Sustainable, Responsible &/or ESG Policy:

Investment Objective

TwentyFour Sustainable Global Corporate Fund (the "Fund") has a Sustainable Investment objective within the meaning of Article 9 of the SFDR as it will invest in securities of issuers that contribute towards the Paris Agreement's goal of limiting the increase in the global average
temperature to below 2°C above pre-industrial levels. The Fund aims to invest in line with the Investment Manager's ESG framework and, in doing so, outperform the Benchmark over the medium to long term based on a combination of income (meaning income received through
holding investments- such as interest received on Bonds) and capital growth (meaning the growth in value/price of investments held by the Fund) by investing in such Sustainable Investments that align with the ESG Framework, as described below.

Investment Policy

The Fund will seek to achieve its investment objective by investing primarily in Investment Grade corporate Bonds, hedged to Base Currency, which are consistent with the Investment Manager's ESG framework.

The Fund's investments will have a global focus. In particular, the Fund will have regard to the geographic split of the Benchmark. The Fund may however deviate from the geographic split of the Benchmark and invest up to 25% of the Net Asset Value of the Fund in Bonds issued in
any one country provided that the Fund's exposure to any one emerging market country shall be limited to 10% of the Net Asset Value of the Fund.

The Fund will primarily invest in Investment Grade corporate Bonds, but may also invest a portion of its portfolio (which will not exceed 30% of the Net Asset Value of the Fund) in government Bonds, and high yield corporate Bonds (high yield meaning such Bonds that would have a
relatively higher risk of default and would have a lower credit rating than Investment Grade Bonds) where, in the Investment Manager's opinion, the risk of investing in such issues is appropriate when balanced against the possible return. In such circumstances, the Bonds will be consistent with the Investment Manager's ESG framework described below. The Fund's allocation to corporate Bonds will always exceed 80% of the Net Asset Value of the Fund, and the Fund's allocation to high yield corporate Bonds will not exceed 20% of the Net Asset Value of the Fund.

The Fund may invest in fixed or floating rate Bonds which may be rated or unrated.

The securities shall be listed and/or traded on the exchanges and markets set out in Appendix II of the prospectus although up to 10% of  the Net Asset Value of the Fund may be invested in unlisted securities.

The Investment Manager intends to invest at least 80% of the Fund's Net Asset Value in Sustainable Investments.

The Fund will not invest in other collective investment schemes.

The Fund promotes ESG characteristics pursuant to Article 9 of the SFDR. In order to attain the sustainable investment objective, the Sub Fund applies the following ESG framework: screening, exclusion approach.

The Fund may invest in financial derivatives (investments which allow the Fund exposure to an asset through a financial contract rather than investing directly in the asset) to try and reduce the effect of exchange rate movements on the Fund's investments, and to manage risks. A full
list of the financial derivatives which the Fund may utilise is set out in section entitled 'Investment Policies' in the supplement to the prospectus.

Benchmark

The Fund is actively managed and is not constrained by its Benchmark, meaning that investment decisions are made on a discretionary basis.
The Fund is managed with reference to the ICE BofA Global Corporate Index for comparison purposes only.

(Source: KIID, as at February 2026)

Resources, Affiliations & Corporate Strategies:

ESG resources

The integration of ESG factors in credit analysis and investment decisions is central to our approach to responsible investment. We do not outsource ESG research to a separate ESG team; instead ESG is fully integrated and ESG analysis is the responsibility of all Portfolio Managers. We believe that every member of the investment team is required to ‘own’ the process and do not believe that sub-contracting out ESG to an individual (or separate team) can be truly effective in an integrated investment process.

We utilise the Asset4 ESG database from Refinitiv which has been integrated into our proprietary system, Observatory. The database covers approximately two-thirds of the holdings within the Firm (excluding our ABS holdings) and the information gathered scores companies on a total of ten different parameters; Emissions, Resource Use, Innovation, Workforce, Human Rights, Community, Product Responsibility, Management Score, Shareholders Score, and CSR Strategy Score. This information goes directly into our Observatory database and supplements our own due diligence.

We recognise the limitations of third-party databases especially the limitation of the availability in data. For instance, the data from the Asset4 database covers bonds issued by companies that have listed equities. As we invest in a number of bonds that are not covered, we take an active approach to engagement to source the data ourselves. We provide our own scores based on the same criteria as Asset4, thereby filling missing gaps in order to improve the quality of ESG data utilised. It is important to note that just as we utilise external company ESG scores, we do not solely rely on the data provided by Asset4; depending on our interaction with a company, or our knowledge of industry trends, we are easily able to adjust the ESG scores in our database.

Governance

TwentyFour’s inherent flat structure creates a high degree of interaction between all teams across the Firm’s portfolio teams and as a consequence, this creates a collegiate investment approach designed to act as a single unit. This means that the work of any individual investment professional is highly transparent to the remainder of the TwentyFour investment team.

Stewardship

We believe engagement should be a constructive, active dialogue between investors and companies on all aspects of their ESG performance. While fixed income investors do not have voting rights in the way shareholders do, larger firms typically issue bonds multiple times a year, which puts bondholders in a strong position to be able to influence corporate policy by engaging with management on an ongoing basis. At TwentyFour we aim to engage regularly with the management of every issuer whose bonds we hold in our portfolios, to better understand their ESG strengths and weaknesses, monitor their direction of travel, and overall encourage better ESG practices.

As part of our commitment to the UK Stewardship Code we publish a quarterly summary of our engagements with bond issuers, along with details of any resulting investment decisions, at the bottom of this page.

ESG investing is a fast-evolving discipline, and approaches can vary markedly from manager to manager. We therefore believe this makes the quality of the ESG data used in different scoring systems critical to outcomes, and even more so in fixed income, where we think data provision is improving but still well behind the level we see in the public equity markets. Because of this, we regularly engage with our external data providers and push them to extend their output.

https://www.twentyfouram.com/engagement-at-twentyfour

Industry affiliations

As a signatory to the UNPRI and the FRC’s UK Stewardship Code, we have exhibited our desire to fulfil this responsibility and to drive industry change by promoting better environmental and societal outcomes.

We also engage on behalf of our clients at the industry and regulatory level. TwentyFour is an advisor to the Bank of England, the PRA/FCA, the UK Treasury, the European Commission the European Banking Authority and a number of other EU Finance Ministries.

As a key investor in the European ABS Market, we have always been at the heart of industry wide initiatives. Our firm is the only UK asset manager who are founding partners of the Prime Collateralised Securities (PCS) initiative. We are also in our fifth term as vice-chair of the Association for Financial Markets in Europe (AFME) and a member of the Bank of England Residential Property Forum. In addition to this, we have recently been involved in the AMIC initiative, collaborating with other managers to define sustainability ESG risks metrics for securitised assets. This work will help the development of a sustainable framework in ABS. Our work with ELFA, the European Leveraged Finance Association on establishing an  ESG Questionnaire to be used across the CLO industry will improve data in that area and enable us to make more informed choices regarding the ESG quality of CLO deals.

TwentyFour’s Portfolio Managers are also heavily involved in a number of industry governance forums, such as Citywire round tables and provides speakers to numerous conferences on the subject of ESG. Our objective in collaborating with industry organizations/institutions is to ensure that market participants and policymakers alike work together to develop and maintain the most suitable environment for the ultimate benefit of investors.

SDR Labelling:

Not eligible to use label (out of scope)