History and Firm Structure Heronbridge was established in 2005 to provide investment management services in publicly traded equity investments principally issued by companies incorporated in the United Kingdom. As of 31 March 2024, Heronbridge managed approximately US$1.5 billion of assets under management on a discretionary basis. Heronbridge is a UK incorporated entity, which is authorised and regulated by the Financial Conduct Authority (the “FCA”) in the United Kingdom (“UK”) and registered with the SEC in the United States (“US”) . Heronbridge acts as the investment manager for three commingled funds, the Heronbridge Value Equity Fund (the “US” Fund), the Heronbridge United Kingdom Equity Fund (the “Offshore Fund”) and, from 1 May 2024, the Heronbridge Value Equity (Ireland) Trust – Heronbridge United Kingdom Equity Exclusions Fund (UCITS) (the “Exclusions Fund”). It also provides investment management services to separate account clients. Heronbridge is managed by an Executive Committee of five people, four of whom are active in the business. Heronbridge is a limited liability partnership. As of 31 March 2024, Heronbridge had four members and eight employees. Heronbridge Limited (“HB Ltd”) owns a substantial majority (>90%) of Heronbridge’s capital. The remaining capital has been contributed by the working members. Under the terms of the limited liability partnership agreement (the “LLP Agreement”), the members will endeavour to ensure that the majority of individuals who form part of Heronbridge’s Executive Committee are active in Heronbridge’s business. The actual appointment or removal of these individuals is determined by vote. Voting rights are determined by capital ownership of each underlying class of member. Under the terms of the LLP Agreement, 99% of Heronbridge’s capital profits and 40% of Heronbridge’s income profits will accrue to HB Ltd. The remaining capital and income profits are allocated to the employees and working partners of Heronbridge. Heronbridge would be pleased to answer any questions that any client or prospective investor may have on its ownership structure, industry affiliations

or direct and indirect beneficial owners. HB Ltd (the capital provider to Heronbridge) is owned by the current and former working members of Heronbridge, their related parties, and some Heronbridge employees (50.1% of the share capital), and Silchester Partners Limited (“SP Ltd”) (49.9% of the share capital). HB Ltd has two classes of shares. SP Ltd holds 100% of the Class A shares. These shares represent 49.9% of HB Ltd’s authorised share capital. The current and former working members, their related parties and some Heronbridge employees hold 100% of the Class B shares. These shares represent 50.1% of HB Ltd’s authorised share capital. The A Shares and the B Shares have different rights. The B Shares (i.e. those controlled by the current and former working members, their related parties and some Heronbridge employees) control HB Ltd. 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 cessation of the business, entering into any commitment over a pre-set limit, amendments to the articles, etc.). Types of Services that Heronbridge Provides to Clients Heronbridge provides discretionary investment management services to its Clients using a wide range of analytical, research, portfolio implementation and administrative skills. Heronbridge specialises in investing in publicly traded equity securities of companies located in the United Kingdom using a bottom up value investment approach. Heronbridge does not manage assets on a non-discretionary basis and does not participate in any wrap fee programmes. Heronbridge does not provide financial planning, quantitative planning or market timing services. Although Unitholders cannot impose restrictions on the Fund’s ability to invest in certain securities or types of securities, a client who invests with Heronbridge through a separate account may be permitted to impose reasonable restrictions on the account’s ability to invest in certain securities or types of securities, subject to acceptance by Heronbridge.