Ninety One UK Limited

Item 5. Fees and Compensation

Below is the standard management fee schedule for the current U.S. Clients of Ninety One UK or
investors in the Funds, as at the date of the brochure. In general, Ninety One UK bases its management
fees on its standard fee schedule that is in effect at the time the IMA or the offering documents for a Fund
(“Fund Documents”) are entered into, and, therefore, a Client’s fee schedule may be different from the
applicable standard fee schedule included herein. Ninety One UK, 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 of investment and various factors, such as in the case when the account has specialized
investment objectives, guidelines and restrictions. Investors do not pay a “double fee”, that is, a fee for a
direct investment in a Strategy and also a fee for a Fund investing in such Strategy.

Note: The Ninety One Africa Credit Opportunities Fund 2 closed to new investors in December 2021 and
entered its two year distribution phase in June 2026.

  Strategy                      Minimum Account Size      Management Fee Schedule

   Global Strategy Fund

                                                           Tier 1: 0.15%: USD 0-75m
   US Dollar Money Fund          $1 million                Tier 2: 0.12%: USD 75m-150m
                                                           Tier 3: 0.11%: USD 150m-300m
                                                           Tier 4: 0.10%: Above USD 300m

   Ninety One Global Alternative Fund 2 SCSp RAIF

                                                           Tier 1: 1.35%: USD 10-50m

   Africa Credit                                           Tier 2: 1.20%: USD 50-100m
                                 $10 million
   Opportunities Fund 3A                                   Tier 3: 1.00%: USD 100-150m
                                                           Tier 4: 0.80%: Above USD 150m

   Ninety One Africa Credit Opportunities Fund 2 GP S.à.r.l.

   Ninety One Africa                                       Tier 1: 1.35%: USD 10-50m
   Credit Opportunities
                                                           Tier 2: 1.20%: USD 50m and above
   Fund 2 (closed to new        $10 million
   investors as of                                         Tier 3: 0.80%: USD 50m and above at
   December 2021)                                          the first close

Preferred minimum investment sizes usually apply as shown above, but these thresholds can be formally
amended or waived on a case by case basis. In its sole discretion, Ninety One UK may accept accounts
with assets lower than the indicated preferred minimum. Ninety One UK has the discretion to terminate
accounts or change the fees of accounts with assets that fall below the minimum indicated.

Each Client or Fund investor pays Ninety One UK a management fee, as detailed in the specific IMA or
Fund Documents (the “Management Fee”). Management Fees may be calculated monthly, weekly, daily
or by quarter end and are payable monthly, quarterly or annually in arrears of each Client or Fund
investor’s capital account based on the net asset value determined by the administrator or the custodian
and are pro-rated for partial periods. Management Fees may also be time weighted for flows if specified
in the applicable IMA or Fund Documents. Management Fees may be paid directly by a Client or Fund
investor to Ninety One UK or may be withdrawn or re-allocated from the investor’s capital account.
Ninety One UK may also enter into a performance fee arrangement with a Client or Fund investor
pursuant to individual negotiations, provided that all applicable regulatory requirements are met.
Performance fees are invoiced and are typically payable on a quarterly or annual basis. Please see Item

Item 7. Types of Clients
Ninety One UK provides investment advisory services to institutions, such as pension plans, trusts, state
and municipal government entities, registered investment companies and domestic pooled investment
vehicles. Ninety One UK requires that each investor in a Fund be an “accredited investor” as defined in
Regulation D under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or a “qualified
purchaser” as defined in Section 2(a)(51) of the Investment Company Act.

Please refer to the fee schedule in Item 5, Fees and Compensation for information related to the minimum
account size.