2023-12-31-accounts

The Children's Investment Fund Foundation (UK) Annual Report for the year ended 31 December 2023 ADBJ1629• 1310912024 COMPANIES HOUSE A11

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CHILDREN'S INVESTMENT FUND FOUNDATION

Contents Founder's Message CEO'S Message Trustees Report. 2023 by the number$ Imp8Ct Hlghiights in 2023 Overvlewof our work In 2023 io Strategic Report 23 Soc181 Impact of CIFF'S 0￿ratIonS 25 Flnanc181 R8vlaw 30 Investment Revlew 32 Rlsk Management end Key Pollcles 33 Structure and Governance Remuneratlon Report and Other Govemance 39 Trustees. Responsibiltties 8nd Fin8ncial Statéments 40 Independent Audltor's Report to the Members 41 Consolidated Statement of Financi81 A¢tivitles 45 Consolldated and Foundatlon 8al8n¢e Sheet 47 Consolld8ted Cash Flow Statement 48 Notes to th8 Consolldated Fln8ncial St8tement$ 49 Group Intomiation 8S THECHILDRE￿INVEs7ME￿FUNDF￿Nry4TIQN1QFFUK}ANNUALftEPOkTFOR THEYEARENDED31DECEMBER2mThgCNbqThIrnwtmqrtFL￿￿F￿jThyotb)nIuK) ICIFn Comp8nynvnw.437QW I ch8r1tynum￿.' ￿043 Page1

Founder's Message 11 The best strategy to counter indifference, inertia and apathy is to demonstrate the positive impact that is happening and emphasise the urgency for all of us to do ourpart. road ahead, I have seen the impact that philanthropy can have from health and SRHR to women and 8irls' livelihoods and climate, in deliverin8 lastin8 impact on the lives of childfen and young people. In the health sector, CIFF and our partners have prioritised pro8rammes that are c051 effective whilst highly impactful, with 3 focus on13Sting, sustainable results. One example in 2023 was our work with Food4Education in Kenya. to operationalise Africa's lar8est Giga kitchen which has the capacity to supply 60.000 meals (read more on pa8e 171. This is an example of a 511Stainable solution bein8 SUPPOrted by a range of actors from phi13nthropies and governments to implementers and knowled8e-p3rtners. Sir Christopher Hohn Founder and Chair 13 June 2024 I started CIFF in 2C()2 with the founding vision to help create a better. more equal world for children. Much has changed since I be8an this journey. yet CIFF'S ambition is stronger than ever. Focus on stren8thenins the financing landscape for sexual and reproductive health and rights ISRHRI also took hold in 2023 as we saw an important emphasis a't the UN General Assembly on the financin¥ gap for family planning commoditles. which wlll umulatively reach $1.5 billion by 2030. This led to CIFF and other key fvnder5 Partnering with the World Bank's Global Financing Facility IGFFI and the United Nations Population Fund IUNFPAI to mobilise pro8ress. I look forward to seeing the tangible benefits this will yield in 2024 and beyond. Grave challenges continue to face too many children including the devastating climate crises. poverty, illness and child abuse all of which are preventable but which are undermined. by extreme indifference. inertia and apathy. These negative mentalities not only distract us from th'e positive change that ha5 and continues to happen arovnd us, but they also limit prosperity and our ability to meet critical global milestones, such 35 the Sustainable Development Goals ISDGs1 Desplte being the single 8reatest threat to our planet's existence, philanthfOPlSt5 continue to neglect the climate crisis - only 2% of philanthropic financing is currently dedicated to tacklin8 this defining challenge. However, with the si8nificant support of CIFF and others, 8overnmenls and multilateral institutions carne together to commit Slgnilicant funding pack38es this past year. At COP28, we saw a global shift Throughovt 20231 was fortunate to meet with people across the world who share CIFF'S vision and who have proactively mobilised resources - whether finance, innovation. knowledge, or partnerships - to help contribL*te to the world we wish to create for future generations. And 31though.we have a lon8 Pège 2

towards renewable energy. showD through the commltment to trlple the world's Installed renewable energy 8eneratlon to 11,000 GW by 2030. Heads of St3te came together to. fast.track the energy transition. which is 3 major step tOW3rds cuth'n8 greenhouse gas emissions and p.avin8' the path to a cleaner planet. liveable but equal, safe, healthy and thriving. The best strategy to counter indifference, inertia and apathy is to demonstrate the.positive impact that is happening and emphasise the ur8ency tor all of. us to do our part. l encourage individuals everywhere to join us in this mission to help bridge funding gaps, support innovative solutions and champion positive chan8e across our communities. COP28 also saw an emphasis placed on the impact the climate crisis has on 8lob31 health with $777 million annovnced for tackling Neglected Tropical Diseases INTDs1 at the Reachin8 the Last Mile Forum to eliminate two of the most prevalent NTDS in Afric3 - River Blindness and Lymphatic Filariasis. There 15 huge potential in this space to make lasting impact and it is our ¢ollectlve duty to invest what we can, whether via funds, attentSon. knowledge or resources. Sir Christopher Hohn Founder and Chair 13 June 2024 Of course. CIFF cannot afford to be complacent in 3 time where there is so mvch more to do. As we look forward, our core missions are front of mind. However, we can't do this alone. I remain as personally committed zs ever to conkn'nue this work and encoura8e others to join this journey. None ol this Wofk is possible without the passion and ommitment of so many people. Thank you to CIFF staff, trustees and partners for your tireless dedicatr'on to.this work, leading the global ch3r8e to shape 3 world that is not lust 11 l encourage individuals everywhere to join us in this mission to help .bridge funding gaps, support innovative solutions and champion positive change across our communities. P896 3

CEO'S Message 11 Choosing bold and systemic transformation, ratherthan inadequate incrementalism, is the only hope we have for ensuring we don't fall further from our global climate and development targets, and instead actively move towards them. Over the past several years, in my Annual Report letter, I have spoken about the increasingly challenging global landscape in which CIFF is trying to create positive outcomes for children. I have reflected on the increasing geopolitical and economic shifts which are having 3 ripple effect across the climate and development space.. the rise in poverty, hunger. extreme weather events, and backsliding on gender equality. Our collective response has not yet met the increasingly ur8ent demand. particularly for resources and capacity. We continue to retreat into single-issue.silos ignoring opportunitr'es for inte8ration, efficiency and innovation. Choosln8 bold and systemlc transformation, rather than Inadequate incrementalism, is the only hope we have for ensuring we don't fall further from our global climate and development targets, and instead actively move towards them. Taking actions which look beyond short-term political and economic cycles is crucial. Kate Hampton If we hope to deliver that systemic transformation. 2023 showed us more than ever the need to work across three crits'c31 spheres of influence in an integrated manner.. global and multilateral. national and subnational, and in conjunction with the private sector. And that is what CIFF does.. workin8 across those spheres to support systemic change from the top.down and bottom-up, in partnership with civil society. CEO 13 June 2024 As part of this we disbursed disbursed over $578 rnillion to grantees last year and made $516 million in multi-year commitments - as well as building deep and sustained partnership with organis3tions across the ecosystems we work in. It is impossible to cover the breadth 3nd detail of all this work, but I do want to spotlight some key examples. Throughout 2023 CIFF has supported action to reform the global financial architecture and.our mulb'lateral inskn'tuts'ons and processes. As an example, we supported India's G20 Presidency PD99 4

work on the Global Initiative on Digitsl Health IGIDHI.. 3 WHO managed network of organisations. institutions and government technical agencies actively engaged in supporting national digital health transformation. It aims to focus on country-level efforts to align resources towards country-led digital he31th transformation through strengthened collaboration and knowledge exchange. That does not mean that CIFF is settling. In fact, we are currently in the process of shifting oui ambition to ensure an even greater focus on our guidin8 missions which support the most relevant SDGS for vulnerable children in partnership with an ecosystem of partners that will enable delivery. A key step towards this in 2023 was the introduction of the Chief Ecosystem Development Officer. a role taken by our Executive Dirertor for Climate Sonia Medina, in an expansion of her role. Moving forward, ovr mission-led ecosystem-b3sed approach will drive 311 aspects of our work. We also supported partners working on global finance reform through the Paris Summit for 3 New Global Financing Pact and engaged deeply with the ambitious Africa Clim3te Summit in Nairobi. And at COP28 we worked with partners in. support of notable outcomes on fossil fuel transition, the championin8 of youn8 voices, and the delivery of climate financing. We announced an ambitious joint $450rn pledge over three years .to help countries phase out super pollutants faster, as well as institutionalising the voice of the Youth Climate Champion to ensure future generations are offered a rl8htful seat at the decision-makin8 tsble. As the external environment continues to test our colleckn've efforts. I remain optimistic about what can be achieved and believe that the changes we are making to the way CIFF operates will stren8then' our contrlbutlon. I want to thank our Founder and Chair. Sir Christopher Hohn. and the wider CIFF 8oard of Trustees for their ongoin8 support. And I want to thank the Execub've Team and all my CIFF colle38ues. as well our incredible and inspiring network ol partners across the world, for 311 their efforts throughout 2023. Personally, I was proud to be a member of the COP28 Advisory Committee, and while we'strll aren't making nearly enough pro8ress. I'll contr'nue to work on the COP process to build on the outcomes from Dubai and support the UAE in delivering on its COP le83cy and its ambits'on to become a green finance hub for emer8in8 markets. l. am excited by the work that we are doing and I trust it brin8S some measure of hope to many. I look forward to a world that is healthy, fair and safe for all our children. Of course, our work can only happen through collaboration with 3IIyship from governments, at the national and subnational level, to embed programmes and enable sustainability. One example of this is our RISE Acceleratlon Campaign which supports girls with family planning choices in Ethiopia. This past year we have seen a 300% increase compared to 2022 in girls becoming adopters of this pro8ramme. Empowering girls to make choices about their own health and their family's financi31 future has helped address long stsnding socio-cultural barriers and enabled 8irls to stay in sthool lor longer, showing the holistrc impact of investr'n8 in health with localised support. Kate Hampton, CEO 13 June 2024 The third part ol.the ji8saw is the private sector. where we a￿. redoublin8 our erforts to plug delivery gaps and incenhvise action through voluntary norms and standards - on issues like transikn'on planning and greenwashin8 - as a stepping stone towards necessary regulation. In all this work, we continue to collaborate closely with our philanthropic partners. In 2023. for example, CIFF also worked with Audacious to bring together funders who, amongst other successes. raised $100 million to further help our shared rnisslon with our grantee CAMFED, to support gir15 to thrive through education. As an Audacious finalist from 2023, the ReNew 2030 coalition of experts, civil society, and philanthropy will also help us to mobilise key actors around the world towards a fast and fair energy transition. in line with COP28's renewable energy targets. As the external environment continues to test our Cgllective e orts, I remain optimistic about what can be achieved and believe that the changes we are making to the way CIFF operates will strengthen our contribution. So, although we still have 3 long way lo go to reach our global goals, 2023 reasserted that irnpactful change is possible - through working collaboratively at the global and multilateral level, with national and local governments, with the private sector, and with civil society and philanthropy across sectors and geographies.

2023 by the numbers 2013 Dl%byremtnL%b)' ptolr4n)11)Jil¢ #r¢thv$ 2021 $516m Ch•rR8bl• Inv•8tmoThtAppwd $578m Oront Dl8bur8•m•nt• zoi) Tolnl Ll.S$578 1111111011 $5.9bn Endowrn•nt ¢hM￿￿￿1￿.11X11x1llI￿lD itySJ.4lllllon iFS1siath￿lll0ll T¥JwfAui1*1 2￿? 17pnilllinn

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Overview of our work in 2023

Global Climate CIFF'S support has facilitated the implementalion of climate disclosure reqLtirernents by the EU, with le8lslatlon mandatini, thousands of companles to disclose key elements of thelr climate transltlon plans. In Europe, our partners advocated for an ambitious Corpolate Sustainability Due Oili8ence Directive ICSDDDI which will rn3ndale large companies to implement climate transition action plans 3li8ned with the Paris Agreement. This 8roundbreakln8 regulation is experted to have global Impacts. CIFF has contlnued to prloritlse climate action, as we reco8n5se that It 15 one of the single greatest threats to children today and In the future. Our focus stems not only from the direct impact of climate change on children's lives but also from the understandin8 that a salE climate is lundamental to create a world where children can thrive. Working alon8side dedicated partners we have remained determined in our effrJrt5 to reduce global emi5sion5. aimin8 to limit temperature increase to l.SQC above pre-industrial levels. In the face of complex challen8es and opportunities, we have developed strategies that are bold, resilient and sustsinable. Thi5 involves workin8 Wlth global institutions and networks advocating and mobilisin8 resources for climate. and partnering with local organi5ations to develop bespoke approaches fDr different regional contexts. For more detail on our regionally led work. see pages 17 (Afric3}, 18 Ilndial, 20 (East and South East Asia) and 22 (Europe). CIFF has remained actively inVo￿e￿ in supporting voluntary disclosure initiatives. Our partner CDP saw corporate disclosure rates Increase by almost 30% 8lobally in 2023 compared to 2022, reflecting the collective efforts of CIFF ènd its partners. We have also prioritised capacity buildin8 - by providin8 training and resources to corporate board members, investors. auditors and regulators. CIFF partners helped empower real-world actors to develop and implement credible climate transition plans. Transitlon finance In climate ènd across all CIFF'S priority afeas we need to see more and higher quality finance in order to re3ch our 8lobal objectives. A key route to this 15 through reform of the multilateral development architecture, to create a finance and 80vernance 5yStem which delivers for all. The Paris Summit In 2023. CIFF continued to 5UPS)ort the development and consolidation of voluntsry and mandatory climate transition plan frameworks. Signific3nt progress was achieved, including the finalisalion of the Intemational Sustsinability Stsndards Board's global sustsinability disclosure standards. P$geii

for a New Global Financing Pact in June 2023 provided an opportunity to build on the important Bridgetown Initiative which seeks to reform existing institutions in order to finance climate-resilient development and achieve the SDGS. $26 billion was pledged to support climate initiatives at the Africa Climate Summit, where CIFF and p3rtners supported the Alricari Union's new opportunity narr.ative on a just green tfansition. In 2023 we supported many of the key global moments which helped build momentum around climate action, including the Paris Summit for a New Global Financial Pact, the first ever Africa Climate Summit, as well as COP28. At COP28, our CEO, Kate Hampton, served on the advisory committee. providing con5ult3tive advice to.the Presidency throughout 2023 to help make further progress in the face huge environmental challenges. During the summit there was a clear call to action for ambitious tsrgets combined with practical implementation strategies to ensure the world is able to meet the major climate milestones ahead. Focus was on both support for renewable energy seen in the commitmenl.from world leaders to triple renewable energy capacity'to I 1,000 GW by 2030. as well a5 the urgent need to phase out super-pollutants, seen throu8h the joint three-ye3r $450 million commitment by climate phil3nthropies to accelerate the phase-down of methane amongst other super climate pollutants. Global Climate Hi8hli8hts In 2023, CIFF approved investments to spe3rhead new philanthropic infrastructure that will drive 8reater fundin8 into cultural 5ertors. as well as industrial decarbonlsation. We also continued to identify gaps to better sUPPOrt our grantees and the wider climate ecosystem. Thi5 included collaborating with major climate funders to redefine 8rantee'reporting. 3s well as analysin8 issues, opportunities and pathways to fiscal sponsorship and re8rantin8. Fosterin8 collaboration and brin8in8 partners tO8ether is essential to drivin8 climate action foMard. In 2023, several of ovr regional climate foundation partners canie together to form a new coalition - ReNew2030 - to Increase global wlnd and solar power by five times in the countrles responslble for over 80% of power sector emissions. We also led several ecosystem convenin8s on topics such as re8enerative a8riculture. financing and transition plans. Pa9912

Sexual & Reproductive Health & Rights Universal access to SRHR is fundamental for individuals to achieve their full potential and essential if countries are to reach their intended development goals. In 2023, we continued to see the political, economic and social threats that impact SRHR progress, f urther exacerbated by humanitarian crises, climate change as well as ideological shifts and rising polarisation. However. in the face of these challenges, 2023 also saw important advances. We worked with a range of partners to further close the fundin8 8aps for family planning commodities, strengthen government ownership of SRHR, Improve equitable access and increase the reach of self- managed contraception, HIV self-testing and access to quality safe abortion or post-abortion care. and prevent unsafe abortion, This included CIFF supporting the WHO'S Global Action Plan to improve the availability of quality- assured, affordable supplies for the prevention of unsafe abortion. In 2023, we helped bring together st3keholders in this space to identify the most critical gaps in access to supplies. This will continue to be a priority for our fundin8, moving forward. Breaking the cycle of HIV transmission Sell-testin8 is a crucial way to break the cycle of HIV transmission, alongside inte8rated access to treatment and prevention. Through our partnership with the Global Fund we h3ve been able to help expand HIV self-testing 8lobally. In 2023, in focus countries ol Cameroon, Mozambique, Nigeria, Tanz3nia and Uganda. more than 70,000 HIV-positive people were Ilnked to care as a result o15elf-te5ting service5. Increasing access to comprehenslve famlly planning choices Self-managed contraception is one of the fflost important innovètions in SRHR. In 2023, we helped expand access to self- injectable contraceptives IDMPA-SCI. by re-investing in the Inject3bles Access Collaborative IIACI, continuin8 to scale the Delivering Innovation in Self-C3re initiative IDISCI. led by PSI, ?nd increasing manufacturing c3PaClty. The DMPA-SC partnershlp Is expected to deliver more than 320 million doses of self-injectsble contraceptive by 2030. In. tr3ilblazer countries Malawi, Ni8eri2, and Uganda, over 30% of women are opting for 5elf-injection. By enabling more women and girls to access 3 discreet, long-acting contraceptive, self-injectables are proving to be a powerful opportunity to bre3k down barriers, especially in low.resource settings. Moving forward the focus of this work will be on embedding self-care into national health systems. CIFF continued our work to support innovative prevention tools. This included the development of a low-cost saliva-based HIV self-test, which was svbmitted for regulatory approval and the development of the dual prevention pill lor protection against HIV and pregnancy, where 2023 saw the critlC21 milestone of pilot bioequivalence achieved - helping bring it one step further toward availability in the market. Closlng the funding gap for contraceptlve supplles: Global financing for contraceptive commodities is falling far short of demand, with. an estimated $1.S billion cumulative gap bv 2030. Over 2023. CIFF worked with the Glob21 Financing Fund (the GFFI and UNFPA to highlight this issue. At the UN Gener31 Assembly IUNGAI, CIFF committed $50 million to the GFF, as well as a further $50 million towards broader efforts to end the gap in Commodity financing. This w35 joined by new commitments from'lhe Gates Foundation and the Government of Germany. Scalin8 access to contraceptive choices also significantly increased through the Step-up platform, led by our partner MSI Reproductive Choices. Since 2021, this platform has reached 4 million women and girls With contraceptive choices, of which a third were under the age of 20 and over SO% opted for long- acting methods. In 2023. CIFF committed an additional $75 million to en3ble 5RH R Services for approximately 8 million wral women arid girls in West and Central Africa. This new wave of funding is intended to help. end the cycle of funding shortfalls by shifting from "funding to 'financin8' "enabling countries to gradually increase their own domestic financin8 for reproductive health commodities, rather than relyin8 on donor contributions. CIFF continued our work to improve the safety of medication for post-abortion care and safe abortion services. to reduce P890 13

Nutrition CIFF'S work in nutrition is grounded in our research expertise, as we build the evidence-based Case for action. In reCe￿t years, our partners including Standin8 Together for Nutrition IST4NI and the International Food Policy and Research Institute IIFPRII have led the way in evidencing the extent of the global food crisis, in particular the knock-on impllcations of rising inflation on food prices and consequently severe acute malnutrition ISAMI. As we entered 2023. CIFF was more determined than ever to focus on nutrition as a critical pillar of health for children 8lobally and specifically looked at enhancin8 the financing and scaling of programmes as well as encoura8ln8 nations to prioritise nutrition on the global health agenda. investment in 8angladesh. Multiple Micronutrient Supplements IMMSI are a powerfvl and cost-efficient intervention for pregnant women that support three out ol the six global nutrition tar8ets, sel out by.the WHO.. reducin8 low birth weight, reducing anaemia 3mon8 women of reproductive and reducing child stunting. Thls Inltlatlve alone has resulted In the sales of almost 50 rnSlllon tsblets ol locally pmduced Multiple Micronutrlent Supplements IMMSI In pharmacies nationwide slnce Its launch In July 2021. In turn. this ha5 led to $18nificanl policy progress, as the Government of Ban813desh has since developed a plan to allocate $30 million to procure 150 million MMS tablets over the next S years. Global flnance for Severe Acute Malnutrltion (SAMI The Child Nutrition Fund ICNFI is a CIFF-funded initiative aimed. at supporting the financing of large-scale wastin8 prevention and tre3tment. Good progress has been made over recent years thanks to its raÉiid growth. The CNF focuses on e$5ential 8overnment-led actions for the early prevention, detection and treatment of child wasting. Over 10 countries have invested $15 million of domestic funding to unlock the l..1 match and, in turn. Ihey have received $30 million worth of ready-to-use therapeutic food IRUTFI through the CNF commodities match. This will help ensure approximately 600,000 children can be reached with this lifesavin8 treatmenL Integrating nutrition across health services CIFF has also been seeking new opportunities workin8 with partners to integrate nutrition within broader health pro8r3mmes. An example of ihis in 2023 was when we joined forces with Gavi in a $30 million partnership with the goal of integr3tinE immunisation, nutrition and social protection programmes in Ethiopla. This initiative, being implemented by UNICEF, will help address the dual burden of m31nutrition and infectious disease. This program will offer essential insight and learning5 about wider integrated pro8rammin8 in international development with the aim of delivering stron8er health outcomes, while simultaneously saving both time and resources. The Fund was officially inaugurated in November 2023, during the UK'S Global Food Security and Nutrition Summit. This was a. significant milestone in 8alvanisin8 èction towards ending child malnutrition. Alongside the UK'S commitment of £61 million to the Child W3stin8 Innovation Pro8ramme including the £16 million to CNF. the UK also committed a further £38 million to 5LSPPOrt child nutrition in 5omali3 over the next 3 years. Scaling evidence to polity Pro8ress was made throu8hout 2023 in CIFF'S work to scale an evidence-based nutrition inteNention to policy, as seen with CIFF's'Qne MMS a Day and a Healthy 83by is on the Way, Pege 14

Cross-cutting Evidence Measurement and Evaluation Climate Foundation. Triggeiise and Strategic Issues Research Council ISIRCI. Our resilience work in 2023 encouraged funders to take 3 more holistic mindset with the Pay Wh3t It Takes IPWITI Indi3 initiative. This helped to promote comprehensive fundin8 models for non.profits. We also looked at ways in which we can enhance decision-m3kin8 to further 5UPPOrt 8rant strategies. Through 8foundin8 our approach to philanthropy in evidence and analysis, we can drive quality and equity lor lasting impact as well as learn and course correct. As well as takin8 this approach across all our investments, we are also working to strengthen these skills within the ecosystem. In 2023 this included rolling Out an Evaluation and Leadership Trainin8 Programme IELTPI which focused on strengthening our grantee partners, evaluatlon and organisatlonal capabilities. The programme focused on a fange of thematic areas to provide 8rowth for grantees beyond the lifetime of any specific programme. Equity, Gender and Youth The Equity, Gender and Youth IEGYI team SLPPOrts CIFF to take an intentional approach to embedding eouity, including gender equity and meanin8lul adolescent and youth en8a8ement IMAYEI. across CIFF'S grant-makin8 and partnerships work. In the past year. EGY has invested to accelerate implementation of global and regional gender equality and SRHR comrnilrnents. throu8h il strate8ic investments in the UN women.led multi" stakeholder Generation Equality process. FP2030 and the Feminist Foreign Policy Collaborative,. and ill by supporting civil. socieiy and youth-led accountability efforts through p3rtnership5 with the Global Fund for Women, Black Feminist Fund, ènd Nal3 Feminist Collective. EGY has also partnered with the SRHR team ènd other funders to lead the scoping and desi8n of 'Leaders for Reproductive Health" a new fundraising effort, which will mobilise new high net wealth individual capital for SRHR. We have also been 5upportin8 the African Leaders Malaria Alliance IALMAI since 2011. developin8 accountability trackin8 and prompt action mechanisms. for Malaria with African Heads of State. and expanding it into areas of ReprodLCtive, Matern31. Newborn, Child. Adolescent Health. and Nutrition IRMNCAHI In 2023 we helped ernbed the measurement tool of quality of care scorecards on RMNCAH and community-led care in multiple countrie5. These scorecards have enabled gap identification and urgent policy actions across key levels of government and . stakeholders. Organlsation and Ecosystem Development IOÉDI In collaboration with the EME team. EGY has also advanced internal rollout.of equity too15 and 5tsffr capacity-building. resulting in 71% of new CIFF investments in the Children's Portfolio being r3ted equity-sensitive. In addition. EGY has partnered with the Climate team to develop a tsilored eqvity mainstreaming approach for the Climate portfolio. focused on embedding just transition principles 3nd approaches. In support of CIFF'S broader DEI commitment and thought leadership a8enda, EGY has continued to support targeted evidence- building investments to advance impact and best practice associated with Meaningful Adolescent and Youth Engagement appr03ches, and building evidence on the impact of structural racism on women's and children's health OLJtcomes. CIFF'S Organisation and Ecosystem Development te3m, which reports to our newly created Chief Ecosystem Development OFFicer role. is focused on strengthening the ecosystem of partners we work with. Through this work, we provide tailored support to partners to address specific challenges they may face in order to help bfing about holistlc and systemic positive change. We achieved milestones in our work across each of our four pillars.. leadership and 8overnance,' programmatic excellenre. buildin8 resilience, and effectiveness and emiciency. In 2023, we continued our leadership training programmes for partners and helped stren8then Monitorin8 and Evaluation c3pacities'. As described in the EME section above, the Evaluation and Leadership Programme IELTPI aims to enh3nce professional skills for impactful evaluation. We also helped to strengthen Africa's leadership capacity towards change via the Africa Leadership Training Program IALPI, preparing leaders to drive sustainable systemic change. We also directly supported building institutional capacity throu8h str3te8ic investments to a range of our key partners, including.. the European Climate Foundation IECFI. International Solar Alliance, the African 818 Win Phllanthropy IBWPI As of December 2023. CIFF had paid twelve grant instalments. totallin8 $2 16 million to Big Win Philanthropy. The specified purpose of the grant to BWP is the improvement of the lives of children, young people and families in need in developing countries or countries in crisis. Pgoels

Africa CIFF'S vision in Africa is to ensure future 8ener3tions have the health, economic opportunity. and 38ency to contribute to a thriving and self-determining Africa. for 2024. The pro8ramme's successes have been multifaceted as well as the si8nificanl sc3lin8, i.t has also helped address long- standing socio-cultural barriers that encourage child marriage. and in turn helped gir15 Stay in school for lon8er. Throu8hout 2023 we have Contlnued to center our work on three core pillars.. Glrl Capltal aims to ensure girls have equal rights and opportunities to achieve their full potential and contribute to prosperous societies, resilient communltSes works to ensure all children are.born healthy and can thrive in communities that are resilient to external challenges and For Africa By Africa feeds across all 3rea5 of our work and aim5 to catslyse African giving and government fvnding to improve the lives of children and deliver Africa's development agenda. We have seen simi13r scaling impact from our work on Development Impact Bonds IDIBS). Following the successful implementation of the first DIB in 2020, co-funded by CIFF and the FCDO. UNFPA launched the 2nd Kenya Adolescent Sexual Reproductive Health IASRHI DIB. This is aiming to substantially scale, providln8 425,000 family planning services and 135.000 HIV services to adolescent girls. It will also have 3n equity focus and t3r8et communities experiencing rriulti-dimen5ional x)verty. Helping girls reach their potential through Girl Capitsl CIFF has been working to support prevention against GBV through our work with local or8anis3tion, Ujamaa Africa. In its first year of"implementation, the programme has well exceeded its targets: 493% of the tsr8et number of teachers were trained to roll out the curriculum in their schools and 179% of the annual target students were trained on the Ujamaa curriculum which is the first dual gender G8V prevention programme in the world. Across our integrated programming for girls in 2023 we saw several long-standin8 CIFF-lunded initiatives continue to scale their impact and gain national endorsements. The RISE Acceleration campaign, which aims to support adolescent girls to make their own family planning choice5, grew in strength, accountability and effectiveness. This helped RISE to reach more girls every month with an increase of S,OCIJ girls per month in 2022 to 12,0(X) girls per month in 2023. Overall. almost 200.000 girls became adopters of the RISE programrne, compared with 50.(K)O last year. During 2023. this success was recogni5ed by the Ethiopia Feder31 Ministry of Health IFMOHI: RISE was highlighted as one of its flagship integr3ted pro8rammes and they are now developin8 3 scale-up strategy CIFF was proud to support a milestone year for CAMFÉD in 2023, as they won their Audacious fundraising proposition to exp3nd.its model. CAMFED has already supported 1.8 million girls to succeed in school sincè 1993 and continues to champion and empower 8irls' education and women's leadership through. P￿8 16

supporting them to succeed and lead. The ambition is to reach an additional 5 million 8irls in the next 6 years to complete secondary school and beyond, to 8raduate into secure livelihoods and leadership roles. CIFF'S founder, Sir Christopher Hohn, made a further $25 million personal commitment to CAMFED, to help build further momentum of philanthropic funding. Overall, they were able to raise $100 million in philanthropic fvnding, which will help further CAMFED and CIFF'S shared mission ol supporting girls to thrive, build power and change communities. kitchens in a phased approach. 8y the end of the 2023, Food4Education had served over 1.1 million meals from the Giga-kitchen and 8ener3ted employment lor over 800 kitchen st3ff from both the Gi83 and N3irobi County kitchens. Underpinning all this work, stren8thening Health Systems is crucial to ensure sust3in3ble health outcomes for the community and to reaching child health 3nd development outcomes. In Kenya. the nationwide implementation of a publicly financed primary healthcare system was launched in 2023. emphasising the exp3n5ion of community health systems. This initiative Iniiolved upskilling, equipping and renumerating 110.000 community health promoters. Through enhancing the performance 2nd value of community health promoters and by supporting health facilities we can ensure the delivery of quality to care, Buildin8 Resllient Communities through sustsinable programmin8 Our resilient communities work is about embedding sustainable progr3mmes that have a13sting affect that are ultimately led and continued by the communities affected. Essentially, ensuring children are born healthy and can thrive in communities that are resilient in the face of political, health, economic and climate shocks. Climate Although Africa has contributed minimally to global emission levels, it is disproportionately one of the most vulnerable to the negative impacts of climate change, Therefore, climate is a key focus area in our work 3cross the continent. CIFF's'mission to eliminate Neglected Tropical Diseases INTDS) continued throughout 2023 with some significant milestones reached. In May 2023 the WHO offici311y announced that Benin had been validated as having elimlnated trachoma as a public health problern, As a result of partnerships at every level. this milestor)e demonstrates that elimination is not only possible, but. that success can be replicable. The Acceler31e pro8r3mme has helped Benin reach elimination sooner, meaning now 3.4 million people are no lon8er al risk of losing their si8ht and being affected by this p3inlul ènd life-ch3n8in8 disease. In 2023, the African Climate Foundation IACFI continued to be 3 key strategic partner in supporting South Africa, Sene8al and other priority countries on Just Ener8y fransition Partnerships IJETPS) The South Africa JETP was first launched at COP26 to help utilise a mix of public and private financing mechanisms to accelerate the process of ener8Y transition. To 5UPPOrt this initiative, ACF launched the New Economy Hub at COP28, which is designed to support policy and advocacy on energy transitlon In South Africa. Safe.drinkin8 water. clean sanitation and hygiene IWASHI are crucial building blocks to build resilient communities and are therefore a fundamental aspect of our Afric3 Str3tegy. Our team is supportin8 pro8ramrries which deliver sustainable WASH access for communities across our target countrie5. 2023 a150 Saw the first ever Africa Climate Summlt whlth resulted in a commitment of $26 billion to tackle the climate crisis on the continent. Thi5 W35 pled8ed for green investments and was accompanied by key climate finance asks around multilateral development bank reform, carbon market development, and debt and fi5c31 reform to make the international financial architecture work for Africa. CIFF had 3 518nificant role in Supporting the Summit. One key highlight from this poitfolio in 2023 was in CIFF'S flagship programme, Geshiy3ro - which aims to prevent transmission of disease by improving access lo clean water services. This work resulted in above 85% access to water in 2023 a5 well as stopping open defecation, improvin8 access to basic s3nil3lion servic.es to more th3n 82%. ènd improvin8 handwashing with soap practices in the targeted five districts in Ethiopia. Our nutrition portfolio in Africa continLJed to grow in 2023, encompassing different types of intervention, from an innovative school feeding programme in Kenya, to the growth of nutrition in maternal and newborn care, to 8re2t strides in the rollout of Multiple Micronutrient Supplement IMMS). A key highlight from last year was our collaboration with Food4Educatlon to expand a ground-breaking school feeding program model in Kenya. Within 8 months, Africa's large5132,000 It, Giga kitchen w35 constrLJCted and operational, capable of providing 60,000 me31s 3 day. By December 2023, the kitchen w35 serving hot lunches to 28,81)O children, with plans to work at full capacity by the beginnin8 012024. Furthermore, in June 2023, Food4Education, supported by our founder, Sir Christopher Hohn, partnered with the Nairobi County Government INCGI and committed to offer lunch meals to all public primary school children through a I'.1 matched funding of $10 million. This collaboration prompted the county government to commit to constructing 19 additional Po9917

India Following a strate8ic revlew last year, 2023 was our first year of implementin8 a refreshed India 2.0 approach. A cornerstone of this was the belief .that development innovation from India holds global potential and thu5 the work we do in India matters not just for India but for the wider global ecosystem. Building Global Institutions from Indla Beyond the G20, as countries like India 2nd others become Sl8nificant economic players and express their commitment to glob31 betterment, there is a need to bolster robust South-led institutions capable of efficiently channelling and realisin8 this commitment. Showcasing Indian Innovation Globally India's G20 Presidency was a resounding endorsement of India's glob31 development potential. The identification and sharing of best pr3Ctices w3s a centr31 feature across over 40 working groups, Several CIFF-supported programmes were also recognised as best practices, inclvding low carbon agriculture and girls, skilling and job creation. CIFF takes pride in its collaboration with the Indian government to be an early supporter of several initiative5. One such example in 2023 was the Global Initiative for Digital He31th IGIDHI. Over $500 million is spent annually on digit31 health investments .globally, however, most of it remains siloed, duplicative and sub- scale. GIDH w35 launched during India's G20 Presidency by the Ministry of Health & Family Welfare and the WHO to solve this . by becoming 3 8lob31 clearin8 house of vetted digital health Solutions. As part of this work, CIFF will also support digitisation of Primary He31th Care in specific Indian districts, sharing best practices for wider adoption through GIDH. One example includes the Participatory Learning Action IPLAI methodology developed by CIFF'S partnei Ekjut was recognised s a best practice by the Think20 IT201 and included in the 'idea bank, of the G20. PLA has proven effective tool to reduce newborn deaths by 24%. It has garnered interest for scaling by multiple Indian state governments and internationally in Africa and South Asia. Observer Research Foundation, 35 Chair of the T20, also played a key role in bringing together stakeholders from the Global South to foster discussions anchored in policy research. We continue to asslst the deepening of these networks through the current and upcoming G20 presidencies. for continued engagement with governments. research institutions and civil society organi52tions to highlight India as a 'lighthou5e" 5h3ping the global development discourse. Furthermore, Since 2022, CIFF has also been supporting the International Solar Alliance (ISAI in creating a conducive regulatory and policy environment in member countries to increase solar deployment. In 2023. CIFF. along with philanthropies, pledged ils support for the Global Solar Facility. along with the Government of India. which is a150 considering 3n additional $25 million. to provide clean energy acce55'to. around 40 million African households by 2030. P4gt 18

Scaling prozrammes in partnership5 Wlth the govemment This work has shown promising results with cities such 35 Delhi and Pune showin8 some ol the hi8hest EV adoption r3tes in the country. These results have now led to the pro8ramme bein8 scaled up in over seven new states. In India. the government account5 for 95% of all spending on soci31 issues thus any attempt at systemic and sustainable impact can only be through collaboration with the government. Therefore in 2023. collaboration with government continued to be the Cofnerstone of our work in India and we entered four new partnerships with state 8overnments and central ministries. India has set ambitions 8oals to expand contraceptlve cholces •Thd shl t Indla's contraceptive method mix towards reversible and user-controlled rnethods. CIFF and our partners have been supporting this mission and in 2023 helped the Ministry of Health and Family Welfare IMOHFWI to develop guidelines to ir)troduce new contraceptive methods such as injectsbles and implants. We are in the process of supporting the roll-out of these new method5 across five ststes IMadhya'Pradesh, R3jasthan. Delhi. Assam and K3rn3takal. This work will help expand contraceptive choices to over 2.1 million women in the country. The impact of this work is not just about providin8 women more contraceptive choices, but to help them be healthier. have healthier children, have the option to stay in work and be more financi311y empowered, Babies with low birth weight are 3.5 times more likely to be malnourished as children, CIFF has been partnering with the Government of Rajèsthan to reduce low birth-weight throu8h improved antenatal care which has shown promising results. In 2023, we partnered with the Government ol India to share lessons and best practices from this Scalin8 Quality Anti-Natal Care IANCI work with other states a5 a fesull ol which the pro8ram is now bein8 scaled across len statès. CIFF'S partners have also been working with cities such as Delhi, Pune and Pimpri-chinchwad lo help them drive electric mobility setting up the EV cell in the municipal corporation and ensuring the right Set of 8uidelines for first and last mile connectivity Ichar8in8 infrastfucture. ease in usability and morel.

East £4 South- EastAsia CIFF'S work in East and Southeast Asia tackles.the 8reatest climate challen8es and supports the region's low carbon transition. Our primary focus is on China, with expanding portfolios in Japan, South Korea and countries in Southeast Asia, includin8 Indonesia, Vietnam and the Philippines. The ascending emissions driven by growing economy of the region and its urgent need for green transition make climate action here essential to meeting global climate and development tsrget5. We work in the region to not only promote domestic decarbonisation but also foster global collaboration on green growth. scale-up and ener8y System transition, and published ils ènnu31 flagship report of Chin3 Energy Transition Outlook. Energy Foundation China IEFCI worked with partners to provide technic31 supports to strengthen incentives and pilots for 3cceleratin8 EV penetration. Sub-national efforts for implementing carbon peaking and neutrality target were also solidified by CIFF'S partner network through technical assistance on energy and industries transition roadmaps and action demonstration. Greenlng oversea$ Investments.. After co.convenin8 the establishment of the BRI International Green Development Coalition IBRIGCI to facilitate south-south coopefation on green transformation. in 2023 CIFF continued to partner with the Coalition to co-initiate the Green Investment and Finance Partnership. This encourages Chinese financial institutions and investors to mobli5e investinent5 for 8reen transition projects in BRI countries. SupportinE China's domestic green transition and overseas green investment In 2023, China Furthered its transition lo a low.carbon future. Its wind and 501ar enery was on track to achieve the target of 1200 GW by 2030 five years early, and the penetration rate ol new electric vehicles IEV) rose to 31.6%.113150 reinforced green investment through the belt and road and continued its contribution on global clifflate momentum. CIFF and ils partners kept supporting these critical steps by providing technical supports ènd intensifying global.south cooperation. Enabllng ¢onstru¢tive intemational exchan8e: in 2023 CIFF and partners facilitated multiple di31ogues around COP28 to enable meaningful discussion on international climate cooperation, CIFF also worked with its partners and experts to advise on 8lob31 climate govern3nce and tf3nsition actions through platforms such as the China Council for International Cooperation on Environment and Development ICCICEDI. Boostlns sectoral and sub-natlonal Implementatlon: With CIFF'S support. Energy Research Institute IERII enhanced mechanism design and scenario analysis lor renewable energies Pqge 20

DrSvin8 energy transltion In Sotstheast Asla and the broader region The 6GW t3r8et by 2030 adopted by Vietnam would equ31 approximately 4% of the country's totsl electricity needs and contribute to their 47% renewable energy target. In the Association of Sovtheast Asian Nations IASEANI. 2023 saw solar and wind capacity increase by 20%, puttin8 the region on tr3ck to surpass its renewable enèrgy target by 2025. CIFF and partners have been focusing on tackling.the bottlenecks of grid infrastructure and implementing effective renewable policies. In the Philippines. our local partners supported policy design to enable a greater renewable energy uptske in the country. Our partners in South"Korea have supported policy desi8n to enable a Breater.renewable energy Uptake in the country. In Indonesia, our partner the Enerbry Tran51tion Partnership IETPI collaborated to help increase the capacity of the grid to manage hi8h levels of renewable energy, directly impacting 160 million people across Indonesia's most populated J3va-Bali Is13nd. Tara Climate Foundation has 3lso supported Indonesi3's Just Energv Transition Partnership which"outlines a 34% renewable energy tsrget by 2030. In Vietnam, the Global Wind Ener8y Council provides technical support on the development of offshore wind deployment,

Europe CIFF'S work in Europe is focused primarily by our climate portfolio as we work to accelerate a just and equitable transition to a low emissions future. Working within a dynamic socio-political and economic environment has presented challenges throughout 2023, however, CIFF partners have made encouraging pfoBress moving us closer to our goal of cultivating a prosperous, sustainable and healthy society for all. Global Pdethane Hub, will support the implementation of these regulatr'ons through a new and collaborative consortium ol European NGO'5. Furthermore, the climate and health nexus h3s risen on top of the political agenda. The European Parliament adopted the Ambient Air Qu31ity Directive that aligns to the WHO'S updated air quality guidelines, CIFF'S partner, the Clean Air Fund, coordinated and promoted alignment between NGOS. policy and industry communitie5, and decision-maker5. 35 well a5 conducted polling to 5howca5e the Strong public Support to strengthen. ambition. The year before the EU elections was busy. While there is still a lot of work to be done, most of the pollcles under the European Green Deal have now been adopted. A major milestone included the 2030 energy package. This year. we saw an Increase of the 2030 target for renewables from 40% to 45%. almost double the existlng share of renewable energy in the EU. We also saw the EU Buildings Law which sets a new and more ambitioys energy perform3nce criteria, a Grids Action P13n which will ensure that electricity grids operate more efficiently, and a revised Renewable Energy Directive. This contributed to a record year for Europe's energy transition, with wind and solar now making up 27% 01 the Eu's electr.icity mix. Our partners, including the European Climate Foundation, supported the process by providing analysis and challenging the need for new liquified natural gas investments, pushing for political attenb'on for mofe grid investment. advocahng for consumer protection, and responding to community concerns. The EU also approved new rnethane regulations on domestic and imported fossll fuel productlon, which is expected to Si8nificantly reduce emission levels. CIFF'S partner, the Pago22

Strategic Report P•gei3

Strategic Report Section172O) Statement In preparin8 the Strate8ic Report. the Trustees have considered their. duty lo promote the success ol the Foundation under section 17211101 the Companies Act as interpreted in accordance with section 172121 given the Foundation's C￿ritAble objettives. As such, the Board confirms that in it5 decision-makin8, It considers.. Long-lerm consequences The interests of employees The public benefit of the Foundation's work Impacts on the community and the environment Maintaining a reputation lor high standArds of conduct The need to foster relationship5 With suppliers and 8rantees E'ng3gement with the Foundation's stskeholders is integral to developing and executing on the strate8y to achieve its charitable objectives. The voices ol its beneficiaries. grantees, partners and employees are not only heard bvt promoted to increase the erfectiveness of its work for the public benefit These voices form part ol the Foundation's commitment to continual learnin8 and development. in the context'ol specific charitable pro8ramme objectives but also in terms of how the Foundation operates and ils aim to address matters such as diveisily. equity and inclusion in all ils work. management and operation of the Foundation. This advice is received from experts that are able to advise on modes ol Bovernance. operation and transactions in a manner that fully reflects regvlatory requirements, Charity Comrnission 8uidance and general best practice. Appropriate le8al and other technical advice 15 obtained from local experts in relation to the Foundation's overseas operations and programmes. This advice. as.well as advice from the General Counsel is felled upon by the Board in makin8 deci5ions.that ensure the Foundation's reputation for high stsndard5 of condvct are maintained. The Foundation's Gener31 Counsel and Head ol Compliance provide the 8oard with updates on any incidents that take place in the context of the Foundation's work at every Board meeting. Legal and Compliance are also integrally involved in all programmes that the Foundation develops and implements. The Foundation is actively en8aged with its staff and a detailed description ol that en8a8ement is set out on pa8e 25. The Board and the Remuneration Committee receive infomalion regardin8 the Foundation's employees. mainly based on inlormalion obtained from employee suNeys conducted throughout the or8anisation. This information serves as a backdrop to the Board's decision.makin8 and covers rnatters such as work-lile balance I wellbein8, home workin8 policies, remuneration. job satisfaction and culture. In making decisions about the Foundation's charitable work, the Trustees consider many factors and most importantly, in relation to its 8rarst-makin8 activities, the opinions and advice of independent experts appointed lo its Investment Commillees las described further below). Grant.makin8 activity is a150 informecl throuBh regular en8agement with Brantees. includin8 through a 8ranlee su￿eY which enables grantees to provide valuable input re8ardin8 the Foundation's pro8rammes. Grantees are also en¢oura8ed at all times to raise issues or concerns and these are relayed to the Trustees land other advisors) throu8h fe8ulaf Portfolio review meetings. The Foundation, like many organisations. h85 been on a learnin8 journey in relation lo diversity, equity and inclusion and anti-racism. This journey has been informed by a number of stakeholder5, from employees to 8ranlee5 and beneficiaries. AJI employees have leceived information and trainin8 on these issues both internally and throu8h third party exptrts and advisors. During 2023. the Foundation's Investment Committee5 and 8oard continued to make decisions to support the Foundation's long term charitable strategy and objeclNes. In doing 50, the Foundation has had to diligently and proportionately anticipate and adèpt to changes in the global economy, including inflation and hi8her interest rates, and their interplay with political decisions related to development fundin8 in both developed arid developing countries. The Investment Committees and Board use real-time information and expert advice to understand how these factors impact the Foundation s finances, investments and pro8r3mmes. including imoacts on Brantees, operations and ultimate beneficiaries. In this challengin8 environment the Foundation is happy lo have increèsed its charitable 8rant disbursements in 2023 to US$578 million12022'.US$530 million). In bddition, in 2023, TCI Fund Management Limited renewed its US $160 million donation which will be paid to the Foundation over the course 012024. The donation is intended to assist the Foundation in furthering its charitable purposes and will accordingly supplement the Foundation's endowment In providing further iesources for its programmes. The Trustees also regular￿ rely on the advice of external charity lawyer5 re8arding regulatory and other matters related to the Po9e 24

Social Impact of CIFF'S Operations At the heart of CIFF'S People Strategy, our overarching aspiration remains to 'build world-class talent and capèbility to transform the lives of children and provide an environment where all members of the CIFF Family can be at their best and realise their full poÈential.' Buildin8 on the localised HR team now in place, 2023 saw a continued locus on buildin8 an open and inclusive culture, grounded In empowered, positive leadership, all through a lens of learning and high performance. A continuédfocuson building an open and Incluslve culture 2023 saw the further building of an open and inclusive culttsre across CIFF. underpinned by psychological safefy. The Employee Forum continued to provide a key channel for staff to raise and discuss issues and initiatives at a CIFF level, providing critical insights to the Executive Team alongside our weekly staff pulse tool. Embedding of the Code of Respect into the way we work has moved forward at Pace. underpinning CIFF'S culture across 311 corners of the organisation. and all teams have used the Code as a helpful lens for self-refle¢tion. discussion. change and celebrating success. Work has continued to embed and communicate our fair and equitable processes. including talent and promotion, with Reward a key afeè of focus during 2023. Open and transparent commvnic3tion with staff on our strategic approach to reward and what this means at an individual level was supported by the Employee Forum and very well received. Our critical focus on wellbeing has also continued, with consistent feedback from stsff that our flexible approach to hybrid working, No Meeting Fridays, 3nd the individual wellbeing 311owance support them in this area. Empowered and posltlve leadershlp Underpinnin8 an open an inclusive culture is leadership, and 2023 saw CIFF'S Executive Te3m continuing their development journey, as well as further empowerment ol the Director cadre. This has been enabled via a ran8e of initiatives includin8 the introduction of core strategy discussion 8roups and new 803rd Academy training. rolled out to support senior staff on Grantee and Partner 803rds. Continued underpinnin8 clarity on expectations in terms of leadership across 311 levels ol the organisation on both the 'how' and the 'what' of the way we work tO8ether has continued to come from the CIFF Leadership Behaviours and Code ol Respect, with 360 feedbèck gathered both as part of the formal performance management proce55 and flexibly across the year. A lens of leamlng and hlgh performance 2023 saw a focus on enablin8 consistently high performance and growth for staff across all leve15, via an enhanced performance management process, supporting training for line managers and individuals, and a continu31 focus on learning, development and upskillin8 fully aligned to CIFF'S objectives. This included the continued rollout and embedding of coaching across all CIFF staff, as well as the delivery of a range of bespoke.training pro8rammes including communication. masterclasses, eff ective relationships. and people m3na8ement. Ovr all.5taFf DEI Learning Journey. now in its second phase, a150 continued, with input from external experts and team-level discussions on actions. And a suite of online leèrnin8 available vi3 our new HR digltal platform provided flexible and tailored learning options across a wide range.of topics lor stsff to support hi8h performance and 8rowth. Po90 25

Reducing the environmental impact of our operations We are committed to reducing our carbon footprint in line with. best practice guidance and regulation. As part of our grant-making activities, we support a range of civil society initiatives which provide guidance to companies and other or83nisations on how to address their climate impact by developing credible climate action plans. We also support initiatives which provide guidance on what constitutes a high-quality carbon credit and its credible use.l Ultimately strong regulation on transition plans is required, but within this delivery gap these voluntary initiative5 play an important role. CIFF is working towards full compliance with all the existin8 guidance set out by critical voluntary standards and we have tsken steps to reduce our emissions and disclose our emissions inventory. CIFF'S Clirn8te Transitlon Plan In the 2022 Annual Report, CIFF committed to publish a Climate Transition Plan in advance of the FY 2024 Annual Report due in September 2025. Expectations argund credible Climate Transltion Plans are growing and mandatory climate disclosure regulation is coming in key jurisdictions that Cl FF operates in IUK, EU, U5, India, Chirial Cl FF wants to lead by example. encouraging peer funders, grantees. and suppliers to. also develop and implement credible climate transition plans. To initiate this process, CIFF has established an internal Climate Transition Plan working group, which draw5 on expertise across our legal. finance, HR, operations, and climate teams, representin8 all our regional off ices. We are also drawing on extern21 expertise to ensure that we develop 3 gold-stsndard climate transition plan which reflerts our ambition to reduce GHG emissions in line with 1.5°C, as per the Paris A8reement. For the purposes of this year's annual report, we have adopted best practice measures from the array of guidance. We continue to.. al independently measure our emissions, bl tske action to reduce our operation31 carbon footprint, and.cl purchase hi8h-quality carbon credits as contribution to a 8lobal net zero goal, In purchasing these credits. we do not make any "carbon neutral. claim or similar that mi8ht ifflply 3 net reduction in our carbon footprint. We also recognise wider consideration of the Foundation's value chain is required to fully assess the environmental impact. Given a significant portion of our value chain's environment31 impact is the financed emissions associated with our endowment investment portfolio, we are continuin8 to report on emissions in relation to our public equity positions.. Oper8tlon81 emlsslons Ind?pond•nt M?a8urom?nt CIFF has appointed Carbon Footprint Ltd to independently assess its Greenhouse Gas IGHGI emissions for our buildings and operations in accordance with the UK éovernment.'s 'Environmental Reporting Guidelines., Including Streamlined Energy and Carbon Reporting Guidance,. The GHG emissions have been assessed followin8 the ISO 14064-1..2018 standard and ha5 used the 2021 emi55iOri conversion factors published by Department for Environment, Food and Rural Affairs (Defral and the Department for Business, Energy & Industrial Strategy18EISI. The assessment follows the location-ba5ed approach for as5e55ing Scope 2 emissions from electricity usage. The operational control approach ha5 been v5ed. We have been assessing our carbon emissions with the SLJpport of Carbon FoDtprint since 2019, including backdated estimates to aid the purchase of carbon credits back to July 2Q16. The table below summarises the GHG emissions of our buildings and the majority of our operations for reporting year 2023 together with prior period actuals. Actlvlty January 2023 to December 23 112 months) January 22 to December 22 112 mnnthsl Total energy consumed Ikwhl Total Gr055 Location-Ba5ed Emi55ions (tCO,el 131.180 3,508 130,313 1,928 l .Key initiatNes we have 5UPPOrted include the IC-VCM'S Core Carbon Principle$ ICCPI and Assessment Flamework. published in July 2023. The Inle8rity Council expects lo begin announcin8 CCP-approved credit types laier this year. VCMI'5 Claim5 Code of Pr3¢lice was published in November 2023. providinE euidance For companies to mèke cre¢ible'C3rbon Inte8rity' ckims about their voluntary use of carbon credits. P89020

Methodology and ¢8l¢ulatlon ¢hange8 The carbon calculation for 2023 incorporates well-to-tank estimates for travel Ipreviou51y not included) and changes to UK government IDEFRAI produced factors for flight carbon calculabons. The impact of the adjustments is an incre2se in c3rbon of approximately 7Q) tC02e in 2023. Raducthns Since the13st reporbng cycle, we have taken a number of steps to reduce our emissions. This includes.. Buildings - Nairobi Office awarded EOGE Certification for resource-efficient and environmentally sustainable building design and constructr'on .- the first project of its kind to achieve EDGE certification in Kenya. Travel ' overseas travel lflightsl ig our largest source of greenhouse gas emissioiis. This has increased as the world emerged from the COVID-19 pandemic, however, continues to be less than pre COVID-19 in per capita terms We conttnue to'take steps to reduce the associated emissions, for example, we encour38e the use of virtual meeb'n8S and altern3tr.ve lower carbon forms of transport wherever possible. Where fli8hts are necessary, we aim to combiné sever31 meetin8S and events to reduce the total number of flights, Notwithstandin8 our plan to develop a complete Climate Transition Plan, we strll intend to adopt targets to reduce travel from 2024 consistent with halvin8 8lobal emissions by 2030. Contrlbutl•n We continue to purchase high-quality carbon credits. The volume of c3rbon credits PLJrchased is calculated by adding our building5 and the majority. of our operations emissions for the past year, plus the estr'mated emissions for the coming year, plus 8% a5 a buffer, In purchasing these credits. we do not make a carbon neutrality. claim or any claim that Sl8nifies a reduction in our carbon footprint or subsh'tution for internal. emission reductions. For now, these credits are purchased as a financial contribution toward5 high-quality development, in support of market-based mechanism for sectoral emission mana8ement and breakthrough technologies that are all contributor5 towards 3 global nel zero goal. In future, we intend to ali8n any claims with VCMI'S Claims Code as part of our Climate Tran5itron Plan. Carbon emissions for CIFF buildings and operations have been calculated for the period from July 2016 to December 2023 and estimated for 2024, totallin8 19,278 tC02e. In addition to 11,520 tC02e of carbon credits purchased in 2019 and 2.800 in 2023, during 2024 CIFF purchased 5.000 tC02e of hi8h-quality carbon credits. In absence of CCP-tagged credits, all voluntary credit purchases have been made from projects for which the underlyin8 methodologies have been submitted to IC-VCM for CCP assessment. This year, we have purchased a mixed porttolio of credits derived from voluntary and regulated Inarkets, as well as direct air capture removals IDACI. Thi5 POrtFolio reflects our view that voluntary carbon markets can provide a valuable source ol finance for nature, local communities, and permanent removals. It also rellects our view that re8ulated markets have a critical role to play in ensuring the integritv of carbon markets. Given these considerations, we have chosen to purchase credits from'..il a CORSIA-eli8ible biogas project in India that will provide co.benefits to the community alon8 Wlth emissions reductions, ill an afforestatr.on project using nath.ve species in Costa Rica, iiil a CORSIA-eligible safe water supply project in Eritrea usin8 borehole technology, iv) emissions allowances from the EU Emissions Trading System IEU ETSI, and vl hi8h.quality direct air capture removals. VCMI'S Claims Code of Practice sets out transparency requirement5 for all buyer.s of carbon credits. It should be noted that regarding the application of corresponding adjustments ICAS) to voluntary credits. VCMI permit carbon credits with or without any associated corresponding adjustments. to be used to underpin Carbon Integrity C13ims. It is unlikely that 3ny OF the credits PLirchased are.3550ciated with CAS given that neither India. P3n3ma, nor Eritreaj have form31ised their stance on CAS or have frameworks in place to provide Article 6 authori53tions and apply CAS. We follow VCMI'S guidance in disclosing our most recent purchase of credits, as outlined in the tsble below.. Y https."#￿mintesrItV.orBIVcm1-cIèIMs-cO￿e-ot-practicel. ) According to MSCI Carbon Ivlarket5 and Gold Standard Pooe 27

.Volum••t •r•d gur¢h•Md 3S3 M4 2..3 200 d Standard G￿LI Sto￿1&1￿ d St8nd8rd Gold Stsnd#r G¢4J EU ETS Alk)w8nt&s PrtyJ¢¢tN•me Oomestlc&oa8s Prcject f¢rnJrai housthdd$ hlndl8 Eiitreèn Commvnty Borehoès Eiitrean Communlty eorehoks Érftie8n Cornrnunty t￿0 Bk)Ji¥erse FLYdSts hnPinam8 Iva. wrchèsad Clmewtr$- vkgC8fbon CArect Alr FoDtprlnt Capture 18mova Pr•Je¢tlD GS6275 GSS12S GS5125 GS5125 Martetplxe umb•r 700.￿￿56) I31￿￿01-1 2406tr748491 R•tlv•m•ntd•t• M8y24. 2024 Mby 24, 2024 Mty24. 2￿4 M8y24. 2024 Mty24. 2024 l••ylnq R•ql•try t•r•••dlt• ¥•• Qoid sta￿•t Gold St•ndv Gold Standard GO￿ St•ndbrd 0¢￿ st•nd•¢¥ EUETS Unlon R001gtry Indla Errtr•D Errtr• Crndlt ¥lntsq• 2020 2020 2020 20 2017 2￿3 M•tho4olo9y/ pMJ•¢ttyp• AMS-I.E. Swltch fiom Non- Renew8bl• BlomJBs lerTh8rm81 APpI￿&t￿￿ by QS Mot￿• forem15sbn rettuctlons f edrlnklr w•t•ryF GS Meihodokoy f¢( emlB51on ¢8ductions Irom 88ledflnklng w¥t•rSup￿Y GS Met￿￿0￿ toremlssbn redL¢tkns from

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wbiar8UPP Attoreallon/ RetoreNlaiion GHG Emlsskn8 $Reduct￿n6 se4￿Stra￿On M8tIK##ol4y ctlm9wths1 DNV femov818 IpeTh1ir Wh•th•ror not . INo-we¢onfrn tho o•rboThorndlt th•rth•mifio8r •••0ol•t•d uné•rtylng th• oatt••pofidlng C8thnciedlt •dlu•tm•nt• (•• rneylllsocount •vld•no•d try tow•rdtheho8t •uthorlxtbon ¢oun¢ry'¥ N•tlon81ty •￿￿orbI•d u8•1 DelofmlneLI byth• ho•¢ •nd/ •rb￿rg4¥Dtry INo-h•canm th•tth•mMfv)•t und•rMnp th• IN0.W8￿￿frrn Ih•tth•mitlg•tlon ertylno tho INO. w•confrm thBI t￿mIll￿t￿ undertwng tho e•rbon cr•tht m•y•lsocount m•Y•lso¢ount tOW8rdth•hosr I0￿1¢y¢￿e bosr ¢ountry'$N•tIMWy ¢ouniry'¥ N•tthwty D8teRmJn8d Contflbutkn.I INO. w•conTrm Ih8tlh•mltlg•tlon und•rMn&7th• m•y•lsoctyJnl tow•rtlth•ts)st counrry'sN•tknty D¥term ConrAtyJtthi mpy•lsocount taw8rdfh•ho8t vntry's N•tkinly Dgt8mln8 C0ntrfi￿t{On.I •IBoc•Jni It￿ thhoicuvntry'$ D•i¢miirf Wheth•rwnot C&rtiiiad SDG Imp8￿$.. 3. 7,13 Furtherdet811.. h•r• C8rttheLI SCrf3 Impaets.. i. •.& Certthed Imr4ct8'.1.4.5.7, cert11￿￿ St)G Imp8Cts.' I. 4. 5. 7. C4rtttd SD3 ImE￿t&..1.8.l2. wlth n¥thI￿- party ¢•rtlll¢•tl•n r•g•rdln• •o¢l•l or en¥lronm•ntsl Int•grlty{•. 800• l•bvl) Furth#rd•l•ll.'. h•r• Fyrtheréet•ll'. h•r• Fvrthard&tg11'. here FurtlwdetsiL' In￿tm•nt portfollo CIFF has an investment portfolio of $5.9 billion that finance5 our charitable expenditure. CIFF'S endowment is subject to restrictions to ensure we remain invested in companie5 that are not working against CIFF'S ethical values. Find out more about our Investment Policy on page 33. CIFF supports in principle our investment manager where they actively. engage companies we invest in to mitigate climate change and support the transition. We are supportive of the work our investment manager ha5 completed to date, such as seeking greater disclosure of greenhouse gas emissions, er)couraging the implementation of climate transition plans and in Some instances filing shareholder resolutions. The outcome of our investment manager's en8agement, which we value as a key enabler to reducing climate change, is not depicted by the reporting of our financed investment emissions, however following best practice guidance we continue to disclose financed emissions below. Poqe 28

The investment portfolio is actively managed to deliver real-world emission reduciions. While. our current financed investment emission5 are reflective of the Sectors in which these investments sit. our investment manager actively engages all holdin8S to disclose and implement cliinate transitron plans (aligned with credible science-based benchmarks where availJblel. CIFF will continue to support the development of sectoral benchmarks acrciss all sectors of the economy and independent assessments of plans and performance through our grant-niaking to strategic partners, such 3s CDP and Climate Arc. This will further enable our investment m3na8er to accelerate emissions reductions by incorporating such assessments into the actr've m3n3gement of our portfolio. The CIFF investment portfolio is made up of public equities12023= 77% of investments. 2022.. 77% tO8ether with unlisted debt, equity, and fund investments. The availability and accuracy of emissions data for unlisted investment5 are limited, therefore the reporting only includes public listed equities. We will contr'nue to investigate approaches to capture emissions for the remainder of the investment portfolio with the aim of conhnuing to ei)hance our emissions reporkn'ng annually, For our public equities, we recorded a scope l and 2 emission footprint of 61,351 tC02e as of 31 Oecember 202312022- 63,664 tC02el which is significantly below the emission5 of the MSCI World Index proxy benchmark for 3 portFolio of the $3me size at 197,518 tC02e12022.. 347,310 tC02e,l. The emi55ion footprint calculatron is based on 8uidance set out by the Partnership of Carbon Accounting Financials IPCAFI and emissions data collected directly from company financial st3tements for reporbng period 31 December 2023 or where the reportrng period is not ali8ned, the closest reportin8 to 31 December 2023 that is available. Public Equltles Carbon Footprlnt (TCo,e) as at 31 December 2023 CIFF Portfollo . 613>1 tCO,c Benchmark- MSCI World Index proxy 197 518 tCO,e In addition to emissions, CIFF have also tracked performance 383inst core elements of a climate transibon plan across the portfolio where dats is available. We are supportive ol our investment mana8er's ESG policy (more details av3ilable.herel, includin8 their approach. to assessing climate risk and acbve engagement with companies in the publicly traded equitie5 porttolio. CIFF has adopted a responsible iiivestment guideline Isee here) adopted bv tlie Trustees in recognitr'on that certain investments would be in contradiction with our Charitable Objectives, aiid therefore we have proliibited their Pfesence in CIFF'S endowment portfolio. Beyond those, the man38ement of the CIFF portfolio prioritrses active stewardship (see our investment mana8er's past ESG engagements here) over divestment to facilitste actu31 emissions reductr.ons across the re31.economy, however the investment manager I will evaluate divestment (above and beyond those prohibited by our ethical 8uidelinesl as an option where a company in the portfolio refuses to disclose emissions or develop and implement a credible climate transition plan to reduce their emi55ions. Poq•2P

Financial Review Five-year summary ot Income and expendlture Summary of Income and expendlture 2019 2020 2021 2022 2023 US$m 106 US$m 97 US$m 29 US$m 72 US$m 299 Incoming resources Net Investment 8ains/llossesl Foreign exch3n8e 1,013 431 695 (4871 14881 1.017 101 Ttstsl Incomlnl resources Includlnz recogThlsed galns and Uoss•s) 1,121 527 724 14161 1,320 98 289 14 19 15 491 12 549 Investment rnana8ement costs Charitable activities 369 828 387 383 506 561 Total resources •xp•nd 734 144 11241 {922} 759 N•t mov¢m¢nt In fund Summary ot assets and Ilablllt108 2019 2020 2021 2022 2023 US$m 5,484 650 12721 US$m 5,973 232 12001 US$m 5.909 454 {4811 US$m 5,119 189 13591 US$rn 5.890 159 13431 Investments Current assets Tota1 liabilities Total l•ss Total Ilabllltles 5.862 6,005 S.881 4.949 5.706 Summary of flnanclal and operatlonal Informatlon 2019 2020 2021 2022 2023 Grant disbursements IUS$ml 5-Year disbursement ratio. Avera8e headcount IFTEI Operètin8 expense a5 a % of disbursements" 269 5.2% 115 11.8% 344 4.8% 132 9.1% 468 5.4% 167 8.3% 530 6.6% 195 7.8% 578 7.7% 211 7.7% 5.y¢•r dlsbursem¢nt r&lio Is delined •s the iveray stTrl ¢Y￿¢￿t￿ by Ihe averay assets over • 5.wr rdlirqperkjd, Fw rat￿. eperadni costs do not Include the eXcepU¢￿al eynse5 In¢lud*d in 2019.2023. Poge 30

Charltable aetlvltle8 The Foundation committed US$549 millioD to charitsble activities12022..US$491 million). which consisted of US$500 million of charitsble grant commitments12022.,US$445 million), US$S million of activities undertaken directly12022..US$S millionl 3nd US$44 million of operating cost12022.. $41 million) Actlvltles undertaken directly {DCA) The direct expenditure of US$S million 12022=US$5 million) on charitable activities was mainly to further CIFF'S niission by convening conferences and events, providing technical assistsnce and training to 8f3ntees and other charitable organisations. and publishin8 and disseminating research findings. Grant dlsbur8ement8 The Foundation made US$578 million of charitable 8rant payments in 2023. which is the sixth successive year ol increased disbursements and represents a IO% increase on the prior year12022.. US$S30 million). The chart below shows the 8rant payriients made in 2023, Charitable grant payments by sector: (USD$m) | CMm•t•- 2022 -.} US2Z2m Cllmate 2023 US120m 8RWR-2022 US$94m SRHR-2023 US$ii>m GIrfO•plt•l -2022 'USSi8m Glrl ¢apltsl - 2023 US$27m Chlld MMfth- 2022 US$Io5m Child Health_ 2023 US$128m Cro••Cu￿n1- 2022 US$91m Clogs Cuttlng- 2013 US$88m Total Payments US$m 2022 2023 US$530m us$578m Poge 31

Investment Review . Investment strategy The Trustees have developed an investment str3te8y which provides for invèsting in a diverse portfolio of financial investments with a long-term investment horizon. The Foundation's investment objective is to,. seek an inflation-adjusted return of at least 6% per annum over a 10-year rolling period.. mana8e its investment portfolio to ensure appropriate liquidity and risk controls while also permitting illiquid investment5 with the potential for a high return., 3nd diversify its investments across 3 range of asset classes and industry sectors. It is the intention of the board to maintsin the endowment for the long term while continuing to fund Cl FF'S work. Asset growth Since inception, the Foundation has received voluntsry income, donations and donations-in-kind of over US$2.6 billion. Over the last 10 years, the Foundation's net assets have grown through investment to US$5.7 billion as at 31 December 2023 12022..US$5.0 billion), after charitable activities, 8overnance costs and investment management Costs of over US$4.6 billion 12022..US$4.0 billion) Investment returns Total incoming resources were US$299 million12022.. US$72 million), consisting of dividends and interest received from the Group'5 equity and fixed income investment portfolio together with donations. Investment 83ins in the year were US$I,020 million12022.. loss of $487 million). The combined net investment return for the financial year ended 31 December 2023 was 22%12022..171%1, reflecting continued strong investment performance, with a cumulative performance of 552% since April 2009. equivalent ta 14% per annum return (net of fees). Cumulative investment performance is measured from April 2009. Investment management ¢ost8 Investment management costs in 2023 were US$12 million12022., US$15 million), which mainly related to managing subsidiaries holding endowment investments, includin8 brokerage and charges intermediary fees accrued to a third-party real estate advisor (see note 26 for further details of service providers). No fees are charged by TCI Fund Management Limited in relation to mana8ement of the endowment asset5. Asset alloeatlon The investment mana8er, TCI Fund Management Limited ITCI FM), invests the Foundation's assets in different classes and sectors within the parameters set by the Foundation's investment management restrictions, adopted by the Trustees, The Foundation and its subsidiaries (the "CIFF Group") operate a diversified portfolio, invested in a number of diff erent types of financial instruments across 3 wide range of sectors (with certain limitstions - see investment policy on page 291. The allocation by asset type is set out in the chart below. Percentage total asset alloealion by asset type (ineliiding cash) "Investment Funds US$o.I billion Loans US$J billion Equltles US$4.6 billion Cash US$o.I billion 2023 USS6bllllon Other US$o.I billion Pogo 31

Risk Management and Key Policies Rlsk Management The Trustees are responsible for the management of the risks faced by the Foundation and have examined the major strategic, business and operational risks to which the Foundation is and may be exposed. The principal manageable risks to the organisation identified by the Trustees durin8 the year are those related to safeguarding of beneficiaries and staff of grantees, exposLJre to cyber-attacks and fraud and the re8ulatory environment regarding t.he receipt of foreign charitable funds in certain jurisdictions that CIFF operates in. The Trustees are satisf led that sub-committees, systems, controls and policies are in p13ce to mitigate and manage exposure to risks identified by the Trustees through the process described below. They continue to review current processes, reco8nisinB that systems can only provide re3sonable, but not absolute. assurance that major risks have been adequately managed. The management of major risks is carried out in accordance with guidance by the Charity Commission. The Foundation has estsblished organisational risk working groups that review, identify and manage risks through the Foundation. The risk working groups are in each case comprised of relevant staff from throughaut the Foundation and cover the following areas.. Operations. Ecosystems (formerly Partners), People and Political and Reputation31. These groups meet semi-annually lin some cases attended by exteriial 3dvisersl,.to discuss the risks Faced by the Foundation and mitigating actions. The 8roups each prepare reports that assign ratin8S to the risks identified based on the likelihood and impact of the risk, which is then adjusted for relevant mitigants. The final reports from the risk working group5 are moderated by the Executive Team before bein8 presented to the Board for review, also on a semi-annual basis. The Foundation maintains a comprehensive set of compliance policies that are intended to address many of the risks it faces. These include.policies re83rding safeguarding, bribery, corrup,tion and fraud, modern slavery and use of IT. Durin8 the year, the Foundation updated its safeguarding policy to better reflect CIFF'S current approach and or8anisational practices to safeguarding, The Foundation is deeply committed to recogni5ing', promoting and protecting the rights of.all children and dults at risk and its updated policy reemphasise its cor.e values. of,. priorit15ing the welfare and best interests of children and adults at risk. seeking to do no harm. and participatory safeguarding where the views of staff, partners and those who our funding supports are central to the development of safe8uarding practices. The policy was launched alongside organisational wide trainin8 and continues to be implemented in the design, dLJe diligence, operations and monitorin8 of CIFF'S programmes. Investment Risk Management Investment Polloy The Found3tion implements its Investment Policy in accordance with its charitable objects and investment powers, as set out in its Memorandum of Association and in accordance with applicable guidance from the Charity Commission lincludin8 Charity Commission guidance "Charities and Investment Matters" I"CC14"11 through direct and indirect investments, including via investment subsidiaries. The Trustees remain mindful of their duty to review and monitor regularly the management of the F'oundation's investments. The Finance, Audit and Investments Committee (the "Finance Committee I, chaired by Mr Emmanuel Roman, acts as an advisory body to the 8oard on finance, audit and investment matters. The Foundation's investment policy prohibits investments in companies or entities that.. Generate any turnover from the business of manufacturing tobacco products and tobacco marketing. Market breast milk substitutes unless they have committed to adopt the World Health Organisation's International Code of Marketing Breast Milk Substitutes. Generate IO% or more of turnover from extracting. stockpiling, distributing or tradin8 fossil fuels. Generate 25% or more of turnover from the development, production, manufacture, distribution, stockpiling, transfer or sale of arms. Poo9 33

If a company in which the Foundation is invested falls into one of these categories, the irsvestment manager has 12 months to divest. However. the investment rnanager may invest in companies or entities that market breast milk substitutes as described above if the investment manager encourages the relevant company or entity to adopt a publicly available policy comfflittin8 to adopting the Code of Marketin8 Breast Milk Substitutes. T3kin8 into account the advice of the Finance Committee, the Board is satisfied with the current investments and their allocation, although the Board will continue to monitor and review the investment strate8V. throu8h the Finance Committee. The Finance Cornmittee re8ularly reviews the performance of the endowment and engages with the. investment manager to understsnd the impacts and actions of the mana8er. The views of the Finance Committee are shared with the Board so that the non-conflicted Trustees can assess whether they believe any changes to the Investment Policy or the investment man3gement afrangements are required. The Trustees are aware of the potential conflict of interest which exists between the Foundation and Sir Christopher Hohn as both 3 Trustee and his position as Managing Director of TCI FM. the investment man3ger to certain entities within the Foundation's Group, and accordingly carefully and appropriately mana8e the relationship. Any potential conflicts in relation to decisions regarding the endowment are managed in accordance with the relevant provisions in the.Foundation's articles of ssociation. The members of the Finance Committee complete a full review of the Investment Policy at least annually. which includes 3 review of the investment mana8er, benchmarking its returns and also benchmarking the intermediary fees of the third party real estate advisor. The Foundation's exposure to price risk, credit risk, liquidity and cashflow risk are addressed in note 16 to the financial statements. Further details of the investment portfolio can be seen in the notes to the consolidated financial statements. CaBh Management Polloy The Foundation has a Cash Management Policy, which was adopted by the Trustees on 11 March 2013 and was most recently updated by the Trustees in September 2020. The Cash Management Policy is reviewed at least annu311y by the Finance Committee and the Trustees and, if necessary. amended. The Cash Management Policy sets out.. The principal objective OF cash management at the Foundation. which is to ensure that the Foundation has sufficient cash available to meet its working capital requirements. The Foundation does not seek to maximise investment returns throv8h its cash management activities., The cash management activities that are permitted by the Foundation and the applicable limitstions upon those activities. and Who is reouired to 3Uthorise cash management activities. The Foundation implements the Cash Management Policy in accordance with its charitable objects and investment powers. as set out in its Memorandum ol Association and in accordance with 8pplic3ble guid3nce from the Charity Commission (including CC141. PAge 34

Financialriskmanagement Internal control8 The Foundation's intern31 controls are designed to provide 3ssurance to the 8oard of Trustees that adequate procedures are in place and operatin8 effectively to mitigate the risk of material financial loss or misstatement. The Foundation review5 internal operational and financial process controls on an on-80in8 basis, with external support where ppropriate, and implement5 improvements. CIFF continue to invest Sl8nificantly in IT security, includin8 annu31 extern31 reviews and the onboarding of an internal resource focused on IT securitv. The Foundation's bud8ets are prepared annually. The Foundation's support and governance spend is set by reference to total planned charitsble disbursements to ensure it remains reason3ble and proportionate. The Executive Directors review and approve guidance for budget holders 3nd stsff to monitor and control operating cost and government-re13ted expenditure. Further details of financial risk management can be seen in Note 16 of the consolidated financial statements. Grant5ng Pollcy The Foundation currently adopts a "multi-year agreement. approach for multi-year programmes. This multi-year agreement permits, for example, a five-year pro8ramme to be contracted for the full five-year term of the programme, but subject to programme reviews and conditionality such that it remains consistent. with Statement of Recommended Practice I'SORP'I guidance. with expenditure bein8 reco8nised'annu311y in the Consolidated Statement of Financial Activities. For each new Brant pro8ramme, or'investment" a full programme budget and mapped work plan is developed by the grantee and the CIFF sector teams durin8 the due diligence phase in order to obtain the necessary approval by the Boafd. Programme Investment Committees (PICS), or, in the case of investments of a programme with a budget of US$ I million or less. the CEO (see also the Foundation Governance Structure section on page 371. Upon approval by the Board or PICS, the full pro8ramme bud8et IS a8reed for the full-term'of the pro8ramme, subject to the performance reviews that take place durin8 each year of the multi-year pro8ramme or any other. specific conditionality or 'gating" requirements imposed by the Board or PICS. During perforfflance reviews, the relevant CIFF sector team reviews the progress of the grant and. if appropriate, agree the work-plan going forward. budget, KPIS. milestones and deliverables. The performance review process is set out as 3 condition of the 38reement with the 8r3ntee, with release of fundin8 bein8 conditional upon adherence to the work-plan, budget, KPIS, milestones and deliverables by a specific date set out in the multi-year contract. Failure to complete the performance review process and adhere to the work.plans, budgets, KPIS, milestones and deliverables by the relevant date specified may result in termination of the grant agreement. Reserve8 Pollcy The Foundation maintains three internal reserves to assist in achievin8 these financial objectives.. Restricted Funds. an Expendable Endowment Fund and Unrestricted Funds. The level of these Reserves, considered on 3 ten-year time horizon. is the key determinant in the amount of capital which the Group is able to distribute each year to charitable activities. The Trustees review reserves annually and are satisfied that the CIFF group 15 in a position to meet all its current and anticipated future commitments. Pa99 35

Unrestricted reserves Deslgnated funds As at 31 December 2023, the Trustees have earmarked US$984 million12022-. US$914 millionl of reserves 35 designated funds in recognition of funds which may be called upon to fund approved multi-year programines within the next I to 5 years. These amounts are not provided for as a liability in the accounts. Operatlonal Reserves The Foundation's unrestricted funds h3ve also been used.in 2023 and previous years as Operational ReseNes" to finance the Foundation'5 grant expenditure and direct charitable activity expenditure, operating cost and governance costs and to provide a short-term buffer for grant-making and other costs. Cash flow projections for income and expenditure are reviewed to ensure that the level of disposable net assets is adequate, nd that the Foundation is in a position to meet all its 8rant-makin8 and working capital commitments. In the event that the Foundation is unable to meet its commitments from reserves of. unrestricted funds at their disposal, the Foundation will, as referred to below, draw on the expendable endowment to meet those commitments as necessary. In view of the high level of liquidity of 3 large proportion of the Foundation's asset5. the Trustees do not consider that it 15 necessary or justifiable to carry unrestricted operational reserves and therefore working capital surpluses are transferred to the expendable endowment. The unrestricted operational reserves as at 31 December 2023 wa5 US$nil12022.. US$nill Restricted Funds Restricted funds are generated when a donor 5tipulate5 how their donation may be Sfient. In most cases, there will be a time lag between when such fund5 are received and when they are expensed. The Trustees ensure that these funds are expensed in accordance with the terms under which they have been donated to the Group The restricted fund balance as at 31 December 2023 was US$14 million12022.. US$8 millionl which consisted of fixed assets relatin8 to drilling equipment for water wells and. festricted funding received not yet disbursed. There are no performance-related conditions in relation to restricted funds. Expendable Endowment Funds The Group's endowment is expendable at the Trustees, discretion. The Trustees h'ave the power to convert any required amount of this endowment into an income which can then be utilised by the Foundation to further its charitable objects. The Trustees, intention is to monitor the value of the expendable endowment fund in real terms over a multi-year period to ensure that the Group can maintain its existing level of annual charitable expenditure and increase it 8radually as they see necessary to meet the Foundation's charitable objectives for future years. At the year end, the value of the expendable endowment fund was US$4,719 million12022.. US$4,036 million). Page 36

Structure and Governance The Foundation is a company limited by guarantee, incorporated on 8 February 2002 and registered as an English charity on 12 March 2002. The charity number is 1091043. Subsldlary Companles and Overseas Branches The Foundation has twelve directly or indirectly owned vehicles within its Group as at 31 December 202312022: twelvel that have a mixture of purpose5 including to hold endowment investments and to help achieve the charitable objectives of the foundation. For the period to 31 December 2023, the reported results of the subsidiary undertakings of CIFF are disclosed in note 14. These results of the CIFF Group are consolidated and presented in the consolidated financial statements. The Foundation has four overseas branches in India, Kenya, Ethiopia and Ching, the results of which are consolidated and presented in the consolidated financial statements. The Board ot Tru8tee8 The members of the Board of Trustees are set out below. For the purposes of cornpany law, the individuals listed are Directors of the Foundation and are appointed in accordance with the Foundation's constitution. The 8oard of Trustees meets to review and update the Foundation's strate8y and areas of activity, including consideration of grant-making, investment, reserves and risk mana8ement policies and performance. The Trustees who were in office during the period and up to the date of si8nin8 the financial statements were.. Sir Christopher Hohn Mr Ben Goldsmith Mr Masroor Siddiqui Ms Ana Marshall Mr Marko Lehtimaki The Trustees are selected on the basis of their skills and expertise, particularly in the areas of business management. The Trustees determine the stfate8y and policies of the Foundation and monitor implementation and impact. The Trustees also seNe as resources to the Found3tion. sharin8 new and relevant research and projects, and directly supportin8 key aspects of operations. All Trustees give their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party.transactions are disclosed in notes 10 and 25 to the. financial statements. Trustees are required to disclose all relevant interests and review the Board Members, Register of Interests at each Board meetin8. Trustees must register all relevant interests with the'company Secretary and, in accordance with the Foundation's Articles of Assoc.iation and its policy on conflicts of intere4t, withdraw from decision5 where a conflict of interest arises. The Foundation provide5 3 formal induction programme for new Trustees and new committee members, includin8 the provision of the Foundation's key governance, policy and financial document5. relevant Charity Commission guidance and details of the or8anisational structure of the Foundation lincludin8 dele8ated authority levels). Induction sessions are also arranged to explain the le831 obligations of Trustees and committee members and provide briefings from senior operational personnel and professional advisors. The Flnanoe, Audlt and Investment Commlttee The Finance, Audit and Investment Committee was established in May 2006 and is constituted by not less than four members appointed by the Board, one of whom must be a Trustee. Other members with appropriate skills and expertise, who need not be Trustees, may be appointed to the Committee by the Board. The current trustee member is Masroor Siddiqui and the five independent members of the Committee are Emmanuel Roman (Chairl, Kevin Davis. Richard Hayden, Jacob Schimmel and Ellen Shuman. CIFF'S Chief Executive Off icer, Chief Administrative Officer, Chief Financial Officer and General Counsel are regular attendees of the Committee. The Finance, Audit and Investment Committee has delegated responsibility on behalf of the Board for advisin8 the Trustees on audit. finance and investment matters. The Board reviewed and updated the terms of reference for the Finance, Audit and Investment Committee in December 2023. Poge37

Programme Investment Commlttee. Cllmate . The terms of reference of the Programme Investment Committee, Climate I'PIC Climate'l were approved in October 2015 and most recently Ljpdated in March 2023. The PIC Climate is constituted by at least three Trustees and at le2St three (but no more than eight) independent advisers. The PIC Climate has dele8ated responsibility on behalf of the Board for advising on grant- making activities in relation to the Foundation's environmental objectives (advancing environmental protection or improvement. including preservation and conservation of the natural environment) and the promotion of sustainable development to mitigate climate chan8e I'climate Purposes"). The PIC Climate has decision making authority for grant proposals regarding Climate Purposes up to and includin8 U5$30 million, Programme Investment Commlttee, Chlldren The terms of reference of the Programme Investment Committee, Children ('PIC Children'l were approved in August 2015 and most recently updated in March 2023. The PIC Children is constituted by at least three Trustees and at le35t three (but no more than eight) independent adviser5. The PIC Children ha5 delegated responsibility on behalf of the Board for advising on grant-making 3Ctivities in relation to the Foundation's non-climate Purposes. The PIC Children has decision-making authority for grant proposals re8ardin8 non-climate Purposes up ta and including US$30 million. CEO Delegated Authorlty The Board has delegated to the CEO. responsibility for receiving, considering and makin8 decisions upon certain grant proposals up to and including US$1 million. The Term5 of Reference for the CEO'S dele8ated authority were approved by the Board on 11 February 2014 and last amended on 10 June 2019. This authority is subject to a maximum aggregate limit of 10% . of forecast multi-year value I'MYV") of new programmes Set out in the relevant financial year's business plan. The CEO also has delegated authority to approve evidence, measurement and evaluation. as well as 8rantee or8anisational development grants, in each case up to 1% of MYV. Remuneratlon Commlttee The Remuneration Committee was established in February 2015 and 15 constituted by at least two Trustees. The current Trustee members are Sir Christopher Hohn, Ana Marshall (Chairl and Marko Lehtimaki. The Remuneration Committee has delegated responsibility on behalf of the Board for determining and reviewing policy for execLttive remuneration, approving principles and policies of reward throu8hout the Foundation (including the design of any perform3nce-related p3y schemes operated by the Foundation) and determining the total individual remuneration package of the CEO (including annual bonus). P898 38

Remuneration Report and Other Governance The prlnclples of the remuneratlon poll¢y The Foundation aims to develop and maintain remuneration strate8ies and policies in line with the corporate strategy. culture and objectives of the organisation. Our reward and recognition strategies and policies are designed to attract and retain motivated and talented people. We will remain competitive within the markets in which we work to manage 3 skilled and diverse workforce. Salaries are bench-marked periodically using external market data. Exception31 personal performance, giving dué consideration to each role, is reflected in discretionary bonus awards and annual salary reviews. Remuneratlon ot Key Management Personnel 31 D•Mmb•r 2023 U$$'ooo 31 D•¢•mb•r2022 U8Vooo Execut￿8 Dlrectors 3.389 3.205 Empl¢)yer Pension Contributions Employ¢r 81 02 N8tlonèl Insurance Contributions 329 34S T•tsl'C•n•ld•r•tl•n 3.799 The Key Mana8ement Personnel of CIFF for the purposes of remuneration disclosure have been defined as the. The Board of Trustees (who are not remunerated in their capacity as Trustees, see Note 10 of the financial statements for details of expenses reimbursed) The Executive Directors OF the Foundation, who are responsible for the day to day runnin8 of the or8anisation. The tot31 ¢emuneration to Key Management Personnel is summarised in the table above. Remuneration includes salaries, benefits in kind. bonuses, termination payments and employer pension contributions. Relatlon8hlp wlth Other Charltle8 The Foundation is a co-founder and collaborator in a number of projects with a range of other UK and international donors. including, but not limited to foundations, 8overnment 38encies and private individuals. Polltlc81 Contrlbutlon8 The Foundation made no political donations or incurred any political expenditure during the year12022.. none) As a re8lStered charity, the Foundation is required to..remain politically impartial in its work and fundin8. Subsequent Event8 Details of subsequent events are disclosed in Note 27 of the financial statements. Future Oevelopment8 CIFF will continue to focus on our core operating areas to support the charitable objectives of the F.oundation. Foundatlon Objectlves and Publlo Benetit The Foundation's objectives, as stated in its governing document. are the general purposes of such charitable bodies or for such other purposes for the benefit of the community as shall be exclusively charitable as the Trustees may from time-to-time determine. In setting the Foundation's objectives and planning its activities, the Foundation's Trustees have considered section 17 of the Chaiities Act 2011. In doing so they are satlsfied that they have complied with their duty to have regard to the Public Benefit 8uidance published by the Charity Commission. The Foundation's activities and achievements are outlined throu8hout this Trustees, Report and we believe fully demonstrate that the Foundation is providing public benefit. Charlty Governanee Code CIFF applies the majority of the principles in the Charity Governance Code (the 'Code"l. In some cases, including trustee engagement. deci5ion-making and evaluation of charity impact. CIFF is in many ways exceedin8 the best practice stated in the Code. In other are3s. such as equality, diversity and inclusion, CIFF has been undertaking 3 comprehensive a$5essment to help it build more effective practices to further its charitable purposes. Relevant Audlt Informatlon CIFF believes that it has tsken all steps necessary to make itself aware of any relevant audit information and h3s estsblished that CIFF'S statutory auditor has been made aware of that information. In so far as it is aware."there is no relevant 3udit information of which the ststutory auditor is unaware. Page 39

Trustees, Responsibilities and Financial Statements statement of trustees. responslbllltleg In respeet of the trustees. report and the flnanclal statements The trustees are re5pon5ible for preparing the trustees, report which includes the strategic report and the f inancial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland as applied in accordance with the provisions of Companies Act 2006. Under Company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Foundation and of the incomin8 resources and application of resources includin8 its income and expenditure for that year. In preparin8 these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistentlv., make judgements and estimates that are reasonable and prudent., state whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial ststements., assess the Foundation's ability to continue as a goin8 concern, disclosin8, as applicable, matters related to 80in8 concern., and use the 80in8 concern basis of accountin8 unless they either intend to liquidate the Group or the Foundation or to cease operations, or have no realistic alternative but to do so. The trustees are responsible for keepin8 adequate accountin8 records that are sufficient to show and exp13in the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the fin3nci31 statements comply with the Companies Act 2006. They 3re responsible for such internal controls as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether dve to fraud or error, and have general responsibility for tsking such steps as are reasonably open to them to $3fegu3rd the assets of the Foundation and to prevent and detect fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Foundation's website. Legislation in the UK governing the preparation and dissemination of financial ststements may differ from legislation in other jurisdictions. Independent Audlt The auditors, KPMG, have expressed their willin8ness to remain in office for a further year. In approvin8 this Trustees, Annual Report, the Trustees are also approving the Strategic Report in their capacity as companv directors. On behalf of the Board Sir Christopher Hohn Chairman 13 June 2024 P•98 40

Report to the membèrs of the Children's Investment Fund Foundation (UK) P*0 41

INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERS OF THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) Report on the audit of the financial statements Oplnlon We have audited the financial statements ol The Children's Investment Fund Foundation I'the Foundation'l and its subsidiaries (collectively the 'Group'l lor the year ended 31 December 2023 set out on pages 4110 80, which comprise the Consolidated Statement ol Financial Activities, Consolidated and Foundation Balance Sheets, Con501idèted Cash Flow Ststement, and related notes, including the summary ol gignificant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is UK Law and UK aceounting standards, including FRS 102 The Financial Rewrting Stsn(Jard applicable the UK and Republic ol Ireland. In t￿r oplnlon: the financial statements gwe a true 3nd lair view ol the stste ol the Group's and Foundation's affairs as at 31 Oecernber 2023 and ol its incomin8 re50urce5 and application ol resources including its income and expenditure for the year then ended., the financial statements have been properly prepèred in accerdance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland,. and the financial statement5 have been prepared in accordance with the requirements of the Companies Acl 2006. Basls loroplnlon We conducted our audit in acctsrdance with International Standards on AucJitin8 IUK) IISAS IUKII and applicable law. Our responsibilities under Ihose Standard5 are further described in the Auditor's responsibilities lor the audit el the financial statements section of our reporl. We aré independent ol the Group in accordance with ethical reouirements that are relevant lo our audit of financial statements in the UK, including the Financial Reportin8 Council IFRCI'S Ethical Standard, and we have lullillecj our other ethical responsibilities in accordance wSth these requirements. We believe that the audit evidence we have C>blained is gullicienl and appropriate lo provide a basls for our opinlon. Concluslons rel8tlng to golng ¢oneorn The trustee9 have prepared the financial ststements on the 8oin8 concern basi5 a5 they do not intend to liquidate the Group or the F¢undat40n or to cease their operations, and as they have concluded that the Group and the Foundation's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast Sl8nificant dovbt over their ability lo continue as a 8oing concern lor ai le8$1 a year from the date of approval ol the financial ststements I the 80in8 concern period l. In our evaluation of the trustee's conclusion5, we considered the inherent risks lo the Group's business n)odel and analysed how those risks might. affect the Group and the Foundation's financial resources or ability to continue operation5 over the goin8 concern period. In auditing the financial statements. we have concluded that the Iru5tee's use tsl the 8oin8 concern ba515 01 accounting in the preparation ol the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties Te1alin8 tv events or conditions th8t, individually or collectively. may cast Sl8nificant doubt on the Group arid the Foundation's ability lo continue a5 a going concern lor a peri¢)d ol al least twelve m¢)nths from the dale when the financial statements are aulhori5ed for issue. Our responsibilities and the responsibilitie5 01 the Iruslees with respect to 80in8 concern are described in the relevant sections of this report. However. a5 we cannot predict all future event5 or conditions and a5 5ub5equenl events may result in 'outcomes that are inconsistent with judgement5 that were reasonable al the lime they were made, the absence of reference to a material uncertainty in this auditor's report is not a 8uarantee that the Group or the Foundation will continue in operation. Detectlng Irregularltles Includlng fraud We identified the areas of laws and regulations that could reasonably be expected to have a material ellect on the financial statements and risks of material rnisststement due to Irèvd, usin8 our understandin8 of the entity's industry, regulatory environment and other external Factors and inquiry wilh the directors. In addition. our risk assessment procedures included.. inquirin8 With the directors and management as to the Group's ￿lICIeS and procedures re8ardin8 compliance with laws and regulations and prevention and detection ol fraud,. inquiring whether the directors have knowledge of any actual or suspected non-compliance with18ws or regulations or alle8ed fraud,. inspectin8 the Fovndation's re8ulatory an¢J legal correspondence., and reading Board and Finance Committee minutes. P4#•42

We discussed identified13ws and regulations, fraud risk 13Ctors and the need to ￿main alert among.the audit tearn. The Group is subject to laws and regulations that directly affect.the financial statements including companies and financial reportin8 legislahon.. We assessed the extent ol compliance with these laws and re8ulakn.ons as part of our procedU￿S on the ￿lated financial staternent items, including ssessing the financial statement disclosures and 38reein8 them lo supporting docurnenlation when necessary. The Group is not subject to other laws and re8ulations where the consequences of non-corppliance could have a material effect on amounts or disclosures in the financial statements. Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws and regulatr'ons to inquiry ol the directors and olher management and inspection ol regulatory and le8al cOr￿SpondenCe. il any. These limited proce(5ure5 did llot identify actual or suspected non-compliance. We assessed events or conditions that ct)uld indicate an incentrve or pressure to commit fraud or provide an opportunity lo cornmil fraud. As reqyired by audiknng Standards, we performed procedu￿$ to add￿sS the risk ol management override tsl controls. On this audit we do not b¢lieve there is fraud risk related to revenue recognition. In response lo risk of fraud, we also performed procedures includin8'. identilwn8 journal entries lo lest based on risk criteria antl comparin8 the idenhfied entries to supporting documentation.. evaluath'ng the business purpose ¢1 significant unusual transactions.. assessin8 $18nificant occounhn8 estimates lor bi35'. and assessin8 the disclosures in the financial statements. Owing to the inherent limitations ol an audit, there is an unavoidable risk ihal we may not have detected some materi81 misstslements in the financial stat¢ments. even Ihough we have properly planned ancj performed wr audil in accordance with auditin8 Standards. For example, the further removed non-compliance.with laws and regulations lirre8ularitiesl is From the events and transactions reflected in Ihe financial statements. the less likely the inherently limited procedure5 ￿quired by auditin8 Standards w¢￿1d idenlify it. In addition, as with any audit, there remains a h58ber risk of non-delection ol Irregularitr'es, a5 these may Involve colluslon, forgery, Inlenb'onal omissions, misrepresenlatr'ons. or the override ol internal controls. We are not ￿sponSible lor ￿￿venting non-coinpllance and cannot be expected lo detect non.compliance with all laws and re8ulations. Otherlnformatlon The trustees are responsible lor the other inlormat5on presented in Ih¢,Annual Report together with the financial slalements, The other inlorrTralion comprises information included in the Founder's Message. CEO'S Messa8e, Trustees, Report, Slralesic Report, Trustees Responsibilities to the Finantial Statements and the Group Information. The financial statemenls and our audilor's report thereon do not comprise part of the other inlormaDon, Our opinion on the financial statemeiits does not cgver the other inlormaty'on and, accordingly, we do not express an audit opinion or. ex¢epl as explicitly stated below, any form ol assurance conclusion the￿an. Our ￿SponSIbl11tY is lo read the other informabon and, in doin8 $0, consider whether. based on our hnancial stèternents audit work, the Inlormakn'on therein is materially rni55tated or inconsislenl with the financial statements or our audit knowled8e. Based solely on that work we have not identified rnaleri31 misstatement5 in the other inlormats'on. Oplnlons on othermatters prescrlbed by the Companles Act 2006 Based solely on our work on the other information undertaken durin8 the course ol the audit.. • we have not identified material misStatemenLs in the trustees, report.. in our opinion, the information 8iven in the trustees, report is consistent with the financial statements., and in our opinion. the Iruslees. report have been prepared in accordance with the Companies Act 21)06. Matters on whlch we are requlred to reportby ex￿ptIon Under the Companies Act 2006 we are required to report to you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for otjr audit have not been received from branches not visited by us., or .the hnancial 51atements a￿ not in a8reement with the accounknn8 records and returns,. or certain disclosure5 01 trustees, rernunerètion specified by law are not made.. or * we have not reCe￿ved all the inforrngkn'on and explanations we ieouire lor our audit. We have nothing to report in these ￿speCtS. Paio 43

Respeetlve responslbllltles and restrlotlons on use Responslbllltles of trustees forthe Iln8nelal $tat•ments As explained more ftjlly in the tru51ees' responsibilitie5 51aternÈnl Sel out on pa8e 40, the Iruslees are responsible for.. the preparation of the financial S￿leMents includin8 bein8 5at151ied that they give a true and lair view.. such internal control as Ihey determine is necessary to enable the preparation ol financial ststements Ihat are free from material mi5ststement. whether due to fraud or error,. assessing the Group's ability to conttnue as a 80in8 concern, disclosing, as applicable. matters related to 80in8 concern.. and usin8 the 8oing con£ern bashs of accountin8 unless they elthei intend to li¢widale the Group or to cease operations. or have no realistic alternative bul to do 50. Audftorfs re$ponslbllltl•$ for the audltof the *lnancl81 ststements . Our objectives ale to obtsin reasonable assurance about whether the financi31 statements as a whole are free from m3teriJl misststement. whether due to fraud, other irregularities or error, and lo issue an opinion in an auditor's report. Reasonable assurance is a high level of assurance. but is not a 8uarJnlee that 8n audit conducted in accordance with ISAS IUKI will always detèct a material misstalement when it exists. Misstatements ean arise from fraud. other irre8ularities or error and are considered m3t¢rial if, indlwdua1￿ ￿ in the a88re8ate, they could reasonabty be expected to influence the economic deciyons of users taken on the basis of these financial ststements. A fuller description ol our responsibilities is provided on the FRC'S website at www.frc.or8.uk/audilorsresponsibilities. The purpose of our8udlt work and to whom we owe ourresponslbllltles Our report 15 made solety to the Foundation's members, as a body, in accordance with Chapter 3 01 Part 16 01 the Companies Act 21J)6. Our audit work ha5 been undertaken 50 th31 we rni8hl stale lo the Foundation's mtrnbers those matters we are required to state to them ￿ an auditor's report and lor no other purpose. To the lullesl extent permitted by law, we do not accept or assume responsibllity to anyone other than the Foundalion and ils memters. as è body. lor our audll work, lor this report, or f¢y opinions we have formed. Brian Clovin S'enior Statulory AtJdit%V lor and on behalf ol KPMG Stalut¢ry Auditor . l Harboufmaster Place IFSC Dublin I Ireland 13 June 2024 Page 44

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDINGAN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Yearended Unmstrloted Fund8 Restrlctsd Funds Exp•ndable ErKlowment 31 Deo 2023 Totsl Note• us$'ooo us$'ooo us$'ooo uss'ooo Inoom•from ciongtlons and legac￿8 InvastThnts 3and21 ioo.000 60.748 210.748 87,976 87,976 1 Totsl Ino•mlng ruouro•• ioo,000 00,74• 87.970 29J,724 Expondllurg•n Ra151ng fvnds 12,071 12,071 Chgrltsbb activY¢les . 609,896 39A57 549.253 Totsl r••ouro•$ oxp•ndsd 521,907 39,357 561J24 N9t o8lnson Inve$tm8nt$ 1.017,OTI 1,017,077 Forolqn Exchonge galn8 832 832 ExcharYd•dlttar&n¢e$ on Iran$18tlno for8n CUr￿nCY0pelet{On8 3,524 3,524 N•t In¢•mVl•xpondlturg1 {361.1351 .3 7,I0OA77 7W833 Tr8nsf01S 431.104 l$J61). 1425.7431 N•t mowm•ntln fund8 69,￿? 6.030 . 682,834 75W3 Fund bo1•n¢￿••rrt•df0rw•rd •tl Jthnuthry202> 9M,321 8,227 4,036.114 4,958,4162 Fund ts•l•no••••nl•dtOFvMYd •t31 Deo•mbor2023 984,290 M.2S7 4.718,948 6,717,496 Th•cl￿￿1•t•￿ St•t•rnqntol Fln8ndal Aati￿tI￿{"SoFA.IA•S tWThPfep•f•Llon the bos￿ that811￿t￿￿18sWoc￿tInuInO. Aiigttlnsind thsas rocogniÈtd In th•Ye9r8lel￿I￿d•Y Int￿sOFA. Th•KcountlrvJrrf)flc¥.•nd thenot•sonog•s 4Pto84 lormportollheCwBolldB¢edAnDncl81 St•t•mint8. PAge4S

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022 Year&nded Unr•strlot•d Fund8 Regtrfctsd Funds Expondabl• Endowment 31 D•¢ 2022 Tot•1 uss'ooo uss'ooo us$'ooo US$'OOD Ino¢)•Mfrom Dongtlon3 and leg8cles Invo$tftnts 3•nd21 20,750 20,756 oi,ioi Bl,101 T•tsllnoomlng ro•ouro 20.760 si,I 57 Ex￿A￿ltur00Th Rg18kng fur￿8. Chgrlfgbl&8etMtles 473,087 17,654 490MII Tot•1 r••ourc•••xp•ndod . 488,401 505,9fj5 Not los$on knstmont$ 1477.3971 1477,397) Forelgn Ex¢hano8o8ln& Ex¢hang• ¢Jlff•ronc8s on tr8nsl&llng forelgn currancyopw&tkn$ 110.0141 Ngt In¢omV(•xp•ndltur•) {489,372) 3,202 1436,3101 1922,4JQl Tr•n$tsrs 452,840 1&074) {449,7061 Nèt mo%•m¢ntln lund¥ 136,6321 128 1880,0701 1922,4801 Fund b•l•nw•o•rrlod t0￿rd.•t l J•nyJry2022 950,853 1099 4,922,190 5081.142 Fund b•ln￿*•I￿I￿for￿ld ot31 D•o•mb•r2022 914,321 a.227 4,Q36,IM 4.964002 . Th0cc•￿kY1l•j hai been pyep8red on th•b•811t￿rall I¢1￿1￿¢0n1lnU1ffj, Aiigoln8•￿1 b888s recognlsed Inth8ye8r8re IrKIuLl&J In￿soFA. Th8 ￿t￿ntIng Folldesandthenoteson p808s 4Plo84 trympart of IheCcn8dldated Flnanolal Stat•Thnts. PAoe 46

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED AND FOUNDATION BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023 Oroup 31 Deo 2023 Group 31 Dec 2022 Found•tlon FOUr￿8t￿on 31 Doo 2023 31080 2022 Nat•$ US$'ooo uss'.000 us$ ￿00 uss'ooo Flxed A88et8 Intangible ass¢ts T8ngible8ssets Investments 12 3,480 7.865 6089,987 1,022A45 <867.042 . soo 13 9.327 i.n4 5.210.881 5.1)8.867' 6JOg.8TI 491.737 818.140 of which108ns 1,009.917 4.108,950 5.074.561 of whl¢h otherinvestments 130,320 T+>tsl flx•d 8$8ots 6.901,302 5.128.694. 6JIO.673 5.211,995 Curr•ntA88•t• Debtors 17 27,294 96.896 34,719 6.824 1,494 02.820 5.497 Cash at bank and hand 18 181,738 332 62.752 Cash plgdggd ascollaterol 18 Total ourr•nt I￿•t 166.909 188,894 64.314 68.249 Cr•dStor•: amounts f8Nlng due wlthln on8 year 19 1263.731) 1210.9531 1579.5021 ISIS,1881 N•t ourr•nt ••••l•/{Il•bllltl••) 004,8221 122.0591 1616,1881 008.0011 Tot1 A•#•t• l•J• curr•nt Il•bllltl•• 6,796.480 S.106,635 5.795.486 S,103,934 Credltor#: 8mount$ falllng duo 8fter oneyebr 20 r18,9861 6,717,495. 047,9731 4.958.662 8.8001 4719.605 n44,0001 4.959.934 Tot•1 tund# of th• oharlty: Expendablg endowment fvnd Restricted funds 21 4,71&948 14257 4.036.114 4728.221 7,174 4.045.613 21 8.227 Unrestricted fuftds.. Deslgnatedfunds 21 984290 914,3X 984.290 914.321 Total ch•rlty lundo S,7)7.496 4.958.662 5,71WS 4,959,934 The fln6nci81 st8t8montson pages 45 to 84 were approvod by the Trustees and authorlsed for issue on 13Jur* 2024. and syneil on their beh8W by.. Slf Chrlst¢)phor Hohn Cholmian 13Jun8 2024 The 8c¢ounting policles ond the I￿leS0n pages 49 to 84 foim part of the Consolidated Flnanclal Statem&nt$.. Paoe4Y

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 31 Dec 2023 31 Dec 2022 US$'ooo Uss'ooo Net¢•8h used In aperatlng a¢tSvft108 (374,104) 1398.4651 C88h tlowtrorn In¥o8tlng Actlvltlei: Divldends recèived Interest received 05,238 18,345 41.527 6.495 3.961 Rental Income recelved Procood• trom tho $•19 01: Investments 1.793.74S 1,051,849 Purch880 Ot: Intanglble ossets Tanglblo flxed assets Investments N8tC•gh uood In 1nii04tlng •ctlvltloA {2,950) {21) (l.S93.2231 285,30S 11,5431 11,534,94SI 167,344 . Cè8hllowB f rom flnanolng aotlvltlo# Interest pald N?tQ•8h UBOd In flnanolng 8Otlvltle (399) {399) 13161 13161 Ch•ng0 In c•ih and co8h •qulvalent8 In tho reportlng yeer 189,1981 (231.4371 Ca•h and oa•h •qul¥•l•nt• at tho b•glnnlng of th• reportlng yoor 181.738 424,100 Etlo01 ot oxohong• rote movomont$ on ¢4gh and oa•h oqul¥Alont8 4.356 110,ges1 C88h •nd c8•h oqulvalont$ at th• end otthe raportlng yaar 96,896 181,738 Reconciliation of incoming resources to net cash flows 31 Oec 2023 vss'ooo 31 Dec 2022 uss'ooo N'gt galn/ll08ts1 forth• roportlng year108 partho Statomont of tlnonolal •¢tlvltle81 Adjustments for.. 758.833 1922.4801 Net loss/lgalnl on Snvestments Dividends Income (971,042) 663.350 (66.4601 140,6451 Forelgn exchange movernents 14,356) 10,985 Inteiest income on investments 08,3461 16.4951 Interest expense 651 1.005 Depre¢iatlon charges Decre8se/llncre8sel in debtors 1.483 1.450 124,4191 2,904 Decre8se/llncre8sel in c8sh pledged 88 collater81 (34,3871 14.438 IDé¢regsel In oredltors 116,3621 1122.9771 Not oash u$gd In opergtlng actlvltlg9 74,104) 1398.4651 The occounting pollcles 8nd th8not8son p890S 49to 84 form part of th8Consoll48tsd Fln8ncl81 Ststem•nts. Paqe48

Notes to the Consolidated Financial Statements I. BASIS OF PREPARATION a) Ba818 Ot aceountlng The Consolidated Financial Statements have been prepared on a 80ing concern basis, under the historical cost convention as modified by the revaluation of investments, and have.been prepared in accordance with the Statement of Recommended Practice I'SORP") 'Accounting and Reporting by Charities, Ipublished 20151, the Charities Act 2011, Financial Reporting Standard 102. the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland I'FRS 102.1 and the requirements of the Companie5 Act 2006. The Children's Investment Fund Foundation IUKI (the "Foundation") including its subsidiaries undertakin85 (the "Group'l applied the recognition and measuretnent provisions of International Financial Reporting St3nd3rds I'IFRS'I 9 'Financi31 Instruments, and the disclosure and presentation requirements of Sections Il'and 12 of FRS 102 to account for all of its financial instruments. The Foundation is 3 public benefit entity and has adapted the Companies Act formats to reflect the Charities SORP and the nature of the Fovnd3tion's activities. The Foundation meets the definition of 3 qualifyin8 entity under FRS 102 and has therefore taken advantsge of the disclosure exemptions available to it in respect of its separate f inanci31 statements. The Trustees made an assessment of the Group's ability to continue as 3 80in8 concern and are satisf bed that the Group has the resources to continue in business.lor the foreseeable future. Furthermore, the Trustees are not aware of any material uncertainties that may cast significant doubt upon the Group's ability to continue as a going concern. Therefore, the financial statéments are prepared on the goin8 concern basis. b) Funotlonal eurrenoy and pre8entatlonal ourrenoy These financial 5taternents are presented in United states Dollar I'US$'1, which is the Group's functional currency. 'Functional currency, is the currency of the primary economic environment in which the Group operates. The Group's investments. 8rants and expenditures are denominated and paid mostly in US$. Accordingly, the Board lias determined that the functional currency of the Group is United States Dollar. All amounts have been rounded to the nearest thousand, unless otherwise indicated and the termino108y 'k' will be used to refer to thousands through the financial statéments. e) Ba$ls of ¢on8olldatlon The Consolidated Statements of Financial Activities I'SOFA"). Balance Sheets and Cash Flow Statements incorporate the results of The Children's Investment Fund Foundation IUKI Ithe 'Foundation°l and its subsidiary undertakings, Talos Capital Designated Activity Company I'Talos"I, CIFF C3Plt31 UK LP I'CIFF Capital"), CIFF Investments LLP I'CIFF Inv'l. CIFF Investments11 Limited I'CIFF II"), CIFF Investments111 LLP I'CIFF III"), CIFF IP Co Limited I'CIFF IP"). CIFF Water Limited I'CIFF Water"), CIFF General Partner Limited I'CIFF GP"), 86th Street Lender LLP1"86th LLP I,"Ilth Avenue Lender LLP I'llth LLP"), Chiswick Riverside LLP I"Chiswick"l and CIFF 265 East 66 Limited I'CIFF 265,1. The consolidated entity is referred to as the 'Group" No separate SOFA and Cash Flow St3tement have been presented for the Foundation alone as permitted by Section 408 of the Companies Act 2006 and SORP. Intra-gfOUP balances are eliminated fully on consolidation. Where necessary. adjustments are made to the financial statements of subsidiaries to align the accounting policies used with those used by the Group. 2. ACCOUNTING POLICIES The principal accountin8 policies applied in the preparation of these consolidated and separate Financial Ststements are set out below in p3r38raphs lal to Iql. The policies have been consistently applied to 311 periods presented. unless otherwise stated. a) Crltlcal accountlng estlmates and Judgements In applylng aoeountlng pollcles In preparing the financial st3tements. the Group makes estimates and assumptions that affect the reported valuations of . assets and liabilities within the financial year. Actual results may differ from those estimates. Estimate5 are continually. evaluated and Page 49

1. ACCOUNTING POLICIES- continued based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstsnces. The key assumption5 are explained in the respective accountin8 policy notes below and in Notes 14 and 15 for investments. b) New and amended 8tandard8 and Interpretatlons There have been no adoptions of new or amended standards during 2023 that resulted in a si8nific3nt impact to the Group's Financial Statements. There are presently no new standards, amendments or interpretations to existin8 Standards that are not yet effective that would be expected to have significant impact on the Group's Financial Ststements. ¢) In¢omlng resources All incoming resources are accounted for when the Group is legally entitled to the income and the amount can be quantified with reasonable certainty. Interest income earned on loan investments is recorded within 'Net gains on investments, due to the loans being held.at fair value. Interest income on cash balances is recorded in SOFA within 'lncome from investments,. Dividend income and expenses, when the underlying security is held directly by the Group, is recognised on ex-dividend date. net of foreign withholding tsxes in SOFA within 'lncome from investments.. Withholdin8 tax is accounted for on an accruals basis. For those securities held via an intermediary, the dividends are accounted for when notified. Rentsl income earned from the investment property is recorded within 'lncome from investments, on an accruals basis and is receivable monthly in advance. Donations are reco8nised when the Group is legally entitled to the income and the amount can be quantified with reasonable accLtracv. d) Re80uroe8 expendod Resources expended are accounted for on an accruals basis. Expenditure is allocated to either the sectoral charitable èctivity areas or cost cate8ories. For expenditure incurred across the sectors, amounts are attributed to each area based on the granting activities undertaken durin8 the financial period. Constructive obligations (including grants payable) are accounted for as liabilities where it is probable that there will be a transfer of economic benefits and the amount of the obli8ation can be reliably estimated and communicated to the recipient. Multi-year grants are subject to periodic reviews and condition31ity such that the liab'ility is reco8nised in most cases 3nnu311y, when the criteria for recognising the liability are met. Support costs, other than direct costs for each sectoral activity area and excluding any restricted expenditure, 3re re-allocated to each of the activities on the following basis. which is an estimate based on annual grant commitments levels, excludin8 818 Win Phi13nthropy commitments= 2023 2022 Cllmate Change Sexual & Reproductlve He81th & Rlghts Glrf C8plt81 Chlld Health & Development C105s Cuttlng 41.71 48.4 23.7 19.7% 4.7 3.2 26.4 24.4 3.6% 4.3% Activities undertaken directly relate to expenditure incurred by the Foundation through direct seNice prowsion or work undertsken by the Foundatron that contributes directly to the Foundation's objectives. Other sectoral teams that have continued to support the Foundats'on's actr'vities, i.e. Child Protection. External Affairs, Evidence, Measufement & Evaluation. Organisation Development and Impact Investing are classified under Cross Cutknng. Expenditure incurred in ￿ lation to the Foundation's restricted activities are costs specifically identifiable and relevant to the restrictions assigned to those activities and therefore can be allocated to the restricted funds. Page 50

2. ACCOUNTING POLICIES- continued e) Flnanclal assets and Ilebllltle8' l.) Flnan¢l•la$$•t$ Inltlal recognltlon andmeasurement As per paragraphs 11.2 and 12.2 of FRS 102 the Group has elected to adopt the recognition and measurement requirements of IFRS 9. Under IFRS 9 'Financial Instruments,, financial assets are classified, at initial recognition, and subseouently measured at amortised cost. fair value through other comprehensive income I'OCI"). or fair value through profit or loss I'FVPL'I. Purchases and sales of investments are recognised on their trade date. which is the date on which the Foundation commits to purchase or sell the asset. Investments are initially recognised at fair value and transaction costs for such investments are expensed as incurred. Investments are de-recognised when the rights to receive cash flows from the investments have expired or the Foundation h35 transferred substantially all risks and rewards of ownership. Subsequent to initial recognition, financial assets are measured at FVPL. Gains and losses arising from changes in the fair value of the investments category are included in the SOFA in the year in which they arise and are based on the First-ln. First-out I'FIFO'I method. The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group's business model for managing them. The Group classifies its financial assets as subsequently measured at amortised cost or measured at FVPL on the basis of both.. The Group's business model for managing the financial assets The contractual cash flow characteristlcs of the financial asset In accordance with IFRS 9, the Group classifies its financial assets at initial reco8nition into the categories discussed below. Fln•nelal ass•t$ m••sured at8mortlsedcost A debt instrument is measured at amortised cost if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest I SPPI"l. The Group includes in this cate80ry short-term non-financing ￿CeIvable5 including cash at bank and in hand, cash pled8ed as collateral.and debtors. Flnanolal assets measured at falrvalue thmugh pmflt orloss A financial a55et is measured at BIPL if.. lal Its contractual terms do not give rise to cash flows on specified dates that are SPPI on the principal amount outstsnding., or Ibl It is not held within a business model whose objective is either to collect contractual cash flows. or to both collect contractual cash flows and sell. The Group includes in the FVPL category all investments in103ns. concessionary loan5, real estate'103ns (principal amount plus accrued interest receivable), listed equities, deriv3tives in an asset position, investment properties, private placement and investment funds. Impalmient of flnanclg18ssets The Group assesses on a forward looking basis the expected credit loss I'ECL'I associated with its financial assets Carried at mortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For these financial assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from inikn'31 recognition of the receivables. The Group classifies the following financial assets under amorhsed cost= cash at bank and in hand, cash pledged as collateral and debtors. Cash at bank and in hand and cash pledged as collateral comprise cash at banks and in h3nd, on demand and inte￿t be3rin8 deposits with 3 maturity of three months or less. which are Pooe Sl

3. ACCOUNTING POLICIES- continued subject to an insignificant risk of changes in valLJe and their carrying amounts approximate amortised cost. The loss allowance is based on lifetime expected credit losses. All material counterparties have an investment grade credit ratin8 by Moody's/S&P of AI/A+ or higher and there is no history of defaultslnon-payment and all receivables, balances are short term l< l year). The Group only holds receivables with.no financing component and which have maturities of less th3n 12 months at arnortised cost and therefore ha5 adopted the simplified approach to ECLS. No ECL impairment allowance has been recorded against the Group's receivables during the year. The ECL is not relevant to financial assets at fair value through profit or loss and financial liabilities designated at fair value through profit or1055. Derecognltlon of financlalassets The Group derecognises a financial asset when the contractual rights to the cash. flows from the asset expire, or it transfers the rights to receive.the cor)tractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transfèrred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset lor the carrying amount allocated to the portion of the asset that is dereco8nisedl and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the SOFA under'Net gains on investments,. Any interest in such transferred fin2nci31 assets that are created or retained by the Group is reco8nised as a separate a55et or liability. 11.) Flnanclal Ilabllltles Inltlal recoqnltlon and measurement Fin3ncial liabilities are classified, at initial recognition. as financial liabilities at FVPL and include loans and borrowings, payables, and derivatives in a liability position, as appropriate. All financial liabilities are recognised initially at fair value. Flnancl81 Ilabllltles measured 8t amortlsed cost Financial liabilities measured at amortlsed cost include all financial liabilities, other than those measured at FVPL. The Group includes in this category amounts due to brokers, 8rants, accruals and deferred income and other payables. Flnanclal118bllltles measured at falr value through profltor loss Financial liabilities at FVPL include f iriancial liabilities held for tradin8 and f inancial liabilities desi8nated upo'n initial recognition as at FVPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are reco8nised in SOFA i'n the year in which they arise and are based on the FIFO method. Financial li3bilities designated upon initial reco8nition at FVPL are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. f) Investments Llsted and unllsted securltles Securities listed or quoted on any securities exchan8e and regularly traded thereon are valued at f3ir value. The fair value of an investment is based on its quoted market price. Unlisted securities or listed securities not reEularly traded, or in respect of which no prices as described above are available, other than loans and receivables, will be valued at their fair value based on information provided by TCI Fund Management Limited'51"TCI FM" or the "Investment Manager I portfolio management teaffl such as using the latest available redemption price for investment funds. Because of their inherent uncertainty, estimated fair values may differ from the values that would have been used h3d 3 ready market for the securities existed. P8V 52

4. ACCOUNTING POLICIES- continued Unfunded commltments The Group may invest in loans 3nd securities which incorporate a commitment that it will be obliged to pay at a future date if called upon by the counterparty. The timing and amounts of settlement of these potenti31 obligations are uncertain at year end. Due to these uncertainties the Group does not recognise these amounts as liabilities on it5 Consolidated Balance Sheet, however these amounts are disc105ed as contingent commitments in Note 23. Derlv8tlve Contracts Derivative contracts I derivatives l are recognised at fair value on the date on which the derivative is entered into and are subsequently re-measured at their fair value on an ongoing basis: Fair values are obtained from quoted market prices in active markets, includin8 recent market transactions. Where'quoted prices are not available the investments are valued using. information provided by. counterparties to the contracts. All derivatives are carried as 3S5ets when fair value is positive and as liabilities when fair value is negative. The best evidence of the fair value of a derivative at initial reco8nition is the transaction price li.e. the fair value of the consideration given or receivedl. Subsequent changes in the fair value of any derivative instrument are reco8nised immediately in the SOFA. The Group enters into forward foreign exchange contracts. Forward foreign exchange contracts are fair v31ued on a daily basis usin8 the forward contracted rate derived from readily available market data. When the contract is closed, the Group records realised g3in5110sses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Forward foreign exchange contracts are fair valued using the forward contracted rate derived from readily available m3rket data. As at 31 December 2023 the Group held foNard forei8n exchange contracts with an aggregate fair value and net liability position of US$37,664k12022: net asset position of US$39.SOlkl. Investment lunds The Group invests in investment funds I'lnvestee Funds'l which are subject to the terms and conditions of the Investee Funds, offerin8 documentation. The investment in the Investee Funds are primarily valued based on the latest available redemption price of such units for the Investee Fund,.as determined by the administrator of the Investee Fund. Where a readily ascertainable market valuation is not available. the Investee Funds are valued at cost less any expected losses (see Note 141. When a share/unit is sold the Group recognises the realised gains/llossesl. Other changes in fair value of the Investee Funds are recorded as unrealised gain5/11055e51. At 310ecember 2023, the Group held investment fund positions of US$107,057k12022.. US$30kl. Investmentproperty The Group invested in an investment property comprising wholly of UK-based freehold land and buildin8s.leased to third parties. The Group's policy is to include the investment property within investments at their fair value, which is usually equivalent to the open market value. The valuation function of the Investrnent.Manager, in consultation with a committee. comprising of senior management off icers of an affiliate to the Investment Manager. determine the fair value of the investment held by the Group havin8 regard for the cost price. recent transactions and using a variety of v31LJation techniques including discounted cash f lows. Leasedassets The annual rent315 for. operating leases are chafged to the SOFA on a straight-line basi5 over the lea5e'term. Investments In subsldlarles Investments in subsidiaries are held at cost. less impairment in the Foundation's Balance Sheet, apart f rom the investment in CIFF Capitsl UK LP which is held at fair value. Loans The Group invests in Real Estate Loans which are accountèd for on a fair value basis. Fair values are calcu13ted with reference to discounted cash flow models on the expected future cash flows of each loan investment. The movements in the fair values re included within Net gains on investments" in the SOFA. Please refer to Note 15 which details information surrounding the significant unobsèrvable inputs of these loan investments. P￿9 63

5. ACCOUNTING POLICIES- continued Programme related Investments Programme related investments are a type of social investment and are made directly in pursuit of the Foundation's charitable purposes The primary motivation for making a programme related investments Is not for financial gain but to further our charitable objects. Programme related investments can generate some financial return, 3nd the funding may or may not be provided on commercial terms. The current programme related investments portFolio conslsts of a number of fund and private placement investments which follow the respective investments 2ccounting policy and as at 31 December 2023 amounted to US$9,713k12022.. US$12,053kl. Mlxed motlve Investments Mixed motive investments are made in pursuit of the Foundation's charitable purposes and financial gains. The current mixed mokn.ve investment portfolio consists of a number of fund investments which follow the respective investments, accounting policy. Mixed motive investments as at 31 December 2023 amounted to U5$56,129k12022.. US$46.417kl. g) Forelgn currency translatlon Assets and liabilities denominated in foreign currencies are translated into US$ at the foreign currency spot rate of exchange at the balance sheet date. Transactions in foreign currencies are recorded.at the forei8n currency spot rates of exchange at the date of the transacts'on. Differences arising on settlement and translation of monetary items are recognised in the SOFA. The year end rate prevailing on the balance sheet date was US$ I £0.7912022.. US$1 .. £0.83). For consolidation purposes, the balance sheets of subsidiaries reported in Pound Sterling currencv I"G8P" or"£"I have been converted into US dollar at the forei8n exchange rate as at 31 Decernber 2023. For all GBP reported profit and loss accounts of subsidiaries, the average foreign exchange rate for the relevant period has been applied at USD rate of US$1 £0.8012022.. US$1 .. £0.81). h) Intanglble 888ets and amortlsatlon Intangible assets that are acquired and developed by the Group.and have finite useful lives are measured at cost less accumulated amortisation and any acclimulated impairment10sS. Amorbsation is calculated on a straight line basi5 so as to write off the cost of an asset over 10 years in the absence of reliable ffleans to estimate useful economic life. The amortisation will commence once the intsngible product's development is completed. Amorknsation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Subsequent expenditure is Capltalised only when it increases the future economic benefits embodied in the Specific asset to which it relates. All other expenditure 15 recogni5ed in the SOFA as incurred. l) Tanglble flxed assets and depreclatlon Tangible fixed assets are capitalised at cost. Depreciation is calculated on a straight line basis so as to write off the cost of an asset aver the estr"mated useful economic life. The estimated useful economic lives of fixtures and fittings is 5 years and plant and machinery is 8 years. .Tangible fixed assets are reviewed annually for impairment. Depreciation.methods. useful lives and residual values are reviewed if there is an indication of a significant change since last annua1 reporting date in the pattern by which the Group expects to consume an asset's future economic benefits. J) Cash and cash equlvalents cash.and cash equivalents include amounts due from the Group's counterparknes on demand and interest bearing deposits Wlth original maturities of less than 3 months. P&09 64

6. ACCOUNTING POLICIES- continued k) Cash pledged as collateral Cash pledged as collateral includes balance5 held at year end with the Group's Pfime brokers and other counterparties. The use of these amounts is restricted based upon the Group's contractual mar8in requirements with each broker at the year-end date. l) Amounts due from/to brokers Amounts due from brokers include cash from investments sold but which have not yet settled and cash for forward foreign exchange contracts closed but awaiting settlement. Amounts due to brokers include cash from investments purchased which have not yet settled and cash for forward foreign exchange contracts closed but awaitin8 settlement. m) Debtor8 Amounts due from debtors are measured at transaction price, less any impairment. n) Credltor8 Amounts due to creditors are measured at the transaction price, o) Fund8 Desi8nated funds are the unrestricted funds that have been set aside for a parkncular purpose by the Trustees. Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitsble objectr'ves of the Foundation. Restricted fund5 comprise those funds th3t can only be used for particular restricted purposes within the objectives of the Foundation. Restricted funds arise when the funds are specified as such by the donor or when funds are raised for particular restricted purposes. The Expendable Endowment Fund represents those assets held by the Trustees principally in investments. Income on investments is accounted for within the Expendable Endowment Fund. When the Foundation is unable to meet its ommitments from reserves of Unrestricted Funds, there would be a transfer from the Expendable Endowment to Unrestricted Funds to meet those commitments. p) Taxatlon The Foundation is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 2nd therefore it meets the definition of a charitsble company for UK corporation tax purposes. Accordin8ly, the Foundation is exempt from tsxation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxatr'on of the Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitsble purposes. q) Operatlng Leases The investment property was leased to tenants under operatin8 leases with ￿nts1S payable monthly. The Group has also entered into an operating lease for plant and machinery for US$nil consideration12022.. US$nill. Although the Group is exposed to changes in the residual value at the end of the current leases. the Group typically enters into new operating leases and therefore will not immediately re31i5e any reduction in residual value at the end of these leases. Expectations about the future residual values are reflected in the fair value of the properhes. Pw8 $5

7. DONATIONS AND LEGACIES The income af US$210,748k12022= US$20.756kl includes unrestricted donations from TCI FM of US$160.OOOk12022-. US $nil>, restricted don3tions received from TCI FM of US$45,387k12022. US$14,560kl, the CH Foundation IUKI of US$2,344k 12022.. US$2,854kl, the Foreign, Commonwealth & Development Office IFCDOI of US$3.017k12022.. US$3,074kl, the Department for Business, Energy and Industri31 Strategy of US$nil12022.. US$247kl and other donations of US$nil12022.. US $21kl.

8. INCOME FROM INVESTMENTS AND EXPENDITURE ON RAISING FUNDS 4 {8) Income from Investments The investment income arises from interest received on cash deposits, interest income earned on loans and receivables is recorded, rental income from investment properties, and dividend income from equity securities within the portfolio held by tF)e Group. The dividend income is recorded at ex-dividend date, gross of foreign withholding tsxes. Withholdin8 tax is recorded on an accruals basis. All rental income is derived. from ihvestment. properties in the United Kingdom. Group yoar ended 31 Do¢ombor 2023 US$'ooo Oroupyoarended 31 Dgoember 2022 US$'ooo Divldend Incom¢ 04460 18.345 40.645 Intèr¢$t 5ncome 0.495 3,901 Rent81 Income 87,976 si,101 4 (bj Expendlture on ralslng fvnds The expenditure on raising funds of US$12,071k12022.. US$15,344kl includes expenditure relating to mana8in8 subsidiaries holdin8 endowment investments including brokerage charges, intermediary fees and investment management fees, Paoe 56

. 5. EXPENDITURE ON CHARITABLE ACTIVITIES GrontFundlng otAotl¥ltEoS 2023 (• uss'ooo A¢tlvltle• Undertthken Dlr•atly 2023M uss'ooo ' 8￿pPOrt TotslChorTtabl• A￿l¥It5 2023 uss'ooo 2023 uss'ooo Cllmgt8Change SexuBI£ Reproduct￿8 Hgaf(h& Rlght8 Glrl Catytal Chlld HeBlth & Devg1¢)pment Cross ()JttSng 208.303 118.514 23,660 132.035 ri.502 1.113 533 18.141 10.038 1,452 129.085 24112 704,3617.588 2.309 600,0 4,659 44,680 549,253 . Gront Fundln9 •tAotlvltla$ 2022 0) Uss'ooo AotlvltleB Undertakan Dlr•otly2022 IIJ Uss'ooo Support Qo¥t 2022P> uss'ooo Total Charltsbl• Aotlvltlg8 2022 vs$'ooo Cllmot¢ ChaNJ¢ SexLtbl & Reprody¢t1￿ Heatth & Rlghts Glrl C8plt&l Chlld H•$lth & Oovelopmont Cros$ Cuttlng l¥ 214.939 87,402 14,337 108,698 2rJ 1,227 668 60 18.168 7,972 1,372 6.483 234,334 94042 . 15.709 175,781 ZS70. 444,S?P 4531 41,481 490,611 {L) Sq•noto7 11) Sqenoto6 13) Sqonots8 {4) Th•GioupordFounditknn'i•lltmu•¥lno￿￿nvch11d Protwtlon. Ext•mdAtl•lrll.£¥ld•rKqMquurqm•ntS ev•J•tbn.ts9llnliitbnDowWn•ntindlffy•DtIMitlng llrnd•8BWblld vNiCrob&￿ttltho. 6. ACTIVITIES UNDERTAKEN DIRECTLY The direct expenditure of US$4.659k12022.. US$4,531kl on charitable activities was mainly to further the Foundation's mission,. organising convening5 and conferences.. providing technical a5515tance and training to grantees and other charitable or8anisations,' and publishing and disseminating reports on research findings. P499 $7

1. GRANT FUNDING OF ACTIVITIES 8•xu•l & R•produ¢tlve ￿￿1th & Rloht• uss'ooo Ohlld H••lth •nd D•v•lopm•nt uss'ooo Oroup •nd Foynd•tlon 2023 Cllrnoto Ch•n9• Ug$'000 Cro$0 Cuttlng uss'ooo Olrl Cèpltll vss'ooo Tot•1 us$'ooo Qv•nt•M M••lvln9•h•rltsbl•or•nts APCON Ent&rprI￿5 L1rr￿td 6.002 6,002 C40 Cltltss Cllm&ts Le&J8rshlp Grovp In 9.400 CAMFED Intornatlonal 14,500 14.500 Cle8n Alr Fund .oéo 10.660 cll#ntE8rth 0.118 4118 Dr. R&Ydy's FormLrlgtlon$ 15,800 14800 ENO Fund Engrgy Foundjtlon Chlno 12,990 11990 Europeen Cllm8t8 Found&Von .505 19,505 Fo¢d For EtJu¢atlon 11.003 11,063 Found&tlonfor Internati¢￿&1 Lthy forthe Envlronmtnt 13,448 Gk)b81 Fund to flght AIDS, Tubarcubsl8 Dnd hAolarl 13.960 13.950 Instituto Cllrna e Soclad 8.818 IPE Gloty&l Llmfted 1.804 3,718 6.682 Lfvlng Goods 7.405 7,40$ Mellor8 MSI R8productfve CW 11,880 11.880 Orbls 6.693 6,093 PATH 4,302 1,544 6,900 ptlzer 6.770 4,770 psi 6,6OS 1,843 Rrtkefèller Phllanthrow￿￿s0T$. In¢ 19.49$ 19.é45 Tora Cllm8ts Foundatknn 7.730 7,730 Thts Sunrlso prO￿¢t 8.750 8.760 Th8Wwld 88nk Group 10.000 io,000 Trfggerlse 13.136 13.130 Unlted.Natlons ChIldr￿'S FuThl 2,400, 21,511 23,917 Unltsd N8tlon$ Populatlon Fund 6.126 6.125 Wllll&m M8rBh Rlce unl￿154￿ 11.025 11,025 World R890urcas Institvt• 9,957 9.957 World W$lon Ethloplo 9,687 9087 ri other Gr8nt809 69,621 30.866 3.047 4).030 17,312 162.602 Totsl •h•rltbl• ir*nt# 13¥)36 17M02 100.0 Paoe 58

2. GRANT FUNDING OF ACTIVITIES- continued S•xual & R•produ¢tlvo Heglth & Rlghts uss'ooo .Qhlld Hoalth and Glrl C4pltol D•vgloprnont us$'ooo us$'ooo Qroup•nd Found4tlon 2022 Cllma ¢hange uss'ooo Oro•• Cuttlng us$'ooo T+)tsl uss'ooo Grnntse•ra•l¥lng¢)harltotslegrants Alr￿an climate Foundat¥Jn 0.205 oJos Amref He8￿h Afra 5.000 5mO . APCON Entèrprtsès Llnmted 6,002. ctaan Alr Fund 4.353 4J63 Cll8ntEarth 7.502 7W2 .DKT Intomatbml 4.f12 4.792 END Fund 17.904 ,904 EnO￿V Found8tlon Chkno 7.300 7JOO E(tro￿•￿ClIMat0 knJnd8tlon 39,054 39M04 Found8tlw for Intemetlonal Law lor th& Envlronm&nt 15,783 18,783 Glob&l Fund to fkht AIDS, Tut%rcLAosls M818rl8 io.000 io.000 Institutocllmae Socled8de 6,264 . 6264 IPE Globgl Lknrt•J 814 3.218 41132 Llvlng GI￿8 5.107 107 MSI Roproth¢tl¥ Chok•s. 22.304 22.364 Pflzer 11.80S 11.405 psi 4,S29 Il693 Rttkotsllor PhlkThthrotyAdvl8or8. Inc 22,434 300 22.n4 SlJht5avor& S.607 T•ra Cllmots Fwndatkn 7.500 7.600 Thecartercenter s.000 50XIO Th8 Sunrfse Prol8ct 12,363 12,363 Trlggerlse S.4K) 6A10 UnStsd hl&tlons Chlklren's Fund 9.880 W1nd￿8rd FuTra io,000 ioooo World Resources InstWe 7,417 70ri Workj V15kn EthloplB )7,120 17.120 m Oth¥r Grant¢¥s 09.764 ZO.t7 8.994 38.800 18.923 157,44• T)t&l ch•rltablegrnnts 214,939 87.402 14.337 108.698 19,223 444.599 Tn•gfwWthi•JlttiThi)th•ry￿tW￿ts2023tQ1l11•d1mIIh1nvS¥6.0M1?￿1...uS$1.I￿j￿¥￿M*￿l￿hCYg•rlU P•g059

3. ALLOCATION OF SUPPORTCOSTS Chlld H•olth and 00¥olopm8nl uss'ooo Cllmat• Oh&ng• uss'ooo R•produotl¥• Hoalth& Rlghts uss'ooo Cro Cuttlnq uss'ooo Glrl Caplt•l uss'ooo 2023 Uss'ooo suP￿rt •ot$ Staff costs (Note 101 Offtce expenses Governanceeosts INotè91 Travel and subsistencèconsutsncy and oontrJ¢tor¢osts 12.017 7.04$ 1.4TI 909 4,064 6.464 228 2,005 207 293 1,630 239 118 23 17 496 1,225 714 97 503 604 1,487 130 427 275 3.003 rotsl AuPPDrt¢)oats•llo￿t•d to ch•rltabl• eotmtl 10.038 IA62 7.361 7.688 44680 S•xu•l& R•produ¢tlv• Hg•lth & Rloht• uss'ooo Chlld H•alth and D•v•lopm•nt us$'ooo Ollm•t• Oh¥ng• us$'ooo Oro•J CuttSng us$'ooo Olrl Cgpltl us$'ooo 2022 U8$'000 $upp•rt M•t• Staff costs INote101 8xpenses 12,591 2,930 258 904 5,974 274 29,204 034 193 1.4é0 Governancec05ts INote91 Travel Ind subslstenceCwsutsn¢y and ¢ontrBctor costs 17 130 23 533 1.037 T.352 487 é5. 363 451 2A03 &307 639 133 419 704 Tot•1 •upport oo8ts •lloo*t•d to ch8rlt•bl• •¢thltl•• 1&108 1.372 6,483 41,481 Th••Iw•knffthlih&Jof•Jpwt4oDt•hAwbBvnd￿llUA￿lnNot•2IdI.

4. GOVERNANCE COSTS Oroupy••v •nd•d 31 Dtt4mts•r Group y••r Ondod 31 D•c•mbor 2022 2023 USS'OOO uss'ooo Audrtor5' 270 remungration Legg1 tees Professlonal fee5 74 496 $33 Th•Budhws'ierrwa41v￿.IurtIQYeFrw￿g￿ 3lCwtrAr￿3bS￿I1trEh￿enKP￿4GUssl4?k D02P.IA$238kl.S.P.Naprlltty 0rdBlI￿50TrQl￿pWJ￿IIQIg)v5s)3￿ POn'.IJSSllk].MBtais hhB0fficoth￿￿￿sluss￿llctrZl.' USS9kl.MSE A￿lt015P0rtnsrS￿p1gtNQ￿h￿othC9gu￿1ry¥vss￿k(?o￿.￿ss1Thjar￿FKF{KeryvD0rf￿￿LKlbtWsIvs¥4k I￿21. USS0￿.￿l)n1 PLF 1sopItr￿￿I0%￿￿￿￿s￿￿ts01US$1ok(2o2>..Uss7k> endacc0￿￿rtY$￿èSotv$sI3￿(2otr. itsSnl.Noothw Èsuronce. IOXÈdviswor •u¢1t(¥5￿￿ti1*￿0r(lQV'.tjssTh1l1.. P89e4a

5. STAFF COSTS Groupand Foundatlon ye8r endgd Oroup And Foundatlon .Yoaronded 31 Do¢embor 2022 US 37 Docember 2023 US $'ooo Wages and salaries So¢lBI security costs Other pen51on costs 23,n6 1.899 1.22$ 1.090 26.715 Other staff costs 2.279 2,489 Total 31,699 29,204 ¢08t$ The 8ver89e monthly number of employe8s Ib8sed on the12-month perlodl who wore employed during the ye8r totalled.. 21112022.. 1951. The 5t8ff numbers were sp5it betwean dlrect 8ctlvitlès.' 16812022.. ISO) ond Indirect support.. 4312022.. 391. The number of employees ot the Group and Foundation whose remurieratlon p&ld In thè flnanclal yeai fell wlthln the followlrig bonds were: Total Remunoratlon Oroup•nd Found•tlon 2023 Qroupond Foundotlon 2022 B•ndlng• 26 13 14 17 12 23 13 13 $71k- $85k $8Sk- S99k $99k- S113k S)13k- $127k $127k- $141k $141k- $15Sk $155k. $169k $169k- $183k $183k- $197k S197k- S211k $21Ik- S225k $225k- S239k $239k- 8254k $254k- $268k $268k- $282k $282k- $296k S310k- $324k S324k- $338k S338k- $352k $352k- $306k $408k- $423k $45lk- $465k $465k- $479k $493k- $507k $507k- SS?Ik $521k- $535k $577k- SS91k Charity SORP reouires disclosur& of the numberofemployee5 whose total employee benefrt (excludin9 employer pension costs) exeeeded £60k during the ieportino period split in bands of £IOk. The Foundatlon uses a funotiongl and pr8sent8tional currencyof USDtherefore 8 th￿ShO1￿ of SThk and bandlngs of $14k have been used. which m8teri8llytranslate to the GBP SORP requirements. S818ries include benefits in kind 8nd 8re paid in a number of currencles Including GBP. which has been tr8nsl8ted 8t the aveia9e rgte of USSI'.£0.8012022'. USSI'.£O.811. 10 The contribLrtions in the year for the provlsion of 8 defined contribution pension scheme to employees of the Foundation were USSI.225k12022'. USSI.090kl. The number of stEff who were members of the schemewas 23312022: 2191. The TrLJStees dicl not recèive any remuneratlon fortheir seN¢es during the year12022'. Vssnill. The Trustees did not reoelve any expense reimbursement Lluring the year. In 2022, the Trustees, expenses reimbursed for travel 8nd subslstence 8mounted to US512k ond were related to oneTrustee. P89861

R•munerotlonof Key Management P•r8onno1 31 O•¢•mb•r2023 31 Decomber2022 us$'ooo us$'ooo' Ex8CUtlve DITectors 3.389 3.205 Employer Penslon Contrlbutlon$ . Employer N8tlonHI Insur&nc8 Contrfbutlons 81 62 329 345 Totsl Con8ldoratlon &799 3.012 The Key hlanagement Personnel of the Foundation h8vè b8en dèfinod 88 the.. The Board of Trustees (who are not r8mun8rate(l in theirc8p8City es Truste951 The Executlve'Dlrectors of the Foundation, who are iesponsibla forth8 d8Y to d8y runnlng of the org8nis8tion. Tha total remuneration to Key Management Personnel is summarlsed In the t8blè above. Remuneration includes sal8ries. benefits In klnd. bonuses, terinlnation p8yment8 8nd employer penslon contrtbutlons. 11. TAXATION The Group Companles, CIFF C8plt81, CIFF Inv, CIFF11, CIFF111, CIFF IP, CIFF GP. CIFF Water. 86th LLP. Ilth LLP. Chlswl¢k gnd CIFF 265 dld not reallse Bny taxable proflt In thls financl81 year, therefore have no tax118bSllty. The 8ub8ldlary company, Telos. Snourr¢d USS5k12022.' USS4kl of Irlsh corporatlon tax and Ussnll of wlthholding tax12022'. Ussnlll. In 2023. tho sub8ldi8rycomp8ny. CIFF11. dld not In¢ui any deferred tox12022'. USSn511. 12. INTANGIBLE FIXED ASSETS 81.Dgoernb•r 2023 uss'ooo 31 D*ogmb8r 2022 uss'ooo Group Cost brought forw9rd Addltlons durlng theye8r soo 2.950 600 At￿arend 3.450 600 Amortisotion broughtfofw8rO Charge for the year Atyo•rond Not b¢Jok valu? Atyo•r•nd 3A80 600 The Snt8nglble asset contlnues to be uncler development and tgsting during 2023. As per FRS 102, no 8mortls8tion Is recorded 85 the Intengible assetls not reedyfor its intended use. Page62

1. TANGIBLE FIXED ASSETS Ftxtur•a and Flttlng• 310•o•mb•r 2023 uss, 000 Maohln•ry Jl D•o•mb•r2023 US$, 000 31 D•o•mb•r2023 us$. 000 31 D•o•mè•r 2022 us$, 000 Cost brc4J9ht foTh¥ard Addltt*n$durlrg the ye Dl$pos8lsdLvlng th8 y•or 9.)48 3,032 .21 12.180 21 10.637 1.543 At y••r 3.063 IZ201 12.180 Depreclatbn brought lorward chargelorthe￿1 R8v8rs8londisp)sal 935 1.144 1.918 339 2.853 1,483 1,403 1,450 At y••r •hd 2079 2.267 2.8SJ Not book ¥olu• At y••r .796 7.866 9,327 Flxtur•¥ •nd Flttlng• 370￿•mb0r2o23 us$, 000 Hxtur•• and Flttlno• 31 D•o•mb•r2022 U8$, 000 Found•tlon Cost Addltlon5 dvrlng theyear DIspoJs81s durlng theyear 3.032 21 2,607 425 Aty••r•nd 3,0SJ 3,032 Qepreclatbrt brought forward Ch8rga forthg Rovortsal on dl$POSg1 1,918 339 1.403 515 Aty••r•nd 2.267 1.918 Not l)wk valu• Atyo•r•nd 796 Pago43

2. INVESTMENTS Graup In¥•stmonts ' The tables below present the Group Snvestments asset and liability composltion- Group Ftnanclel A88ets Not09 310eo¢mbèr2023 us$'ooo 310ecembor 2022 us$'ooo Eqult1è9 Investment funds Investment propgrt18S Mlxed motlve Irwestments Programme ra18ted Investments Fomard forelgn exchan98 contracts 4,623.551 107.057 62.025 50.129 9,713 9,167 4,867.642 3.932.409 141dl 141ti 14lol 141bl 64,113 46.417 12,053 53,928 4,108,950 L08n$ and r￿1Vab￿S 1.022.345 1.009.917 Tt)tsl Fln•nol•lA•80ts 5.889,987 118,867 310ocomb•r2023 us$'ooo al D•¢•mb•r 2022 us$'ooo Oroup Fln•n¢l•l Ll•bllltl•o Not•9 Forw8rdlor&19n￿h9ng8¢Ontra.Cts 19 46,834 14.430 Totsl Nn•n¢lo1 Llabllltl•• 40.834 14,430 Y••r onded 31 Dooembgr 2023 us$'ooo Y••r •nd•d 31 D•¢•mb•r2022 US$'ooo. O•Ing/ll￿Se￿I rego9nl¥ed In relotlon to tlnanohl a8••tg •nd Ilibllltl•••t tslr¥•l¥•through tho SOÈA Reallsed galns/llos5esl on flnaDclal assets'and118blllties Unre&llsed g8lns/lloss9$1 ontlnan¢l810998ts and1Tr8bllttles 2S2.052. 704,425 1,017,077 832 336.348 1813.7451 1477,3971 19711 For$￿￿eXchange g8lns/lbssesl on fln8nclal &ssets &nd Ilabllltlgs T¢)ts1 ga5n8/Vo88•8) r￿00n1•ed In rolotlonto Ilnanolal oaBgt8 and . Il•bllStl•• •tf•lrvalu8through the SOFA 1,017,909 {478.3081 P898 64

Thetable below presents the movement of the group financial asset's from the 31st of Deoember 2022 to the 31st of December.2023'. Group Farr valu• ot 31112122 us$'ooo Imig8tment D18posa18 galn¥/llo8886) us$'ooo Uss'ooo Fglrvalue Jt 31n2/23 us$'ooo Co¥t at 31n2123 us$'ooo Addltlon8 US$'ooo UK Lfv&rso8$ 287,387 . 645.144 222,777 343,015 PIO,6601 1254.7091 2,098 22.227 301,602 55,677 300.300 1.192.219 T¢)tsl unquotsd 1,132,531 566,792 {46WI 24.32S 1.257.279 1,492,519 UK (knrsg8S 3,986.336. I,027.43l 0,328,376) 947,317 4.032,708 3.812.783 Totsl quotsd 3.980.336 1.027.431 11,328,376) 947,317 4,032,708 3,812.783 Totsl 5.118,067 1,593,223 D,79I745} 97i.a42 6.889.987 S￿01302 ri Tho d￿er￿n¢0 botween tot81 g81ns obove otUS$971,642k and the SOFAgalngof USSI.017,909k. (sum of n¢toBln9 on Invastmants of USSI,017.077k 8nd forèlgn •xchgnga galns ol US$832kl 1$ due t¢ tho ro811$od 8nd unreallsgd bss on short fomardtorelgn exchange contrBcts, equlty swaps and equltlesof USS29,775k whlch are dlsclosed wlthln Cred￿rs.. amounts fglllng duéwlthln one year. Interest on lo&ns of USS76.042k and forelgn exchenge movements onthe ¢g$h b818n¢e$ held bythe GroupthroughoLrtthe perlixj os well &sg&lns and losses Incurredthrough thè foralgn èxehgnga overlay. The.t8ble below presents the. movement of the group flnanclal assets from the 31st of December 2021 to the 31st of December 2022: Group Filrvglue at 31n2121 uss'ooo Inv•8tm?r*t Dl•po8•1• p•ln$/llo##••} uss'ooo uss'ooo Folrv¥luo at 31/12/22 us$'ooo Co8t •t 31112122 us$'ooo Addltlon• us$'ooo UK 382.440 1,352,359 lQ.SS0. 171,144 195,9101 1629.4431 118,7051 148.9161 287,387 845.144 363,S15 1.090.963 erse8s Tatsl unquotsd 1.734.805 190.700 1725,3531 107,6211 1,132,531 1,454,478 UK (he13e88 72.915 4,091,401 166,1141 1800.3821 16,8011 1588,9281 1.344.245 3,986.336 3.919.158 Totsl quotsd 4.164.316 1.344.246 1926,4961 1595,7291 3,986A36 3,919,168 Totsl 6￿99.727 1.634.946 VA+S1,8491 1663,3501 6,11ffj807 5,373,636 . m The dlffer8nc8 belmentotel'losses above of USS063,350k ond the SOFA108s of USS478.368k. Isum ofnet losses on Investments of US$477.397k end. forelgn exchango losses of US$97lkl Is dueto the re8llsed 8nd unre811sed geln on sI￿rt fornv8rd foralon axchanoa contracts of US$77,290k whl¢h 8r8 dlsclosed withln cr8cIY(ors'. emountsfalllng du8 Wlthln one year, Interest on108nsof US$107.680k andforelgn exchange m%)vements on the cash belances held bytho Groupthroughoutthe perlod 85 well asg&lns8nd bsses Incurred thrwgh thg forakJn axchanoa ovarlay. Page 65

Found•tlon Invo8tmont8 The table below presents the Foundatlon's Investment composltlon: 31 0￿mber 2023 uss'ooo 310ec8rnber 2022 uss'ooo Note Irwestmentln subskSl8ries Pr¢gramme re18ted investments Mixèd motNe Investments Lo8n to Subs￿l8ry Investment fvnds 141•) Iqb) 141¢) 752.286 9,713 50.129 5,491.737 12 Tl.820 12,053 46.417 5.074.561 141d) T•tsl An•n•l•l Ao••t8 0,309.8n . 4210.8ai Foundatlon- Inv•stment8 Held ot F•lr Valu• The table below presents the movement of the Foundation's Investments held at falrvalue from the 31st of December 2022 to the 31st of December 2023- Folrvolu••t 31112122 uss'ooo I￿￿¥tMant g•lns/llo8se91 uss'ooo Falrv•lu•at 31112123 Uss'ooo Co¥t ot 31112/23 us$'ooo Addltlonl USS.'ooo DI•p08•11 uss'ooo UK 5,142.992 58.500 1.090.124 1.332 6.233.116 65,8S4 &504.914 102,321 rseas 0.703 (7411 Tgt•l ynqygtsd 4703 17411 1,091rt56 4198,970 5,727.23S The table below presents the movement of the Foundatlon's Investments held at fair value from the 31st o.f December 2021 to the 31st of Decembèr 2022: F•lr¥oluo•t 3V12121 vss'ooo In¥o?tmgnt FJlrvglu¢•t 31112122 US$'ooo Cost •t . 3V12122 us$'ooo Addltlonfy US$'ooo D5$po¥#l• us$'ooo us$'ooo UK ¢>8IS8•S 6,687.229 93.330 1439,5841 Is.0101 11,104,053) 138,3291 S,142,992 68,$00 5&64,914 156.M2 9,103 Totslunquot•d 6.no.sos 9,103 {445.1941 11.142.982) 5,201.492 5.721.276 Found•tTon- In￿stmOnt5 H•ld •t Qo•t 'The table below present$ the movement of th6 Foundation's inv8Stment$ held at cost from the 31st of Oecémtér 2022 to the 31st of December 2023.. . Coat •t ai/12/22 uss'ooo Cotat 31￿2/23 uss'ooo Addltlon$ US8'000 Dl¥po$#la us$'ooo UK Tot•lquot•d 9.389 1,518 10.907 9,389 14907 The table below presents the movement of the Foundatlon's Investments held at costfrom the 31st of December 2021 tothe 31st of December 2022.. Costat 31112/21 us$'ooo Co8t•t 31n2/22 us$'ooo Addltlong us$'ooo D19posals uss'ooo UK 8,348 T.063 1221 P21 9,389 9.389 Totsl qurted PAoe ao

1. INVESTMENTS 14 (8) Investments In subsldlarles The t8bl8 below d8tails the Investments held by the Found8tlon In Its -subsldl8rles'. Entlty Inoorporoted In Wo Holdlng Purp08• ProWllo8sl US$'OOO 2023 2022 Tatos Capit81 Designated Actlwty Company Irelgnd 100 13 I"T8108"I CIFF C8plt81 UK LP I'CIFF C8Plt81"1 England &Wale8 loo 12} 1418.1761 518 CIFF Investments LLP I'CIFF Inv") England 6 Wal$$ loo" 32.S21 13) 45.3 CIFF IP Co Limrtèd I'CIFF IP") England & Wales 100 07) CIFF Invegtments11 Limited I"CIFF11-I Engla￿ &W81es loo* (4) 13411 3.829 CIFF Investment$111 LLP I-CIFF111-I" England & Wal$$ loo" 15) ,90 8SS CIFF Gènèr81 Partnèr Limited I-CIFF GP-I 'Enol8nd & Wales 100 (6) CIFF Water Llmlted I'CIFF Woter'l England & W8le's 100 19631 {71 86th Str¢¢i L¢TrJor LLP1"80th LLP-I Enolgnd & W8le$ loo 1941 181 o.Tro iith Avenue Lender LLP l-Ilth LLWI England & Wales loo." 941 Chlswlck Rlversld8 LLP I"Chlswi¢k"I England S W8185 98 191 1.128 3.289 CIFF 265 E8st &S Llmlted I"CIFF 26S-I Eng18nd & W8188 25 Inlk4yhy•I InLYr•ol hDhYIw• 14231 031 01 T&k)g hdd9 6nunOetyYJ Irr4estm￿l p￿￿01￿) on irust lorCIFF co￿t81 that 1$ moneged to provldo th8 Foundjt1￿ wlth8n Irfvwtmont roturn. At 31 D¢cember ?023, r(8tot818$set$ 8mountgd toVSS32.209k12022.. US$9,916kl, tot81118lYlltle8 8mount•d to USS32,170k12022., USSg,88Pkl, •nd essetgemowited to US$39k12022.. US$27kl. 121 ¢IFFC¥￿t¢I ILlmltWlPartnwshlPNumbtr LP0192231 wÉslormÉd by Ilmltèd pArtner$hlp deed bgtsveenth¢ Foundgtlon. TCIGonor$i hrtnor Lkn￿ed $nd TCI Fund Man8g•ment Llrftsd. rt hos b￿n 0$t8￿1$mod tohc4tJ Invèstmtrtt 18$ets lortha Foundatlon. At 3109cgmber￿3. Itstotal asstts emtrjnttd toUSSSA14.217k12022.. USSS.1OP.390kl.ltitbl Iiibllrtio$ am¢unttrJ to USSSg,04Vx12022.. LIS$31,2P6kl Jnd n?t8SSgt$ gmgynte¢ toVSSS.7S4.$68k IXJ22.' nbt e$set of USSS.076.IOlkl. 131 CIFF Inv gllmltJ1it41ityPgrtnwghlpb¢tffien CIFF CopY(8landCIFF11 that hdde•rtaln 8$s•ts from th8 Inve￿Ment F>Ttdb. 141 CIFF IP ￿)kI$ IKensg$ t0intdltugl￿Qp0rtVrfghts In supportof thg¢harttobl$ 8etMtle8Otthe Fcundatlon. 1$) CIFF11 h￿￿$ ¢¢rtslnos8 fr¢￿t￿￿r￿08lffltnt portfdlo. CIFF Inv 1$ ilw é rtefj.porticlpatln9 member inCIFF Inv, CIFF10. Ooth LLP¥ndllth LLP. 161 CIFF111 Is a Ilmf{￿ 118t￿l￿vp0rtnerShlptvlvl CIFF Capital éndCIFF11 tohold 15$gt$from th?Inw#mnt pxtfollo. knAug￿￿t 2022.Itwas ￿C0￿ Into dissolulon, and on2J8nyary2024. r(vAsdissoW. [71 ClFFGPls o wholtytyb￿l limt￿o)￿P0￿Olth0 Foundatl¢n a￿ltho9¢nOrel wrtnarotCIFFC•plt•l. IBI CIFF W?tsr Llmite(l1sw￿llv￿ffi9a subsulL9ryof th8 Foundotlon.Th¢ ￿n¢1p81 actfv￿oIC1FF W8terl$tr) W￿￿$09ndle¥S9asS¢t5 tQWJFPYtch8rftsbb 0¢￿VItI9$. 191 86th LLPIs8 Iimit8dh8￿Ify￿rtft01s￿p btt*tnCIFFc8￿1•I￿I￿I CIFF11. Onlo M8rch2022. 86th LLPdISFo￿of f(s m¥èt•tyrA#c￿lo1ThlWO•trn￿t, and 88 t 31 L)OQ•nbèr2023¥•tsins•n oufSt•nd4)•cl8lm •ll8lrist th•Gu8ronttrsof thè108n andthèf8forèrèmÈlASè goingtr)rt•ff 1101 Ilth Ave 1$ o Ilmlted I1&trilityPgrtnershipb8Tr￿en CIFF CBPit818nd CIFF11 whlch prevlously held an Intere9tln•non(ttr￿rnInt8￿ frLYfiCSF Copit81 thotWOS di8po$edotln2021. Tha LLP hos beennèmed In 8 leg818Ctlon8long wlth 8 numberof otherdetend•nrs. Dll Chlswlck & È limi￿1￿￿11typlrtn•rsh1Pt4I￿fi th• Foun¢Jotlon4nd ThoCH Foundgtkjn IUKI ondhd¢$ a UK in¥8$tmèrttwo￿rty. 021 CIFF 266188 ￿¥&t•cOm￿nythth Ilmltsd Il•bllltylncorporatsd In England an(1 W•las on l Fabruary2023. P898 07

14 (b) Programme Related Investments The Foundation classified these investments as 3 Programme related investments I'PRI"), as the primary motivation for making the investment is not financial. but to further the objects of the Foundation. The Foundation invested US$O.Im12022.. US$O.3ml in programme related investment funds durin8 the year. These investments support the charitsble objectives of the Foundation. The Foundation committed US$23.8m, of which US$O.2m12022.. US$O.3ml . remains outstanding to be drawn down as at 31 December 2023. 14 (c) Mlxed Motlve Investments The Foundatron classified these investments as a Mixed Motive Investment51"MMI"I, as the investments furthers CIFF'S charitable aims as well as antrcipate financial returns. In accordance with CC14 (Charities and investment matters.. a guide for trustees). the Foundats'on considered the level of private benefit to third parties created by investin8 to be reasonable and ppropriate. The Foundabon invested US$IO 6m12022.. US$IO.7ml towards Mixed motive investments in funds. T-he Foundation's MMIS invest in early-stage companies that have the potential and the high-level ability to address 8lobal health challen8es alon8 Wlth climate and food and nutrition issues which are consistent with the charity's objectives. The Foundaknon committed US$76.Om 12022.. U5$76.Oml towards mixed motive investments, of which U5$21.9m12022.. US$32.8ml remains outstanding to be drawn down as at 31 December 2023. 14 (d) Investment Funds As at 31 December 2023. unquoted investments of US$12k12022.. US$30kl included an investment fund investin8 in developing properties in India, which was written down to US$nil during 2022. The properties are bein8 constructed for sale. Where the underlying assets are under construction, the fair value of the investment cannot be reliably determined., the directors are required to make their best estirnate of the fair value. Where sufficient pro8ress has been made such that a readily 3scertain3ble market value can be obtained for the underlying assets, the investment fund is valued at fair value. Fair value is determined usin8 a combination of valuaiion methodologies, includin8 comparable precedent transactions and discounted cash flows. Key sensitivities include timin8 of future cash flows and .the discount rate used to determine the net present value of future cash flows. Unquoted investments 3150 comprised U5$12k12022.. US$30kl of investments in underlying assets held with an unquoted investment fund. The investments are held at market value based on the valuatbon report supplied.by the investment fund as at 31 December 2023 with any gains and105ses being taken to the SOFA. 14 le) Loans to subsldlary The Foundatron hold5 a loan US$5.49 billion12022.. U5$5.07 billion) to CIFF Capital. The Foundation is the sole lirnited partner of CIFF Capital and is the only partner entitled to any return from, or share in the investment assets of CIFF Capitsl. 74 (f) Investment Propertles For the year ended 31 December 2023, Knight Frank LLP was en838ed to provide an independent valuation of the investment property.'The valuation methodolo8y adopted by Kni8ht Frank LLP was based on a collation and analysis of appropriate comparable transactions, tO8ether with evidence of dem3nd within the vicinity Of the investment property, taking into account size, location, aspect and other material factors impactr'n8 the investment property's valuation. The valuation was undertaken in accordance with the current editions of RICS V3lu3tron - Global Standards. which incorporate the International Valuatr'on Standards, and the RICS UK National Supplement. Following the independent valuation of the investment property as at 31.December 2023, an unre31ised loss of US$5,375,000 was recognised in the statement of financial activities. Pa9968

1. KEY INVESTMENTS AND UNCERTAINTIES For Investments in the Group held at fair value, the Group note there may be unobseNeable inputs in the. valuation of these investments Outlined below. Tbe followin8 table presents 3dditional information about valuation techniques and significant unobseN3ble inputs used for unlisted assets and liabilities, which are measured at fair value. as at 31 December 2023 and as at 31 December 2022: 31 D￿ember 2023 Rang? of 98tlmoted I￿19hted •verag8I for unob8gryabl? Input S¢nsltlvltyto ¢han8è8 In 919nttl¢ant unobs¢rv•bl¢ Input Falr value at 31 Dec•M￿r 2023 uss'ooo Valuatlon mgthod SEgnltloont unob••Thi•bl• Input An lrtre898 In th8 dlscovnt r&te woukl resu￿ In lower tglr v8lL Dlscounted ¢&$h flow 6.97Woto 32.19 Loang 1.022.345 Dlsoount rbte A slgnlf8nt [r￿reaSe In thg dI$¢￿￿t r8t• of undarlylTrJ ' Investrnent8 4w)uld roSU￿ In a kwler net ssetvalu• Investment Funds Nat Dss•tvalue n/a 311)•o•mb•r 2022 Farr valu• 8t 31 D•oomb•r2022 US$'ooo Av•r•o•l for ungb¥•rv¥blo Input $1gnlflo•nt unobs•ry•bl• Input Valuotlon mgthod 81gnltlo•ht unob8•N•bl• InP￿t A•••t vots90ry An Incr8as81ri tho dls¢wrtt roto woukj rosult In S)w•rfolrvolve Dl$¢ount•d C8sh tlow 0.8686to 17.7P/o LoJnB' 1.009.917 Dls¢ount rat• WhendeterrNnlng fBlrvalua, theGroupusosvalugtlon t8chnlquo9 that m8xlml88 the useof observ8blelnwrt3 afKI mlnlmlse the useof unobservab Inputs. Thev8luatlon t￿hnIq¢jeS used bytheGroup todetermlnethef81r value are consldered to be an Irwngappro8¢h. Th& Income gppro8¢h pr￿105 anostlmotlon 0fthgtslr￿luÈ0r an inve3tment b&wJ on expectDth)ns8toJt the cash flowsthat the InvestMent¥K￿kj gener8te o¥ertlme. The Group used tho ylekl callbrgtk)n meth¢>J tOd8r￿&the dlscount rates of the Irwestments. In apptySng theY¢eld callbr8tk)n metMc1. dlsccxjnt rate Isthtermlned tyllrst estlmatiThJ the Implled ylelrpto-moturlty. vle1d-to-ex￿. orylekj-ttrworst as of the latest d8tewhgre the ban nvestmentwas Involved Inan arfti's leroth tr8ns8Ctlon Ithe-Tr8ns8Ctlon Date"). The yleld Jsof the Trgnsartbn 08te prO￿deS 8nobserv8ble measurement gf ￿M￿n$31k)n a market p&rtlcipant reqvlresto hokl a securtty. QvallNng trans8Ctlons often ¢on$bt ot. pi the Inltlal prlmary market transgCtlon.12) S8eoThJ8rytransactlons 8nd1318m9ndments wherethe in￿tMent was re-prlcsd. In 8ddfiion. Inwts used und8rthèyiokl c81ibratlon method includg 8ssessmentof the cradf( $pra8d of eomp8r8bl8 s9¢urtt18s 8nd ind￿tr$ 8ndch&ng8s In credlt qualtyofthè borroweras8t 31 Dgcgmtsr 2022 and 2023. Alth>Jgh the Group belleves that Its estlmates oltslrv81ueare appropr￿t•,th0 use of dIffe￿nt methcJofog*s or8ssumptk)ns coukl189(Itodlfferent m888urpments of talrvalue. The Group believes that use of dSfferent rnethodologles orossumptlons In determlnlng the fairvalueof the above flnanol81 Instruments would result to immaterl81 chanoes In faSr v8lue. The Group's reportlng systems 8nrJ the nature of the instruments end the v&lu8tlon rnodels do not allow It to8ceurately 8nalys8 thètotèl annual 8mounts of goinsjosses that are attributable to observable and unobseN8ble Inputg. Ptye 09

2. FINANCIAL RISK MANAGEMENT Prlnclples of Rlsk Management The Group's investment programme seeks to maximise the returns derived for the level of risk to which the Group is exposed and seeks to minimise potential adverse effects on the Graup's financial performance Ithe Investment Programme'l. The Group has appointed an Investment M3n3ger to provide investment management services in relation to the portfolio of investments it holds. These services, as part of the investment management agreement Ithe "Investment Management Agreement"). include monitoring and m3na8in8 the risks associated with holding such investments through the application of the. Investment Programme as 3greed with the Foundation's Trustees. The Group's Investment Programme seeks to diversify its investments across a ran8e of 355et c1355es, industry sector5, and counterparties, and also to limit the use of leverage and off balance sheet commitments. All investments present a risk of loss of capital. The maximurn10ss of capita1 on1ong equity and debt securities is limited to. the fair value of those positions. The maximum1055 of capital on investments carried at amortised cost is the carryin8 value of ' those investments as well as any associated accrued interest receivable. The maximum loss of capital on written put options, equity swaps and forward foreign exchan8e contracts is limited to the notional contract values of those positions. For loans and securities which incorporate a future commitment there is a risk of loss of capital in excess of the carrying amount of those positions on the Consolidated Balance Sheet. The Group may be obliged to settle these commitments at a time when the investment is impaired and therefore the maximum additional Ioss is the total amount of commitments as disclosed in Note 23. The Group is exposed to operational risks such as settlement and cugtody risk". Custody risk is the risk of loss of financial assets nd liabilities held in custody occasioned by the insolvency or negligence of the custodian. Settlement risk is the risk that a counterparty does not deliver a security or its value in cash as agreed when the security was traded after the Group has already delivered security or cash as per the trade agreement. Although an appropriate le831 framework is in place that reduces the risk of loss of value of the financial a55ets and liabilities held by the custodi?n or counterparty, in the event of its failure, any cash balances held by the Group are at risk of being lost and the ability of the Group to transfer securities might be temporarily impaired. 'With respect to the privately placed loan a8reements the Group is exposed to a wide variety of operational risks specific to such investments. These risks are mitl8ated by the enga8ement of industry expert5, legal advisors and independent loan servicin8 a8ents during the pre-commitment due diligence proce55 and throughout the life of the deal. The Group invests in readily tradeable equity securities and forward foreign exchange contracts. These investments are generally traded in active secondary markets and the time taken to exit a position and the value received would depend upon factors including the size of the position relative to the'total issue size, the daily average traded volume and the prevailin8 market trends of the period in which the trade is executed. The Group also invests in privately tr3ded equity securities, bank debt and103ns. The market for these types of investments is illiquid and secondary market transactions are infrequent. It is more difficult to predict the time and exit price of these type of investments. The Group's activities expose it to a variety of financial risks.. market risk (including Other price risk, interest rate risk and foreign currency risk), credit risk and liquidity risk. In accordance with the Investment Pro8ramme, the Investment Manager uses different methods to measure and manage the various types of risk to which the Group's investments are exposed., these methods are explained below. The Investment Manager conducts regular reviews of the loans and enga8es with the loan servicer to monitor progress, and may als0 seek expert third party opinions where required. The Trustees gain assurance f rom the Investment Manager through the regular review meetings, as well as the collateral assessments that are carried out on an annual basis. Furthermore, the Group's policy is to manage price and credit risk through diversification and selection of securities and other financial instruments within specified limits set in the Investment Programme. P8y70

Market Rlsk (a) Prl¢o rf8k The Group is exposed to securitie5 price risk and derivative price risk. This arises from investments held by the Group for which prices in the future are uncertain. Where non-monet3ry financial instruments such as equity securities are denominated in currencies other than the US dollar. the price initially expressed in foreign currency and then converted into US dollar will also fluctuate because of changes in foreign exchange rates. Paragraph Ibl 'Forei8n exchange risk, sets out how this component of price risk is managed and measured. The Group's policy is to manage price risk through diversification and selection of securities and other financial instruments within specified limits set by the director5 of the General Partner of CIFF Capital in the Investment Programme, The Investment Pro8ramme contains restrictions on overall market exposure (the 'Exposure Policy"). The Exposure Policy regarding overall exposure states that market exposure shall not exceed 100% of the Reference NAV. The use of the term 'Reference NAV within the risk mana8ement policies refers to the value of the net assets of the Group. The Investment Programme seeks to mana8e the Group's exposure to price risk by analysin8 the investment portfolio by industri31 sector. Thètable below Ss a summary of the sector exposures whlch ere Included in the Reference NAV forthe purpose of monitorlng the Investment restrlctlcns. Vo of Reference NAV 31 Daeembar 2023 31 Dec8mb8r 2022 Sector Industrlals 52.loh 41.70h Real estate108n5 19.owo 19.30h Flnenclals 14.90h 13.2Wo Information technology Other 2.90h 14.4Wo 10.7Wo 8.4Wo 99.6% 97.00/0 The para8raph below summarises the sensitivity of the Group's equity Ithe "Equity Investments") to equity price movements. derived by re8ressin8 the daily returns of the Group's Equity Investments a83irist the daily returns of the MSCI World Eouity Index including net dividends reinvested (the "Index") IBloomber8 ticker "NDDUWI'I, and inclLJdin8 the effect of movements in foreign currency exchange rates on equity prices, as at 31 December 2023 and 31 December 2022. ' The analysis uses the arithmetic mean of the absolute one year move5 of the Index aligned with the Group's financial year as an estimate for the reasonably possible annual move in glob31 equity prices. For 31 December 2023 this is 11.53%12022.. 2 1.09%). This represents the best estimate of a reasonable possible shift in the Index over 3 period of one year, havin8 re8ard to the historical volatility of the index. As at.31 December 2023, the exposure of the Group to Eouity Investments was US$4,623,55 Ik 12022. US$3,932,409kl, P•08 71

In 2023, the beta of the Group's EqtsiÉy Investments against movements in the Index was 0.70 (2022.. 0.631. The figures below give an estimahon of a reasonable possible change in the fair value of the Group's Equity Investments over the period of one year. using the bets value stated above. 2023 2022 uss 'ooo uss'ooo Predlcted effect on the Group s Equity Investments'of an increase in the index 372.450 522.444 Predicted effect on the Group's Equity Investments of a decrease in the index 1372.4501 1522,4441 The Index has been used as the reference point in determining the effect of price risk only. The Investment'Mana8er does not manage the Group's investment strategy to track this index or any other index or external benchmark. The sensitivity analysis presented is based upon the Equity Investments composition as at 31 December 2023 and 31 December 2022 and the historical correlation of the returns from the securibes comprisin8 the Equity Investments to the Index returns. The compositron OF the Group's Equity. Investments. and the correlation thereof to the Index, is expected to change over time. The sensitr'vity analysis prepared as at 31 December 2023 and 31 December 2022 is not nece55arily indicative of the effect on the Group's investments of future movements in the level of the Index. ) ForeEgn currnn¢y rl•k The Group operates internationally and hold5 both monetary and non-monetary assets denominated in currencies other than its functional currency, the US dollar. Foreign currency risk as defined, arises as the value of future transactions, recognised monetary assets and monetary liabiliknes denominated in other currencie5 fluctuate dLse to chan8es in forei8n exchange rates. The table below shows the concentration of assets and liabilities denominated in currencies other than the US dollar at 31 Oecember 2023 and 2022 and has been analysed between monetary and non-monetary items. 31 Dee•mbor 2023 Non Curr•ncy torw•rd Mon•tsry us$'ooo Mon•tary US$'ooo •xpo#ur• Curr•nov U88'000 uss'ooo C8n8dian Dollor 589 748.016 1567,OlSI 15,9021 181.590 Chinese Renminbi 15.90ZI 74 Ethiopi8n Biff Euro 74 252.786 2.111.196 11,413.6491 950,333 Indian Rus) Kenyan Shllllng Poun(I Sterllng Swlss Franc 4>4 494 3.528 1224,2811 120.9941 1220,7531 120,6361 157.9121 358 Pol8rKI Zlotv 157.9121 Paoen

31 D•¢•fflb•r 2022 Non Curr•n* Net Monetary uss'ooo paonotsry us$'ooo farward exposure CuTronoy Uss'ooo uss'ooo C8n8dian Dollar 617 705,903 1540.7S41 159.766 Chinese Renminbi 324 324 Ethiopian Birr Euro 231,390 1,$41,017 0.214.681) 557.732 Indi8n Rupee Kenyan Shllllng Pound Sterting, Swiss Franc 623 623 167 167 98.656 1280,8941 0.4.8431 143.9951 D82,2391 04.S17) 143.9951 326 Po18nd Zloty The followin8 tsble shows the 260 day historical volatility rates be￿een the US dollar and a range of currencies. These rates provide a best estimate of a potential move in the exchange rate over a period of 12 months as at the statement of financial position date. Hl8lorlo•l volthtlllty rAt•• 2023 2022 Can8dlan Dollar &is 8.37 Chinese Renmlnbl 5.18 Ethloplan Birr 3.19 Euro 7.ss 10.06 lThJlèn Pvpea J8p8nes8 Yen 3.17 S.22 12.08 Keny8n ShS11ing Pound Sterling SwSss Fr8nc 2.30 1.28 8.28 12.49 7.88 9.3S Poland Zloty IS.46 The following tsble summ3rises the amount of the increase/ldecre3sel in net assets arising from an increase/ Idecreasel of the exchange rate in line with the above volatility rates, with 311 other variables held constsnt. The analysis below presents the chan8es in net assets for each currency in their absolute values. 2023 2022 Ch•ng• In n•t o186ts Cgn•di¥n Doll81 us$'ooo vs$'ooo 11.168 13,372 Chlnose R¢nmlnbl 13061 Ethloplan 81rr Euro 71.750 S6,108 1Thlian Rupee Kenyan Shilling Potjnd Sterting . Swiss Franc 35 33 8.2781 122.7621 (1,3571 10.8021 Oh261 16.3471 Poland Zloty Ptyo73

{b) Fornlgn Curren￿ rlsklcontlnuedl The objective of the Group's currency risk management policy is to allow the Group to retain its purchasing power and minimise the risk that its purch3sin8 power is reduced as a result of foreign exchange rate fluctuations. The investment process focuses on fundamental and systematic factors. The Investment Manager monitors the currency risk on an ongoing basis and reports to the Finance, Audit and Investment Committee on a quarterly b35i5. (o) Intorost rnte rl#k The Group holds liquid, interest-bearing assets and liabilities such as cash and brokerage accounts, where changes in interest rates would change the amount of interest received or paid in relation to'these ba13nces. The'Group's investments in loans.are carried at fair value. In determining fair value. the Group uses discounted cash flow techniques and recognises income at a rate based up'on the effective interest rate of all expected cash flows over the life of the loan. For all loan investments, the discount rate used in the fair valuation model is calibrated against movements in market interest rates and chan8es in credit quality of the borrower. The following table summ3rises the Group's exposure to interest rates. It includes the Groups asset and liabilities, categorised by the earlier of contractLJal re-pricing and maturity dates. The sensitivity analysis presented is based upon the compositr'on of the Group's asset and liabilities at 31 Decembér 2023 and 31 December 2022 and is not necessarily indicative of the effect on the Group's asset and liabilities of future movement in interest rates. Non- IntOrn8t r¥to Non- Intorg¥t b•arlng us$'ooo. 4 3 month• 31 December 2023 -Iy•8r us$'ooo year .us$'ooo Total US$'ooo us$'ooo us$'.000. Cash at bank and In hand 90,890 34,719 96.890 34.719 ,889,987 Cash pbdged 8$ ¢0118ter81 Investment 88S8t$/lllabllltle$l 1.022.345 4.807.042 Non- Intor••t reto •enoltlvo us$'ooo N¢n- Intere8t bo8rlng us$'ooo 3 m•nth8 3 month• l y•4r us$'ooo 31 D•o•rnber 2022 yo•r vss'ooo Totol us$'ooo U8$'000 Cash at bank end In h8nd Cash pbd9ed as coll8ter81 InvestmgDt 8ssets/lllabllltlesl IBI,738 332 187.738 332 1,009.917 4.108.950 5,118,807 Credlt r18k The Group 15 exposed to credit risk, which is the risk that one party to a financial instrument will cause a financial105s far the other party by failing to dischar8e an obli8ation. The Group is a150 exposed to concentration risk and reviews the credit concentration.of debt securities held based on COLtntérparties and industries. The Group's approach to man38in8 credit risk recognises that there is a risk of adverse financial impact resultin8 from fluctuations in credit quality of third parties includin8 default, ratin8 transition and credit spread movements. The Group's c￿dit risks arise principally throu8h exposures to loans," bank deposits, and derivative counterparties. All of the loan investment5 held by the Group a￿ secured in most cases against physical assets including real estate and property. The value of the security relatin8 to a loan investment may become equal to or less than the value of the loan that it secures. Accordingly. in the event of a default the Group may incur a loss'after all costs relating to obtalning and selling secured assets have been taken into account. Although the Group monitors the value of the Secured 355ets on a periodic basis, as there is no active market for the positions. their risk 15 managed on an exposure basis, with not more than 55% of the Reference NAV to be drawn under loans classified as Real Estste Debt'las outlined in the Investment Management Agreement). Due to the illiquid nature of such loans and the variety of risks attached including property development and concentration.risk, significant losses could arise. PAge 74

Lo•n• At 31 December 2023, the Group held investments in loans valued at U5$1,022.345k12022-. US$I,009,917kl. The key risk relating to each of these loans is the possibility that the borrower will not repay the interest and principal relating to the loan in full. To protect the Group a8ainst this p055ibility of default, security is sought from the borrower over assets worth more than the value of the loan outstanding. This security normally tskes the form of prime re31 estste assets in developed markets. The Group monitors the value of the assets pledged as security by enga8in8 independent expert5 to provide valuations on the assets on a periodic basis and considers metrics such a5 loan-to-value or loan-to-commitment ratio. Through the assets against which the loans are secured, the Group has an indirect exposure to reductions in a55et valuations as a result of a market crash or other tail events. This may result in the amount lent under a loan being greater than the value of the secured assets and increase the probability of the loans 80in8 into default. The Group is also protected by covenants built into its loan agreements which requi￿ immediate repayment in the event that the borrower breaches certain covenants. These are agreed on a loan-by-103n basis at the ori8inatt.on of each de31 and may include metrics such as103n.to.value ratio, interest cover and other performance based metrics. As of 31 December 2023, the borrowers under a privately placed loan investment held by a CIFF subsidi3ry was in"breach of its loan covenants12022.. one loan). The subsidiary has reseNed its rights against the borrower with regard to the breaches, and has chosen not to accelerate the loan but will continue to work with the borrower in order to allow for the on8oin8 Sale of residentr'al units and the resulkn.ng pay-down of the loan. The privately placed loan investment held by 86th Street Lender LLP was disposed on 10 March 2022.,As'a result of this disposal, on 10 March 2022, CIFF Capital received a distribution of US$56,505,602. There is 3 claim 383inst the 8uar3ntors for the remaining amount. During 2023, 86th Street Lender LLP received US$2.566.897 against its recognised claim 38ainst the 8uarantors and distributed it to CIFF Capital. The Group.also seeks to obtain certain guarantees from credit worthy affiliates of the borrower. Guarantees for 'completh'on', 'carry' and 'recourse obli8ations' 8uarantee lil the lien-free completion of the relevant project lor the payment of an equivalent mount to the lender to allow it to completel. lill the payment of carry costs unts'l the earlier of loan repayment and completbon lincludin8 interest and costs) and liiil anylosses incurred by the lender as a result of specified acts of the borrower or related parties. The relevant guarantors are usually required to satisfy a minimum net worth and liquidity covenant. Count•rp•rty¢r•dltrl•k The Group is also exposed to counterparty credit risk through the trading of derivative products, cash and cash equivalents, cash pledged as collateral, amounts due from brokers and other receivable balances. One element of counterparty credit risk is the monitoring of the credit ratings of parties Whe￿ all material amounts due from brokers. cash and short-term deposits are held by parties with a credit rating AllA. The an8￿1$ below summarlses the Group's exp)sure by counterparty cr8dlt ratlrHJ at 310ecember 2023; Cr•dlt rthtlng •t 31 Dgo•mb•r202J Cr•dlt•xpo•ur• 31 D•0•m￿r 2023 Countor￿rt¥ IMoody'•l 1g&P) us$'ooo Hsec Bank P Al 124,964 2.0696 JP hAorg8n Chase UBSAG 22,206 240 0.37% Aa2 A8SA GroupLim citco Bank N￿ertand NV 803 N/A NIA N/A 494 O.ONb N/A N/A 258 Awash Bank 74 148,236 2.44 Po9076

The analysls below summ8rlses the Group's exposure by COUDterp8rty credlt rating at 31 December 2022: Cradlt r•tlng •t31 Dèogmb•f 2022 cr•dIt￿POSUro 31 Deo•m￿r2022 C¢wntsrparty. IMoody'81 Is&p) uss'ooo A$￿ts HSBC Bank PIC Al 159.138 25.017 JP Morg8n Chasè U8SAG A+ 0.4f A+ 54 ABSA Gro¢Jp Llmtted Cltco Bgnk Ngd&rland NV Aw8sh 8ank 883 zaAA 167 N/A N/A NIA N/A 217 22 184.018 3A0% Credit risk is also m8n8ged by8 policy contsined In the Investment P{￿jraMMe to m8intain exposures tO8nyone counterparty to less than IS% of Its Reference NAV. In the event of any breach of the above restrictions not remedied within 3 business days of the date of such bre3ch, the Foundation management shall in their sole discretion determine the action and will seek to achieve, where practicable, a rectr'fication of the breach within a reasonable timeframe and/or a commercial economic advanta8e. In addition. the Group also restricts its exposure to credit losses on the tr3din8 derivats've instruments it holds by including nettin8 agreements with counterparties (approved brokers) with whom it undertake5 a significant volume of transactions These nettin8 provisions do not result in an offset on the Consolidated Balance Sheet. as transactions are usually settled on a 8r055 basis. However, the credit risk associated with favourable contracts is reduced by nethng to the extent that if an event of default occurs, all amounts with Lhe counterparty are terminated and settled on a net basis. The Group's overall exposure to credit risk on derivative instruments subject to a nettin8 arran8ement can change substantially within a short period, as it is affected bv each trartsact?on subject to the arran8einent. All transactions in listed securities a￿ settledlpaid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the counterparty has received payment. Payment is made on a purchase once the securihes h3ve been received by the Group. The trade will fail if either party f3ils to meet its obligation. The Group has appointed HSBC 83nk plc I'HSBC") as custodian and prime broker and provider of other seNices lincludin8 financin81 under the terms of the HSBC Prime Custody Agreement. H58C will act as banker. custodian and prime broker of the cash and securities delivered to HSBC and will be responsible for receipt and disbursement of cash on behalf of the Group. for the ￿ceipt and safe custody and registration of securities of the Group 3nd for the transfer of securities for the Group. The Group has both a custody and collateral account with HSBC. HSBC will also provide financing and securities lendin8 to the Group pursuant to the HSBC Prime Custody A8reement. The collateral required to support any financing, securities lending or other exposure of H58C to the Group will be held in the collateral account with HSBC in the name of the Group. At 31 December 2023, 99%12022.. 98%) of cash and cash pledged as collateral and investments wefe placed in custody with HSBC. The Group has also appointed UBS as 3 prime broker and custodian. The prime brokerage agreement with UBS AG ststes that the counterparty has the right to utilise, re-hypothecate or otherwise appropriate the Group's assets subject to a limit equal to ICX)% of the indebtedness of the Group to the counterparty. The agreement also includes a net settlement provision in the event of an end to the prime brokera8e a8reement. The Group has 3 8lobal custody agreement with JP Morgan which Bives JP Mor8an 3 lien over and right of set-off against the assets held by it for the Group. 0•76

Llquldltyrl$k Liquidity risk is the risk that the Group may be unable to generate sufficient cash resources to settle its obligations in full as they fall due.or can only do so on terms th3t are materially disadvantsgeous. The Group is exposed to the daily settlement of margin calls on derivatives. settlement of funding requests on loa'ns with an unfunded commitment (see Note 21f) accounting policy on 'Unfunded Commitments. for further detsilsl. The Investment Manager monitors the Group's liquidity position on a daily basis. and in accordance with agreed risk framework reports to the Group on a monthly basis. The liquidity report has been designed to confirm that the Group has sufficient resources to cover projected outtlows in a stress scenario given preset liquidity haircuts for each asset class. As part of the management of liquidity risk. the Investment Pro8ramme prescribes a limit to the amount of unfunded commitments as a certain percentage of its Reference NAV. The Group's main sources of liquidity are listed equity securities, actively traded corporate debt and cash deposits. The asset class investment restrictions ensure a proportion of the Group's assets are invested in these types of assets, which can be readily disposed. .The Group may also invest in derivative contracts that are traded over-the-counter. debt securities and unlisted equity investments that are not traded in an active market. As a result, the Group may not be able to quickly liquidate these investments at an amount close to their fair value to meet its liquidity requirements, or be able to ￿Spond to specific events such as deterioration in the creditworthiness of any particular issuer. The below t8bles an8ly$e the Group's flngnclal118bllltles Into relev8nt m8turlty groupings based on the rem81nlno perlod et the Balance Sheet d8te to the m8turlty d8te. Ornup Ito3 month• vs$'ooo 3 monthi lol y••r us$'ooo Ito8 Mor•than O y•ar• us$'ooo I month uss'ooo y••r• Ug8'000 Tot•1 us$'ooo 31 D•o•mb•r2023 Credltors.. emounts t8lllno due wlthln onoyo8r 166,839 31,086 75,206 203,731 Creditors: 8mounts f811Inq du¥ In moffj th8n ono ye8r 78.985 78,P85 TotsllT•bllltl•• 156,839 31,4580 75,206 78,985 342,716 L•i8than I monlh ugs'000 Ito3 fflonth• U8S'ooo 3 month tol y•8r us$'ooo Itoo v••r• U8S'QOO Morgth•n 6 y••r• U8$'000 T•t•l uss'ooo Jl D•o•mb•r 2022 Cr•dltor$: •mount$ lelllng duewlthln ￿ey8￿r 172,647 3,032. 35,274 210.￿3 Credltors: amounts f8111ng due In morethbn oneyear 147.973 147.973 Tgts111obllltl 172.647 3.032 35,274 M7.973 358,920 Vnfunded Commitments, which are not recogniwJ onthe 8818nce Sheet, are r￿ Includ&J In the table above forthe purpose of analysir¥J the Found8tion liquidtty rlsk. UnfundedMmmltr•nts As disclosed In Note14. tho Group has Investsd in10ons8nd s￿￿ritIeS whloh incorporate an unlunded cornmltrn8ntthat It may be obllo&J to pay et a future dgte. The likellhoocl that these commitments are pald by the Group is unknown 8t the balance sheet dBte. The tot81 unfijnded eommltmentsas et 31 December2023 h8V8 been estlmated as US$564,215k12022: US$462.973kl. Po98 77

1. DEBTORS Group ai Otto 2023 Uss'ooo Giovp 31 Dec 2022 uss'ooo Foundatlon 31 D¢¢ 2023 uss'ooo FoundatK)n 31 Dee 2022 uss'ooo Dfvll$rKls receivab Amountsduefrom brokers Other. 950 734 16.621 debtors 8.482 1.478 650 496 Amounts duefrom related 4,540 partl8s Piepeyments 1.23S 822 838 461" 27294 6.824 IA94 Sh97 Tho èrnunt#du•trom broker81nolude8¢•$h from10rn8r¢ forOn•xoharoo¢ontr8Ot8closed but owalt4setttement. c•sh framtro¢Jg$ butwhl¢h h•w ￿t 18.CASH AT BANKANDIN HAND Cash at bank includes amounts due from the Group's custodian and other counterparties, on demand and interest bearing deposits with original maturities of less than 3 months. Cash pledged as collateral includes collateral balances held at year end with the Group's custodian and prime broker and. other counterparties. The use of these amounts is restricted based upon the Group's contractual mar8in exposures at thé year end date. The total of cash at bank and cash pledged as collateral is shown on the face of the Consolidated Balance Sheet and the movement feflected within the Consolidated Cash Flow Statement. The followlng table shows the br88kdown of the 8mounts wlth custod18ns and other counterpartles as at 31 D8c6mber 2023: ¢•&h at bjnk •nd In hand 31 D•0 2023 us$'ooo ¢o•h pl•dg•d ••coll•t•rel 31 D￿2025 u$$'ooo Q￿h on¢ ¢è•h qulvalents Jl Doo2023 us$'ooo . Amounts du• trom brok•r8 31 Deo 2023 uss'ooo Amount# du to brok•r8 31 Deo 2023 us$'ooo Not ¢ount•rpJrty ' posltlt)ll 31 D•0 2023 US$ 'ooo Group Cu$todl•n •nd prlrnebrok8r HSBC 8ank PIC 73,624 34.Tr9' IOB.343 16.621 124.9é4 Oth•r•ount•rpartl•* JP Morg8nCh8st UBSAG 22,200. 240. 22,200 940 21206 A8SA Group Llm Cltco B&nk Neder18nd NV 494 494. 494 258 258 Awash ' 74 74 74 94896 34Tr9 731,615 1&021 IU230 Pag076

Thé following tablè shows the breakdown of the amounts with custodl8ns and other countèrpartles as at 31 December 2022: 08$h •t b8nk and In hand 31 Dec 2022 uss'ooo .C8sh pledg•d •*¢ollatèral 31 De¢ 2022 uss'ooo Cajh and¢a#h trquSval8nts 31 De¢ 2022 uss'ooo Amountsdu• from br¢)kgr8 31 D•o2022 uss'ooo Amountsdu• N•t¢ountsrprtv to brokerA Itbon 31 Deo 2022 31 Doc 2022 US$ us$'ooo 'ooo Group Cugtodlen •nd prlme brok•r HSBC 8ankP 156,261 332 166.593 0,2451 159,138 Oth•r¢oyntsrp•rtl•B JP mO￿an Chas• UBS AG 25,017 .24017 2&0V 54 ABSA Group Llrntted Cltco Bank Nederland NV 167 107 167. 217 217 217 Awash 22 70ts1 181.738 332 182.070 3.790 0,2461 184.616 The tollowlrvd tsble shows the breakdown of the ¢esh 8nd cesh equlvolent5 of the Found8tlon held wlth counterp8rtles 88 at year end- O••h and ￿•h•quI¥•I•nt• ' 31 D•0 2023 us$'ooo Q••h •nd oMh•qyS¥•l•nts 31 2022 us$'ooo Foundotlon HS8C 8ankptJp 40.062 42,942 Morg8n Ch8s• 22.1¢ 19,623 ABSA88nk 494 167 Aw8sh 8ank 62,820 02,752 19. CREDITORS: amounts falling due within one year Grwp 31 Oec 2023 Uss'ooo Group. 31 Dec 2022 uss'ooo F¢)undatlon 31 D•0 2023 US$'ooo Foun(18tbn 31 Dec 2022 uss'ooo Amountsdueto brokers . 1.245 Grants 149,980 158.880 149.980 158.886 CredllOf8 3,946 6.39P 944 Logn coll￿•r81 31,991 Int8rcomp8ny credltors 415,995 5,433 "DerW8tfvefftn&nckg1 Instrument 46,834 14.430 Il&blht(es Accru8lsand defèrred incomè 30.804 .29.880 12.407 11.195 Taxes8niY S￿181 securltyCOSts 170 176 113 261731 210,953 S79.502 170.310 Th88mounts due to broker5 Include cash from trgd9S p[t￿hased which h8ve not yet settled and cashfor foN8rd forel9n exchange contracts closed but awaltlno settlement. P8V79

1. CREDITORS: amounts falling due after one year Group 31 Deo 2023. uss'ooo Group 3) Dec 20ri uss'ooo Found•tlon 310eo 2023 uss'ooo Foundatkjn" 31 Dec 2022 uss'ooo cre￿￿Or$ pty81)le between l and 2 years 78.185 75.973 75,000 Craditors payab￿ between 2 and S 800 800 vears Credltofs poyable after 5 yegr6 78.986 147,973 74800 144,000
2. MOVEMENT IN FUNDS Funds were transferred from the Expendgble Endowment Fund to the Designated Funds at the y88r end. Group B•lano• Exohango dltl•r•no• r•8orv• U8$'000 Tran￿•r B•l•n¢)• Inoomlng R•outo•• 1n￿•tMOnt Exp•nd•d galn81110••••1 U8S'000 us$'ooo FX q•ln•/ 110¥8••) uss'ooo 310•0 2022 uss'ooo lund•? U8$'000 310•0 2023 us$'ooo us$'ooo Unr&8trkted:' Income funds 100.0 1521,9671 832 301.135 Des￿nated funds 914.321 984,290 Restrttsj lrnxmefvnds 8,227 50.748 139,3571 15.36)) 14.257 Expendable endowm&nt fijnd 4,036,114 87.976 1.017,077 3,524 1425.7431 4718.948 Totsl fvnd• 4.958.￿2 298.724 {561.3241 1.017.077 832 3.524 n7A95 Qroup B•l¥no• •••t 31 Dw2021 uss'ooo Exohong• dlfl•r•no• r?00ry0 uss'ooo Tron•f•r Bol•no• b•tw••n •••t lund87 ai D99 2022 us$'ooo uss'ooo Inoomlno k•¥ouroo• R•ouro•• Inv••tm•nt Expend•d 94ln811108¥981 vss'ooo uss'ooo FX qoln 1108#•8) us$'ooo us$'ooo Unostrl¢te<J.. 14 Income funds 1488,4011 489.3n De51gn8ted funds 9SO,853 136,5321 9)4.321 Restric￿ IrKomgluThJs B,099 20,756 07,5541 13.0741 8.227 Expand8bl& ¢ndcthmentlvnd 4,922,190 si.ioi 1477,3971 00,0141 1449,7661 4,036.111 Totalfvnd• 6.881.142 71057 1606.9661 1477,397) {gT) 0.0141 4.968.002 01 R858r¥8s retslned by $ubsldlsryundertokiThJsand general uryestrictsj fvndsaredisclosed intotal 1nthet8b￿s ètrM)voand totol VSSI2&712k12022.. UsSI￿,423k). 12ITransfers be￿￿ent￿ndS r81atetotransferslromthgeywd8￿8 endoWm￿ttom¢O￿d)8rrfra￿e expeft<liture8TrY r¢fl•tstfunds elmark￿1t0fund 8pprtye(I Mult￿yearpWr8mrn0s. TheTrusteéghavetheJyiYertocorhrt rè]ulwd &mcrtJntofthigendowmwtlntoan Inccme wNeh eanthen t)e utilised byt1 Fcwjndation to lurther its ch8rltstleobj¢cts. Pag080

Found•tlon Balanog Incomlng Rgwurco8 us$'ooo R•gouro•s Exp•nd•d Vss'ooo . Investmgnt g•ln$/llg$wI us$'ooo FX 98ln¥/ b•tw•on tund8 uss'ooo B•lon¢e oj at 310ec 2023 us$'ooo 31 D•¢ 2022 uss'ooo vs$'ooo unr05tr￿￿y In¢ome f￿￿)5 16S,692 1513,2091 3.534 343,983 Des19￿t￿￿ funds 914.321 984.290 ReStr￿ted Ir￿rn funds SO.748 138,2131 15.3611 7,174 XP8nd8ble andowment fuThl 4,045.013 1,091,199 1408.5911 4.728.221 Totsllun 4.959.934 210.440 1551.4221 1,091,199 3.534 4719.685 F•ynd•tl•n 8al4noo Tr•n$t•r In￿mIn¥ A•$ouroo¥ us$'ooo In￿tm•ftt q•ln•/Uo¥8•41 uss'ooo FX q•ln8/ 1108$e$l us$'ooo O•l•n¢• 1$ •t ' 31 2022 uss'ooo 31 Doc 2021 us$'ooo Expendgd uss'ooo lund• uss'ooo UnreStr￿tsj Incom8 fLfflds 30.861 1474.4S31 444,710 Dg819ngt8d fvrtds 950.853 136.5321 914.321 R8Strktod Income fvncll 20,756 117,5541 13.2021 Expendabl• endowm8nt fijr 4.930.877 1480,2881 1404,9761 4M48.613 Totol tund• 6,881,730 1492.0071 {480,2801 4,959,934 ' Ag at 31 ox•mb•r2023.t￿rrvstl•ghaVe •lkic•tad US$984,290k12022.. USS9M.321kl ol rweThes•8¢091gngtsd tund8whl¢h repre$entsfviid$ that meyfcelo uponto bo¢191)ursed toMUttl￿&r pri¥remmes. 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS The tablo below pres•ntsth0811ocatlon of th8group b818nc8 sh8et 8crossth8thre•dfffer¢nt¢8tèaorle$ of fvnds. For fiJrth8rdetalls of the fu￿1$. refer to P898 36. Unr••trlotsd Funds- D•g1on•ted uss'ooo ExpendBbl* Endowm•nt Uss'ooo Aestrletod Fund$ uss'ooo T•t•l 31 Dee 2023 vss'ooo Total 31 t)ec 2022 uss'ooo Intanglbleossets T&nglbl• assats 3.450 &4fj0 500 7,865 9,3TI IMstmènt$ 4.387.567 1,495.232 7.188 889.987 &118.807 Other 9$￿t$ 94.$95 04.314 168.909 188.894 Llabllnl?5 236.780 1579.5021 984.290 1342,7701 4717A95 1358,9261 4.968.062 4,711948 14,267 Pooe 81

23.COMMITMENTS At 31 December 2023. the'Group had outstsnding commitments of US$22,098k12022.. US$32,756kl in relation to the unquoted investments held within the investment portfolio. The Group has also invested in loans which incorporate an uncertain commitment that it may be obliged to Pay at 3 future date. The likelihood that these commitment5 are p3id by the Group is vnknown at the b313nce sheet date. The totsl uncertain commitments as at 31 December 2023 have been estimated as US$564,215k12022= US$462,973kl The investment commitments are funded by the Foundation and are 5Pfead out over the life of the investments. 24. OPERATING LEASES The totsl rent ch8rged 8$ an expense In the SOFA. Is dlsclosed below: Oroup y￿r•nd•d 31 D•0 2023 Ug$'000 Group .Yearonded 31 D8c 2022 uss'ooo Foundatlon Y••r•nd•d 31 De¢> 2023 uss'ooo Foundat Year6nded 31 Do¢ 2022 uss'ooo Rent 1,034 1,588 1.028 1.583 Th•Qrwph•d Gomrftmèntata futur•mlnlmwnl0a￿ péyment8undtrnoncK•11114gwer•tlng10OSt$ gt th•y•ar•ndas loiic$'. Group 31 Dgo 2023 uss'ooo Group 31 Dec 2022 uss'ooo Foundatlon 31 2023 uss'ooo FouThJ8tk)n 310ec 2022 uss'ooo Land and eulkllng L•8slhon oneye8r a&￿ttn on• and l322 1.337 3,681 1,316 1.331 3.675 ve8rs Morg th8n Ilvg. ve8ri 603 6.018 3097 IwJ88 oe¢mmltmontund•r4n opw&Ung istwRh TCI Fund monag￿￿¢nt IUKI LlmY(•d tts￿Y r•nt81s durlno t￿o￿O￿le￿I04￿frt￿¢ pefiod of the8&8c¢omt9 of US $61P2k (2022.. USS683kl ond USSI.787k téfvthnont lnoffvè￿a15foIIOw1rOt￿• POrfOdotthe898c¢ountg12022'. US$2,449kl. The tot81 rental Income Included wlthln the SOFA, Is dlsclosed b8k)w'. Group 31 Dgo 2023 uss'ooo Group 31 Oec 2022USS 'ooo Foundotlon 31 D80 2023, us$'ooo Foundatbn . 31 Dec 2022 uss'ooo Rontol Incom 4TII 3.961 The Group Is 8 lessor of UK Investment property. The totsl non-C8ncellable future mlnlmum188s8 payments expected to be re¢8lved are: Group 31 Dec 2023 us$'ooo Group 31 Dec2022 uss'ooo Foyndatlon . 31 De¢ 2023 us$'ooo FouThJ8tJn 31 Dec 20r2 uss'ooo L8SSth8none year Bet￿en one and f￿e 4333 TT,708 34742 16.262 ye8r5 Morethan I￿ay•SrS 36,282 56.843 56.509 ThaGrouphokl8989bOttha fr£•hc4d ofA VOfWtylnChlswlck. UK.Tho fr8ehokJ8cqulr•Y Ist•8s•d tofj thlrd party. le￿COMMenCed onl July 2008hYlth• 198t¢rm ot25ye8rs8nd1g due toexplr•on30June 2033. It IncludeB8 prothnfw•n •nnuo1 rent r¢th gvery13thof ￿ty-Th0 ront conc885lon Fer1L>JN￿lIOnd 13 May2024 aTrJ thorg wlll ￿n9¢h•r¥Je tOl8ntal Inwme t8rmsafter thlsdit•. P49002

1. RELATED PARTIES ImiFJ8tm•nt M8ng9?r TCI Fund Man3Eement Limited I'TCI FM l acts as investment manager to certain members of the Group. TCI FM, and its various group entities, are ultimately controlled by Sir Christopher Hohn, a member and trustee of CIFF. TCI FM 15 not entitled to any fee for these investment management services. Further, TCI FM. for itself and on behalf of Sir Christopher Hohn 2nd. other p2rties relèted to TCI FM and Sir Christopher Hohn, unilaterally waived the right to receive Jny kind of benefit (whether financial or non-financial but in each case having 3 monetary value) in respect of the provision of investment management services to CIFF Capitsl UK LP, which acts as the new main investment holding company of tt)e CIFF Group. In 2023, the Group invested in a private investment partnership I PIP l and has appointed TCI Fund Management Limited as its investment manager. The Investment Manager does not charge a management fee to the Group.for its seNices to the PIP. Any carry Payable by the Group in connection with its investment in the PIP will be payable to an affiliate of AVE C3pit31 Limited Isee 'Intermediary' below). As at 31 December 2023, the Group's share in PIP 15 fair valued at US$107.045k131 December 2022 .. US$nill ènd disc105ed in note 14 a5 '1nvestment funds,. During 2023, an amount of U5$953k (2022.. US$918kl wa5 charged to entitie5 Wlthin the Group from TCI FM, in relation to expenses incurred by TCI FM on behalf of the CIFF Group investment portfolio, mainly consisting of research fees incurred by TCI FM for the benefit of CIFF with third parties, no amounts remained payable as at 31 December 202312022.. US$65kl. Furthermore, for the year ended 31 December 2023 CIFF w35 also charged US$996k12022'. US$I,004kl by TCI'S holding company, TCI Fund Management IUKI Limited, in respect of rent and associated property costs, of which US$502k remained payable as 2t 31 December 202312022.. US$248kl. Don•tlon• During 2023, TCI FM made restricted donations of U5$45,387k12022.. U5$14,560k) to support the charitable activities OF the Foundation. As at 31 December 2023, TCI FM had committed addition31 restricted fundin8 of U5$34,961k12022'. U5$25,704kl to be paid in future years. TCI FM a150 made unrestricted donations of US$160m12022'. US$nill during 2023, and have agreed to donate US $160rn unrestricted funding to be paid in 2024. Sir Christopher Hohn is also the founder arid trustee of the CH Foundation (UK) which during 2023 made restricted.donations to the Foundation of US$2,344k12022.. US$2,854kl As at 31 December 2023, the CH Foundation IUKI had committed additional restricted fundin8 of U5$3,9 12k12022'. U5$6.256kl to be paid in future years. The remuneration of the Key Management Personnel is set out in Note 10. Sub8ldl•rydlr•otort¢e•' During the year. directors. fees of US$15k12022.. US$14kl for Jackie Gilroy were chafged to Talos, and fees of US$167k12022.. U5$135kl for Jackie Gilroy. sonia Gogn3. William Gourlay. Jonathan Watts and Tristan van der Vijver were char8ed to CIFF'GP. No other directors of CIFF Subsidiaries were entitled to fees. Common trugt••8 In the normal course of charitable.granting. there can be instances where the grants to charities that have trustees in common with the Foundation, The Foundation does not disclose grants to these charities as related party transactions. as the trustees are part of a collective of non-related trustees and are not considered to be in a significant position of influence. The Trustees are satisfied that appropriate procedures are in place to ensure that any potential conflicts of interest are appropriately managed and avoided. Oth•rtr•nga¢tlon8 wlth Group ¢omp•nl•• The Foundation has taken advèntsge of the exemption contained in FRS 102. paragraph 33.IA, not to disclose other tr2nsactions with gfOUP companies as all are wholly owned subsidiaries of the Foundation and the consolidated financial statements are publicly available. Copies can be requested from the company secretary. Pago 83

2. SERVICE PROVIDERS Admlnl8trAtor Group entities have entered into administration agreernents with the Administrator. Citco Fund Services Ilrelandl Limited. The Administrator receives from Group entities 3 monthly administration fee which is calculated as 3 percentage of Adjusted Assets on a sliding scale. The total administration fee for the year was U.5$1,953k12022.. US$I.941kl, of which US$169k12022'. U5$155kl was payable at year end. Custodlan and Prlm• Brok•r The Group has 3 custody agreement with HSBC. The Grovp retains beneficial ownership of assets held by HSBC. Cash and securities deposited with HSBC are rep3y3ble on demand. In addition,. the Group's cash held with HS8C will be segregated from HSBC'S own cash. HSBC is not permitted to utilise, re-hypothecate or otherwise appropriate the assets of the Group, however HS8C will acquire a security interest in any assets that are provided as co1121eral to HSBC by the Group. The Group has also appointed UBS 35 a prime broker and custodian. The prime brokerage agreement with UBS AG states that the counterparty has the ri8ht to utilise. re-hypothecate or othetwise appropriate the Group s assets subject to a limit equal to 100% of the indebtedness of the Group to the counterpaty. The agreement also includes a net settlement provision in the event of Jn end to the prime brokerage agreement, The Group has a global custody agreement with JP Morgan which gives JP Morgan a lien over and right of set-off against the assets held by it for the GfOUP. Intsrniedlory AVE Capital Limited IAVEI is engaged to provide intermediary services in relation to bringing together CIFF Capital and other CIFF subsidiaries, as the lending party, with third parties, as the borrowing parties, in potential real estate debt transactions pursuant to the terms of an intermediary.services agreement signed in Octobef 2020. None of TCI FM. Christopher Hohn or any other parties related to them have any financial interest in AVE. Group entities pay fees to AVE Capital Limited in relation to the intermediary Services Ithe Intermediation Feel. The to131 Intermedi3tiorn Fee charged to the SOFA for the year was U5$3,OOlk12022.. US$6,285kl, with U5$21.530k payable as at 31 December 202312022.. U5$22,548kl. Inv••tm•nt M•n•g•r TCI FM is.not paid any fee for investment management services to CIFF. Further, TCI FM, for itself and on behalf of Sir Christopher Hohn and other parties related to the Investment Manager and Sir Christopher Hohn, unilaterally waived the right to receive any kind of benefit Iwhether financial or non-fin2ncial but in each case h3vin8 3 monetary valuel in respect of the prov15ion of investment management services to CIFF.

3. POST BALANCE SHEET EVENTS 8ased on reporting from the investment manager in accordance with the investment management 3rrangements, the Trustees have become aware of a legal action being taken against lamong others) two subsidiaries in the CIFF Group. Whilst the Trustees have not received direct notification of the legal action las the charity 15 not named), in 3ccord3rtce with the investment management agreements. the investment manager's in-house legal team is man38ing and discharging the defence on behalf of the subsidiaries and is taking relevant external le8al advice. The Trustees understand that based on such external legal advice. the investment manager believe5 that the legal action is without merit. and accordingly, no provision has been made in these financial ststements by the Trustees.
4. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY The ultimate parent undertaking and controlling party is The Children'5 Investment Fund Foundation IUKI, a charitsble company limited by 8¢Jarantee (without a share capital) incorporated in England and Wales. Pursuant to article 7 of the Foundation's Articles of Association, every member promi5e5 that if the charitsble company is dissolved while he, she or it remains a member or within 12 months afteNards, to pay up to one pound sterling towards the costs of dissolution and the liabilitie5 incurred by the charitable company while the contributor was a member. The Foundation is the parent undertaking of the13rgest group of undertakings to consolidate these financial ststements at 31 December
5. The consolidated financial ststements of the Foundation is 3vailable from the Company Secretary at 7 Clifford Street, London, WIS 2Ft.
6. APPROVAL BYTHETRUSTEES The financial statements were approved by the Trustees on 13 June 2024. Peue84

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) GROUP INFORMATION FOR THEYEAR ENDED 31 DECEMBER 2023 CONSTITUTION A Company limited by guarantee and an English registered charity 80verned by its Memorandum and Articles of Association COMPANY NUMBER 437Ctt)6 REGISTERED CHARITY NUMBER 1091043 TRUSTEES Sir Christopher Hohn Mr Benjamin Goldsmith Mr M35roor Siddiqui Ms Ana Weichers Marsh311 Dr Marko Lehtimaki REGISTERED OFFICE 7 Clifford Street London WIS 2Fr . COMPANY SECRETARY Bradley Duncan 7 Clifford Street London WIS 2 En8land BANKERS HSBC Bank plc Level 18 8 Canada Square London E14 5HQ SOLICITORS Mills & Reeves LLP Botanic House 100 Hills Road Cambrid8e CB2 IPH INDEPENDENT AUDITOR KPMG l Harbourmaster Place, IFSC Dublin I Ireland INVESTMENT MANAGER TCI Fund Management Limited 7 Clifford Street London WIS 2FT England Poga86

CHILDREN'S INVESTMENT FUND FOUNDATION