CBRE Clarion believes that ESG issues are relevant and can be material in evaluating management teams of listed property companies. More specifically, we believe that management teams which articulate, enact and measure ESG issues are generally more likely to make superior business decisions. CBRE Clarion employs a large team of securities analysts responsible for fundamental analysis of the companies in which we invest client assets. Our analysts evaluate ESG issues as part of their research process, which includes: asset tours, management and director engagement, financial modeling and analysis of public documents. ESG issues are incorporated into our assessment of a company’s exposure to and ability to manage risk. While some factors are similar, the real estate and infrastructure sectors have unique sets of fundamental and ESG factors, given different drivers and regulatory environments. For both real estate and infrastructure, the aggregated ESG data, comprised of internal and external data, is incorporated into the “Quality” factor of the respective factor-based investment tools. CBRE Clarion subscribes to Sustainalytics and to GRESB, which the analysts have access to, as well as any public information provided by the company.