Sustainable Investing

• In 2024, the TD Greystone Canadian Real Estate Strategy standing investment and the TD Greystone Infrastructure Strategy improved their GRESB scores, maintaining scores at or above the global average for their respective assessments. The TD Greystone Global Real Estate Strategy also achieved a GRESB score above the global average.¹
• In 2024, two additional assets within the TD Greystone Canadian Real Estate Strategy achieved zero carbon, asset-level certifications through the Canada Green Building Council’s (CAGBC) Zero Carbon Building program, bringing the total number of assets within the strategy with Zero Carbon Building certification to four.²
• The TD Greystone Infrastructure Strategy continued its growth in renewable energy infrastructure, adding an additional 323 MW of solar capacity in 2024.
• In 2024, TDAM adopted internal ESG Integration and Stewardship Policies and Procedures.
• From a stewardship perspective, TDAM conducted 455 engagements³ with companies (compared to 490 in 2023), carried out within 240 distinct meetings (compared to 299 in 2023). These engagements were with 202 entities⁴ (compared to 244 in 2023) and covered a variety of topics, including climate change, corporate governance and human capital.⁵
• As of October 31, 2024, 88% of active equity investment funds managed by TDAM were rated as being in line with or better than their corresponding benchmark based on the MSCI ESG Quality Rating.⁶
• Members of TDAM’s investment team attended several industry conferences and COP16, which facilitated on-the-ground engagement with investee companies, policymakers, clients and other stakeholders on biodiversity and natural capital.

¹ The TD Greystone Canadian Real Estate Strategy refers to the TD Greystone Real Estate L.P. Fund and the TD Greystone Real Estate Fund Inc. The TD Greystone Infrastructure Strategy refers to the TD Greystone Infrastructure Fund (Global Master) SCSp, the TD Greystone Infrastructure Fund (Canada) L.P., the TD Greystone Infrastructure Fund (Canada) L.P. II, the TD Greystone Infrastructure Fund (Cayman Feeder) L.P, and the TD Greystone Infrastructure Fund (Luxembourg Feeder) SCSp. The TD Greystone Global Real Estate Strategy refers to the TD Greystone Global Real Estate Fund L.P. and the TD Greystone Global Real Estate Fund (Canada Feeder) L.P.

² The CAGBC Zero Carbon Building program describes a zero-carbon building as a highly energy-efficient building that produces on-site, or procures, carbon-free renewable energy or high-quality carbon offsets in an amount sufficient to offset the annual carbon emissions associated with building materials and operations.

³ An engagement in this context is considered a direct exchange or outreach to a company on a specific topic. One meeting with a company can include multiple topic engagements. Moreover, we may have multiple meetings with a company in any given year where warranted.

⁴ “Entities” refers to and captures listed equity issuers, asset managers (such as property managers in direct real estate portfolios), borrowers in private debt and mortgage portfolios, and listed and non-listed corporate and non-corporate debt issuers.

⁵ This information reflects meetings that were held across the Sustainable Investment, fundamental equity, credit research and alternatives teams.

⁶ MSCI ESG Quality Rating data is provided by MSCI. The MSCI ESG Quality Rating measures the ability of underlying holdings to manage key medium-term to long-term risks and opportunities arising from ESG factors. The MSCI ESG Quality Rating is calculated using the fund weighted average ESG score adjusted for ESG rating trends and laggards.