Climate-related opportunities Climate-related opportunities are developments that may pose an upside potential to the value of assets we manage, enhance the market positioning of our investment products, and optimise our corporate activity. In the short term, we see the activities that enable and benefit from the climate and energy transition as the leading opportunities that may affect investments. In the mid and long term, the climate-related investment opportunities are arising from competitive positioning and climate innovation. Potential climate opportunities in investments In other parts of AllianzGI Energy and climate transition Opportunities for businesses and economies that enable and benefit from the climate transition towards cleaner energy generation, efficient energy storage, and sustainable energy consumption. Climate opportunities The climate transition and emergence of more prevalent physical climate risks is likely to bring a transformation unlocking new sources of revenue, change in competitive positioning of businesses and economies, emerging leaders in climate innovation, and significant reputation advantages, all of which may result in opportunities in investments. Corporate and operational Short term: cost savings in energy efficiency Mid and long term: improved brand reputation Product Short term: shift in market demand for climate opportunities Term Mid Long Short AllianzGI Climate Policy Statement 4