Ecosystem Integrity Fund Why water? The challenges of either too much, too little or pollution in water are growing increasingly acute and hard to ignore. Over the past 15+ years, we’ve been closely watching the water market, tracking technological developments and refining our investment theses. Historically, water has been treated primarily as a government responsibility, with progress driven by public funding and regulation. Now, increasingly urgent water challenges have begun to shift this paradigm globally – bringing the economic value of water into sharper focus for the private sector and catalysing a wave of innovation and commercial adoption of new technologies.The Ecosystem Integrity Fund (“EIF”) is an early growth stage investor in companies contributing to environmental sustainability. EIF seeks to demonstrate that there is no trade-off between having positive impact and achieving outstanding financial returns. Sustainability is fundamentally about making things better: more efficient, more functional, less toxic and less costly. Sasha Brown Senior Partner, Ecosystem Integrity Fund We believe investing in water solutions is a robust financial opportunity – and is critical to drive reduced carbon emissions, more resilient systems and improved planetary health. Water in EIF’s portfolio Investing in water aligns closely with our firm’s broader vision of driving meaningful environmental impact by addressing urgent global challenges through innovative solutions. Investing in water solutions offers the opportunity for robust financial potential, reduced carbon emissions, resilient infrastructure and improved planetary health – advancing our commitment to sustainable development and long-term societal benefit. One area of significant focus for us within the water sector is climate resilience. This theme has been growing in importance over the past five years, in recognition of society’s failures to sufficiently engage in climate change mitigation and the growing need to adapt to climate impacts in all areas of life. Advice for first-time investors We believe there are growing market challenges across regions and customers in the water sector that present compelling investment opportunities. Success lies in identifying companies that effectively address the most urgent and disruptive market challenges and deliver strong economic benefits to customers – today. We focus on solutions that can align incentives for all stakeholders – communities, the private sector and regulators – and can scale quickly and profitably. There are many large entities, private and public, that touch water, and they are often slow and risk-averse. Determining the specific niches in which there is a near-term need for change – and identifying companies that can deliver this innovation with minimal risk and cost – is imperative for successful investment in the space. Investing in Water: Aligning Investment Strategies with Water Innovation 25

Investing in Water Aligning Investment Strategies with Water Innovation 2025