Responsible Investment Statement

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NCH Capital Inc.’s Responsible Investment Statement

I. Introduction

NCH is an investment manager, with a fiduciary responsibility to help its clients (the “Funds”) achieve their investment objectives over the long term. NCH recognizes that environmental, social and governance (“ESG”) issues can impact the performance of investment portfolios. NCH is committed to both following our current practices which reflect certain ESG criteria and considering how to best incorporate other evolving ESG issues into our investment decision making process and our asset management practices to the extent that such incorporation of such issues is consistent with NCH’s fiduciary duty to help our clients achieve their investment objectives and protect their economic interests. 1

II. Guiding Principles

• Recognize that it will take a sustained commitment to integrate the values of sustainability and resource conservation into NCH’s corporate culture and the operation and management of investments.
• Balance our efforts to improve the environmental footprint of our portfolio with our obligation as fiduciary to enhance investment performance for our investors.
• Integrate the values of sustainability, resource conservation, and climate change mitigation throughout our business.

III. Goals

Wherever practicable and cost-effective we will:

• Benchmark the portfolio’s energy and water consumption and waste production.
• Reduce the energy intensity, water consumption, and the non-recycled waste output of existing buildings and farmland.
• Incorporate sustainable design and construction in new investments.
• Specify the use of environmentally preferred materials and products where appropriate.
• Use clean energy.

IV. Vision Objectives

We will strive to:

• Reduce our portfolio’s environmental impact.
• Continue to improve the financial performance of our Funds by reducing operating. expenses and increasing asset values through strategic energy and resource management.
• Continue to enhance the well-being of our tenants, residents, and employees by providing greener places to work and live.
• Educate our partners, employees and vendors as to the benefits of sustainability efforts.
• Communicate the results of our efforts to our investors and their consultants.

V. Strategies

NCH’s businesses will consider and make best efforts wherever appropriate to:

• Identify and join appropriate organizations and forums to engage NCH management with current sustainability concepts as it relates to the investment management industry.
• Encourage our employees to develop sustainability expertise through the pursuit of education.
• Leverage field talent, collaborating with third-party property managers for on-the-ground expertise and tangible results.
• Conduct training for NCH staff, third-party managers/consultants/vendors, and other groups that can influence the success of the sustainability initiative.
• Identify and pursue appropriate certifications, awards, and other recognition opportunities.
• For equipment purchasing decisions, create a capital expenditure review criteria that consider life cycle costs and energy use.
• Consider and evaluate the mitigation of climate change risks as they evolve.

VI. Existing properties

• For Funds that were in existence prior to NCH becoming a UNPRI signatory, they will adhere to its mandated governing documents and when possible, will incorporate and/or consider ESG factors.
• When applicable and practicable, identify and deploy no/low cost energy and water efficiency improvements.

VII. New Investments

• Address sustainability considerations in decision-making regarding acquisitions and dispositions.
• Where appropriate, strive to achieve applicable certifications featuring energy performance that exceeds the requirements of local codes.
• Where certifications are not feasible, look to incorporate other sustainable practices that can be applied.

1 When there are factors that will not allow a Fund to consider ESG factors/issues the investment team must document the analysis. For example, when ESG as a whole or certain ESG factors do not apply to the investment strategy/asset class or the governing documents of the Fund does not allow such considerations.