Investment and ESG related restrictions The portfolio will exclude investments in any company that: • has any tie to fossil fuels (such as oil, gas, or coal) as classified by the MSCI ESG Business Involvement Screening Research database; • has as its GICS classification energy, construction materials, utilities (excluding renewable electricity and water utilities) and/or metals and mining; or • for which GHG emissions intensity estimates are not and/or cannot be estimated (in the Sub-Investment Manager’s discretion).The remaining companies will then be ranked according to their GHG emissions intensity estimates, and those with the highest emissions intensity excluded. In addition to the exclusions set out in the preceding paragraph, the Sub-Investment Manager will not knowingly invest in any company whose core business activity involves the following: • Alcohol; • Adult entertainment; • Civilian firearms; • Gambling; • Tobacco; or • Weapons.For the purposes of this restriction, a “core business activity” is one that accounts for more than 10% of the relevant company’s revenue.The Fund will not invest in any company which, according to the Sub-Investment Manager’s methodology, is involved in controversial weapons, including in particular any company that has been excluded from the MSCI World ex Controversial Weapons Index due to its involvement with controversial weapons, as defined by that index.Where the portfolio holds securities in a company that, after the date of purchase, ceases to meet the requirement of this section “Investment and ESG related restrictions”, then such securities will be sold within a reasonable period taking into account the best interests of the portfolio.For the purpose of these investment guidelines: • the term GHG shall be as defined by the Greenhouse Gas Protocol and include carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs) and sulphur hexafluoride (SF6) in metric tonnes and in tonnes of CO2 equivalent; and • the “Reference Universe” shall mean the companies within the MSCI All Country World Index (MSCI ACWI). This term is only used for the purposes of comparing the portfolio’s GHG emissions intensity only. The Sub-Investment Manager uses third-party data providers to ascertain the GHG emissions intensity of companies and in some cases data on specific issuers may not be available or may be estimated by an alternative third-party data provider or by the Sub-Investment Manager using internal methodologies or reasonable estimates. The methodologies used by different data providers may vary and if the preferred data provider changes its methodology, the GHG emissions intensity estimates for one or more companies may also change significantly.

Please refer to our response provided for Q.19 above