For the Year Ended 31 DECEMBER 2015

Seilern Investment Management Limited (“Seilern”) is authorised and regulated by the Financial Conduct  Authority (“FCA”) as a Limited Licence Firm. This statement comprises Seilern’s Pillar III Disclosure in compliance with the FCA’s Rules.

Scope of Application of the Requirement

The disclosures contained in the Pillar III disclosure relate to the business of Seilern only, whose principal business is to provide investment advisory and management services to professional customers only.

Capital Resources

There are no current or foreseen material practical or legal impediments to the prompt transfer of capital resources or repayment of liabilities. There is no deficit of capital. Details of Seilern’s capital resources and additional capital requirement calculations are disclosed in its audited financial accounts.