PAIs

With regard to the principal adverse impacts of investment decisions (PAIs) on sustainability factors, the Management Company does not currently take such impacts into consideration, on the grounds that (i) the Management Company does not, at present, have sufficiently robust processes in place to analyse the available information and adequately quantify the expected and actual impact of investment decisions on sustainability factors, and (ii) the size, nature and scale of its current business activities do not warrant taking PAIs into account in investment decision-making, as this would, among other considerations, entail disproportionate costs and investments. Notwithstanding the foregoing, this does not prevent the Management Company’s investment policy from pursuing investments that are environmentally sustainable and aligned with the objectives of climate change mitigation and carbon emissions reduction.