Veritas Asset Management LLP (the “Firm” or “Veritas”) was organised as a limited liability partnership in the United Kingdom in 2014 but, taking into account its predecessor entities, the Firm has been in business since 1993. The Firm’s principal office is at One Smart’s Place, High Holborn, London, WC2B 5LW, United Kingdom. The Firm serves as an investment manager, investment adviser or sub- adviser to various clients, including, but not limited to pension plans, foundations, investment vehicles, U.S. mutual funds and governmental entities. (Please see Item 7 of this Brochure for more information with respect to the Firm’s clients.) The Firm provides such investment management services on a discretionary basis. Principal ownership of the Firm The Firm’s principal owner is Affiliated Managers Group, Inc. (“AMG”). AMG holds a minimum of 65% interest in Veritas indirectly through three wholly owned subsidiaries. AMG is a publicly listed asset management company (NYSE: AMG) with equity investments in boutique investment management firms. In addition to its equity interest in the Firm, AMG also holds equity interests in other investment management firms (collectively the “AMG Affiliates”). Each of the AMG Affiliates, including Veritas, operates autonomously and independently, except as described in this Brochure. The remaining interest in the Firm is owned by the individual partners in the Firm. The Firm has one Corporate Partner and four Managing Partners. AMG owns a minimum of 65% depending on the appointment of new operating partners and retirement of existing operating partners. Governance of the Firm The Firm is organised in the United Kingdom as a limited liability partnership, and is managed by the firm’s Managing Partners comprising two Portfolio Managers, the Chief Operating Officer and the Head of Clients and Investment Specialists. The Managing Partners have overall responsibility for managing the Firm. The day-to-day business is overseen by the Management Committee and several subcommittees which include the Operating Committee and Investment Risk Committee. Such committees meet regularly and are comprised of Managing Partners and senior members of staff. The Firm undertakes discretionary management of mandates which are offered to clients either by way of separate accounts or through its own pooled investment vehicles (“Veritas Funds”). Advisory services provided to separate account clients For separate account clients, the Firm offers asset management services that consist of continuous and ongoing supervision over specified account(s). Each client enters into a written investment management agreement to appoint the Firm as the investment adviser with respect to an account. Each account consists only of assets held by a qualified custodian under the client’s name. As set forth in each investment management agreement, each account shall be invested in one of the Firm’s investment strategies. A description of each strategy and certain risk factors is set forth in Item 8 below. The investment recommendations and any decisions of the Firm with respect to each strategy and account are subject to various market, currency, economic, political and business risks, and will not necessarily be profitable. The Firm cannot guarantee the future performance of any strategy or account, promise any specific level of performance, or promise that the Firm’s investment decisions or overall management of any strategy or account will be successful. Any asset withdrawals or any client investment restrictions may impair achievement of investment objectives.

The Firm may manage investments for a number of clients and may give advice or take actions for some clients that is different than the advice provided or actions taken for others. The Firm is not obligated to buy, sell or recommend any security or investment that we may buy, sell or recommend for any other client or for its own Veritas Funds. Neither the Firm nor its Partners or employees make any representations or warranties, express or implied, that any level of performance or investment results will be achieved by any strategy or account, or that any strategy or account will perform comparably with any standard or index, including any other strategies or clients of the Firm, and including clients whose accounts may be invested in the same strategy as other clients. The Firm is generally not expected to consider and diversify a client’s account based on any other assets the client might hold, and the Firm’s only responsibility with respect to diversification is to invest the assets held in the account in accordance with the investment strategy set forth in the investment management agreement. Each investment management agreement will also identify any investment restrictions that the client may impose with respect to the account. The Firm will not enter into any investment management agreement if a prospective client seeks to impose unduly restrictive investment restrictions. Advisory services provided to the Veritas Funds The Firm provides discretionary advisory services for the Veritas Funds which are organised outside the United States. A description of each strategy is set forth in Item 8 below. Details regarding the services provided to the Veritas Funds and otherwise regarding the Firm’s arrangements with the Veritas Funds are set forth in each Fund’s offering memorandum. At this time, the Veritas Funds are not offered to any U.S. investors. Each Fund is managed only in accordance with its own characteristics and is not tailored to any particular shareholder (each an “investor”). Since the Firm does not provide individual advice to the investors (and an investment in a Veritas Fund does not, in and of itself, create an advisory relationship between the investor and the Firm), investors must consider whether a particular Fund meets their investment objectives and risk tolerance prior to investing. While this Brochure may be provided to investors, and may include information about the Veritas Funds, this Brochure is intended solely to provide information about the Firm and should not be considered to be an offer of interests in any Veritas Fund. Advisory services provided to U.S. registered investment companies The Firm serves as portfolio manager and sub-advisor to U.S. open-end investment companies (“Mutual Funds”) registered under the Investment Company Act of 1940 (“Company Act”). The Firm has entered into sub-advisory agreements with the investment advisers to the Mutual Funds to manage all or allocated portions of the assets of each Mutual Fund. Under the sub- advisory agreements, the Firm is responsible for the day-to-day portfolio management of all or a distinct allocated portion of each Mutual Fund’s portfolio, subject to oversight by each Mutual Fund’s adviser. The Firm is responsible for managing all or the allocated portion of each Mutual Fund in accordance with the Mutual Fund’s registration statement as filed with the SEC, the Firm’s investment strategy selected by the Mutual Fund’s adviser, and applicable portfolio management and trading restrictions or limitations under the Company Act. Certain Mutual Funds are advised and distributed by affiliates of Veritas as discussed in