< PreviousFUNDS & FUTURE 2025/2026 I CFNEWS DIGITAL PUBLICATIONS Eric BRUGUIÈRE Partner, Managing Director ESG TEAM ebruguière@ciclad.com + 33 (0)6 10 89 17 94 CICLAD PRIORITY VERTICAL SECTORS Business Services Industrials Energy & Power Engineering / Construction / Infrastructure Telecom / IT / Technology Media / communication INITIATIVES PRI (2019) iCI (2021) Label Relance (2020) 22 AVENUE FRANKLIN DELANO ROOSEVELT 75008 PARIS www.ciclad.com ASSETS UNDER MANAGEMENT € 450M SEE THE ENTIRE TEAM Annabelle WEPHRE General Secretary, Partner awephre@ciclad.com + 33 (0)6 81 29 83 26 READ THE 2024/2025 VERSION DOWNLOAD THE FILE AREAS OF EXPERTISE LBO Capital-développement Growth ESG ARTICULATION COMPANIES Our sustainability approach involves the whole team. It carries Ciclad’s values and relies on a pragmatic, transparent and rigorous methodology. We use it in order to support all our portfolio’s SMEs and to implement continuous progress in having a positive impact. 15% of the team’s carried interest depend on the extra financial performance of our companies. We have decided to focus on three priorities: (i) increase employee shareholding (ii) develop the feminization of governance bodies (iii) reduce the carbon footprint of our portfolio. Our approach carries Ciclad’s values and history. We have always been committed to ensure the sustainability of French SMEs by supporting their transmission. Ciclad has always prohibited investment in the coal sector. We approach ESG issues in partnership with the managers by discussing with them the economic impacts of taking into account ESG issues in their decision making. We try to unburden them of any undue administrative load. An independent expert meets with each of our companies twice a year. The first time in order to collect data and assess their extra financial performance; the second time in order to report on the results and monitor the implemented actions. As a generalist fund, we must understand the challenges of all economic sectors and often of niche activities. We call on experts on ad-hoc basis, particularly on environmental issues, which often require a scientific approach. The success of our sustainability approach is based on (i) the quality of the diagnoses (ii) the relevance of the action plans to be implemented (iii) the rigor of project monitoring needed for their execution. Ciclad supports our portfolio’s SMEs on each of these aspects.FUNDS & FUTURE 2025/2026 I CFNEWS DIGITAL PUBLICATIONS FUNDS & FUTURE 2025/2026 ARTICLE 8 ARTICLE 6 1 FUNDS 2 FUNDS Integrating ESG objectives into the remuneration of portfolio managers? ESG GOVERNANCE CLIMATE 24 People ESG TEAMEMPLOYEES 4 Members Does the Carried interest of investment teams include ESG objectives? CICLAD Is the ESG manager a member of the Investment ? 2 Women COMEX MEMBERS 16 % 25 % 42 % *(of which 38% women) * M€ 450 ASSETS UNDER MANAGEMENT SOCIAL SYSTEMATIC OCCASIONNALLY MAJORITY OCCASIONAL NEVER € 180 M & € 70 M € 190 M Is the percentage of sustainable assets held in the portfolio measured? Are you implementing the value-sharing scheme within your holdings? Do you assess the carbon footprint of your holdings, including scope 3? Are you implementing the France Invest value-sharing scheme within your holdings? ARTICLE 8 2 FUNDS Currently raising fundsFUNDS & FUTURE 2025/2026 I CFNEWS DIGITAL PUBLICATIONS ASSETS UNDER MANAGEMENT Sophie FLAK Member of the Executive Board, Managing Partner Sustainability & Impact SUSTAINABILITY & IMPACT TEAM sustainability&impact@eurazeo.com +33 (0)1 44 15 01 11 66 RUE PIERRE CHARRON 75008 PARIS www.eurazeo.com EURAZEO SEE THE ENTIRE TEAM € 36.8Bn * *Data as of 30/06/2025. AREAS OF EXPERTISE LBO Growth capital Growth Impact Venture Funds of funds Private Debt Infrastructure Real Estate PRIORITY VERTICAL SECTORS Environment Climate Circular economy Energy Inclusion Health Tech SUSTAINABILITY & IMPACT STRATEGY Eurazeo’s sustainability and impact strategy, O + , is structured around two flagship commitments: safeguarding planetary boundaries (O) and acting for a fairer society ( + ). It addresses both environmental and social imperatives, tackling their root causes as well as their effects, and engages Eurazeo and its entire value chain, particularly its portfolio companies. The O + strategy is a driver of value creation and resilience and sets Eurazeo apart—both for investors entrusting their capital and for companies entrusting their growth. To implement its sustainability and impact strategy, Eurazeo has identified two key levers: INITIATIVES PRI (2009) UN Global Compact (2014) initiative Climat International (iCI), co-founder (2015) SBTi (2020) French Business Climate Pledge (2019) One Planet Sovereign Wealth Funds (OPSWF) (2021) Finance for Biodiversity Pledge (2024) Non exhaustive list. #1 Financing solutions with a positive impact: Eurazeo mobilizes capital to support the development of solutions that address major global challenges. This means financing companies whose products, services, and technologies have a positive impact on the environment or on society. #2 Accompanying sustainable transitions: Eurazeo identifies resilient companies with high-growth potential and supports them in mitigating their negative externalities, adapting their activities to physical challenges, and adopting more sustainable practices, both on environment and social fronts. The Group also takes action within its own operations, setting ambitious goals. READ THE 2024/2025 VERSION DOWNLOAD THE FILEFUNDS & FUTURE 2025/2026 I CFNEWS DIGITAL PUBLICATIONS FUNDS & FUTURE 2025/2026 SYSTEMATIC MAJORITYOCCASIONAL NEVER ARTICLE 9 FUNDS 1 Woman *Data as of 30/06/2025. Integrating ESG objectives into the remuneration of portfolio managers? SUSTAINABILITY & IMPACT GOVERNANCE CLIMATE 444 Employees 8 Members 33 % Integrating ESG objectives into the variable remuneration of investment teams? EURAZEO Is the ESG manager a member of the Investment Committee? SOCIAL Is the percentage of sustainable assets held in the portfolio measured? Are you committed to a Net Zero trajectory for yourself and your portfolio holdings? Do you assess the carbon footprint of your holdings, including scope 3? ARTICLE 8 FUNDS Eurazeo has committed to aligning its activities with a net-zero emission world by 2040 How often are Sustainability Linked Loans implemented on operations? SYSTEMATIC Do you include social issues (such as diversity, gender ba- lance within teams, etc.) in your due diligence questionnaires for investment selection? Bn 36.8 *€ SUSTAINABILITY & IMPACT TEAM EXECUTIVE BOARD MEMBERS EMPLOYEES ASSETS UNDER MANAGEMENT 100 % €5.7 billion assets under management dedicated to impact* * Corresponds to companies identified by Eurazeo whose products, services or technologies have a positive environmental or a societal impact, across generalist and impact funds in all of Eurazeo's investment activities (Private Equity, Private Debt and Real Assets), calculated on the basis of their valuations as of 30/06/2025. 100% of funds being raised or in the investment phase are disclosed under Article 8 or Article 9 (as per SFDR, as of 30/06/2025, excluding Secondaries & Mandates) Eurazeo has set ambitious targets for both its own operations and its portfolio companies, which were validated in 2022 by the Science Based Targets initiative (SBTi)FUNDS & FUTURE 2025/2026 I CFNEWS DIGITAL PUBLICATIONS Annabel VÄÄNÄNEN ESG Associate Samira BOUSSEM CFA, Head of Sustainability annabel.vaananen@flexstonepartners.com + 33 (0)6 65 82 13 20 samira.boussem@flexstonepartners.com +33 (0)6 86 17 01 53 AREAS OF EXPERTISE Fund of funds Co-investments Primary and Secondary transactions PRIORITY VERTICAL SECTORS Any sector INITIATIVES PRI (2014) ICI (2022) France Invest Charte Parité (2020) ILPA Diversity in Action (2022) EDCI (2025) € 10.2Bn * *as of March 31 st , 2025 ASSETS UNDER MANAGEMENT READ THE 2024/2025 VERSION DOWNLOAD THE FILE ESG TEAM FLEXSTONE PARTNERS Paris Office 5-7 rue de Monttessuy 75007 Paris - France www.flexstonepartners.com ESG ARTICULATION MANAGEMENT COMPANIES Flexstone adopts six key principles in its responsible investment strategy: Principle 1 – Align with industry best practice: we have reviewed our ESG rating and our responsible investment and exclusion policies. Principle 2 – Take a holistic and comprehensive approach to sustainability: a syste- matic process that includes negative screening, ESG analysis, and annual monito- ring of various performance indicators. Principle 3 – Transparency: The publication of a first annual ESG report in 2023 and the implementation of extra-financial reporting at fund level. Principle 4 – Promoting diversity and incIusion: Flexstone is committed to achie- ving concrete targets, such as 40% women in the investment team by 2030, while offering annual training on the subject. Principle 5 – Strong governance around sustainability: fostered by strengthening internal ESG skills (the recruitment of Samira Boussem in 2024) and the creation of a sustainability committee in 2022 (ESG team, CEO, CCO & CRO and CFO, and representatives from each operational team and office). Principle 6 – Contribution to local initiatives: Flexstone actively participates in wor- king groups such as the International Climate Initiative (ICI). AN EMBLEMATIC STRATEGY The strategy of France Sélection V (2023) is designed, among other things, to contribute positively to growth and employment in SMEs and Intermediate-sized enterprises in France, by investing in managers who promote the creation of ope- rational value. PORTFOLIO As a fund-of-funds manager, we ensure that managers have put in place an action plan that takes into account both the most material ESG risks and ESG opportuni- ties (value creation), and we seek to share best practices in responsible investment with them.FUNDS & FUTURE 2025/2026 I CFNEWS DIGITAL PUBLICATIONS FUNDS & FUTURE 2025/2026 SUSTAINABILITY TEAM AND COMMITTEE COMEX MEMBERS EMPLOYEES *Figures as of March 31 st , 2025 ESG GOVERNANCE 59 FTE* 2 FTE 0 Woman Integrating ESG objectives into the variable remuneration of investment teams? Is the ESG manager a member of the Investment Committee? FLEXSTONE PARTNERS Integrating ESG objectives into the remuneration of portfolio managers? Flexstone Partners has a 2-person ESG team headed by Samira Boussem (3.4%). This team is supported by a commit- tee dedicated (quarterly meeting) to sustainability issues. The committee is made up of the ESG team, the Managing Director, the CFO (also a partner), the CCO & CRO and a representative from each operational team and office (10 people in all). Is the percentage of sustainable assets held in the portfolio measured? CLIMATE Are you committed to a Net Zero trajectory ? Do you assess the carbon footprint of your holdings, including scope 3? To date, Flexstone has not drawn up a climate transition plan. However, in 2023, we partnered with Sweep to estimate the GHG emissions of our operations and investments in order to define a climate strategy. For the year 2025, we are working with an external auditor to audit our calculation of GHG emissions from our operations in order to define a climate transition plan consistent with our business. Samira Boussem (Head of Sustainability) participates in all investment committees, where she shares the ESG analyses carried out for each investment, enabling ESG issues to be integrated into investment decisions. No, at present we have no commitment to sustainable investment as defined by SFDR for our strategies. It should be noted that as managers of funds of funds (small and mid caps), we are dependent on the under lying fund managers to measure sustainable investment as defined by SFDR. SOCIAL Do you include social questions (diversity, team inclusiveness, etc.) in your manager selection due diligence questionnaires? SystematicMajorityOccasionalNever 3 % .4 ARTICLE 8 6 FUNDS 776 819 536 € including two wealth funds (36.6 million€ at the end of March 2025) ARTICLE 6 18 FUNDS 2 494 385 010 € Number of funds dedicated to wealth To date, Flexstone Partners manages 2 Article 8 funds under European SFDR regulations dedicated to wealth customers. To date we have no taxonomy alignment commitments on our strategies. It should be noted that as manager of funds of funds (small and mid caps), we depend on the underlying fund managers to measure taxonomy alignment. To date, few funds are able to measure the taxonomy alignment of their holdings due to the lack of data, especially for small and mid-cap companies (our funds' investment universe). Not applicable *as of March 31 st , 2025 ASSETS UNDER MANAGEMENT Bn 10.2 *€ 2 2FUNDS & FUTURE 2025/2026 I CFNEWS DIGITAL PUBLICATIONS François-Xavier OLIVEAU Partner Transformation ESG TEAM fxo@initiative-finance.com +33 (0)1 56 89 97 00 155 BOULEVARD HAUSSMANN 75008 PARIS www.initiative-finance.com *as of Dec 31, 2024 INITIATIVE & FINANCE SEE THE ENTIRE TEAM ASSETS UNDER MANAGEMENT € 800M * AREAS OF EXPERTISE Buyout Growth capital PRIORITY VERTICAL SECTORS All sectors READ THE 2024/2025 VERSION DOWNLOAD THE FILE MANAGEMENT COMPANIE Since 1984, Initiative & Finance has been supporting the growth and transfor- mation of SMEs and mid-cap companies, particularly in France. Active across all sectors, the management company acts as a long-term partner for entre- preneurs and their teams, assisting them in their development, consolidation, or business transfer projects. Initiative & Finance has implemented a comprehensive and rigorous ESG policy, integrated into every stage of the investment cycle. This approach is based on clear principles: compliance with legal and environmental stan- dards, reduction of negative impacts, continuous improvement of social and environmental performance, and promotion of good governance. The company places particular emphasis on climate change adaptation and mitigation issues, vocational training, youth inclusion, and gender diversity and equality. These topics are the subject of ongoing dialogue with portfolio companies and are monitored regularly. ESG ARTICULATION INITIATIVES PRI (2020) France Invest charter (and Mixity charter) and BPI charter Adherence to Finance for Biodiversity Foundation (2025) Marine FERCHAUD ESG Manager mf@initiative-finance.com +33 (0)1 56 89 97 00FUNDS & FUTURE 2025/2026 I CFNEWS DIGITAL PUBLICATIONS FUNDS & FUTURE 2025/2026 ARTICLE 6 3 FUNDS ARTICLE 9 1 FUND ARTICLE 8 1 FUND Initiative & Finance FCPR I Initiative & Finance FPCI II Initiative & Finance FPCI III Tomorrow Private Equity Fund I Initiative & Finance pme IV Fundraising in progress Integrating ESG objectives into the remuneration of portfolio managers? Integrating ESG objectives into the variable remuneration of investment teams? Is the ESG manager a member of the Investment Committee? Is the percentage of sustainable assets held in the portfolio measured? ESG GOVERNANCE CLIMATE SOCIAL 31 People ESG AND CLIMATE TEAMCOMEX MEMBERS EMPLOYEES 2,5 Members 1 Woman 8 % 12 Are you committed to a Net Zero trajectory for yourself and your portfolio holdings? Do you assess the carbon footprint of your holdings, including scope 3 ? *For Tomorrow, 100% sustainable investments as defined by SFDR regulations, including 49% aligned with European Taxonomy Are you implementing the France Invest value-sharing scheme within your holdings? SYSTEMATICMAJORITYOCCASIONAL NEVER INITIATIVE & FINANCE ASSETS UNDER MANAGEMENT 100 % *as of Dec 31, 2024 M 800 * * % ,5 Yes (for the Tomorrow Fund Investment Committee) No (for the SME strategy) Yes for Tomorrow Yes Objectives not quantified but integrated into variable remuneration. In addition, for Tomorrow strategy, part of the carried is also linked to the achievement of ESG objectives. Yes for Tomorrow €FUNDS & FUTURE 2025/2026 I CFNEWS DIGITAL PUBLICATIONS ASSETS UNDER MANAGEMENT € 500M * ESG TEAM 9 RUE DE CHAILLOT 75016 PARIS www.innovafonds.fr AREAS OF EXPERTISE LBO Capital-développement Flex Equity PRIORITY VERTICAL SECTORS Industrials Industrial services INITIATIVES PRI (2016) ICI (2019) INNOVAFONDS *as of Dec. 31 th , 2024 READ THE 2024/2025 VERSION READ THE ESG CHARTER DOWNLOAD THE FILE MANAGEMENT COMPANIES Our Sustainability approach was implemented about ten years ago and has been enriched every year. During the pre-investment phase, we conduct an ESG audit that influences the investment decision. Post-closing, we systematically carry out a comprehensive carbon assess- ment (Scopes 1, 2, and 3) with an external firm to define an action plan and a decarbonization trajectory. The goal is to identify concrete and achievable levers. At exit, we update the carbon footprint. Every year, we collect ESG KPIs from our portfolio companies. We have im- plemented a rating framework that assigns a score to each company. The extra-financial reporting is shared with our investors and published on our website. We discuss ESG topics with our portfolio companies as needed and at least once a year as part of the Supervisory Committee. Since 2024, we have established an independent ESG committee to ensure proper compliance with ESG commitments and the allocation of the ESG Carried Interest. AN EMBLEMATIC STRATEGY Our ESG approach is operational: we focus on actions that create value for the company and its ecosystem. PORTFOLIO Some concrete examples: Reducing environmental footprint (modernizing industrial processes, lean manufacturing, eco-design, renewable energies, etc.); Training and talent management plans to develop and empower teams; Initiatives to improve working conditions and ensure employee safety; Balanced governance and value- sharing mechanisms; Employee share ownership programs; Formalizing and communicating the ESG policy externally to strengthen the company’s brand with stakeholders (clients, suppliers, employees, etc.) Romain Haudry de Soucy Analyst & Lead ESG Pauline ELOY Managing Director romain.desoucy@innovafonds.fr + 33 (0)6 46 52 98 70 pauline.eloy@innovafonds.fr + 33 (0)6 86 16 64 34 ESG ARTICULATIONFUNDS & FUTURE 2025/2026 I CFNEWS DIGITAL PUBLICATIONS FUNDS & FUTURE 2025/2026 How often are Sustainability Linked Loans implemented on operations? ESG GOVERNANCE CLIMATE SOCIAL 17 People ESG AND CLIMATE COMMITTEE COMEX MEMBERS EMPLOYEES 3 Members 1 Women 18 % 17 % INNOVAFONDS ARTICLE 8 4 FUNDS FIT III €200M FIT II €120M PC II €55M PM I €100M Integrating ESG objectives into the variable remuneration of investment teams? Is the ESG manager a member of the Investment Committee? Integrating ESG objectives into the remuneration of portfolio managers? Is the percentage of sustainable assets held in the portfolio measured? Are you committed to a Net Zero trajectory for yourself and your portfolio holdings? Do you assess the carbon footprint of your holdings, including scope 3? Are you implementing the France Invest value-sharing scheme within your holdings? SYSTEMATICMAJORITYOCCASIONAL NEVER ASSETS UNDER MANAGEMENT *as of Dec. 31 th , 2024 M 500 * € SYSTEMATIC To PM I fundsNext >