UK Shareholder Engagement Disclosure

UK Stewarship Code Statement

AB CarVal is not a signatory to the UK Stewardship Code. Although AB CarVal generally supports the objectives that underlie the Code, AB CarVal has chosen not to commit to it given the nature of our investment strategy and the types of investments we make. AB CarVal has established a Responsible Investing Policy as it believes that Environmental, Social and Governance factors can have a material influence on investment outcomes. The policy outlines the firm’s commitment to incorporating ESG factors into investment decision making where such factors are relevant, while also acting in a manner that is consistent with AB CarVal’s fiduciary responsibility to maximize returns for its investors. The Responsible Investing Policy is summarized here: https://carvalinvestors.com/about/responsible-investing-policy/

UK Shareholder Engagement Disclosure

From 10 June 2019, the FCA rules require UK portfolio managers to develop and disclose a shareholder engagement policy or provide an explanation of why they have chosen not to do so. The firm has considered the requirements of the FCA rules carefully and has concluded that it would not be appropriate for the Firm to develop a shareholder engagement policy at this time. Although the firm closely monitors performance of the companies in which it invests, it does not consider shareholder engagement to be an integral part of its investment process or its investment strategy. The firm will continue to evaluate any future developments in its approach to shareholder engagement and may update this statement from time to time.