UK Stewardship Code Disclosure Statement

Under COBS 2.2.3R of the FCA Handbook, Metage Capital Limited is required to make a public disclosure in relation to the nature of its commitment to the UK Stewardship Code, which was first published by the Financial Reporting Council (FRC) in July 2010 and revised in September 2012. The full text of the code can be found on the FRC website.

The Code aims to enhance the quality of engagement between institutional investors and the companies in which they invest so as to encourage the exercise of good governance with a view to promoting long-term shareholder value. It is, of course, legitimate for some asset managers to decide not to disclose how they choose to engage with companies, depending on their particular investment strategies. The UK Stewardship Code is applied on a "comply or explain" basis therefore Metage Capital Limited is required to explain why it does not consider it appropriate to comply.

Metage Capital Limited makes global investments in numerous different jurisdictions based on its fundamental analysis of opportunities and perceived pricing inefficiencies. Accordingly, its approach to stewardship is determined on a case by case basis, so as to maximise shareholder value in the best interest of its own investors but having regard, at all times, to local regulatory requirements and the high standards and ethics that is required of its investment activities.

Should any of the above factors change, Metage Capital Limited will review its commitment to the Code at that time and make appropriate disclosure.