EUA Carbon Forecasts 14 2025 2026 2030 Veyt — €110 €157 BNEF €91 €104 €149 Macquarie €93 €120 €146 Energy Aspects €76 €96 €140 ICIS €68 €72 €136 EUA Price Forecasts, €/t Source: Bloomberg New Energy Finance (BNEF), “BNEF Theme: The Outlook for European Carbon Markets” Feb. 9, 2024; Macquarie, “Carbon Compendium, Bargains Out There,” Jan 29, 2024; Morgan Stanley, "Buying Opportunity in Carbon EUA", 2/26/2024 ("Base Case"); ICIS, “Long-term EUA price forecasts (base case),” Apr 20, 2024; Energy Aspects, January 2024. Price targets are estimates from the sources indicated and do not indicate Fund performance. Prices are annual average, in nominal terms. “[The EU ETS] is the jewel and the workhorse of our climate strategy” "We are not too worried about the ETS price … not long ago people on this panel were worried it was too high” -- Kurt Vandenberghe, Director-General of European Commission's climate arm 0 20 40 60 80 100 120 140 160 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 BloombergNEF Energy Aspects ICIS Macquarie Morgan Stanley EU ETS