Veritas Asset Management LLP

Item 5: Fees and compensation

Fees paid to the Firm for investment advisory services are generally dependent on the nature of the services being provided. In
addition to management fees, which cover only the Firm’s advisory services, clients bear other costs that are necessary or
incidental to the advisory service. The particular incidental expenses may vary from client to client, although all clients will be
subject to certain types of incidental expenses, including costs associated with buying, selling, or holding investments, such as
custody fees and charges, and expenses associated with transactions such as taxes, duties and commissions, commission
equivalents and other brokerage expenses.

The Firm’s fees and any incidental expenses will reduce the assets held in, and the returns in client accounts and incidental
expenses associated with accounts managed by the Firm are described below.

Separate account clients

The following represents the Firm’s current standard fee arrangements for separate account clients:

    •   First £25 million 0.75% (75 basis points) per annum

    •   Next £50 million 0.60% (60 basis points) per annum

    •   Next £50 million 0.50% (50 basis points) per annum

    •   Thereafter 0.45% (45 basis points) per annum

Separate account fees have evolved over time and may be changed from time to time at the Firm’s discretion in discussion with
clients.

Set up and operating costs for a separate account would relate to the specific Custodian and Trustee appointed by the Client.

Aside from the Annual Management Charge (“AMC”), VAT may be applicable, subject to status. In addition, each client is
responsible for custody/administration fees, brokerage outside of the Firm’s charges.

The specific manner in which fees are charged is established in a client’s written agreement with the Firm. Veritas will generally
bill its fees on a monthly or quarterly basis in arrears. Management fees will be prorated for each contribution and withdrawal
made during the applicable calendar quarter. Accounts initiated or terminated during a calendar quarter will be charged a
prorated fee. Upon termination of any account, any prepaid, unearned fees will be promptly refunded, and any earned, unpaid
fees will be due and payable.

The Firm’s management fees only cover advisory services from Veritas. Separate accounts are responsible for certain additional
fees, expenses and costs (in addition to the management fee) which are incidental or related to the maintenance of an account
for the buying, selling and holding of investments, including but not limited to brokerage commissions and related costs and
expenses, transaction fees, custodial fees, governmental charges, deferred sales charges, odd-lot differentials, taxes and
duties, wire transfer and electronic fund fees, transfer fees, registration fees, withholding taxes payable and required to be
withheld on by issuers or agents, fees associated with cash sweep or cash management vehicles (including unaffiliated money
market funds) and other fees and taxes on brokerage accounts and securities transactions. Collective investment schemes and
exchange traded funds also charge internal management fees, which are disclosed in a Fund’s offering memorandum. Such
charges, fees and commissions are exclusive of and in addition to the Firm’s fee, and the Firm shall not receive any portion of
these commissions, fees, and costs.

Item 12 further describes the factors that the Firm considers in selecting or recommending broker-dealers for client transactions
and determining the reasonableness of their compensation (e.g. commissions).

U.S. registered investment companies

The Firm furnishes investment advice as sub-adviser, trade execution, and certain administrative, and compliance services to
the Mutual Funds. Each Mutual Fund’s primary investment adviser compensates the Firm for services provided pursuant to the
sub-advisory agreements.

Detailed information on the services and fees can be found in each Mutual Fund’s prospectus and statement of additional
information.

Item 7: Types of clients

Veritas provides portfolio management services to institutional clients primarily including: corporate pension schemes, local
authorities, charitable institutions, foundations, government entities, and non-U.S. domiciled funds such as UCITS. The Firm
also acts as a sub-advisor to Mutual Funds.

The Firm does not generally set account minimums for separately contractually managed arrangements; however an amount
of $20 million is deemed appropriate to ensure ongoing viability. However this minimum may be waived by the Management
Board at its sole discretion.

In addition, the Mutual Funds, and other pooled investment vehicle products, this Brochure is qualified in its entirety by the
respective product’s offering memorandum, operating agreement, prospectus, statement of additional information, or similar
disclosure and governing documents.