AV俱乐部

Investment Policy:

• General Investment Principles and Philosophies

The Endowment Funds shall be invested in a manner to maximize risk adjusted returns.聽 AV俱乐部 believes that over the long term, companies that exhibit responsible corporate behavior with respect to environmental, social and governance (ESG) factors will have a positive impact on long-term financial performance. The assessment of ESG factors along with the assessment of the business, management and financial metrics will enhance the identification of good investment opportunities and to help mitigate risk to the Endowment Funds

The Endowment Funds will encourage its external investment managers to continue to develop and enhance their ESG assessment capabilities.聽 The Administration will include ESG assessment progress and capabilities in each investment manager鈥檚 annual review.

The Endowment Funds will include ESG assessment capabilities when evaluating investment managers for new mandates.

• The ESG profile of the Endowment Funds and the related opportunity and risk characteristics are included in the Fund鈥檚 risk dashboard and are reviewed and assessed semi-annually by the Investment Committee. These reviews and assessments will be made at the investment manager, asset class, and total fund levels. AV俱乐部鈥檚 risk dashboard includes ESG results and carbon footprint metrics and trends.

• Proxy Voting

The Investment Committee or Administration will require the Investment Managers to provide a summary of how proxies have been voted.聽 This report shall also disclose any ESG issues that may have arisen and how this ESG issue has impacted positively or negatively the exercise of any proxy vote.

• Regular Investment Manager Reporting

Report on any environmental, social and governance (ESG) risks they have discovered in their portfolio.聽 The report shall also include information on any ESG issues that have been identified and discussed with the management of any of the companies that are in the portfolio or information on ESG issues that are made available through industry publications or events.聽 Annual reviews will include reporting on ESG developments and issues.

• AV俱乐部 is a member of the Responsible Investment Association

AV俱乐部 can leverage this relationship to participate collectively with other investors in engagement activities.聽 In the past, AV俱乐部 has joined activities such as calls for greater climate change risk disclosures, human rights - -labor policy development, design and use of key performance indicators, food production safety.