ENVIRONMENTAL POLICY

Longriver Investment Partners Limited (“Longriver”) considers environmental and climate-related risks in managing Longriver Partners Fund (the “Fund”). This policy establishes a proportionate approach to identifying, assessing, managing and monitoring risks that could materially affect the Fund’s investments and long-term returns.

Climate-related risks include physical risks arising from extreme weather, flooding, heat, water scarcity and longer-term changes in climate. They also include transition risks arising from changes in regulation, technology, energy use, markets and consumer preferences associated with the transition towards a lower-carbon economy. Other environmental risks are considered where they could materially affect an investment.

Longriver’s assessment must address the relevance and materiality of these risks to the Fund’s strategy, material holdings and overall portfolio. It considers potential effects on investee companies’ operations, supply chains, revenues, costs, capital requirements and competitive positions, including common exposures across holdings. The assessment covers the expected investment period and longer-term risks relevant to continued ownership or reinvestment.

Material findings must be incorporated into investment research, valuation, security selection, position sizing and ongoing monitoring. This policy requires documented assessments and conclusions, including brief reasons where risks are judged irrelevant or immaterial. Records may be maintained within existing research and portfolio reviews. Responses may include further investigation, monitoring, revised investment assumptions or changes to holdings, taking account of the overall balance of risk and prospective return.

The assessment must use tools proportionate to the risk and available information. These include qualitative company and industry analysis, published company information and portfolio exposure measures, supplemented by financial sensitivity analysis where useful. Material data limitations and uncertainties must be recognised. Company environmental commitments and external ratings require critical assessment and do not, by themselves, establish that financial risks are adequately managed.

The Chief Investment Officer is responsible for implementing this policy and incorporating material findings into investment and risk management. The Sole Director oversees the framework, its effectiveness, the resources required and progress on identified actions. Compliance is responsible for checking adherence to the policy, supporting recordkeeping and reviewing this disclosure. These responsibilities may be performed by the same person where consistent with Longriver’s management arrangements.

The monthly management review must consider material climate-related developments and outstanding actions, with significant issues addressed promptly. The Fund and strategy assessment must be reviewed regularly and following material changes to the strategy, holdings or relevant risks. The Sole Director must review the framework’s effectiveness at least annually.

Longriver will review this policy and disclosure at least annually, update them where appropriate and inform Fund investors of material changes as soon as practicable.

This policy applies to Longriver’s management of the Fund. Separately managed accounts and advisory relationships remain subject to their own mandates, contractual commitments and applicable requirements.