Coronation Asset Management Proprietary Ltd

FEES AND COMPENSATION

A. Describe how you are compensated for your advisory services. Provide your fee schedule. Disclose
whether the fees are negotiable.

    For segregated mandates, we operate on a “Most Favored Nations” basis whereby clients investing a
    similar amount, with similar investment objectives, restrictions and liquidity terms, should be charged
    a similar fee through the cycle regardless of whether the fee is structured as a fee related to performance
    or not. All fees for segregated mandates are negotiable on a client by client basis.

B. Describe whether you deduct fees from clients’ assets or bill clients for fees incurred. If clients may select
either method, disclose this fact. Explain how often you bill clients or deduct your fees.

    Clients invested in separately managed accounts are given the choice between having fees deducted
    directly from the managed assets or being billed separately.

    Basic management fees are typically accrued on a monthly basis while performance fees accrue either
    monthly, quarterly, bi-annually or annually. Basic management fees and monthly performance fees are
    typically charged on the market value of the client’s assets. Periodic performance fees are charged on
    the average market value of the performance measurement period.

C. Describe any other types of fees or expenses clients may pay in connection with your advisory services,
such as custodian fees or mutual fund expenses. Disclose that clients will incur brokerage and other
transaction costs, and direct clients to the section(s) of your brochure that discuss brokerage.

    Clients pay all brokerage fees, taxes, levies, audit charges, administration charges, custodian charges,
    bank charges and all other costs reasonably incurred in the management and administration of their
    portfolios.

D. If your clients either may or must pay your fees in advance, disclose this fact. Explain how a client may
obtain a refund of a pre-paid fee if the advisory contract is terminated before the end of the billing period.
Explain how you will determine the amount of the refund.

    Clients are not required to pay fees in advance.

E. If you or any of your supervised persons accepts compensation for the sale of securities or other
investment products, including asset-based sales charges or service fees from the sale of mutual funds,
disclose this fact and respond to Items 5.E.1, 5.E.2, 5.E.3 and 5.E.4.

    We focus solely on asset management and all fees received are as a result of the management of
    investment portfolios. We receive no other compensation.

TYPES OF CLIENTS

Describe the types of clients to whom you generally provide investment advice, such as individuals, trusts,
investment companies, or pension plans. If you have any requirements for opening or maintaining an
account, such as a minimum account size, disclose the requirements.

    It is important to note that we do not have a retail (individual investor) strategy outside of South Africa.
    Outside South Africa (including with respect to the United States) we only target the
    sophisticated/institutional investor class. In the United States, we only seek to take on clients/investors
    who satisfy the “accredited investor” and “qualified purchaser” criteria. The vast majority of all
    international client/investor flows are obtained via international asset consultants.

    In South Africa individual investors include family and charitable trusts. Institutional clients include
    pension funds, long term insurers, multi-managers and South African medical schemes.