Ninety One North America Inc

Item 5. Fees and Compensation
Below is the standard management fee schedule established for the Strategies for which Ninety One NA
has Clients as of the date of the brochure. In general, Ninety One NA bases its management fees on its
standard fee schedule that is in effect at the time that (i) the IMA or (ii) the offering documents for a Fund
or CIT (the “Fund Documents”) are entered into and, therefore, a Client’s or Fund Investor’s fee schedule
may be different from the applicable standard fee schedule included herein. Ninety One NA, in its sole
discretion, may reduce or waive the management fee for certain Clients and Fund Investors. A different fee
schedule may apply due to size or for another reason, such as in the case when an account has specialized
investment objectives, guidelines and restrictions. Investors do not pay a “double fee;” namely, a
management fee for a direct investment in a Strategy or a Fund and a second management fee if such
Separate Account or Fund invests in a Fund.

Note: For the avoidance of doubt, as used in the below table, “Fund” refers to pooled investment vehicles
relying on the Section 3(c)(7) exemption of the Investment Company Act and “Segregated” refers to
Separate Accounts managed by Ninety One NA for a single institution.

  Strategy                                     Minimum Account Management Fee Schedule
                                               Size
  4Factor™ - Global

  International Equity – Fund                  USD 10 million      0.70% - First $100m

                                                                   0.60% - Next $100m

                                                                   0.55% - Next $100m

                                                                   0.55% - Over $300m

Strategy                                  Minimum Account Management Fee Schedule
                                          Size

International Equity – Segregated         USD 100 million   0.75%: USD 0 – 75 million

                                                            0.65%: USD 75 – 150 million

                                                            0.60%: USD 150 – 300 million
                                                            0.55%: Balance above USD 300 million

Global Natural Resources ADR – Model      N/A               For its services to Model Delivery Programs,
Portfolio                                                   Ninety One NA is entitled to a fee negotiated
                                                            with the Model Delivery Manager.

Global Equity – Segregated                USD 100 million   0.55%: USD 0 - 75 million

                                                            0.50%: USD 75 - 150 million

                                                            0.45%: USD 150 - 300 million
                                                            0.40%: Balance above USD 300 million

4Factor™ - Asia and Emerging Markets

Emerging Markets Equity – Fund            USD 100 million   0.75% - First $100m
                                                            0.75% - Next $100m

                                                            0.75% - Next $100m
                                                            0.75% - Over $300m

Emerging Markets Equity – Segregated      USD 100 million   1.00%: USD 0 - 75 million
                                                            0.85%: USD 75 - 150 million

                                                            0.80%: USD 150 - 300 million
                                                            0.75%: Balance above USD 300 million

Emerging Markets Equity - CIT             N/A               For its services to CITs, Ninety One NA is
                                                            entitled to a fee negotiated with each
                                                            investor.

Emerging Markets Equity ex China – Fund   USD 50 million    0.75% - First $100m

                                                            0.75% - Next $100m

                                                            0.75% - Next $100m

                                                            0.75% - Over $300m

Strategy                                 Minimum Account Management Fee Schedule
                                         Size

Asian Equity – Segregated                USD 100 million   0.60%: USD 0 - 75 million

                                                           0.55%: USD 75 - 150 million

                                                           0.50%: USD 150 - 300 million
                                                           0.50%: Balance above USD 300 million

All China Equity – Segregated            USD 100 million   0.75%: USD 0 - 75 million

                                                           0.70%: USD 75 - 150 million

                                                           0.65%: USD 150 - 300 million
                                                           0.60%: Balance above USD 300 million

Emerging Market Fixed Income –Sovereign & Currency

Emerging Markets Local Currency          USD 10 million    0.70% - First $100m
Dynamic Debt – Fund
                                                           0.60% - Next $100m

                                                           0.50% - Next $100m
                                                           0.45% - Over $300m

Emerging Markets Local Currency          USD 200 million   0.65%: USD 0 - 75 million
Dynamic Debt – Segregated
                                                           0.55%: USD 75 - 150 million

                                                           0.50%: USD 150 - 300 million
                                                           0.45%: Balance above USD 300 million

Emerging Markets Blended Debt – Fund     USD 1 million     0.60% - First $100m
...

Item 7. Types of Clients
Ninety One NA provides investment advisory services to institutions, such as pension plans, state and
municipal government entities, sovereign wealth funds and insurance companies, as well as the Funds and
the Third Party Sub-Advised Funds. Fund Investors generally include pension and profit‐sharing plans,
corporations, trusts, foundations, endowments and other institutional entities. Ninety One NA requires each
Fund Investor to be an “accredited investor” as defined in Regulation D under the Securities Act of 1933, as
amended, and a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act.
Ninety One NA also provides Model Portfolios to Discretionary SMA clients, including individuals and high net
worth individuals.
Please refer to the fee schedule in Item 5, Fees and Compensation for information related to the minimum
account size.