Responsible property investment policy

Prior to any purchase we consider:

• Environmental risk issues that may manifest as liabilities, for example contaminated land, flood risk, presence of hazardous substances etc.
• Environmental energy use audit.
• The ability to drive improvements through refurbishment, where we believe we can drive improvements in value.

In addition, we undertake anti-money laundering assessments on counterparties involved in sales and acquisitions and review tenants for corruption and bribery prior to entering into new lease agreements.

We consider sustainability factors in the price that we are willing to offer and/or accept for an investment.

Once we have purchased a property, if we see potential value, we refurbish to improve environmental and social performance at an appropriate point in the lifecycle of our investment.

We appoint managing agents to look after our properties on a day-today basis. As part of this work, they are tasked with:

• Monitoring energy use, water consumption, waste and CO2 emissions.
• Procuring energy from renewable sources.
• Conducting pro-active occupier engagement, including tenant surveys, covering a variety of ESG factors, at least every two years.
• Minimising health and safety incidents.
• Monitoring of any environmental risks identified on purchase.

In order to implement this policy our third-party property manager reports regularly on progress.

Matthew Meaden
Fund Manager (Property)

June 2024