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OMNES CAPITAL 2. OMNES%u2019 INVESTMENT STRATEGIESVENTURE CAPITAL & GROWTHOver the past two years, the European tech landscape has changed profoundly. Climate narratives have evolved, geopolitical tensions have intensified, defense and security have moved to the center of policy discussions, and artificial intelligence and robotics have upended the competitive landscape across industries. In many ways, everything has changed %u2013 but for Omnes, nothing fundamental has changed.When Omnes Real Tech II was launched, the fund was deliberately designed so that the investment strategy and the ESG & impact strategy would work hand-inhand from day one. ORT II was built around a clear premise: the most attractive deeptech companies in Europe will be those addressing structurally important problems, with significant technological barriers, clear industrial relevance, and a measurable contribution to Europe%u2019s resilience. That premise continues to be true and, if anything, is even more prescient in the current environment.No longer niche subjects, defense and security, space, AI, advanced manufacturing, critical minerals, energy resilience, and industrial autonomy are becoming central to Europe%u2019s strategic agenda. Several of our early investments, such as Caracol in Italy and AMI Labs and Lithosquare in France, already reflect this. Each of these companies speaks to a different dimension of European resilience, whether through autonomous systems, advanced manufacturing, next-generation AI, or the discovery of critical materials.At the same time, the climate investment angle has become more selective and more disciplined. The most compelling opportunities are no longer framed solely as being %u201cbetter for the planet%u201d, but as combining climate impact with clear customer value: tangible ROI, operational efficiency, lower costs, regulatory relevance, resilience, or strategic advantage. In other words, although climate remains a powerful investment theme, the bar is now higher. The strongest companies are those that can turn environmental performance into a source of competitiveness, rather than treating it as a premium to be absorbed by customers. This shift reinforces our approach of backing businesses where impact and financial performance are structurally aligned.The current tailwinds around AI, defense, and sovereignty are not affecting our long-standing commitment to ESG. On the contrary, they make rigorous ESG analysis more important. In sensitive sectors, responsible investment discipline is essential: understanding end use, governance, regulatory exposure, dual-use risks, and societal implications is part of being a thoughtful and long-term investor. Rather than being peripheral