ValueAct Capital was founded in June 2000 and is owned 25% or more by ValueAct Holdings II, L.P. (“VA Holdings II”). ValueAct Capital Management, LLC serves as the general partner of the Company and is owned 25% or more by VA Holdings II. None of the members of VA Holdings II own 25% or more of ValueAct Capital. As of January 31, 2024, the Company managed approximately $9.8 billion of regulatory assets under management on a discretionary basis on behalf of seventeen clients. ValueAct Capital provides discretionary investment advice and management services to private investment funds (“private funds”) and certain other investment vehicles (that include, but are not limited to, separately managed accounts and special purpose vehicles, collectively referred to as “Co-Investment Vehicles,”) each a “client” and collectively the “clients”, which may be organized as onshore or offshore limited partnerships or other types of vehicles. ValueAct Capital’s private funds generally conduct their trading activities through a master-feeder structure. In a master- feeder structure, each feeder fund contributes its investible assets to a master fund and participates on a pro rata basis in the profits and losses of the master fund and bears a pro rata portion of the expenses of the master fund, based on the respective capital account balances of all private funds investing through the master fund. An affiliate of ValueAct Capital serves as the general partner to each onshore feeder fund, offshore feeder fund, and master fund. With the exception of any separately managed account(s), each private fund is managed only in accordance with its own investment objectives and is not tailored to any particular private fund investor (each an “investor”). ValueAct Capital currently manages two families

of private funds. The Flagship Fund employs long-term, concentrated, active value investing in a select number of companies generally without geographic limitation. The Japan Fund generally employs long-term, concentrated, active value investing in a select number of Japanese public companies. ValueAct Capital also manages investment vehicles designed to make long-term, strategic-block equity co- investments along with the private funds in certain public companies (“Co-Investment Vehicles”). Since ValueAct Capital does not provide individualized advice to the investors in private funds, investors must consider whether a particular private fund meets their investment objectives and risk tolerance prior to investing. Information about each private fund can be found in its offering documents, including its Confidential Memorandum (“CM”). However, the private funds rely on certain registration exclusions available under the Investment Company Act of 1940, as amended (“IC Act”) and exemptions available under the Securities Act of 1933, as amended (“Securities Act”). Therefore, this brochure is designed solely to provide information about ValueAct Capital and should not be considered an offer of interests in any ValueAct Capital private fund. Any such offer may only be made by delivery to the prospective investor of the CM for the private fund under consideration. ValueAct Capital currently provides advice to private funds and one or more separately managed accounts but reserves the right to provide advice to other types of clients. Any other client accounts would be managed in accordance with the client’s stated investment strategies, objectives, restrictions, and any other agreed upon guidelines.