■ Integrate the analysis of the coal investment guidelines implemented by third party fund managers into our funds selection process. ■ Specifically review all allocations, to third-party funds where the manager of those funds has not established a coal exit strategy. Rothschild & Co believes that engagement in dialogue with companies about their thermal coal exposure can help them to further enhance their knowledge of climate-related risks and take action to reduce their environ- mental impact. Engagement policies implemented at the level of individual entities within the Rothschild & Co Group follow the Group’s above outlined approach based on dialogue with management and an active voting policy, and are reflective of the different nature of our investment businesses. In this discussion, companies should provide the evidence of a commitment for implementing a thermal coal exit strategy in line with the international thermal coal exit calendar, that considers the social impact gen- erated by this transition. Furthermore, our investment teams will expect the provision of quantitative proof, demonstrating the credibility of the company’s exit strategy. Transparency ■ These investment principles are published on the Rothschild & Co Group website. ■ These investment principles, first implemented in 2020, have been updated in 2021 and will be re- viewed on an annual basis. Source: Urgewald (Global Coal Exit List), ESG data providers, companies.