Cryder Capital Partners LLP

                                                                                           (“Cryder” or “the Firm”)

                                                                                   Stewardship Code Disclosure 

Under the Financial Conduct Authority’s (“FCA”) Conduct of Business Rules 2.2A.5, Cryder is required to make a public disclosure on its website in relation to the nature of its commitment to the UK Financial Reporting Council’s (“FRC”) Stewardship Code ("Code"). 

The Code was first published by the FRC in July 2010 and it was updated in September 2012. Subsequently, the FRC published the new UK Stewardship Code 2026 (“2026 Code”), which took effect from 1 January 2026, and consists of 6 Principles for asset managers and asset owners along with 5 disclosures for both. 

The Code applies on a ‘comply or explain’ basis and is voluntary, aiming at enhancing the quality of engagement between institutional investors and companies, to help improve long-term returns to shareholders and provide for the efficient exercise of governance responsibilities by setting out good practice on engagement with investee companies that institutional investors should aspire to. 

The FRC defines ‘stewardship’ as ‘the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.’ 

The 2026 Code Principles for asset managers and asset owners are: 

1. Signatories integrate stewardship and investment to deliver long-term sustainable value for their clients and beneficiaries.

2. Signatories identify and respond to market-wide and systemic risks to promote well-functioning financial markets.

3. Signatories engage to maintain or enhance the value of assets.

4. Signatories actively exercise their rights and responsibilities.

5. Signatories integrate stewardship considerations into their selection and oversight of external managers.

6. Signatories monitor and hold to account stewardship service providers.

Additionally, the five disclosures for asset owners and asset managers are:

A. Describe your organisation, your investment beliefs, your clients or beneficiaries and how that informs your approach to stewardship. 

B. Describe how your resources enable effective stewardship.

C. Describe your stewardship policies and processes, and how you review them.

D. Describe how you manage stewardship-related conflicts of interest to put the best interests of clients and beneficiaries first.

E. Describe how you maintain a dialogue with clients and/or beneficiaries.

Cryder is a full-scope UK AIFM and manages a single master-feeder fund structure. Cryder is not a signatory to the UK Stewardship Code 2026 and does not currently intend to apply to become a signatory.

The Stewardship Code defines stewardship as "the responsible allocation, management and oversight of capital to create long-term sustainable value for clients and beneficiaries". While Cryder supports that objective and considers it central to its investment approach, we do not consider the Stewardship Code's signatory framework, built around a formalised engagement programme with stated objectives, escalation and published evidence of outcomes, alongside collaborative engagement and market-wide activity, reflects the way we exercise stewardship.

Cryder manages a small, concentrated portfolio of listed companies with long holding periods. Stewardship is therefore exercised primarily through our capital allocation decisions. This involves extensive pre-investment research into governance, board and management quality, capital allocation and alignment of interests, and a willingness to decline to invest, or to exit, where we are not satisfied on those points. Our influence rests on the depth and duration of our relationship with a small number of boards and management teams, and on our decision whether to remain a shareholder.

We monitor our holdings continuously and maintain direct dialogue with boards and management as part of that monitoring, conducted privately and on our own initiative. We are not activist investors, we do not operate a formal engagement programme with pre-set objectives or escalation steps, we do not use engagement service providers, we do not participate in collective engagement or public campaigns, and we do not seek board representation. We exercise the voting rights attaching to our holdings, case by case, based on our own research.

Cryder believes its existing approach is in our investors’ best interests and reviews its position on the Stewardship Code annually.

For further information on the Firm’s approach contact: IR@crydercapital.com

Disclosure last updated: 25/08/2026

                                                                                            General Disclaimer 

This website is not an offer of securities.

This Website does not constitute an offer to sell or a solicitation to buy any securities in any vehicle or any pooled investment vehicle (a "Fund") advised by Cryder Capital Partners LLP (the "Investment Adviser") or a recommendation to enter into any transaction, and may not be relied upon in connection with any offer or sale of securities.  Any such offer or solicitation may only be made pursuant to a Confidential Private Offering Memorandum (or similar document) for the applicable Fund, which will be provided only to qualified offerees and which should be carefully reviewed prior to investing. This Website does not create any obligation on the Investment Manager or the Funds to consider any offer.

This communication is provided for information purposes only. This communication does not contain any material terms pertinent to an investment decision, including important disclosures of conflicts and risk factors associated with an investment in any Fund.  This Website in and of itself should not form the basis for any investment decision.