Data as of November 4, 2025, based on a universe of 2,137 companies that were continuous constituents of the MSCI ACWI Index between 2020 and 2025. Outperformance factor was approximately 4.1% and 7.6% per 1% average annual increase in holdings for non-executive and independent directors, respectively. Holdings growth chart capped by the maximum 5-year average growth value observed for independent directors (4.38%). Correlation does not imply causation. Source: MSCI Sustainability & Climate Research, FactSet.