in a coal exit strategy Where companies are not involved in developing new thermal coal capacity but have direct exposure to thermal coal in excess of the thresholds defined in Rothschild & Co's exclusion policy, the business will: � engage with companies to discuss their coal exposure; � continue to support companies implementing a thermal coal exit strategy on a case-by-case basis; � not invest nor lend or cease to invest in or lend to companies which, following engagement, do not implement a thermal coal exit strategy.