M&G Investment Management Ltd

Item 5 Fees and Compensation
Fee scales are determined by the nature, size and potential asset growth of the mandate and are subject to minimums being
applied. There is no specific fee schedule; the fees are agreed with the client at inception.

Client fees are generally computed based on the ‘market value’ or principal amount as applicable, of assets under management
in a client’s account. Other costs include brokerage fees; see item 12.

Fees are normally billed on a semi-annual, quarterly or monthly basis in arrears and are due from clients on receipt of a billing
statement.

MAGIM’s sole business is asset management from which revenue is generated. In the management of equity invested
portfolios, neither MAGIM nor any of its supervised persons receives compensation from anyone other than the client (i.e. no
brokerage commission).

Unless otherwise agreed, MAGIM is not obligated to pay any expenses of a client. Group Affiliate clients will directly bear the
costs associated with custodians and other service providers to their separately managed account, as well as brokerage and
other transaction costs associated with trading in the account.

Item 7 Types of Clients
MAGIM typically offers a fully discretionary investment management service and has the following types of clients, which under
the UK regulatory framework are classified as professional clients:

      •       Banking or thrift institutions;
      •       Pooled investment vehicles;
      •       Pensions and profit-sharing plans;
      •       Corporations or other businesses;
      •       State or municipal government entities;
      •       Other investment advisers; and
      •       Insurance companies.