RELATO Presentation Overview

Sustainability Report 2021

2021 Sustainability Report 2 Table of contents Message from the Executive Chairman 3 1. Our approach to sustainability 4 1.1. Sustainability is strategy 5 1.2. Governance of sustainability matters 7 1.3. Stakeholder dialogue, partnerships and public commitments 8 1.4. Materiality assessment of non1financial risks 9 1.5. 2021 highlights and impact at a glance 10 2. ESG integration across the business model 11 2.1. ESG integration in investments 12 2.2. ESG in Global Advisory 18 2.3. ESG considerations in supply chain engagement 19 2.4. Philanthropic partnerships: R&Co4Generations 20 3. Environmental impact 21 3.1. Strategic priorities 22 3.2. Products and services: investment approach 23 3.3. Products and services: Global Advisory 25 3.4. Operational environmental footprint 26 3.5. Philanthropic partnerships: R&Co4Generations 29 4. People and social impact 30 4.1. Strategic priorities 31 4.2. Operational impact and people culture 32 4.3. Products and services: investment approach 38 4.4. Products and services: Global Advisory 39 4.5. Philanthropic partnerships: R&Co4Generations 40 5. Business practices 41 5.1. Strategic priorities 42 5.2. Compliance culture and systems 43 5.3. Financial crime 44 5.4. Data and cybersecurity 46 6. Appendices 47

2021 Sustainability Report 3 Message from the Executive Chairman Delivering this roadmap for ESG integration to support Our thoughts are with everyone affected by the current geopolitical The publication of the Sustainability Report 2021 gives the sustainability transition of the global economy requires crisis. The whole firm is engaged in a fund-raising campaign me the opportunity to thank our teams for the impressive us to respect and embrace the connectivity of ecosystems, to help support the humanitarian efforts directed at helping efforts in driving ESG integration to the heart of our business. societies and economic interdependence. And it requires those people who had to leave their homes and lives behind. The progress made on ambition and initiatives since a great deal of collaboration. we published our first dedicated Corporate Responsibility As a business we have taken swift and decisive action to support Report 2019 are very visible across the entire business model. Internally, this starts with a governance setup with clear a global effort to isolate Russia from access to capital markets, Yet, the events of recent years 3 in particular the current ownership for sustainability strategy development and delivery beyond pure compliance with globally orchestrated sanctions. geopolitical context 3 highlight the new dynamic, sense responsibility at every level of the Group9s business model, In consultation with our team on the ground, we decided of urgency and increased scope of that job today, and our enabling the business-relevant implementation of group-wide E, to suspend our Global Advisory operation in Moscow and wind remaining headroom for supporting our clients in their S, G priorities, and empowering every employee to make down our Russian activity. We will not act as an advisor for any sustainability transition efforts. sustainability a priority in their daily jobs. Externally, we saw Russian entity, state-owned or otherwise. Our Wealth and Asset over the last year more collaboration and the demonstration Management and Merchant Banking business will not accept As a business, we firmly believe that in order to sustain of joined responsibility by governments, businesses, and civil any new Russian clients. And the businesses' thorough mandate a successful business in the long-term, to manage risks for society in their efforts to mitigate and adapt to the impact and client onboarding procedures will take into consideration stakeholders, and to unlock new opportunities for growth, we of climate change. And we very much welcome the initiatives the heightened risks associated with acting for clients need to help enable and protect a future in which everyone can and collaboration of experts working towards more transparency with significant exposure to the region at large, in line with thrive. and standardisation in Corporate Sustainability disclosures. our conservative approach to geopolitical risks. And whilst this may not be new for the generations of leaders I am proud that the Group is a signatory of the UN Global But whilst it might be easy to blame the interconnectivity who have successfully steered our family business for more Compact, and with this communication I am expressing of the world for the lack of predictability and for the magnitude than 200 years, as a management team we want to ensure our intent to implement the Global Compact principles of the global impact of recent crises 3 from the pandemic, that this philosophy is now firmly embedded in our business and selected United Nations Sustainable Development Goals to the geopolitical situation, to visible effects of climate change - Alexandre de Rothschild model for the years to come; that it is not just a question as part of the Group9s Sustainability strategy and initiatives. these events demonstrate that we all have a role to play of corporate responsibility, but that sustainability is strategy. Executive Chairman in nurturing, upholding and protecting a world that future In the summer of 2021, we decided to anchor the long-term of Rothschild & Co Gestion As an investor and advisor, we are working with a variety generations consider worth fighting for. ambition to use our influence and expertise to support the of management teams and boards to support them on their sustainability transition of the global economy as a key pillar transition journeys by assisting the allocation of capital Integrating sustainability considerations into the heart of our in our group strategy. to long1term sustainable solutions and accessing new opportunities. strategy should not only create value in the long term, but should This is evidenced, for example, in our role as one of the leading help build resilience in the business to mitigate some of these Today, a common set of strategic E, S, and G priorities provides advisors on renewable energy transactions, the launch of shocks. And whilst these developments will no doubt impact a the Group with a clear focus on ensuring that sustainability "We have the long-term innovative sustainable investment products and by the active company9s approach to E, S, and G over time, and might at times is a strategic imperative across the Group9s business model, engagement of our investment teams with issuers on their require course-corrections about what is 8the right thing to including through: ambition to use our influence ESG trajectories. do9 3 in the short-, medium-, and long-term 3, they shouldn9t ¯ its direct operational impact; be compromising joined ambitions and targets. and expertise to support And there are many new opportunities for collaboration that I am ¯ investment approaches in the Wealth & Asset Management, the sustainability transition excited about: from joining the Net Zero Asset Manager Initiative; I remain optimistic that we can overcome these challenges by and Merchant Banking businesses; to identifying innovative partners to deliver against our net-zero- embracing our common values, the power of dialogue and global of the global economy" ¯ transaction advice in the Global Advisory business; operations-2030 ambition, or for philanthropic support via our collaboration, allowing us as individuals, business leaders, new R&Co4Generations platform. advisors, and investors to be even more thoughtful and creative ¯ client and mandate onboarding; in supporting the sustainability transition of the global economy. These days, the road ahead looks more challenging. ¯ engagement of other operational supply chain partners; I was fortunate enough to grow up in an environment that Paris, April 2022 ¯ and approach for support of charities and social enterprises. allowed me to take peace, freedom and democracy for granted. Over the recent months, some of these ideals and convictions This report aims to provide transparency on the progress made were challenged in unexpected ways. in the last year across this spectrum. Alexandre de Rothschild Executive Chairman of Rothschild & Co Gestion

2021 Sustainability Report 4 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 1. Our approach to sustainability

2021 Sustainability Report 5 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 1.1 Sustainability is strategy As a family-controlled business, we know that long-term value creation depends on the balanced consideration of the interests of all our stakeholders. Having been at the centre of the world's financial markets for over 200 years, our expertise, intellectual capital and global network enable us to provide a distinct perspective that makes a meaningful difference to our clients, communities and planet. Our long-term ambition to use our influence and expertise to support the sustainability transition of the global economy is a key pillar of the Group strategy and as such fundamental to delivering our strategy across the business model. Values-driven culture Three established businesses Key di昀昀erentiators We promote a culture of One Group consisting of three responsible business and established businesses Long-term view People-centric Unique brand heritage long-term value creation ■ Family controlled ■ Breadth of experience ■ Strong credibility for our clients, stakeholders and investors ■ Strong capital position ■ Deep know-how ■ High a昀昀iliation ■ Enduring client relationships ■ Partnership culture ■ Well-connected Thoughtful Global Merchant Considered Advisory Banking Strategic We provide advice in M&A, We are the investment arm Strategic Advisory and Financing of the Group deploying Business aligned strategy Long-term Advisory, encompassing: the firm’s and third parties’ Restructuring, Debt Advisory capital in private equity and and Equity Advisory. private debt opportunities, Our clients include alongside a select corporations, private set of leading Focus Growth Value- Strong Sustainability Principled equity, families, institutional and creation returns ambition entrepreneurs and Global reach private investors. Build strong Growth across our Responsible governments. Local presence market positions three businesses, Three established E昀昀ective use of Use our influence Family controlled and expertise both organically and businesses capital generates and expertise Empathetic around our three through targeted with strong long-term profit to support the Committed core businesses acquisitions, synergies between growth, supporting sustainability mitigating the them focused our progressive transition of the impact of cyclicality on sustainable dividend policy global economy in our markets performance Wealth and Asset and value creation Creative Management We invest, structure and safeguard assets, Innovative creating innovative investment solutions to preserve and grow our Collaborative clients’ wealth. Entrepreneurial

2021 Sustainability Report 6 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices A common set of strategic priorities provide our Group with a clear focus “At Rothschild & Co, we want to use our influence and expertise in ensuring that sustainability is a strategic imperative across our business model, including our: to support the sustainability transition of the global economy.” ¯ direct operational impact; ¯ investment approaches in the Wealth & Asset Management, and Merchant Banking businesses; ¯ transaction advice in the Global Advisory business, incl. dedicated ESG Environment (E) People and Society (S) Business Practices (G) advisory expertise; ¯ client and mandate onboarding; ¯ engagement of other operational supply chain partners; and ¯ approach for support of charities and social enterprises. The priorities listed in the ESG priority framework are reflective of our most material dimensions of environmental, social and governance impact (please refer to the materiality assessment of non-financial risks in Section 1.4 of • Support and contribute to the • Championdiversity of thought • Safeguardresponsible this report). The framework acts as the foundation for a considered approach transition to a low carbon economy • Ensureemployee wellbeing business conduct to ESG integration in the most business-relevant activities across our value • Preserve and protectbiodiversity • Work againstinequality chain and helps define a roadmap for implementation. Section 2 of this report outlines how these priorities are reflected in policies Strategicpriorities and progress made in 2021 to integrate ESG considerations across the different levers of the business model. Sections 3,4, and 5 provide a more granular description of priorities and progress made in each of the Group9s strategic E, S, and G pillars in 2021, including key performance indicators. – Carbon footprint – Diverse and inclusive talent pool – Compliance culture focus – Responsible consumption – Employee wellbeing and development – Data and cybersecurity Operational and resource use – Financial crime Wealth & Asset Management and Merchant Banking Investment policies Stewardship and engagement Products and services Global Advisory Bussiness lineintegration M&A transaction advice Financing and investor advisory Mandates/clients/supplier selection R&Co4Generations Philanthropicactivities Donations/debt/investments Pro-bono advisory

2021 Sustainability Report 7 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 1.2 Governance of sustainability matters The Supervisory Board carries out the ongoing supervision of our in defined priority areas, the Group Head of Sustainability is a member Overview of governance arrangements Company9s management. In this context, it considers sustainability issues of and works closely with the respective dedicated supporting committees at the initiation of senior management unless the Supervisory Board itself to the GEC (please refer to the overview table hereafter). (1) identifies an opportunity to discuss. A dedicated Sustainability Committee Supervisory Board The Group Responsible Investment team supports the work of the Group composed of three members of the Supervisory Board meets at least twice Responsible Investment Committee to further the investing business lines9 per year and has been given the mission to assist the Supervisory Board in: roadmap for integration of ESG considerations in their approaches, including ¯ ensuring that the Group considers environmental, social and societal Sustainability Commitee the development of consistent investment policies and assisting investment as well as business practice-related issues, in line with strategic priorities business lines in their ESG integration developments. The team reports for the business; directly to the Co-Chairman of the GEC and works closely with the Group Managing Partner Sustainability function. ¯ ensuring that the Group is positioned to best identify, and address (Rothschild & Co Gestion) opportunities and risks associated therewith; and This integrative setup enables the dedicated implementation of the Group9s ¯ monitoring and reviewing (i) the strategic priorities, policies implemented, Definition of strategic sustainability sustainability strategy at all levels of the business model. direction and ESG priorities and objectives set by the Group relating to sustainability matters, and (ii) the Sustainability Report included in the Rothschild & Co Management Report. Group Executive Committee Overview of dedicated committees supporting the GEC Group Group R&Co4 (GEC) Sustainability Responsible Generations In addition, the sustainability strategy is presented to the Supervisory Board Investment (incl. heads of business lines, Function Team at least once a year and discussed as part of the meetings of the Audit and Risk Team Group Balance & Inclusion Committee HR, LCR, Finance) Committee of the Board, or informally considered ad hoc throughout the year. Committed to creating a diverse, inclusive and flexible environment Implementation oversight Rothschild & Co Gestion, the Managing Partner, defines the Group9s ambition for sustainability strategy which enables all colleagues to achieve their personal and professional for sustainability integration into Group strategy, and group-wide strategic aspirations, and to ensure that we provide long-term opportunities priorities. for growth. Group Balance & Inclusion Committee The Group Executive Committee (GEC)9s role is to propose strategic directions to Rothschild & Co Gestion, including in relation to sustainability, Advise Group Environment, and to assist the Managing Partner in overseeing the implementation Group Environment, Health & Safety Committee the GEC Health & Safety Committee of the strategy across the Group and the operational management of the Group. One member of the GEC is responsible for sustainability topics. Overseeing the development and effective implementation of group-wide Sustainability matters are discussed in the regular meetings of the GEC Group Responsible Investment Committee policies aimed at limiting and reducing the impact of our business any time as required (in more than 80% of the meetings in 2021). operations on the environment, and the health and safety of employees. Divisional Management Committees Divisional Management Committees for Wealth & Asset Management, Merchant Banking and Global Advisory are responsible for the integration of group-wide E, S, G priorities in their business-line strategy. Integration of group-wide ESG priorities Group Responsible Investment Committee in business-level strategy development The Group Sustainability function assists senior management in the Developing and overseeing the implementation of a group-wide development of the strategy, the coordination of group-wide initiatives and ESG investment integration and engagement framework supporting the provision of an ongoing and consolidated picture of performance against the transformation of industries towards sustainable practices. the Group9s strategic objectives, and reports directly to the Co-Chairman of the GEC, who is one of the Managing Partners. Supported by a team of experts (1) For information on the composition of the Sustainability Committee, please refer to Section 6.2.7 of the Rothschild & Co Annual Report 2021.

2021 Sustainability Report 8 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 1.3 Stakeholder dialogue, partnerships and public commitments Building long-term, trusted partnerships with our stakeholders is essential Overview partnership & public commitments to understanding the impact of our actions, identifying opportunities for improvement, and realising sustainable value creation. Continuous engagement with employees, clients, investors and shareholders, social society, and multi-stakeholder initiatives is crucial for fostering this dialogue. UN GLOBAL COMPACT FRANCE INVEST CHARTER Section 6 of this report provides an overview of relevant stakeholder groups, FOR GENDER EQUALITY key topics and structured engagement activities in 2021, which helped us form our perspectives on how to approach sustainability matters in 2021. Signatory All investment business Investor Signatory since Rothschild Martin Maurel As a signatory to the United Nations Global Compact, we support since January 2021 entities have signatory 2017; regular climate SCS and Five Arrows the Ten Principles on human rights, labour, environment, and status change disclosure Managers SAS are anti1corruption and are committed to engaging in collaborative projects reporting signatories since 2020 that advance the United Nations Sustainable Development Goals (SDGs). Where appropriate, this report makes the link between the Group9s sustainability priorities and the commitment to, wherever possible, contribute to the achievement of selected SDGs (please refer to the ESG priority framework or universal reference table in Section 6 of this report). The table on the right provides an overview of group-wide public commitments and the partnerships through which the Group and its WOMEN IN INITIATIVE CLIMAT businesses publicly advocate for and engage with its stakeholders FINANCE CHARTER INTERNATIONAL in sustainable development initiatives. Rothschild & Co Asset N.M. Rothschild & Sons Five Arrows Managers SAS Rothschild & Co Bank AG Management Europe is a Limited is a signatory is a signatory since 2018 is a signatory since 2020 signatory since 2019 since 2019; commitments have been expanded to the entire Group NET ZERO ASSET INVESTORS COALITION FOR LE CERCLE ROBECO POUR MANAGERS INITIATIVE A JUST TRANSITION UNE BANQUE PRIVÉE DURABLE Rothschild & Co Bank AG Rothschild & Co Asset Rothschild & Co Asset Rothschild Martin Maurel is a signatory since 2021 Management Europe is a Management Europe is a is a member since 2021 signatory since 2021 signatory since 2021

2021 Sustainability Report 9 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 1.4 Materiality assessment of non1financial risks Since 2018, we have undertaken regular materiality assessments aimed Materiality matrix of non-financial risks relating to sustainability s at identifying the most critical environmental, social, and governance issues that are relevant to our stakeholders and which could represent non-financial Compliance culture, risks or opportunities for the businesses. eholder incl. financial crime A review of this assessment of non-financial risks affecting Group businesses (1) ak and stakeholders was carried out alongside the annual review of strategic t o s Data and risks for the Group at the end of 2021 (please refer to the description e t Climate action cybersecurity of the main risks to which the Group is exposed presented in Section 4.1 of the Rothschild & Co Annual Report 2021). The results of this review Div anc ersity are summarised in the below matrix, considering both: and inclusion Human ¯ material stakeholder relevance, i.e., likelihood that the Group9s actions Import rights Talent acquisition with regards to an identified issue will impact its stakeholders, which could and development have an impact on its reputation; ¯ material business impact, i.e., likelihood that an identified issue will impact the Group9s performance, and its ability to create long-term value. Natural Employee In addition to ongoing stakeholder and market intelligence, this regular Socio-economic capital wellbeing formal assessment provides the Group with relevant insight for the continued equality review of strategic priorities. The results of the assessment for 2021 highlight the continued areas of focus for the business as reflected in the ESG priority framework. This report aims to provide relevant information with regards to initiatives aimed at mitigating the business impact on these matters, in particular relating to

2021 Sustainability Report 10 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 1.5 2021 highlights and impact at a glance Strategic Environment (E) People and Society (S) Business Practices (G) priorities ■ Support and contribute to transition ■ Champion diversity of thought ■ Safeguard responsible business to a low carbon economy ■ Ensure employee wellbeing conduct ■ Preserve and protect biodiversity ■ Work against inequality ■ Net zero operations 2030 commitment ■ c. 3,800 employees in over 40 countries ■ 97% completion Information Security Operational ■ 70% GHG emissions reduction (vs 2018) ■ 39% average tenure > 5 years training focus ■ Shi昀琀 towards active carbon removal ■ Over 800 new hires (33% female) ■ 96% completion Data Protection Training ■ 91% renewable electricity ■ 25.4% female in AD level and above ■ 100% of clients subjected to financial ■ 79% of reporting o昀昀ices are USUP free ■ 40% female Board members crime risk assessment ■ c. 1,300 participants in D&I training ■ All business divisions assessed for ABC risk programmes ■ Agile Working Policy Social and environmental controversy monitoring Specific ESG investment policies WAM Ambitious SFDR classification objectives New sustainable investment products in AM Europe and MB; Business and MB 10 labelled funds in AM Europe (ISR/Towards Sustainability) integration Voting coverage almost 100%(1) Nine ESG engagement initiatives joined by entities in 2021 GA Leading corporate adviser on transactions relating Advisor on sustainable financing transactions linked to environmental to innovative energy technology and social causes Third Supplier Code of Conduct ESG considerations in new client on-boarding processes Philanthropic parties activities R&Co4Generations: new fund and global platform for environmental and social philantropic partnerships (1) Eligible perimeter for AM Europe, AM US and WM UK (discretionary assets).

2021 Sustainability Report 11 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 2. ESG integration across the business model 85% 95% of WM discretionary of AM EU9s open ended (1) assets and funds to be classified (2) as SFDR Article 8 or 9 One of the 10 labelled funds leading in AM Europe corporate (French ISR/Towards Sustainability labels) advisers on transactions relating to innovative energy technology Almost 100% voting coverage on the eligible perimeter for Asset Management Europe, AM US and Wealth Management UK (discretionary assets) (1) Excluding UK and dedicated funds, which represent c. 50% of total WM discretionary assets. (2) SFRD framework: based on available information and businesses' own analysis, 2020 baseline.

2021 Sustainability Report 12 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices From our operational impact, to the products and services offered in our business lines, to the clients and supply chain partners we engage with, we aim to integrate our sustainability priorities at every level of the business model. As such, ESG considerations play an increasing role in the approach to Responsible Investment, and in the transaction and ongoing advice given in the Global Advisory business. We aim to support the defined environmental and social priorities through philanthropic activities with our dedicated R&Co4Generations fund and platform. 2.1 ESG integration in investments We believe a proactive approach to Responsible Investment is key to protect the value of investment portfolios, seize investment opportunities, and play an active role in the global transition effort towards a more sustainable economy. Responsible Investment decisions allow to preserve and create value for our clients and stakeholders and to support long-term business success. Our approach to Responsible Investment identifies and manages potential environmental, social and governance related risks for both ourselves and our clients, resulting from engagement with the companies and funds that we invested in. This chapter aims to highlight common approaches across the Group9s investment business lines and draws attention to a number of examples that demonstrate the breadth and depth of progress made in the last year. Key achievements 2021 Group Responsible Investment roadmap Expanded engagement Strengthening of the Responsible Investment platform Strong commitment for sustainable product offering scope and SFDR classification While ESG integration is increasingly becoming an important part of Engagement in initiatives increased in 2021, incl. Wealth Management UK the day-to-day job for most investment teams, we reinforced our expertise The SFDR regulation proved to be an opportunity to set ambitious targets (Wealth Management UK) as a Climate 100+ signatory, and Asset and internal capacity for the coordination of ESG-related topics through to better align entities9 product offering to the Responsible Investment Management Europe (AM Europe) joining the Net Zero Asset Managers recruitment at both Group and entity level. An active ESG coordination strategy. Initiative. network is aimed to ensure consistency within our Group as well as strong execution of the Responsible Investment strategy among operational businesses. The Group’s investment business lines now use the SFDR framework(1) as a guide to develop their product offering with the following SFDR classification objectives(2): 85% 95% 2 of Wealth Management discretionary assets(3) of Asset Management Europe’s open-ended funds Merchant Banking funds to be classified as to be classified as Article 8 or 9; to be classified as Article 8 or 9; Article 8 and one fund to be classified as Article 9. Supporting this objective, new sustainable strategies were launched throughout the year and the number of funds with an external sustainable finance certification significantly increased from four funds to 10 funds. (1) SFDR framework: according to available information and the businesses’ own analysis. (2) 2020 baseline. (3) Excluding UK and dedicated funds, which represent c. 50% of total WM discretionary assets.

2021 Sustainability Report 13 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Approach Group-wide ESG investment framework While business lines are responsible for the deployment of their specific ESG integration strategies and operational roadmaps considerate of their business constraints and specificities, our entities have agreed on a common ESG investment framework: Responsible Investment roadmap 2019-2022; almost entirely achieved in 2021 Pillar Objective Progress made 2021 KPIs ¯ Common investment policies on thermal coal, fundamental principles (1) Same investment policies among >90% of consolidated WAM AuM covered by thermal coal and controversial weapons adopted the Group investment principles ¯ Thermal coal investment principles reviewed and updated ¯ ESG integration part of entities9 investment process: where applicable, All Wealth & Asset Management entities and investment teams use the same Common ESG data provider businesses share common tools, data sources and best practice to increase ESG data provider 100% ESG integration ESG integration ¯ Consolidation plan for reporting of ESG data at Group level Report on a common minimum set 100% of Asset Management Europe9s funds covered by a carbon intensity of ESG / impact data measurement ¯ Improved ESG reporting at entity level Creation of a permanent ¯ Chaired by a member of the GEC and gathering representatives 7 Responsible Investment Committee meetings held in 2021 Responsible Investment Committee of all business lines, the Investment Committee meets on a monthly basis ¯ All investment entities were UNPRI signatories at year end 2020 Wealth Management UK and Merchant Banking received UNPRI A score in 2020, Join International Initiatives ¯ Asset Management Europe, Merchant Banking, Rothschild and Co Bank AG AM Europe A+ and Wealth Management UK submitted a UNPRI questionnaire in 2021 Voting coverage reached almost 100% on the eligible perimeter for Asset Voting ¯ Stewardship and voting policies have been developed by business lines. Be an active and engaged Management Europe, AM US, and Wealth Management UK (discretionary assets) investor Promote and support sustainable ¯ Participation in multi-stakeholder initiatives (please refer to Section 1.3 Nine ESG-related initiatives joined by entities in 2021 investing practices of this report) Regular publications and conferences ¯ Entities released thematic publications to clients and via web channels 59 ESG dedicated publications over 2021 on ESG and Impact ¯ Each eligible entity has SFDR Article 8/9 products Flagship sustainable products 10 labelled funds (AM Europe) in 2021 (French ISR/Towards Sustainability labels) Offer innovative sustainable ¯ New

2021 Sustainability Report 14 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Integration ESG integration tools help the investment teams to assess a security Governance: To ensure consistency and progress on ESG integration or portfolio9s overall profile, risk and opportunity exposure, and any Investment exclusion policies for the Wealth & Asset Management and in investment approaches, Responsible Investment is addressed at quantifiable impact. Tools considered across the Group include: Merchant Banking activities: different levels in the Group9s formal governance arrangements, ¯ ESG ratings and KPIs provided by third parties; ¯ Controversial Weapons Investment Policy: exclusion of including governance with regards to sustainability matters (see investments in companies that design and produce cluster ¯ ESG indicators provided by companies; Section 1.2 of this report): munitions and/or land mines in accordance with the Oslo Treaty ¯ in-house ESG analyses, and (1) The Sustainability Committee of the Supervisory Board is regularly (2008) and the Ottawa Convention (1997); ¯ reliable open-source data. updated on Responsible Investment initiatives. ¯ Fundamental Principles Investment Policies: exclusion of In addition to the group-wide investment principles, all investment business investments in companies which to the Group9s knowledge may (2) The Group Responsible Investment Committee is chaired by one lines have developed Responsible Investment Policies and solutions breach fundamental principles due to gross corporate misconduct of the Managing Partners and Co-Chairman of the GEC and aims to reflecting the needs of the markets and clients they serve, in line with their such as severe infringements of human rights, substantial ensure accountability for the creation and implementation of investment philosophies. environmental damage or those linked with corruption and bribery policies across the investment businesses, as well as ensuring that activities; and Responsible Investment priorities are reflective of the Group9s Most of the investment business lines adopt a

2021 Sustainability Report 15 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Engagement The implementation of reliable ESG investment frameworks fosters value creation, contributes to a better ESG risk monitoring, and creates positive impact on the priorities defined in the Group9s ESG strategy framework. As a responsible investor, we support the development of sustainable business practices via dialogue with corporates, or other financial players (asset managers/Private Equity funds), and communication of our sustainable action plans to clients. Active engagement actions are implemented in two ways: (1) Direct engagement: discussion with companies in which the business invests are initiated to better understand (2) Collective engagement: as integrating sustainable practices is often a market-wide challenge, the investment their ESG practices and raise awareness for the Group9s position. Our business lines have developed structured businesses partner with other players to reinforce the promotion of an integrated ESG approach, or to take engagement policies to ensure consistency and positive outcomes. common commitment regarding sustainable practices. Recent examples of direct engagement initiatives Recent examples of collective engagement initiatives Business line Direct engagement initiative CLIMATE ACTION UN PRI 100+ FINANCE FOR TOMORROW ¯ Redefined engagement policy to maximise the impact of activities on listed companies ¯ Engagement policy implies questionnaires sent to issuers, ESG-related All investment business Asset Management Europe, Asset Management Asset Management Europe discussion with companies, and/or pre-AGM meetings entities of the Group Wealth Management UK Europe ¯ Divided into three core pillars: targeted, generalist and thematic ¯ Engaged with 94 companies CERCLE ROBECO POUR UNE ¯ Specific topics are targeted on case-by-case basis and regular discussions NET ZERO ASSET UK STEWARDSHIP CODE BANQUE PRIVÉE DURABLE organised with companies in portfolio MANAGER INITIATIVE (FRC) Wealth Management UK ¯ Engaged with companies from various sectors on ESG-related challenges Rothschild ¯ Formalised an ESG-specific engagement policy including a voting policy, Asset Management Rothschild & Co Bank AG Martin Maurel Wealth Management UK and individual and collective engagement Europe ¯ Published an engagement policy framing actions for promoting ESG Rothschild Martin Maurel with its stakeholders SWISS SUSTAINABLE ESG COMMISSION ¯ Three recently acquired portfolio companies to conduct an ESG review THE INVESTOR FORUM FINANCE AT FRANCE INVEST and define an action plan of improvements to be implemented ¯ Two General Partners to share ESG-related knowledge and good practices Merchant Banking Rothschild & Co in the industry Wealth Management UK Bank AG Merchant Banking ¯ Out of 99 portfolio companies and General Partners, 79% have completed an ESG questionnaire in 2021 GLOBAL IMPACT INVESTING NETWORK (GIIN) Merchant Banking

2021 Sustainability Report 16 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices For the investing business lines, AGMs of listed companies present the opportunity to express their views and Disclosure, reporting and measurement support to top management. In 2021, high voting coverage targets have been reached: Rothschild & Co Bank AG (1) (2) (on its Mosaique portfolios), Wealth Management UK , and AM Europe achieved almost a 100% coverage ratio The investment business lines made important efforts to increase transparency on their practices in the past couple thanks to the use of proxy voting advisors and the work of analysts. of years. A number of policies and reports have been published, describing activities to further integrate ESG parameters in the investment practices of individual entities. Key voting figures 2021 Recent examples of Responsible Investment disclosures Number of voted Voting resolutions coverage (%) Perimeter Investment entities Business line Public reports Asset Management Europe 7,866 93 Total eligible AuM (excl. legacy ¯ Sustainability risk and ESG policy funds) ¯ Engagement policy and engagement report Asset Management US 3,725 100 Total eligible AuM Asset Management ¯ Combined TCFD/Article 173 report Europe Rothschild & Co Bank AG 630 92 Mosaique funds (eligible AuM) ¯ Portfolio-level transparency reports (Climate range, R-co 4Change Human Values) Wealth Management UK 322 99 Eligible discretionary assets ¯ ESG reporting for almost all products, providing information on the ESG scoring, the carbon footprint and the transition profiles of companies in portfolio Rothschild ¯ Sustainability risk and ESG policy Martin Maurel Wealth Management UK ¯ Responsible Investment policy Rothschild & Co Bank ¯ ESG approach AG Asset Management US ¯ Responsible Investment policy Some of the entities published ESG data related to the performance of their funds. Each of the investment businesses is responsible for the management of the ESG integration in its activities, and the reporting on a set of ESG metrics that have been defined at Group level. This will be followed by the aggregation of a consolidated ESG performance reporting covering a number of key KPIs representative of the Group9s ESG priorities across its investment activities. A global monitoring of the impact of the investments could help identify opportunities for collective action across the different entities, enabling synergies in addressing transversal issues such as the management of climate-related risks and opportunities. (1) Equities included in discretionary assets. (2) On eligible perimeter.

2021 Sustainability Report 17 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Product offering: from integration to impact Product offering expansion is key to meet the objectives of institutional and private wealth clients that are looking to invest in line with their environmental, social and governance preferences, and to allow us to have a positive impact on the sustainability transition of the global economy. Overview product spectrum ESG integration in treasury and lending activities Over the course of 2021, ESG policies were defined for the Group9s treasury Business line Examples of product developments 2021 Exclusion Integration Impact activities, which follow the established group investment policies on exclusions. In addition, investments and exposures are monitored using MSCI ESG ¯ 10 labelled products (French ISR and Towards Sustainability labels) ratings and no limits are approved for any entity rated B or below ¯ Launch of R-Co Valor 4Change Global Equity, aiming at actively contributing Asset (or equivalent where no MSCI rating available). Management to the development of ESG practices 7 7 7 Our lending activities mainly assist private clients in the Wealth Management Europe ¯ Development of products dedicated to environmental or social impact businesses. These clients undergo a thorough new client acceptance process (please refer to Sections 3.2 and 4.3 of this report) designed to protect the group from any potential reputational risk. The assets that act as security for the Lombard lending activities are ¯ Further development of the 4Change mandates, reinforcing best-in-class selection Rothschild 7 7 inherently guided by the Group's investment policy on Wealth Management Martin Maurel ¯ Strengthening of ESG integration process in standard discretionary mandates assets, which integrate ESG principles, and borrowers are encouraged ¯ Further development of the Exbury strategy, which in addition to its return objective, actively to consider ESG criteria in their investments. A policy for integration of ESG invests in assets that support the goals of the Paris agreement (net zero global emissions considerations in the Group9s real estate loan business has been designed Wealth 7 7 in 2020, and in 2021 there are ongoing discussions to develop ways to measure by 2050) and the fair transition to a lower carbon world Management UK the ESG impact on the Group9s real estate loan portfolios. ¯ 2020 ESG Report (Rapport Exbury) ¯ Strengthening of ESG integration process of the funds and discretionary mandates 3 specific Rothschild & Co best-in-class ESG approach and assessment of the low-carbon transition profile of companies 7 7 Bank AG in the portfolio ¯ Gender equality lens strategy aiming at promoting gender equality across investment Asset 7 7 7 Management US practices based on data provided by Equileap ¯ Two strategies promoting ESG dimensions, categorised as Article 8 according to SFDR Merchant (FAGC and FAPI) 7 7 7 Banking ¯ Launch of a new impact fund in 2021 (FASI), categorised as Article 9 according to SFDR The requirements of the EU Sustainable Finance Disclosure Regulation (SFDR) marked an important opportunity for the investment businesses to align and develop investment strategies with global sustainable objectives while competing on equal terms with other market players. The Group9s investment business lines (except for Asset Management US) now use the SFDR framework to develop their product offerings in accordance with the above-mentioned targets. Sections 3.2 and 4.3 of this report provide examples of how different investment products and strategies support our strategic ESG priorities. The business lines will continue to develop their offering to integrate sustainability at the heart of their strategy.

2021 Sustainability Report 18 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 2.2 ESG in Global Advisory Aligned to our position as one of the leading independent financial advisory transactions. 2021 was an important year for the Sections 3.3 and 4.4 of this report provide examples of how different advisory Sustainable finance houses, our Global Advisory business has established a leading ESG Advisory sustainable finance market and we were able to sustain a leading position mandates reflect and support the Group9s strategic ESG priorities. practice which combines experienced and dedicated ESG expertise, with in raising financing for renewable projects and making green and social the ongoing development of sector specific integrated ESG knowledge. projects investible. Investors are reassigning large amounts of money towards The business advises large, mid and small-cap corporates on their M&A, ESG transactions and ESG ratings are increasingly in focus for businesses Managing environmental and social risks strategic and financing goals. Supporting public and private corporate seeking sustainable finance which meet the relevant criteria and objectives. clients consolidate a full spectrum of ESG risks and opportunities is aligned Our debt and financing advisory practice works with clients on innovative in relation to clients and transactions with the long-term approach to providing advice and leverages our ability sustainable financing products, such as sustainability linked loans and bonds, We are actively managing risks that could arise from our business activities. to influence ESG issues at scale. With our expertise, we are well-placed education bonds and green bonds, correlating to the ambitions and net-zero The Group9s Client Due Diligence Policy provides for potential reputational to support clients through the energy transition and the definition targets of the client's business. risks that may arise from various sources, including, but not limited to, and implementation of ESG strategies. ESG credentials are increasingly critical in retaining and attracting capital purpose of a proposed transaction or service, the identity, the nature or Using the skills and expertise at the heart of its business model to integrate to deliver optimal outcomes for clients. Investor Advisory and Investor location or activities of a potential client and the regulatory or political dedicated ESG practice, Global Advisory is: Marketing utilise investor insights around ESG matters, enabling them context in which the business will be transacted (including any potentially to advise on climate strategy, responses to climate related shareholder ¯ supporting clients in determining their strategic responses to the energy controversial environmental or social impact of a client9s business activities, activism and say-on-climate resolutions. The Investor Advisory team transition, and to adapt to the risks, opportunities and evolving demand or a transaction). continues to work closely with the Equity Advisory and Private Capital for disclosure; Processes for the identification and assessment of environmental and social teams across the regions, integrating ESG considerations in the IPO and ¯ supporting clients in identifying and addressing ESG-related risks and risks are integrated into the businesses9 risk compliance procedures at the earlier funding processes to help companies best position themselves opportunities for growth and capital in transactions including activist point of onboarding a new client and/or mandate. This involves: to access sustainable capital with an integrated sustainable strategy. challenges; and ¯ reputational screening designed to identify any potential issues in relation Our teams provide high quality strategic advice on attracting capital and ¯ promoting the flow of capital towards sustainable outcomes for clients, to the ESG profile of a company or transaction. Where a potential issue engaging with investors around various environmental, social and shareholders, and society. is identified, it is followed up by enhanced due diligence designed to better governance matters, including: understand risk mitigating factors, countermeasures and ESG initiatives ¯ ESG framework and governance, sustainability strategy, key messaging put in place by the client; and and response to challenges and externally proposed change; Approach and offering ¯ potential ESG related concerns are discussed at the relevant senior client ¯ engagement preparation and defence relating to governance, acceptance committee and may be escalated to the Global Risk M&A is a catalyst in the transition to a low carbon economy. Clean energy remuneration and board change with AGM voting support; Committee for consideration before proceeding. plays a major role in the energy transition and efforts to limit greenhouse gas ¯ shareholder analytics, perception studies, market intelligence, identifying (GHG) emissions globally and clean electricity, such as wind and solar, are In order to provide internally consistent guidance, we have identified a ESG topics most important for the business and board; increasingly providing a greater percentage of energy to grids. We continue number of areas of potential environmental and social concerns that could ¯ advice on positioning and engagement for improved communication with to take a leading role as an advisor on transactions relating to innovative represent a source of conflict with the Group9s strategic ESG priorities, investors, including capital markets days, results and reports; energy technology and energy management, making the firm one of the top and as such represent material risks to our firm9s reputation and to our ¯ ESG ratings advice for companies seeking to validate their sustainability three advisers on global sustainable M&A transactions. Growing ESG trends stakeholders. credentials and narrative, as well as improve external perceptions of third are affecting businesses in all sectors and regions and we continue to advise We will on a regular basis assess our policies and practices, based on an party scorers; on transactions which realise the significant potential for integration of ESG accurate monitoring of relevant topics that could represent reputational risks considerations as part of business strategy. ¯ identifying and targeting investors with relevant ESG investments; and for our firm. ¯ ESG activist related challenges and shareholder resolutions.

2021 Sustainability Report 19 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 2.3 ESG considerations in supply chain engagement Whilst procurement decisions are made on a decentralised basis in our A number of Group policies specify additional requirements related business lines and functions, we are committed to encouraging responsible We aim to ensure that: to potential risks of association with third party suppliers, following business practices throughout our operational supply chain. When working a proportionate and risk-based approach: with supply chain partners, all parties are expected to commit to working with each other to build a relationship of respect, trust and transparency. Suppliers are made aware of the Supplier Code of Conduct We are aiming to create a diverse pool of suppliers that share our principles. as part of the RFP/contract renewal process; ¯ the Group Anti-Bribery and Corruption Policy includes risk grading

2021 Sustainability Report 20 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 2.4 Philanthropic partnerships: R&Co4Generations In 2021, we announced the launch of R&Co4Generations as a platform The R&Co4Generations fund is managed under the umbrella of the King to further build on our long philanthropic tradition of supporting charities Baudouin Foundation (KBF), a public utility foundation registered in Belgium. and social enterprises. R&Co4Generations is a dedicated philanthropic Our entities contribute to the fund either directly or via KBF9s global network fund and programme to organise and manage associated activities across of subsidiaries and partner foundations. the Group. The fund is governed by a Management Committee comprised of Rothschild R&Co4Generations9 key objective is to support future generations by giving & Co executives and independent subject matter experts. The Management them the means to face and adapt to the social and environmental changes Committee selects projects for support on the basis of objective criteria that they will encounter during their lifetimes. It supports organisations and tools specially designed to assist with this process. Selection criteria 26% working to combat the effects of inequalities and climate change, include alignment with the R&Co4Generations mission; likelihood of of employees globally engaged with R&Co4Generations/ with a special focus on projects which: contributing to long term, sustainable change; scalability or replicability; (1) Community Investment activities . employee engagement opportunities including fundraising, volunteering ¯ develop skills and talents; and pro-bono advisory. ¯ cultivate entrepreneurial mindsets in young people; and Engaging employees is central to the R&Co4Generations mission. ¯ promote innovation in response to inequalities and climate change. All of our colleagues are encouraged to put forward their proposals R&Co4Generations9 primary focus lies on supporting local charities that for causes to support, and to get involved in selected projects through More than 50 charities are operating in the geographies in which we have a presence. In addition, volunteering or by joining a pro-bono advisory team. Regular updates each year R&Co4Generations will support a number of global flagship on project selection, activities and progress are shared with employees supported by the business across projects, providing an increased level of support to selected initiatives working on the Group intranet or via email. across geographies on issues of global significance. Sections 3.5 and 4.5 of this report provide examples of how different 20 countries In supporting such initiatives, R&Co4Generations aims to make full use philanthropic initiatives support our defined environmental and social of the tools at our at its disposal, including: priorities. ¯ grant funding for innovative charities and social enterprises working in the chosen fields; with an ¯ targeted fundraising campaigns with company matching to support the projects; average partnership ¯ pro-bono advisory support where the Group can share its professional knowledge and skills to strengthen resilience and sustainability of high duration of two years. impact and promising organisations; ¯ targeted, purposeful volunteering programmes which allow colleagues (1) Includes volunteering, giving, and attending virtual events. to contribute directly and tangibly to causes which share the Group9s objectives; and ¯ ultimately, social impact investing and loans to support changemakers who are developing cutting-edge solutions to some of the most pressing social and environmental challenges the world faces.

2021 Sustainability Report 21 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 3. Environmental impact -70% operational GHG emissions vs. 2018 91% electricity from renewable sources Net-zero operations 2030 commitment 79% of offices single use plastic free

2021 Sustainability Report 22 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 3.1 Strategic priorities We are committed to contributing to a more environmentally sustainable economy and limiting the Group9s environmental impact. This chapter aims to present group-wide initiatives, policies, products and services that support these objectives and are designed to help mitigate risks for stakeholders and influence opportunities for the business in these areas Overview Priorities Supporting the transition to a low-carbon economy Preserving and protecting of biodiversity Limiting and reducing the impact of our operations, products and services on a changing climate, Preserving, protecting and enhancing the resilience of our planet9s ecosystem services and the societies Objective and act as a catalyst in support of the transition towards a low carbon economy that rely on them Reducing and mitigating the direct and indirect climate impact of our operations; A nature-positive approach that supports regeneration, resilience and circularity as part of our Operational focus climate change adaptation environmental management practices Integration of environmental considerations in product and service offering, including investment approaches and advisory services aimed at influencing capital allocation in support of a just transition to a Business line focus low carbon economy and towards nature-positive solutions Philanthropy focus Supporting environmental initiatives with focus on climate change (1) ¯ Net-zero operational impact by 2030 ¯ Zero waste to landfill by 2030 ¯ 100% renewable energy by 2025 ¯ Reduce paper use by 25% per FTE by 2025 ¯ 100% electricity from renewable sources by 2025 ¯ Group recycling rate of 80% by 2025 Group-wide commitments (1) ¯ Reduce energy consumption in offices by 25% per FTE by 2025 ¯ Business-level exclusion policies/due diligence requirements for activities related to severe, irreversible environmental damage ¯ Business-level exclusion policies for the thermal coal sector ¯ Compensation for unavoidable operational GHG emissions (2) ¯ -70% operational GHG emissions vs. 2018 (baseline) ¯ 27 offices USUP free (+35% vs. 2019) ¯ 91% electricity from renewable sources ¯ Strategic partnership with World Land Trust which supports projects aimed at helping to stop deforestation ¯ Initiation of carbon-removal project selection ¯ New Five Arrows Sustainable Investment impact fund (Merchant Banking) ¯ New Five Arrows Sustainable Investment fund (Merchant Banking) 2021 impact highlights ¯ Net Zero funds managed by Asset Management Europe ¯ Asset Management Europe signatory to the Net Zero Asset Manager Initiative ¯ Debt Advisory services on substantial number of transactions including an ESG angle ¯ M&A advisory services leading on transactions relating to energy innovation and management ¯ Ongoing monitoring and minimizing of operational emissions ¯ Increase recycling and promotion of circular economic practices ¯ Building of carbon-removal portfolio to phase out carbon avoidance offsets by 2030 ¯ Initiation of biodiversity risk assessment ¯ Advising and supporting companies in their strategies to expand and meet their ESG targets and Outlook attract relevant ESG capital ¯ Continuation of climate risk assessment ¯ Training of investment teams about climate change and its consequences (1) vs. 2018 baseline. (2) Unnecessary single-use plastic.

2021 Sustainability Report 23 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 3.2 Products and services: investment approach Limiting the environmental impact of our activities is a key consideration Investment teams monitor the performance of investee companies regarding As part of their Responsible Investment approach, our investment businesses in the ESG investment frameworks and policies and constitutes an ongoing environmental criteria (environmental scores, carbon intensity, transition aim to offer clients the opportunity to contribute to the sustainability objective for our investment teams. profile). In addition, some entities have implemented further practices, such as: transition of the global economy through a specialised offering targeting environmental objectives. ¯ active monitoring of environment-related controversies to ensure clarity Policies and frameworks detailed in Section 2.1 of this report constitute on the impact of an investee company9s practices (Wealth & Asset the basis for monitoring the environmental impact related to our investment Management activities); activities, and the management of sustainability risks likely to significantly impact clients9 best interests. ¯ assessment and public disclosure on the climate performance of Asset Management Europe9s discretionary funds, comparing them with the We have implemented investment policies aimed at limiting the performances of their respective investment universe, integration of other environmental impact of investment activities, that apply to all investment key indicators in the reporting of specific funds (e.g., R-Co Valor 4Change business lines within the Group: Global Equity reports information on the impact related to water ¯ Fundamental Principles Investment Policy: Rothschild & Co will not invest consumption); and in companies which are related to

2021 Sustainability Report 24 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices The development of environmental partnerships with NGOs contributes Climate-related risks in investments to the funding of initiatives aimed at improving the Group9s knowledge about ecosystems or reducing the impact of human activities on them: We recognise that climate-related physical and transition risks have the potential to destabilise the global economy, leading to unexpected ¯ Asset Management Europe signed a five-year partnership with the market changes. association

2021 Sustainability Report 25 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 3.3 Products and services: Global Advisory The energy transition creates opportunities for coordinated and competitive action by businesses with a dynamic impact on the allocation of capital and Advice to Whitbread on inaugural green bonds Advice to FirstGroup on sustainability-linked RCF the entire operating context for some companies. Rothschild & Co provided debt advice to Whitbread plc on its Rothschild & Co advised FirstGroup plc on the refinancing of its bank The ability to identify these opportunities and the associated risks forms inaugural £300 million long six-year 2.375% and £250 million long facility with a new £300m Sustainability Linked Revolving Credit Facility. part of the tailored M&A advisory services. For example, clean energy plays 10 year 3.000% 10x oversubscribed versus the initial launch size, relative growth of its zero-emissions bus fleet in the UK. representing significant oversubscription, particularly for the sterling Advice to Equinor and SSE on the sale market. A dedicated Investor Advisory team supports clients in optimising climate- of a 20% interest in the third phase related disclosures as part of the impact of their ESG agenda. of Dogger Bank, the world’s largest Sustainability-linked financing is gaining considerable momentum for all corporate issuers. By linking a coupon/margin step up to a Sustainability offshore wind farm, to Eni Performance Indicator, corporates are incentivised to meet the ESG goals Advice to Foresight Group on the retail they set out. Sustainability-linked financing holds companies to account The transaction follows Global Advisory’s role and enhances transparency, by requiring disclosure around ESG goals. offering in relation to the £130 million advising Equinor and SSE on the successful sale of a Furthermore, these instruments help set a best-in-class industry standard IPO of Foresight Sustainable Forestry similar stake in the first two phases of Dogger Bank and promote competitive tension by challenging corporates to to Eni in 2020. Once the three phases are complete outperform their peers9 ESG performance metrics. Investors are increasingly Company in 2026, Dogger Bank will generate around 18 TWh looking to understand and track progress on KPIs. We provide expert support of green electricity each year, enough to supply and guidance to clients interested in sustainability-linked financing. Common Foresight Sustainable Forestry Company plc o昀昀ers 5% of the UK’s demand or 6 million UK homes. KPIs include, but are not limited to, reducing carbon emissions, cutting water a unique direct investment opportunity (and liquid In addition to its environmental benefits, Dogger waste, and increasing energy efficiency. access) to the attractive sustainable (investment) Bank will also have a number of social benefits and has resulted in the characteristics of the UK forestry industry and announcement of almost 3,000 new UK jobs to support the construction a昀昀orestation projects, with scope for upside via and operations of the wind farm. the carbon and timber markets. Rothschild & Co Advice to Accor on sustainability-linked bond advised in relation to the retail o昀昀er and managed the company’s engagement with the retail investor In November 2021, Rothschild & Co acted as Financial Advisor to Accor SA on its inaugural ¬700m 7-year sustainability-linked bond. platforms and brokers throughout the transaction, which was strongly In 2021, the debt advisory team has advised on a substantial number of Issued pursuant to Accor9s Sustainability-Linked Bond Framework, supported by retail investors. transactions including an ESG angle. A particular focus was given to assisting the bonds are indexed to the Accor9s greenhouse gas emission reduction clients with sustainability-linked financing and debut green bonds. Green targets of -25.2% for Scopes 1 and 2 and -15.0% for Scope 3 by 2025 bonds as the most common

2021 Sustainability Report 26 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 3.4 Operational environmental footprint (1) Overview market-based operational footprint 3 facts and figures Our operational environmental management strategy focuses on minimising environmental risks resulting from operational activity, and is aimed at: (2) Total GHG emissions (tCO2eq) Recycling rate (%) ¯ supporting the transition to a low-carbon economy by reducing and compensating for operational GHG emissions; and 51% ¯ preserving and protecting biodiversity by making conscious, sustainable 29,711.2 resource choices, maximising recycling and promoting circular economic 40% 39% 38% practices. 27,613.3 Governance: The Group9s environmental management priorities are defined as part of the Group9s sustainability strategy (Section 1.1 of this report) driven by the Managing Partner, advised by the Group9s Sustainability function. The implementation of the Group9s operational 2018 2019 2020 2021 environmental management strategy is governed by the Group Environment, Health and Safety Committee, a committee consisting of (3) senior representatives from business lines and support functions, that Total energy consumption (MWh) meets quarterly and reports directly to the Group Executive Committee. 26,216.9 10,799.9 In 2021, our operational environmental footprint continued to be significantly 24,011.6 influenced by the impact of the Covid119 pandemic on global business 8,771.5 activity, most notably with regards to our reported GHG emissions. Local and national government approaches aimed at minimising the Covid-19 21,701.1 impact have led to, for example, significant reductions in office energy use in offices such as Mumbai, Hong Kong and Johannesburg, all reporting a 19,797.0 decrease in energy consumption of more than 45%, whereas in Sydney, Milan and Sao Paulo energy use has remained relatively stable. We separately record employee commuting emissions, which for 2021 are calculated as 385 tCO eq. 2 2018 2019 2020 2021 2018 2019 2020 2021 Scope 1 Scope 2 Scope 3 Renewable electricity (%) Thereof business travel-related emissions (tCO2eq) 91% 85% 21,466.0 20,189.5 56% 54% 4,609.7 2,541.5 (1) Extrapolated data. (2) All GHG emissions presented as market-based emissions. (3) Total energy consumption is from premise use, it does not include MWh 2018 2019 2020 2021 2018 2019 2020 2021 from company-owned cars and vans.

2021 Sustainability Report 27 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Supporting the transition to a low-carbon economy Climate-related physical effects, such as those resulting from extreme For our remaining footprint, we aim to begin removing carbon dioxide (CO ) 2 Over the past 12 months, we have seen: weather events, have the potential to operationally disrupt business activities from the atmosphere through a mix of nature- and technology-based and impact livelihoods. An exercise aimed at identifying exposure of individual solutions, to be in a position in 2030 to effectively remove the equivalent offices to the physical effects of extreme weather, the frequency of which is amount of any residual operational emissions from the atmosphere. increasing due to a rapidly changing climate, is ongoing as part of the Group9s This approach aims to both help address the climate crisis and, through the Business Continuity programme. investment in nature-based solutions, help avert the rapid loss of biodiversity. Throughout this transition, we will continue to offset our residual emissions Operational transition effects are likely to affect the Group in the form of, through carbon avoidance credits certified by internationally recognised amongst others: expanded legal and compliance requirements, change in standards. The compensation approach for our 2021 residual operational costs for energy and carbon offsetting, as well as reputational considerations. emissions is reflective of this commitment, including for the first time Considerate of these climate-related impacts on our operations, we have certificates supporting nature-based and technology-enhanced carbon Decrease in total Expansion of renewable implemented actions to: removal projects in South and Central America, and Europe. GHG emissions electricity procurement ¯ monitor operational legal and regulatory requirements for all our offices; In order to support this change, we will continue to: and ¯ monitor operational GHG emissions by office and division; ¯ minimise/neutralise our operational impact on a changing climate and proactively pursue operational adaptation opportunities. ¯ embrace alternative working models, and switch to more sustainable transport options where appropriate; Whilst we expect a rebound in GHG emissions caused by a likely uptake in ¯ conduct office energy assessments to identify and implement energy travel routines and use of office space once the pandemic impact on business saving opportunities and procure low energy equipment to reduce activities decreases, we are conscious of limiting this rebound effect by consumption by 25% per FTE by 2025; and seeking to capitalise on longer term changes to working patterns and travel behaviour compared to pre-pandemic environment. The further expansion ¯ procure 100% renewable electricity for all offices by 2025, and where of video conferencing (VC) facilities is aimed at facilitating this change. applicable, biogas. The number of dedicated VC units increased by 39% from 85 to 118 units in 2021. Decrease in Reduction in travel-related In addition, in 2021 we have decided to raise our Internal Carbon Price (ICP) energy use GHG emissions to ¬50 per tonne of CO2e. This mechanism places a monetary value on operational greenhouse gases and is a way to responsibly influence emissions, including those linked to travel. The funds allocated through the ICP are used to develop further small and medium-scale carbon-reduction opportunities, and to procure verified compensation credits for unavoidable emissions. In November 2021, we announced our commitment to achieve net zero emissions in our operations by 2030. This commitment builds on our previous commitments to reduce operational GHG emissions and presents an ambitious update to the first targets set in 2019. The pledge requires us to make changes to the way we operate and bring the climate change impact of GHG emissions of our operations to effectively zero within the next decade. This requires a reduction in market-based emissions from a 2018 baseline of: ¯ more than 80% of absolute scope 1 + 2 emissions; and ¯ 24% per FTE of operational scope 3 emissions.

2021 Sustainability Report 28 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Contribution to biodiversity protection Supply chain engagement and preservation We are conscious of identification of potential risks of association with, or indirect complicity in negative environmental practices through our supply In line with a heightened awareness of the risks associated with biodiversity chain. In 2021, we published our expectations with regards to respect for loss, we seek to continuously improve our operational environmental basic environmental management principles in a dedicated Supplier Code management processes, aimed at minimising environmental impact resulting of Conduct, applicable to third parties who supply goods or services to the from resource use, such as paper and other consumables. Group. The Code extends to the supplier9s relations with its own employees and subcontractors, or any other related third parties of supplier entities and Responsible management of materials use continued to be in focus in 2021, organisations forming part of the engagement. including: ¯ implementation of a group-wide Responsible Material Use Standard aimed As part of this engagement effort, we use our influence to increase disclosure at reducing consumables and tracking their use, and ensuring that and commitment to responsible environmental management practices in our printing paper, the Group9s main consumable, is from sustainable supply chain. (1) sources ; and ¯ expansion of programme to eliminate Unnecessary Single-Use Plastic (USUP) in 2021. By the end of 2021, 27 offices were unnecessary single-use plastic free, an increase of 35% from 20 offices in 2019. Electric vehicle for waste collection The Covid-19 environment continued to have a significant impact on our in London waste and recycling footprint. Total material disposed in 2021 decreased by In 2021 the London o昀昀ice team engaged with its 43% from 2019. Contributing factors to this trend include a significant recycling company regarding the implementation decrease in recyclable material, landfill waste and incinerated waste of a fully electric vehicle to collect its recycling and produced in some of the larger offices as employees continued to work other materials for disposal. The switch to electric, remotely. which started in January 2022, will eliminate the use of diesel vehicles, helping improve air quality and reduce noise pollution on its routes in and around Progress against targets in 2021 (against a 2018 baseline) London. The vehicle is charged by renewable electricity, which helps ensure emissions from the 99% of printing paper from sustainable All printing paper from vehicles use phase are minimised. sustainable sources sources in 2021 Decrease of total paper use per FTE by 64% (1) from the baseline year , exceeding the -25% 25% reduction of paper target. The Group recognises this decrease use per FTE by 2025 was significantly affected by Covid-19 related restrictions 80% recycling rate by 2025 38% of material disposed was recycled 103.5t reduction of material sent to landfill from baseline (17% reduction from 2020). Zero waste to landfill by 2030 Landfill accounts for 7% of 2021 total disposed, compared to 19% in baseline (1) 2018 baseline number accounts for all materials use. It is assumed paper consumptions is approximately 90% of total materials use. (1) Rothschild & Co defines sustainable paper source as one, or a combination, of the Forest Stewardship Council (FSC), Programme for the Endorsement of Forest Certification (PEFC) or made from 100% recycled material.

2021 Sustainability Report 29 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 3.5 Philanthropic partnerships: R&Co4Generations R&Co4Generations9 approach to supporting environmental initiatives is to focus on high impact and sustainable solutions to problems created World Land Trust Noe by climate change. The fund places a particular emphasis on innovation achieved through education. World Land Trust is an international conservation Noe exists to safeguard biodiversity for the benefit of charity which is protecting the world’s most biologically all living species, implementing programmes for the and significant habitats, acre by acre. It does this conservation of endangered species, the management through land acquisition, tree planting and reserve of protected natural areas, and the support of management. economic activities which support the protection of Support from R&Co4Generations will contribute biodiversity. to the purchase of 25,000 acres of land in Brazil, R&Co4Generations is supporting the Lepinoc leading to the permanent protection of threatened project; a pilot of the automated monitoring of habitats from deforestation. The funding will also moths. Moths represent 95% of butterfly species in support the training of local people to become France. They are essential links in the food chain employed as rangers or ‘Keepers of the Wild’. Their and also play a major role in plant pollination. work includes patrolling protected areas, monitoring wildlife, assisting However, these species are not well understood, and it is not known researchers, and guiding visitors. They will also spread the message how to quantify the harmful e昀昀ects of anthropogenic pressures such as of environmentalism amongst their communities, running workshops soil artificialisation or light pollution on them. The Lepinoc project will for schools and encouraging children early on to focus their thinking be crucial in helping us to better understand these issues, and to adapt towards environmental conservation. our practices and limit our impacts. Young People’s Trust The Garden School Foundation for the Environment Garden School Foundation (GSF) provides in-depth Young People’s Trust for the Environment (YPTE) exists garden-based education to young people attending to encourage young people’s understanding of the at Title I schools* in Los Angeles, strengthening environment and of the need for sustainability. It aims connections between food justice, environmental to inspire young people to live more sustainably and stewardship, and community health. By using the take leading roles in tackling environmental issues full transformative potential of school gardens as to ensure that future generations live in greater teaching sites, GSF aims to nurture a healthy and harmony with the natural world. mindful generation of children who care for their bodies, their communities, and the earth. R&Co4Generations is supporting The Primary R&Co4Generations will support the cost of a Awards for Green Education in Schools: a garden educator who will provide garden-based competition opened to all primary schools in STEM lessons to students. the UK which aims to assist and encourage environmental education for young people aged 5-11. The awards are designed to promote *Title 1 schools are those with more than 40% of their students coming from cross-curricular work on the environment and to inspire young people low-income families. in taking action.

2021 Sustainability Report 30 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 4. People and social impact 25.4% female AD and above 40% female Board Members 39% average tenure > 5 years 16% employee turnover c. 1,300 participants in D&I training programmes

2021 Sustainability Report 31 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 4.1 Strategic priorities As a Group, we are committed to cultivating a culture of partnership, inclusivity, and respect for the individual, and contributing to a society where everybody can have the opportunity to thrive. This chapter aims to present group-wide initiatives, policies, as well as products and services, in support of these objectives, that are designed to help mitigate risks for our stakeholders and influence opportunities for the business in these areas. Overview Priorities Championing diversity of thought Ensuring employee wellbeing Working against inequality ¯ Attracting and retaining the most talented people from a diverse range of backgrounds ¯ Safeguarding employee wellbeing and providing ¯ Equal opportunities for candidates from traditionally a sound support framework underrepresented groups Objective ¯ Creating an environment of equal opportunity and partnership ¯ Respect for international Human Rights ¯ Developing the best talent ¯ Inclusive culture ¯ Physical, mental and emotional health ¯ Early career opportunities for young people from underrepresented groups ¯ Equal opportunities ¯ Workplace flexibility and balanced approach to work Operational ¯ Human rights risk management in supply chain focus ¯ Balanced representation ¯ Health & Safety ¯ Targeted development, incl. technical, personal and leadership capability Business line Integration of social impact considerations in product and service offering, including investment policy and advisory mandates focus Philanthropic Supporting enhanced opportunities for disadvantaged young people focus ¯ Women in Finance Charter: 30% AD+ by 2024 (Group) ¯ International Labour Organisation Convention fundamental principles ¯ 30% female members on GEC by 2027 Public ¯ Modern Slavery statement (UK) ¯ France Invest Charter for Gender Equality (France) commitments ¯ Business-level exclusions/due diligence for activities ¯ Advance 3 gender equality in business (Switzerland) related to Human Rights controversies ¯ 25.4% AD+ female ¯ Mobile and collaborative working technologies ¯ Competency-based interview framework ¯ 13% women on GEC ¯ Agile Working Charters ¯ Partnerships with UpReach and Bright Network, #10000BlackInterns or Sponsors for Educational ¯ Refresh of graduate and early careers hiring ¯ Pulse surveys to monitor employees9 experiences Opportunity 50 female AD/D in Global Sponsorship Programme ¯ > ¯ Project to design 150 participants in Graduate Programme completed ¯ >230 participants in Promotion Programme ¯ Balance & Inclusion survey ¯ Leadership engagement and accountability ¯ Expand availability of learning opportunities and ¯ Expand recruitment reach, including socioeconomic practical tools considerations ¯ Equip managers with skills to foster inclusive team cultures ¯ Mental Health awareness, focus on the role of ¯ Embed Human Rights risk screening in the evolution ¯ Active talent management and succession planning Outlook emotional managers in safeguarding mental and of third-party supplier risk assessment process and lateral hires ¯ Embed and evolve approach to early careers recruitment health ¯ Mapping of opportunities across businesses to identify diverse talent ¯ Increased digital learning opportunities with access for all employees

2021 Sustainability Report 32 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 4.2 Operational impact and people culture The commitment and expertise of our diverse workforce in over 40 locations, Key indicators over time is essential in delivering our business model and creating long-term value Female Assistant Director and above New Hires for all stakeholders. We are committed to: 808 ¯ enabling employees to achieve their personal and professional aspirations 609 508 and providing long-term opportunities for growth; and 25.4% ¯ providing an inclusive and supportive environment where diversity and different perspectives are valued. 24.1% Governance: Our people strategy is governed by the Managing Partner. 23.5% The Group Executive Committee, divisional management and support functions are advised by a group-wide HR function and business-level experts in implementing people practices in their businesses. The Group Head of HR is a member of the Group Executive Committee and the Group Operating Committee. In addition, the Global Balance & 2019 2020 2021 Inclusion Committee, co-chaired by one of the Managing Partners of Rothschild & Co Gestion, advises the Group Executive Committee and 2019 2020 2021 Male Female divisional management on group-wide initiatives. Promotions Graduates 430 148 409 135 135 Diversity & Inclusion 345 We advocate an inclusive and supportive environment where diversity and different perspectives are valued. This effort is underpinned by policies and benefits (and set out in local employee handbooks, where applicable), which are designed to provide equal opportunities for everyone as the business seeks to recruit and reward based on experience and talent, ensuring the best candidate for a position is found and appropriately supported in their personal development by 2019 2020 2021 the business. 2019 2020 2021 Male Female Male Female Employee Turnover 19% 16% 14% 2019 2020 2021

2021 Sustainability Report 33 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices In 2021, the Global Balance & Inclusion Committee initiated the launch Employee networks, such as the UK Embrace or LGBT network, represent In addition, the Managing Partner has set the objective to have women of several new initiatives aimed at nurturing an inclusive culture: different groups of employees in the business and are sponsored by the represent 30% of the members of the Group Executive Committee by 2027. Global Balance and Inclusion Committee. These are an important part of As of 31 December 2021, 13% of the members of the Group Executive ¯ a pilot workshop for leaders and senior influencers focused on building our culture and are critical in strengthening the Balance & Inclusion strategy, Committee were women. active allyship and exploring the spectrum of advantage (or lack thereof) providing the opportunity for connection and education to ensure employees individuals may experience and the impact this can have; Continued progress in this area is critical for our future success, both in terms are fairly represented and to strengthen our position as a diverse and of retaining talent, but also in attracting top performing talent in the future ¯ an

2021 Sustainability Report 34 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices We focus on a number of initiatives globally to support balanced representation, Overview of initiatives and partnerships for early career recruitment across all the early careers recruitment programmes. WOMEN IN FINANCE Sponsors for Educational Opportunity (SEO) UPREACH #10000BLACKINTERNS EVENTS/WORKSHOPS The debate around racial and ethnic inequality has led Rothschild & Co to increase its commitment to address these challenges by taking Supporting female career development to UpReach supports over 2,000 students #10000BlackInterns is an initiative meaningful action to provide support to broaden horizons, raise identify talent at an early stage; allowing to secure top graduate jobs, in partnership designed to increase Black talent in the aspirations and enable early careers students from underrepresented students to gain insights into the various with City firms, helping to broaden horizons, British investment management industry. backgrounds to develop the skills, networks and experiences to aspects of an M&A transaction, as well raise aspirations and enable students with The initiative aims to help transform the succeed on merit. N.M. Rothschild & Sons Limited worked together with as improve technical and presentation skills socio-economically challenged backgrounds horizons and prospects of young Black SEO, a charity which prepares talented students from ethnic minority to develop the skills, networks and people by o昀昀ering training and development or low socio-economic backgrounds for career success, to engage with experiences to succeed on merit opportunities, as well as paid work experience students from Black heritage backgrounds and to make the industry more accessible. A dedicated event for female students on International Women9s Day was aimed at highlighting the importance of gender diversity and equality for independent advisory firms when looking to attract early careers talent, and the proactive steps being taken to encourage this. BRIGHT NETWORK A review of our Global Sponsorship Programme in 2021, which is aimed at providing advocacy and career guidance to high performing, talented women Bright Network helps companies attract a at Assistant Director and Director grade with the potential to progress within diverse range of candidates from traditionally the organisation, identified opportunities for further evolution over the course underrepresented groups of 2022. We have continued our efforts with regards to data collection aimed at improved understanding of the diversity composition and nuances of our workforce by inviting employees to share self-identification data (where permitted by local law). This will allow over time to further identify opportunities to advance a balanced and inclusive representation across the firm, including consideration of ethnicity and socio-economic background. Only qualifications and skills important to a role will be a selection criterion in promotion and rewarding performance. An annual review process for all GTI TARGET JOBS employees ensures there are no pay discrepancies within the Group for people performing similar roles. To safeguard transparency for all employees globally, the promotion policies are available on the Group9s intranet and are implemented by divisional committees who oversee promotions on The largest employer and university network a global basis. The business is mindful of a balanced representation at these in the UK and Ireland for employer profiles, committees as well as at the Benchmarking Committees during internships, placements and graduate the performance evaluation process. opportunities, supporting students with self-discovery, career guidance, skills and finding roles

2021 Sustainability Report 35 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Talent attraction and development Identifying and nurturing talent and encouraging people to get the best out Managing performance is critical to the ongoing success of our people of their careers, is a key focus of our people strategy. 2021 saw an intake of strategy. Feedback on the individual9s performance is encouraged regularly New Management Development Programme more than 800 new joiners across the Group, and a staff turnover rate of 16% throughout the year and performance is assessed formally at the end of every (1) (vs. 14% in 2020). We are committed to attracting and retaining high-potential, year to help develop an individual9s career. In 2021, 88% of Group employees In 2021, a new Management Development Programme consisting of team-oriented and self-motivated individuals and provide all employees with benefited from a performance review. The Rothschild & Co career frameworks 4 modules has been launched: Managing Self, Managing Others, Managing training and development opportunities which support them to maximise reflect the Group9s guiding principles and provide all employees with a clear Inclusively and Embedding Change. Over 100 newly promoted their performance and potential by developing the skills required to meet and consistent set of expectations across all divisions, geographies and managers were invited to the programme and in total attended over business goals and progress in their careers. career paths. 2.200 hours of management training and one to one coaching. Manager evaluation of the programme has been very positive with 93% Graduates, interns and apprentices play a crucial part in shaping the business In recognition of the challenges for teams to integrate and grow this year due of participants feeling confident they have the range of tools and from their first day and throughout their career with us. When recruiting to the impact of remote working, additional support has been provided techniques to help them delegate, set goals and coach their team experienced professionals, the focus is on people who can add intellectual for team building training, such as use of psychometric tools, coaching effectively. 93% also feel they have the skills required to be an effective strength, offer a distinct perspective and have a genuine passion for what and problem-solving workshops. manager. they do, and have the drive and determination to deliver excellence consistently. The disruption to the physical work environment experienced over the last 18 All employees have access to division-specific career development months has altered our approach to early careers recruitment and programme programmes at all stages of their careers. Relevant technical and personal management, requiring creative and virtual solutions to attract the best early skills-based development programmes for Analysts and Associates are career talent. The introduction of a new virtual assessment centre platform building upon training provided in our Graduate Programme. Regular allows to create an in-person experience with a fair and inclusive selection feedback on career progression allows Analysts and Associates to focus on process. A hybrid summer internship programme in London and global their development. In 2021, all training has been offered virtually which has graduate training programmes, are both virtual and classroom based. provided greater access to training for colleagues across the world, recording We offer a number of structured training programmes: an aggregate number of training hours of 64,177 hours (covering 100% of headcount). Training covered topics such as Legal & Compliance, Information ¯ the Graduate and Internship Programmes in the Global Advisory, Wealth & Security, Commercial Awareness, Management & Leadership, Personal Asset Management, and Merchant Banking businesses, for both students Effectiveness, Communications, Wellbeing, Technical skills, Diversity & Inclusion, in their final year of university and those who have already graduated. Health & Safety, Business Continuity, Security and Crisis Management as well More than 250 paid internships were offered in 2021, with a conversion rate as Client Relationship Management. of over 40% from these programmes to graduate positions; Talent identification and succession planning was a key priority for all ¯ Promotion Programmes designed to ensure that colleagues at key promotion businesses in 2021 and was aided by the launch of the Workday Talent module. stages receive specific training to enable them to be successful leaders. The succession plans for senior management roles in all divisions have been 238 newly promoted Associates and ADs/VPs were invited in 2021; and reviewed and updated, and career plans, development initiatives and ¯ newly promoted Managing Directors are offered one to one executive recruitment plans for key individuals as appropriate have also been put in place. coaching over a number of months, focusing on both their career and their leadership capability. (1) Employees starting after 1 October of the respective year are not included in the performance review process.

2021 Sustainability Report 36 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Employee wellbeing We are committed to safeguarding and enhancing the health and wellbeing that remaining agile and flexible in working patterns is good for our A number of policies are aimed at promoting work-life balance and increasing of all employees and provide a sound framework supporting employees to employees and will allow everyone to be efficient and dynamic in delivering performance and productivity. The Group9s Flexible Working Policy allows for ensure their wellbeing in life and at work in today9s demanding work exceptional client service. discussions around accommodating variable work schedules, reducing environment. working days and job sharing. A number of policies are supportive of occasions where employees need to be away from the office, such as for a period of We aim to ensure all employees are supported and well informed to manage sabbatical leave, to care for dependents or to take compassionate leave. their own health proactively through our wellbeing strategy, which covers Agile Working Approach concerns around Family, Mental, Physical and Financial Wellbeing. To further An employee survey in May 2021 provided a baseline measure to gauge how support the internal programme, employees are provided with a range of effective the actions being taken are in creating a balanced and inclusive In 2021, a global Agile Working approach was launched including a set healthcare services and benefits, such as the Employee Assistance workplace, as well as valuable insights and ideas from colleagues. This was of principles establishing that: Programme in the UK, and Occupational Health and Healthcare providers in supplemented with pulse surveys in the Global Advisory business to be able (1) offices remain the primary place of work for a number of important different offices, that aim to support their overall wellbeing. to assess working practices on a more ongoing basis. reasons, including teamworking, collaboration and development. However, working patterns should allow sufficient flexibility to work remotely or flexibly; (2) maintaining exceptional client service is paramount, however Employee Assistance Programme where employees work on any given day should be based on where they are most productive and effective whilst recognising the value Rothschild & Co provides the Employee Assistance Programme to they place on in-person contact; employees and their immediate family in the UK. It provides access to (3) everyone can choose and everyone has the right to ask, to incorporate counselling, advice and information from qualified confidential agile working principles into their working week or working day; counsellors and advisers who can help with a wide range of concerns, for example debt issues, emotional or relationship problems, if (4) remote working should be discussed and agreed with management someone is involved in an accident or affected by crime. Qualified to ensure efficiency and productivity; and counsellors or advisers help to clarify issues employees may face and (5) individual countries and divisions develop their own charters to provide the support they need including practical steps and sources of help guide their people. further help Unmind, a confidential service with clinically-backed and easy-to-use tools provides ongoing support for employees globally to manage impact on their Workplace of the Future health, from improving sleep, to mindfulness and stress management. A dedicated

2021 Sustainability Report 37 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Outside its direct operational sphere, we are conscious of potential risks of Health and safety association, or indirect complicity in Human Rights abuses through its supply chain. In 2021, the Group published its expectations with regards to respect We seek to comply with all applicable local health and safety laws and for fundamental human rights in a dedicated Supplier Code of Conduct, regulations to provide a healthy and safe work environment. applicable to third parties who supply goods or services to the Group. These expectations are aligned with the commitments made to the United Governance: The Group Environment, Health and Safety Committee Nations Global Compact to avoid complicity in human rights abuses via its supply reports directly to the Group Executive Committee and advises the chain. The Code extends to the supplier9s relations with its own employees businesses on policy and initiatives. A dedicated Group Health and and subcontractors, or any other related third parties of supplier entities and Safety Manager is responsible for coordinating activities at Group level. organisations forming part of the engagement. As part of this engagement The implementation of Health and Safety management activities in effort, we use our influence to increase disclosure and commitment each office rests with the locally appointed Health and Safety to responsible management practices in our supply chain. Champions. The Group Health and Safety Policy defines the conformance standard for Modern Slavery offices worldwide, to further strengthen and improve Health & Safety conformance requirements across all offices. More details on the policy Rothschild & Co is committed to countering modern slavery in all and Health & Safety initiatives can be found in Section 6. its forms and is taking proportionate measures to ensure that slavery and human trafficking are not taking place in the business or manage the risk in its supply chains. This includes the formation of a Modern Slavery Working Group in the UK that is tasked to consider modern slavery risks and the ways in which the business can seek to mitigate International Human Rights them on a risk-assessed basis. It is our goal to provide a working environment free from harassment, intimidation, discrimination, and behaviours that are considered unacceptable. This commitment applies to all areas of employment including We have previously determined that our highest risk of operational exposure recruitment, the terms and conditions of employment, training, career to modern slavery within our supply chains was in relation to the hotel industry development, promotion, transfer, redundancy, rehiring, benefits, compensation, in certain jurisdictions where modern slavery is particularly prevalent. In 2020 retirement and termination. Our policies and Code of Conduct aim to ensure and 2021, the exposure to business travel has decreased significantly and, that we will not unlawfully discriminate in employment because of age, with it, the exposure to this risk. We maintain a Preferred List of hotels that disability, gender identity, marital status and civil partnership status, have agreed to adhere to the legislation surrounding the Modern Slavery Act pregnancy and maternity, paternity, race, ethnicity, nationality, religion and 2015. Typically, criteria are used in appraising the risk of modern slavery in belief and sexual orientation. The firm fosters a culture of openness, thereby suppliers depending on the sector they operate, and the jurisdiction in which enabling employees to raise any legal, compliance or ethical concerns, they operate or are incorporated, and the list of high-risk jurisdictions are including those related to any breach of human rights. Grievance policies are collated with reference to the Global Slavery Index. Additionally, we look set by office according to local employment law. at alternative sources so that our reference points remain up to date. The Group9s policies are reflective of the main provisions of the International Labour Organisation Convention9s (ILO) fundamental principles, including the elimination of all forms of forced labour, the abolition of child labour, the elimination of all forms of discrimination in respect of employment and occupation, and also in respect of freedom of association and collective bargaining.

2021 Sustainability Report 38 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 4.3 Products and services: investment approach The consideration of social impact is part of the common Responsible The investment teams pay specific attention to social controversies and Overview of investment products with social themes Investment framework agreed by the investment entities and further integrated certain social KPIs. A number of investment entities have launched specific investment products, in each entity9s Responsible Investment strategy as detailed in Section 2.1 of For listed issuers, the monitoring of controversy and social scores or targeting a greater social impact by proposing a dedicated offering: this report. indicators is used to strengthen the engagement process and ultimately manage the exposure to companies. Entity Product Theme For non-listed investments, the Merchant Banking teams support the A number of investment policies agreed at Group level integrate social The R-Co 4Change Inclusion and Handicap implementation of strong social and governance practices among invested considerations: Equity fund defines specific impact " Diversity companies through their privileged access to management teams. metrics which are taken into consideration ¯ Fundamental Principles Investment Policy: Rothschild & Co will not " Women in the investment process. The fund Most of our entities have included social KPIs in their standard funds report, invest in companies which are related to: Asset includes a

2021 Sustainability Report 39 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 4.4 Products and services: Global Advisory We increasingly support our clients in their ambition to integrate sustainability principles into their strategy. Through our financing advisory Debt advice to Stonewater Housing on practice, we support sustainable financing for a range of causes from access Sole advisor to the Republic of Benin on its to housing, education to sovereign states. We facilitate M&A opportunities €500 million inaugural SDG bond offering its debut £250m sustainable bond to accelerate inclusive growth. Rothschild & Co acted as sole financial advisor to the Republic of Benin Rothschild & Co acted as debt adviser to leading In addition, our policies and procedures for client and mandate on-boarding housing association Stonewater Limited on its debut in connection with the country’s €500 million inaugural Sustainable take into consideration the risks associated with the social profile and impact sustainable £250m 15‑year 1.625% bond. Stonewater Development Goals bond o昀昀ering. With this transaction, Benin becomes of the transactions we advise on. For more detail, please refer to Section 2.2 manages c.33,000 homes for over 70,000 residents. the first African country to issue an SDG bond and one of the first in the of this report. The proceeds will be used for sustainable purposes world. The funds raised will be exclusively used to finance various social in line with Stonewater’s Sustainable Finance and environmental projects that contribute to Benin’s commitments to Framework (“SFF”), the Second Party Opinion achieve the United Nations SDGs. Simultaneously to the transaction, verifies alignment of the SFF to the International the Republic has secured a unique partnership with the United Nations Capital Market Association Green, Social & Sustainable Development Solution Network, which will provide technical Sustainability Bond Principles. assistance in evaluating and monitoring progress and e昀昀orts by Benin to achieve the SDGs. The strong investors’ interest for this innovative instrument allowed for the realisation of a negative new issue premium (“greenium”) of 20 basis points, the highest greenium ever achieved by a Sovereign. Adviser to Waterland Private Equity and MEDIAN & Priory Group on €920m covenant‑lite financing Rothschild & Co acted as sole financial advisor to Waterland Private Equity and the combined MEDIAN & Priory Group on the €920m financing package, consisting of a €800m covenant‑lite TLB and €120m revolving credit facility. The facility incorporates an ESG‑linked margin ratchet consisting of two social key performance indicators: maintain and further improve the quality of care levels in Germany and UK and a third sustainability key performance indicator: the reduction of carbon dioxide emissions.

2021 Sustainability Report 40 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 4.5 Philanthropic partnerships: R&Co4Generations Through R&Co4Generations, we support a range of organisations working to help address and alleviate inequalities, with a focus on enhanced educational Bibliothèques Sans Frontières Powercoders opportunities for young people. The fund supports projects which provide Bibliothèques Sans Frontières (BSF) works internationally to facilitate Believing in equal opportunities for diverse talents in the young people with opportunities to develop a wide range of skills and talent, and the entrepreneurial mindsets and resilience that they will need in order access to education, culture and information for people living in IT industry, Powercoders saw the issue of high numbers st to face the challenges of the 21 century confidently and effectively. In 2021, precarious situations, empowering them and enabling them to make of out-of-work refugees and migrants combined with R&Co4Generations supported over 50 organisations working to achieve choices for a better future. high numbers of vacancies in the IT sector and came greater equality for disadvantaged groups. R&Co4Generations supported three BSF projects in 2021: up with a solution. Developing the O昀昀line Internet Platform: a free and open-source R&Co4Generations is funding a programme called technological environment which recreates a local internet network Futurecoders which takes the form of a week-long enabling users to connect via phone, tablet or computer, and navigate camp during school holidays, or regular training BSF’s o昀昀line content & apps library. It is now the “digital library platform” over a ten-week period, giving young people the running in all of BSF’s projects, reporting more than 150,000 connections chance to get to know the digital world and to per year, primarily in the Great Lakes Region of Africa, in Bangladesh, learn programming. The target beneficiaries Jordan and the Australian remote territories. are 13- to 18-year-olds from disadvantaged Safe spaces for women and girls in Bangladesh: R&Co4Generations’ backgrounds, many of them migrants and asylum seekers. The goal is to support will enable more than 400 Rohingya refugee women and girls inspire as many young people as possible to consider a career in digital to access programmes that directly address their needs, giving them technology, whilst also building the 21st century skills that all young spaces to learn and feel empowered. people will need in order to flourish in their futures. Motorcycle libraries in Cameroon: This project will provide more than 4,000 young people with access to books, comics, films and games, with a focus on local Cameroonian artists, in order to help them access information, education and learn about their cultural heritage. EMpower Entreprendre Pour Apprendre Empower supports young people in emerging markets Entreprendre Pour Apprendre, a member of Junior who were living at the margins long before the Covid-19 Achievement Worldwide, exists to foster entrepreneurial pandemic. The barriers that these young people, spirit in young people across France. Through particularly girls, face to securing education and mini-enterprise programmes Entreprendre pour decent employment have now multiplied many times Apprendre helps young people to develop a spirit over. There is an urgent need to help marginalised of enquiry and initiative, in order to be able to girls and young women to overcome barriers and become active participants in their professional, develop their skills and talents. social and environmental futures. With support R&Co4Generations will support a curated from R&Co4Generations Entrepreprendre Pour portfolio of grassroots organisations in India to Apprendre will be able to finance ten mini- provide meaningful support to girls and women, enterprise programmes, supporting more than enhancing their skills, providing training and creating space for them to 100 young people. R&Co4Generations has generate ideas and pursue solutions to the barriers that hold them back. additionally provide volunteer and pro-bono advisory support.

2021 Sustainability Report 41 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 5. Business practices 96% data protection training completion 97% information security training completion All business lines assessed for ABC risk 100% of clients subject to financial crime risk

2021 Sustainability Report 42 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 5.1 Strategic priorities As a Group, we place great emphasis on responsible business conduct, based on personal accountability and commitment in the way employees work with each other, our clients and partners. Our approach to responsible business practices focuses on managing identified non-financial risks that are most material to our operations and for our stakeholders. Overview Priorities Compliance culture & systems Data & Cybersecurity Setting standards for all individuals working for the Group to mitigate risks and reputational damage Managing data privacy and confidentiality risks and preserving the integrity of clients9 and partners9 Objective data to uphold the trust of our stakeholders Addressing risks related to: Addressing risks related to: ¯ Conflicts of interest ¯ Data privacy ¯ Money laundering ¯ Confidentiality Operational ¯ Bribery and corruption ¯ IT and Information Security focus ¯ Sanctions or counter-terrorist financing ¯ Market abuse ¯ Political lobbying and donations ¯ Group Code of Conduct Public commitments ¯ Supplier Code of Conduct ¯ Group Anti-Bribery and Corruption Policy ¯ Group Information Security Policy ¯ Group Financial Crime Policy ¯ Group Acceptable Use Policy ¯ Group Sanctions Policy ¯ Group Information Security Standard ¯ Group Market Abuse Policy ¯ Group Data Protection Policy Relevant ¯ Whistleblowing Statement policies ¯ Group Policy on Reporting Concerns or Irregularities ¯ Group Client Due Diligence Policy ¯ Group Conflicts of Interest Policy ¯ Group Tax Policy ¯ All business lines assessed for ABC risk ¯ Cybersecurity Awareness campaigns ¯ 100% of clients subject to financial crime risk assessment ¯ Updated Annual Employee Information Security and Data Protection Training 2021 highlights ¯ Launch of new employee compliance system ¯ Improved Security Schedule contract clauses for supplier contracts ¯ Financial Crime Prevention training rolled out (Anti-Money Laundering; Counter Terrorist Financing; ¯ Technical Security Control Improvements Sanctions, Tax Evasion) ¯ Formation of Cloud Steering Committee ¯ Publish updated Conflicts of Interest policy and training ¯ Information Security Governance review ¯ Publish updated Market Abuse policy and training ¯ More targeted Information Security trainings for particular departments Outlook ¯ Publish updated Whistleblowing policy and training ¯ Technical Security Control improvements ¯ ESG training for Legal and Compliance teams

2021 Sustainability Report 43 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 5.2 Compliance culture and systems Our compliance systems, policies and procedures are aimed at setting enhance several compliance processes related to employee behaviour The Transfer Pricing Policy applied to intercompany transactions within the to standards for all employees and individuals working for the Group, supported (e.g., personal account dealing, outside business activities, and gifts & Group has been determined in accordance with the arm9s length principle, by targeted and mandatory trainings to mitigate risks associated with money entertainment). as set out by the OECD Guidelines, and relies upon appropriate and updated laundering, bribery and corruption, sanctions, counter-terrorist financing functional and economic analyses for each type of transaction. Transfer and conflicts of interest, among many others. Pricing local files are prepared in accordance with the various domestic legislations and reflect the fair remuneration to be paid or received by the Market abuse intra-Group companies based on the functions performed, risks assumed, Governance: The priority of upholding responsible business practices and assets used. We have implemented specific procedures relating to market abuse and with the investment in and implementation of robust compliance systems dealing with confidential and price sensitive information, which must be and technology, overlain by effective governance and oversight, are set The Group Tax department proactively identifies and monitors key tax risks followed at all times. These procedures are reinforced by training and out in accordance with the Group's framework on internal control throughout the year, taking into account changes in the business and education and compliance monitoring programmes. (please refer to Section 4 of the Rothschild & Co Annual Report 2021). applicable tax legislation, ensuring that the control framework governing tax The Group Head of Legal & Compliance is a member of the Group risk is updated appropriately. Executive Committee and the Group Operating Committee. The team assists and works with the Finance department to ensure full and Conflicts of interest timely compliance with the tax reporting and other obligations as required by legislation. It maintains close working relationships with different parts of the Independence is a cornerstone of our proposition across all businesses. Policies, procedures and guidelines business to ensure that the tax implications of transactions and any business Policies and procedures are designed to ensure that our businesses are changes are fully understood. capable of identifying and managing conflicts, or potential conflicts, at an The Group Code of Conduct sets out the Group9s standards and expected early stage. The overriding principle of our Conflicts of Interest Policy is that The Group Tax team consults with external advisers on specific matters, behaviours and is published on the Rothschild & Co website to ensure we will provide objective advice, unaffected by conflicts and in the best where required, and engages with industry bodies to assess future legislative the expectations are visible to all partners and external stakeholders. interests of our clients. developments. Expectations are clearly communicated in the Group9s policies. The policy and related procedures are regularly reviewed and updated as Financial Crime Policy Statement provides an overview of the Group9s The Governance: Ultimate responsibility for oversight of the Group9s tax appropriate to reflect law and practice, and business developments around related policy commitments. policy rests with the Group Executive Committee. In its role, the GEC us, most recently in 2021. participates in the overall management and the definition of the policy Each employee is required to read, understand and comply with of the Group, including tax policy. The Group Chief Financial Officer is Rothschild & Co9s Group policies, procedures and guidelines that apply the executive GEC member ultimately responsible for oversight of the to their job and undertake all mandatory compliance and other professional Group tax policy tax affairs of the entities within the Group. Management and oversight training as and when required. This includes relevant regulatory qualifications. of Group9s tax affairs rest with the Group Head of Tax who reports to the The Group9s tax policy applies to all entities ultimately controlled by Failure to participate in the mandatory trainings or to adhere to the Group CFO of Rothschild & Co. The Group Head of Tax reports to the Rothschild & Co. Code of Conduct or policies and procedures can result in referrals to Human Rothschild & Co Audit Committee on at least an annual basis on key tax Resources as a part of the employee performance review and remuneration It applies to the management of the Group9s corporate tax affairs as agreed by matters concerning the Group. process. the Group Executive Committee detailing the governance process and the procedures in place to manage tax risks and is available for information of Well embedded processes and policies for dealing with such risks across the employees on the intranet. Group include the Group Client Due Diligence Policy and New Client Acceptance Tax transparency and Review Committees, as well as Group, regional and business line Risk The Group Tax Department is only responsible for corporate tax affairs. We Committees, which meet frequently to consider relevant risks and other organise our affairs to manage taxation efficiently, consistent with Tax transparency is a strategic issue for companies due to the reputational reputational matters. For more details on embedding ESG risk considerations commercial needs and with a conservative approach to tax risk, in line with risk arising from tax evasion. Tax transparency policies (e.g., CRS, FATCA in these procedures and policies, please refer to Section 2 of this report. the approach to risk across the Rothschild & Co Group. Arrangements will not and DAC 6) have been implemented within Rothschild & Co Group and apply be entered into, facilitated or promoted without business purpose or to all the Group9s entities. The Group Compliance & Tax Transparency team We operate compliance monitoring and permanent control programmes to commercial rationale, or if outside of the Group9s risk appetite, or in conflict proactively identifies and monitors key tax transparency risks across the Group. provide assurance to senior management that our processes and systems are with the intention of parliamentary legislation. operating effectively. We have also launched a new system in 2021 designed

2021 Sustainability Report 44 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 5.3 Financial crime financing and fraud. Regular reports of key financial crime metrics are shared a well-resourced and dedicated Group Financial Crime Compliance We have Anti-Money-Laundering with appropriate governing bodies (e.g., the Group Operating Committee). team located in London, which oversees education, training, monitoring The Group Policy on Intra-Group Information Sharing enables information and assurance activities of local units with the same functions. A global ABC and

2021 Sustainability Report 45 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Tax evasion prevention Whistleblowing We place the utmost importance on our legal and regulatory obligations We are committed to conducting our business fairly, honestly and with to prevent tax evasion. A set of principles and standards provide guidance integrity. The Group expects all employees to maintain the highest standards on practices and behaviour, set out in dedicated Group policies and of professionalism and personal conduct, reflective of the Group Code of associated Practice Notes (e.g., Group Client Due Diligence Policy, Group Tax Conduct, policies, and other applicable rules. Compliance Practice Note. All businesses within the Group must ensure that We encourage individuals to raise reportable concerns as soon as possible they have policies and/or procedures in place consistent with these and the Group Policy on Reporting Concerns or Irregularities explains how principles. individuals can confidentially escalate matters so that they may be assessed Tax evasion and related offences are considered a crime (délit in France) and resolved in a suitable manner (whistleblowing). This policy has been and typically represent a predicate offence to money laundering. This means updated in 2021 and approved by senior management, with associated that any funds connected to tax evasion should, in the absence of evidence training and communications planned for employees. Various whistleblowing to the contrary, be considered the proceeds of crime. Due to this, the same channels are available, and individuals may choose to remain completely obligations with regards to reporting suspicious activity of money laundering anonymous by reporting to an independent whistleblowing hotline (Safecall). and/or terrorist financing would apply and where tax evasion is suspected Individuals making any report in good faith are fully protected against any or known about, a report must be made, without delay, to local compliance, prejudicial treatment or retaliation. Rothschild & Co will not take any action Money Laundering Reporting Officer (or equivalent) or Group Financial Crime. against the individual for raising it, irrespective of whether it is later substantiated. As summarised in the public Financial Crime Policy Statement, all Rothschild & Co entities and employees must comply with standards, including: ¯ conducting client due diligence, where applicable, to mitigate the risk that the Group is handling or dealing with the proceeds of crime; ¯ identification and reporting of incidents where a suspicion is formed that the Group is handling or dealing in the proceeds of crime; ¯ prohibiting exploitation of an association with Rothschild & Co to evade, or facilitate the evasion, of taxes legitimately due to any competent authority; and ¯ the institution of additional mitigating controls designed to help prevent the facilitation of tax evasion (e.g., risk assessments and relevant training). Political lobbying activity and donations As summarised in the public Financial Crime Policy Statement, Rothschild & Co does not engage in lobbying activity. It does not seek to actively influence public officials, laws, or regulations. Rothschild & Co does not make or permit any of its employees to make on its behalf, any political donations, nor does it have any political affiliations. The Group, therefore, does not declare any expenditure in the EU Transparency Register (or equivalent registers).

2021 Sustainability Report 46 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 5.4 Data and cybersecurity Confidentiality is of paramount importance to our Group. We take The Rothschild & Co Information Security Programme is guided by the Group The Information Security team delivers online Information Security and Data appropriate technical and organisational measures to safeguard confidential Information Security Policy and outlines core principles, activities, Protection training to all new joiners and annually to all employees. information and all employees are expected to exercise the highest level governance and resources that collectively provide information on security The completion rate of the Information Security training conducted within of due care and attention when dealing with confidential information about services to the Group and our clients. The programme enables senior Skillcast in 2021 was 97%. In addition, Information Security run education the Group or our clients. These expectations are clearly communicated management to make risk management decisions by providing information campaigns as well as regular phishing tests to all employees. Individuals who in the Group Code of Conduct. about the organisation9s information security capabilities. It is aimed at fail two or more phishing tests within the year (by either clicking on the link supporting the following objectives of the Group9s information security or attachment) receive additional targeted training. Additional resources are The businesses communicate openly with their clients in relation to how they strategy as supported by the Group Executive: also provided to all employees on our intranet. use confidential information, including personal data. The Group Data ¯ ensure the confidentiality, integrity and availability of client and personal Protection Policy defines the core principles for protecting personal data The Rothschild & Co IT Security and Information Security Risk departments data and proprietary information irrespective of form; processed by or on behalf of the Group and helps facilitate compliance with continuously control and govern the delivery of day1to-day technical security relevant legal and regulatory data protection obligations that the Group must measures. These are selected to meet the requirements of the Information ¯ protect against anticipated threats to the confidentiality, integrity and adhere to globally. Security Programme. The key controls operated by the Group IT function availability of the IT infrastructure and information systems; and include, but are not limited to: ¯ ensure ongoing compliance with regulatory requirements. In 2021, 96% of employees have successfully completed Data Protection ¯ threat protection such as network and application firewalls, anti-virus training. During 2021, we have invested in enabling new technology for the migration and patching; of certain services to the cloud. This includes Endpoint Detection and Where compliance monitoring, reporting or internal audits reveal any ¯ threat detection including vulnerability management, penetration testing Response, centralised log sources and Security Incident Event Monitoring. concerns, remedial action is swiftly taken. Systems and controls are regularly and security event monitoring; Other cyber technology initiatives include privileged access management tested and reviewed to ensure they are in line with technological ¯ identity access management and specifically privileged access control and operating system hardening. developments and regulatory or market practice. and email verification, e.g. SPF; A Governance, Risk & Compliance platform allows to formally document The security of the information we possess and hold in relation to our clients, ¯ disaster recovery test coordination for data centre facilities, major offices, cyber risks, demonstrate compliance with security control objectives employees, businesses and our business partners is vital to our continued local offices and recovery sites; and perform trend analyses of security incidents. success. The Group9s global Information Security Programme is aimed at ¯ security incident response managing the associated risks. Lessons learned reviews are completed to understand if procedures ¯ a global data centre facility is ISO 27001-certified and covered by ISAE 3402 and controls were effective when dealing with an incident. assurance report; Governance: Responsibility for defining and implementing the global The Information Security Team takes a risk-based approach in assessing and Information Security Programme lies with the Chief Information ¯ due diligence processes to assess security control maturity of third parties monitoring new suppliers. This includes adding information security clauses Security Officer, reporting to the Group Chief Risk Officer. The Chief who are managing or storing data on our behalf; and into applicable supplier contractors, in order for suppliers to understand their Information Security Officer is supported by a team in London with ¯ adding appropriate contract clauses in relation to data protection and obligations when processing or storing our data on our behalf. specialist experience in Information Security Programme design, build information security. & delivery, and Regional Information Security Officers based in Paris, From the beginning of the Covid-19 pandemic, there has been no significant Zurich and New York. impact to the Group9s cybersecurity protection measures relating to the Governance: Responsibility for the implementation of technical security change in the system access model with the majority of employees working measures sits with the Group IT Security Manager, reporting to the remotely for some period of time. The incumbent security model surrounding Chief Information Officer. Supporting the Group IT Security Manager is a Throughout the year, the Information Security Risk team will report Key Risk its remote access has continued to provide proportionate protection to team of security specialists in London. Wealth Management in Switzerland Indicator Dashboards and the progress of the Information Security Rothschild & Co data and information. operates an independent IT Security department reporting to the local Programme Delivery to the Risk and Audit Committee and Group Operating Chief Information Officer. Committee. As technology becomes more complex and sophisticated, so do the cyber risks that businesses face.

2021 Sustainability Report 47 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 6. Appendices 6.1 Universal reference table 48 6.2 Stakeholder dialogue 51 6.3 Operational impact and people culture 56 6.4 Operational environmental impact 60 6.5 Reporting scope reference and methodology 64

2021 Sustainability Report 48 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 6.1 Universal reference table The following table references sustainability disclosures presented in this report, mapping them against the Global Reporting Initiative Standards (GRI), the group9s commitment to the 10 principles of the United Nations Global Compact (UNGC), the UN Sustainable Development Goals (SDG), and the recommendations of the Taskforce on Climate-related Financial Disclosure (TCFD). (1) (2) Ref. UN GC SDG GRI TCFD Group-wide purpose statement, guiding principles and sustainability ambition as part of Rothschild & Co9s S. 1.1 1-10 102-1; 102-2; business model 102-4; 102-5 102-7 Sustainability core to Group strategy Ambition to support the sustainability transition of the global economy anchored in group strategy S.1.1 Common set of strategic priorities defined in group-wide ESG priority framework S.1.1 1-10 16 102-15 Non-financial risks and opportunities identified in materiality assessment S.1.4 1-10 102-47 Strategy a) Clear governance of sustainability matters, taken to the highest level in the organisation S.1.2 16 102-19; 102-20; Governance a), b) 102-22; 102-23; 102-29; 102-31; 102-32 Ongoing stakeholder dialogue: approach and engagement activities S.1.3 1-10 16 102-21; 102-40 S.6.1 102-42; 102-43 102-44 Continuous engagement though external partnerships and public commitments S.1.3 5, 10, 12, 13, 15, 16 102-12; 102-13 ESG integration across the business model Group-wide responsible investment framework covering exclusions, engagement and stewardship, and dedicated S.2.1 1, 2, 6, 7, 9, 10 7, 10, 11, 13, 16 103-1; 103-2 Governance b)Strategy a) investment products Risk management a), b) ESG consideration in corporate client on-boarding S.2.2 2, 5, 7, 10 ESG considerations (incl. human rights) in selection of other supply chain partners S.2.3 1- 10 102-9 Risk management a) R&Co4Generations as dedicated philanthropic platform S.2.4 6, 8, 9 5, 10, 13, 15 413-1 S.3.6 S.4.6 (1) This report was written in consideration of GRI standards 101 and 103. Where appropriate, the report references selected GRI Standards, or parts of their content, to report specific information with a GRI-referenced claim. (2) Standalone report to be published in 2022

2021 Sustainability Report 49 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Universal reference table (continued) (1) (2) Ref. UN GC SDG GRI TCFD Environmental impact Impact of climate change on our operations, products & services S.3.2 7, 8, 9 13 201-2 Governance a), b) Risk S.3.3 management a), b) S.3.4 Strategy to invest in assets which support the transition to a low carbon economy and/or aim to protect S.2.1 7, 8, 9 13, 15 302-5; 304-2 Risk Management a), b) or preserve biodiversity S.3.2 Managing operational GHG emissions S.3.4 7, 8, 9 7, 12, 13, 15 302-1; 302-3 Governance b) Risk 302-4; 304-3 management a), b) Metrics + 305-1; 305-2 targets a), b), c) 305-3; 305-4 305-5 Responsible consumption and resource use contributing to biodiversity protection and preservation S.3.4 7, 8, 9 10, 12, 15 301-1; 301-2 304-3; 306-3 306-4; 306-5 Philanthropic support for protection of biodiversity and avoidance of climate change S.3.6 7, 8 13, 15 304-3 People and social impact Philanthropic support to help address and alleviate inequalities S.2.4 6 5, 10 413-1 S.3.6 S.4.6 Policies and initiatives to encourage diversity and inclusion and create an environment of equal opportunity S.4.2 3, 6 5, 10 405-1 and partnership Developing the best talent / training opportunities S.4.2 6 5, 10 404-1; 404-2; 404-3 Fostering quality social dialogue and collective bargaining agreements S.4.2 3, 6 5, 10 102-41 Safeguarding physical, mental and emotional health, safety and wellbeing of employees S.4.2 403-1; 403-2; 403-3 S.6.2 403-5; 403-6; 403-8 Policies implemented in line with the main provisions of the International Labour Organisation9s fundamental S.4.1 1, 2, 3, 4, 5, 6 5, 10, 16 407-1; 408-1; 409-1 conventions on Human Rights S.4.2 412-1 (1) This report was written in consideration of GRI standards 101 and 103. Where appropriate, the report references selected GRI Standards, or parts of their content, to report specific information with a GRI-referenced claim. (2) Standalone report to be published in 2022

2021 Sustainability Report 50 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Universal reference table (continued) (1) (2) Ref. UN GC SDG GRI TCFD Business practices Group Code of Conduct sets out standards and expected behaviours S.5.1 1, 2, 6, 7, 10 102-16 Zero tolerance approach to all forms of corruption and bribery: standards and policies S.5.3 10 16 205-1; 205-2 Tax transparency backed up by a strong tax governance S.5.2 10 16 207-1; 207-2 No engagement in political lobbying activity and donations S.5.3 10 16 415-1 Managing data privacy and confidentiality risks and preserving the integrity of clients9 and partners9 data S.5.4 16 Additional information disclosed Other disclosures on employee headcount distribution and relating to diversity and inclusion, hiring and development S.6.2 6 10 102-8 Reporting period for the information provided Section 2.1 of the 102-50 Consolidated Financial Statement of the Rothschild & Co Annual Report 2021 General governance structure of the organisation Chapter 5, 16 102-18; 102-22 Governance "Overview" of the Rothschild & Co Annual Report 2021 Effect of any restatements of information given in previous reports, and the reasons for such restatements S.6 102-48 Statutory Auditors9 opinion: external assurance S.6 102-56 (1) This report was written in consideration of GRI standards 101 and 103. Where appropriate, the report references selected GRI Standards, or parts of their content, to report specific information with a GRI-referenced claim. (2) Standalone report to be published in 2022

2021 Sustainability Report 51 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 6.2 Stakeholder dialogue Maintaining ongoing dialogue with our stakeholders enables us to take their interests into account, identify changes in expectations and ensure relevant information is shared transparently. In accordance with the definition provided by the GRI Guidelines, Rothschild & Co9s stakeholders are all entities or individuals that can reasonably be expected to be significantly affected by the Group9s activities, products and/or services, and whose actions can reasonably be expected to (1) affect the ability of our Organisation to successfully implement our strategies or achieve our objectives. The below table provides an overview of all potential stakeholder groups, the key topics covered through engagement (in particular sustainability matters), as well as the channels used to foster constructive dialogue each time. We have identified as key stakeholders our shareholders, potential investors and analysts, clients, employees and future talent. Key stakeholder group Key topic and concerns Engagement approach Employees ¯ Employee wellbeing & workplace flexibility ¯ All-staff, or departmental Townhall meetings with Senior Management (virtual/ ¯ Talent attraction, development and retention in person) Transparent and direct communication between employees and the leadership ¯ Diversity, Balance & Inclusion team is an important part of the firm9s culture. These opportunities provide ¯ Internal email, and/or intranet articles (authored by senior representatives) employees with updates on latest developments, priorities and initiatives, ¯ Cybersecurity ¯ Thematic awareness and engagement campaigns, including voluntary and employees are given the chance to raise questions about the Group, workshops and expert talks (climate action; cybersecurity; World Environment ¯ Climate Change in person or anonymously. Day; Pride month; Black History month) ¯ Biodiversity ¯ Volunteering opportunities for local philanthropic activities ¯ Human Rights ¯ Surveys and other feedback mechanisms ¯ Socio-economic equality ¯ Breakfast meetings and luncheons with senior management ¯ Philanthropic activities Rothschild & Co shareholders and potential investors and analysts ¯ Financial performance ¯ Annual shareholder meetings ¯ Sustainability approach and key metrics ¯ Quarterly results As a listed company, Rothschild & Co places highest importance in complying ¯ Group strategy and outlook ¯ Results communication and press releases with applicable listing rules regarding transparency. Accordingly, it discloses the information that is necessary to investors and shareholders to assess ¯ Transparency ¯ Annual Report and Sustainability Report the Group9s situation and outlook in both French and English language. ¯ Voting ¯ Shareholder resolution proposal ¯ Questions & answers sessions ¯ Executive management (virtual) meetings with financial investors and analysts ¯ Investor roadshow ¯ Corporate announcements and reportage via the Group9s web and social media channels ¯ Investor Relations section of the website Clients and business partners ¯ Service excellence ¯ Event organisation and sponsorship ¯ Thought leadership ¯ Corporate announcements and reportage via the Group9s web and social A close dialogue with clients and business partners is essential to building media channels ¯ Quality of advice the lasting relationships and network that underpin the business9 success. ¯ ESG reports, thought leadership publications (incl. editorials, podcasts, videos) Regular events help clients understand the business and engage in discussions ¯ Transparency about industry trends and challenges. Communication focuses on knowledge ¯ Direct meetings ¯ Data protection sharing and offers opportunities for outside inspiration. ¯ Organisation and/or participation in round tables ¯ Confidentiality ¯ Survey ¯ Climate change and biodiversity ¯ Responsible investment and stewardship ¯ ESG integration (1) Activities in this table exclude mandatory trainings to focus on highlighting the key mechanisms through which the Group encouraged proactive and constructive two-way dialogue.

2021 Sustainability Report 52 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Stakeholder dialogue (continued) Key stakeholder group Key topic and concerns Engagement approach ¯ Career fairs Future talent ¯ Talent development opportunities ¯ Networking luncheons and dinners Talented individuals are given the opportunity to learn about Rothschild & Co ¯ Employee wellbeing & workplace flexibility ¯ Events and its diverse career opportunities and to network with Rothschild & Co ¯ Diversity, Balance & Inclusion employees. These opportunities provide first1hand insights into the expectations ¯ Corporate announcements and reportage via the Group9s web and social of future talent towards the Group as an employer. media channels ¯ Employee wellbeing & workplace flexibility ¯ Talent attraction, development and retention Social dialogue (trade unions, France only) ¯ Socio-economic equality Employee representatives are given access to a comprehensive economic and ¯ At least monthly social dialogue between employee representatives in France ¯ Diversity, Balance & Inclusion social database, including comparative data on employees by gender and age and a member of management, including procedures for information, ¯ Equal opportunities on all aspects of working life. This gives employee representatives an informed consultation and negotiation with employees view, on which to form their opinion each year during the consultation on social ¯ Health & Safety policy. ¯ Collective bargaining ¯ Transparency ¯ Socio-economic equality ¯ Sponsored activities, competition, awards ¯ Community support Social enterprises and charities ¯ New global flagship project selection process ¯ Partnership and collaboration Through R&Co4Generations, a dedicated platform for philanthropic and donations ¯ Sponsorship applications ¯ Human Rights partnerships, we maintain a close dialogue with social enterprises and charities, ¯ Pro-bono advisory projects discussing opportunities for partnership, knowledge sharing or other ¯ Diversity, Balance & Inclusion ¯ Matched-giving initiatives collaborations. ¯ Climate Change ¯ Volunteering activities ¯ Biodiversity Suppliers and third-party contractors ¯ Responsible business practices ¯ Supplier Code of Conduct We are committed to encouraging responsible business practices throughout ¯ Fundamental ethical, social and environmental principles ¯ Direct engagement as part of contract negotiations our operational supply chain, aiming to ensure all parties are working with each ¯ Fair payment conditions other to build a relationship of respect, trust and transparency. Financial market authorities and regulators ¯ Transparency & public accountability ¯ Annual Report disclosures Our dedicated functions have a collaborative and transparent dialogue with ¯ Compliance with regulation ¯ Various filings with regulators on a periodic basis regulators. This aims to ensure the Group meets prudential and regulatory compliance standards. ¯ Rothschild & Co is an active member of signatory of/contributor to a few ¯ Transparency International organisations, local and international networks, think tanks selected multistakeholder initiatives and keeps an open dialogue with these ¯ Diversity, Balance & Inclusion ¯ Group-wide public commitments and the partnerships through which the Through the support of multistakeholder initiatives, the Group9s dedicated ¯ Climate change Group and its businesses publicly advocate for and engage with its stakeholders functions interact with the wider society and the international organisations, ¯ Partnership in sustainable development initiatives networks and alliances aiming to represent their interests. ¯ Knowledge exchange (Please refer to Section 1.3 of this report for more detailed information) Extra-financial rating agencies ¯ Transparency ¯ Annual Report We are committed to providing transparent and quality information on our extra- ¯ Sustainability approach and key metrics ¯ Public policies and commitments on website financial performance and hold regular dialogue with non-financial analysts to ¯ ESG integration and governance ¯ Sustainability Report disclosures ensure our activities can be evaluated against ESG criteria. As part of our communication with other market participants about ESG concerns and priorities, we aim to ensure an ongoing dialogue on how our services can add value and help support the sustainability transition of our clients9 businesses and / or investment approaches.

2021 Sustainability Report 53 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Overview of selected client engagement & market communications Business area Communication theme & focus ¯ CDP COP 26 event: sponsorship ¯ Announcement of Corporate Responsibility Report 2020 publication (April) Group ¯ Announcement of focused biodiversity and climate change campaigns (June, November) ¯ Announcement operational net zero 2030 ambition (November) ¯ Wealth Management UK Meet the Manager event 3 investing in the transition to a low carbon economy (January) ¯ Wealth Management UK Spring Conference 3 The future of food and farming (March) ¯ Wealth Management UK Annual ESG Report 2020 (April) Wealth Management (WM) ¯ Wealth Management UK Annual Stewardship Report 2020 (April + October) ¯ Wealth Management UK client survey (November) ¯ WM CH Responsible Investing thought leadership series (June, November) ¯ Editorial: AM EU partnership with

2021 Sustainability Report 54 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Overview of employee engagement initiatives in 2021 (continued) In 2021, the Group took the opportunity to increase employee information, education and engagement with regards to relevant topics across our ESG priority framework environmental best practices as highlighted below. Focus Initiatives Supporting the transition to a low- ¯ Climate Action Weeks: engagement campaign, aimed at education and raising awareness for climate change risks. The initiative included: carbon economy " an expert scientist talk aimed at demystifying climate science " a panel discussion with internal experts on how climate change affects and can be addressed in the Group9s different business divisions " in-depth Climate Freskque workshops aimed at training on the drivers behind climate change " announcement of net-zero operations commitment and new philanthropic project in support of fighting the effects of climate change (Sections 3.4 and 3.5 of this report) ¯ Understanding employee travel-to-work (all staff survey) ¯ Climate change workshops with c. 270 participants Preserving and ¯ Targeted information via intranet aimed at influencing employee behaviour to limit the Group9s environmental impact Environmental topics protecting biodiversity ¯ World Environment Day: engagement campaign with focus on biodiversity risk, including expert talks from WWF and Cool Earth ¯ All Americas unnecessary single-use plastic free (intranet article) Influencing employee behaviour to ¯ Awareness communication campaigns around: limit the Group9s " the drivers of the Group9s environmental footprint environmental impact " encouraging utilisation of technology for collaboration and interaction " how to avoid unnecessary single-use plastic and reconsider printing habits " test and tips to reduce individual carbon footprint " corporate operational environmental footprint training

2021 Sustainability Report 55 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Overview of employee engagement initiatives in 2021 (continued) Focus Initiatives Diversity & Inclusion ¯ International Women9s Day (#choosetochallenge): events ranging from celebrating the contribution of women in the business, hearing from external role models and thought leaders and workshops to explore how to call out bias ¯ Global Balance & Inclusion survey and results communication ¯ Pride month engagement campaign ¯ Balance & Inclusion principles communication ¯ Integration of regular Balance & Inclusion updates into Managing Partner Townhall updates ¯ Celebration of Black History Month ¯ Ongoing encouragement for employees to update their self-identification data to enable focus on strategy, report and track progress ¯ "Improving our work culture" in Global Advisory (email, Townhall, monthly surveys) ¯ Annual Group Health & Safety training Social topics Wellbeing ¯ Smart working from home resources on intranet ¯ Mental health, women9s health and healthy habits (live seminars and recorded videos) ¯ Wellbeing (newsletters, articles) ¯ Updates on agile working best practices (Managing Partner Townhall, June) Health & Safety ¯ Covid-19 secure office environment intranet page and resources ¯ Return to work surveys and divisional follow-ups ¯ Health & Safety training Workplace of the Future ¯ All staff survey regarding Workplace of the Future ¯ Focus groups to understand needs, expectations for agile working practices and potential new office layout Cybersecurity ¯ Importance of cybersecurity (Townhall) ¯ Cybersecurity awareness month (engagement campaign) ¯ Phishing tests (engagement campaign, regular email) ¯ Information Security training Business practices topics ¯ Data Protection training Compliance ¯ Group-wide roll out of employee compliance system, designed to enhance several compliance processes related to colleague behaviour (intranet, email communication) Legal & Compliance ¯ Introduction of Rothschild & Co Supplier Code of Conduct (Group intranet) ¯ Financial Crime Prevention training launched

2021 Sustainability Report 56 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 6.3 Operational impact and people culture Diversity and inclusion (1) 2019 2020 2021 2019 2020 2021 2019 2020 2021 Headcount by geography Employee age profile New hires by gender France 1,204 1,171 1,212 50 years 22% 22% 22% TOTAL 100% 100% 100% North America 358 370 364 TOTAL 100% 100% 100% Rest of the world 256 253 265 2019 2020 2021 Talent identification and development (2) TOTAL GROUP 3,559 3,587 3,816 2019 2020 2021 Employee gender profile Number of paid internships 295 348 257 (3) FTE TOTAL GROUP 3,468 3,512 3,744 Male 60% 60% 60% Graduates 148 135 135 % of headcount located in the country of the Company9s 32% Female 40% 40% 40% Thereof female 20% 28% 23% headquarter (France) Not specified 0% Promotions 409 345 430 Share of employees operating in at least one sensitive country 0.7% Thereof female 33% 33% 27% (4) TOTAL 100% 100% 100% in terms of fundamental rights at work (1) A presentation of all the Group9s office locations is set out in the Chapter

2021 Sustainability Report 57 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Employee networks are an important part of our culture and are critical As part of this dialogue, employee representatives have access to a Remuneration in strengthening our Balance & Inclusion strategy. Each network provides comprehensive economic and social database, which is regularly updated Our remuneration policies, procedures and practices are in line with the opportunity for connection and education to ensure employees are fairly and contains historical data. The database includes comparative data Rothschild & Co9s business strategy, objectives, values and long-term interests represented and to strengthen our position as a diverse and inclusive place on employees by gender and age on all aspects of working life, i.e., data and are designed to promote sound and effective risk management. of work. The network groups represent the interest of the firm9s employee on recruitment, training, remuneration and departures. This information makes The Remuneration and Nomination Committee, a specialised committee communities and are sponsored by the Global Balance & Inclusion it possible to address all subjects to ensure compliance with the principle of the Supervisory Board of Rothschild & Co, is responsible for overseeing Committee to amplify their voice, strengthen collaboration and increase of equal opportunities and to take appropriate countermeasures, if necessary. remuneration-related matters in accordance with principles defined in geographic reach. Examples are the EMbrace Network (ethnic minority It also gives employee representatives an informed view so that they can give the Group9s remuneration policy. network), Family Network and LGBT Network in the UK, and the Women9s their opinion each year during the consultation on social policy. Network (UK, US, France). We reward our people at a total compensation level, paying fixed and variable Social dialogue also includes collective bargaining. French employees are compensation. We ensure that fixed and variable components of total covered by a collective agreement at industry level with more favourable compensation are balanced appropriately. Fixed compensation is driven provisions than those laid down by law. Training and development by the local market for the role, taking into account responsibilities, skills In addition, employees benefit in the same way from agreements reached as In 2021, we recorded an aggregate number of training hours across the Group and experience. Annual variable compensation is awarded on a discretionary part of their Company9s social dialogue. Company agreements cover a wide of 64,177 hours, covering 100% of headcount (vs. 34,270 in 2020). basis, driven by a combination of the consolidated results of the Group and range of issues, including gender equality, social protection, working time, the financial performance of the business division in which an individual In 2021, 1,376 training events were provided, and 3,121 employees work time flexibility, profit-sharing and employee savings. In addition, regular works as well as local market competitiveness. It is then truly differentiated participated in at least one training programme which amounts to 82% negotiations are held with trade union representatives on pay, quality of life based on individual performance against financial and non-financial metrics. of headcount. The total number of hours organised by the Human Resources at work and the management of jobs and career paths. The agreements function was 41,440. In some cases, we operate arrangements to defer a proportion of variable reached with the trade unions cover 93% of French employees (and 30% compensation over three years. For those identified as Material Risk Takers, of total workforce). In companies where there are no unions, unilateral In addition, 22,737 training hours were completed across all categories a proportion of variable compensation is deferred over four years, with part decisions are taken and/or referenda are held to ensure that employees of Group employees (incl. contingent workers) via the e-learning platform of this deferral awarded as non-cash instruments, ensuring compliance with are also covered on these issues. (Skillcast) in 2021. all remuneration regulations applicable to the Group. In 2021, 10 agreements and unilateral decisions were signed. In addition, there Training covered topics such as Legal & Compliance, Information Security, Detailed information is presented in the consolidated financial statements, are 54 ongoing agreements on gender equality, social protection, employee Commercial Awareness, Management & leadership, Personal effectiveness, under Note 28,

2021 Sustainability Report 58 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Covid-19-secure office risk assessments were managed and updated at suitable Gender equality agreement in France Health and Safety intervals to ensure control measures remained relevant to the location and In France, a gender equality agreement was signed in 2020, based on four We are committed to providing a safe and healthy working environment in all local government requirements. pillars: recruitment, classification, the actual income and the balance locations and aims to continually improve occupational health and safety All locations continue to support and enable a safe return to the physical between professional responsibility and family life: management and performance. office: ¯ promote gender diversity in the workplace; The Group Health and Safety Policy prescribes a consistent approach ¯ social distancing remains in place where legally required; to maintain the health, safety and wellbeing of all persons who might be ¯ raise awareness among all employees about the fight against stereotypes; ¯ enhanced cleaning schedules in the office; affected by the activities within an office. All reporting locations continue ¯ improve pay policy and reduce any pay inequalities; to commit to implementing the conformance standards set within the ¯ increased communication with employees to ensure positive mental ¯ create a balance between the private and professional spheres; and requirements of the Policy whilst ensuring legal compliance is always met. health and support; ¯ provide improved support for return from parenthood-related leave. ¯ support for those who continue to work from home and the introduction Rothschild & Co locations: to agile working; and The agreement complements the gender equality index (75/100 points ¯ seek to eliminate or reduce hazards in the workplace by implementing the in 2021). ¯ safe access to the office with ongoing support to avoid busy commuter Group Health & Safety requirements; hours. ¯ measure performance and ensure continuous improvement by setting, France Invest Charter auditing and reviewing occupational Health and Safety objectives and Whereas Health & Safety Awareness and Workstation Assessment trainings targets for individual offices; have always been completed in the UK due to legal requirements, two training This charter has the following targets: modules were completed by other Group offices in 2021 to demonstrate ¯ support all those with relevant management responsibilities to manage (1) ¯ in the investment teams of the management companies: 25% of women conformance to the Group Health & Safety Policy and to enable consistency Health and Safety within their areas of responsibility; with responsibility for Investment Committee decisions by 2030 and 30% of training across the Group. All new starters receive the same training in their ¯ provide competent personnel and adequate resource to enable the by 2035, and a target of 40% of women in investment teams by 2030; and first week of employment; current employees will receive a refresher every implementation and management of the Policy and its arrangements; year. 98% of total assignments sent have been completed. Authorised ¯ in companies with more than 500 employees: at least 30% women in the ¯ provide appropriate information, instruction and training as necessary; absence accounts for offices not reaching 100%. Remaining offices will receive Executive Committee by 2030. and training in March 2022. ¯ provide suitable arrangements for employee consultation on matters Offices in France operate a local Health & Safety Awareness Programme Work organisation relating to Health and Safety. adhering to relevant legislation and have not completed the Health & Safety Working hours vary from country to country depending on national legislation Awareness assignment. The Group Environment, Health and Safety Committee reviews and provides and are therefore managed and monitored by local management and HR direction on Rothschild & Co9s Health and Safety strategy. teams. Absenteeism is actively monitored by line managers and is managed by local offices. Throughout the Covid-19 pandemic, we have taken all necessary steps to make sure employees are provided with the full support and guidance to A group-wide HR system is operationally providing global consistency to navigate the crisis and stay healthy and safe. In 2021, control measures varied many HR processes. Absence management functionality is being addressed across locations, government requirements determined what percentage on a location-by-location basis. This has been rolled out to Australia, North of the office population could safely return to the office. America, the United Kingdom, Guernsey and Switzerland. Further countries will be considered in due course. All offices were asked to provide information and share learnings using the same benchmark criteria, such as existence of Covid-19 risk assessment In France and Monaco, more specifically, all kinds of absenteeism are already and review interval, office occupancy rates, adaptation of fire evacuation recorded: maternity and paternity leave, additional leave, breastfeeding procedures and medical assistance, adaptation of building ventilation systems, leave, absences for working accident and sick leave. Covid-19 testing, temperature testing, provision of ergonomic equipment for home office use. We are committed to minimising, where possible, the number of compulsory redundancies and operates responsible redundancy procedures and measures to mitigate the consequences for those employees made redundant. (1) US & Canada offices manage all wellbeing requirements via Human Resources and have not completed the Workstation Assessment.

2021 Sustainability Report 59 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices For the 2021 financial year, reportable workplace accidents are listed in the following table. All reported accident and near miss data are classed as

2021 Sustainability Report 60 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 6.4 Operational environmental impact (1) Operational greenhouse gas emissions (2) 2019 2020 2021 Greenhouse gas emissions in tCO eq as reported 2 Natural gas 128.7 128.0 148.7 Biogas 0.9 0.8 0.7 Direct emissions (scope 1) Other fuel 37.9 33.5 52.7 Owned vehicles 176.4 175.2 193.9 (3) Refrigerant gas loss / other fugitive emissions 0.0 0.0 3.4 343.9 337.5 398.6 Total scope 1 Electricity consumption (location-based) 3,321.1 2,585.9 2,130,6 Electricity consumption (market-based) 1,844.1 989.6 600.9 Indirect emissions (scope 2) Heat consumption 289.9 262.3 269.4 (4) District cooling 0.0 0.0 9.2 (5) Company owned cars (electric cars) 0.0 0.0 1.0 3,611.0 2,848.2 2,410.2 Total scope 2 (location-based) 2,134.0 1,251.9 880.5 Total scope 2 (market-based) Business travel 3 Flights 17,856.5 4,004.7 2,039.8 Business travel 3 Rail 210.1 41.6 40.2 Indirect emissions from travel (scope 3) Business travel 3 Taxis 325.0 139.5 198.8 Hotel stays 289.2 85.5 92.0 (6) Employee-owned cars 0.0 0.0 34.2 18,680.9 4,271.3 2,405.0 Total emissions 3 Travel (1) Non-extrapolated, reporting offices only. In 2021, Rothschild & Co collected data for approximately 95% of the Group9s FTE. that would create the same amount of (2) Rothschild & Co9s GHG emissions are calculated as tonnes of carbon dioxide equivalent (tCO eq), a universal unit of measurement expressing the impact of each of the Kyoto GHGs in terms of the amount of CO warming. The 2 2 Group calculates tCO eq by multiplying its activity data, for example, waste incineration, landfill and air miles travelled, by the UK BEIS approved conversion factors or other sources of emissions factors. 2 (3) Refrigerant gas loss / other fugitive emissions has been added to the reporting scope for the first time in 2021. (4) District cooling has been added to the reporting scope for the first time in 2021. (5) Company owned cars (electric cars) has been added to the reporting scope for the first time in 2021. (6) Employee-owned cars has been added to the reporting scope for the first time in 2021.

2021 Sustainability Report 61 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices (1) 2019 2020 2021 Greenhouse gas emissions in tCO eq as reported 2 Courier services 45.0 28.9 19.9 Materials 201.7 98.8 89.0 Recycling and disposal 22.0 18.3 16.9 (2) Remote working - 1,299.7 1,509.3 Water 36.4 27.5 9.2 Company leased vehicles 280.8 258.3 235.8 Other emissions (scope 3) IT equipment and server use (location-based) 594.8 1,083.4 1,431.6 IT equipment and server use (market-based) 594.8 1,077.7 1,434.1 Electricity Transmission and Distribution Losses (location-based) 327.2 249.4 170.0 Electricity Transmission and Distribution Losses (market-based) 318.7 230.2 169.9 Upstream emissions (WTT) (location-based) 2,914.8 1,138.5 1,135.0 Upstream emissions (WTT) (market-based) 2,894.4 1,106.7 1,132.2 4,422.6 4,202.8 4,616.7 Total emissions 3 Other (location-based) 4,393.7 4,146.3 4,616.3 Total emissions 3 Other (market-based) 23,103.5 8,474.1 7,021.6 Total scope 3 (location-based) 23,074.5 8,417.6 7,021.3 Total scope 3 (market-based) TOTAL SCOPE 1, 2 & 3 (LOCATION-BASED) 27,058.4 11,659.8 9,830.4 TOTAL SCOPE 1, 2 & 3 (MARKET-BASED) 25,552.4 10,007.0 8,300.4 (1) Rothschild & Co9s GHG emissions are calculated as tonnes of carbon dioxide equivalent (tCO eq), a universal unit of measurement expressing the impact of each of the Kyoto GHGs in terms of the amount of CO that would create the same amount of warming. The 2 2 Group calculates tCO eq by multiplying its activity data, for example, waste incineration, landfill and air miles travelled, by the UK BEIS approved conversion factors or other sources of emissions factors. 2 (2) 2019 data for remote working has not been calculated. Scope 1 emission increased by 18% due to the increased scope of emissions reporting, specifically the inclusion of two new offices (London Lombard and Adam street), resulting in an increase of Natural gas use. Furthermore, there was an increase in company-owned vehicle use and the inclusion of

2021 Sustainability Report 62 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Greenhouse gas emissions (non-extrapolated, reporting offices) Location-based Market-based 2019 2020 2021 2019 2020 2021 Emissions tCO eq/FTE 2 FTE 3,208.9 3,254.2 3,543.0 3,208.9 3,254.2 3,543.0 Scope 1 0.11 0.10 0.11 0.11 0.10 0.11 Scope 2 1.13 0.88 0.68 0.67 0.38 0.25 Scope 3 (All) 7.20 2.60 1.98 7.19 2.59 1.98 SCOPE 1 AND 2 1.23 0.98 0.79 0.77 0.49 0.36 SCOPE 1, 2 AND 3 (ALL) 8.43 3.58 2.77 7.96 3.08 2.34 Total greenhouse gas emissions for non-reporting offices (extrapolated to 100%) Location-based Market-based 2019 2020 2021 2019 2020 2021 Emissions tCO eq 2 FTE 258.8 257.9 201.1 258.8 257.8 201.1 Scope 1, 2 and 3 emissions of non1reporting offices 2,182.3 923.9 558.0 2,060.8 793.0 471.2 TOTAL GROUP EMISSIONS, ALL SCOPES 29,240.7 12,583.8 10,388.4 27,613.3 10,799.9 8,771.5 Total Group Emissions/FTE, all scopes 8.43 3.58 2.77 7.96 3.08 2.34 Emissions per FTE have seen a significant decrease mainly due to continued Covid-19 travel restrictions, but also due to renewable electricity procurement in the Americas.

2021 Sustainability Report 63 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Recycling and disposal Materials use Energy use Resource disposal in tonnes Materials use in tonnes Total energy use in MWh 2019 2020 2021 2019 2020 2021 2019 2020 2021 (extrapolated) (extrapolated) (extrapolated) Anaerobic digestion 65.0 20.3 20.2 Recycled content/sustainable sources 67.2 102.0 92.0 Bioenergy 4,618.8 4,361.4 3,392.2 Composted 10.0 9.5 7.0 Non-recycled content/non-sustainable 166.2 12.5 11.5 District cooling - - 79.0 sources Incinerated energy recovery 247.1 176.3 188.6 Electricity 19,121.6 15,003.1 13,816.3 TOTAL MATERIALS CONSUMPTION 233.4 114.5 103.5 Landfilled 53.8 29.5 24.4 Heat/Steam 1,552.5 1,471.7 1,465.2 Total/FTE 0.07 0.03 0.03 Re-used - 3.4 - Natural gas 766.8 725.7 830.0 Recycled 230.3 100.3 103.4 Other fuel 157.2 139.1 214.4 We understand that applying a traditional approach to resources use can TOTAL 606.2 339.3 343.5 TOTAL ENERGY CONSUMED 26,216.9 21,701.1 19,797.0 place undue pressure on global resources, is wasteful and not economically Total/FTE 0.17 0.10 0.09 Total/FTE 7.56 6.18 5.29 viable in an increasingly challenging business environment. To that end, we ensure that we manage our resource use responsibly and as far as practicable. Total materials sent for disposal has remained relatively stable. Contributing The reduction in energy use is mainly from biogas and electricity factors to a slightly reduced recycling rate (38% in 2021 vs. 39% in 2020) was consumption decreases in offices due to reduced office occupancy levels Materials use predominately means paper use, although an increase in driven mainly by high levels of incineration from the Paris office. Other across the Group, as a consequence of Covid-19-related restrictions. reporting scope over the years has resulted in more material types being contributing factors include the reduction in high volume of heavy items added. We measure the amount of 100% recycled and sustainably sourced We undertook a legal compliance and conformance assessment to (predominately paper, glass, and compostable material) being produced. paper we procure (certified sustainable paper from FSC or PEFC). Responsible understand the legal environmental responsibilities in each jurisdiction For example, in the London office, a significant producer of recyclable management of materials use is embedded in our working practices. where we have an office. This assessment led to the development of a Group material, the rates of recycling paper, glass and compostable material environmental conformance standard for offices worldwide, and which we In 2021, we maintained our commitment to reduce consumables and track remain low due to further reduced occupancy levels. regularly monitor and use to improve continuously. their use and continued to procure new orders of printing paper from sustainable sources. Provisions have been identified in order to meet European Union (EU) energy efficiency obligations relevant to EU member states. Provisions in the United Material use remained relatively stable when compared to 2020, due mainly Water use Kingdom have been identified for operational environmental risk, pertaining to the reduced office occupancy levels as a result of Covid-19 restrictions. 3 to the Streamlined Energy and Carbon Reporting (SERC) scheme. Water consumption in m 2019 2020 2021 (extrapolated) As an office-based business, we do not actively engage in direct activities with material impact on air, water, soil or indeed noise pollution. TOTAL WATER CONSUMPTION 55,481 45,210 39,837 Total/FTE 16.00 12.87 10.64 Whilst we are not a large consumer of water, we recognise our responsibility in the countries where we operate. Again in 2021, water use decreased significantly, due mainly to reduced office occupancy levels across the Group

2021 Sustainability Report 64 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices 6.5 Reporting scope, reference and methodology Reporting of sustainability information 3 process for the 2021 reporting period The reporting period is 1 January 2021 to 31 December 2021. The preparation Governance for the content and accuracy of the report is covered by a In consideration of the above, the reporting scope has been defined as follows: and coordination of the Sustainability Report involved members of dedicated sustainability governance as outlined in Section 1.2 of this report. Rothschild & Co and Group entities, taking key responsibilities in Legal, As a Group, we welcome the EU action plan on sustainable finance Human Resources Compliance and Risk, Human Resources, Health and Safety, Responsible and its regulations as an opportunity to enhance transparency in corporate Investment, Group Sustainability and R&Co4Generations. ¯ Reporting offices: All locations employing staff only sustainability performance and recognises its potential to create a more ¯ Headcount covered: 100%. All staff considered on headcount are included It should be noted that due to its business activities, the following Corporate level-playing field for sustainability disclosures and activities. in the numbers provided. Responsibility issues are not considered as relevant to Rothschild & Co: In the future, we will aim to provide meaningful consolidated data food waste, responsible, fair and sustainable food, fight against food ¯ Data sources: Workday for Headcount figures. Training data aggregates for taxonomy coverage from its different investment business lines on a insecurity and respect for animal welfare. data from Workday and Skillcast. voluntary basis, where available. As a financial holding company, at the time ¯ Methodology: All data is based on headcount (i.e., not FTE) unless stated In preparing this report, we aim to demonstrate our commitment to of publication of this report, Rothschild & Co is defined by article 1-(8) otherwise, off1headcount workers are not in scope (e.g. consultants, transparent disclosure and public accountability for our business9 impact of the Commission Delegated Regulation (EU) 2021/2178 supplementing contractors, interns, advisors & non-executive directors). on its stakeholders, in respect of the following regulations and principles: Taxonomy Regulation as a

2021 Sustainability Report 65 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Wealth Management UK " The emission factors are automatically selected and applied to data " In 2021, a Rothschild & Co Group

2021 Sustainability Report 66 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Asset Management US Merchant Banking Number of funds with donation shares ¯ Reported: 100% ¯ Reported: 3 Asset Management Europe ¯ Perimeter: all asset classes ¯

2021 Sustainability Report 67 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Report by one of the Statutory Auditors, appointed as independent third party, on the Sustainability Report This is a free English translation of the Statutory Auditor's report issued in However, it is not our responsibility to comment on: Inherent limitations in preparing the Information French and is provided solely for the convenience of English-speaking readers. ¯ the entity's compliance with other applicable legal and regulatory As discussed in the Report, the Information may be subject to inherent This report should be read in conjunction with, and construed in accordance requirements (in particular, the disclosures provided for in Article 8 uncertainty because of incomplete scientific and economic knowledge with, French law and professional standards applicable in France. of Regulation (EU) 2020/852 (the Taxonomy Regulation), the French and the quality of external data used. Some information is sensitive anti1corruption and tax avoidance legislation); to methodological choices, assumptions and/or estimates used for For the year ended 31 December 2021 ¯ the fairness of the disclosures provided for in Article 8 of Regulation (EU) their preparation and presentation in the Report. 2020/852 (the Taxonomy Regulation); To the Shareholders, ¯ the compliance of products and services with the applicable regulations. Responsibility of the entity As requested and in our capacity as Statutory Auditor of your company (hereinafter the

2021 Sustainability Report 68 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices ¯ We verified that the Report presents the business model and a description ¯ For the key performance indicators and other quantitative outcomes that Nature and scope of our work (4) of principal risks associated with all the consolidated entities9 activities, we considered to be the most important , we implemented: Our work was based on the one we performed on the Report and constituted including where relevant and proportionate, the risks associated with their " analytical procedures to verify the proper consolidation of the data primarily in a reconciliation of the Information published in the Statement business relationships, their products or services, as well as their policies, collected and the consistency of any changes in those data; and in the Report. We planned and performed our work to address the areas measures and the outcomes thereof, including key performance indicators where we identified that a material misstatement of the Information was " tests of details, using sampling techniques, in order to verify the proper associated to the principal risks; likely to arise. application of the definitions and procedures and reconcile the data ¯ We referred to documentary sources and conducted interviews to: with the supporting documents. This work was carried out on a ¯ We believe that the work carried out, based on our professional 5 " assess the process used to identify and confirm the principal risks as selection of contributing entities and covers between 20% and 44% judgement, is sufficient to provide a basis for our limited assurance well as the consistency of the outcomes, including the key performance of the consolidated data selected for these tests; conclusion: indicators used, with respect to the principal risks and the policies ¯ We obtained an understanding of all the consolidated entities' activities, We assessed the overall consistency of the Report based on our knowledge presented; and the description of the principal risks associated; of all the consolidated entities. " corroborate the qualitative information (measures and outcomes) that ¯ We assessed the suitability of the criteria of the Guidelines with respect to (1) (2) The procedures performed in a limited assurance engagement are less we considered to be the most important . Concerning certain risks , their relevance, completeness, reliability, neutrality and understandability, in extent than for a reasonable assurance engagement performed in our work was carried out on the consolidating entity, for the other risks, with due consideration of industry best practices, where appropriate; accordance with the professional guidance issued by the French Institute our work was carried out on the consolidating entity and on a selection (3) ¯ We verified that the Report includes each category of social and of Statutory Auditors; a higher level of assurance would have required us of entities . environmental information set out in article L. 225-102-1 III as well as to carry out more extensive procedures. ¯ We verified that the Report covers the scope of consolidation, i.e. all the information regarding compliance with human rights and anti-corruption consolidated entities in accordance with article L. 233-16 of the French and tax avoidance legislation; Commercial Code, within the limitations set out in the Report; ¯ We verified that the Report provides the information required under article ¯ We obtained an understanding of internal control and risk management R. 225-105 II of the French Commercial Code, where relevant with respect procedures the entity has put in place and assessed the data collection to the principal risks, and includes, where applicable, an explanation for process to ensure the completeness and fairness of the Information; the absence of the information required under article L. 225-102-1 III, paragraph 2 of the French Commercial Code; Paris-La Défense, on 26 April 2022 KPMG S.A. Anne Garans Arnaud Bourdeille Partner Partner Sustainability Services (1) Adaptation of the recruitment workstream to attract diverse candidates; Employee performance review process; Survey conducted on employee Balance and Inclusion; Investment policies meant to limit the environmental impact of investment activities; Program to eliminate Unnecessary Single-Use Plastic; Supplier Code of Conduct; ABC assessment policy; Technology implemented to reinforce cybersecurity; R&Co4Generations actions for equality (2) Human rights; Compliance culture, incl. financial crime; Data and cybersecurity; Socio-economic equality (3) Rothschild & Co London; Rothschild & Co Milan; Rothschild & Co New York City (4) Social indicators : Total training hours; Number of female AD and above; Number of promotions (wherein % female); New hires (wherein % female); Employee turnover. Environmental indicators : Total GHG emissions; Total energy consumption (wherein % electricity from renewable sources); Landfilled waste; Total waste (wherein % recovered); Paper consumption (wherein % sustainable paper used)

2021 Sustainability Report 69 Approach to ESG Environmental People and Business Appendices sustainability integration impact societal impact practices Glossary Abbreviations Term definition Abbreviations Term definition ABC Anti-bribery and corruption Group Rothschild & Co SCA and its consolidated subsidiaries ACPR Autorité de Contrôle Prudentiel et de Résolution (French prudential and resolution authority) GW Gigawatt AD Assistant director HR Human resources AM Asset management ICP Internal carbon price AML Anti-money laundering ILO International Labour Organisation AuM Assets under management LCR Legal, compliance and risk CO Carbon dioxide LGBT Lesbian, gay, bisexual, transgender, queer 2 COeq Carbon dioxide equivalent is a universal unit of measurement used to compare the M&A Mergers and acquisitions 2 emissions from various greenhouse gases based upon their global warming potential Managing Partner Rothschild & Co Gestion SAS, as manager (gérant) of Rothschild & Co SCA Company Rothschild & Co SCA MB Merchant Banking (business segment) CTF Counter-terrorist financing MwH Megawatt hour D&I Diversity and inclusion NGO Non-governmental organisation Emissions, A location-based method reflects the average emissions intensity of grids on which OECD Organisation for Economic Co-operation and Development location1based energy consumption occurs (using mostly grid-average emission factor data) R&Co Rothschild & Co SCA Emissions, A market-based method reflects emissions from electricity that companies have Revenue Net banking income market-based purposefully chosen (or their lack of choice) RI Responsible investment Emissions, scope 1 Direct emissions from owned or controlled sources as defined by the GHG Protocol Corporate Standard RMM Rothschild Martin Maurel SCS Emissions, scope 2 Indirect emissions from the generation of purchased energy as defined by the GHG SDGs Sustainable development goals, as defined by the United Nations Protocol Corporate Standard SRI Socially responsible investing Emissions, scope 3 All indirect emissions (not included in scope 2) that occur in the value chain of the TCFD Taskforce on Climate-Related Financial Disclosure reporting company, including both upstream and downstream emissions as defined tCO eq Tonnes of carbon dioxide equivalent by the GHG Protocol Corporate Standard 2 UNPRI United Nations Principles for Responsible Investment ESG Environmental, social and governance USUP Unnecessary single-use plastics FTE Full time equivalent VC Video conferencing GA Global Advisory (business segment) WAM Wealth and Asset Management (business segment) GEC Group Executive Committee WM Wealth management General Partners Rothschild & Co Gestion and Rothschild & Co Commandité, general partners of the Company WTT Well to tank, upstream emissions associated with, for example, the extraction, production and transportation of fuel before combustion GHG Greenhouse gas

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