3 INVESTMENTS OPERATIONS COLLABORATION The appointment of our first ESG Director, Claire Hedley, in June 2022 underscores the priority we place on incorporating ESG across the business. Against a backdrop of increasing macro uncertainty driven by rising interest rates, supply chain disruption and a war in Ukraine, to name a few, 2022 was a tumultuous year in which the world also experienced more extreme weather events from record heat waves in Europe to devastating floods in Pakistan. The urgency of climate change was met with the complexity of ESG topics. The industry experienced increased regulation, data collection and reporting requirements as well as scrutiny and backlash, particularly in the US. While the path to progress on ESG will not always be smooth we believe we should play our part in creating a more sustainable future. In 2022, 17Capital developed a new framework to integrate ESG across the firm, centred on three pillars: investments, operations and collaboration. As a provider of NAV finance our investment approach continues to focus on ensuring the managers we partner with maintain appropriate ESG standards. Although we cannot effect change directly at portfolio companies, we can engage with managers on ESG topics to drive change and we can incentivise progress through the structure of our loans. In 2022 we were proud to structure our first sustainability-linked loan with customised ESG KPIs tied to a margin ratchet. We strive to be good corporate citizens, with a focus on improving our environmental performance and creating a culture where our people can thrive. In 2022 we measured and reported emissions for a second year and remain carbon neutral in our operations. Our leadership team believes our people excel when they feel valued and included in the workplace. We place a strong emphasis on our own firm values to drive our success and we continue to work on our approach to diversity, equity and inclusion (DEI). 17Capital recognises the need for collaboration to make progress on ESG and at the end of 2022 we joined the initiative Climat International (iCI). 17Capital remains committed to supporting and partnering with high-impact, non-profit organisations. Our partnership with the Epic Foundation is in its seventh year and we have achieved a lot together. In this report, we are delighted to share the details of the progress we have made on ESG and the path we are paving going forward. A message from our managing partners 2022 was a record year for 17Capital. As the leading provider of NAV finance, we believe it is important to grow our firm and our market with an emphasis on ESG. 2022 was an exciting year of growth for 17Capital and we made good progress on our ESG agenda. Our new ESG Director has initiated a more ambitious ESG strategy, and we are excited to see the new developments come to life. From left to right: Robert de Corainville, Augustin Duhamel, Pierre-Antoine de Selancy