The Fund’s approach to ESG:Environmental, social and governance (ESG) factors are taken into account in the selection, retention or realisation of investments in the Fund, but the extent to which any one of these factors is considered for any particular investment decision will vary at the discretion of the Investment Manager when managing this Fund. The ESG approach for this Fund may differ to other funds managed by the Investment Manager.

We believethat implementing ESG considerations into our investment process leads tobetter risk return outcomes, which will ultimately improve long-term returnsfor clients. The investment process directly incorporates ESG factors, ensuring an ESG biasin the portfolio. ESG factors are incorporated in three components of theinvestment process.

Firstly, ESG factors are includedin the initial screen which we use to define our investible universe. We havetwo ESG screens. First screen: an ESG score below 2 (out of 5) across a range of ESG factors within ourqualitative assessment will exclude the stock from our investible universe. Second screen: if a stock is not forecast to achieve “controlled and“non-controlled” operational carbon net zero by 2050, it fails the screen and is not eligible for investment in the fund.

Secondly, ESG scoresfeed into the CAPM used in our DCF valuation methodology. A lower ESG ratingwill cause us to allocate a higher beta rating to the company’s shares. Otherthings being equal, the higher a company's beta is, the higher its cost ofcapital discount rate will be. A higher discount rate lowers the present valuewe place on a company's future cash flows, and reduces our total returnexpectations for that stock.

Thirdly, within the “NegativeScreen” at the final stage of the investment process we can bias the fund onmany ESG factors including carbon outcomes; for instance, to bring forwardthe portfolio’s operational carbon net zerodate.

We believe there is a strong correlation between responsible investing considerations such as Environmental, Social and Corporate Governance considerations and share price returns.

We use rigorous risk assessment in order to deliver real estate- based returns through the cycle while preserving client capital.

Our global listed property portfolio portfolios tend to deliver outperformance during falling markets.

ESG considerations across Environmental, Social and Governance factors are directly integrated into the investment process driving stock valuation outcomes.

Our investment style is active and focused on stock fundamentals and ESG considerations, with the flexibility to take a conviction-based approach where pricing anomalies warrant. The investment time horizon is over the medium to long term. Valuation methodologies are implemented on a through-the-cycle basis with a strong ESG bias.