Cape Ann is a United Kingdom (“UK”) limited company established in 2015 to specialize in investing in publicly traded developing market equity securities. As of August 31, 2023, Cape Ann had approximately US$2.1 billion of assets under management. Cape Ann does not manage any assets on a non-discretionary basis and does not participate in any wrap fee programs. Cape Ann is (i) authorised and regulated by the Financial Conduct Authority (the “FCA”) in the UK and (ii) registered as an investment adviser with the SEC in the United States (“US”). Although they are not primary regulators of Cape Ann, Cape Ann is also registered with the Central Bank of Ireland, the Securities and Exchange Board of India, the Saudi Arabian Capital Markets Authority, and the Luxembourg Commission de Surveillance du Secteur Financier. These registrations are required in order for Cape Ann to be appointed as the sub-advisor to an Irish UCITS and a Luxembourg Fonds commun de placement, and to invest directly in Indian and Saudi Arabian equity securities on their local markets. Additional registrations may be required from time to time depending on the securities that form part of Cape Ann’s investment programme. Cape Ann became fully capitalised in February 2016, following which, Cape Ann’s working members acquired 50.1% of Cape Ann’s issued share capital and Silchester Partners Limited (“SP Ltd”) acquired 49.9% of Cape Ann’s issued share capital. Cape Ann has two classes of shares. SP Ltd holds 100% of the Class A shares. These shares represent 49.9% of Cape Ann’s issued share capital and 19.9% of Cape Ann’s voting rights. Cape Ann employees hold 100% of the Class B shares. These shares represent 50.1% of Cape Ann’s issued share capital and 80.1% of Cape Ann’s voting rights. The A Shares and the B Shares have different rights. The B Shares (i.e., those controlled by the Cape Ann employees) control Cape Ann. Under the company’s

Articles, the B Shareholders have the right, in perpetuity, to name a majority of the company’s Board of Directors, elect the Chairman, and control the day to day business operations of the company. The A Shareholders effectively sit as minority shareholders. The consent of A Shareholders is required when material business decisions must be made (such as the sale of the business, the liquidation of the business, significant items of expenditure (i.e., amounts greater than 25% of the company’s capital base), amendments to the articles, etc.). Cape Ann’s investment philosophy is based on the investment and business approach of Jonathan Bell. Prior to his appointment as Chief Investment Officer to the Cape Ann Global Developing Markets Programme Jonathan Bell worked at the forefront of global developing markets investment management for over 15 years with Pictet and Nomura. Types of Services that Cape Ann Provides to Clients Cape Ann provides discretionary investment management services to its Clients. Cape Ann brings a wide range of analytical, research, portfolio implementation and administrative skills through its business. Cape Ann strives to service Clients whose investment needs are growing from year to year. Cape Ann specialises in investing in publicly traded equity securities in emerging and frontier markets (“developing markets”) using a bottom up value investment approach. Cape Ann does not participate in any wrap fee programmes. Cape Ann does not manage assets on a non-discretionary basis and/or provide financial planning, quantitative planning or market timing services. Cape Ann generally does not further customise or modify its investment programme. Cape Ann does not agree to restrictions on investments in certain securities or types of securities in its commingled vehicles and Unitholders are not permitted to impose such restrictions on investing in certain securities or types of securities.