Perpetua Investment Managers PTY Limited

Item 5 - Fees and Compensation

Fee Schedule

We offer investment management services to U.S. clients for a fee based on a percentage of assets
under management (“Fee”). We do not charge U.S. clients a performance fee. While we have a
quoted fee structure, we negotiate our Fee.

Annual Fees

               All Developed All Cap Assets (Global, EAFE, EAFE+Canada and/or ACWIxUS)
 Up to $50 Million                                                          65 bps
 Greater than $50 Million and less than or equal to $75 Million             55 bps
 Greater than $75 Million and less than or equal to $100 Million            50 bps
 Greater than $100 million                                                  45 bps

Valuation and Fee Calculation

Clients select a custodian to hold assets. Custodians value assets. We calculate our Fee monthly in
arrears, based on the custodian’s valuations. This is a conflict of interest, and we address this by
having our auditors review the Fee calculation methodology and calculations when they conduct our
annual audit.

Payment of Fees

We do not charge a Fee in advance. Each IMA states the Fee each client pays. Clients may elect to
pay their Fee directly or authorize their custodian, acting as their agent, to debit our Fee from their
custodial account and pay us.

Other Fees and Expenses

Our Fee is exclusive of and in addition to brokerage commissions, transaction fees, custody fees,
securities exchange fees, stamp duties and other related costs, taxes and expenses, which clients pay.
If we exercise discretion and invest client assets in a fund, the investment managers of those funds
would charge management and/or performance fees and other expenses. We do not invest U.S.
client assets in Perpetua funds or the funds of any related person.

A client may terminate its IMA without notice. Upon termination, any fee for the period from the
first date of the month to the date of termination becomes due and payable. The custodian will take
steps for the disposition or moving of assets after account closure, as required.

We do not accept compensation for the sale of securities or other investment products, including
asset-based sales charges or service fees from the sale of mutual funds

Item 7 - Types of Clients

Our clients include institutions (retirement funds, multi-managers, medical aid schemes, corporates
and university endowments), trusts, South African UCITs and retail asset aggregators.

The minimum investment for an SMA is $25m, which is negotiable.