History and Ownership Since 2005, Acadian Australia has been registered an investment manager with the Australian Securities and Investment Commission. Acadian Australia provides investment management services to institutional clients through sub-advised funds and separately managed accounts. At present, the majority of these accounts are focused on Australian equities only. Acadian Australia is a wholly-owned affiliate of Acadian Asset Management LLC (“Acadian Boston”), a Boston based and SEC registered investment adviser. Currently, it has two other global affiliates, Acadian Asset Management (Singapore) Pte Ltd (“Acadian Singapore”) and Acadian Asset Management (UK) Limited (“Acadian UK”). While each of these affiliates is registered/licensed as appropriate by their local regulatory authority, Acadian Asset Management (Australia) Limited and Acadian Asset Management (Singapore) Pte Ltd are also registered with U.S. Securities and Exchange Commission as an investment adviser. BrightSphere Affiliate Holdings LLC, part of the BrightSphere group, owns 100% of the Class A (voting) interest of Acadian Boston while an Acadian Key Employee Limited Partnership (“Acadian KELP LP”) owns 100% of the Class B interest which provides financial participation in the profitability of the combined Acadian entities. The Acadian KELP LP is comprised of senior staff and a majority of senior investment team members. BrightSphere Affiliate Holdings LLC is owned by BrightSphere Inc. which is owned by BrightSphere Investment Group Inc. (“BSIG”) (a publicly traded company). Acadian Australia primarily utilizes a systematic, quantitative investment process to manage investment strategies which is described in more detail below. General Overview of Investment Process Acadian Australia utilizes the investment processes, databases, systems, and technology developed and utilized by Acadian Boston. Further, pursuant to a service level agreement between both entities, staff in both offices fully support the business activities of the other, in essence functioning as a global team. Strategies are managed using a team-based approach and a systematic, quantitative investment process. This process relies extensively upon a number of proprietary computer driven models and extensive third- party data. It is overseen by our Head of Investments and a team of researchers, portfolio managers, portfolio analytics and construction specialists, data managers, and IT professionals in an effort to ensure it operates as intended. This systematic, quantitative investment process is flexible and easily tailored and coded to meet the specific needs of our clients including, for example, those with Environmental, Social or Governance (“ESG”) concerns. We manage each separate account in accordance with the terms and conditions of a written agreement negotiated with and agreed to by each client. As each client agreement results from a separate negotiation with the client, the terms and conditions of the investment relationship and the fees paid pursuant to the agreement may and do vary by client even within the same investment mandate or account composite. This includes, but is not limited to, client-imposed requirements and restrictions related to benchmark, individual security restrictions or “do not invest” lists,

industry restrictions, country restrictions, ESG restrictions, investment types, investment universe, and risk targets. These client specific requirements, in addition to other timing issues, may cause performance dispersion between portfolios in the same composite over time. Client specific mandate restrictions are implemented and adhered to utilizing a number of systematic and manual checks. During the initial account set-up process and any subsequent changes thereafter, all client- specific restrictions are noted and may be coded by the investment team, along with any Acadian or regulatory-specific restraints applicable to the mandate and underlying benchmark, into proprietary portfolio construction software. Pre-optimization coding can be as broad or narrow as required, typically including specific stocks, types of stocks (e.g., “sin lists”), countries, sectors, and ownership percentages. Further, each account and all client-specific restrictions are independently coded by our compliance team into an automated compliance monitoring system that allows for pre-trade, post-trade, and daily compliance monitoring of all accounts. Acadian Australia’s portfolio managers typically do not select specific stocks to buy or sell. In addition to contributing to the research process to enhance our overall quantitative investment process, portfolio managers aim to ensure that the investment process is operating as intended and that each client account is being managed consistent with the client’s investment objectives and in compliance with the client’s contractual requirements. The quantitative investment process is supported by extensive proprietary computer code. Researchers, software developers, and IT teams follow structured design, development, testing, change control, and review processes during the development of its systems and the implementation within our investment process. We have control systems and processes that are intended to identify in a timely manner any errors that could have a material impact on the investment process. The majority of these controls and their effectiveness are subject to regular internal and external audits including a SOC audit. However, despite these extensive controls it is possible that errors may occur in coding and within the investment process, as is the case with any complex software or data-driven model, and no guarantee or warranty can be provided that any quantitative investment model is completely free of errors. Any such errors could have a negative impact on investment results. There is no performance guarantee associated with investing in any investment strategy. Investing in securities involves risk of loss of principal that clients should be prepared to bear. Acadian Australia negotiates with each client the terms and conditions under which we will manage their account. This will result in clients within the same investment composites assuming different types and levels of risk, as well as different performance results. Acadian Australia encourages clients to reference strategy-specific risk descriptions (contained in the prospectus and/or private placement memorandum, as appropriate to fund structure) for any of the strategies that we manage. Wrap Fee Program Acadian Australia is not involved with any wrap fee programs.