Labour, environmental, social and ethical considerations are formally integrated by the Investment Manager in the investment processdescribed in Sections 1 and 8, by penalising companies with poor labour, environmental, social and ethical records and / or prospectsby applying a higher discount rate when valuing the company’s future cash flows. This has the effect of lowering that company’sprospective valuation and results in either the company being excluded from investment or included at a lower weight than otherwise.In addition, the Investment Manager may avoid investing in sectors or companies whose activities may be considered harmful to theenvironment and / or society. This may include, but not be limited to, specific companies whose business activities generate morethan 5% of revenue from adult entertainment, alcohol, animal cruelty, fossil fuels, gambling, logging old growth forests, nuclearpower, predatory lending, tobacco and weapons.

For further details, please refer to Loftus Peak’s Responsible Investment Policy, including the listing of negative screens, which isavailable at www.loftuspeak.com.au.

Loftus Peak is a global fund manager with a focus on investing in listed disruptive businesses.