AB’s organizational structure fosters risk management at all levels of the firm. Risk management is a core value embedded across our research, investment, and operational processes. AB maintains a significant risk infrastructure firm-wide, including separate units overseeing counterparty, investment, and operational risks. Our infrastructure also features several firm-wide Risk Committees, including: 1) Senior Management Risk Oversight Committee, comprised of AB’s CEO, Chief Operating Officer, Global Head of Risk, and Chief Compliance Officer, helping ensure that risks within the firm are openly discussed at a senior level and mitigation priorities established; 2) Counterparty Risk Committee, providing oversight and management of counterparty risk to us and our clients; 3) Investment Risk Oversight Committee, comprised of the Head of Investment Risk and the Risk Manager within each investment services, providing independent investment risk oversight of all AB client portfolios; 4) Operational Risk Oversight Committee, providing oversight of the firm’s management of operational risks globally. Additionally, we maintain Risk Sub-Committees focused on specific asset classes, businesses, or tools/systems used firm-wide. AB’s risk management policies and frameworks are vetted and approved through our extensive risk governance structure, with the Audit Committee of our Board briefed on risk management issues quarterly by our Chief Risk Officer.