1. Investment return impact is less under 2 C - The portfolio investment returns are less impacted under a 2 C scenario for all time horizons, which we believe indicates that long- term investment returns will be best served by aligning the asset allocation with a 2 C scenario. While a scenario limiting warming to 1.5 C was unable to be performed due to a lack of availability of data and modelling, the results also support alignment to a to 1.5 C or significantly below 2 C scenario.