ACM believes that, in EM private investments, fulfillment of fiduciary duty and generation of attractive risk-adjusted returns can only be achieved through integration of ESG risk and opportunity variables. ESG factors have a material impact on financial results. In ACM’s case, among other processes, Secretary Albright aligns her reputation with Limited Partners in the Fund through her right to veto any proposed Special Situation investment on political risk, ethical or reputational grounds. ACM’s priority is fulfillment of fiduciary duty. ACM believes that principled and pragmatic integration of ESG considerations into an EM investment process is essential to accomplish that goal by mitigating political and other risks associated with an investment. ACM also knows that difficulties, and criticism, are part of working in emerging markets. The bedrock of our approach is to seek investments that have sustainable, positive economic benefits for all stakeholders. For all investments, ACM looks to identify potential adverse impacts. With certain exceptions, ACM avoids a prescriptive approach, opting instead to apply its ESG guidelines in a principled and pragmatic fashion, based on all facts and circumstances, while recognizing that some risks and adverse impacts cannot be mitigated or justified and must be avoided.