2020-12-31-accounts

THE CHILDREN'S INVESTMENT FUND FOUNDATION (CIFF) (UK) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 111 1111 *AA87ZQ2X' A16

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COMPAMES H￿SE The Children's Investment Fund Foundation (CIFF) (UK)

Contents Foundw's Message CEO'S Message Trv5tees Repc Portfolio Highli8hts Financial Highlghts 2020 Financia Revw Strategic OveNew Clirnate Change AdolescerKe, Sextjal & Rewoduchve Health & REhts Girl Capitsl 12 14 Child He31th & Development 16 Child Protecthc 18 Cross-cutting 20 Re8ional Actiwties 22 thica 23 Indki 25 China 27 Europe 29 Strategic Retx)rt Social Impact of CIFF'S Orerations 31 FIn￿CIal Review 36 Investment knew 38 Risk Managefflent and l< Polioes Structu 39 42 Recent Devebpments 45 Remuneration Report and Other Gcprnnance Trustees ReSponsi￿l￿S aThJ Fin￿131 Ststements 47 lThlependentAJdttorfs Report to the Members Consdidated Ststement of FsnarKial Attiwtie5 49 52 Consdidated and Foundabon Balan￿ ￿eets 53 Conxlidated Cash Flow Ststement Notes to the Con501idated FinarKia statements 56 Grwp Information 97 THEc￿lLoREN% IPIVESTMENTFVNO F￿N0￿￿ON (V￿(oFF)4NNv￿￿kEptsRT￿(xtT￿EYEAl ENOE031 DECEMBER 2020 Chbjrerfs hive5trntTht FuTrO F•Jndatk>nlCIFF UKI I ￿rte

Founder's Message Since founding CIFF in 2LKb2.1 have been committed to 50hn"n8 PlOtAems. notjU5t ￿￿kIng gtsnt& I arn exated to share wrAnnual Re￿rt for 2020 as we continue to strive on CIFF'S journey a$ 3 high- perforrnin8. actiwst phi￿nthropy. We a￿ not afraid to take on some ofr the wodd's toughest challenges and it is our Privi￿ge to support and work akn8gde instirin8 organisations and le￿er5 in ciwl society. s the wtsdd ieels from Covid-19. we contr.nue to brin8 the needs of childrèn to the fo￿. CIFF'S CEO. Kate H3mpton. and I contr.nue to work with deterrNnab"on in fvrthering our vision ol a kinder. 8reener world that enaEAes child￿￿ to thrive. None of this work ￿￿Xjkj be pos5itAe without the commitment of CIFF'S trustees, advisors, staff and co-funders. as well as cur grantees and partners. As CIFF looks fornard into 2021.1 wouFd like to tt￿nk Dr Graeme Sweeney lof his dedicated service as CIFF'5 Chairman for the past six yeao and welcome Dr Mafko Lehtimaki to the &Mrd. Sir Christopher Hohn Founder and Chaimian 24 June 2021 We are not afraid to take on some of the world's toughest challenges and it is our privilege to support and work along side inspiring organisations and leaders ID civil society. CthWr¢rfs kn¥estM￿l Fwd Fowdath)TrlCIFF UXI I Page2

CEO'S Message A5 we enter 2021. the C*cale ol Delivery of the S￿s should be well and truly Underway, alongside efforts to halve 8lobal 8reenhouse gas emi55i0ns. However. the Covid-19 pandemic has been a severe blow to progress with children negatively impacted by the resw)se. CkJr partners and grantees have seen this impact hrst hand through incwsed malnutrition, missed ethjcahon and disrtspted health services. With to an additional 150 million people In developing countries projected to be living in extreme poverty by the end of 2021. the ltsng-term scarring of Covid-19 will be felt lor years to come. The pandernic has exacerbated the ￿fj￿d's existing inequibes. making tho)5e al￿adY most at risk from the climate ¢risis even more vulnerable. While richer nabons that can finance their own debt have been able to weather the st(xm. many developing countries a￿ ¢n 3 precarious %tuation which in turn threatens Child￿n'S programmes, inclLMJing the sustainability of our own efforts. It is clear that much more needs to be done to ensure the CovioS.19 recovery 15 equitskAe xro55 geDgraphies and generations. Despite thi5 di5rupbon. CMJf commitsment to irnprowng the lives ol children ha5 only strengthened. As the pandenNc hit, CIFF was wdl prepared to ensure the continuity of operatiC￿S. The Foundation's staff and oJr grantees continued to delNer innovation 3nd cesults thrcxJ8hout the year. During 2020. CIFP5 grant distxjrsements ir￿￿05ed by 28% to $344 million. the third 5ucce5SNe yeaf of signifitsnt step up in grant spend- our trustees have fvrther increased our spending limits in the business plan lor 2021. This grant rnaking activity is spread across oJr five offices in Addis Ababa. Beiiing, Delhi. London and Nairobi. Our 5trate8ie5 and operatr.ons are InC￿3￿ng￿ local￿-Ied. as we further develop local solutions for local contexts. Our Str￿￿er local offices We￿ pivotsl in en￿Ing continuity of programming durinB the pandemic. A green. resilient and indusive Covtd-19 recovery that ntyjrishes and encourages the world'5 chIld￿n will clearly reouire the vnprecedented mobilisation of pU￿1C private resources, tslents and innovations. Notwthstanding the challenge5, the past year has shown me that CIFF and our grantees and partners a￿ extracwdinarily rV￿lient and committed. and are able to do so much more than I thou8ht P055ible at this time last year. I wwld like to thank everyone that has played a part in our 2020 story aThJ invite ycu to partner with vs as we grow into 2021. Kate Hampton. CEO 24 June 2021 'Despite the disruption of the'pandemic.:. ..our commitment to improviiig tlie lives of thiiilren has only ,strengthened.. ONldrtn'sIfftrfes￿t F￿0F￿￿￿dattOn ICIFF UK) I Pa¥e 3

Trustees, Report At a Glance: Portfolio Highlights CIFPS Strategies are delivered by t￿r network of exceptional grantee& who we a￿ proud to fund and with whom we are exeited to work on Stratety and wo8rarrune desiEfL Some of the highlights from around Jr portfolio of programmes in 2￿0 include: aFPs Bontees worked to end c031 financing fromjapan and South Korea. Bythe eThJ of the year, both countries had 3nnounced a net-zero ￿ 2050 commitment. while al three of Japan's biggest comrnercial banks introduced c031 exckssion poticie& and of South Korea's lareest financial groups anntyjnced an end to coa proiectfinancr f-mana8ed sexual •nd reW0thKti￿ ￿81th¢art ISRHI be¢ame a key priority Of ijuntries workin% to access to ess￿￿31 health 5er¥tie5. Ourwork to scale and institutionali5e self-managed care for SRH made maj¢y progress ¢>ver 2020 wth more than nine million Indi￿dualS across Sub-saharan Afvtta and South usirte t¢￿5 s￿h as sdf.manaKed HIVtestin#arnd tontrateptive self.iniection. Educate Girts enrolkd over 3￿.(1X1 4Xrt-of-school in kndia between the ages of S and 18. and trained almost IOJ.C(KJ adolescent &rts in life skills through in-sthooj and communtty.b3sed modds. lft India. the RajPusht progwrne received an add￿01 $32 fflillw frctm th¢ Rajasthan Govemment to prnwde dI￿rt cash translers to half a million prE8nantwomen over the next five years al(x)g with ll)tsnsive behaviour ch3n8e vnmuThcations. aFF contifiL*d inve￿Ing in CkneAue Fund. a re¥enue-seneratin8 non-profit tyganisation whith supportsAfrica's largest network of ynallholderfarmers to iFrtr(Klure nutriti¢)n.5en5itw¢comrK4)ents into exi5tiTrg agrirulture intewventism In 2020. 545.fKKJ famws were enrolkd. 63.8% ofwhich wertwomen. CIFF. the Indian G(¥vemment and the NGO Freed¢xn Fund worked over the last three months of 2020 on a programme whith resoJed over 21X) chibjren frorn The CIFF-funded kceleraTE wo8ramme helped a number t>f￿ntan ctyjntries to overcome the final hurdle5 tsf trathorna eliminati£￿. treatinB over 30.0 cases ovtrthe course of 2020. ThrouEh AcceleraTQ 11 African countries have ntswComp￿ttd L4ndscape anatyses, which will hdp infomi best practice coordinating neOerted tropical disease IKfDI acts￿be5 in the future. Chthlren's kn¥esirneTrt Fund FoJndarknn ICIFF UKJ I Pa￿4

Trustees, Report At a Glance: Financial H2ghlights Charitable Investments Approved $347m After excepti¢)nal levels of apprtsv31s in 2019, despite the disruption caused byCow&19.we approved 5347 Milli￿ of charitsble investrnents in 2020.This of¥ppr￿ I￿n$ we exkrt disbursements to irKrease hjrther in year Grant Disbursement $344m aFF disbursed Brants of $344 Million in 2020. Grant disbur5emNts increased in 2020 by $75 mVAh)n compared to 2019. Operating Expenses The Foundation'5 operating ex4)enses were ata similarlevel to the pre￿0￿$ year. but the ratio of these costs to 8rrt disbursements reduced to 9% as our disbtsrsements increased. Endowment $6bn 1n4estm￿t rebjms and irKome wr endowment assets remained strong in 2020. brinyngthe total endowment to $6 billion. The SVLe of the original erKlgwfflent and the excelknl investment rtums achieved over the years 8ive us the financial strength and stability to make substsntial l(ry-term commitrnentsto the work of wrgranitts. Obddrth)% Fund FwTr¢atTan ICIFF IIK) I ￿85

At a Glance- 2020 Charitable Activities $6 1 8 40 Th￿1 Iiaot gaythtrttsVS$J44 io U5$3L 2019

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USSi58m Disbursed Amd ￿lIa•ll0￿10FFUxj I P*Ae 9

Climate Change Theclirrotecrigs ￿ alre￿A￿a children's INes CIFF commwtted totscWirE dir(4te ettErgewtya)gJr¥ ¥rthl w¥mii8ts kmited lo 15°C in &rv47th the Paris eNtnL Ths Mea￿ invesJn8 in styategts the w￿￿ away f¢ssls ar￿ twdrds renv&qe erw8v. dec3rfwThse Ind￿￿￿. wmpr(ve air wa15tyin (w obes prcmote fr)d •¥J lwJ ￿e. Weaso In%£si ¥) LYOSS-cuiDng ty&ewand systemic from gJstsin4e ffftarÉe tostrath￿¢ and cl tsxi5 pri¥ate¥ehides aThJ W)lab"on of0￿(￿1a¢ed infr8stwue￿re. As p¥t£lheoty ￿ptsise to Cowd.19. CIFFS grdntse C40 (an organtsatsonwthing tO((￿ne[t 97 OF th cthes to tske W clime action) rapidly mobilise to >Jpp)rtoties in resrA)n(Jin8 to the par￿eM￿. C40 LwJrhed a Global Mayors Covid.19 RecoveryTa5k Force to wpp)rt ma￿ ar￿ da￿3 8reen etyit3L4e eC£wKXnica￿ SfKK41 rKty4ery. Food and Land Use Centrdl to JJr aptyoxh ig£natit￿ wh oritiseth%Yth cwni%atNJns. In al Ths Lxshin8 pro8ressl¥e ThpflKnArp.kntbon in W20. was a key fry CIFF ioineda wpof tnore than 30maj( lwndarK￿s ro vThdiroJrc¢y(w)wt to dinNate solutions. CrAcbly. iwi th Finance CIFVS ckrwte f￿ce Energy TheV￿dd'S energ¥sy5terns ￿estill dtiThnaied tyfosyl fuds. We vtsnt to take Githn ot rxmvsect ph2￿r c￿t coa and stoprAre nÉw coal faolrties Irc bein8 bull. Thn)u6hwt CIFF 8ranteesworked to endc0alfinanarv4fvcrfnja￿ and Styjth Kove4 resulted wi ￿)th countrie5arwK)uncin8a net.zero ty2050 COMW￿trnert th all th￿e of Ja￿S ￿￿Se5t()￿mer(ill th￿8h supprmt to aimatekhon IIX) agkal t￿-￿d knitiaiwe Seekti￿ to ensure that Thè Climatew." ¥," - Ambition.. Sumttlit.,. in December 2020,, was a key moment. for CIFF whèn we .joined a group. of more than 30 "major foundations to underline our commitment to climate solutions. ga5 emitiers t3e additr￿.V4e tosvnificantylrue￿ uptake of enerEyanMhid theW￿ drNe the tr3n5ition to rbpt ter0em￿&10￿5 WesuprKrt enew programme5 in ChTh. IrKJki. S(xJth EastAsia. Sy duTraieihange. kn XJ20 Iwer $52 èssets to l(hw.cknn Ibwng ar(xMvJ the￿￿rkI We also hdped L4unch the Ener%yTrans￿[￿ Partne￿ip lrn a mdb. thrKK ttU5t furvj to the 5UStanab gier8¥ transition in Ea5tAskl. of 5harehoPJer we55ure. COP. a CIFF-srantsE that rui15 obal dithLve system f¢f 5tor& CL¥ryiÈs. citie& states, aThJ reBirx)s to mw tllrew<ts)m￿lal inpacts. supported 377 to set StiwKe 8asedTaW. irfreased tot￿ (ksd05ure 15%. aean and Cities Intensi¥ life5tyt& We tarl arvj rr￿rt do rnL¥E to redLKe emisyL￿s that pul￿te ourair, particuLIth fTL¥n tra￿prt Ihe P￿￿r se(toY. hEavy ithtryaNJ LW-￿ 2020 50 Saw tl byCIFPsp•rtnersofthe'5ay aycullLre. CIFF5 partner5 buildw a￿aren￿S of crmats'lnliiatl¥Ewhich 15 ¢knviD8 cornpanie5 arLMJTh air polution and its he31th inpac￿ irthin8a(kYKatin8 theworhj towe 5harelvJ(JeT5an vote lo tKWe lor betterair quafItym￿1iMf￿ the (latr to dimateihary. Seseralmmpatue5 ndudin6 SUSt￿nabIlIty vn(krpn <3ls lor Sre3￿ xbon. WearealwxprKtr r UrMle¥er adopted thr5 tsan5parenry mEthanrAn. With fr￿N)r ￿51)tUti￿￿ inve5tor5 and NGOS In ciDes, in¥estrnert In 8reater transit. ofwalknngand cydln& trarwtbtttrthuifj Oion'slrrrfsbMnt FLmd FO￿￿tIOn ICIFF LIK) I Pay 10

Strategic Litigation $57 blloi wp¥aMuabon (pens￿ fvnd REsffora iYe&h of fi￿c1¥Y ¢￿tte$ by fèikng to adequately Cons￿er clmate dwn8e In a ￿{gEt￿tilln of the ii5k that the dimate CT1￿$ posesto $￿iety aThJ the the tase was 5ellled. and RESf tommiited todock75e its lvl ofhc4dn8s. condutt climate scu￿rir￿3nth￿5 to ￿fOrM ts wwe5tmpnt stratw and adwxate for the In¥e5ts in to comrty%tsith o ofthe ParisA8reemenL strateg￿ dir￿te liligatiL￿ has an increa important to¢ 8swe seek to Inf￿ and enforce ￿ and ￿fluence oic1￿ Ultimately. ¥￿. rkingwith partner5 to bnn8 chrnateo5e$ 10 the cwrtrcthnwth the IK£reating than8e the t￿efit ewrleof this n 2020vias ts case of M¥k fvtveeh slraha Iwppcrfted ty CIFF yèniee ALE) aga￿1$¢ ￿S lJkn?'% 1fv*st￿t Furtd FtrAatkin ICIFF UX) I P•8e 11

us$55m Disbursed (J•thns lTh¥e51th&)t Fund Foundarkn (CIFFUKJ I Pay 12

Adolescence, Sexual & Reproductive Health & Rights 2020was an ¥￿pty￿r year lorthePth4escence. SRHR team. as CIFFwa5 sdected to cO.￿d the tanryand Sewal & Re￿j￿tive H2aNh & Ws (sRHR>￿ti0n Coa%tiw for the Cner3tion Equality FL￿rn IGEF). al￿￿51de France. NoentN Faso. and Ljnited Natir￿S Fuid fcrf Popd3tKA) Ath￿ties (UNFP￿. The Generatioi Eq￿￿[1ty Frxum w be a Landrrkirk forwn. p￿￿ing ffWWtum ftyge tftn$torr￿tiQnal wotk to ￿ marstteaffd the SAHRsectorarKI btyotyj. teeiw 8irt5 re¥hed vrith SRHRarKJ wwice¥ demrsb3tswthat scal2￿e Inter￿tiC￿￿ f0[adD￿scent SRH ate teatle aThJ costffec 2020osJwthe af a newpartnErship on med(al atthon pixknts that trmught t¢)8ethEr ￿￿nUf&turets. al￿ dorKXS to ￿￿pr￿S for quality- asgJred thrmces. Rdated to ths wort. CIFF LiurKhed a L)rK1￿?1kpartneTsh1p￿lth otherfunder5and country Ma￿e1 mar￿8eme￿tf0rworneTh'S health. Thi5 became tl kce5s hNtiative INWI. 31ms to ￿5￿1￿ lth resp￿Se to the pathxc. CIFFS SRHR shifted Signifwt￿ 2￿2￿. to accderate 5e1F-fftHr￿sed care p￿￿¥and stren8thEn thearthitecture luyeater ￿prty 5upKth new5rAJtWS to rnake meLkal ab)rtion m(we acce5ybk. skits for Dew SRH orthjucs make user iThgghts mo to 5upptydtCShDnS. at¥J imwove putdic-pnvate cIFF￿￿k Self-managed care for SRHR todeg8n r At the cwtre otClFF5 apKwoach ttsSRHR to gidsarKY with inf(¥r￿ality). t(KlsarvJ choKes to er4t4e them to takettrtrd of thtir sex￿4 aThJ to ￿ppfyt thwr rE%5ence dum8 the par￿J￿1& Vlorkl ial loanswere awEJ MSI Ai the centte of CIFF'S aPPToach to SRHR is working to empower girls and women with the infotmation, tools and choices to enable countabk to Ihe access tocritic31 hEath facilitie5. %¥IKh ha5 had serious consequerKe5 for SRHR. UththEse c1￿uMS￿n[es dwTrAnd for 5df.ffjanaged tod5- such 35 HWself.tests. IFPF,. anda nty them ID take rolltToI 8n1fiCar￿yarHI w￿ed wavs fry nat￿￿1 health 5teibs access. For wrrde. CIFF5 to uce costsaThl integrate H￿Se￿-te$￿rE into n3tymal HIV Kvoyanmes C￿or￿e￿ to imrMes%e ¥blthdemar￿ across hEh Syiwty ¢￿ti)es exceed1￿£￿t illion tttts arKY ￿￿k￿.up u>ng WhatsApp aNS wrcha5e of SRHR f of theit sexual and teproductive health and make the health i¢Yity courtrie5. New approaches system tar more accountable to thern. despite the ￿ern￿. strntegK aw of CIFF alw ￿￿oped r fiekS.bJiklwi8 CIFFa150 bJrKhed a new lnNwth￿(￿l1e￿'FStTvld(, the World Health Org3nti3tion (WHO) the Sdf£e Trailb￿r5 (SCTGI. Fèst TTrck s nowirKwg technical ￿L￿tart¢e pc4y to key ch•n tOLmtheAnthyt itrw%e is Uganda. the ith QFF operate5. AneY3mk4E 15 (yJr newstratey"c cty(murMcati￿￿ 5trate8Y to hdp erbable e￿de￿t.baSed SRHR ￿"¢y￿￿￿ceWt in kty cO￿triE& l)Jr SEC. ttr¥￿gh thwrTraCkIr￿ the Backjash, irwe5Wbon' the Iwt medva in¥estP8atim w>to SRHR isgjes. In the Cfoss Nirria. In additi(￿. knlwerts 3tn pr(wAfflrne tered it5 final veartysufpassw￿jts 804 nu Chlbjren's Mstmeni Fund Fwnrf*lan (CIFF I Palo IJ

USSi7m Disbursed lTh•tstrnth)tFu￿ Fwndofjon (aFF UKI I P¥e 14

Girl Capital is CIFPsntseststs3tegK ¢Ytt)rity￿ ms an ambiknou5 fflO%e to rrve 8Eth.transfIYrr￿¥P proVam￿n83t CIFF. M￿￿(hame￿￿ yx stsrt vnth the uneoval 51atus of whKh is su5faned tlYryJEh éeeprocted. ￿reSS￿e This stra ms to £banWw￿ thederrrf)warthK dt¥thNI. accdty econc¥T thatcan resuk Iffm pulaknun age strwtuie. Social Norm Change (hv thecour5e 0fthe￿. the Captal tewn abo st¥ied bul ciitical of acklin8SOCi tr￿Ilbor￿1 ￿ld￿Kewith beha￿￿￿ ec(YK¥nits aThJ media anthrO￿0gy. This Includes gJppNtirttGktsF# Fund, a donort0llaborn￿VÈ 2020was z Iwrdational C4xtai fomw IN311y on India. ￿NItin6 three r￿ t&im rn￿15 and buildin8 a pipekne ofexotyrg wOr44)F￿eQr estr￿1$ $23.5 milli ia8e8lobally. Foundation of Education and Life Skills A Trimary foEU5 forCA Captsi is edLt&irxL By cffttly trt trAa5 aqainst arml v+yxT￿ %41th￿ e(hJ(atr￿ and. twn. lrnpThwBth￿T5kfilsaTrJ the strate8y aiThS w wert marria8e. ase ol first Many challenges facing society start with the unequal status of women which is sustained through deep-rooted and regressive norms. In 2￿20. th￿%￿d$ èchie¥d thfxgh workingwith Educate Glr15. wl¥th or 30Q,QTr)out-of-s¢W 81rfs between thEagesof 5 ¥K118 in lThli•. Trus Pfoyar(• exernph'fie5 the Girl Capxtal akproath. byc(mtAnM schod enrolfflenl wth an in-5cIKK4 cotnnvity-bA5ed aowoach to life 5kils 2020. trairn8 alrrK)5t Ico.r addtscent Vrls. CIFF al￿1￿￿)rked vAth Porbcus DdL Ectridna. (hTSyar and 11 p￿titiOnly0r￿nIsaf￿s to f¢rm the Life ￿ll5 c￿1akntNe. The cdlatxJrati¥em5 to define. a58ess We Sk•sed￿lt￿￿ INfkin adLcEll Financial Autonomy order to 3ccderatp an ifflwover￿t ￿W0n￿'S fvel1hrx￿C1FF Yy5 thrwh LwAh thewC￿'S

US$86m Disbursed chm￿S FOw￿l￿on IUFF I PAtr 16

Child Health & Development The heatth3r￿ %￿l.be￿ ofchHdrEn * heart¢f CIFF'S fvour Heallh & Oevelcwnt tsarn. ojr Ot fctus a￿ ￿lt I￿￿lin85eN￿ acute rrg1nutrltr￿n Wlwatw. $a[ytatK￿. hygw WASHI. asweH 35 ar¥J fflana8errftDt of tgected tKr¥MtsI di5&75e5 INTOrJ. rJYcryAeted L¥ktrapeanaty•thich wll hdp infom 5t lor cwd¥bnB NTD acb"w¢Es in the Fuiuit. Water, Sanitstion and Hygiene IWASHI senKe5 in ￿h0￿5 to ertsurt cPuldten have continued actess tOW3ter, 5JThtaitr) •)d hyÈitDe. ￿ part of iTrVOVin8WASH wrlnteThtnUohsalw fo on makin8 e￿(tr￿ powtrsupplies available for schools healthcare faC￿t?￿nAr¢ that th•s•ylces ar compkte. A￿Wth ourpartnEts. CIFF ha5 %wrkedwith Nutrition Pwrrwtriknon is the undE[lw￿£￿$e of rrKxethin 40% Orchi￿ deaths g￿l￿and rwThns a ￿gnI￿ant irwiment to de￿￿￿n& a￿tal. mi11K￿5 ( cINldrw suffer ff<xn Ma1rVJtr￿ IrKkrt￿therySt form5 Such ￿ knreNLute MalrvJtritw IW41. CIFFS L￿.&.ft￿wwghtstrate8Y focuse5 on inier.8enwatithNal c￿e of poor nutrit￿ heath )thers and en￿1n8 that thklren a￿ at the n8ht bme and ol a he31thyv￿Y￿hL As part of CIFF is svprKJrhn8 Ihe Sca￿￿￿0f wrwctlul intewrtKmS wch as m￿￿rIe MKrwutnent ￿pr￿tyMents. OFF ha$3150 teen cham￿0￿￿ ol in children wthin theo¥eiallWHO Chi￿ arwoxh. CJFF. aknng ￿th cther pkners 15 fKYAfgJpwhr the WHO to amend the wa5tiry8suK￿ll￿ ro pitrention treat￿¢ olwa5ti search3ssessiry the bjll irnpxtof C(p4id-19 on This ffour￿ that CovAI.19 hid MYrea￿ the pThaknKe of£likJTrwastin8 by 14% in 2020- whth trWates to ￿ addiDon4 6.7 rrllK)n childrw. The )licatiM by a joint cal to actr) the ExetutivE Iwr UN in nUtrItiL￿ (WHO. UNICEF. W(Mkl F￿j FcA)d ￿hdA8￿CLI(￿e CIFF wèsat the Icrfefvent ths crisi5 on thepjort an ¥ntAtiws in%sbTtnL End Ch4YWJstM)B Coma￿ratIVe. n parttwshp ytfh UNICÉFarwJ ￿tsr￿ule of Health MetrKS and Ev41Vat￿ IIHMEk Neglected Tropical Diseases INTDS) e in fiwe people alferted ty NTD& Th￿ equates to ove¥ l.? peoplp. rnL¥Èthan thepr4xA3ti￿ r Ewope and Nrrth AJnerKa comLI￿. Theftr318031 rl CIFF5 wty tyi NT05 15 to ensure that chiklrtm carws e free ¢kthI1tat￿ <hsew. %thch n hintkn nutrib￿ar￿ CO￿ltiVe de%tkxwL caiise severe pan and peTI￿n￿t disability. and kywt and fvum aFPs NfDs 5trate8y ￿Se5 on trach¢¥na (è b￿t￿l￿ e infecixjnl. inte5tin vAxm5 ￿l.tranS￿Mited lthntrs. 7A sclistowliysor tlttwzbal. and CxAnea vbwm I acUn¢ulki￿l In2020, thlslnchthd supptsrtAcceleraTExttw helped a numberofAlri olthevear. Thwh AcceleraTE. 11 cO￿trieS

us$8m Disbursed Fund F04mdth ICIFF UK) I Pa8e 18

Child Protection CIFF'sChikl Prte£tion t￿vr￿kS totTh8￿ to the ofchithn. wKbJthngtsckJ•l8 ch￿￿ LatAXW. (hiky traffithn& the crril sexual expbtatim of cbikjrw ICSErCI. Unethic￿ 5upply{hav￿, thikj sexual exrdtststron IoCSE).￿r?SS CIFF'5 ¥4Yyk J p￿tects￿. thwe isa l(Kus on core aSpe￿of the CYC￿ ofwlLitatxul. The fwst L%chokirdthnand. Global and Online CIFF4sowths to Yuea5e¥obal a%YarenEssoftfrikJ £¥pk)rtaknc￿ ar¥J adp)n5 to protect chiklren. We and JE8al cassthr(xJgh to r4￿n8 wawessof U￿￿81 <k)tkn8 $w)p￿th31n5. d￿and forchild expknrtatvJrK se¢tywJ i% Impunlty4)f perpetrators. %VhEIELy￿WOrkw￿th partner fxganisations to increase the precedent kgal acti )d wnistwwt for cfl1r￿38lIfist clmthn asa methDd The Sca￿ of rpsk tothldm (￿￿￿e ￿ pwticula - challen8in& with an iryw ￿VIdeo ofa child being SeKjabJF￿d iEinE uphwjed to the Internetevery fve rnin￿e5.1 Th￿risk requi￿$ touthe. SgDih￿t eff(xts to addre￿ OFFS M)rk onlit child protecDon acti￿lY a8es in cwffiurxty tx)￿InG and cdbb)r3riw, brin&n8 iogeiher alig￿ dDFMX5 tD fortD a unihed stsnce against£hild a￿Se and eX￿Oitation. A5 Part of 5worl CIFF stsworts WePROTECT GknbalAHian¢ maWr¢ tr¢frght¥￿S1 ￿￿nethlId stwale¥pkntstioThstror¢¢r. Over ihe cwrse of 202Q 98 6Li¥elnnEn￿ 39 tech cows 41 civl soaety the aliare. throW ¥York in Ind4? StyJthAs. as a5 infrastruciu￿ tt)rtsJgh Onli￿ acDwtres. India and South Asia With M￿chi￿1 wotectioTh prryarrffie5 M IrNJ4ti S)uth Asia wcing ￿ Sr￿711.5ca￿ r￿je￿% QFFS aim IN the reEw)) is to tin8 prc4ects together at¥J sÈt sovemmEnl br%tstsuNatsTity. 2020sW•i￿￿Sed e55ure5 on to ￿tsi￿A￿s of the pand￿￿. bji wr ETrrtees. ￿UdI7&the Freedrth Fu￿. ere able to c￿tity￿e thwvK¥ hdpng to release child￿n from ￿a¥ery. CIFF5 inve5trnent in Child Labwr FreeJalpwha5 been of partk￿r ngie tfi addrt¥ the impunityof perpetrator5throuBh driving 5UttEssh osectstkn4 bs well as h￿rA￿ thetsaffithr and re-tr8ffi¢kK)B ofchddren.

US$20m Disbursed ChldreTh'slri•estrnth)t F￿TrI KIFFVKJ I Page20

Cross-cutting CritKal to CIFF,sTh5￿ft to be ￿ irnpxthjl )d ottic furK¥trls the rrAe of cffjss.oJt te8m% indL¥Jes the stratw"c En8•8eYeni & Communications ISEQ. E￿￿Ke. Measurtr￿1 & EvdL47tiw IEMQ. (￿￿èti(￿al 0￿￿(p[[￿t IOD) and Irnpxl Irbve5tin8 tearn& lead yant.Mèkin& dd1ver￿S ￿l￿tieS 5Uth as de￿Nn Ir￿ligentt ft￿h1￿ arnir%and adva￿ed data￿na￿tiCs I0￿p&￿t w ￿￿￿aims and irnrrne try)th CIFF and VJtees'aLxlities to 3coJratel¥ evaluate. and eycute itnpactful Vogramr￿ £xafflples of th$ indude %thogwth 6Ohtmments other partrws to inuease rclimate affl￿￿. adoptin8 insithts frLKn Earth Ob￿vab￿al (Sa13 in the fi8hl 38ainst ch"rnate thange. EME h•sa150 inve5tsnents In the3rea of d￿ty.￿￿￿e￿ m¥￿Eer(￿nt of coM￿￿jr￿ty heatth wortws InAfrtsn countrw.ith a partojlarfv r¥e-xate itmt1at￿e in Ethiopo. Iuèbng the impxt o18rants.eD5urirE P7btee5 h elfecti cap80tya￿ ryxtcapatrxlitie￿ in commertial enttyprtses In I￿e ￿th CIFFS c4)iecbve& Thi5 dorEwith a Fotuson strntew aseffecti% and iM(Y4ath a5 FKJ55 Organisational Development Strategic Engagement & CommuTricatlons 00 team 15 ￿LlefDr5tonstbe￿l[l8 grantee capKityto IM￿ement ￿￿￿graMme5. Ir￿r&i￿£ the lience and ￿￿S-terM impacL Building momentum 2019. the OD teamfocusedon two broad area% str¢Trzthenin¥Krantee capabilityand developing bert The SEC team L 2￿￿1. LukSre its capaCItya￿ knrAb5ed experbse in Keny3. arKI China. SEC COntin￿d to 5trerwthen ￿ ￿nd5(al wFKh CIFF rwates thr￿jgh L¥)th ri5kmitig3kn and thoushtlership.Ths i1￿￿ded irrexin8 its ciosS- lore&istand mafta8efisk in ourprimaryreBions of operatlgndc£rfe lfrmatk area50f focuk In ￿dItI SEC secured CIFFS ctrleadership rrf the BfyYlyP4Jt ar￿ SRHR Co￿ti￿1. as partot the Cneration Eqvality Ffxum. ComrAexmentirEw priwamme irwfftments. (earn d Ly8ht￿￿￿￿it PK4ects ￿th stftte8iC gr￿tee5 acrossvariw55edcKs luthering wrabilty to enattCIFF 5tsatw.es and gjcceed M mèh?r irrtstrftnts including. al￿te IC40. ￿5. 3500ry, CDPI. EME WHRC. GPSDDI, A¢￿e$¢￿￿ (fri88wtse). and CHO IPONI. OD also prx)rted w08r•)￿ rewr6 CIFF to conceptualise and de98n Or8aThsaD￿S thatwH lurthef strengkhen in thè a￿aof SRH w)rked With GSCC Ipwt of EuoyEan aHPate F(xm¢ationl on pbn5 to ieTr8ani5e aSp￿ts QF theif¢JrganisatioD. The teèm a SEC and EME. tlwJ8h deeptyiirgotsr LKKJtrstand keyyoun8 feMin￿t moNtynents and prtential t#)sitive impaci CIFF (l)iecb¥es. aswEII as NKrw trJr under5tanLkng d h(yw soci inWtsCa) te 8•neO throuth ￿n${lI￿ts1 tQL4 ieam5 set entities. Evidence, Measurement & Evaluation Impact Investing EME c(￿tir￿d to critKal wi ewdence and awn8 the quality of 5tr3te8ie5and nding deosKAlS. drMn8 Cr￿ti￿loUS of investmenty thusi thluaticffl5 01 impxL 1nfvenc1￿ arxs lea¢Jin8 t￿de￿e 8erwatim ￿t￿de of CIFF.3nd the capatityotowststr aTrY g￿te In 2020, aFFs appr￿￿ three inve51TneDt thme5 a5 part ol ow Irwe5bTh8 achwtie5.' aean Tethnokny. Sus13in3trAe FrA)d. N￿￿tion and W'cultute tFNAI. ￿ EsswN31 Pfrthcts and to pe(ylE in k)W- arxj rA(hje.1nc￿ countries. E￿h in￿trnent th￿ s ￿t￿d to hdpathj￿s$ spetific societ4 8ht•fCovhl.19.theEMEt¢•• kmv¥ttrff rytymtotynenta Wb1￿)& throu$￿ a prNatr.sec¢or rwe¥tch In 2020toW￿1Utegrw ￿0¥trY rdl¢y apwlL TTr¥5 ¢s in additim to tyJr ￿5[Ing wrtrolio of Ihway5for thna, India Pr)l¥dThi5 reseatch lrfe f(￿tsing on ne8￿cted dtseèses. )mwises of rThlirg ￿ w>kYana￿l￿￿th an o￿the course oftheyear. thEteam completedan FNA to di55eminate cthDVate fr￿)re thdin8S in 2021 h 15 in¥￿tment irlto theAcurnen Re5illentA8riculiure Fvnd. broad in xcw. tr)compassng GreenhoL4se Gas rnth8akn￿L whith focusedon scalingsrtMII￿d￿r farmer 5UFvIy heah itllPThEment as1￿ aspbueatth. Ths Myk ch•rts It)Aftha¥rftWrfSimate resille￿. We continue reflects EME5 5ts3tryC visiL￿ to fLthr to a$5ess and pro8fESS proposa15 1 upth"Il w3ntee& enatmg them 10 ￿￿eSt￿ in 2021 pathts)￿￿In the wea of I￿[k in ath3bn8 for Ihe upta (hjr effjr¥eirfft$bM￿ts pwtormed par￿uL￿￿￿e11 in 2020. SLth aSsW•)t makn8 Sthdes in the areas of nEn'5 heath and rfecLed dwase5 and deVelo￿n8 toNity8ate the irnPKt rl cO￿d.19. devdop1￿rt eypin8 thp team to i￿ude a tkn£tt¥ forTechrnlwand Data Ana￿tiC5.Th$f￿ 0￿r¢￿'s1￿%￿tm*rt Fund Ftyjnthtlon (CIFF I P4Ee 21

Africa 2020wa53 5wNfKantyearfor CIFF ￿A[riC4 m the firstye¥ofexecUtV￿ for cIFF5￿}￿ Stsa pwoved in 20191. The fve.yslJate8y fiK￿￿on ildin8 wt￿1¢ w￿￿(his. re￿I￿tc&mrMnitse5 and kKal capacity. Thrw8hwt ￿lE¥C1FF to expaThJ its preserÉe in Kaiya. Et￿?[ma aThJ Ni8erw. athSn8 ryne ol stafl t¢ its offices In N¥obi Ab. director to W cw Eth￿￿rta office ctsmrN)nents into aBrtultu interwtiors. In 2020. 545.(XK>tsrmers ¥Yere enrclled, 63.8% Of￿￿ch were and 30.8% LttNJer the a8e 35. aFF ren&¥ed to One In 2r120. apwwinga $20 mli I￿ investmentwth the of reathrB new￿l￿filth ofal f¥mers w) eght counbie5 (Kerya. Rwanda. &JruTrJiTaToarNa. Ug¥rvJa. Malaw. Etriwia and Nig￿1 tnaknng a meèningful dent In ElimirBtin8 NTlh 15 a i(¥E ofaFF5 Clikl Heath & DevelOpJ￿ WL¥k inAfrica. In 5upwi?nBa gfAfvican countrie5 to overcary￿ the fir￿1 hur(ks ofr trachoma ￿lMInatiOn. aFF continLd to sukwt yantee kneleraTE treat overJO.CO) tases of Trach(￿ In 20al. TI￿gh￿cele[aTE, 11 African ctrjrrtries ha r )T)55 OFFS Adde5cerKe PDrtf1￿￿￿ in Afrti. the fttus ha5 beeTh￿ stet3tive and Ir￿u$￿t prog1￿me ¢Jesign. SE lthe Roadmap IDtewabng knart stsrt in EU)ioE¥al a deare￿￿￿￿of ttxsapwoath. Launched in February 2020try LK4 TaOE55e, the Fedetd Minister of Health in EttrK)rAa.th￿ inve5trnent has been adapted throuEh deep and e￿8er￿t ¥ith govÈrDmeTh ￿sE. the Ministry of He￿th wll scale.up"Smart St¥f to L¥￿ mllion married adoleKent access th fin￿￿131 plannng ITh rural area5. AtvJlhEr k ￿h￿str￿e in 2020 was th2 apw)Ya ofAddescents 360 rAify, CIFFS first adoknt-ienlred irNe5tment in 4which wll enaLqeover mmon Bir15 best wactice for c(thwtM#WASH aTrJ NTD in the fuifft. To breaktr￿[￿ of NTD trmH5sKxLaFF has been suppothng prwarnme5thch iWLNe dtCE55 10 clean ¥vaterwd othere55ential ￿li1)e& In EtIiLW ddi¥eRd Ihe<knlin6 of dPw￿￿ toad(trESS ChaI￿nge, and the pro6ranwne ison Irth toad¥È 85% impr(Ned wateracce55 ￿ CIFF5t• r055 &•￿5￿￿nA[r1(l 59 chJ￿ ¥e sbffjied dL to a lifetynE of 1nadEffj￿te ori1￿￿￿r￿￿iate ryJbitwyL This h been EyAcerbated fyrU￿ WEas facDE a Lxk to fa￿ll F￿arKe ￿K1 rnatkets. farwryg families in è perpEt￿ (￿le atNI hL•VY. aFF hès beeD inve51w¢ in Cknektt Furxl. a rÉwutr raiinE r¥)nyofit (YEanisknn vthich fN a&ile5cent sexua aryj reprOd￿h¥￿ health in Kenya. CIFF haswthed Itathng heath NGO Arthtf to 5th11y navigate these challenÈes. This hès ￿D achieved

India aFPs Mxk in lThY41 th CW He•lth & Dtrekxv￿Tht c￿)t1￿je￿ ttsprioritise d￿0p1￿8 s￿utiOnS f Ical £ontsxt& OJrwth wh FLAG IF￿¢￿tatin8 le￿r￿ ￿tI￿ Group5) slVJV￿ 3pwo¥h tyenabkn8 SU5tainth CLYnmunity-led iniiiati¥rs io rec￿￿ mortality. Hi6hli8hb from aThexwnal twa1￿4￿01 FIAG in 20201￿lU¢￿d a 24% re&Ktirffi in rwytal rn(rtalty. Kh tran5tstes into sawn8 an estmnated I1.￿31 In Rai3sth3ry the S•le ChI￿t￿rth c￿￿1 h35 further Knrrfa¥ed o￿l￿off?￿e rns. has reduced the ore of still frtyn 25 IiXK> I￿e births to 11 rw l(XX) in I￿1￿"￿￿5 that Ihe ￿￿Jerte base tsi thtertentand irry)¥tof airquality. inforrn armj supt>t of sectoral and cwte F¥eswre bybiAWin8 narrati￿ar¥j I%￿dr￿S am¢J)8 kty stskeholders. Two Pr￿1 of Concept Investmwtswere 0 Initiated. (AY fNe5tment fiKU5e5 LW tsan¥yt decatbonisèr¥)n aThY throuth accderated ¢Jeployment of ZEIO and W￿al thifL The second ill¥E5tffleDt focuses on creati￿ the eVide￿e that will bE npeded tu 4pe kn8-ierm aclion. ensase market aitors k(watesa￿I coJw3tive4 aThJ adopt nalural far4llin8 h ha5 scaled sjp the safe ChibJJirth 0￿{k55t in 24 Indw tes. was as a notatle Iwvation by the in tewt ntsry Na￿￿81 ￿e￿I1vNRI 2ry20ofthe ￿$￿anatIe Mctt Iwtsadty. 2020mwk£d Ihe third yearin a row that op vrytapacity15.9 GW)wds added co13.9 GW) in Ind￿. Thtgovtrnnnt ￿p￿rted Ihs byaM(xJncI￿ new g￿ddineS to &cderate the9Yar&i1ion of agrittAbJre and. in Tamil N3(kn and Morashtr< aFFs grantee5 asSi%ted Llthbution utlities and rc6ulJth in d￿[ting 5Lite PLlity and scheme5. At State lJd. jharth￿ ￿trOdUCed rEwclEan awacti piarts lor ￿ht a(￿li¥J￿al atie& CIFFS 8{￿tee5 been pThi(hrg tec1￿L wlicy and regu￿tO￿9J￿pDrt to th 2020 Ihc ￿1￿￿J9ht reCti￿d $32 milkon from the RajastTr￿ rfftrnr￿ fwcash wlll enabk P4Affjht 10 reth over ha millity) rye￿nt chry CTrTffiwcation% h￿￿n8 Ihn iiprtye t their ¢Mn antl their Wes. rwthtw)n. Central gO￿r OFFS Clakl PIDtec￿ ¥fvork focuses on opiimbsin8 the pr￿￿ of partnpr51wp5 aThJ local clwydtrmakers to drjve pro8re55 tLW4ard5 Chi￿ expbitation. TIvwBh the Govtrt¥neDI WHJ thE Freed(yn F￿d.￿R hdpEd rE5tue 450 between Marth tkemter 2020. a￿￿1$ithe restr￿0￿5 of the iron SUp￿en￿ti0r4 a5 a trial. ￿(￿)ng Go¥mrnenl's ￿tent t¢ StW8then rKrtrib"onal stattts pregnantwY)mEn in In(¥A. CIFF's r(K)dd to irrwo¥e tri trition thrwh Matrrx of C￿an8e IfNesth￿tWas a150 reC06n￿ for its 5￿ceSS ty Ihe Inthan Tribal Affar5. nrx)rt3nt step tQ4rfaTds tt etsdi¢atioThof Child labour. a $14 Nuuim fund to gJkWrt ttys wor In reLiti￿ toCIFFs hrrkijn Girlcawtsl in IrKd Stand Up is the firs1 mawmelftyt tovth knith addesc• bry5 in R4"3sthan to tr￿e3￿ p3triarcNal ￿)￿$. imwtye over Illjj) kn and arTh)st 751)teths ewity thr￿gh a Curr￿￿￿ aprytytd tythe R4astr4n 80vernmEn¢ th￿ pro8fdmwe a150 re¥W 4.8 millw onlinewith Masa￿n1￿ContenL Similarty. Eftect reached l.émlXX)3dC4es￿trts w sooal Thjs year in Paiasthèn. CIFF 8rartee UOAAN milestwe otwrrJlin8 43.9￿ athJiDtyvI in x￿xI (wce its IrKep)￿ in 201n. unhxknn8 $29.5 8ovemrrEnl to atso errtled I67.0(x)￿￿yw to srart usir4inlectatc£￿tr3Ce[rtl¥e auos$ 14dtstr￿ts ¥i Rala$th￿. ir￿d a ( St￿￿￿e$, fr￿ S¥Th)lifwrypr(ess lor sdK4arsf¥ps. to bJilthng (￿r￿mIty1¥re￿s$&￿￿ actessto £¢ntra¢eptive Kwtyjuct 8rDw. *ith the Ir¥Ja CleariAirpro8ramme exteThfed with an 11K￿se￿ marmlate to¥thxKoss fwr stsies cNr&en¥ IwrtSi¥Nent Fund F￿￿latIon ICIFF UKI I P•E¢ 26

VNIIHO

China Wn Marketv￿5 offici￿lyapo)ed ftybJsl￿S in earfy2021. Trmth thE powersector as a ifKYu5try. Thi5 Cart￿ mtht wll bt an effedive methèDism to hdp¥hEve chi[￿,5 carbun peèkNig and neuttalrtytsrye&Tr¢aim is l￿fUrther ndustrs. such 35 sted to tE induded 50DfL In Chint. CIFF'S is tO￿￿v>t d a bwtarL¥)n ettyvyty. Oxchina wrtftliospans 15t31nab￿ iitie5 kjw-tth tran5Wrt 3￿qUalitY the Bdt and R(yad Ir¥tlat￿". aThJ kwI￿arb￿ ￿ dnate 2020 saw Clina mak l¥Jmk to rt•¢h<tsn ¢misskJnpeln8 b¢f¥¢ 20￿¥rI n¢utAlitybefore 2060- a c£MNf￿tMeDtwth￿h ds foknved up ty ¢￿uett taoets arml staled Detem)ined Cth)tribj￿rts1NOCS). Tl¥s Impoyknt mi1esrMeu￿ks extra¢xdifWYkYJthntsal in thebobal arnkntiffi to knit ttyiwerdth irKrtase lty 0.2￿.3 degrees Cdsius ttllscen￿ry. It waswxjrted 1ryd.Cen￿ry strate8y resexch. SOErtrba5Ed pdicyrecorNAerKlations3nd f30lit3ti￿ niemati tngawrent. CO-EYganised bY£ner8y Chy aDJ the China C￿￿11 InlematKMW 8round. CIFF ha5 been 93rtws In over20 oties. across five rewons. c(Acti%tty acctrjftt for ONtr ￿ of Chinas cart￿￿ ￿￿$s1or￿. (k pibts in these citie5 aim to reduce cArboi by neart¥ 5(X) millKJn tom try 2025 meamth1￿. we he rked to forinternat4?nal d•tE. facilitabn8 Ch¥H.EU.UK tafA5 ￿ cnatediF4omacy. to stM8th ￿ Ctina O￿the pa5tvear. cwtnlwtrw5 from CIFF.wxKted grantees. nat￿n Insta￿ 12CGW of new￿Thd and solarcapaclty in 2020. rrK)rp dwble coffl￿￿ with 2019 - the that these enerwes ￿WcO￿￿ri5e of the total al￿ saw an wyi2Ledented WKr&ise. aFF'swthakn 5upw￿l Chirws Rene+vable avr to 5i8nific3ntyredutr ener8yiurtailmentat prov￿￿￿1 ￿. R￿l￿ryd China'5 rw climate Commi)n￿rt possbvetyre5P%4dins ￿ [w￿der￿S tsr8et53nd rothHp5 8rEd the nation'scarkn peakn8 W ntyrto&ty

Europe The aFF team in iLNth 8m4fr(wn 78 staff n CkctyrM 2019. to g) ￿ Demter20>1 Th19 I￿￿ded the intr0thJC￿ ofan ExecutNe t￿￿tor￿ People. based (xrt ol t￿((￿ Offi￿,￿r￿>￿t yowth sector ar Lwational team r055 Eur￿. CIFF¥￿￿kS %iih a Tar￿e of p3rtner5on 5tsval rr¢py cffimate.Tdated Nwesimertts. In tEtrnt CIFF 8rantees ￿￿e P￿￿1 a mw ro￿ in sha￿n8ec0rKXTlC Stfftikns packages ac1c￿5 Europp. In additim to a El I trilhon 8.term for the t4ot. Europ￿ Union Wa-s afsoa8rted loa V5(>billK)n extTrL¥dinary tEctr4ery packa8e in Juw. tiued the N2xlGenerati￿ EU furKJ. TW ach￿ties ofCIFPs stratewc 8r3ntee. ￿ EurDp2aD Clin￿le Fwndation IECF), ¥￿V￿E aL4eto erbsurE that ￿01 the furth- É5X) t4krm- 111 be conwrmtted to (li￿te act)rL 202OCIFFconti￿ed todr￿ effarts io decathwze Industy il E￿￿. CXK8rarte25 helkEd establLsh the rules derpMin8 the 9J5tsl￿￿e FKk¥KeTaxDnomy. for8uNJing QVEr£l trilliDD uf spendin8 ￿der the new EU ￿get arxj EU reCO¥￿ypaCtr28es into chmate-friendly pwiects and InfrtruCb￿. With suppxi Bekna hdped Secure a $2.7 blhon In￿M￿litrorn the G￿n￿t intoa IWip C¥tKJn CAPture and St<)ra8e ICSSI woiecL thatil c4)bJre CO at a maNKcement factffjf. C￿r funclir¥ has a1soen4edBFEater￿￿K pxtwation ￿ ￿Hnate￿￿ée5￿L In p3rtnerth47knith ECF. we supwrted 8r(NJnd-LwkinB fjtizen'5A5senlu on dKnate than8e in Fra￿e arKJ UK.wth 0th￿P￿nned in Spain and othEI citie5 acr055 EuropE. These 0ti2en5Assernbr￿ wt rffjleat theheartof the re¥wse to climate Kk an str•teBiclitiBatI￿ a50 contin￿1 KryJ55 EwDpe ￿ 3720. CIFF g￿tee cr￿tE¥th a numberof d-iYEin8wcttwiE5 Vilh CMI Soc￿tyWtnerS. In Bebum. cIv￿tEarth sewred an indehnite deLiy to a E3 ￿11￿￿ plrt vthKh Ihakn8e5 the rthin thaleli c CEntE¥th 5D 5Utce55fth Challe￿ IwbThYIt ¢wer its to Srant a tTrlh)n for lhet(￿StruCtM￿ ofa LNLKna55 p￿t in Spain. cIFFC￿thr￿ed to supm eflots to and F)tyrOJ¢ea￿￿liLrrdattd rx)Iy.vth CIFF8rantees sEcvrir 5Éveral majo¢ legal wctones. In &rrnany. Ihe HI￿r￿￿￿nIstr￿i of 8erfin and ￿￿el￿r8 reiecteAJ attefflpts towtaken airwalitystandèrds. aThY ￿ Ewrwn ktht¥ted invtygabons into PrAaThl and Buaria for reththng acttss toNsbce (m ara￿1¥ ff4ttvs. ¢￿ti￿je￿ in ￿ UK a UK cortyrr I￿nd th￿t the death in 2013 of 9-ye8¢.0￿ Elli Kity-oebrah was cavsed by •sthnv. crX1tn￿￿ to Lty FWex¢x)Su￿ to Very hi4h levek of air p)Ilution ) rdabon to the finan￿ 5ertrr. CIFF 8r3niees wprvted the firtd&m•tr resolulion ata maSorEuwopt8fi bank Bardasts. garne￿ 24% suprKrt from sh3rthkler& Tr#$le￿oI fu a Spec￿?1 rEsdutI￿ 15 vnwetrdented in the UK In the Evrwean Unim. the ECF hnance ie3m p¥tnff5 to secu￿¥ 8thJ stsndanj fossl fud exclwts) Wicyat the Evrorthi IM￿Stment 8art *Tth a rewiew at the Bank in 2021 OfF￿aTri￿OrtL￿ty to 4)tegrate climate into the bank's ￿era￿n5.

Strategic Report s Irts*strn¢￿ ICIFF UK) I Pa8• 31

STRATEGIC REPORT the Strategic RerrttheTrustes tt￿lr¢s￿Yto ¢Yornte the wccessofthe FouTh43tion un(Èr t¥￿ 17111oftt CoY¥xnsktas int￿￿Eted ￿[0￿1ar￿ith 172(2) &ven FwThdati￿S charitable m3kng decriLYT5 regarfK tl Fourthtiw's actiwtiE4 th2Tfu5tee5have cfyisidered a numlMoffactots and most nwtanuy wi rela￿￿ lo its gtani-making xtiwtie¥ the ofindeptyident eXwtsap￿nled lo its Inve5trrDtComfflittee5 LIE5cribEd lurtI￿r in pa8e 441. Grait-malir a¢￿ty is •￿infOrMed thTuW rew1¥ a8emenlwth grant￿ indLYJingthThBh a res￿¥￿ee 9Jrweywhereby8trn&es are able to tai5e concemsand cunments abaul the￿t.ma￿￿s ￿￿eSS Wogra￿ Grantees are atso wKwra8ed at all timE5 to iaise iwes or cuicem5 and these￿￿ to theTnJstees (and oth2r th￿￿8h portfrAKJ rewiewffleetinES. The Fwndatxi reBuLirfyryge5expwt ccrwJhws to it underte5 adwse¢)rt th iM￿￿ètiOnS3￿ impaci particular rm8r3mme5 C￿ld in 5eekbi8 toache% its ¢harit3Ne objective5. ()eoyons by the rel￿ to CIFF'S e[KNj￿ are taken fc￿￿ exFerts ¥wnted to th2 Fin￿(e. Au(ttand descnljed in page 441. certaincircums￿le5. the r¥)n￿C￿1￿ted Tru5tee51thrwgh Ihe FIr￿￿e Cornritteel take 3d¥ice frtm independ•)t third.partycon5ultsnts in relab¢￿ to the1nvest￿t manwent in order io en5ufEthe mènwent thE TheTnntee5 a150reÈukrty thon the ￿￿e of chwity rEwthn8 re8ulatoryand matters rdated to the mana8ernent arJ oprdDon Df the Foundati￿ Thi5athice i5 rKewl frtsTr expert5 in arEa of tharity I￿ thalare ab￿ tDa(fv￿e on modes of 8owtynarKe, Operati￿ tran5xlK￿ n a rrkmner that fu1y￿ects￿8UL1tL￿ feourrrtnts. Charityconwntsgty) widxe aThJ gral ist ptaciice. Akyowète 1 arKI other techrAcal a(kntr ts obtaired from l¢xal

Brexit 31 Decem￿ 202a Acornwernsi anatygswas to 3S5e55 Ihe risks Éo tt Rwndation èsa result ol ￿xit and ths analY￿5v￿5 reguw wxjaied and to theTrLstees the F￿Ar¥jat￿Jn ha5 no oKra￿S European the ffipactwa5 CO￿ {r￿n1r(￿. Imp)rtW. there has been no n)aterial iwl on the feceipt of 8wts and (￿(￿1rt of pro8ramme5 tythe F￿d3b'On$ Krantees in the European Unl￿. S) far as the knrvJatiDn 15 aware. t th not given rise toanyrestriEtir) crf costs asxiated vAth MakI￿8r8￿5 io Ewopean 8ranteE5 orto The FtyJndatr¢ns Ftnarfe C¢mft¥ttee%4s wkdyupdated on the ￿te￿tial ￿part of 8￿Xit the investrrent anag￿ent to the er￿tW￿￿t thpre h3we beÉn ry) material impacts co the 8rran8ern￿ts as a rEsuK d 8rexi¢ thp WWESthIEnt irwtsvrth-reguL4rmivw. to the Finantr corr￿￿ttee vthere w¢Jpr41te. PAexit ha5 however. lrtrrAl￿ed sre31er rela￿ to hKir staff f￿ffl the Europeln UnK)n arKJ ha5 pjlentièfly affected Ewopean U￿n residents based in the United Trt Fo¥ntstion actively ￿8￿sed with #aff ar￿ external dw5ers to ty75ure that afferted stsff %tre Wtr•ded ?th al rEasc¥thk a$95tance to d•rifyth•r optiw5 ststU5. Covid-19 d-19 h3$ Y8nificanitych)8ed at the F￿r￿Ja¥￿ Itsith tF malcxity0f￿ Fwnd4tK)n's 5tsfl %4Y)rkin8 f¥c)Tr h￿e pa#￿r. C￿r Ictus t￿8￿)J1 pan(knroc has m>nts￿￿n9 the health and wellb•r of the FoJndatth's staff. wantees J p1￿$ %thlt e4Yry efft)rt to((￿t¥ to de1NeroJrCharitsb￿ obiecbwe of chId￿$ I￿ DuriDÈ 2030 ènd into 2￿11 ha¥￿1)rked vath ow81￿tteS3nd pwtner5 to ￿ter$I￿￿ irnpattef the panLmic a￿$ seek ￿uti￿$ tD thè chalknges fed. kn some cèse5. ¢Je1[￿ble> 8t￿ c¥Jtc(xnes hève had to chan8e we corknnuE tg f(tus on o¥ercLYniryg the ObS￿e5 ￿e￿ b¥￿.1? arKI delvering (￿Ch￿l￿ble (IJjECtwes. Despte the chalEn6ln8eYiw¢ormert W￿ are hakyyto hawe ir￿Tea￿ (¥Jr th41itatrAe Sr￿d￿l￿¥se￿ts ￿ 2020 to VS$Y4 Mill￿rt (2019.. US$269 fflillK)nl ¥¥hKh in %Jrneo5es inchJde5 Cl7￿￿8 costs to alkn¥th to be ctynkleted %rti di5ruptttJ ￿C(￿rIj.19.

Social Impact of CIFF'S Operations Improving our culture and thampioning diversity OurPeople ètswwasgw I￿rease0 stratew r￿Jn ￿20￿￿tt￿adthllon c¥ •) (Nerarthing3spr•bon.' To build w(Od.dass a￿j caD3bdity ¢0 transfrm the INtSdqdttyK P(tNvJe ￿ envir(y¥nentbe￿a11 ol ts CIFF Fami￿ Can beat ihey bestaTrJ re36se ￿1r ful thi5 S the need F￿ndknon to Jikl a cultu￿ oFtNSL trartspa¢m•J acu1bj￿Y￿I[h 15 ifKILP5rt arKlwlve a thrseran8e of tndivKIu81s can ¢￿ve. 58nifKant p¢ogw was m• n bJiW 2020. plws 2021 ain to fthther 5traisihen Jr cul￿￿ thamkxon di%Vstyv￿th￿l F￿￿￿3￿￿7. HIgNi￿ts ¢4 th￿ %Y20 i￿le Ihe WxKhof a Lexr51ip 8Ehmffs frawthwrk across ￿ Foundation. rbcutstin8 the eYpE(ted le￿￿r$ urthpMi￿3 culiuTe ￿ tru5L tsartsparency and ¢d14t)ratwy These Lership formed pwt of •) pwI(￿nce WFKLKess f£Y 2021 4)ich also widvs a form31 oprortunity for stsff to dixuss leamireaThY debt10pm￿ 1vbJ￿ awotir)s.These leership thavKvtswdl urderpin all of SI￿￿¢¥nt elf(ts￿e m•I￿lrE 2020 both to k5t•) totre'mdse, oFtre FtyJndabw.These inseNs have then been used to shape a people il in￿10 rw O￿all trend In empbsee s3tisfaction data is th posibve arLI Siibn8 aknn6sKJe tli5 listening We8ythrirB 2020. 0 rew iniemalconmunicatians klatfom 'Ce CIFF. One F￿1￿,WaS L4unched ￿K(esSfully(l￿￿￿cts￿E the Fotsithticfi fe shèrm8 siryies k￿r¢s. a5v￿1 a5 C￿ebrati￿ wccess. GnM turknt natu￿ OF 2020. the￿wE0F￿r r￿h35 been mrAE inrpxtant than ev￿. The CO￿d.19 panderrL ha5 necewtated an Ur￿eC￿jEnteIl pate of ch3n8e. vth both OUT pe￿e having toadapt cpJKklyto a ofworkingatwj cdL8Lts3tin8 As part ofa wide ran¥e L4 m&75ures and supkwJrt irytiati¥e% we have rLn a serie5 of¥R1￿￿￿ar￿1 5PEcifiGIty al PELple rTnager> the a￿3 cfdNe￿ty. StridesvethkYe 3)20. to è contrned prittyaFtyJthI ensurin8 aur wtrk 6 lOcal￿.1ed. with Stsfff based in ty we aDb.rao>n ha5 been a kry focu% a team of irth1d￿l% al crmwsof Fojndabon byextemal exper& An anty.rac￿M leaMnEi￿ Wil W￿(¥Thpas5 a ￿K￿der￿ewOf tlivtr>tythrrin8 2021. C￿der and ethn￿ paygapansesw¥e crthrAetrd 2020 wtyKJir¢ ￿phJI ifty8hts ltyacboThwhth we shared and discu￿ at Boa￿ &xh racial ktyareas otlftsts. and 2021 will see the imrAeThntstion ofour tivergty. EouityaThS stratewW￿ WKknJes a rtmewotal w peor4e w0￿$e$ pcAioes lo eThsure w¢￿ iS¥tl thidtyway to eslathh a Set¢f(￿￿vj ￿￿fvJl rnebics ¥*il th deosp)n maknrB ￿ enabk us to CTrdldrnVsknvtment FL￿d FtyJfvYatknn ICIFFVK I P￿¢ 34

Reducing the environmentsl impact of our operations CIFF rema￿￿(￿mmitted to v0tethb￿ W￿r(m￿ntas￿ contr￿ to tt envw¢Thnental foot¢xint r3cbvitie5 in 2020 bEen sw1fican￿diw1Ied tyC(Md.19 rexébr% n 5$ olfte w •id dose ts) nu travèl dLfft Q2'20 toQ4'20. We reco8ritse the rEsdiry pryaiti￿ i)wiofa be teflectNe of a siitsrd >arOforeratio￿. In rElatiM to CIFF5 ￿￿r￿ of errl55iLY6rylu￿1I¥je to bE llights a5TM& wr pDierts arwnd thEworkJ. As tsvd re5tittiors wil ti%YMkwth ow Board to re￿￿￿thE Cartx)n Pc4typiArMd for 2020. CIFF'S endovment 15 5L&iECt to restriti￿t0 enx¥ev&t rem3WI in%t5ted inc¢Jmwue5 that are aliEned to CIFF'S ethical QFF has 3pp)nted Carlth F(￿nIlt&8 rr4iw9en￿t (xjwrry. to Kxlewdendyasseknr C￿E￿h￿se Gas IGHG) effl￿L￿5 in ￿(Ol￿arKe V+ith ￿ VK ResxJrtinB &JVjelir￿. IndLd conVers￿n factors wblished ￿ Department for Ermronmrt F(￿ aThJ ￿ralAN31rs IDe1rala￿ the Dep3rtfflent for Bugress. Enew aThJ Ir￿￿$tr￿ Strale8y IBEISI The asse5Ytyit fdltytss tF btstitr)-bèsed aFyroach fwassesgn8 2 i$$K)￿ from dectricity u$38e. The arvatir￿al¢Mtr￿ arvoxh Lw) used toj￿ 2016. OFF to cakUltwKmtsS￿ns Ihat drffers frorn (xy Amual Rep(rt The lab bdow summarises Ihe GHG ￿￿55￿1$ fCrfrewyti￿￿r 15tJuty 2019 ¢0 2020 t(8etherv+ith cornparatives rrityJaci￿￿￿J estima Reportir 5tsndards rEqU￿ CIFF to tepyl an Inten￿ty￿17O. T(¥wR5 COP ptrVSS dlsbJrs￿￿t has been used h in ￿ 191x1 was otOn￿ CO,ell8119." 11 tON￿c04). Arivity )ul'i6 to Jun'i8 Estima Jul'i8 to lun'19 lul'x9 to lun'20 Cumulatlve Net poslti(n NIA 139.772 214.927 NIA 4J37 2528 111.5 8.570 CarbDn£fE￿ts ItCO,e) 111.5201 In 2019 CTrFF (xjrthased £arborTr trediis ftrthe ptsiryJth2)16tothJnE 2019. toEetherwith the Derityj July 2019 tojune the 13tter0fth￿hV￿re then to take oJtef the sy5tgm. tkn to rn￿h ewthssKn5 frLvn ju￿ 2019 tokn 2020. wrcha5ed to date fenert th2 inyact oftyji JLIrfI6 tO￿ne.20eMls90rts e5tiirked ILY 2tr20tokne 2021 ai 8% u￿1ft to ￿crease owoverall contri￿tiM LO Wbgaboixr CNltherfs ￿Nestme￿t￿fid F•MdatknD I¢IFF UKJ I P•8e 35

Financial Review Five-year summary of income and expenditure Summary of income and txpenditu 2017 2010 US$m 62 2019 us$m 2020 US$m 97 US$m 315 US$m In¢ominE ￿5￿rCeS Net Investment 83ins100$5esl FgrwBn exC￿nge 283 266 491 131 1.013 431 1151 Total Incomln8 resou￿￿ In¢ re¢ii8Thlxd yin5 aTh41105ses) 781 211 527 In¥￿trnent Manage￿￿nt Costs Charitsble actiwties 67 98 289 14 243 247 247 369 315 281 387 N¢t mo¥em¢nt In fvnds 276 734 144 Summary of assets and liabilities 2016 US$m 4.813 186 12811 2017 USSM 5.233 550 15991 )18 USSM 5.342 307 15211 2019 USSrn 2020 US$m 5.973 232 Investsnents Current assets Total lia&lities 650 12721 4,718 &183 SM62 2010 242 4% 2017 2019 269 2ty20 Grant disbursements (US$ml S-yeardisbursernerbt ratio. Average he3dcount (￿E) Operating eX￿nSe a5 a % of di￿r￿￿￿5. 11.3% 232 4.4% 4.8% 132 9.1% 95 12.1% 115 li.e% 11.7% Chlthens lThYWnentF￿& Fwnd•don ICIFF UK) I Pale36

Charitable activitie5 The Fo￿￿a￿)I USW9 to (￿￿ble act)￿lies(￿J19..Us$28? rr￿HI￿j. of US$335 millon ofcwtsblern comrritments12019..US$254 mffjcrf. US52 oFacliwbe5 Utxfertakn th"recUy 12019..US$2 arKJ 115$32 of cwatir¢ cost12019. $33 rrfloi). Activities undertaken directly IDCAI Ltsett exptorfitwe d US$2 million IXJ19..US$2 thtslIe￿b￿iies wa5 mair￿Y to fLxther CIFPS MI￿0n by converun8 confewces antt tethrical asystaye aThY tranin8 to 8raTrteE5 othErth3ritsble Grant disbursements Fwndab"on made US$344 Thi1lKMbofch¥itaLBr￿￿pryll￿ts isthe thwd succe55Neve¥ofl￿reaSed dffknjrsements a 28% rKrea5e orb the w￿ve￿I201. US$269 Tl* d￿t bd¢yw the 8Wt pay4T made in 203). Charitable grant payments by sector (USSM) 160 158 120 11 Total payments 80 2020 us$344m 2019 US$269m 40 12 ¢Ntslr￿¥ IrNe51wrtrt FurtdFoundatbn ICIFFUK> I Page 37

Investment Review Investment 5tr3tegy TheT￿￿tee5 haTrR dek)ped) i)veSb￿StraIe@V￿tAch ￿￿￿yeS lorM%5￿In a dw5e offin8r￿141 in¥e5tmEnts %ilh a ￿￿tErM 1nvE5tr(￿¢ hcrfizo). The in￿tMent0t4eclive ts to". ' 5eekan infiatl￿.ad￿Sted rEtwThof atast 6% ￿r •)ThJm tytya I(>￿ rollin8 . manase its In%￿nt to efwe 4ycwiate 1￿MY1￿¥￿ rtskJbsKfiaries Ilhe"GroJpJ operaie Oiveryfied Insted in a rtLThter ol (11￿Ent types financ￿1 iftstwmert5acrossk w￿e range ofsectors Iwith teitsin ImtatiLts. see in*stmt whryon 39. TheaIkKatI(￿ ty assei type tsset ¢>Jt in £hart bdow. Percentage total asset allocation by asser type lincluding cashl sh CNl&ens Fund F￿ndIt￿m ICIFF I Page 38

Risk Management and Key Policies Risk Management 7heTnJ5tee5 are rESpL￿1b1￿ lorthe fflaEefYnt ¢f the risks fxed ￿ thE FouTh4ation aid ha¥e exarnined the major 5tr3tewc. ￿￿rosS ￿ Lwatimal ri5k5 toww tr F￿￿KIall￿ is be exrM)sed. The prirop31 marwame risks jdaibhed by the Trustee5 are th)Se￿ to safeguardng ol tr￿et￿l￿and stsff oFyantee5. eYp05U￿ to cybeT.attKk% and fwd and the imparts ol Cowd.19 on the￿.￿1￿ ofstaff. Trustee5arp 5ati5frEd that$￿ern5. conlRI5 and prAKie5 tkneto mwe Mar￿eXp￿￿ to KlentifiÈd the Tfustw the Ilwed belLW. TfvlonljTh￿ to rew4£wrent wcttsses. ￿08n$ing thar sv5tem5 The mèna8•Ttnt ol m¥or risks 15 wed out in a(C￿￿¥￿e ith 8ukrKe CharItyCcm￿$1thi. D￿ne 3)20 the FOUndatK￿ adwteda to risk assess￿ and rrk1rk48err￿t tlt e$￿￿shMent oforean1￿b.0nal riskV4￿k￿g trtyjps.Ttr￿ 8r(wps¢iw the IrAlrhMn8 Cwntry/Lcd. LW and CLwpliarKe. Fina)ce aTvJ ITr¥EsbnEf% (￿atr￿￿s. Partrvs. Peop and PclrtKal Remrt3tK#pl. TheseBTOUP5 ffleel Sem1"am￿ly1in some cases aitended bytxtern4 &%vsw51 to Lltscuss risks faced ty the Fw)dabM •)d athon5. ThE EfoJp5 each prepa p￿ts thètas$￿ ratings to the nsks thbfed t)a5ed tFt kkdiF>)d mpact ol ihe ri5L which is thenadiusked for any rdevant mitigaticff)>Tht fin￿ reptrts hrrn the riskthjrÉ￿ are ff￿de￿ed bythe Execub% tewn betce beng The Ftyjnda￿Ort Main￿1(￿3 rnmber of mfoes r> TW InC￿e polties reKarLlng safe8udi￿ bribery. Corrupti￿ ar￿ fraud u ef tr. In X)19 rhe aso a mLKs￿ %avery St3teTnent whKh is published ihe FthJrtdaDtr)'s vebsiie. 8￿WIth an Int￿ pr¢Kess frrfass9n8 rrKth Ti5Ps in its Thest2tern￿t s p￿lished ￿ a ￿ntsry basis f01lw￿a￿e the was fiDt fOr(T￿lY requitEd to pubksh such a stslement underthe ￿Very￿2015. ¢1 the Mcthts 9avry Statement Rllects the FouDdaotyis (W￿v￿￿ent to ersurirÉ nYMJerD SI￿¢￿)eS Ml r￿0￿1Th its W) supthth•n5. Tr F￿￿lAti￿ wll seek to continue to IEW. prOV￿e tranvlg arKI nvJtytot is9￿ knTtFyn the Fwndèb)n aThJ its WDsramrne5. tt5 ￿rrI)I￿￿e p)lics Investment Risk Management Investment Policy (yJi in its MenK)tan(hJm OfA5xKia￿ •d in x¢ordare %4ith awkaile yidance fron the Charity Cofflffl￿s￿n fj￿￿d1nB Charity guthrte'ChariliEsar41 Wryesiment Mattws" rcc14"11 thrw8h direttand i￿1[e[l inve5tmmts. ir￿udIn￿ via irNe5tment yknidrarie TheTrustee5remain minthJl of thar(kntyto review and rTrxotor the man¥eft￿or the Fwndats)ns irn￿Stme￿& The Finantr. kn¥esbnents Comwthttee the.Fift¥￿ CorrrfTAttee". thaifEd ￿ Mr EITyna￿l Roman. a5 an lwsory to the Board oi f￿¥￿e.￿MI1tand in¥estrnent In alditi￿. in Fe￿ 2018. the Tntsiees established )vestments ￿coMmIttee firht5tm• WTrConmitttt'l to lake deosK¥ts in rekabon to Ltrt F<Kmdatims •TrJowrnenL C<xM)ittee kKJksat ¥¢ofic relatYEto the erthYwtwhErE theFE fflaybE cLAicts ari%rYd hDmTCI Fm's rcde as mas1a￿. WTrMlÈ the Tru5teesdo not%ish to re5tsitt thè erpJ¢fv￿￿rt'SlI￿eS1Mts iv (X4¥t￿£unpanIe5 r￿Se(lorS ¥Yhith reflett harmful to ￿ FwThlation'5 msso) to trarth the h.￿01 thldrEn acr055 ￿ gkte In 2019. I(Al￿ing recapt ofadvice FIna￿e Con￿￿ttee. ioapTr7K3metheTrts tothe soti ewronmtntsl •id ett¥cal ltsl1LtWl￿ W the kn¥e5ments POTY. As a rewlt ￿$XY IrNestmEtts in CL¥vwniE5 orentities thaL . ￿rkelt￿e0st milk subsllbJtes crynrrltted to alW￿W￿￿1 Health ¢knnlsètw￿.S Intemat￿l CfyJe of PApast M￿tibj1 Chkn¥ InvStrhEntFuTrJ ICIFF iIKI I Pay 39

. rwwate l(N wmore ef DJrrKwfw extr3cW 51¢x¥Mll￿ dstrkntin8ar trlir¥f05￿l fue . r￿ate 25% or ot turrKhv fr￿n th2 fflèt¥JfaciuFe. dtstribknx.st<Kkwlin& trar6fer or sale of arrr& Ifa coftyany thE ¥Nested falls inw (#ofthese Categv1￿ tr irwtrnent manager ha5 12 months to dive5L Howev. rnana8w rw ifNest in camp¥￿$ or wtie5 thai bTra5t milk 5ub5titutes as dexribed abo¥E if the ¥ivestr￿t mèrw encwtsges tt féevanic<xnP¥W of ￿tit¥tO adopt a pub%cly awalable ctynmiitiryd io the of MartetY)B Mi 5JbStitU￿ [￿jring 2021. cIFF￿￿11 perform a ful rev￿ of th￿r Emronmentsl. knal and c￿e￿an￿￿￿tI￿ to in%sty￿ best WaCti￿ pol￿￿5 ￿ fol0￿￿. althou8h the WH continue to ML￿AtOr and ￿¥t5￿￿Ent Stsategy. thrw Finance Committee. the irnpaclof the tiwid-lg pandemK Ca￿t￿ markets. FI￿ar￿e CotNnittee is rt8vi)rty ￿￿ew1n8 the perf¢Kmance of the illvestfflents and enaa&ns￿th the irwe5tFTEnt mawerto the impact and xbons of the manaw. Tr of the Fir￿￿ Comfflittee besh￿d BoaTLI $0 that the Trusteescan assess The Trn51ee53re of the wtenhal crMflKtofinteR5tt￿Kh ￿￿Sts iEtvfftn the FtyJTrJation arvj &"r CMstopFr Ho 3S tolh a Trustee Posibon 3s W"n8 partI￿r ofTCI FM. the itve5bntyii mark4Eer to certain ￿titie5VIl￿1n the F￿ndati￿'S Cw. aThS xcardinth apwwiatetyfflary the (see restrucbjre. pate 42k The rnefflb￿S OF the Finartt GiffYThitee C￿r￿￿ete a ful tsf tt Irweskn)ent Poly at least •)w81￿. Includes a re¥￿¥ ofTa FM. bertharkn8 its reÈJrn5 and feesagainst its peers. Fol￿n8 thecorry)letion of the last re￿eW in May 2020. the wKonflided ffleM￿ of ts 8oard TO FM as sole investment manè8tY of the assets OFCIFF s G￿p.AS Mted abo%. in to eststeassets that oart of U)e FWndaty￿'$en￿O%yMenL Cash Management Policy The ￿ndation has a Cash mana8esr￿t Fly. ￿t￿cti %sath)DteO ￿ theTrustees tyi 11 M¥ch 2013 and ¥Y35 m05t retendy U￿￿ted byTrt￿eeS in Marth 2021.The Cash Margen￿l Pdiryis revertd allea5tanr￿￿ty ty the FinarKe niLteewKJ thÈTrustee5 if￿. . The orin0￿1 o"ecD¥e ofcash marwTent F￿N￿bL￿.￿￿¥S to t￿L￿e that the FtyJndath)n sufficient cath avadab to rneei its w(thn8 Wtal ￿￿1rr￿nts.TrE ￿Jr¥J￿v￿ does not seekto maxiM￿e It￿￿$t￿ent ￿bjMs I￿1)jg￿ its cash rnana8em&ii thties". . The cath mana8ement a[twil￿ thal p￿rtled and the ar¥￿e limitatvs upon ¥tivitse nd The F•Jrtdaben irwir)ts thecash M¥48W￿l PoKryin ￿{erdar￿ ilh its tharita14e oL4ects and n¥t5trnenl powets. a5 sei out in ils in xcothe apk4KaNewMJaKe from thE CharityComM￿s￿n (Inthdng CC141. Financial risk management Internal controls The Fr•xthtiC¥)'s intsrnl c(￿¢45 to J55urTr to the Board ofTILStees tha1th￿￿te proce&JFE5 E The F￿r￿tiOn intets1 (wat1￿￿1 1￿cKe55{(￿￿1$£ an OTh.￿¥￿8 ba5i5.with extemal support e￿ap(K￿late. atKJ iMp￿￿entS Fcrttiulatj￿contirvje to irNest Si￿¥fiCan￿Y in IT wurity. itKludit to tot31 pYant*d charIta￿e￿￿b￿rseff￿ntSto erI￿￿e arxj pro￿K)na￿. The Execuh¥e Direciors remewand approve for txwhow￿5 aTrJ skff to IT￿￿or ￿ (￿tr£I operabn8 c05tard go¥erTrmgit.rdated exp￿dit￿re. FurtherdetaA5 of risk mwefftsrtc•) Note 15 of the consdidaied stat￿n￿L ch￿kn￿5 F￿nda￿Tr￿ ICIFF UI¢J I Pa8e40

Granting Policy pErmit& fLKexaryAe. a fi￿year to te c and the F(￿dati(￿ wograttwr teaffs (knrirg the due dilwKe ph￿ ordwto obtstii the ne£essaryapprcNal by the Board. F¥ogr¥nme I￿eStment C￿Tr￿ttee$ IWCS). c￿. in the case of inSim￿oI a pro8wrre a bJd8ei of $1 mAlion or le55. up￿ ap￿￿0v￿ ty the Board or PICS. the FLI is aweed FtYthE full.temi ef ihe wowamrne. subj'ect totke APR that takes durirg exh￿aroF npj￿..Ye￿￿rW￿rnrn￿. Duri￿thE API the tEknnt Fwrdation pro8ramff rel￿￿ the p[(¢￿ ot the8mtaThl. if ap￿￿te. as￿5 thpconNng ￿r,5 woth.pLin. trA￿Se￿ KPl> mle5tones and TheAPR w((tss ts set (yJt3sa (C￿01t￿)n ol thea8reeffentY￿th the 8Miee, with rase offLndin8 ctyirf1tiM￿ up adh£yer￿ to they1ork.￿ bJtJgeL ms. mle5tones afyj dehwaFAe5 ty a dale setout in the rtsJltryear contraLt FathJ￿ to ctyrdete the APR pKKe55 atwj to t￿￿￿k.pl&ls bJO8ets KPl& n¥le5tfYE5arvJ ddweralles bythe relev7nt dats ¥cifd mav result in L￿Cella￿L￿ Reserrfes Policy ExpendaNe Endowrwt FurAI arKI l%ireStr￿ Fund& The1￿￿ ofthe5e Re5eNe5. COnside￿d on a five.year I￿￿1￿). 15 the ktydelerr1w￿rtt in ¢he aAKwnt of raptal wtrKch the C￿> to distntyJte &ich yearto charitatrAe actimties. The Trustee5 fLWiew ¢styves are sati5h&J that the aFF srwp ￿ ina p05thon to meet all its currenland anliiipated Unrestricted reserves Designated funds A5 at 31 rkntw 2020. the TnJstee5 earrrwked $643 rnl&thf201. $658mifvJTI of re5er¥t5 as d￿s￿ated funds n rec(y4Thtion of [￿d$WhICh rntybe Gil￿d to fur¥1 appro%d nwjti-year wD8ratnmèswithin the ￿xI I to 5 years. Operational Reserves The Fwndatyons ￿les￿LIe￿ fiJnd5ht 0 u5eO ￿ 2020 1Xev￿A1S wrs a5 Peserye5" to h[￿rynce the FoUrKlaD￿S gtant expw¥J1￿¢3Thj ¢J¥ectCharitableknityexr￿thtrlrt rwathl8 cost￿ 8wnance costs and to provide 3 th¢rt.1￿ buffer for8rdDI.fflth￿ athj other cost Cath Ikm woiectrffis for income ex￿￿1bJrta￿ to enwre that of disposable net assets ts adequate. and th3t the FOUndatt￿ a Fositicnto meet its8Wt.maknganLIthA¢ wtal cofrwnitrnents. In theevent that tre Fwndathn 15 unatde to meetitscommitwts frun res¥￿ d ￿NeSti•￿ fvrN15 3t th￿r(&s[￿l. the F￿nd3￿n￿lI. as ￿￿Ofthe high W ol Iwwjityof a kn MyDL￿ ofthe FOJndè￿'s a55ets. ￿TrUStee5 th t￿t cty)sthr that it. rc#sary (xju5tihab ￿ Carry￿reStncted Lwabonal rE5erves and theththng Cak*t￿ 5urplu5e5 ￿e transferred to the eXper￿ble￿￿M￿ Theur￿estn£Led rI)uat￿l reser￿aSat 31 D￿ernL￿ 2020was US$ril12019..Us￿.0. Chlbjrerfs IvNe5bNenr FLthd Fa￿dItIon ICIFFUW I 41

Restricted Funds Restricted funds are to CIFF stiwlatesTrty•th•r mtyL swrt. In rTh)stCa5es there ¥%ill be 3 time bet¥￿ s￿h lunds e i££eNed arKI thtyareexowsed.The T￿￿CeS ikn$u￿ that ttrt5e funds are expensed in accvthnce with tht terryts LYvJervknKh thty t43ve Lw ¢lonated to the G￿￿p. Tl ￿$th¢te￿ fLmd bakince as at 31 Oecenknr 2020 wasVS$7 (201Us$n￿y￿u￿CL￿sts￿ t4 fEd a55ets rElatingto equiDrytnt for water Expendable Endowment Funds ol thi5 end(hYment inio an I￿ty￿e vknch ran be utfjsed by F(¥J¥Jatv)n io lurther its charitable 0￿"eCts. TheTw5tees' irtertion 15 to nvJnitar the value of thewwMJab fL¥vJ ￿ real ierm5 ¢P•er a rrAJlti.year to ensure that tk oup its e¥iSi￿ ofanr¥4)I chèritsble e¥4>￿¥jitLyE arwj irKf&4se it 8rak4lly a5 Ilwsee necessary to meet the Fou¢￿1￿,5 charitable Lry"ectives fwfutv￿)￿lr5.A the tsEvJe of the ey4)erMlable end¢￿¥ment fvnd wa5 US$S,356 milwJn (2019".US$5.2t>l milloil Structure Foundation Structure FLM•datiM ss a CLvnparyknNted tr48uarantro irKyxwat￿y LI) 8 Fet¥uary 20)2 a5 an EnBlith tharity "12 Mwch 2Q)2. (l￿￿ty[￿mnberIs 1091043. Subsidiary Companies The Foundation ha5 it¥fvecty(AtsidhKÈsw•ithn its Gnxjp as ar 31 D￿rnber2020 ih3t have a mixttjre of purposes i￿lLll￿8 kn hdd enth)¥W￿ ¥NeSti)￿ hapactrth￿ the ch3ritstrk ob)ectivesof FoLKd•tion. For the year to 31 Decamber2020. the rep￿d of the Subs1￿￿ry underts￿ngS af CIFF are disclose¢ in the note 19. The rtSL4ts of the OFF Groupare (c￿￿￿ated ¥¥J e wewted fft th2con501id3ted fvAKki15ts1wrnt> Restructure 2020. CIFVsTNstees W swt tosmrAfy the CIFF hdd5 ts endolwnent irwe5trnent assets. 0 ensunng that the $￿Cessor￿njrtu￿ in OFFS test ¥)le￿$ts. kn fwtheTr￿E of thatot4'ective. the Group implemented a restruthte OF its r￿lIn ￿￿tment ￿1&￿8￿￿1￿e.T￿o$￿￿.tsI Actiwty Coryanvffa1051. invoknnÈ . On 29 May 2020. 3 tran5ftt￿ certail ￿lets hejd ￿TabJ5 to a new ErWi5h &"rr•ted rArthership. CIFF ca￿t￿ UK Lp1aFFca￿ts1) (Re$b￿￿￿e l. OFF C¥Mial (Restnthre ￿. i. aFF is the scde liry41ed p¥tnerofOFF CWI toaryiÈbJrn orsharE in the I￿￿ent assets of. aFF C¥"tsl. 2. wbS￿r￿ ofCIFF. OFF Genetal Pdrtw Drrited (CIFF GP). i% ￿ 8Wfdl pattrerof aFF Cak¥tal. . OFF GWS t•wd tscwshtuted of h¥0 aFF Exeofft (I"rectN5 foJr indepeThknitthreCt￿S. CIFF Capital at all lime5 acts CIFF GP. 3. Takn Ktsas a rYriree cert•n ii¥awt assets t￿￿t fiYOFF C•ital. It fecel¥ts a remLnerati￿ frrffi CIFFCaiMtsI for th￿e Ser￿CeS￿￿' basis. Cwreffj's Inw5¢ment Fund Fo￿tst￿n ICIFF UK) I Page 42

Investment management arrangernents- Charity Commission PrhJr lo the Re5tructWE& TCI Fwwj Manwent Liwuted ffCI Fmk an ￿￿a[￿sation U￿)rnat￿Y cOntrol￿d by Sir Chftstq)her ohr4 had (wwded in¥e5tment ￿￿[￿SerVe5 toTab51fy"r¥l InveSbn￿ M3na8emPntArranWnent￿. Thjring 2020. the tyiginal In%t5trrtnt Managementknrews afyj ¥ryrelèteO ￿￿1efitS to SirCfvstorthrHohn. h$ been r auth￿Sed. ts in the be5l intwts rrf OFF. w to 31 CttLthr 2020. from anycdyigatityis loTO FM. as￿1 a5 toAVE C4¥ial LwitEd (AVO. s partof Re5tnKbJrE l. on 29 M•y2020.. I. TCI FM wa5 also ¥wxnted * irwestrnent rrwwtoCIFF Ca(xtal. TCI FM is rpjt atyfee ftthese inwestment manasemant servKes. Furttr. TCI FM. for itsdfaThJ fyi belkill of SrChri5topherHthn and other parties rEkted to TCI FM Sir Uwi5tqther Hohn. LTrlaternUyvrdNed ￿ rWta receive any of beneht (whether financial or n(tr fina￿￿41 bul in eath case havin8 a rrK¥￿￿￿￿lLI in rrnion of investment rAwement seMce5 to CIFF Qpital. s partof Restruc14we ILon 300rtober2Q2tr. l. Certèin perfomtsfees in relaDty) to e5tste a￿ets partle iyT)s toTCI FM. bjt thJe fromYCI FM to its sthcontrKted third partyapFKiDted reoresentati¥t. AVE %•rE twsfefTtd io be direcdy between CIFF Capi181", and 2.The rerfcmènce fee aryan8w)wts￿IhAV£ were s￿Sethd byaD IntwrTth￿Y5wV1res agrTh￿t between CIFF Cwtal and AVE for based lees relats￿ io al Wcy. exi5tingaTvJ atry oal estate assets. Nme of Ta FM. Sir chr￿ttip￿ Ftr)hn crfany(4her pathe5 rel￿￿ totheffl hèVeanYfin￿tsèI interest inAVE. The Oroirwl Investmert M¥48errtitknan8ernits thetÈfotebew replatr# in theIr￿tirefy by Vi￿$trneDt nvna8emer and seNicesarrargements set wt alK￿. On the tsa5￿ ofextemal ￿1 thKe. aFFc¢re4dws thwefue ￿tn0 ber￿fiLl¥￿EtheI OrrK￿-finan(1al tyjt each case hawn8 a mnetsryvajel a45e5 to &r c￿$t((￿r Hthn in respect of iheTCI FM s prowl￿on of inve5tfflent man38ement services to CIFF Capital. (li of Re$trUth￿ 11. the C￿ty Cunmission confirrne(S th3t a8ement in re5oect OFCIFFS irhtStr￿t rnanaganent arrang￿7￿￿ts Nad been ¢KKK￿dea. &yn8 f(Thard. dloi the extemal W •lic¢ CIFFwill no l(wr 5eekthe ChtyccM)￿￿9￿'S3Ut￿5abCffi lor its ￿VestMent m3na8emEnt aryangerrwts withTQ FM. TCI FM an ￿n￿$￿￿ted dw3tity1 to CIFF of StO.615k1201. nrf>¥AY restrthdthab"￿s of $10.711k kn 2020 12019.. nil) to suprtst cFritsbk acbwbes of OFF. As at 31 December ￿20. TCI FM W ccrtnffwtted additiwal reStrtI￿ furth￿ of $3.139k [2019.. Sr4110 tre PaKS ￿ futureyea ￿rChr￿t0pher Hohn ￿ a150 the fwThler and LI￿1££ of1￿ CH w￿￿1￿ch TrwdedonaiiDThS to aFF of $7.85Ok 12019.. $3.7tmpnL ￿SerVeS and risk m¥￿seMent￿l￿￿¥nd p¥f¢rm3nce. TrTnJstee5 in cffte tsEyear3nd up to the date OF the ￿3￿411 rChri5tQpP￿r Hrhn Or Graeme 13 Mty 2￿11> Mr Ben Cddsmth Mr Mosiocw Siddiq Ms th MarsN411 tsrvrAnie(S XJ September 2020) Qr lehtiTr￿￿ laprtinted 13 May20211 TheTrustees wE$d￿ted on the b￿0f thls ¥1 p¥ticuL7￿1￿ thernof IxJswss maWe￿nt TheTnJstees deterrrone the strateey ¥hd Oices Oft￿ a￿1 r￿litt￿ and impact TheTru5tees a150 serve3S resources to the F[￿r¥Jati￿ nEwaThJ re5e¥ch WNJ ar¥J dweth SUppYti￿ kaS￿¢ts ofortratiois Idrerfs knw5tywent Fynd knndatlon ICIFF SJK> I Page 43

JITru51ees 8ive th•rtiff rK•Tnth rErNrfftalioiv&75 paKI in theyEw. tknikof Twstee eypenx5 arxl related party transactiors are dixkJ5ed In notes 9 * 24 to the fin￿￿￿71 stalemer¢ts. Trustee5arE ￿VIre￿ to dtscL￿e all rdevant intEre5ts and miew ihE Board MemLvs' Re8ister ol Interests aieath Wrd ￿￿etir41 T¥u5tees must ￿lSter all re￿nt intere515 with the cc¥Trp3￿ SecretaryaTvJ. in aCcrthnceb￿th ￿ F￿1¥Yal10n.s￿ OfA5S￿rdti￿￿wj Ms poly c The Fouid3h(m kKmal indtsctiTri piyamrne fwnvwTDJ5tee5 arws ccKMttyttee ffleM￿, ￿dud1[Yd the rovisKJn rrf the Fomdabois kty8fPrfemance. fThnaal4knJmenL% tdevaTht Charity cornm1551￿ guidance Th￿e$ and det¥A15 ¢ stnKth rth2 (Wegated I￿$). Inductioi s￿>C￿5 ¥eso wr¥Éed to e¥4w rt418at￿sOfTruste￿s￿￿￿ cfymfftttee werrlkrs and yowde brehn8s Iro)) senwycyraticwl pe￿nr￿ ￿￿e$S￿)ial athu5. The Finance. Audit and Investment Committee The Tinante.￿wit a￿$ ￿eStrn￿t ￿MItteeWaS estabb.sw in 2(Kk4 t5CCfi5tituted bynol le55 four mernbe akyoinled try the BoanS.iTh oflth rr#Jst L￿aTrL￿tee. Otlv Thvntvs aprmtxhite skills and exkErti5e, %%thD need pot be Trustees. may be ap￿nted to CoThMttee by Bo3￿. ThEcurrent trustee member 15 Masmr Siddiqui and the th￿e i￿epetht member5 01 the Committee are Eirmarxjd RLVDan (Chairl. Rithard Hawlen Jacob SchHnmel. In November 2020. a new member. Elkn Schuman. was aprrfjmied 05an itthEndty)t member. CIFF'5 CFO. Trrectorol Finaniil Contml. General C(xJn5el and CneraIG￿Th￿. are reguLwatter¥kts OF Ccfftrrit￿e.The F¢￿ar￿. A￿lt arKI Investment Commiitee has dde8ated reS￿￿trAity on bthatf rrf the PAwrd ftr ad¥fyn8the Trnstees on audit finarKe and investment Investments Sub-cornmittee The In¥e5trnents ￿t￿c￿nMtheW3Ses￿AlShed in Fetw 2018 thJrin8tr 5wrwas constiiuted W the F0￿datiL￿s and ull￿r￿J Trustee% bwn8 C¥aeme swe￿i0￿rt. Masw SiddKiul and BeTrCthJ5mith. The Irfvestments Sknttee dele8ated res￿l51tH￿"tyc￿ beh￿f￿ ￿[d to take cert3n deCI￿onS in rdahon tr) the Fwndakn'sen(1￿n Programme Investment Committee. Climate The terms rrf rfvence of the In%t5tr￿1crymIttee. Cknate rpic OinkAkl %reIprK￿ed in October 2015 ènd recently uodaied u) Oe£￿r 2020. The Acannate i5COtistituted ￿at least tW Tritstees. tr FouThlation'5 CEO. CFO and at leasi lh￿{￿￿ rK) nve e￿ht) aL￿ser&The AC Climate dele8ated ￿59￿sIbIlity tthalf of the eoard forafvgrrf ￿ yant.nkknn8¥cb￿tl￿S in r￿at￿￿ to tt Foundab"ons wwronrrentsi obiecbves l¥fvancin8 enwroiffenral protectAM ty ir¢4)rov￿L i￿V￿lIv& Jvj corw¥è￿ of the nalural ethironment) the pnlnotion of develOpn￿t0 mffj8ate d1nk4teth4￿eramète NJrpc6eslTr AC aiffwie has deC￿0Th maknr outh(￿lty fry 8r&it (Ye￿1$￿￿￿(￿Male ￿miseS to ￿ wthdin8 $30 mill￿n Programme Investrnent Committee. Children ttms of rtference ofthe PrC8r￿nn￿ Ir￿￿$t￿t C¢mmitiee. Chddren rwc ￿1￿11￿)￿￿￿¥9pr￿ed in ￿uSt 2015 atvj most rtcenttyupwjated in D￿e￿L￿ 2020. Tl PIC Cwren isconsiiiuted byat least th￿eTrust￿5. the Fourwjation's CEQ CFO and èt ka5t itrwEe mLwe ihan athrisff5. The SIC Chiktren has delegated respO￿bIlIty Lthalf of the BOa￿j kwadWi5￿gc￿ wt-tnaknnE knbes in relatim to the FoLY¥Jations rvJ).aimète Purposes. The PIC has ￿tI￿￿1tyfLKEr￿rt re￿Or$ Sljrposes up to irKhJdinE $30 mIli¢￿. Impact Investment Comrnittee The In%￿rtC(￿nrn￿r1Ici￿T$e5Ithw with thetwmsoffeferEKeakyo¥ed in Mty 2020.The Ilc i4 ((￿5￿t￿ed by at least th￿e Tru5teeA F￿￿tiL￿'s CEO. CFO and up to indepEndEnt advr5erstsubièct to m8ximuffl ofgx ￿￿.The IIC ha5dated be￿1 ol the 803rd thE Fowdations impacl ¥•nts tss defi1￿ in'Ctrwrth5 ￿ th4p5tmenL Mattels &def4yTNstees' ICC141 or Charitie5 IProteciK)n aTrJ Social InvestmentlAct 2016. 05 rnaybe arrvTrYedl. ￿ IIC ha5d￿r￿￿￿-ttk￿É autknity forimpaci Inve5trrtht5 UP to and indudbns $20 CEO Delegated Authority upTrsals up to and $1 TheTertn5(rf Reftte￿ fortheCEOs ￿dega￿ authwty1tse￿ apwtrd ty ihe eo¥d un 11 Feirt￿ry 2014 arxl amerKd cn 4 Fe￿U￿Y 3015. 15 W 2015. 23 M¥ch 2019 and 10 kne 2019. In 2020. thi5 authoritywas sL￿t to a maxirmm lomit OF 1LNoffore￿St mukn.yearvalue fmm of w prograinffjes set wt in the rel￿t financialyears ￿in￿srA3n. TheCEO 3tso ￿￿￿e¥ated a￿￿￿rity to apr¢ve me3surement and as ks grantee rwrA5ational Ètslts. in e¥h ta5e w) to 1% of MYV. ath'slrhY5bhtnt Fund Foll￿1￿￿ ICIFF UK> I PaEe 44

Risk and lrnpact Committee The Risk and com￿tteer￿￿1 ¥ras May 2020 ith ter￿￿ ret￿￿ approved in Mwch 2021. The RIC 15 consbknted WheCneral (Chair). Chief Impart Offttr ICIOL CFO. Head of Stra¢e8ic Engagement and c0mrwn￿tiws. the OirEct(Yof Irrvact In%vtment53nd sKh oth¥ofthe F(wAYa￿S Ew¥Dve and Directors a5 the Corn￿￿ttee 5h311 de￿rrn￿e. sutiiect toa rfwmum of wen mEfflLEts. The RIC rrfwdes walityassutano reli￿ On the ' Fcundamn's impact invesrm•s has dde83ied for¥Tyad Inve5bnEnts up to irKbding valL ef US$1 t[41￿. Y￿jECt to ija rr47Xw￿ffj agg[Egate￿ USSIO rr4kn in anyfinaniwlyear ill the te￿n50f reletEnce. Remuneration Committee The RemunErknTrn Committee4￿ e5taNished in FetYu￿2015 arxj 15 (￿5￿{vIe￿ ty at ￿tt￿%￿rrlSteeS. Tr committee mwnbers durin8 the ¥£arwe Sir Chri4tothv Hohn arkl OrGraem2 ￿and May 2021 consisis of Sir ChristopPÉr n.Ana Mathall and (k M0 Lehtrrf￿ The RerMnerat￿￿ ComrThttee has de￿￿3t￿l w5iLllity￿ bthlfof thE &Jary5 rdeterminin8 XMI pdKyfor eX￿Ut1￿ ￿¥t￿r￿atio￿ aNXoVM￿ princs arHI yJKie5 01 reward th￿)u￿Ut the FourthbonOr￿hJdIDE ihe desgnoraryF￿￿1￿￿c￿rdèted pays¢h￿ rffjuated lyl the aThY determ￿1ng the tota indpridual rtsnunè1at￿ ol the CEO lirthjing¥￿l4 Recent Developments Grant to Big Win Philanthropy IUKI set tsjt in the FourvJatiOn5 a￿rI￿ for the yearervjed 31 December 2016. the Tru5tee5 of ￿ Fwndatton eniered into the aBo￿￿n￿L inNxl 2015. to rr￿1￿ è d￿rrt￿￿ yantof $3th to 8￿W￿ thi￿nt￿￿(luK} IBWPI. an Englith regL5terEd thanty BWP&antl 8WPwas tyJamE Coopv. %vho forMer￿a trustee and member ofCIFFarxJ Vilx) t5 Oe mtyrtjerof 8WP. These rnatters I￿rned part ol legal proceeth8S in the HL8h Cwi(Hc-201￿1BI0). CtyJt of A￿31 IA31X117122681 and s￿rerne Court IVKSC 201810150) ¢JurwityJ 2016 - th XIXJ. abtyt carknThied leeal ps£eeth"w ha Th)Wt￿h￿fyarnj F￿dEterM￿d tsa irts£ar3s 1 costs ofthe ap￿￿te Trt cMditiors to the 8WP&ant nov4 iwi satisf￿d.. c￿tycOMMIsSI￿ prcwxled its Cfjnsent tothe 8WPGrantFursuaYt 10 5.201 Chariiies P£t 2011 aryj a•Jse 5.2.5 ol the Fcwnd3b"rffjs memo￿Um ofA550clati￿ on 9 Ntr4emLr 20ZTr. and lill awte fythe ￿￿lep￿ mEfflber OF the under s217 01 the Crthparies Att 2(X)6wa5 cast on 11 Decetnber2020 3pwovin8tr 8WPCrthiL That tO"P(S￿ Detwmirn4trH)n"Witrn ￿ ￿anIng of the Hi8h CoLWt Ckder la5varied twthe Court(ktsl arxj M5 CryJws te•rtsble re9watioi ¥r(m CIFF became effective oi 22 DeCe￿ber 2020. Ttve we no fwther WtsoFaprE4iY ￿ ID reskrt ofts Suprwne Cojrt de£iso). or the (h•ty commis￿0￿ C￿s￿lts. The BWPErant akn ccnianed a ¢tr￿aTrt vrts met ￿ 19 Jwry 2021. The grant ot4iÈation %il tx)t be&c¢xJnted lor ithin the 2020 FTh￿31 Slatem￿ts thje to the £(￿n￿ltc￿O￿Msl￿t knng rnet a5at the rEtx)rbn8date of 31 December 2020. htr+I%rtht￿t ￿￿￿￿111 be dtsck)sed I7¢h￿ tt ￿)St brKe 5heel e￿ts as a r adju5tingevenL page 96. The BWP G￿nt is schedAed to te paKI fft equ31 ty￿￿51￿11￿0w2￿[￿￿r5 ftsn Janu￿XI21 toLkLober 2025. and is not rrnjerted 0 hbt a swfici the atrAlity to mEet ts (mt 0￿￿liOn tctsl leEal costs I￿￿re￿ the F￿ali￿ in rdation tothe ÈtrtYnar(e w afffftrs the ￿nd•ll￿ (overwh￿h d5 ma￿e Ccmrntiee had tr4vg8ht frryn itse5ta¥di5hmEnt 3)15X incknSn8 in rDon to the thwsed Grant ffom year ended August 2014 up to theyearended 31 Dec￿1￿ 2020 stsnd at USSIO,168k In theyeèrended 310ece))ber 2020 US$I.s)Ik131 Lkctrni*f 2019 US$515kDwF¥ch indudes V5$836k Itn thEyearethled 31 DecembEr 2020 US$nil (31 De￿mber 2019 US$ninl in wl fee5 by the cwis tote pa￿ to cwtsin wbe5 in the alx)¥e.rnenboned proCe￿Ing5 Telating to the BWP Grant CNItho's knY5tm?nt Founts￿ ICIFF UK) I Pate 45

Remuneration Report and Other Governance The principles of the remuneration policy cuItutE and otyectives of the ryEar¥5atiw. and rewitson stratep25 and pL4Kies a￿ io attrad fetain motivated and taknted people. Wewil corry>ebliYe %￿lh1n tl tT47rkets in %ts4ich weth to wna8e a ytilled and dNerse ￿rktre. salar￿ ebend¥rwked extetnal market dats. Except￿al personal p+￿￿M￿tr. WIn8d￿ con￿eration to exh (ele. i$4eflecied in ¢kntxwtx)nu5 aw45￿￿] anrvjal salary r￿e￿s. Remuneration of Key Management Personnel 31 Dec¢mber2019 USSY)XJ USSIXL) Z782 73 3.150 . The ExecutNe Dyerttysof the F￿atiOn. arp restyy64e for￿daytO dayn¥MI￿ of the Lwnisatith. The total reMurTreTati￿ tr> ￿ Mana8errtN Pery￿1 s>Jnr(rised in the IAtHe abM. Re￿NIneratts) i￿l￿deS saL4rie4 Relationship with Other Charities The FLwdatkY) is a ctrfwnderand colknboratLYin a rnnmberef wciectswith a of LJw UK * intnaLi0￿1 d¢kn) ￿d￿JIng. rK)t limited to ftyJrxlatKwgoverirnla8enw ￿ kyl￿te indwithja Foundation Objectives and Public Benefit The F(x￿dation'S ￿lect￿e& a5 Stated its8VvrMr¥¢Axunrt ¥e the8er￿al Wry￿50f chariFatAe bod¢e5 orftjr such ottErpNpJses benefit c(xnrMityas be ￿￿sNe￿￿￿rirat￿e a5thÈ Trusteesmay from bme.t In 5ettwig the F(wJrKlatiois rtiechve5 pIary￿ its aCtb￿kn￿ the FwThJaiion'sTrustees have Con￿ete4 se£tiM 17 ol the ChèritiesAct 2011. Ind￿rg SD satisfied thal ctsnohed %wth tFtirduty to have to the Bwehl8Vtd3nce trrfthe ChityCcxMM55wJn. Ihe F{wd3ti￿.S artN￿e5 •id athleV￿nts a￿ cvuintyy Charity Governance Code OFF r(&4p￿tyofth￿ thech3ntyG￿Tr#Ke CLxle (the-cL￿I. In s(x))e casex Inclu￿Ing trust erygemenc ¢Jeo$oTr￿knn£ arvj ev4knofcharity impxL OFFi% ￿ manyways exeeding the besi wathce str￿ ift the Code. In otherareas. wch as ewality. thve￿tyarX1 indus1￿. aFF h35 vThJtytsknn83 comryehensi¥e assessr(*nt CNktren3 knY5bmert Fund ICIFF UK> I Pase46

Trustees, Responsibility and Financial Statements Statement of trustees, responsibilities in respect of the trustees, report and the financial statements The tnOt￿ are resp￿￿b￿ for thE trk￿. ￿￿￿YeS the stBte8r rEixt) aryj thE fi￿￿(￿1 sfatements %4ith arK5 re8U Cc¥Mpany law rewires IhE trustees iorKewe finawl state1￿$ foreath fihancol ￿. Vndty t￿t L4W they hawe ected to kyepare the staiements in aCCtyd4ntt￿ FRS IIY2 The Firnancial Rekxjrting St¥rfJa¢d ar￿￿trAe In the UK and lthjer CLwnparry Lvi ihe trustees tDust ry)tar¥Nove the tmkn theyare ￿tiSfied that thtygNea t￿¢ and farwew of the stste ofaffairs ol tF FtyJndatityi ot the rES￿rceS ￿)￿lc8￿0n vtl¥SUUILe5 ¥icILQing irKomE and exkrHJitute for that >tar. In these finatTrl ststsmr the trn5tee5 are requir8J ttr. . make iA8ernentsaThJ estsrths thai are rEayJryablearMJ Statewhe1hera￿KJI￿e￿(L￿tsn￿ Standard5 have be￿ f0lrrt￿. 9￿Jett tD•iymaterial depxtsJre5 thsd05ed and exrA3ined irs the ststernents.. . assess the Fthaiions a￿litY ¢0 cOntiTh￿ a5a8wqciJncem. as¥Wtsble. nNitters re13ted to going c¢xYem,' and . use 80in8 concem basis of Kc(xhitin8 ￿￿eSS t￿ether￿t?￿l t47 IK)L•date the GrO.Ths Trustees. Re(tst 0 i￿leS tre str￿e￿ Rep¥xt prepared In xclydantr with the Compa4)skt 2LYJ61Strèie8K Rep)rt ￿ DwectNs' Re8lrfatic￿ 2013. Thè Ctynkw)y lnfcmb.fyi on pa8e 97 a ￿rt¢f rer(rt Each of the drecLefS confinns helsht has tskenal sieps that sFw)Jld taken a5aTTU5tee to mèk£ themsefves a¥we ol 3nyr4￿3nla￿1l irt(¥ThaDonarxl io estaL4th that the are a¥¥are ofthat inforrllatw￿. Independent Audit In awrtyFl8this Trustees'knual theTru5tee5 ar(M￿n$t￿ Straw Rqjort bi theYGipaiity aS£lhlWV dertors. On behay of the Board STCMstwher H(thn 24￿1* X)21 Chiftherfs hThe5tn￿ F¢Jnd F￿n￿￿On{clFFu1ll I PaRe47

Independent Auditors Report to the members of the Children's Investment Fund Foundation (UK)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) Report on the audit of the financial ststements Opinton We have ￿diled hn¥Ko1 statements crf trtchhkn's kThfstmenr Fu￿1 FO￿NIall0n lu￿ FtyJndaMnl ar￿ its subsidiaries fthe Grwp) ftthe year 31 DeC￿r 21r20. ccwrtse C￿￿￿dated Staternenl of Pinarolktiwtyes. C￿$011d8ted and Founda￿￿ Balance Shis. Consc4¢lated Cash FhJwStatemwL rm)￿. 1rdudl￿the suffffiary of sEnihtsnt 3ccountirB ￿k￿Set out ¢n Mte 2.Tr finatKval rE&Kyti￿ that has aprAtd in tsir wEparation is UK law FRS 102 The Financial Re￿rting Stsndard ap￿4￿L￿2 ￿ the UK arxj Rewi4of helaThJ. Intyir•pinion'. . the financ41 ststemtyits a thR and larvw ol ￿ st•eol the Cw)'5 and FoJrvJatiMS aff•tsas al 31 Oecember 2020 rK1 of ils i￿Orni78￿$￿I¢eS aOi¢atron ¢Y reswrces I￿￿￿elts irmre arml eYoetKJituit for the >ar then enoed". . the financial statem￿ts ha been accord￿e￿h FRS 102 The FinBnaal ReportitE S￿dar0 ap￿1(a￿e in the uK￿d Re￿￿Kof Ird¥é." ar¥J . the finanaal State￿￿nts hast ien t¥epa￿d the rÈtyirtwtsoF the coTr¥ja￿kt XC. &7Sis foropinion We C￿dUcted wa￿lt in x£ordance7th Internatvx￿ SlarKlwi15 lu￿(11￿$ (UK)) •id aprth"G4Lle law. lJJr resp(hisiknf1tie5 umler tIx)5e 5tandard5 ￿e furtlr de5crl)ed in reSpY￿￿10es for the ath4itof the financial statements secbon afaw reporL Weare Indep￿￿]ent01 theG￿P in accordarttith TEqLven￿ts that ￿ reknnl to ouraud ol hnarrd stsieffents in the UL ithn8 the Fr￿￿11 Peprti￿(¢xffir￿ IFRQ5 Etlyd Standa¢d. the fvlfil￿d 0￿01her eilical rewr6iblities In accryd8n￿￿th ￿1r￿mits. We bditre ilot the a￿lit ev[derKe￿ tr•tc4)led is xthtyitandwowk4te to cyiryon. Conclusion5 relotin8 tO8Oirt8¢on The ttU5tee5 havE WEparEd tF Str￿￿ts0￿ theE￿ ¢£￿￿M bassas thtydo not intend to Iv4uidate the Gw) or the Foundaticn Orto cease thtir cperatir¥)s. J35 that the FwndètK>n5 fir%intial rw)gtion means th th15 is realistic. They haveolso cry￿ed that thuE are r]omateri81 untertainties thatcouly hal￿ rAst￿s￿lfic￿ntdQUbt over their atmlity to a5 a wtKetn kastay￿fr[xn thedateofakywdl of firwroal state￿￿nts ("the￿n8 penadl. wev31uatkM of the tru5te¥s Cor￿kt￿￿￿￿ can5K￿ th2 wtherenl risks ta t￿greSs fM)dd aTraW thDse s mi8htaffect and the FryJThYakn's re5Trre5cKAity to conthueryern￿)rS the concem peri(xl. In 8￿j￿ng the ffi￿n¢￿ Siaiemfyitx￿? that￿ £(em of aCCOLmtin8 in the preparation oftr firtanc411 strrents isaFwpriate. 8ased on the vKrk WE have FwfomEd. vrè hfft wt i¢knbhEd Jw untrrtainbe5 rdatin8 io events orcundibODS thaL indnAdually wcallectith. rrwycast $iEnfftKantd￿Jl￿O￿ therw ar￿ FwrMtstA)ns atylity lo continuE 35 a goirik concem lora of ala5t Irixn the dalE%then stater￿ts￿e auihys•Y tsi%5ue. Hoswer. canrot p￿ttalI rutts￿ tstntsor ard a5 evetls ¢xJtcom> that are incon5I5teDt %Mth pjdeen￿ts thaLbwe reasonaWe tr I￿￿￿e made. rhe oFTefwerKe toa thtsrtaintyin 3￿y1t(￿t prcKedure5 ncluled." ifNumrÉ with directors and managefflent a5 ta Gtoup's p¢4￿esaI¥j PWD(Edu￿5 fe8uLition5 and we¥wtion arKI delecbon of traud.. i1￿￿1￿￿ whether ￿ d￿￿￿t￿5 krK)vAed8e of LYgJ5pected nw<ompSance wth13w5 or reBulaiions or ale8ed tra￿1.. 1n¥eCb￿ fv FwTrlati(xi's re&Aatfnfand le8 ayj reathn¥ at¥J Finance Committee minutes. We discussed ￿entified law5 ￿LItiL￿% f￿J￿ risk factor5 to WK4in rt arroi8 the audt team. The Gmp is wt4ect lo Liwsark4 re8uhtiQ75 that￿￿e￿VIffert the fina￿la1 5tatarnaits financkil rerx)rtww leÈi4atiDn. We assessed the extent OfCcrfnpka￿e With these and regu￿¢￿$85 part of (xJrprttÈthJits rm) the rdated finawiHI 5tstement CNtyJreTr'skYrt5t￿t Fufvj F0th￿all0￿ ICIFF VKI I PJie49

amtyJtts< Llxk)gJre5 in the ststtyythts Auditin85tarvJa￿l￿nit ￿11] ryrKedwes tu ￿th these ncffi.direct LThs arvj resubtA￿S to uiryof tIE (hrECtor5 ottr irtskEiticffl ofrwlatorv￿ 8al C(￿eSpOnd￿. ifaiy.The5E limited wotrdwes dvj nat idenbfyKtual or su5petteol n(¥pc(KntA47rfe. fraud. As Tequired by auditingS￿d8￿$. V+E ￿￿(Led￿re5 toad(kess the risk of rnana8ernent c￿rr￿￿ of cwtfds. Ckn tlis In reSp￿e to Dskof fr￿￿. krfermed pr¢tsduos entr￿￿ to te51ba5ed ts) rtsk crite￿ ar comparing klentified entrs togwnK¢kn?mehtsliM'. £valuatin8 the b￿1r¢s5 of ggnificant unLrsual trarsaciKins,' 3ssess¥iÈ sly¥kant￿C0U￿ti￿ esiiwotes assesstii8 the (Isdoswe5 in the firk7rKwl statewrs. I￿1￿B to the In￿rent Ilffyt3t￿ of there is an unav(￿￿ r￿th￿twe may ￿t hwtdet￿d SLYne material misststerrtnts in the firtanoa stalertnts. w thwh ha ryoo•ty pLW¥￿ and our￿lt in accordatKewth avdiong stsndards. For examp5t. further rertthd ¥•ith I￿ a￿] re8￿atK￿S{ifrewaritieS> 15 frvm events and trwsactrons ￿nected In additim. a$&￿th any audiL rtynains a Wr ri OfrKTrdetedI￿ of irre8ulariiRs. as Lhese 4nayur4ofve colknsiory forwy. •)ntional (m$5irm% mlsrtwes￿t￿Yfyor rwNJe Lrf int￿n￿ We not Te¥tsisiblE forprgitir% ￿jn.¢0rnprK4￿e d canr￿t ￿eXpected io deiett roTrcomr￿eTr￿th all1¥5 a¥J 0therlftfom￿On The trusteesare f￿the OtherlnfL¥rna￿ k¥e5ented ￿ theAnrwl Rer(t together wlih financial ststemEnts. The other inlormation uhnrrrise5 the Inf￿rnat￿ inctyJded in ¢rustees' rerA)rL thich Ind￿$ Strate8￿ ieporL The ￿ant¢81 statement5 and our wditorfs wort do rvJt corywse partof infrmati￿ on the finarKi¥l Sta￿ments Mt covEr the otherinformation ￿￿. acc¢¥dirÉty. ￿ (kn exryess an athyitwnk￿ w, exceptas e¥l)I￿l￿V$tated bdow. any OJr rewsibilily ￿ ta read Iheotitinftymar￿ aThY. in c(r6Krwhetr￿. based ￿ our financkil statemty)ts avdil work. the infDrmation 15 ￿a￿allyr￿M$st3¢ed ( ￿￿￿￿$￿tent1th the filw￿la1 statemEnt5 LYOUtaudit kJ¥￿It￿8e. 8ased xldyon that w¢Ykvée have ThJt thtsfied matefi¥ nysststewts In theolher inf1xtnatj(￿. Based So1￿￿7 owvts ￿ theottrw thJrir¥ thec(wJ5e uf the audit . ¥Ye have not i(knDfied material rThsstatamrts in the trnstres. repyt • ￿ our opir4w inforrrwtion gi￿ in the tnJ5tees' remis the fin￿ statemert& and . 4wate ￿coJn￿8 rewrd5 hwefiLtew) kept. or thrrs ￿tel￿r Na¥tn0t1￿ from bra￿he5 nL￿￿￿ted by v5." LY . the finanaa 5&tewts arE in agreÈffi￿t Vith theaccwitsi8 rerrKd5 and rethrr6'. or * we ha¥enot receival all theIrtsrna￿ar>Y eN$4anabOn5 ￿ rwuye for(￿￿￿1 (hud￿n Irr•sbm¢nt FowdaiKin{¢IFF I pl￿ 50

Respective responsibilities and restrictions on use As explair)ed mve in the t￿￿e mlsststE￿nts(on fr￿. otha-irrEguLirits or em)rand ère corw¢ereO mater fjr, uJImd￿ty0r in the ¥we8aie. (ea•be eywted to inllJEtKe the de£imsof users tan on basi5 of ttrtse hnancol stètt)￿ Afuller desctiF45c)Lourrewr&b"litie5i5 the FRCS wthbte at w￿1￿.fIc￿Lw¥AIIt0r￿ES￿S￿lItE￿ Our repJrt i5 r(de 5L4ety to F¢urKJatiM5 ffletnLo a$3 Chapter 3 of P¥t 16 ofthe Companp5 P£t 2(XkS. Ouraudil %Myk has vn¢¢rtaken so thatwe mw Str￿10 FtyJThJ3t￿s mwbers t￿￿e a￿ required to state io ttrtm n an reprrt fOr￿0th￿ rxKpDse. To the file5t extent pthitted ty l¥rt. we ￿ not accept ora55urne respwsiknlitytoanwre rts than the FO￿a￿On aid its I￿¥4)￿5. a5a fty (xJraud1t￿. lor ths reprrt OT for ihe wnims an CJa¥in for bthalf of KPMG StatutwAuLItcY l HaTbwrllaster F1ace IFSC Irdand 24 ￿n? 2021 CNhen's Irf4e5bnert F￿nd F•Jntslkn ICIFF UK) I Page 51

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 31 Dec 2020 Totsl Fw u5$￿[ U5$ XXX) uss M) 60.165 79.176 17.496 17,496 17,496 96.672 Totsl 1ncomlryr￿OU 6Q015 18561 hJtvts 1¥56 357.360 371JJ16 1356 369210 3826 Chartsile thtses iiwo Netfja￿s on ufftstrnents 13 4>J.914 43Q914 11,1971 13 11.ign pl￿90) 41a410 143J23 ni 143>23 53HO 4b61Ja9 711 ￿￿$12 Clthrfs FurA F￿￿0011￿ ICIFF LIK) I Pale 52

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2019 Yearended ExÈndab £￿￿¢Y￿1 31 Occ 2019 Totsl Funds USSX VSS'fXXJ ussy Cknatic￿$jnd 3.740 3,740 102.366 106.106 I￿om￿froM i￿￿e$￿y￿ 102,366 102.366 Tgtsl InctyDln8r¢5gWf 3.740 ExpendrtUrCdrt Rai5ingfw￿5 Chaiitab￿ actiwtses 98J76 9B,376 288.931 387.307 285.191 3.740 1740 Netgain ¢￿inVeStrnthits 13 IJ)I3.￿S 1,013,>J6 13 496 496 Cu￿r￿V owab¢mS 1.312 1.116,984 1.312 733.913 13BJ.071J Tr￿sIerS 471273 1471.27 645.711 731913 Fundbaanwqrrf4 IV￿[datIJThxV2O19 569.769 4.558.J)7 S.128M76 657.971 5204.018 s.861.￿9 ChWm'slri•*Strntrt Fund FO￿dalk}n ICIFF LIK> I Pay 53

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED AND FOUNDATION BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2020 FLwJndityi Ji Dx2n20 31 Cc 2019 31 lJtc2020 31 t)ec 2019 U5SIK ussr IntawNe assets li 12 837 L030 0.137.140 5.49P.737 7.103 837 Inve5twnts 5.964.867 2.489.243 5.4B3.124 ?.￿8.753 1274.37t 5.887.07a 3.475.024 5.887.070 972 5.484.461 4iJ8,170 5,887.913 CurreTrtAssets Debiors 33.￿1 104.371 18.689 3,3111 $5.942 24.497 46.445 C65h jlbankar￿ I14ti 17 555.515 75.980 Cath pledBed a5colatu 17 95.0 Total utnent assets Z32.45B 650.184 59,261 70.942 CrEdltpr5'. falrryiiue 1226.6701 119JA621 (91.9911 67.101 423Jr IZi.049) S.￿7.909 6.L¥JIY69 SM66.964 CredIto￿. a￿Trts fall￿0 after{￿e 19 145.9 5061.989 6.t￿531? 6m1969 SB66.864 T0tslfrjr￿$oI Ihe(haffirr. 356222 S.2￿.018 5.361.390 S.2￿.993 Re5trKted fu￿5 6.711 un￿tr￿ted fLfftd& D¥￿ted fvrKts 657.971 441579 657.971 TotaltharltyhJnd5 O.OW12 561.989 5B66.864 The fitMrKial 5tatsments on pa8e5 52 to 96 tyttTntstees ¥41 auUw)ttsed on 24j￿e 2021. arwj on Y)e* behalf by. &r Christopher Hohn ChairtDan 24June 2021 The aCcaUntin8pL4K￿$￿ld thefiote5￿ pa8e5 56 to 96 Icrfm the 93tefflen ChMdr¢Tr¥ Fund F￿￿￿•t1￿￿￿ I¢IFF UIQ I Pa8e S4

Consolidated Cash Flow Statement 310142020 uss'r 31 Dec 2019 US$ Neteash used in opvatlr¢adibrybes (390P39) 1180.0341 Dividends receNed Interest recsved Dividends paid on investmentssokl short 14,816 5.430 44,275 5,209 12.0851 pr￿e¢d5 from thesalegf.. Inve5bnents IA70.6n 2.783.457 Ptsrchaseof: Intangible assets T?n8ible fixed assets Investfflent5 Nteash used In Investfngattfvltks iyx)) 1851 12.242.6681 587.603 f7.0261 11,743.5881 159.697) C•5h floY￿1[0MffiM￿in￿aCtr￿1jes Intwest Ne¢ca5h infiwndnBartiviti2s 11.0121 11,0121 (21¥ chan￿ In (ash ￿5￿ equlvalents In therlpwdr¥￿r 49,947) 406.557 Cashand ￿$h ¢qLl￿entsatthebry1ftn￿1otthÈTrVWti￿ytar 555515 147.150 (Ll971 1.808 104.371 555.515 The aCCo￿ti￿ KKJI￿￿Sand the rvites kW8e5 56 to96form p>t of theC0￿Cl¥l0ttd FI￿)4 Staiamty) Reconciliation of incorning resources to net cash flows 31 Dec 2020 ussy 31 Dec 2019 us$ rx)) Netyin/11054 fOrtherep(Yb￿ytar{•s￿evthest4tem￿0ffibW￿￿athItlts) 143.523 Adjustments lor= Net lossl(8ain) on iTh¥estmeAts Dividends income 733,913 08,8261 1142 1682,7151 144.899) Dividends expertse Forei￿ e¥chang¢ Mtswe￿nts Inte￿$t irKome ￿ Ywtrrthts 1.197 2341 11.8081 154,5671 713 Interest expense DepreC￿tiOn charges Deuea5e/lincrea5el in deblor5 Oecreasellinuea5el in cash pled35coifateral IDecreasel/inc￿a5e sn creditors 361 270 U7.1321 119,0361 rJ2.8141 43.324 72.035 1246.3001 Netiashusedln operatlThAacttTAtles 1390.039> 1180.0341 CNbJr*)'s 1rfft5tmentfvJ￿j ICIFF LIKI I Pale SS

Notes to the Consolidated Financial Statements I. BASIS OF PREPARATION a) Basis of accounting mr￿lfied bythe r￿&￿tiOn of Ir￿e5￿m￿t& I￿n in aCcOrda￿t %ith Stster(ntof RecommeTrded fvartice rsoRtY'kcwntiDE and RewbD8 Lry Charities. ￿￿tshed 20151. the ch￿tieSA￿ 2011. FinarK&il Reportbng s￿d￿r￿ IC)2. The Fmar(kil Rewrting KAein the ihted fFPS iorj the reouirements of Tre Ctril(tren's lnbvtm￿ Fu¥J (￿￿ fv ThJrKlatm? its gJW4iries Ur￿￿n$5 lthe'Greup'l applied the Kecwition atyj mea￿re￿I￿o￿rts of Intwnaknyd Finartyl RepcKtir Stsrwjarth fiFRS7 9'Pirwtg1 In5trumenLs' and the disclosure 3ThS pres￿tabl￿ reqL4￿rnents of Secti(Th 11 arvj 12 of FRS 102 to aCco￿t for al of its finanoal instruments. FtyJr¥jatic￿ isa has•Sèpted ￿ Ctyrp3ThesP￿￿1￿td 41% of the CrntsAct 2(Th and SORP. lntfa.youp baknes arE e1¥ni￿ted wtts(AJabfy). wh￿￿￿$3ry. adiu5trnEnts MWJE tg tk fina)clal statements of sub5vJk7ri￿ io aign theattcdJnlins wliuE5u%dwith th)seird tw d) Reorganisation of subsidiarles rin8 2020. the Trusteesha¥ew8httrth%rry)￿fy thE theGffwJP hc4dsits end￿rn￿lt in￿strI￿ta$Sel vihile aso ens￿ing that the yjccesw 5tnKiure ￿Tha1n5 in &tyJp¥ best interesL In hjrtherance of that objEctive, the G￿￿Jp in¥)￿rnenIed a festnKture of its man nvest￿t }￿l¥￿e.Ts. ¥m)￿1n8 ts+o￿n&￿CtiOnS ItWer.'Restrudu¢"k. . ￿ 29 May 2020. a tran5trofcertan wht51rnenta55ets lbJ to a new lirriied partr￿￿1p. CIFF Capitsl rRestrtKtu￿ I"I,' and aFF Casta rpE5t￿￿bfft 11?. A53 resultof the Restruclure". l. The FtyJrda￿n t5 the ￿eknte￿ p¥tMrofCIFF a)J 15 Ihe(#partnerenkntlEd to any frvm. or sharE in tk investmentassets of, CIFF Captsl. 2. Awhdtrov4ned subs1fk7ry￿ CIFFGP. 15 p￿ts￿rofC1FF Cakitsl. aFF GW5 bDatd is co)5tituted ot iwo eyEcutive dirth ol ￿ Fwdat>C￿ f￿Jr dreit(¥5. aFFCa￿tal at all timE5acts thwBh and by OFFGP. 3. Tos ¥tsas a rM)TW IE8xy trust for aFFCaFita. T￿05 recave5 3 4. In Re$￿JctrJ￿ l. the dved variatrk re Ke5 byTab)5 to ￿ F0uTrlatyw￿re bytl ChWren% Irwesbm&)t Fund FMd•tl¢D ICIFFUK) I Sé

1. Talos wep4d a tola ot US$5.9 FAknn OftsLXrtSWn8(¥w￿1jJl Under￿ ddayed dra¥thn variab rdie note5 toCIFF Cawtal. irywtyofmakins 5pKietr¥derof irteTESt OfC￿￿kn of its investm•rtassets to CIFF C3 The￿￿t1paI ac£<xMtsw tt weparabm oftlr5e •¥J sepwJl Fin¥Kra1 Ststefflentsa￿ setwt below in parayaphs tsl to (rlThe ￿KIeS been c(￿￿1￿¥[￿1ed to ¥ wirI5 presented. un￿S Oil￿Se stated.

2. ACCOUNTING POLICIES a) Critical accounting estimates and judgements in applyin8 accounting policie5 In prepariw the financial 5tatemwts. tt Gr￿p make5eStx￿ates aswwrtir￿s thataftect re￿ed wa￿3l1￿[ls ofassets )d liaknlitie5wthv the finanaal year. Actual r￿A￿ts maydiflerfrom those esibThltes. Es1¥natesa￿¢￿lV7U31ty evaluaied and based on hi5t￿n{al eXper￿ceal￿$ Otherfxi￿S. i￿u￿￿ngexr￿Cra￿S of ￿J￿￿ edty)ts that are belwed io bp rea50natrAe under thE irhvestments. b) New and arnended standard5 and interpretation5 The Pinanckal RepDrbD8 co￿1 fFRC) h35 I￿￿hed ArnerKlnxits to FRS 102- kitUE5t rate benCh￿la￿k fefornK effecti¥ f financtal perxK15 beg￿nIrE l 2020. tketo incwsed WErtairtyin use ofrinteresi rate tenchrnarks such a5 the Lotmlon Interbank Oflwed Rate fLlbOR?. weol suth t￿lS refwmed It ￿ antipated that benchmèrks wil noi be avaI￿￿e until after 2021. ThE afflerKs￿ affert soecifK hed8e ￿¢1)￿hn£ r￿IreM￿lS and relief that will 3vfAd uThiecessarydisconbnuatityi the WiDdof urKertaitty. Enbbe5 rnayappty soecihc hedge accoJntin8 requirements that the rdeydnl inte￿t rate h3$ r#)Ilttn 3ltved bvthe•men(knenLA tyJthon ofthE loan inwestments he￿ Iw the Grw>have th•r to U80 The Gn)up ￿ptEd th￿arn￿￿￿effe£t￿e lJaNJary 2020.TrathX￿ has nrrtregjted kn a g8rMficar to thE loan be expKted to ￿ a swiknt Thpatten theG￿ cl Incoming resources Al irKamiry8 res(4￿CeS are G￿p ￿ W•ititW to the incureand the arn￿￿nt can be quaniihed ¥￿th reaso[￿1￿￿ certainty. kje. Interest irKaffle oricash bala￿ is rEcc¥ded in SOFA w•ith1n'lr￿ frcffl in¥eStm￿ts'. tividerd iTKome and exptrses. %¥hen thp urvjetknng secuity tythe 15 recW1￿ ￿ ex4th %Jate. 8rosSQt laxes SOFAV41th￿ IncowÈ from 1rNe5tm￿ts..w￿h￿d1r tsx 15 acC£￿tea for￿ an xcrvls bas& Fry those 5ecuritres held via an I)iermedi￿, the ¢JMdernls areaccwrrted F(￿then ￿tified iKome eatnEd frfyn +nve5tfflenl propertre$ Is ¢cordedwithin Inccme frtyn in¥eStrn￿'. LkJnre 3J19. am of in¥$t￿l WOPtrbes￿tsO1￿ Peferto Note 3 for1urthtrdetsMs on IrKeme from vweslrnents. D0natsySa￿ recoEntsed enbyed to Ir￿￿3￿j te (•wbfiedwith attL¥acy. dl Resources expended a￿ser cOstCateg£￿ts Fty exrryStwe UKUr￿ the seclu5.amrA￿ts are attrRJuted to each based on the grantir a£bwtie5 U[￿rtaken fina￿1 CO[￿ fhirhJdin8 grants payable) areaccounted tora5 liabiiroes %¥he￿ it 15 wobable ¢N4t the￿ wll a transfer ol ecommic berthts arKI the •￿nt ol the obliEab"on ran be rdi*)tye5timated afid ctyTrmurbKated to the reopenL Mults.￿ yants We￿b￿￿t0 (otxhtsonèb"ty t￿1 liab￿￿tY 15 rwt C05t& Othert￿ rfwectcosts secttyal xtMty•ea eyxhjd￿￿ m ￿StriCied expenditur¢ ¥e ￿.allr(aied t¢ 2020 2019 Ckniate Change 452% 42.6% 18.9% 22.2% 4.7% IB.O% Gid Capitsl Health & 3.1% 25.0% AYJtecDc¥) Cw Cuttyr 4.4% 8.1% Fund Foundation tClFFUKI I Pale 57

3. ACCOUNTING POLICIES (CONTINUED) CXJrin8 2020. th2 FwThktion sel up a nth¥secioral team. c￿ C•"t4. 1rxusl￿ M educakn byCty￿¢m# the bk4s against irts and edu￿￿ 5y5tem5. other5￿t￿￿ team5 fvt to wpryi the Foundation'5 acbirytie i.e. Strdtewc Engag￿)￿[￿ ComrtyJnKaom Evid￿e. Mea￿￿nt & Evaluatrm.(wi5atiO￿ D￿￿￿Thtand knpact Irt4esDn8 a? Ja5yfie(l ￿r￿er Cro55 Cutbn& ￿ 2019 If￿10￿￿ tew res¥ated acC(￿iDE￿. ExpNJiiL¥e IrKUr￿ in r£4atKMI to F¢wdabon¥￿5tsKt￿ attMbes¥e costs spec•fra￿ wJentihaL reknnt to the stricbms as$￿ed to tIx)5e athtie5 ￿ therefNe w trt4kKated to rEskncied [￿d e) Financlal assets and Ilablllties i) Financial 355ets Initiol recognitton 17nd meosurement As Per ￿ragrarS 11.2 12.2 of FRS 102 the cw1ha5ekn￿ to ad￿ the aThJ r[t￿r￿￿Tht rewirerrtnts of IFRS 9. Under IFRS 9'Fina￿￿71 Inst￿ents.. fina￿la1 assetSarEcLw￿fied, at tecornbw. sub5equenlly measured at amorbsed ca5L Fairvolue othEf((¥nF¥e￿y1 WK(¥ef(Xl'L w faw value thnxjgh prvfit orbss fFVPLI. Putchases aThY ￿e5 of inve5trrwts are reco8n¢e¢ M thtyr tr•Ye dat¢ the date onwhKh the Fwrthtion cornrrxts to wrchase orsdl the a55EL lrNe51￿ts ￿rtial￿ atfwtharwj trartsacts￿ costs far such Investn￿￿￿4rP eX￿Sed Icurred. Investrnents•E d￿¢￿)￿ed when tr nghts io wver35h floNYA fr￿￿ the lrwests￿ts have expl￿ or ti Fwrthtion transferred yJb5tart4￿1¥ all risksand ofwRfslwp. seweTht to wmtial rffQ8rrit￿. fir4rKKal assetsxe rreayEd * FVFL G￿n$ h)sses aryn8frornth4rees in the fair value ofthE illV£%trTthlS Cètegtyye indudEd in the SOFA￿ theye yi arise Ind are bB5ed ￿ the Fir5t-In. First-out I'FIF(yl The dassifi¢atiM of a55ets ai rec4w¢wy) t￿￿On a5seVsc¢ntractul cash llw charactefbfjcs The GroJpdassi￿s its fiwi4 a$5etsasxo5ewathmeax￿ arnorti5ed Mea9j￿ at FVPL basis of toth.. • The ¢￿tractu1 fiow tharxterisrKs ofthe assÉl Inatccthrewwth IFRS 9. thefJrHJp dasSIfi￿ ils fina¥ial asts ar￿￿&31 reccwukn the(ate￿S thsoJssed ￿k>w. Finoncial assets meosured ot omortised cost Adebt ir￿￿￿enti5 Me￿￿￿ at anKitsed cost rf it ts a tAsne55 those obiectNe ts to h)10 finawèl assets In order to crci cTritrkn￿1 cash its crKtrthal tetm5w rtse ￿ ¥wfd date5 toca5h fl¢)ws tlk4t are 5de paymentsof printspal aThJ inwestfsFA"l.The wi ths catW5h¢yt.term nL￿.firt￿w￿ re£eivaLqes 1rKIL￿1ng cash al baAk aThg in haNi r•h pledged 3$ and debtus. Finonciol assets medsured ot loir volue throu8h profit or loss A￿an0a1 a5sel ￿ rneasw￿ at FVPL. la) Its c(rtractual tertysdo not£￿ rise to cath t1￿ ￿ ¥ofied date5 that SP[4 th) the t¥irKipal anv)Jnt oJtstarwJing." or Ib) Itis not heklwithin a tx)￿nE&S (4eth i5eittrtOtC￿ cor¢rath￿l cash fkw6, or io tx)th collect cwtrdciua fI(w￿ ar11 sdl. irKludes contr4cts n an as%er Impoirment of finon¢ral ossets GityJp355e5se5 oi a ewcted crethtkjss fECLlawwt•J with its fTh4nck41 assets tsrried at arnNtised c05L The impairmEnt rretlxKkkn ap￿le￿Ide￿￿ ￿ ¥¥￿Tth￿ ha5 Lwi a $i￿lfiCant incie3se ￿ cretht rBk. Forthese financ4al assets. the f4trJpaw4E5 the aroro¥h permitted ￿ IFRS requitE5 Expecied lrfetime sses to be recwised fIr￿ Initial re￿N￿On of ts rec￿￿ The Q￿Jp dèssifies f￿￿￿￿r¢finarKlal assets under •nortised c05t' rMh at bank3nd in ha￿. cash ￿e[ge(l¥S¢r1IJteraIWIJ debttys. at bank and ￿ harxl an¢ cash pledged CNkn's 1r￿sb￿rt Fund FtyJnd*tkn ICIFFUKI I Page 58

4. ACCOUNTING POLICIES (cowfINUED) corryxise cash at banksarxl hKL P￿ringde￿o￿tsth3 mavrityof thfft months or 5% %thith are 5ubje(t toary in5iEt¥ficat risk ofth5 w>Yalue ￿ th￿r carryffiB an¥￿￿ts appr0￿m￿te amrbsed c¢sL The s llowarKe is based ￿ lileimee¥wcted rrethl materil tOLrtwa￿eS tw¥e an ¥Kestrrtent 8Bdecredit r3tin8 by 5/S&P￿AlIA+ there is rm) Iw5toryofJefJtslrOi.pa￿t and al rEreI¥atAes.bats￿es are temi 1<1 year). cost 8rKI ltrwefoo has a(bpted trt apryoth to ECLS. ECL iTnp3itmerttallowKe has been recorded against the Gr￿p.5 recavawes theyear. The ECL 15 mt rEwt assets a¢ ¥a￿val￿ tFw£w8h ryoht orloss and fir￿n￿al labili￿ ¢Je98nated at tsrvalue ihrwgh kYohty bs DÈrÈco8llltion of finontittl assets The Gffjup dereco8rA5esa finwKial 355etwln thetrffitraCh￿ rehts to cash Ath¥5 fvDm t￿aSset eypire.or it transferstr rights to receNe the cath fkms in a trartsKti￿ subslantially al of the ri5k5 tewwds of ￿ner$I￿p of the fir￿r￿Val asset are twsferrwl orin the ￿taInS ￿￿tantiallyal of ri5k5 and rewafds ofownerslxpand ¢kns TWJt retain {￿trE1 of the fir￿￿1￿ a5seL Cm dere(08nitiorsof a 35set, thE LlfFerEnie bEtween the tsrrwng •ntyJnt¢f asset the CanwngarrK￿tal￿¢￿d ¢0 robon of ￿￿3$$et th3t ts dereCOw￿e￿j and the consderation rec￿￿￿ [￿lIdI￿g newast Lthined batMlIty recr8Th￿ in the SOFA undèr'Net 8arf/(&)sses) on investrwts'.Anyln￿rest trdrthrrwj assets that a￿c￿ated or ret•rEd by the Group 15 reco8ni5ed a5 a separate assel or tiaL4lity. ii) Financial Liabilitie5 Initiol recognition and me05urement Finanaal I￿L￿rItieS are da59fied. at initial tEtt0¥br￿. Isfin￿￿31 l￿dItieS at FVFiand inckKle loar6 and l￿r¢￿Vin8¥ payab￿& ar¥1 deri¥ative5 ￿ 3141W pogtity7. as aporryKikn. liabiitE5•e reco￿)￿ed int11￿ at fardI￿. Frnancial liobilities me175ured ot amortr5ed cost FInalK￿l￿￿11￿e5 measwed at arnLwti5ed c05t itKbJeall f￿&31 Otwth4n those measured * FVPL The Grtyjp Indudes in th￿ caie8ory arwnts due to grants. a[in￿lS arKJ deferied irK¢ynE other Pay￿$. Ftnanciol liabilities measured ot fair volue through profit or loss Fir4Tri4 lknkbes ai FVPL irKW hr4rK&al kth1ities arwj IKibli￿es dyg)aied up)n irtial reco6niboTr as al FVPL nancial liablities are cLwfiedashebJ for if tware incurred for the wryxise of repU￿hasing in the near irntruments Ga￿5 or k>sse5 on I￿ltieS hEtrJ for tradrg ¥e reco8nsed m SOFAin theywin which theYari￿ and ¥È based on the FIFO mettvyj. Finartial listies deg8nated wx)n irritid leow1￿ at FVPLarede5ignated attF initial date of reco8nition, afKJ orty rf thecrirttka in IFPS 9 are satrfif Ihe senity delasd &thnvarotAe rnte notes fNotes"IN4ve deswed at Fvrt at irKeptiLN).The dkl not de￿Inate anyderivdti¥e5 in in th￿￿teg9ryderWatWe contrartsin a liabllity pJ%tiofL f) Investments Listed ond unlisted securities Securities listed orqwted anyseC￿l)eseytha￿￿ re￿I¥1r￿￿&j ther￿ We ¥aW attsrvab.Ihe fairvalue ofan inVest￿l is based its woied ffla￿t wice. un￿sted securitie5 or li%ted securitsesnot regularly trajed. orKI rewt of rxices 8sde5Critd abfft art avaiL3￿e. other Ihan receivatde% 3ttherfarvJe based infc*mètion wided byTCI Marw8ement miteds fTQ FM" ￿"111￿eS￿ wwrrent tw a5 14te5tw￿￿L4e rederwt#)n prKe fo¥ in¥e5tmEnt funth. Bec￿01 their intrwent estxfft￿ IW￿lIe￿Ir0ffl thevalue5 t1¥t￿￿ h￿ets￿ matket for ts securitrs eAi5ted. Unfunded ¢ommrtments The Group may inwe5t in th75 aNI sK￿lIES￿Kh a commitment that itwill be oNi8ed to payata tub￿ date if calkd up)n ty the c￿t￿party. tiri￿ anThJJrbtsof setuement ofthÈse are uncert•n atwr end. 31 ()ecember 2020was e5bmated as V5$1.02&X17k12019.. uS$L4￿.95sk). IrNe5trneTht Fthid Fowl&￿onIcIFFvK> I Pale 59

5. ACCOUNTING POLICIES (CONTINUED) Oerivative controcts D¥iv3ti¥e ¢mtracts f¢knvatNesn xe re￿Thsed at fair¥ah￿on the date on the derNab¥e i5 ente￿ into and a 5equentky re￿e3￿rnI at th￿rf¥￿ake M •) ba>> Fairvalues art cljtained fyom qLh)ted market price5 in Iderivative5 ¥e carrie¢f3s assets vkn fairvJe as fair￿alUe iq ne8aDve.Thebest eviden of the fairykn of a dwNabve at inthi rewD(hl ts the traiwtifyi price li.e. the tarvalue of the con5idet3tion given or The G￿p eniers into frTh3rd forÉy8n eXha￿e(On¢t￿l& FO￿￿d eXth￿Be c￿traCts a￿ PdirvJed a O•ly basis us+ng the ILY¥Ywd c￿rtraCted rate derid kn readi￿¥¥21￿ Trwetdats. Wh•) ￿ ccffttract is dosed. the Group records realised gainslknses eq￿1 to the difference I)elv￿￿ thÈvIk￿ Df the c¢ntrartattrE itv￿% opEmed aThJ thevalue al the tiffle itwa5 d05e(S. F(ThaFd thign eth)8e cwlrac1sa￿ farVa￿ u578 the forYard C￿tracted raie deri￿1 from re&Jily av8ilabk markeldats.As al 31 Decerrt)er2020 the Grtw hdd fLYword fortyBn tKchaw £ontsacts%ith an a8￿8ate fairvabje arvj nel liabilityp05iiionof U5$54.974k12019". rela$setptytrA￿ of US$705k). Investment funds The Group invests in trNestfftrtfwdsfkn¥eee knJ57whthare tothe temis of the Inve5tee Fundg ofFenryd(Urr￿￿tltiD.Yhe ifvesiwii in ￿ ￿￿￿tee are wnL4ritywkned based on the late51 avalable demptiw r￿1￿￿ urmts fry the ￿￿￿tee Fu¥J. a5¢Jetwmrd ty the adtnintstratorof the Invest Fund. whe￿ 8 re¥li ascertairwile trketvaluats)n is Thx aAab. ￿ ￿tee Fuids areVak￿ alc0st￿ any expected1055e5 (see Note 131.. a ￿arel￿nIt is xAd tre Cw> rEco8nise5 8￿￿(b)s$￿. Other in foirvèk of the In%e5tee Fundsare recorded &5 Wwtaltsed 881r￿1￿$SeSj.At 31 Dec•ts2020. thecw) Tht5tmert pomb￿S of US$66.482k1201. US$80.575W. Leosed 055ets The annual thar8edto thè50FAthi a straw.11￿ bagstyw the lease term. Investments in subsidiories Loans The ￿￿eSt51n PE31 Estate￿c￿￿￿Y3te Lo•7$￿th¥e xcountthl lty ￿ a fair¥￿e basiy F•"rvalues are calcuhted Vlith ￿fe￿￿ to dtsc<MJnted cash flth¥ the eX￿ted futvo cash li0￿ of eh ID3n investment constructed by external valuer5. The rnrhme￿ in the fawvJes ¥e KKkthdvritM'Nel 8ans M ￿¥eStJnents. ift ￿ SOFA AeasE ¥efer to Note 14 byhch cÈtsls w)furrkitK)n sWr￿thng the L¥K1j￿￿e iw Df these I￿ itNesty￿wts. Privote plocement vate rvneilsecurtbes ￿ nrt rystered fiYpJbfic svJ e The pflff￿ry moDvaw rnakm8 a rdated wNe5bnEnts ￿ not fjnanckil gain bjt to fvrther our Charitab￿ obie(ts. P¥(yarrrfpe fELited can S￿￿ate some hn3nck?I rthrn. and the rnay Nrnay not be rfKJed¢ntrnfttcial t£nr& Tr CLKrenl pryarrrnE ￿latEd if￿ll￿ts fKYtftth cortsi%LS of a rvJnLYr of fund and wvate 31 Oectymier 2020 atrthnted to V5$25.439k (2019.. us$18￿9￿. Conce55ionJry Loons Is to lurther the acCom¢￿tt￿t of t￿1r ww)5e5 Jlwh faoll1ati￿ the9xce5s ofthE of Ftsrammes. The F￿ndation ha5 elected to recowyse at the •rnnl pa￿ ¥%ith the repayments ￿flected in sUb￿quent￿rS. CLYKe55ionary tr ￿¢￿ed 31 D￿ember 20Y)aaKxrted to US$8.Cm(12019.. US$r4dl and a￿1r￿n% trNo5trnont Fund FoundatknrnfCIFFLIKI I Pate 60

6. ACCOUNTING POLICIES (cowfINUED) Mixed motive investments Mmed fflolNe IrNeSbn￿ts•t m•Ye in Kwwiof wtFWJ5es finanoal eains. The alr￿t fflixs moD¥e i¥esimert portfolio ¢￿sISts of a rKJmberof in￿estM￿lS fdlow the Inve5tmeTrl wAicy. Mixed motwe in￿t￿e￿5 as * 31 20Kia)JJnied to USSI1.41(I￿1fr. U5$3.42W. gl Foreign currency translatlon A%sets arml liiliDe5 0￿￿1n31t￿ Cwre￿Its ¥e Ir¥tsied 4)to USS at the ffftign currertYSWt Yatr ef eXc￿￿￿e at the baarKe sheet date. Tr￿Ctir￿S in curr￿ ¥e rtcorde(l atthe ttyti8n Cur￿rKY spotrJte5 of exth￿se at tl date of INaN￿¢bOn. LlffererK£sarisir on SetYthit￿ traisLitian of JrthetaryJtem5 ¥e recognised In the SOFA Theyearoid iale [KeY￿lIng¢n the tsl3nce4￿et datewa5 US$I.. ￿.￿ (2m9.. US$I.. CO.76). For consdKlation purpos￿. balance slets ofsLOgdL3Ties teroted ￿ PwThJ &eding oJrrw fGBW ¢y"ri hb¥e LeTrcc¥werted into ils doll¥at ttre fore8n exc￿4￿e raieas * 31 C)ecerrt)er 2020. For all GBP rerxyteo ryoftarxl h)ss accounts of 5ub5KIK?ries the aver for￿8￿ exchan8eiate ftrthe has been appl￿ at USD rate of USSI .. £0.7812019". U5$1.. É0.791. h) Intangible a55ets and amorti5ation Intansiblea5sets that a¢acquired tyttGwa¥Jtth ￿lte￿seful ate Nwsedat costkss accuo¥Jlaied arKJ •W¥W￿nAated In￿71r￿7y Atrw)rristhn ¢￿¥ yJ•W kne tJay5 9)as towfi off thcost Clan asset esimateduseful ecorkyric life Subsewent exp￿thre Is￿￿ts1￿ txY4hEn ititKrea5e5 the hrtLY2 tenefits in the 5peufii asset to whKh itrdate& Attother experxkiure i% rEc(wI￿ in SOFAa5 WKuf¥Ed. i) Tangible fixed assets and depreciation T3Wtts fixed assets are c4wèlsed at C05t fwec+atkin ts calcuL4led on a stra8ht bne basis SD3S to ¥vrite off the c05t ofan asset over the e51im3ted e(L¥KYnKfie. ￿e￿imatEd li¥Ysof fv¥iure5 fiÈlinES is S yEars p13nt and is 8 Ta￿ll￿e ￿￿ed 8tset$￿ tkryety" methcxx useful b$￿￿ reth￿￿1 vèlues are rev￿ed il the￿ ￿ an ifKIKabon 5irKE13starYrtd rEsxxti￿dJtel￿ ￿ pattttn ty%¥hith Grwpexpectsto sume an asseysfuiure terfits. j) Cash and cash equivalents Cash cash eoui¥aknts ir￿￿je due Irum theGrw's C￿￿#erparbe5 on a￿1 interest bearin8 dep(>5its makntie5 of le5$ than 3 rrxjnths. Foreach sepaTrte 3te&h broker. c3sll On￿ be￿thdr￿ so long k) Cash pledged as collateral of these ¥￿nts ts re5tricied ba￿ upw UPC￿.5 rewYerr*rtsyriih each brc&er at trevear￿nd date. l) Amount5 due fromlto brokers m) Debtors CNIthDS Fund iaFF UKI I Pw 61

7. ACCOUNTING POLICIES (CONTINUED) n) Creditors ol Funds c￿￿￿ted funds art thè urKestrided hJrKls thathm te•) seiaswye è p￿u￿r ￿eTr￿es. Un￿StrICte0 fiJTh4s ccryrisethuse theTnLsiees ￿tree to Use n x(ordance wth charitable 0tr4"ective5 of th2 FouThlaiiDn. Rewicted Cfjnwse lunds thèt trparrf￿3r re5tricW pxrxxe5vthin ¢bjxbvts of the 5trtted wrpose The Expervjaile End(bbV[rk￿t FuThJ rEPrt5Wrt5 tlw)seassets ￿TrUstee5 wnopally In w)str(nts. l￿ween irNe5trnents is accwnted Exo￿tAe Ethvment F￿￿. When the Fwidabon is to meet its c￿￿mItM￿ts frDm re5etve5 of lh￿ed Ful￿. thetewtyJhJ be a ￿$[er frcth the Endwnenl to L￿￿r￿ted Funds to rreel th￿e comErf1m￿ pl Delayed drawdown variable rate notes Tak)s a ￿b$￿ary of the FtyJrJati(Ni rAd dratrmwiab rth5fthe Note5"1 in 21X)g.whth were subsequent amended in 2019. As of 31 December2020. the [%￿te5 V+ErE(W￿￿ tyaFF Cak¥tsl12019.. Foundaknl. Nate5 are das%fed as a finanol asseiat FVPLwilfvn CIFF separate hnarKkal stemert512019.. FwThJation's 8alan￿ Sheet). 5 of 31 D￿e￿￿er 2020and 2019. the Trk?teswed￿8￿￿ied a5 Its?￿litiES al FVPL in Tabs. Separate hnancial . Statel￿ts.As wt of tF w2020￿d Cktrtw X>20 the 0¥￿T￿ShIp of the notestransfentd to CIFF Capital. Refer to page 42 for fun￿￿￿ti￿5. ql Taxatlon The FrAj￿￿￿ ts consithd topass the tests set rAJt Para6rKth I Schedule 6of the FwwrKeAct 20LOand therfore meets the ofa tharitaLlec(MwAwyforUK ￿rpOSes.￿¢(￿￿rE￿. the F£thJaMn is Èxempt ftom taxati￿ in respect of Irr￿ ￿£¥kWa1681nS lecei￿￿th￿ rate61￿5 covered by Chapter 3 Part 11 ofthe CorwrationTax t 2010trSectth 256of th￿TaXat￿Of the CharyeaileGaifS kt 1992. to exknt that or 8ains are exdusmety io Cttaritsb￿ rvrFw> r) Operating Leases nEce5W tc reducecrethl risK ￿ Cw) rr4yrknbank8uxdnlee5 furthe termof the lease. Jthugh the is exr4)sed tocw ￿MI￿al￿a￿ att￿e￿I ofthp current ￿se5. the Grwp typcally enters into rtw ￿ase5 a￿$ thErefO￿ itturtckèthty reatse any re(￿￿D￿ in reydL41 Wdlue 3ttht end of these bEases. Expeclabw$atr￿Utthe furwe ty(balvalw a￿ ￿tk￿re￿ layth ofthe prLwtr& The frn) h3$ into aTr operatin8 kne for pLintaThJ USSNil CNktren? In¥Stnnt Fuhd F￿d￿tIOn10FF I P¥84 02

8. INCOME FROM INVESTMENTS AND EXPENDITURE ON RAISING FUNDS 3 (a) Income from investments rec¢)réed. rentsl IllCCJme fw In￿￿trnent dividend I￿¢￿Te frcAn etyjitysecvrthes %%ithin the hehl by th Group. 2019. the (fi5p￿d all of its Vbve5tment piwDe5. is recorded at eX.di￿den￿ d3te. 8r0$5 oFfora8ThTrMthWingtaxey is recortsl an acowls basfy Gmupyearended 31 December2019 31 December 2020 U5SYAY) usSTr 14262 44,899 54367 terest irKtyne 3234 Rentsl income 17.4 102,366 (bl Expenditure on raising funds The expendiknre oftsisn8 fwdsof U5$13.656kl2)l?. US$98.37W incknles expe￿i￿re relatw)8 to manawg subgdk4rE5

9. EXPENDITURE ON CHARITABLE AcfIvITIES Adi¥itie5 Totsl Charitablt Actlvllles 2020 us$( 2020W usstth) 2020 USS t￿) USS 01mate Change Adolestrnce, Sexual & Reproductive Heath & R Girl Capital ild Health & Developwnt Child Protection Cross Cuthng 151.397 63.227 10.251 611 281 25 11.275 5.830 605 6.714 1.165 6.786 163.283 69.344 10,881 90,529 7,596 27.577 6.431 19.734 I.OS7 334.776 2.053 32,381 369,210 ppryt Totalcharftable 201 U5SW 201P Usst 201 ussr 2019, us$ aimate Change I[￿.287 56.403 11,SY)3 45,797 11.096 20.613 11.238 5,968 1,297 5,490 3,072 5.474 120,367 62,630 13,215 51,548 14,324 26,847 259 Is 261 156 760 Gid Capitsl Child Heath & De¥ek￿t Child Proteth Cross Cutiin8 Ul 254m9 31539 288.931 1115ttr•¢S l¥Se¥r*7

10. ACTIVITIES UNDERTAKEN DIREcfLY The ¢fl￿t e¥endItu￿￿ U5$2.053k1201?. Us$229￿) thilth aC￿￿waS rr4th to CIFFS prOwd1￿ techn￿ stsntt a￿￿traI￿n8 toy7tees￿d cthercharitaL4e and Llisseninats% reptyts on resech firwji ChWdrtn% &)1$t￿ Fund knndaiitsTh ICIFFUlg l *e 64

11. GRANT FUNDING OF ACTIVITIES He4th Gro4) and Foundatton 2020 Climats Heatth& Chl Totsl us$'ooo 5$.1￿ USSXM)o uss'rA)o USSWO uss xw)o uss'ooo Grantees￿<1¥1￿ charitable y kcentyre [kvelOw)￿t partn￿sliPS Active Philanthropy Adoison w￿￿treY African Institute for Dgvelopment PclKy AfrKan Pcwktion and Health Research Center a K￿n FouFKi3tKJn India A8ulhasAprld Knowwe. AIDSVacaneAkncy Coalition AKR5P INDIA 378 822 I￿59 1.059 329 329 533 533 138 359 201 098 750 750 500 1403 liance for an Energ Efficient Econimv liante for Su5twntheEnei8y. LLC 1.196 ALMA FI￿ nt. Malaria No N)re knref AfriGI 520 520 1.190 3.749 1421 3,749 1,447 753 Asar Sotièl Impartkni5U5 . .Bxhpan 8athao Andc Bill & MelirM Gate5 Foundatr 453 349 349 2.741 2.741 BUSAPA Center for Bahaviotsl Economr5 123 287 410 C40 Cities aimate Leajership GrryJp Inc. . Camber Qdle I pa￿ 65

Group and Foundation 2020 Clhnatr Char uss'ooo HÈalth& nd Chikl Totèl Uss'ooo ussyh)o V55YK)O uss'()o uss'o us$'ooo Developrrent Sdutions DGDA Swit2edaThJ Sa iio Ico 118 397 328 328 DKT IrtternatiDnal 4.988 4.988 509 Doc Swety E3G 2.370 2.376 Eddcyve FowKlati 417 417 EDF EuroFe Educate 357 357 15C4) EdutatE Gwls iJSA s￿ Ekjut Energy F￿n￿atr￿ China Ernwrmr￿ta Defertse FLThJ 1.935 L935 7.250 1,183 7250 1.183 52.214 497 5Z374 Exeter UnIve￿ty Feder81 Mini5tryof Health. Ethw FHI Partners LLC 497 4,436 4.436 965 965 Enwronmentsl Coowration Center. Ministryof Ecdo8YaTrJ Ellwronm￿t 330 FoundatKn for International Law for the En￿￿￿Trt 12,754 31X) 13.054 Freedom Fund F￿DA 413 413 FSG Ir 970 970 Girl Child Concerns Glcthl AlharKe for Imwo%td Nulriti Global ￿rtd forwomen UK 3.992 3.992 Global AJrKJ to fi8htAos Tuberc￿$ MalarkA 9.000 Har¥st Aus 691 691 Hattskyay c￿nMunicat HD Envirorffiental Coi%)rtium 301 In Th￿Ir ￿d5 436 lrtepta tharmaceutica15 Ltd iciatiV4 al￿ti￿ de Mé<Ko 750 500 stitute Enew Ect)r￿N and FinaMal Ana￿￿5 Institute fLY Gtsvern￿ aThJ gJstainat4e DeveknpM￿t Institute lor Health MetrKs and Evaluation 500 1.125 1.125 Institute Strat￿C Instituto Clima e kn￿d￿Je 499 529 4.614 4.614 temat'onal Center for Research oThWorrn 933 knternational Centre for Diarrkeal Cisease Researth, Ban￿adesh IPE ac&1 lirrAted 418 418 1.124 17 4.641 trAD ￿rr￿ted 331 18 349 Chudren's kn¥e5trneni Fwda¥oTr laFF UKI I Pale 66

Adolescence. Sexual & ch￿ He4 Group and Foundatlon 2020 Heallh & Chlld Chafflxe USS'Ofy) USS'OL) Totsi uss'ooo ussD)o us$.￿0 U5S'000 US$￿00 kntelnatK￿al Unw f conserv4ti￿ of Natwe 491 491 Jhpe80 Jthn Snw. Inc£Yporated Jthn5 HDpkins un￿£r￿ty School of Public Health 3.029 3.029 150) 754 Kaila5h Satywthi ClxldrEn's Foundaknon ofAmerica Kawa￿ Educiw Fowdati KAntsr Publ 1.1 1.1 423 423 Kenya Red Cross SOc￿ty KybelE Last Mile 141 310 928 928 1,425 694 1.425 694 verpwl Schod ofTrcytsl Medithnt Liwn8 Goods L(￿dOn scho￿ of Hywwe aThJ Tropical Mediune LTS Intematr(ml 7.247 7.247 629 629 107 430 537 Maisha Meds Mann Global He2￿h LLC 329 329 Marie %opes Internat￿7 Medic Mthle I 1.356 1.256 749 749 Milj05tiftelsen Be￿)n3 Mylan Naari 2.381 1381 797 797 350 350 Observer Research FcwJThJati¢ OrE kre Fund 7.424 7.424 1.690 Opts) Orbi 4.893 4.893 OtherGrartees 4,118 1497 1.678 146 3,941 975 13,240 PATH 1363 1.574 Pham ktrss Fwndatr 1,574 Pclcy EXthar￿ Ltd. Pcpulation FouThJakn of lThJia Praya5. Energy Gro 347 347 L649 1540 17.921 32 17,921 327 QultAI Re5utt5 for tknlaprnent Instibjte Rockefeller PhilanthrowAdvi5L¥5, 2,142 195 995 995 1142 Mwntain In51itute s Strate8 Ill RTI Internat*)nal (4581 14581 313 Sandholt Hddng Save the ChiklrEn 313 504 Sedi3 Biosciences C￿n 1.045 1,045 593 SH..24 CIC 593 ChWwi% kn¥e5tywfttF￿o FtyJryJ•don ICIFF UK> I Pw 67

Sexwols Group and Fo￿datIon 2020 Health& Rlghts USS'( and Chlld Totsl us$'ooo us$.￿0 ss'ooo ussTho USS'OQ) U5$'C￿0 Shape Hist<ry souths￿thN0rth 455 455 1.703 5F4ash.￿8 Sknchting the WePROTECT Global Aliance 5,830 The Cart¥ C)ter Inc I.2￿) 1,250 518 The E￿ary$ ReyxJrEes Irstitute The Piy•er of Nutrition 518 3,491 75 3,566 7.487 1.635 The Sunrise fr￿.ect Thomasjefferson UnNeNty Transparent Triggerise T5irEhL4 Urwsity £d￿ation Fixjndation 7.487 1.&35 5.824 55 5,879 Vnited Nations clik1￿n,$ FUTr 3.595 250 4,545 345 United Nations Foundation 345 United Nations Office f¢r Prr4ert Serwces Uni¥er%ty 0fTaM¢e￿ FOL￿datiC Univergty ofWaslin8t£ Washington UnIve￿ty William Marsh ￿"te 5.5CKI 1,234 1,234 753 753 350 350 8.IX) 8.150 Workl 0￿mar￿ngAjI￿9r￿¢ Wodd Health Or8alisatic Wodd ReX￿r£￿ Insti￿te 815 815 262 253 2.035 5.OCrf) Wold Vision Ethiopia Young LNes India Totsltharitsble grnrts 5.826 5,826 569 569 151.397 63.227 10251 83.736 6.431 19,734 334,776 Sew1& Chlldtrleallh and Group and Ftwndatlon 2019 C￿mI Chan uss'w) Chffd Total U5S'0ty) uyyj usswo uss wo uss'ooo enture 416 416 Active PhiLènthropv Africak1 634 Africèn Powlaty"¢n and Health Research Cethter 245 138 AIOSVoccr*Pthocacy Co31rt Stonebridge Gro￿ LLC for gjstauwtle Enew. LLC 3, APCO I￿13 1235 1.235 378 131 431 Bachp3n Bachao Bdl & Melir￿a Gates Fojndation IBMGFI 855 855 1,997 Chlh4rEn's Iw+Txtshent Fund ￿ndalkn IQFF UKJ I Pay 69

SeAual& Chihl H¢h Group and F¢xmdatlon 2019 UJ lrnal¢ ChaTr uss'ooo Hwlth & Chlld Tdtsl uss'ooo uss'c U5SWO ussTho uss'ooo 8RACUK C40 Citie5 Climate Leadership &oup Inc. Campaien kademy Captsl USA CDP 7.041 550 7.591 2.000 731 1520 (7891 Centerforstudyof kixe, Techndo8y and Policy Centre forSuerKe and EnMrcfflmErt 158 558 789 789 cH￿s 251 251 Chin3 l&ti￿la1 ReT￿able Err8y Centre China Renewe EnerEy Soc Clean FuThJ 839. 839 345 345 9.140 6269 9,146 6,269 ClientEarth Clirnate PolKy Initiative 4.128 4,128 269 C¢althn forfJcèal Prowrity Comms Lab 269 342 342 C(xKept Foufvjation Ctykery GrDUP Unlirrrfted Crown Wts 2￿ 210) 2.ICKI Oeutsthe Geselschaft lur Internatiu￿￿ Zu5amrnentht IGIZ) GmbH Ckn£lopment Scluticns oKrinter￿tv￿al 469 475 5.532 5.532 Ooc Sc(iety E3G.7hir<5 Generats Environmentalism Ltd 25 512 EDF Eurcpe Educatecyds 643 643 2.850 1,150 EGPAF 5¢)) 1,449 1.5W) 1.449 ENDfvnd 1,590 8.423 ErEr8y F¢LThlation Chin• Envmnmentsl Deferse Fund 8.423 4.096 4.096 EThwonmentsl Ifwesbgknn Agencylu European Climate F￿dati EwderceActi¢)n 398 398 24.932 428 25.340 2.986 2.986 FHI 360 Iij FMOH. FedeT31 Mirith ol Heahh. 14,5¢Y)) 1.231 1391 ftjundation for lntemtiti￿￿ Law for the Enmrwrnent 5279 5279 2.457 Ffftdom Fund 2316 141 Fllt)A CNk1reDS IrNeJtrntFura FtyJnthdofi ICIFF UK) I Pay69

5exuJl& Chik1 Health Group and Foundation 2019 ia CThmats Health & Child Tptal uss'ooo uss'i uss'ooo uss'wo ussTho uss'oc¥) Funthon Norti(rteQLlada 447 447 Gid Effect 790 obal lrnpactAdMsor5 IGIA) Gl£b31 March India Fwndatic 225 245 470 625 625 fs)od Stuff IP56 1,056 aduate In#itute- Global Health Centre 531 531 Guttmacher1Thstitute 375 375 HakerE5A5xKiates 452 452 Ftsrward Sthool of Heath 259 259 Humanitas fJ(Jbal 0￿k)prr￿t LLC S- In5tituto alma e Socth1e ILARCI Brazill ID Irtswht Piivate Lited Imperial Col of scie[￿e, Technology aThJ Medicir lThaaknva Climati¢2 de MéxKo 519 519 514 514 600 1,070 1.070 3KIJO Irsbtute for Goveman￿ and Jstsinabk Devekyment International c+￿terf Research on Worren 5,275 5275 812 812 International Council c cleanTranspOrta￿n Iiccn IPE rA)b&l Prwate ￿Mted 800 4.853 1.818 6,671 ITAO limited 499 499 Jal kna CharitaUe FrwJndatic 520 520 Sahas knval Deh)ynent S Jhpie80 John Srow, IrKoryated Kaiksh Satyath ChihlreTh'5 undation oftherKa 434 434 3.433 3.433 500 1523 467 3,371 467 <arrw)ha5hi Project s In￿t 281 281 iverpool khoL4 ofTropKal MedKine iing Gorx15 ndon &hoc4 of WrE and rrowca1 Med￿ne ILSHTMI LTS IntErllation31 51S 515 103 259 259 MANA Nutritwe Aid Pr￿UrtS corp￿￿e4 ann Global Heth LLC 6S4 654 arie sto￿ IntunatxThl ematica Pdicy Research Meridkin Emnarn￿ (Ptyl Ltd 12366 11366 261 261 911 911 Metrics l¢r Mar4grrent Miljostiftdsen Bdkna 335 335 1,147 1,147 270 270 aiural Re50urtts Ctfew Courol 3.057 rfventure Fthj 3.057 810 810 Ndren% Fund knTrd4Uon ICIFF UKI I Pa40 70

Sexual & Child Health . Gft￿P and Foundatlon 2019n C4mate Change uss'oc Health & Rithts c￿rICa￿lIa1 Developmtrt PMte¢tlrdTh Cr•ssCwlfj USS'L Total vs$'ooo uss'wo uss'c us$'ooo us$'ooo 127 147 274 fo(kne￿[e PLnY (789) (7891 (9161 9,535 19161 1.493 OtlEr &antees 1.$20 3,179 301 ford Policy Mana8ement ICfMI PATH 301 1.025 1,025 3.175 3.175 tharrn ktss5 Foundatkjn Flayverto Populalion C0￿clI Population F￿nda￿ of Irth Praxi5 UK 2.279 817 242 1521 817 523 523 psi iOB88 72 10,888 690 Quilt.Al Re8ulatiyyA5%5tsrKe Ptoiect Rcthfdler Phsl3nthropK Cc41aiorativE IRPA)4.483 Ross Strate￿C RTI 1nternab.onal Intha 4.483 897 sand￿li ￿￿oIng Satellite Applicatiws Cataw rn) SedKa 8H)saerKes Corporaknon ' 321 321 421 421 1323) 492 13231 492 SH..24 CIC Shakh Sustaina￿e Erry Fojndatic 8htarKI knfe Si8htsavers Sirrpints Ill SO￿11 kience Re5earth CowKil 655 655 5,125 5.125 3.191 15OJ 3.191 5.330 5.3JO 1250 The Carter Center Inc 1.250 The Energy and Re$￿jr￿ Irtstittrte 2C The P0￿rof Nutrthon ThorTh L5CI) TranSpa￿teM Tri88erise Urmted Nati￿5 Chli dm's Fund (UNICEF) united Nation5 Fwnthtitsi 1.1 1,1 7.074 97 7,171 11,(M7) 11.047) 496 490 Univefgty Colle8e Lond￿ IUCL) Vnwyty tsfTarryere FO￿￿ation WdlTdd Story William Marsh Rice 280 450 456 1.409 1.469 3222 3.222 Wits RHI Worfd ECC￿￿1￿￿ Fonjm LLC 303 W￿d He4tth ck8anisakn.on d Vi&Tr) Eth"OF4è Tot charitable 713 713 lQ8287 IL903 45.797 11.096 20.613 254.099 Grant COrnrnittnent5ex￿yed Ina weifw5fir￿i￿l vw.1￿e•￿o thtsfinafvia￿r*￿l￿rritten b3ci 019 figures rÈstated. thto We2 (d)kYfwllv I Pa8e71

1. ALLOCATION OF SUPPORT COSTS 5exy4& Odld Heath Cllmate Chan tjsswoo He4ltsh& Rryhts uss'ooo Chnd Gidcawtal Deve1w￿t Protertian CrBtsCuttln• uss'ooo Total us$'ooo VS5'( uss'ooo us$'ocrt* SupportC05ts Staff costs INote 91 Office expenses vernantt costs (Ntte 8) Travel and subsstence 0,987 2.267 1.146 234 3.7 896 478 342 142 4.148 1.185 853 io? 49 5.410 314 21.530 4.911 2533 789 146 156 io 191 556 78 120 794 sultsncy aThJ contractortosts Totsl 5UPPOrtcosts altoeated 641 516 78 2h18 IL275 4714 3.165 Stxua¢ OMThIHealth Cvma Chan Us$￿00 Heallh& Rlghts Child T•¢•1 U5S'000 2019 ussTrJo uss'oty) uss'ooo uss'¢00 Staff costs (Note 91 Office expenses Go¥tmance costs (We 81 Travel and sub￿sten 6282 1.943 824 1.184 3.232 726 212 92 3.123 1.533 743 3,687 18,583 5,026 1,952 3.523 3,455 429 352 98 157 516 714 132 135 581 Con5dtsncy ￿ntractOr costs Total SuppOrt￿ts alhxated todwitableacknvitx¥ 573 194 11238 L297 5.490 3,on 5.474 32539

2. GOVERNANCE COSTS Group yearended 31 Detember 2019 us$'( 31 December 2020 US$ YKX) Auditor5. remL￿er3tit Le8al fees Professional lees 358 1.919 2S6 274 1,276 402 2.533 1.9S2 Theawjli￿s, r•ThJn¢ra￿. for the yrthded 31 Oer•ts >)20 i<￿￿ betwi KPMG V5$34112019." U5$2W. S.P. Nagrath Ilfvjra Ikiison effice audiiofl VS$1&12019.. US$8k) Mazws (OM"nè ofte ussek12019." Us$8￿. In 20X) r￿Tra￿lit lee5 paid to KpmG￿ US$13k12019. US$3C*> in t00t￿r w¢feSsI￿ Ildm's In¥e5bment Fund laFF UKJ I Pase 72

3. STAFF COSTS Groupand Foundatio yearended 31 December2019 US$ fl 31 Oecember 2020 uss'( Wage5 and 5al¥ies Social security costs Ottrw pension costs 16.830 1.436 762 19.028 IS,104 1.213 16,797 Other staff costs 2.502 1.786 Totsl staff costs 21.530 1&583

h￿ra￿e rnnthWwmber of (tyased on thE duriDE theyeartotalleLt 13213)19.. 1151.

Tre stsff Mfflber5￿Ere spkt bets¥￿ direct ath(be5'. 1ry212019". 92)￿ Indi￿ 5UPPrt ￿[2019." 231. The ThJrrtJer of ern￿0￿ of Grwp ar￿ F￿￿tic￿l paid ￿ the fi{WKi￿ YEar fe•￿tFIn the fdkning bands werE.' Totsl ReThineraikn Bandin¥5 $85k- $99k $99k- $113k $113k- $127k $127k- $141k $141k- $155k $1'55k- $169k $169k - $183k $183k- $197k $197k- $211k 5211k- $225k $225k- $239k 5239k- $254k $254k- $268k $268k- $282k $282k- $296k $296k - $310k $31(k- $324k $338k- $352k $352k- $366k $366k- $380k $394k- $408k $408k- $423k $45lk- $465k $465k. $479k $521k- $535k Group and F￿ndatIOn 2020 Group and FoundatSon 2019 li 12 The stsff rerrrtJnerats)n apobed baThSn8sis frtheyewserNJ8J 31 OewrbEr 202)arxl 31 December 2019. The above Sa￿1185 were paid maill￿ in GBP and inckb benehts d hove Lw tr￿ted￿t theaverage late ol ussI".£a7812019'. VSSI".£0.791. The ct¥)tribJtB%)s in theyewfLKthe a thhned tounthees of F￿ndation ¥￿e U5$684k (2019.. U5$480k]. Trenumbercf staff WIK) were oftr 150 (201tr. 113L TheTnj5teesd￿ not f£cei artyrWTrjneratk￿ for th￿r5er¥￿￿rw￿ trye¥12019.. US$NIT). TheTntsiee5'ewses reimt￿[Sed lortTavel and subsist￿e dwif*8 ttsyear¥(oJnted to Ussik IXJ19.. iY5$15kl hi 2020. trt re1M￿jr$ed ewses is ￿lated toonè tru5tee12019.' tr￿tee). Funrt FLWAnd•tlon ICIFFVKJ I Pale 73

3101￿ni￿ Z020 31 De￿nthr2019 vsstu) USSYK 3.248 1782 288 3,150 Kty Mènement P£rS(fft￿ Lrf CIFFhM dePrf￿a5 ￿.. The 8oara ofTrustees {who4￿ rvx Jn. total remureTrtyor io ￿48￿rt is ty Remwvabon ir￿￿￿S saL4ries. b￿efits in io. TAXATION The Grwp c￿￿anIeS. CIFF Caktsi. OFF CIFF NMco.TPHL TPL CIFF N1Jtriti￿. OFF Inv. CIFF 11. CIFF111. CIFF GP. CIFF Waier. 86 LLPand JI LLP dK¥ not realise •rytaxle mfit in trM5 firyarKi4yw. t￿retr￿e no tsx Its?￿1￿ty.The conwny, Taks, incurred US$ik12019.. VSSNiDof Irish£rKrKfitw)n tax aThJ $672 of %%ith)klin8 w12019.. US$2.295k). The sUbS￿lary i￿npa1¥. OFF IP. irKvried tsxclw8es of UsSNil1￿I9. U5$3W. due toa tayalAe loss of U5$3k12019.. taxaLqe wof&of 11. INTANGIBLE FIXED ASSETS 31 OtteMber2020 31 DecefiÈr2019 uss'ooo us$'ooo C05t ￿tfOrWard thItsc*￿ during the year Atyvarend Charge forthe y AtyVaTend At￿arend The in 2019 relate5 tt> MtelEctt￿ Hwsth.testi￿ The inweitrAe hès remained in its devdopmÈnt and testing fv ¢JJr¥w 2020. As por Fis 102. rx) arrA)trab￿ 15 recorded as the in￿￿Ye assetis rvJt ￿adY for ILS NkJreD's InwsbTrent Fund FoL￿dation{ClFFvKI I Pase 74

1. TANGIBLE FIXED ASSETS Fknturesand FOirry5 31December 2020 us¥(#Jo Machlr Total 31 De£eMber 2020 usFooo Totsl 31 December 2019 us$'TrJo uss'( Cost brought fL¥ward ltiws during theyear Dtsp)sals dwing theyear 1.428 $54 1.428 7.026 472 85 At)Earend 4n 1.982 8.454 1.428 591 361 591 361 321 270 c￿rge for the￿r Rever￿1 ￿ disposa15 Atyeareryl 952 952 591 Net book valu¢ Atye*w 472 1.030 837 FtrAbJresaDd Fixture5and Fthi 31 December2020 31 OeryrntyFr2019 USYOOO uss'o 1.428 554 Addition5 thnng the ve¥ DtsFosals during ye 85 Atyearend 1.982 1.428 Dep￿lation tKW8ht (¢￿Ard CharxÈfor the R￿e[SaI on dispo5315 591 361 321 270 Atyearend 952 591 Net book value Atyeartnd 837 F¢Aid ICIFF UK> I Palt 75

2. INVESTMENTS 31 DecernbET2 ss'ooo 310ELmber2019 U5S'000 Eqthbes. Overseas Inve5frnent funt Mixed motive investments Proerdmme rdated Westi￿nts 3.372.112 66.482 11.410 25.439 3,157,346 80.575 3.426 18.809 d) 3.475.443 3,260.156 14.215 14,215 180 Loans ￿ retr￿¥￿e$ 2.489.244 2.208.753 Total FlnandalAssets S964.867 5,483,124 31 Derwnber2020 ussy￿0 31 De¢¢mber2019 us$'ooo fO￿l8n exchry contrad5 18 55.154 55,154 13.510 13.510 Yrnthd 31 D¢tembEr2020 uss'ooo Yarhd¢d 31 D¢¢mber2019 us$.￿0 Realis¢d Ea1ns/llus￿) on fiTran￿ a55ds fthkbe5 Un￿all$ed gainslilossts) on fin￿￿11 assets Ik*Mlitie5 616h42 1185.7281 430.914 11.197) 720.999 292.307 1.013.306 496 Foragn exchonge 8airSAkn55e￿ ￿ fvwncial assets and ￿￿tieS 429.717 1.013,802 31 Deiembw 2020 31 D￿ember2019 U5S'000 In¥e5trnent 9Jbydiaries Pro8ramme related invests Investrnent in V￿able rate Th)te 13ts) 13 13 556.414 25,439 41,882 18. 5.757.604 3,420 11.410 5.491.737 52.140 L<Jans to 5ub5idYwy IrNe5bnent fiJnds 13 05,355 &137.140 5,887,076 ChWdren¥ Irfftstmelrt Fund FVJtsda￿on (OFF UK) I Pay 76

Trt tatle bebw wtlneSthecate8(￿Ies C•hstii￿ts held the at 31 Deconfkr 20x)￿ 31 OetrrrO¥2019: I￿￿tMent11th Liwn5 sthidiary Rate Notss IrY•Ystrefftts T•t31 us$'ooo uss'ooo uss'ooo vss'ooo uss'o uss'ooo As at 31 December 2019 41.882 18. 3.426 5.757.(lJ4 65.355 5,887,076 Additi￿ "s￿al$ Irwe5tment 8aillsAlosstsl 6.712 141.7631 $49.5&3 9.587 118.4981 15.541 7.112 (2.1891 3.061 5.491.737 5.515.148 16.017.564) 752.480 15.943.4Tr11 185.KO 111.7101 11.5051 A5at 31 Derember2020 556A14 25.439 11.410 52.140 S491.737 0.137.140 . Costas at 31 Decem￿2020 . 6.831 18m3 9.961 .110.(K)3 - S491.737 5.630.535 Inyestmentln Variabl Ung4 In¥stments uss'oTrJ Total V55'(K)O V5S'000 USS'OC￿l uss'ooo uss'ooo A5 at 31 December 2018 41.882 12.965 5,073.412 65.192 S.193.451 2.766 14.6Y)I 3.509 52,OCO (370.8141 11431 iD)3. 1.526 59.861 1375.4441 1.(Th.208 Oistx)sals trwe5tment gair￿l￿O$S￿> 11.3631 Asat 31 December 2019 41.882 1&809 3.426 5.757h04 65,355 5.887.076 Costas at 31 Decwthr2019 41 IL631 3569 4.754597 121.713 4.933.392 The ftlwn8 tat4es the ￿mme￿of the F￿￿￿at￿￿'S uht5t￿lS35 at 31 20Tr. Group Falr¥alwJ•t 31112119 uss'( Falrvalueat 31112120 us$'otr) J1112120 us$'ooo uss'ooo UK É02.558 1.709.C03 156.839 767.979 111.598) 1616.59 54.337 169.9461 802137 1,790.438 1.385.626 IB15.610 Overseas Totsl w4UOt•d Z31L561 W18 162l195J IS92.575 3,201230 UK Overseas 3.171.503 818.7K) 11.042.476) 424.435 3272.292 2.814,233 41n503 8lQ770 IL0414761 424.435 W2292 2,814233 481124 1743588 ILéll671J 408A26 S.9￿.867 6m5,409 afLI5$1.19Tr)i5d￿wthtIi￿Qn US$1￿.4>6￿¥￿tha CNh*èn's Imwunentfwd F￿m￿￿O￿laFF UK& I PaRe 77

Frvalueat 31112119 F4rvah At31112120 us$'ooo Costat 3V12120 uss'ooo Dl4>asals gth51fjoxts) uss'ooo uss'ooo uss'ooo UK 5.491.rJ7 549.563 202.897 6.041.320 88,989 5.491.737 137.967 5.845.194 (s.975.￿￿ Totsl w4￿ted 5A4&194 &5DgA36 15.975AW 751480 4IM309 5.029.704 ¢o5tat 31112119 us$%￿0 41.882 41.882 C05tat 31112120 uss'ooo 6.831 6.831 Ot5pw15 uss'o V55WO 141.7631 141.763) UK Totsl 6.712 4712 The fdlowing tables ￿￿eSent the movement of the Gwj's and FoJThJation's irwe5tments as at 31 tknber 2019.. Falf vaknat 31112118 In¥￿¢M¢￿t DISp￿al$ plnsffjossesl ussyjoo 115S'000 Falrvklue at 31112119 uss'oTr) Cost at 31112119 US$'000 USS'OOD UK 581.ni 2.391.923 .837 12296 002.558 1.70?.OC13 508.616 1.653,814 498.057 11,1912731 Total un¢yJrted 1971644 498￿57 IL193273J X133 1311561 1222h30 UK 2J21.132 1.744.611 11.532.633) 638.453 3.171.563 2,675,243 Total quoted 132L132 1744,611 IL5316331 634453 1171563 1675243 UK Totsl 46.422 4&422 157.5511 511 11.129" li.￿9 Totsl 5,341.198 224Z668 783,457) 68171V s483.￿4 4,897.673 Tr%dittrJVKebe1￿￿ LlSS&8Z7lSk¥Altr￿jFAY￿lL￿ ussimJ.w2L(VamofrnttaY6on ￿h￿lrn￿￿￿uSS1m1j.￿a￿￿ld for Fo￿￿all0ft- Hekl at FairV4 FalrvahRat 3111Z118 uss'c Investnfit Falrvalue DlwaL latr￿o05eSj At31112119 usswjo uss'o Cost Jt 31112119 USS'000 uss'ooo (kneas 5.151.509 59.861 (37S.4441 I.CKTr.X 5.845,194 4.891.510 15L569 591 1371444) J.(M)92C4 &044194 4891.510 C+)Stat 3VIV18 C05tat 31112n9 uss'ooo 41,862 41,882 0￿￿4$￿1$ US$￿00 uss'rKJ UK To 41.882 4L882 a￿d￿'S In¥estrn•)t Fwd IC¢FF iIKTr I Pape 78

1. INVESTMENTS Icontinued) 13 la) Investments in subsidiaries F%vpose Profitllloss) US$ Tr)0 2020 2019 aFFIUKITrathoE bmited rcIFFT￿￿l aFFIUKI Newto Llmited raFF Nev4CO E￿d &v￿￿S i(A) 13) T3kn5 Caw t)￿￿￿tedb￿tyComPXtyfTalOSry fabs Prcpeths FlokliTry Limiw IYPHI?. Talos Prtiw1￿$ ￿Tr￿led fFPL1" CIFF NutrfJonlUK) Limited fciFF Nutrit￿7 CIFF Caph31 UK Lpf'ciFFCaptsn CIFF b)vestm￿ts LLpfciFF h CIFF IPCotimited r'aFF If) CIFF knvestments11 Limited{￿FF In CIFF knve5bments111 LLpfaFF in aFF GenErnI Partner LimitedfaFFGf) aFFWater Lxnited fCiFFWat￿j Ic Enttsnd & Vlales IC(S En£tsr￿ &Waks I(￿." En&aThJ &Wa￿S ic 14) 111,1831 111.1561 EryknTrJ &V4•ks ICQ."" En￿and &￿•￿$ it￿. EnBland &W•les 1549.5831 181 7,926 10.688 19) 117) 15.707 773 En￿aThd &Wakn its)"" Eng￿nd &￿ts￿5 iioi nla 4.713 nla En￿ &Vak5 IQ) Enwand &VAb25 lty) En￿nd &WabES ICQ." 1151 86th Street LenderLLP r86th L Ip>o nla Ilth Avenue Lender LLpfiith LLf) Ennd & Wa5 iCK>" 611 . Ir4kett nddw5 De£ty¥tsr2trX). itst&&a5¥etsaDwed ioU5$17.674kQ019". itsS5.K7535kl.toUhE5Inwthd t0L6$l7ts56kl￿I9.. USSS.937.523WI a￿1 ttsLBSIOkfJnp. uss12kJ tb¥the ￿}￿.￿¢ tsan5Fvred ¢oCIFFCaritsl 5tolalass¢ts•I￿￿e￿b)U5s&I4OjW0Ea1l￿¢Say(Athkn uS$5.5511785k￿￿1￿II5ts¥ftsJ￿ bj US$549.se o) aFF Irwi58 IhTittd ￿aL￿p•￿•pte￿EnaFFCty •1 CFFI ptyi1￿.￿mry2O5j.the tranthrrt0twoFFT￿Iwl8 kooFFIL OFFca￿lI CtrAldren'5 1rwo5trMntFW￿ FowpJatknnlCIFF VK> I Pas• 79

13 Ib) Programme Related Investments is nc bjt tofvtherth2 c￿ts Lthe FoJThtsti The FoUr￿￿on inVes￿d US$1.5 Mill￿ (201P. USSI.O MiirK￿ in ￿L￿ted ifNestment fund5 wch a5aobal Hellth Investment FUnd.Wo￿l￿8 Captsl CQ. LLP and ASt￿a Inc Tl ir￿$bytnts suFwt chariiabk obJ"ectives of the F￿￿lAtI0n.The Foundation committed US$23.8 milknn. of %Kh USSI.o rTh71￿(2019-. U5$2.3 rwwns (yJtsts￿1n8 to be éraw do￿11a5 at 31 DecEmLr 2020. In 2020, the to US$9 ￿￿￿)[￿tts fv￿le kntenticthal fM51l hjrbdinggap fora project related tovb)mw's sexual hethhith is W tothEihartki42oLiecDs¢f the FtyJTwJakn.Tr totsl loan to MSI 15 ci)Thtsacted at 0% intexe5trate. and V5$1m rernairs￿ts￿thn8 to be a58t31 DecemLi 2020.The repèKI during 2021. There 15 fiD accrwd interest ￿paIrffienereC(￿￿￿atJJ 0eEerrt￿3)2Q 13 Ic) Variable Rate Notes D￿n8t￿￿ar. the RthJètiN al c+its tiilwestin the NLrtes ￿aFFC<4ta insettiwntof its ¢t4￿n to tuNI a drawl¢Yn. ralos. as the Note& setued ￿ i￿e￿$t tN4I haS￿Rd and arrya&JiiwJial of princya tryw3yofi in s￿Cle t￿$f¥ ￿ CIFF C•ta.Taloswl ¢￿tir￿Je ro its owi83tK￿￿ ￿ relalion tod1￿7￿8 Te4L4yte lunds fvom CIFF Captsl and Mll I be ￿llYrekned from its Wllq tt NreS￿h￿￿ ￿d. 13 Id) Mixed Motive Investments The FtsJrd3ti00 da￿fied these iThe$b)￿mS as a Mrknt fmmn.as the IrThestn￿ fvth5 CIFPS charitsUe ain5 swel as anbopatE financial rEtum& lry CC14 (CharitiES￿d 1trrfe5b￿rt mattvs". a 8uide fortr￿￿). the Fwndati consklered the of wivate terhÈ to third patescreated ￿ Ththr¥to te reas(AYeand aowowate. The FwrKjati￿ itlvesied US$IO.7 milw (2019.. US$3.4 N4xed lrfvestr￿ftts •) fLThYs Slth asP4u¥antadMI Health Technokngy FuThS. LP. Ckan Ewtrvwbjre FuThl. SrAth Ea5tAsa EntsgyVtyLvesaThJ ResdnlA8n"culture Fund. The invests v) eaty-swcomp•is that hwe PL%￿rtial d at¥lityto•Jdre5s¥rthl ￿1th C￿41￿ngeS akngwth climate rctsy arms rwJtrits)n IS￿￿￿th c(M&stent￿th tt ch¥iVs cty"ethe>The Foundakn C￿MItted US$32.0 Mill￿ towards mixed r￿)tive iffvt5tmen￿ $18.6 mli lion(2019." US$21.3 milh)nl remains wtstan(fing ￿be drawndo%%n as at 31 Dttemtrw2020. 13 lel Unquoted Investments As at 31 C)ecember 2020. ofU5$522 mllimW19.. US$65J rTh1knJ I￿ed US$43.9 m111K￿{2019.. U5$43.9 w￿re the undthin8assets ire tsndercrffistr￿t￿ thE fawTrfibRof tt G4mtbereliatrfy determir&. the dir2ctor5 are required to m3ke theirbe5testiff4te ol the f￿r￿l￿e. S￿￿ert ￿8[E55 beai rnade s￿h that3 reathl¥ a5cttlnablE market Wdlue can be obtsned lorthe undethin8 assets. the investment isvalwd at faifvkn third pathfvaluatiDn5 lwd byindependent experts CBRE knth Aga Ud. Fairv31ue is dEtttrrAned of valuabon methrxth8ies. hic1￿￿kn8 comparable precedent tran&4cbDns and d￿COUnted cash WserffAtiwi￿s Ir￿LKIE tiiyrof fvtvre cash dwount rused to deterrnine thp rt esent vakneof ffu￿re fl¢M> Urquoted imie5trna)ts aknc¢wsed US$8.3 mar￿{201?. US$21.4 miwof assets he￿ ¥￿th an unquoted Nesbment fund The irNe5trnents are had at markEt v&Je bJ5Ed rerKrtsupplrd tythe invest￿l fund 3sat 31 Oecember 2020¥wth anYg•r$￿ bsses b•r tsken to ￿ SOF 13 (fl Loans to subsidiary Fc4k)wn8 the restnxbye of the in 2mtsee page 561tt FaMKlakn US$5.49 b.111￿ (2019.. Nio to CIFF Qptsl The is thesdeknW p¥bvofaFF C4Mtal ¥pJ is the partnerenlide(I to4nyretim from. or share in the ' investrn&)t assets of QFF Caoal. Clkeffj's kn%stmtyit FwndaWoD (CIFFUKJ I Pay89

1. KEY INVESTMENTS AND UNCERTAINTIES The fc41owiThg presents3￿￿X)na1 Ir￿rTh￿ at￿1 ¥&- technknts * gy¥fr•)turN)bsaNth inputsused (or urli5ted assets arLd ltlibes. whth are ￿￿ed 3tfawvea5 at31 tknner 2020aThJasat 31 Decembtr 2019.. 31 December2020 RJngeof Iwer8hted a8elfor SnifKant urbDbservable Input inp FairvaluE al 31 DÈcwnber2020 Vss'r#)O $2rthvttyt(• than8e51nslBnlfiunt ob5prvable input va￿￿tIO AssetuiÉ•ty An increase Ihediscount rate re5uk in a lower fairwdlue Loan5 Cash fk 2.489.244 DwNJntre 7.12%to 20.74% An i￿rease in the drscount ratE ¥Yould result in a lower fair va￿e Investrnenl F￿￿$ cash flow 57.575 31 0Ecernber2019 RanEt•f Iwel8hted ragelfor Sen5ilfvityt• SyafK•rt wthwv•bJ¢ Ch￿￿1 ijJw8nlficant untsbservable input Fairvalue•t Assetcate80ry Uss'f An I￿reaSe in the dixcvnt rate would re5￿t in Iijwer fair vue Loans c•th flow I2￿.752 %to19% An increa5E in the &L4COUnt rate wouW result in loyRr frair value D￿CoUnted cash flow WÈY8led Investment Funds 57.576 18% When deteTrYinw)g farvaluE. thE GttyJpusesvthJatK¥i techwes that max¥ntse use of obse￿￿ inputs arKI minimtse the v5e urobseNable wiwrt> techrwes Ltsedby the to the f4tKvaluE are cOnsje￿ 10 be an iff￿C￿e instrnent Èenere w rime. The Lsed the yths cab"kno￿ Me￿ to the dist￿nt rate5 ofthe ¥estsM•)ts. kn apthn8 thEy￿k1 ca1iLx3tW￿ meth(KJ. ¢thscoffitr•tr bsdetemiined tyfirst estirnatir￿ the yiekl.to.maturity. d.to•L er yld.ttr￿r5la5 of tstest ¢Yatev4lYe knan vfds in an arm5 leTW tr)5Ktion (Lhe ransackn￿ Oètsn.They￿￿ as ofttTwsxtim Date provides an meawreYnt of£omkkxsaDon a Ma￿et partKlpant uires to hc4d a se£Lty. ¢￿1rfYi￿È trans￿ often cws¢oF.111 tr iThiièl N4rket tran5actiOn.121 secondary transactions d131 JnendmentsvA￿ Wwestr￿n1 was ki itwts used undw tts 14bi Tai¥Jn rnÈtfKxJ intlude assessment of the cre¢itspread oft1￿￿￿ab1e ar¥J changes in Cre￿rt￿￿rtY0f the bm¥veras * 31 Dewter 2020. d to dIffe￿￿t fr￿3￿￿ts cfairY The Gr￿p bE1￿5 that use ofLiffeMt indetwmirMr¥the fr¥a￿¢&the I)￿e finarKK41 in5thJments result to irr•Taierial in Pdirva The Gr(￿p.5 rewtR)8 SVStem5 and thE nAiL¥eofthe 1rts1nrnts•￿ the*dlu8t￿￿ mtthkdo it tO8CCUrtetyfanètyse the totsl Emual am￿nts that a￿att￿lMI￿bIe tD LthervtharKI urxJb5ervabfe inw Chlthen's In￿StnIent Funé FoundaihnlCIFFUK) I Pay 81

2. FINANCIAL RISK MANAGEMENT Principles of Risk Management ThefroLP'S [n¥Estmentpro8Brr￿re seeks ta ￿£￿bjrn$￿￿r￿J fry ihe L¥isk tothlch the Gr(xJp is exposed Seeks to miThrnise a￿er9e elfedson the prfI¥Tnan￿lthe"lrwEstrfi￿k Pro8ramme?. InvesthEnts These servw. as partof the investrnentmx￿Srnrtt (the.ItNest￿t Mana8ementA8reerMntl. Include M￿li￿n8 maAa&ng the risksassrxiated vrithhok%n8S￿h investments thr￿ the aOication Of the Investment Pro8ramme asagreed with the FtrJrntsti￿￿TrLstee> I Investsments wesent a riskof loss ￿ caritsl. The rnaXirNm105sofwAtsI ￿ kwg eQ￿and debt seoJiits ts limited to the lairvalue rK Gx)gtiC￿5. The maximum bss ￿ capta on th￿ents carried èt arntrtised cost is the tsnyingvalue of tPose vesbnents as %Yell as y assocrdted accnRd intere5 recavatrAe. On Vrriit￿ c311 optw))% ¢)gtionson equity debt sold the M￿Th￿m loss¢f can te unhyated. The k)55 of cakxtal %%rtten PA 4)Dor￿. e4u1tyswa￿ and forward f￿gA eKhwge contyacts is luiNt£d to the co)bwlvthes oftlK)5e posthns. F< loans se£unties wh￿h i￿￿orate a future c(Thnibnent thue is a ri ofr bss of c1 in exessof ￿￿(ar￿lrEa￿C￿t of those positions the C¢r601idated Baance Sheet Tr fyouo may be c4)liyd tosettk ltrtse cthmnt￿ts ata tirnew￿n the i(￿5￿(￿nt is imwred ar￿ thereftye the maximum is the tctsl th¥jr￿ ￿ Note 21 The Grwp is exp)sed to risksgxh as settknlarKI cu5todyrtsk CLStodyrisk is the risk of bss of hnancK41 assets ar￿ atrMlitio hekl n cu#ody ￿¢asK￿￿ w1xkn￿orll￿tg￿eQf oJstcMI&3n. 5eWemenr riskis tre rsk that a counterpartydoo not de￿￿¥ securitycK itsvaluE as trt seoJritywas bd ats the (knup ha5 already delwered sewrltyc￿caSh as wthe tr apryoDriate W frameth is In p14ce that ￿d￿￿5 the of k)55 of wakne Of￿ fin￿￿31 a5setsaThg lthilitie5 held by the cU5t0rf￿n trctyJnrparty. in Ihe ol its faflure. any cash balan￿5 held the Gr￿p￿reat riskof k75t3Th5 of thecw to securities rN8ht be teMpor￿ty wnpaired. respect tothe ￿1￿dt￿thed k>ar• a$reerr￿ts Gw) is e¥￿e0 ¢0 a wxlevanetyof Operab0￿ risks specific to suth inve5trNents. These llsks are mmg3ted tythe erigagrnt of le8al ￿50r5 and indeper￿ent Ii>an serv￿1￿8 agents duri￿ the dli ￿r￿eSs￿vj hfe The GrDup Ir￿15 in tr￿￿e equity5￿￿￿ties fo￿ard forw exchary canlFact& Thp5e inve5tmentsare generally t￿jed in kne Seco[￿ry the taen to exit a kwtion aThJ the vahje rec￿¥1 depend upon fKtor5 induding the si2e ofthe posit￿Tr relative to the total ￿e Size. the datyaw trdwkne 3NI rxewdWin¥ mtht tr&ids of the period in the tTrde is executed. TheGrwpakn wivaety t)19. The ccrDrwntswas known Js Ctr4id.19 3nd was declared lryWHO èsa ￿Qbal pthc TheTwste a55e55ed the Iffl￿ of m¥ket ¢(Ththb￿$Wi$I78 Irorn the Co￿J.1? ¢yJtbte on the froup's Jbiltyto meet its we5tfflent obiEciive5. to cyerate W￿$b]I¥1t•￿jriSk paraffle￿ that he Èstatl￿hed. ThÈvt4ablityof fv finarK￿lI rTh3thets coubj of the parbcdar the uncertairty around fairvkn meagJr2ments. VatelY￿￿ ￿ ￿Nest￿ts ￿the aYeLI ¢a5e5 aganstp￿t￿I assets in(knirÉ ￿1 e5tste an(J property. Ckneto the ¥okih%tyThl ttre hnarD31 marke& this ift￿ an(xJTrt lenturthrthe ban t￿n88reater than the value Of the ￿Vred assets irtsease tl becomirg im￿re￿ orwns Into thfaultAs ￿rtof￿ (knup's rpairment %%ith thetxepti￿ d 76 Elpjerth Astr￿ •)d 151 East 86th street{￿fer pa8e86 S 871. it Iks tÉen detemiwRd th31 Th) iThJKat)n of irnpawrrntof theas5es a5 5eoJity L£tf*appar•rtdthro ttsyear. ChThdren'5 lrfvestm￿f Fund ICIFF UKI I 82

ltha5ure5 takai by EO•mmtr)ts to tsxJ.19 akn alfLr￿ ￿OrK)M￿ athty. ha5 resulted in ffwcerryan5 expwiencin8 cashft￿chamen&es t¥orn thyuWQ)S to thwWatic￿. operatin8 Costs or decrease in deffland fv[t￿1r WIN15t the C￿> ha5 obtairTrEd certan yJ¥•)tsts frrfft C￿ll￿￿athlate5 ￿ the l)orrrpY.3nd thp rEknntguatsnt(xs are alw required to Satisfy a mirimun rt%%twth armt h"wKSty C(wwI¢ ￿ rep3yment ol the a￿ Wendenton the con1p￿tion of sales of tle underlyin8 c¢w4(Thn￿m5 or ts retevantprcwy ca Efinanon8 ol loan ￿th awtrtrcounterpart. 10 restrictir¥is in place Lo contain Qwid.19. ¢JnumLw¢f saks tr•￿r¥)n$ U)at could ¢￿)￿te has beai reduced and the aya￿￿lity of ¢efiftar￿nB Wikne5 tkTh8thE first half of 2020wa5 Curtai￿. IvM¥er unit sales from cwtsin The Investrr￿l Managv condwt5 re8ULirrevie￿ b)ans ar¥1 l￿Be$￿1th the k&3n Ser￿t0 m￿ltOr prowess. and n￿Y alsoseek eypert partyorirwsTrkne req￿r¥I. The Tru5tee5 the Insts?￿ Manager ttrrn8h the re8uLir FvrthEmwe. the fr￿p.5 to ¥duerfil ri dNer5ihrJtion3nd 5decbon o15ecvritiE5 and ott hn3noal ir6tNwtswlth￿ ¥eofied h'rrmts Set ￿ the 1rNestr￿lI F¥Cer￿Nne. Market Risk )pri￿ r15k The Grcrtjp is t0se0jr￿es r￿e ri ￿ derivative prite rkThis &ises ftom invesfftnts hdd by the Grwpfrrf ¥4thth in the fvtLwe a¢ LvKertain. ￿￿e r0i4rKThtaryfinthKia￿slVrnls asewityseturrbes a￿ dts)L))inaied in Cur￿r￿S other than the U5 dc4Lar. the eXwe55￿ In cutTw3TrJ then cofftrted into US doiarMII aL%o fluctuate becaLtse of chrtes in fotetgn trXtt￿e rates. Pawatth (b1'F￿ exthBnse ri5k' Sets out IM)wthis comw￿￿t of price rith ss tnanaged arKJ ME￿11￿d. The GrDJp'spdicyiS to marw ttYLK¥h iknikatio)•ThY $deCti￿OI securities aThY ol￿fina￿al ir6truments within specified IAmits set the dKectry5 of the Ga￿1 Ptrw rCIFFCapital in the 1rNesbi￿Tht Pf¢8ramffle.The Inve51ment ProgrammecwtsKs reStr¢bC￿$0n mtht expJgJre 1the"Exr￿re St4KYl. The Exwsure PolKy re8arJrg ￿Erall expJ5UFE The use of the tEflll"RefetEfKe NAif V4ithin the rsk marwent refvs to uVal￿ ￿ the net assets of the Group. Grtyjp's ex￿sU￿t0 ￿[e risk in$t￿t rrKtro&o try¥Kk￿l sector. The tsble below is a sumrA3ryof ￿ sectore¥p05wes we in Rele￿nce NAV l¢r the wrpose OF monitorin8 the ￿VeStMent ￿trictions. 31 December Sector 2020 36.8% 2019 Industrials Real estate Soar Con5vmer dixretK Car￿Ate debt Infonnation techwlo8y 32.2% 9.4% 7.4% S.S% 9.4% 98.5% 9Zi% by re8re5Sing the daily ￿tUrnS of the Equity against the daiW retsjms of the MSCI Worhs Equity Irdex includin8 net dMd)ds ￿￿r￿ESted Ithe"IndExI I￿1￿￿r8 ticker'NDDUWII ar¥J effect of movements in f￿n ojrrenry eXch￿Be ratss on equity.wce& as at 31 2020 ￿ 31 Oecerth 2019. Chldm's Irr•Stffnt F￿a Foundatlw ICIFF I Pa4e 83

ana￿￿5 use5 the aftthrf ol the aJsduter￿Yea¢ffv5 of ￿lih the Cw's firwual yezr e the GroLPS incepbon as ￿ eStir￿le the ieasfyw rosgtatYxJl in skknl eoiHty ¢W￿e5. Fty 31 DeC￿ber 2020 this x 29.5%12019.. 10.3%k Thi% the LE5testin¥te ofa tEa5LYth pD55ible shift w) tr kndex over a period of year. havin8 to kK5￿(al w)iAbiity ol tr irwJEX A5 at 31 D￿Ell￿r 2020, the exPJSu￿ oftheGroup to Equity Invesbnentswas VS￿372.112k (201. VS$3.157J4 17 2020. the beta of Eqimty In¥E5tsnwts mL7+￿￿ts in the IrkJex was 0.8412019. 0.3Jl. The figures beknv 8Ne ￿ e5timatiw rfa rEa5[￿a)le pos￿￿Eth￿ in ihe frdlrV￿ue0f the Grwp's Equity Inve5tmErtsovEr the period of onE r. ￿n8 fv itsv￿L￿ 5tsted ab￿. 2020 2019 uss'(K ed effett￿ the rJ0￿S lrhT5tm￿tsof an iruee in the ndex 031.599 131.695 a decrease in thp irKJEX 31599) 1131.6951 The Indtx ha$be￿ used as Ihe refererKe kLynt ¥1 deternMrYq the effect ofprice risk The ItNesbnent ManaBer doe5 not manage the Gmp's YNestmi 5trate8yt0t￿ck Ilus irth Or ext￿r￿ benchnark The 5eDsitiwty analy5n5 e5ented Is b3sed urm ttt Ewty I￿￿ts tc4rY￿t￿n J5 at 31 D￿nber 2020 arwj 31 t)ec•nber 2019 atvj the htstthcal cowdationof retumg hrm ihE 5ewritES ihE Etyvty h￿tr￿lS to the ￿t￿MS. ￿ c¢ynpD5ition of the Group's Ewity Investments. and the((￿E1atNJn therEof to ItKÈK ts ex￿Cted toihare Dver time. The 5En5itivify analysis ared a53t 31 De￿Trber 2￿20 atul 31 2019 iThtatwe of the effect Group's irryestmenis 1￿chon31cUrrerty. the Usddlar. Frytjgn￿rtEr￿vItsk a5 de{￿e￿. ¥is# as y￿￿e of hJ¢u￿ transxtion5, recogni5ed m(netary a55ets and Iithlities Ml oUrCurre[￿e5 flt￿te to thatw in exChar￿e ratE5. The tsble bekw¥s￿￿ the co￿entration of assets habiitieskn¥nated ￿ currerwoyv US &rat 31 Qkcerrl)w 2020 and 2019 and has been ènaw ittty) m(￿￿taryaNj iiem Net fgrward Us$ Wl 15.0521 1451.6241 exposu Us$￿ usst us$ w) 15.0521 79,824 Awtralian Ddkr Carwdian Dollar Chinese Euro Irml￿n Rupee Japanese Yen K￿n thllir Pound Sterfing Itss Frdnc 597 5Y).851 382.480 1.5x1.734 11.477.971) 435249 11,5681 11.5681 133 81&563 1989.7691 1173.2061 340 Net exposu V5$ ￿J) USS'oTr) 81.840) (391.6¥1 11.313.916) U5$ 12.0511 19,4641 410.351 87 13,5421 11882181 311 trai￿ Dc4L3r 78.580 389.465 1.408,913 Canadian [￿lar Euro (7.2851 315.354 87 Indrdn RUF Japar Yen nd Stedin8 iss Fon¢ . 13,5421 ie74.8261 311 The fcdknying We shm hthrica K4atility rate5 b￿￿Trthe US a Bnge of£u<rencies. ThE5e rates Kywdea best e%￿r￿te ofa potential mrp•e exhry r3tew a rwojof 12 asat the statement of fiTraKial p￿i￿date. (Nken% IN¥eSbnent Fund ￿nd￿lIDTh ICIFF UKJ I p￿&￿4

2020 2019 Historkalvolathity Trtes Au5trali¥s Dollar 12.9) 6.89 Canadrari Dollar Chinese 5.14 4.71 7.57 4.91 Ind￿n Ril￿e j￿eseyen Kenyan 5hilWnE Pound SttrfK ss Ftsr 9.21 7.12 11.08 5.52 8.24 5.52 7.39 The fthlwn8 >J￿￿tiseS the attthnt ofthe if￿￿Se/(de¢re8se> In net ¥￿ts aftsing from an Increasel(dec￿ase} the exctwoe rate in line %tsTth the %ithal heNY ctyistanl The ar￿￿.5 beknw prE5ents Ihe 2020 2019 Chan8E in I￿t assets Au5tral&in DdL3r Canadv&n Dollar Chinese USS t) U5S'OCK) 11411 14861 16211 6,737 Euro 32.948 IB 11441 20,149 IndkAn Rupee J3paneseYen Kenyan Shiifin8 pour￿ Steding Sw5s Frar 11961 119.1911 25 115,509) 17 The objecbve ¢f Gmup's Man￿￿1 ￿￿tSt0 ￿e to retain its rxTher &)d ff4nimise the risk that its wrChaY(￿ 15 lE￿￿ell a5 a rexdt of eth￿te nte flucttya¢ior& Trt Inbwt￿t pDce55 focu5Escn Ddarr￿￿ aryj Wetnatic fact(￿ The Inve5tmt Manw n¥JThttys ttomYKy rsk cffj ￿ wire￿$ and rEwrt5to the Finance.￿￿d1t and InVestreirtC¢¥￿￿l￿ m a twarttytrbasi%. tr)Ibrt•trtAt•rkk Grojp holds liquid, intaprt.be3rin8 assets ar￿ Wibe5WEhas rash and ￿t￿a￿e acctyffitswhere d￿ge${n interest rate5 chan6e theaM￿ntof interest recei%td or pa￿ in relatkm io the5eb3L4r Grwp's in¥t5twits #i c•iied at f¥%ue. h) detty)TTh8 tairvakje. the(W(￿Ik￿r￿ntaI cash now tethnique5 and ￿e8￿￿eS ￿1)me at a rate bèsed uTr)n theeffectibt int¥est rd¢eofaH e¥￿￿1 fash fkY￿ (Wer￿ life of the loarn For aN irNestments. thedixount rate used o) the fair￿L•l)￿ iqcti Kated wn5t rnarket Interest fttss and cha)8es in ¢￿￿1t9￿ar1tyorthe t#ytOW. the ear￿er￿ cL￿traCiL41 r￿pIlar￿ aid maturitydates. The s￿￿￿¥Ity3Tr3￿ wesited ts based U(￿￿) the cclnposition of th2 OUP5 a55et ar￿ Irdbilities al 31 C)eceJrthr 2020aThY 31 Cember 2019 arvj ￿ not ￿essari￿lI¥JKatiye oftlE effecl on the NOTh" J months 3months -lyear USS TrXI USS'C InterÈSt be¥rnE uss'ooo ' 31 December 2020 ItsS'IM uss'wj Total U5S'000 Cash at bank and in hand Cash pled8ed a5 ccllateral IrNe5trrnt aS￿ria￿lStie$) 104371 95,016 104,371 95.016 5.964B67 1489244 1475.623 Oths kyotment Fund iaFF UJO. I Pogq as

NoTh- Int•rStrate Non- I￿terest bearfTr8 uss'ooo 3mwth$ 31 Derynber 2019 -l>Y4r USSThbD USS'( T¢)tsl uss'ooo uss'()o ussyjoo Cash at bankaThJ Cash pled8ed as cdlateral InveStM￿t assetsllliabilitses) 555.515 555.515 75.980 5.483.124 45.9 2x￿.?53 3274,371 Credit risk The Grwp ts expod to crthtfsi t5￿ rok thHt¢xe pxty to a ￿￿tr￿￿¢¥All cause a Fryaioal I35s for the other party by failing to (fisch4r8e an ON183￿. Tr C￿p 15 abo extx)5ed IOCuKentsa￿ risk and wew5 thpcredit concentration of debt securib.es h4d based ￿ counterwb.es ￿ irnk&rie The Group's woath to manawrecredir r￿k reco8nw tlwt tlwe 15 a risk of ad¥erse firki￿¢1 Impart regJthn8 fvum fluctuations in uedit quah.tyof third parbe5 indudwl8 def￿￿ rab.rgtra￿t￿￿ * {r￿t5￿￿￿] NM)kN)ts.The Group's credil risks arise principal l of the I￿n In¥eSt￿t5 the Grwp are secuied ￿ mC￿lL75e5a￿a￿￿ ￿Y$￿31¥s5etS inclth4KY8 estate an(1 woperty. The lue of the seufflty reLatin8 to a ban irYEsrment rnayb￿ eojal toor le55 thev of the loan that it secwes. Accordin81v. the eveit ol a deta￿ the fyoup mtyinr a afterall costs r￿ti￿t0 L4JtsiniTwg and S￿1￿& secured 355ets have been taken ¥cthinl Althou8h the C(wp ffonitors ￿ value of the secwed a55et5 w a perityJ￿ bags. as there is no aciive Market for posibons t￿1r fisk ￿managed ¢Ji an e4iosure basTh ￿1th not mare th￿ 55% of ihe Refewce NAV io be thawn under kxns cbssified as Real Estste Trebits5 ￿￿lled ￿ the 1r￿￿b￿￿it marseff￿l￿reement}. to the i1￿￿k￿ naiure af kw5 and the varietyotlisks attactr￿1 I￿￿ding[WOpetyd￿7￿It and corttntratiDll tT5i gv¥fiwt10s￿ couw anse. At 31 Oecernber 2020. the Gnxjpheld in%t5tsTrents in k)an5 ￿lUed at V5$2.489.24J¢12019.. US$2,208.7531. Thp key risk rElabng to eath rrf these bans is p05sbOity that the txyY(Mw%ill rEpaythe Vlkrest aThJ rriropal rEL4tin8 to in fum. To prutect ihe Group agai￿t this (x)￿￿11tyof def3￿ seC￿ty15 50uthI ITUD the iKM¥owes wa55ets ￿¥)rth more than IhEvalue of the loan outstaThliru Th15 seiurity the fom ol wme e5tateassets w) rnarke￿ The &Dup fflonitor5 thevalue of the 35sets thsed a5 5￿Urty lryeng￿r¥ in(petKknt expvts to mvje wa￿atiorS m the a5setson a p￿0dIC ba515 and cotisidErs TW the a55ets win5t %slxth k)an5 5eaJred the has an i￿1rett exrK>wre to reductiLV15 In 0$5etvaluaithS as 3 result of a market crath w(thr tal ever*& Thi5 theanJrt knt L￿￿er a kan beir￿ 6realerthan ihe valL of the secured assets atKt increase the wcoablity al the irrto OEI•J The Grojp wutecied ￿lIt ￿t0 s Ifflrned￿lte repaYn￿t in the event that thè baT0v￿rbfea[hes cwtsin a)vpnants. These awEed ￿ a bass ar the￿￿￿lah0n of &ich deal and may intlude wih as loan.ttr¥alL ra￿. ntsrest Cover￿¥j cther bwd metrK Asof 31 De£embpr 2020. the b)rrLYWfX5 under the bans I￿ted bek)w%re in mèieria iyE￿h of tlwknan ((P￿￿¥S{201￿. m￿tiP￿e%￿￿Of dEfault haww The G￿￿PalsO 5eek3 to obtan Cert￿ wJwwtee5 fvtyD cretht ￿(￿1•ry￿aèteS ol the brn. GuaTrnteE5 ftr.cOrn￿etv￿'. or and rEcour5e dAvdations' guarartee fil the l￿free[(￿le¢¥￿O¢ project the p3yipentofan e4L¥valent arnL￿ to the lender to allow it tocompletel.liil the payrrnl of cwryc0515 untl tl elw of loan repa￿nt and Comp￿tIon (irKludinE ￿te￿5t C05ts1 fii)i aiy105se5 wKurred Lry the ￿T￿lera5 a ￿5VIL0f5pK1fyed acisof the b￿rth¥erer￿ated parties. The re￿antguar8￿tOlS 151 East 80th Street LihiTrf80th5trttt Lom? With re5r￿ to 86th St￿t ioao the bunmwfaI￿ to rthy(Oa of intere5tdue ￿ the k>an In March 2020. aNJ (ill the interest the on the roan Awl 2020 up to (laie heml￿ Lhe there10re￿ deluJtL Tr Investment Manager tIK>k the decigon. %ith effect fffjm fknmber 1. 20J). tOc&y￿ t0￿c￿le intertst on the k>anthle theexit 5trdtegy15tiang dptrrminej. CNlthtn% In¥utrnenr F¥Dd Fwnda¢Sw ICIFF UK) I P￿¢ 86

7a W¢¥¢•thAv￿￿e L047fi1"IIthAvernieLoafi? With re5pett to the Ilth Ave￿ io•). a potential btdthotYtYWa5 ￿kntifi￿ i￿￿u#2019 8Th$ the SO￿ht ￿ fdise additiDnal equity. FLnding otloan att¥¥KES tmrt a rerYdfK• of n8hts rotice wa5 tKINKled to trorrtyver. ￿Se￿n8 the nght to Stop fundMwarMJ call an e¥L￿t Bv Marth 2020. the Ilth A%trtr Loan had been alfr￿$t fully funtSèJ and the ¢Jgetdeha￿¢¥hWl 11K￿ased as a result of c05ts.Tr swnyjr wniirvjed to raise equty but cess. During Ntyember 2020. the lr￿bT￿t decthd to 51q) rE(08wrygany IwthEraccDJed incomE on the kjan and updated the Net Prewivalue I'NPW) cl the f¢r theathlibc￿l funthrBneces5ary to CL¥Dk4ete the WLyect whith on an NPV b3sis in a the loan The C￿up is 0 exoosed to cowterp¥ty ueoht ri%k tlwh tr I￿r￿?￿￿ r￿Dd￿ts. cash and cash equivaknts. G￿h Jgtd as c¢Ylateral. dLE ftum brokw5 and OttrTrett￿dble ba￿e$. One elementofcounterparty credit riskis th fflmrtoring of rhe credit of ￿rbe5 %•1￿rEal Mat￿1311(1￿￿7ts dL from brrthEr& cash arns shcrt.term dew5its xe hekl by partie5with a credit ratingAI/A 311)errnbr2020 31 December2020 Countewparty vss'ooo HSBC Bank FYC JP Morgan Chase UBS AG 8artlay$ Bank ABSAGr￿P ￿Mited Wdls Faryo . Citcts knk Nededand NV Al A+ 196.316 15.632 146 3.171 133 3.16% 0.25% Al 0.05% Aa2 NIA NIA 0.01% 216207 3.47%

The anal￿5 bekmsurnmartses the fw?'sepwosfft ￿(￿nte￿pty￿ed1t r4lir¥al 31 Dewnbw 2019." cred1texs￿ur• 31 Dr(¢thber2019 uss wo 31 Dttember2019 Counte¥p¥ty A%¢ts HSBC Bank F1c 598.831 25,816 970% 0.42% JP Mow Chase UBS AG Aa2 Aa3 Barday5 Bank ABSA ￿tiNted 167 Wells Fargo Bank NA tco Bank Ne0erta￿ NV Aa2 285 625.157 10.18% le55 15%of its Pfer¥te NAV. In the event ofarty trach ofthea1￿ rtt)I 3 ¥￿tS￿eSS days of the date ol sth ￿e1ch. the FoJndation nagerynt shall In ￿1r $ded￿￿tion detemiir act&)n a￿1 seek toxhie%..lwe k¥acticat4ta rectificatiw Qt the brtsch ithin a ￿SOrt4e tirrefrdme and/￿ a c(xmfferual In additw Cw) restrKts its eX[￿￿￿e tocrethtlThe5on tr tradA￿derIVal7￿ it￿d5 ￿ incjLAIi￿ retbn8 ree￿nts with co￿terparbes (apr￿￿ed trokers) it ts￿ertakes a ggr¥fiCanL%￿uffle of tr8￿ch￿l5. These nettMI8 P1tr46ions ¢Jo rKJl re￿Il in an 0115et on the Consdidated B3￿rKe ￿ 35 trarisKiiw5atE U5ualtysettled on a 8r05s basi5. Htyvever. the uedit rtsk ￿sOcIated ￿th fa¥rUrab￿ c￿lIacts ts reduced to the exlent ttwt ifan eV￿l0Fdef3U￿ occurs a13rnunts %4ith the¢￿nl￿partyare tefffl￿ted aThJ seitled ona net basi The Grwp's overall exp)sure to rJedit risk on derivatweirtstnrnts wE4eLt toa rangemwtcan thary 5ub5tAnb&lywthin a short as it isaltected try exh 1r3rffj￿t￿￿ subject l transactiwts in listed seLuiI1Esa￿ sei¥Edlwd fc¥}j￿ tmkw>The riskofdefault ￿ cons￿e￿I minimal. as delweryof 5ecuritie5 sokj Is maL LKKe the c￿Le￿>3rtyha5 ptynnL is made ona wrthase On￿ the securities have been recaved by Cw. The trthwu fa￿ ￿the[p￿f8I￿to its r4Yryation. The Grwp th a￿￿tsd HSBC Bart fHsBf) asLIJ5t(xlvan wvj brtkerand pThIderd0￿r%eN￿eS linthJdinE financi￿> nder the term5 01 the HSBC PfMTE CusttyfyA8reern￿t HSBC xtas barer. oJstooj￿•Ml bnjkerofthe cash and 5ecurityesddNe￿ to HSBC arxl ¥&ill bere4yJn￿b12 forrecei)taTwJ dithTsetrnt of cash bth41f oftheGtwp. forthe receipt an Fe custodyand regisbaticryof securibesof ihE G￿￿ParKI tyan5ferof securities the Group. The r￿DuP ha5 bDth a I￿stOdy and CrAlater￿ accountwith HSBC HSBC ￿[￿￿￿￿31K1 sÉcuribes krnlin8 to tre fmip wr5uant to the HSBC P¥irre StodYWee￿llL The cdkteral to supwt xurrbes Iwding orotFereNp05ure ¢ HS8C to the G￿up w￿11 be hdd in the cdlateral a¢a￿Trt %Mth HSBC natne ( the Gtoup. At 311)ecember2020. 94%12019.. ￿%> of cash and cash pkd8ed a5cdlateral atvj itwe5tmentsfE pkxed ￿ cu5Lixtyith HSBC The Group ha5 3lsDaFwnted UBS a5 3 Iu5todk3tL Tht brrera8e 38reementwth UBS AG states that the cwnterpartyha5 the right to uthe. rt-lrywthcate tr c￿.5 kn sub1￿1 toa limit e4L￿1 to ICKY% of the indebtedness L the Gruup to th2C¢YjntWPty.Theaw￿* Is0￿Yes3 net SeItle￿ in the evEntol an end to the prThe br￿ge ag¥eemenL Chlbjrenl Ir¢¥e5tsmert Fund F•JrAi￿on ICIFF LIK) I Pay88

Llquldity risk lity risk thE ri&k that the Group rwbE Utth to Ber￿ate 5ufficnt cash tEXMrte5 to 5EWt its¢bli8atsns in full a5 thEyfall due t ID so on terms ihat ￿ materiafy d￿advan￿5. The G￿P ￿ eyposEd to the dal5eWErn￿t Dfmawn ￿115 on dErivative5, 5eWement offundiDg rEqueststs) ￿￿5￿11th ￿ InfuThled commitwt (see Note 2(f) a[0￿ntin8 w)liy1￿.unfur￿d c0mTritrnen￿, for further¢ktalsl. Note repa￿￿￿tAu￿ and the3￿rn￿ payw 0fMte￿$tthe to the The Irwestrnent Marwrmanth5the Cfftv's hwtrfi¢Yposityon ￿ a darfytrass ac￿￿arre 38reed risk ￿ports to the Gr￿p w a The liwKJity rerot has beai de￿g￿eLl tocr¥thm) that the Ckny has sufficient re50urtts to coverorqected A5 part ofthemana8ament of ItqUKthty ri tl Irfyestsw Flwme fvn¢to the wuntol c£xmmitmwts as a cethn percwta8e d its Reluence NAV. The Grrw3 main swrces of We listed equity seoffitie& actthlJwJed ¢wyatedebt and cath The3ssetckss In￿stment restDcbons a prr4kntim of Ihe Gr￿Jp'S a￿￿5¥re in¥t5ted in the5E tyw5 Df 355pts. %thichcai rEadily disposed. Group 50 the ab￿lty io r￿t Note Lli8atio75 5peci2 de￿￿yo13 t¥0 rab ofthe wwe5tmetts In the prrttlll￿ attre red¥npbcm date. not traded ia ￿ active market.As a re5dt ther￿ may Mt te aNe to wthlwKJate these 1rNeSt￿tsat èn anK)unt c105e to thEir fair￿kne to meet rts Ii(yJidity teWlem￿1ybe thto re5w)J to speohc such a5 deth(TrtK)n ￿ ttÈ£reditworthw¥5 Qf anv .The be￿￿¥t3￿￿eS3￿aty5e the Cw>'sfirw¥ into rdevant fflèbJrity8rti4#785 b3sedon therexmann8 at the en Sheet date to rnaturity date. Ito3 3 mwths to l year ItoS Mtsreth•n 5years I tnonth TotJl USSWOO JI C)ecember2020 Creditors.. Amounts faiir due within yeai vss'wo VSS'fW]O uss'wo U5S'000 uss'ooo 101,BSO 2.557 ¢Y).950 165,357 credit￿.. 8mounts flin8 due in than one year 34.458 34.458 Totsl liabllldes lo1￿50 ¢50.950 3U58 199M15 Grwp l•5s than Im¢)nth ussyNJo Ito3 months uss'r Ito5 Mgre than S years tol year USS'OOD years Total vss'oLyJ 31 Decemb¢r2019 Creditors. arnounts faFA"nK due within orE ye ussy VSS'000 214.401 71 12.204 220.676 Creditcrfs.. nounts falling due in than one year 45.980 45.980 Totsl I•￿tieS 214.401 45.980 272,656 FouThJètiM h'wdity risk Asdiscbsed in note 13. the Cwha5in¥e5ted %thKh an ¢j￿ertain ¢crn￿tIr￿t that it TnayL ￿￿1ged to pay at a futu￿ date Tr likeliho￿1 thèt iF5ec(¥rmitrnwis paid Lythe at the balance 5hee date. The total uncertainc(wnrnitTnents 3sat Ji fkcerter 2020 teen estimat￿ as US$I.02&307k12019.. USSI.460.955k). hmoF￿¥Watkn laFFVK) I pa￿ 89

1. DEBTORS Group 31 Dec 2020 Group 31 De¢ 2019 uss'ooo FvJTrdition 310ec2020 uss'o F(xJndation 31 Oec 2019 us$ D)0 Interest rectiva￿e 2.196 1.778 0.411 7.741 thMdeThJs receN3￿e 1224 19.2X) 11.869 2,543 33 223 23.722 552 Amunts due fmm.rel)ted p•trs 758 563 743 Totsl 33.071 18.689 &319 24.497 The debtorar(tsJntsduE fivm bro￿ wKluth5ca5h from I(￿3rd frryn e%th￿&e cwtr3Ctsch)5ed ￿awaIiing settJemEnt. cash ftryn trades s￿d rKéitt sett*d artd IrterESt￿ce￿abbE.
2. CASH AT BANK AND IN HAND Ih orr4inaJ maturibes ofJESS than 3 mLth. Cash prfEdBed as£olL4teral 1rKbjde5CL￿terJ b3kne5 •ThJ ￿[h fywp's C￿%￿Jian artd brokeraThl otlv Counter￿rtieS Theuse of tfse )KU)tsIS￿Strtho based the G￿p.5 contraciL41 fflarwn expD5ure5 at the dat The totg of cash at bank and cash pledged as c<Akterai is on the f￿e of the cLnY￿idèted BaLl￿e SFetaTrJ nwent reflected wthiTh ih? Con5didated Cash FIN StaiamenL The fi41u•Mll8 tth STr￿5 the breakdown afthEamount5 ¥￿th Custo￿$3￿1 other cryjnterparties a5 at 31 December 2020.. CashaTrdcxh ewfvakrts 31 Oe< 2020 USS'(yx Cash pledted a5 coIL7tsral 31 Dec 2020 uss Thx) Cash4t￿nk ￿M￿fitsth aThlin hathd 31 Dtc2020 31 Dec2020 vss'o U5STh0 due tobrokers 31 Oec 2020 USS'(K Net<ounter- pxty p05011on 31 Dec 2020 USS'DOO Custodian and prime broktr HSBC Bank PIC 84.480 95.016 179,496 19.220 12.4CQI 196,316 Othereotsntewath JP MorEan Chase U85AG 15.632 146 3,171 133 15.632 146 3.171 133 15.632 146 3.171 133 Barclèy5 Bank A85A Group ￿Nited Wd15 Fargo Citco 8ank Nederland NV Totsl 104371 95m6 199J87 19220 12,4001 216,207 hlthen% I￿Ve5￿Ment Fund F￿datIon{C1FF UK) I PaB•

The folltrins tsb￿ 51KMS the of ttamwntshith custeth OtherC￿t￿partieS as at 31 December 201?.. cash1￿(1h ¢4thakn¢5 31 tk¢2019 uss'ooo Cash￿¢48¢4 OS¢(llateral 31 Dec 2019 vss'o Cashat bank and in haThl 31 Det 2019 uss'ooo Amounts due frombroke 31 Dec 2019 uss'oTrJ An￿￿￿t5 due to broke 31 Dec2019 uss'ooo Netcounter- partyposltlon 31 Dec 2019 uss'ooo Group Custodlan HSBC Bank Pk $29.189 75.980 rf15.169 6,411 112.7491 598,831 JP Morgan Chase UBS AG 125.816 2SB16 25,816 8ar£kny5 Bank ABSA Gr￿p Ltmited -Wells.Farg-- Citro Bank Nedertand NV 107 167 167 50 285 285 265 Totsl 55&515 75.980 631,495 6,411 ll2.749) 025.157 The following table shows the tweakdr￿M of the cash and ¢ash ewlval￿ts of the FOUr￿ti￿b hdd with c￿nterpartieS as t year end.. Cashand tash equlvaltnts 310¢£ 2019 uss'ooo 31 Dec 2020 Uss'oth) Foundat5on HSBC Bank plc 37.lj 21.096 JP MorBan Chase ABSA Bank 15,632 25.132 133 BaKkys Bank pk 3.171 167 55.942 46.445 18. CREDITORS: amounts falling due within one year Group 31 Oe( 2019 US$'L FouDdstiD 31 OEC 2019 us$'000 31 DK 1020 uss'wo 310¥ 2020 uss'octyj 12.749 Grants 74.095 83,629 74.418 63.629 Crerfitus 106210 1.213 Loans iio,c¥)o Duwative finarrl liabilities 13.510 Accrua￿ and defer￿ irome IQ413 7.532 7.290 Interest payat4e 57 Taxes and srKial securtty costs 299 299 71 165J57 226.676 193.462 91,991 closed bJt awaitin8 settleme CNldreTr'&lthstAiert Fwd F¢￿￿&11￿ ICIFF UK) I PKe 91

1. CREDITORS: amounts falling due after one year GvJup 31 Dec2020 Gr 31 2019 uss'wo Foundahon 31 Dec 2019 us$'o(K) 31 Det2020 uss'ooo Credtior5 pay7tr1e betsren l and 2 ye Creditors partle belknyen 2 and 5 yews Creditors pay*le after 5 ￿r5 34.458 45.980 34,458 45.980
2. MOVEMENT IN FUNDS Funth weretransferred frcth the £m￿datIe Endth￿ FvThJ ti) De5Wted FurKtsat trE yEarerKJ. Group Ilame Tran51er Balht b¢¢w¢rD 5•t lunds 31 O*c2020 U5S'000 vs$'ooo FX8alnsl dllferen reser¥e USS'(KK uss'ooo uss'ooo uss'ooo uss'o VSS'(KW Unrestricted.. Income f￿￿5 .615 1371,0161 11.19n 311,598 De￿gnated fvrids 657.971 115,3921 642,579 18.561 111.850) 711 Expentkble endcmment fund 5.21H.018 17.496 4￿￿.914 12962061 5.356222 Totalfvnds se61,989 W72 13610661 4x914 11.19 41X)5,512 Group Balance asat Exchart8e Transfei ealanre reser¥e Uss'ooo l￿d5 31 Dcc 2019 uss woo uss'ooo uss'ooo ussTho ss'ooo uss L¥yJ uss'c Lhvestricted.. 0> llxome fvnds 1383.S6n .496 383.071 Designated fvnds 569.769 8&202 657.971 1740 11740) E¥pendable endcvth￿ntfu￿d 4,S58.307 102.366 1.013.3)6 1312 1471.2ni &204,018 . SW076 101106 P87)17J U113 496 5.861.989 ITJ Reser¥tt thined Ln¥trKW totsl U5$169.323k 12019.. US$192.9Th). a￿dr￿.￿IrNI5tffifffflt Fwd FLwTrJadoh) iaFF I P￿?2

Foundation Trnnsfer asat 31 Dec 2019 R¢SWr￿ Expended Jal us5￿) usswoo VS$￿00 Balanceas 310ec 2020 uss'ooo lund5 us$'ooo USS'OOD U5$ ￿00 Vnre5trKted IrKome fvnds 57,372 1351.4841 11.191) 295.303 De￿8￿ated fuThls Restricted income f4id5 657.971 115J92) 642.579 18,561 118.5611 Expendable end(Mtnent fuThl S.20B,893 432. 1279.9111 S361,390 SM64864 75.933 137Q( IL1911 4001969 Ftyjndatton Balance asat 31 Oec2018 vssTho Trah#for Incon¥n8 ReS0￿rreS In¥estmEnt FX ¢aiThsI Balance asat 31 Oec 2019 uss'ooo uss'om uss'oc uss'o uss wo us$'ooo Unrethcted IrKoMe funds 65 1267.07 1397) 267.403 Dey8n3ted fund5 569.769 88.202 657.971 27.462 127.462) ExPer￿al￿t endowment l￿d 4.552.563 I￿11.935 I355.￿5] 5.208,893 121332 27527 (2945331 LOIL935 139n S866,864 A5al 31 DecemLr 202Qthe Trwtees IwE3lLKate¢J U5$642.579k(2019." U5$657.971k)of de%￿ated funds %¥hith rewE5Wtsh￿¥Js 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund5- Totsl 31 Oec 2020 uss'ooo Fund5 us$.￿0 31 Dec 2019 us$'o uss'oc4) T￿￿ble assets Intsn81b￿ assets Inve5trnents 472 7502 5CXI 837 5.189.617 172.958 16.3531 S356222 775.2Y) 59.261 1193,4621 041579 S964M67 232,458 1199M15) 005.512 5,483,124 050.184 1272.6561 ShOl,989 Otherassets 239 abilib'es 6.711 IM*$bY￿F¥￿d F￿ndatkn IUFFiIK) I Pa&e93

1. COMMITMENTS AND CONTINGENT LIABILITIES At 31 D￿rnber 2020. the c￿4)had ofU5$19.435k12019." U5$23.754k) in relabw to theuNuctsd irwestments hdd %ithin the YNe5tment The Grw has YNested in b3n5arvJ curibes 1r￿r￿y3tte • ￿￿ert￿n£{￿rIffllfy?W thai It be ot8ed to pay at a futwe date. The likdhu(wJ that these (L¥nmitJ￿ts we pad ty the Cw) is L¥[th￿ at ba￿￿e str￿[ date. The tot31 Lniertn Cfjmrnitments a5 at 31 Decembet 20X) estirn3ted a5 US$I.02O.￿7kI2ol9.. uS$I.4￿.95￿. Charitsble y8n¢ fvn41￿ of $3tth to the &gWin ￿n￿l￿O￿lUK)y1as 5PEcifK (¢￿￿li)Un$ cw)ants thich werE ryJt met a5 al the 31 Oecember 2020. therefort rK)t IrKI￿je￿￿ittmft￿ h"abAitbey F￿lI￿r￿l¥lL%>l prwded ￿1n wst ba￿￿(e s¥tet events treferto ￿￿te 261arKJ the r￿entd￿t sectrJ) oflts straie&K (pay 451.
2. OPERATING LEASES The totsl rent charged a5 an elpense in the SOFA. 6dsd05ed bekJK. Group Y&¥ended 31 Dec 201? uss'c)o F(wThlatiori YeartrdEd 31 DÈt 2019 us$. 31 tkc 2020 ussYJc Rent 1.688 1.388 1.688 1.388 The Group had commi(ments to fuiure rrmninum lease payments undtr non cancdw opeiating ￿ase5 atthe year end as follows.. Grg 31 Dtt 2020 uss'ooo Group 31 Dec X119 USS'(N)) Foundat1( 31 Dec 2020 us$ wo F¢undation 31 Dec 2019 U5$,1￿) Land and &Ji￿l￿a L￿$ than or yearf Bemttn one aTrJ five years More than five L363 1,350 3.974 1.922 1357 1.350 3,974 1,922 LxI7 1207 073 72 050 7,246 111 Indude53 ¢¢MnmilfflenlurMSEran ¢ytatMwtease ￿th TCI Fund LMIMW to renW5 t￿rir￿ the f•Wtr￿r*the period of these aCC￿￿t$01vs57O2k IZOIP. U5$335kL
3. RELATED PARTIES Investment Manager TCI FLd ￿tsnag￿rent knmitsd Irci FM) actsas th￿tMa7t manyto c¥tsin mtymts of tl Grtw.TCI FM. its varhyJ$ 8roup erbtities. are ￿)ma14Y ¢fy7trd￿ trySirChrstrWer Hohn. a menkn•¥J trttstee rA CIFF. rnanasemenla8reeff￿nts %%ith TCI FM.TCI FM 15 er￿¢￿￿V1ee fo-t1￿ ¥Tht5tment m￿&$eIr￿t service5. FurthEr.TCI FM. for itself and on behalfof &rChri5tokther k¢th •ThJother partes related tofci FM aThJ Sr Cmstophtr HLkn. UniLiteral￿Wo￿ed the right to retyve any tweht {Whet￿hn￿o•l (yrw.ffina￿￿I tmrt ineath case hwn8 a respect of the ¥mvi￿on of . investment mana8emert toaFF Caixtsl UK LP. a5the rwrI￿1n ￿NEStinent trKA(hn6 C(X7￿yof the OFF Cnup. Prior to October 2020. on an the fvJrMlaiiM swghttrEaNMoval efthe ClwTty c￿￿n￿sK)n Iri rEspect of3ny bEnÈhts 8ccruir ttr&rChri5tother fr￿ the inNE5ttnEllt re&tiwthipaskn tke ￿ Int￿25ts of the F￿r￿latIon. The m05t tecent appreval was¥alwJ wtii 31 O£tthr 2020. rutrth. 1￿Chari￿CC￿nrn$9￿ confirmed that its engager￿tIft ￿speCto CIFFS invesbnent rnanagen￿t ar1¥￿ts had£￿￿KIed. fward f￿04￿rY￿eXlernal legal aFFvhll no ￿￿8er seek the Charity Commi5shY'5 lor4ts wh5tment marwMrtarwMtswithTCI FM. Prior io the ￿s1￿ch￿"t￿ltittes wthin ￿rr￿PwelP th3r¥ed US$1.￿7k(20l9.. US$95.&JW ￿Ta FM in respect offee5 farthe m3na8emenl 5epiKe5 in feLition to its 1n¥e5trr￿I PLYif01￿ LKI Us$1.￿￿120]9.. us$￿.01$k) was charged for TCI Fm's Lwn account and USSNil P019. us$24.988￿ wd5 thwBg¢l fc¥ IEesTa FM w5 f&r ￿j￿7￿￿ted irwestmÈnt manasetrnt5WVite& USSNllTrmrTred Ch¥th*n'5 I￿￿%1r￿errt Fura laFF UK) I PaK¢ 94

tstanding as at 31 Qkcember 20XIII)19". Us$58.ctw￿ l￿feeS(har6ed toTa FM s account USSNil remairtd wtst•idin8 a5at 31 OeceNef 202012019.. $48.848k) fer f￿Ta FM ￿$tinent servKey During 2020. an amtrjnt OF US$842k1201P. VS$69(Wwa5 CW to entitie5ithin the Group from TCI FM. #) r￿a￿ to exFerses incwred byTCI FM tehalf ofthe OFF C￿p irwtment Thin￿(On￿5￿￿E of rewrch fee5 injr￿dtyTc1 FM for the ￿h1of CIFF￿th third ￿ties. U5$32k rernair￿ PVdtAe a5at31 DetethX)2012019.. us$￿). rtfm)ore. fortheye ervjed 31 De£tr2020 OFFwasakncharyd US$883k r2019.. U5$54Tr)tyTCl¥hLJwiE c¢mpany. TCI Fu Managern￿¢ IUKI LiNted. rent￿ 85XKiated wrwty ci)5 Donations Durin8 2020, TCI FM made ￿ ￿reStritted (kwtth to aFF£¥Us$￿.615k (2019." VSSNII and re5trrted donabons of US$IO.711kin 202012019.. USSNill to gjpport the chaiitaNeathihes of the F￿la￿. As at31 [)e￿nber 20XJ.TCI FM h￿1 commitsj a¢A[￿lOnal fe5tricted funLlng of U5$3.139k (2019." U5SNill to be pakl in lubjre ￿ar¥ &rChri5tLY￿rHIthn is alststhe fuL¥￿ra￿l tJusteecf thechristopfv F￿n￿at￿￿ (v￿￿1￿h d￿r¥ 2020rn•de restricted donations to the F0vnOa￿n of U5$7,850k1201. US$3.7(K￿. As ai 31 C)e¢￿ber 2020. the ChristophEf Hohn Rufmjati￿ IUK) had coThutted addiMftoI resirKted fthirÉ of U5510.91( (X>19.. US51&8(th) to be paKJ in futwe years. Subsidiary director fees IXJr+n8 theyear, drectU5' feesof V5$31k 12019.. US$29kJ thar8ed to Ts. fee5 d USSl8k12019.' nJi I forJacknÈ Gilr(N. TristanvaNderVw%fft th¥#ed to aFFGP. ￿0￿￿￿re¢l￿5 ofCIFF 91t￿dI￿rieS were entidpd to fees. Common trustee5 In thE nortDal ioyt5e ol dritaNtBrartiAi Ilo£an be theyants toC1w￿t5 that hwe tru5tee5 in mwrfrrtjn w•th thE fourttsbon. The Fwnd8ty￿ does not disclose gr￿ts to twcharities as related party trar￿t￿M5. as the trusiees a￿ of3 Collective ot r￿n.￿Ll￿d tr￿eeS aThJ are notrffs1de￿ to ￿ in a of inflwts. frLStees are $3tisfied thataFyropr4te procedwe5 are in tu ensure thatary wtentia conflKtsof intetest are aKVrsY￿Wmanaged * avrded Other transactions with Group companies Tre Fmd3t1￿ has Jv¥ntage ofthe ¢￿aIr￿d bl FRS 102. para8r4)h 33A ￿t to disdose ottEr tr3nsartirAts crynies ￿ al are thyly owned gJb5NJ&3fies ot ihe a￿1 the t0rJ>J5d￿ fThrKLal StsteTh￿ts a￿ puwawdibbk. Ccy ¢an be requested froM the companysecretary. 25. SERVICE PROVIDERS Administrator Group entities ha￿ enter￿1 into ￿MinIst￿x￿aare￿T￿rtsth Otco knKe5 Ilrdandl Umtied. The￿MInIstrator rec￿e5 from GrtrJp entits a wJmKM51rati0￿ f wtrNch tscakndated * a percent38eofAdju51ed A55ets on a Kae.The totsi admintstration fee fu theyearwas U5$2.01(k12019". USSI.73W. of U55397k12019. U5$156k) wa5 payable at￿rend. Custodian and Prime Broker The G￿p hasa ès potential ￿1 e5Late debt tsar￿[￿£￿5 pur>Jant to the terms ofan iniermediary Serwcesa8ree￿)t in Cttotr 2020. wtibe5 pay te AVÉ C4ta Limited in ￿￿tion to the intermedkiry serwce5 (the Iniermediab"M F￿. The total Internediaticfi Fee thar8ed to th2 co1￿￿]ated 5tateiT&)t of Finatial Activities rerM)d was US$96k12019.. US$I,242k).vAth US$40.664k payatrAe asat 31 DEcefflLEr 2020(2019.. USSI.242kJ mainty c4y)ststingof the fees OrYdin￿￿payabl￿ fr(xnTCI FM toAVE thuirsthe￿. Investment Manager rci FM is ro bn8w ￿ld ￿vfee fow irNe5ttllEnt managrnit Se￿￿ to OFF Cap13L fttrther.TCI FM, for itselfa￿l on behalf￿&r Chrotopher Hthn and ¢ther paroes related to IhElrwestrfwt Mart<er￿ 5rthstothr uniLitetaltywaNEd the ll8hl to ¢eceNe any ktndof b￿efit (whether thr￿7￿411 L￿￿￿hr￿￿1al exh case rEspe£t of the ￿on of INesff ma￿seMent services te CIFF CWI. CWklreR% Fowdathn IUFF UKb I P￿* 95

Folkn%Mng thp restr￿[￿re 0fthefy￿p ￿ Mty to ptya perfrrnno fee toTCI FM in reLatioTh Ta105 p￿K)uS￿ TQ FM è r￿rt￿Mat￿ f alx￿a %￿d rate equal iv I(fA0ft￿ nrt reaised and urwvli5ed awreoation of theN£Iu5ted Net￿Set val￿ oFthe ￿0￿.$ Tabs duri)8 the Pate PerK)d. The totsl noTr￿al estste (Wt￿Mar￿efee 1tytr￿rW￿5 us$N￿ 12019.. USSS7.815WA of USSNil 12019. US$57ffj15klwas P3yaileat w end. Folbwng the reSt￿ttye ol thecryi in tknFr 203). rK) kwa requvwwt towa perfomance fee toTCI FM i relation t¢ fvl ￿tate ir￿￿t￿￿{￿f[￿￿re. Entitiesvattyn the Group W1(x￿ ￿KITC1 FM w rEthat1￿ of￿1 e51ate5 a oerfwrrwrre fee ofyp lo ?% ol realised prohL b35ed the PErfwmarte of b)ans Tr total ￿1 eststs fEE fLY trÉyearwa5 US$Nil12019.. US$24,988W. ofwhth US$NlI 12019.. U5$48.8W w4ès payable atyeareThl. TCI FM was CA)1￿￿ to pay ihe entiEty of the Real Estsle perf￿1￿3￿￿ Fee Lo its s￿￿ContraCted lliid pknakwnted ￿tali￿e.AvE cap￿ LirThted (AVEL ofTa FM. r chr￿tapher Hth tarry¢ih¥ parties ￿L)led10 ¥ry f•lan￿1 irtrest in A Folh)win8 ihe restructwe d the Cttcts2m there ts m hywa requwefftnt topaya real esta￿ rnarwmert (Èe to TCI FM. Entityesw4thin the &DUP ￿￿￿￿￿pal￿TCl FM. t[w)nth￿ in atsews.? Real Estate Martagettknt Fee manawn8 a portfolio￿ Peal E5tats Loans. The totsl Peal Estste Fee for thEyearwas USSIROThIU5$2.8(W. of U5$NIl12019". US$l93kl was pavat4e atyearend. 26. POST BALANCE SHEET EVENTS On 19 January2021 au conthth)nsaTh# CcNenartS￿t¢e mei fua to &'g Win thiL4nthrow (UK) IBW of $360m sche(knled to be oaid in eq￿￿1 qu3rtwfy in5tafflentsoMfivEye￿5 ￿¥Y 2ry21 to CttLthr 3)25. Thegtant ha5 been treatEd a5 a rK adju5tin8 e¥entVAUNn the fin￿&?1 sts¢enEntsdue totheffhtr￿nt corm1th(￿S met ès at the ￿p￿tyrnE date. The Trustee5 are satisfied that the 8r3niwll nrk irwitheaknh"tyofthe to c¢ntiwe a5 ègoin¥ corurn. Further ¢etsls the grant 27. ULTIMATE PARENT UNDERTAKING AND cowfROLLING PARTY The ￿tIMath par￿l undertakth￿ CLIIi￿lIW pwty Ctr4kn's FL¥vJ FourKkiiun IUK).4 Charitab￿ Cl￿Pa limiied by 8uaran￿e a tse rwwated In En¥aTrJ ￿ wal￿ ￿r￿aTrI totc 7 ¢f the FoJndatiw'sArtides of A55LK￿li￿.e￿ery rne￿r w￿riseS that if th￿￿table c(wrwyi5dis%kW whdehe. She or it remains a member or%%ilh 12 ffonths aftetV4ard5. to paYuptou￿PXMd costsoF¢knC4rt￿ thE Sa￿tres incurred tyttcharitab while tre C￿t￿￿￿￿wAS a merthr. The Fwndabon B the pareThtthidertryofthe L¥8e5t to Cc￿￿￿￿1bte these financal stalen￿ts at 31 Decembw 2020 The ￿￿YJlid￿Èed finarwia Ststemlts￿the FMdatiM ts é•laUe tl Comptysecietaryat 7 cirftord Strrt Londory W15 2Fr. CthWen's Imstrrtnt FMd FtyJndatkn ICIFF I Page96

The Children's Investment Fund Foundation (UK) Group information for the year ended 31 December 2020 CONSTITUTION ACty¥¥)arylrryted ty8uar3ntee ￿ an ErBltsh tharity8ovemeO COMPANYNUMBER REGISTERED cH￿tTy NLIMBER 1091043 -' IRU5TEES Mr Masroor SiddkiL M5NAa Wathers Marthalll3rw￿lted NJ September3)2 Marko Lehtimi (akwnted 13 May 202 REGISTERED OFFKE WIS2 COMPANYSECRETARY 27.28. EB5tcasd2 &￿et WIWBOH 7 Uifff￿d 51wI LrMknWIS 2 HS8C Bank pk Level 18 E14 SHQ SOLiaTQR5 MilLs & Re￿e5 LLP 10) Ro•J C82 IPH INDEPENDENT AufMTORS KFNG INVESTMENT MANAGEri 7aifftyd knet iorxknWIS ZFt awrnn's In¥e5rrnent Fthid ICIFFUK) I P•y97

HiIiLDR :, IINVE.STMIEINT FOUNIDATION