Stewardship Code

Under Rule 2.2.3R of the Financial Conduct Authority's (“FCA”) Conduct of Business Sourcebook, Tages Capital LLP (“Tages” or the "Firm"), to the extent it is managing investments for a professional client (as defined by the FCA), is required to include a disclosure about the nature of its commitment to the UK Financial Reporting Council's Stewardship Code (the "Code") or, where it does not commit to the Code, explain its considered choice based on the Firm’s investment approach.

The Code is a voluntary code and sets out a number of principles relating to engagement by investors in U.K. listed companies. Tages is a fund of alternative funds investment manager. This strategy does not require direct investment into UK single stock equities. Therefore, whilst Tages supports the objectives set out within the Code, the provisions are not deemed to be relevant to the type of investment strategy and trading currently undertaken by the firm.

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