INTRODUCTION PROMOTING CLIMATE RESILIENCE CLOSING THE PROTECTION GAP INDUCING POSITIVE SOCIETAL CHANGE GOVERNANCE APPENDIX 2.3 Responsible Investing Responsible Investment Guidelines Exclusions 2022 Highlights We apply rules-based exclusions to our investment portfolio where our analyses and judgment determine there are material downside risks related to ESG. As such, our investment guidelines currently provide for the elimination of direct investments in: ‘A ’ 70% 98% • Companies that are classified as ‘CCC’ ESG We have calculated that the Carbon intensity reduction Of externally managed assets Laggards under the MSCI methodology. overall MSCI ESG rating for our in corporate credit and were managed by PRI • Companies that derive more than 10% of investment portfolio is A as of listed equity portfolios, signatories as of March 31, 2023. revenues from thermal coal. December 31, 2023. from December 31, 2020 • Corporates that have a relatively high carbon to December 31, 2022 , as intensity as measured by MSCI. measured by MSCI. Third-Party Manager Selection/Mandate Setting When we engage a third-party investment manager, we generally consider the following topics: To further the sustainability of our investment portfolio, certain ESG factors are considered within our investment strategy. We structure our investment • ESG Strategy and Oversight (including portfolio to emphasize the preservation of capital and the availability of liquidity UN PRI membership.) to meet our claims obligations, to be well diversified across market sectors and • ESG Integration and Analysis. to generate relatively attractive returns on a risk-adjusted basis over time. We • ESG Governance and Engagement. believe that incorporating ESG into our investment process makes us better • Climate Change Risk Oversight. positioned to identify attractive and sustainable investment opportunities. • Commitment to Diversity, Equity Responsible Investment Policy and Inclusion. Being a responsible investor can be an extension of our corporate values and purpose, and we believe we have the opportunity, through our investment activities, to help address societal challenges, particularly those that are relevant to our mission and vision. Adrian Doyle, SVP, Managing Director — Investments 19