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Risk CriteriaNegligible No significant additional action, damages are localised and minimal. Minor Minor response, damages are localised with short-term implications unlikely to affect day-to-day business that can be addressed by existing controls. ModerateLimited response (tier 1), damages are of national scale with short-term implications that can be addressed by local management, day-to-day business disrupted in the near-term. MajorNational response (tier 2), damages are of national or regional scale, day-to-day business is disrupted in the medium-term. MassiveInternational response (tier 3), damages are of regional or international scale, day-to-day business is disrupted in the long-term. APPENDIX 3 ASSESSING CLIMATERELATED RISKS AND OPPORTUNITIES Opportunity ScaleNeutral No opportunity. Negligible There is an opportunity but is not worth the effort and resources, pursuing this opportunity may not result in any growth for the business. Minor Opportunity There is an opportunity but is not worth the effort and resources, pursuing this opportunity may result in small short-term growth for the business. Moderate Opportunity There is some opportunity that may be worth the effort and resources, pursuing this opportunity may result in small to moderate long-term growth for the business. However, larger opportunities should be prioritised first. Significant Opportunity There is a large opportunity that should be prioritised. Pursuing this opportunity can lead to significant long-term growth for the business. VALEURA ENERGY INC. 115