This guardrail campaign seeks to bring companies involved in meat supply chains within safe antimicrobial use parameters. To that end, investors have filed a series of shareholder proposals this year asking companies to comply with the WHO Guidelines. Next year, investors will expand the list of target companies and will also deploy director no-votes at non-complying companies.

For this year, investors are seeking the following types of support:

• Votes in favor of these proposals
• Pre-declaration of votes in favor of these proposals
• Public declaration of support for the AMR Guardrail for the express purpose of preserving diversified portfolio value -- we recommend the following supporting statement:

"Constraining antimicrobial resistance should have positive economic effects that benefit our beneficiaries’/clients’ diversified portfolios. We therefore support compliance with World Health Organization Guidelines on Use of Medically Important Antimicrobials in Food-Producing Animals among companies involved in meat supply chains, and intend to exercise our stewardship prerogatives in the reasonable service of that objective."

Note: Support of The Shareholder Commons’ guardrails does not require or seek collective decision-making or action with respect to voting of securities. Supporters are independent fiduciaries responsible for their own voting decisions and must always act completely independently to set their own strategies, policies, and practices based on their own best interests.

Details are available on The Shareholder Commons website. Contact Sara for more information.