandmitigaterisksrelatedtobiodiversityimpacts.

Inthissectionweofferourviewofhowtoevaluatecompanies’riskmanagementstrategiesandtheireffectiveness,introduceadatatooltoanswersomeofthesequestions,andwalkthroughthecurrentdatalandscapeforquestionswhereclear,concise,comparableandeasilyaccessibledatadoesnotexisttoday.

Evaluatingcompanies’riskmanagementofbiodiversityimpacts

Inordertoassessbiodiversityimpactsofissuers,weseefiveSNAPPquestionsemergingaskeytoanalysis:

1.Sitelocation:Wherearebusinessactivitiestakingplace?

2.Natureimportance,stateandcondition:Whatistheimportanceofbiodiversity

andnatureinagivenlocation,whatspeciesarepresent,andinwhatconditionistheecosystemvs.pre-humanintervention?

19September20249

3.Activities:Inwhichbusinessactivitiesisanissuerengaged?Howmaterialareeachoftheseactivitiestotheissuer’srevenue?

4.PlanandTransparency:Whatpoliciesandtargetsareinplacetomanageand

reduceriskforthoseactivities?Doestheissuerdisclosedatathatcanhelpmeasureprogresstowardsthosegoalsordemonstratecompliancewithpolicies?

5.Performance:Whatistheenvironmentalfootprintofoperationsforthoseactivities?Howdoesanissuerperformonasector-relativebasis,especiallyregardinglanduse,emissions,pollutionandresourceuse?

Weintroduceanewdatasetfocusedonthreeofthesefivequestionsforinvestorstoassesscompanyexposureto,transparencyon,andfootprintandperformancerelatedtobiodiversityandthedriversofnatureloss.Ourframeworkcoversthe

secondpartofSNAPPstepsforimpactassessment,covering:

1.Activities:Materialityassessmentofbusinessactivities,businesssector,andrevenuewhereavailable

2.Plan:TransparencyandDisclosureofquantitativemetrics,PoliciesandTargetsrelatedtothedriversofnaturelossorstateofnature

3.Performance:Biodiversityfootprintforquantifiabledatarelatedtothedriversofnatureloss(landusechange,climatechange,pollutionandresource

use/exploitation)alongwithanyinformationavailableonthestateofnature,thoughwenotethisisparticularlylimited.

TheSNAPPframingcanhelpquantifyimpact,butgapsremaintoday.Forthesiteandsettingofbusinessactivities,dataavailabilityatanassetoractivitylevelisdifficulttoday,asnocompaniesreportgeolocationdataofallactivitiesandassetsthroughout

thevaluechainandareunlikelytodosointheshortormediumterm,inourview.

Conductinganalysisontheimportance,stateorconditionofnatureandbiodiversitycanbedonethroughground-updataidentifyingwhichandhowmanyspeciesareorhave

beenpresentsomewhere.However,investorsneedtorelyonthirdpartydataforthisinformation,whichtodayisgenerallynotsetupforinvestorconsumption.Asaresult,wedonotincludethesestepsinourtooltoday.

TheGSSUSTAINNatureToolincorporatescompany-reporteddata,revenue

alignmentandGSproprietarydata.Thetoolcanhelpprovideinformationontherelevanceofcompanies’businessactivitiestonaturethroughimpactand

dependencymaterialityassessments,andoncompany’sbiodiversity-relatedfootprints,assessingtransparency,performanceandplans.

TakeawaysfromtheGSSUSTAINNatureTool

AsNatureandBiodiversityemergeasanewtheme,consensusaroundleadershipremainsinconsistent.Thus,wewouldhesitatetodrawstrongconclusionsaboutNature’simpactoncompanyvaluation,thoughwemayexpecttoseegreater

divergenceovertime.Today,modestpositivevaluationsignalsareapparentforourSUSTAINNaturePerformanceheadlinerank,withanEV/EBITDAaverage

premiumof9%forNaturePerformanceQ1vs.Q5betweenJanuary2021andAugust

19September202410

2024andamodest3%premiumforNaturePerformanceQ1vstheMSCIACWI(onlyModerate,HighandVeryHighmaterialsectorconstituents)(Exhibit3).

Plan/Transparency,however,showconsistentdiscountedvaluationforleadersvs.

laggardsintheGSSUSTAINNaturePlanheadlinerank,withanaveragediscountof

-29%Q1vs.Q5betweenJan2021andAugust2024and-17%Q1vs.theMSCIACWI.(Exhibit4,Exhibit5).ConsistentwithourviewsonbroaderESGintegrationandclimatetransition,webelievethissupportstheviewthatthemarketismorewillingtorewardfavourableperformance-drivenoutcomesfromcompanies,ratherthanjustdisclosurealone.

WhileNaturePerformanceleaderstradeatapremiumtolaggardsandtheACWI,wenotethat1stQuintileperformancecompaniestradeataslightdiscounttoQ3(average

performance).Thismayindicatethatleadingperformanceisnotyetbeingfully

recognisedorrewardedbythemarket,butratherthatunderperformancemaybepunished.

Exhibit3:NaturePerformanceleadersconsistentlytradeatapremiumtolaggardpeers,andataslightpremiumtotheMSCI

ACWI...

12m

12mfwdEV/EBITDA&relativepremium(trimmedmean),Q1-Q5GSSUSTAINNatureFrameworkPerformanceRanks(forsectorswithModerate,HighorVeryHighmateriality),MSCIACWI

fwdEV/EBITDA(10%trimmedmean)

16x15x14x13x12x11x10x9x8x

7x

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

ACWIQ1PerfQ2Perf一Q3PerfQ4PerfQ5Perf

Source:FactSet,Bloomberg,LSEG,GoldmanSachsGlobalInvestmentResearch

Exhibit4:...whilethemultiplespreadbetweenNaturePlanleadersandlaggardshasbeenconsistentlynegative,withNaturePlan

leaderstradingatadiscounttobothlaggardsandtheMSCIACWI...

12m

12mfwdEV/EBITDA&relativepremium(trimmedmean),Q1-Q5GSSUSTAINNatureFrameworkPlanRanks(forsectorswithModerate,HighorVeryHighmateriality),MSCIACWI

fwdEV/EBITDA(10%trimmedmean)

16x15x14x13x12x11x10x9x8x

7x

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

ACWI一Q1PlanQ2PlanQ3PlanQ4Plan一Q5Plan

Source:FactSet,Bloomberg,LSEG,GoldmanSachsGlobalInvestmentResearch

19September202411

Exhibit5:NaturePerformanceleaderstendtotradeatapremiumvslaggardswhiletheoppositeistrueofNaturePlan/Transparency

12mfwdPErelativepremium(trimmedmean),Q1vs.Q5SUSTAINNatureHeadlineRank,andQ1vs.MSCIACWI

12mfwdEV/EBITDA(10%trimmedmean)

20%10% 0%-10%

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

%

-20%-30%-40

PlanQ1vsQ5PlanQ1vsACWIPerformanceQ1vsQ5PerformanceQ1vsACWI

Source:FactSet,Bloomberg,LSEG,GoldmanSachsGlobalInvestmentResearch

Lookingatstockpriceperformance,however,NaturePerformanceleadershaveunderperformedlaggardsandtheMSCIACWI.Q1performsworstofNature

PerformancequintilesbetweenJanuary2022andA