Coronation Investment Management International PTY Ltd

FEES AND COMPENSATION
A. Describe how you are compensated for your advisory services. Provide your fee schedule. Disclose
whether the fees are negotiable; and
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.

    As set out in the Prospectus, the Adviser is entitled to an annual management fee, from all investors except
    those in Class I and Class Z, accrued daily/weekly/monthly (depending on the dealing frequency of a
    specific Fund) and is payable monthly in arrears, at a fixed rate per annum of the net asset value of that
    Fund. Management fees are paid from the assets of the Fund.

    The I-class and Z-class units allow Coronation to implement a flexible investment management fee. These
    are restricted share classes and are reserved for institutional investors who to tend to invest large amounts.
    As the I-class and Z-class units take no fee within the NAV, the fee terms for these investors are governed
    by way of side letter agreements that stand between the Coronation group and the investor.

    The structure of fee arrangements for segregated mandates are negotiable on a client-by-client basis, with
    flat fee arrangements typically ranging between 0.75% p.a. and 0.85% p.a.

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 Fund-related operational 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, natural person investor) strategy outside of
   South Africa. Outside South Africa (including with respect to the US) we only target sophisticated/institutional
   investors. In the US 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.

   The typical minimum investment amount for institutional investors in the Global Emerging Markets Equity
   Fund is $2 million. We have stipulated a minimum investment size of $50 million for a segregated mandate,
   subject to negotiation.