a) Advisory Business. Independent Franchise Partners, LLP (“the Firm”) is committed to delivering attractive long-term returns while focusing on the absolute risks inherent in equity investment. The Firm offers a single, differentiated discipline expressed in three strategies: the US Franchise strategy, the Global Franchise strategy and the Global Franchise II strategy which launched in Q2 2019. The Global Franchise II strategy follows the same franchise investment approach as the current Global Franchise and US Franchise strategies but will not invest in tobacco securities, according to the GICS sub-industry classification 30203010 – Tobacco. The Firm provides discretionary investment management services to institutional clients for whom the Firm conducts business via a number of segregated client accounts and four funds: a registered investment company, Independent Franchise Partners US Equity Fund (“RIC”); two UCITS funds, the Independent Franchise Partners Common Contractual Fund (“CCF”) and the Independent Franchise Partners Variable Capital Company PLC (“VCC”); and two Private Funds, the Independent Franchise Partners Global Equity, L.P. (“Global Equity LP”) and the Independent Franchise Partners Global Equity II, L.P (“Global Equity II LP”). These are referred to in this document collectively as the Franchise Partners’ Funds. The Franchise investment approach is founded on the belief that a concentrated portfolio of exceptionally high-quality companies - whose primary competitive advantage is supported by a dominant intangible asset - selected with an absolute value bias will earn attractive long-term returns with less than average absolute volatility. The Firm was founded in June 2009 and is 100% owned by the equity partners, Jayson Vowles (directly and via Samannajosh Limited), Richard Crosthwaite, Sandeep Ghela and Karim Ladha. It is not affiliated with any other investment management company, fund distributor, investment bank or commercial bank. This allows the Firm to focus on delivering the best Franchise portfolios to its clients and eliminates many of the conflicts inherent in larger, more diversified or distribution-driven organisations. As at 31st December 2023, the Firm had approximately US $16 billion in assets under management. The Firm is a UK incorporated Limited Liability Partnership. The Firm is authorised and regulated by the Financial Conduct Authority in the United Kingdom and is a registered investment adviser with the Securities and Exchange Commission in the US under the Investment Advisers Act of 1940. The Firm was established in June 2009 and, prior to its inception, the Firm’s founding partners worked as an investment team at Morgan Stanley Investment Management. Investment services are more specifically tailored in accordance with: the governing investment management agreement for each segregated account; the private placement memoranda and limited partnership agreements for the Global Equity LP and the Global Equity II LP; and the prospectus for each of the RIC and UCITS funds. Segregated account clients can and do impose reasonable restrictions on their accounts. Individual limited partners may not impose investment restrictions on management of the Global Equity LP or Global Equity II LP beyond those set out within the governing agreements of the Funds. The minimum segregated account size is generally $100 million or greater (or comparable values for non-dollar currencies). Limits may be waived at the Firm’s discretion. The Firm has capacity available in all three strategies, but this capacity is managed conservatively. Given this conservative approach to the assets the Firm manages, the situation may arise in the future where the Firm adopts a wait list approach to capacity management. Under such a wait list approach, clients may be offered additional capacity based on a number of factors, including but not limited to the amount of time on the waitlist, geographic distribution of investors, concentration of relationships with consultants, investor type and the ability of the investor to fund within 90 days’ notice of the offer of capacity. Additional capacity related to de minimis flows of capital may be negotiated with existing clients (including investors in the Franchise Partners’ Funds) and existing clients can move between the Franchise strategies without joining the wait list. b) Management Team Jayson Vowles is the managing partner and co-lead portfolio manager at Independent Franchise Partners, LLP. He has 22 years of investment experience. Prior to the establishment of the Firm in June 2009, Jayson was Vice President and a portfolio manager/research analyst for Global and American Franchise portfolios at Morgan Stanley Investment Management, which he joined in August 2003. Previously, Jayson worked at Goldman Sachs and Deloitte & Touche. Jayson received a BComm. and a post-graduate diploma in Accounting from the University of Natal. He is a Qualified Chartered Accountant, a member of the South African Institute of Chartered Accountants (SAICA) and a CFA® charterholder. Michael Allison is a partner and co-lead portfolio manager of Independent Franchise Partners, LLP. He has 26 years of investment experience. Prior to the establishment of the Firm in June 2009, Michael was Executive Director

and a portfolio manager/research analyst for Global and American Franchise portfolios at Morgan Stanley Investment Management. Michael joined Morgan Stanley in 2000 and served as a portfolio manager for global and European equity portfolios before joining the Franchise team in February 2005. Previously, Michael worked at NatWest Markets and Unilever. He received a BComm and a post-graduate diploma in Management Accounting, both from the University of Natal. He is a CFA® charterholder and a Chartered Global Management Accountant. Richard Crosthwaite is a partner and portfolio manager at Independent Franchise Partners, LLP. He joined the Firm in January 2014 and has 17 years of investment experience. Prior to joining the Firm, Richard was a fund manager at Legal & General Investment Management. In this role he continued his previous analyst responsibility for the TMT sector. Previously, Richard was a senior equity research associate at Sanford C Bernstein Ltd, working with the firm’s Telecoms and European Media teams, following earlier experience working in corporate finance. Richard received an M.A. in Classics from the University of Cambridge. Sandeep Ghela is a partner and the Chief Operating Officer and Chief Compliance Officer for Independent Franchise Partners, LLP. He joined Independent Franchise Partners, LLP in March 2010 as the Head of Middle Office and has 25 years of industry experience. Before joining the Firm, Sandeep was a managing consultant within the Financial Services Practice of Navigant Consulting where his role included providing the Firm with operations advice and management. Sandeep’s career focus has been in investment operations and technology, with consulting roles at Navigant Consulting (Europe) and, prior to that, consulting and operational roles in South Africa at Morse Management Consulting, Microgen and Momentum Advisory and Administration Services. Sandeep received a BComm. (Accounting) from the University of the Witwatersrand and has a Registered Persons Qualification from the Institute of Financial Markets and a Higher Certificate in Insurance from the Insurance Institute of South Africa. Karim Ladha is a partner and portfolio manager at Independent Franchise Partners, LLP. He joined Independent Franchise Partners, LLP in May 2011 and has 16 years of industry experience. Prior to joining the Firm, Karim worked at Neptune Investment Management in London. Previously, Karim performed both equity and fixed income research at Morgan Stanley Investment Management, including working with the Franchise team. Karim received a B.A. (Hons) in Philosophy, Politics and Economics at St John’s College, University of Oxford and an MBA from the University of Chicago and is a CFA® Charterholder. CFA definition: The CFA is a graduate level self-study program offered by the CFA institute to investment and financial professionals. In order to claim this designation a candidate must complete the CFA Program, possess a bachelor’s degree (or equivalent) from an accredited institution; have four years (48 months) of qualified work experience (or a combination of education and work experience acceptable by the CFA Institute); become a member of the CFA Institute and apply for membership to a local CFA member society and adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. c) Portfolio Management The Firm was founded with the aim of offering the Franchise investment approach to institutional investors through a dedicated, independent, investment management partnership. The Firm employs a research process that is focused on identifying investment opportunities which demonstrate both the quality and value characteristics that it believes can deliver sustainable, long-term investment returns. Once identified, the Firm believes a patient, buy-and-hold approach is the best way to allow these companies to compound wealth for shareholders over the long-term. The Firm measures its success through its long-term investment results and enduring client relationships. The partnership structure supports a focus on a single investment discipline; it directly aligns its interests with its clients’ portfolio returns; and ensures ownership stability and the consistency of commercial priorities. The Firm’s portfolios are actively managed using a completely bottom-up approach driven by in-depth fundamental qualitative research, supplemented by quantitative financial analysis. The Firm bases all its investment decisions on primary sources of information. It places significant emphasis on evaluating the health of a company’s underlying franchise and checking for symptoms of franchise abuse. d) Financial Planning The Firm does not undertake any financial planning. e) Describe other investment activities or specialties, if any The Firm has only one discipline and there has been no change to the underlying Franchise philosophy or fundamental approach since the inception of the philosophy in March 1996. The team’s approach to investing has always been focused on identifying companies with exceptionally high-quality Franchises and attractive absolute valuation characteristics. However, the Firm regularly reviews its investment process and evaluates its investment tools.