As part of its investment process for internally managed fixed income securities, PSP Investments looks to identify and consider any material risks, which would include ESG material risks. In particular, we consider whether all risks including ESG, are appropriately reflected in the pricing of fixed income securities of corporate issuers. The materiality of all factors including ESG factors is assessed based on the sector, region, timescale and leverage of the issuer. This approach offers the required flexibility to take under consideration the ESG risks that are relevant and material to a company’s financial performance and, ultimately, credit worthiness and valuation. We also engage with corporate issuers in respect to ESG issues. Finally, PSP Investments is committed to effectively and efficiently implementing legally-binding investment restrictions it is subject to, and any other investment restrictions that may be determined from time to time by the Board of Directors. Currently, the restrictions apply to issuers engaged in activities related to controversial weapons or subject to trade and economic sanctions. Any countries or issuers that are restricted will be blocked (negative/exclusionary screening) on the trading platform.