These principles will be implemented according to the following rules Listed assets under direct management ■ No investment will be made, and no lending provided to companies involved in projects to develop new thermal coal capacity. ■ Where companies are not involved in developing new thermal coal capacity but have direct exposure to thermal coal in excess of the thresholds defined above, we will: ° Engage with companies to discuss their coal exposure; ° Continue to support companies implementing a thermal coal exit strategy on a case-by-case basis; ° Cease to invest in or lend to companies which, following our engagement, do not implement a thermal coal exit strategy. Non-listed assets under direct management In relation to unlisted investments, divestment is more complex, and policy implementation needs to be cater to the underlying differences. 1. In relation to companies in which we have existing investments: ■ Where companies are involved in the development of new thermal coal capacity, we will engage with companies to discuss their coal exposure. No new investment will be made in or loans provided to these companies. ■ Where companies are not involved in developing new thermal coal capacity but have direct exposure to thermal coal in excess of the thresholds defined above we will: ° Engage with companies to discuss their coal exposure; ° Continue to support companies implementing a thermal coal exit strategy on a case by case basis; ° Cease to make further investments in or offer further lending to companies which, following our engagement, do not implement a thermal coal exit strategy. 2. In relation to companies in which we do not have existing investments: ■ No investment will be made, and no lending provided to companies involved in the development of new thermal coal capacity. ■ Where companies are not involved in developing new thermal coal capacity but have direct exposure to thermal coal in excess of the thresholds defined above: ° We may invest in or lend to companies who have implemented a thermal coal exit strategy on a case-by-case basis; ° We will not invest in or lend to companies which do not implement a thermal coal exit strat- egy. Assets under indirect management and listed and non-listed funds of funds Where we do not invest in individual companies but rather in third-party funds or funds of funds the imple- mentation of this principles is more complex. We will: