777 South Flagler Drive
Suite 1100E
West Palm Beach, Florida 33401

ESG, CLIMATE-CHANGE, &RESPONSIBLE INVESTMENT POLICY(Updated June 25, 2024)
Environmental, Social, and Governance (“ESG”) and climate-change issues are an integral part of thefundamental research process at Sanders Capital, LLC (“Sanders Capital”). We believe a responsible
approach to ESG and climate change can confer competitive advantages to the companies that pursue
them and pose considerable risks if disregarded. In our experience, companies that have a culture of"doing the right thing" and are available at reasonable valuations make among the best long-terminvestments.
We explicitly evaluate the impact of ESG and climate-related issues and, when possible, seek toinclude them in forecasts of sustainable earnings power and the disposition of corporate cashflows.
The multi-decade investing experience of our co-CIOs has led us to integrate ESG and climatechange issues as a component of the investment process to avoid exposure to: business models that threaten the environment in a manner that cannot be easily
remediated, and, thus, may prove unsustainable;
 unethical business practices that can engender both financial and reputational damage; business models based on workforce compensation, benefits, or other factors thatappear exploitative and, thus, may be unsustainable;
 misalignment of incentives and objectives of management, boards of directors, and otherparties such that shareholder interests might be seriously compromised.
Our ESG, Climate-Change, and Responsible Investment Policy is led by our co-CIO and Director ofResearch, and we incorporate ESG and climate-change issues across the investment process. Weutilize ESG and climate data providers and industry experts to understand ESG and climate-change
trends and assess the materiality of the key risks and opportunities facing an industry or a company.
When we determine that such issues are material, we may also supplement third-party ESG andclimate information and analysis with sources such as government and other independent databases,
company-provided ESG and sustainability reports, and explore issues highlighted by our internal andexternal research directly with management teams.
We believe that climate change poses material risks across all geographies and sectors as well as
offers significant opportunities. These risks and opportunities include those that may result frompolicy actions from governments and communities and changes in company strategies around theglobe as they look to reduce their reliance on carbon and impact on the climate, as well as from thepotential chronic and acute effects of global warming resulting in changes in climate patterns.
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777 South Flagler Drive
Suite 1100E
West Palm Beach, Florida 33401
Engagement activities with corporate managements and members of the boards of directors are fully
integrated with our investment process; they are led by members of our fundamental research team(i.e., the research analysts, associates, and co-CIOs that are closest to the companies and industries andour investment decisions regarding them). We prioritize our engagement activities based on our viewof the materiality of the issue and the exposure or potential exposure to it across our clients’investments. We believe these activities are a means for us to encourage improvements in thegovernance, operations, and disclosures of the companies in which we invest. Additionally, ourengagement efforts serve to deepen our relationships with the people, companies, consultants, andindustry bodies involved, helping us advance our understanding of the evolving ESG and climatechange landscape, advocacy of industry best practices and the underlying issues these stakeholders seek
to address.
Proxy voting is another important element of our ESG, Climate-Change and Responsible Investment
Policy. We take our fiduciary duty seriously and vote proxy ballots in the best interest of long-term
shareholders. Proxy voting is led by our Director of Research and supported by analysts and theproxy voting committee. We review proposals, related third-party research and recommendations,and as needed, conduct our own primary research, which may include engagements with company
managements and industry consultants.
Finally, we share ESG and climate-related metrics with our clients on a regular basis. These
include analysis of ESG ratings, carbon exposures, climate value-at-risk, engagement activities,
and proxy voting.

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