Nuveen Natural Capital – Global Sustainability Policy

Nuveen Natural Capital (“NNC”) believes that its farmland and timberland investments can help meet global demand for food, fiber, and wood while contributing to the mitigation of climate and biodiversity challenges. NNC strives to be responsible long-term stewards of the environment, to work collaboratively with local communities and to optimize production. In partnership with tenants, local operators, farm and timberland managers, NNC endeavours to foster best practice and to promote investment in innovation to improve efficiency. NNC embeds the consideration of ESG factors in investment analyses, monitoring and portfolio construction to enhance long-term investment value and manage sustainability risk.

This document sets out the Sustainability Policy which underpins all Nuveen Natural Capital’s (“NNC”) farmland and timberland investments.

This policy is consistent with the five UN Principles for Responsible Investing in Farmland,¹ addressing environmental sustainability, labor and human rights, land and resource rights, business and ethical standards and reporting. The commitments and practices set out in this policy are also in line with the main responsible forest management standards,² accounting for the environmental, social and economic well-being of main stakeholders such as local communities, workers and biodiversity.

• Promote environmental sustainability
• Respect labor and human rights
• Respect existing land and resource rights
• Uphold high business and ethical standards
• Report on activities and progress towards implementing this policy
• Annex A: Zero Deforestation Policy