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The material being provided (the “Material”) including all information relating to the Coronation range of funds (the “Funds”) is confidential and is intended solely for the use of the person or persons to whom it is given or sent and may not be reproduced, copied or given, in whole or in part, to any other person.

Coronation Asset Management (Pty) Limited, Coronation Investment Management International (Pty) Limited, Coronation Alternative Investment Managers (Pty) Limited (regulated by the Financial Sector Conduct Authority of South Africa) or one of its affiliated entities (together “Coronation”) is the investment manager to the Funds. The Material is for information only and does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe for or purchase an investment in the Funds, nor shall it or the fact of its distribution form the basis of, or be relied upon in connection with, any contract for investment in the Funds. Any such offer shall only be made pursuant to the offering material regarding the Funds.  The Funds are subject to management, administration and performance fees. Past performance is not necessarily a guide to future performance. Investors may not receive back the full amount invested and may suffer capital loss. Investments in the Funds may not be readily realisable. Opinions expressed in this document may be changed without notice at any time after publication. Nothing in this document shall constitute advice on the merits of buying and selling an investment. All income, capital gains and other tax liabilities that may arise as a result of participating in this investment structure, remain that of the investor.

Notice to Investors in Austria: Interests in the Funds may only be offered in the Republic of Austria in compliance with the provisions of the Austrian Capital Market Act, the Austrian Investment Funds Act and other laws applicable in the Republic of Austria governing the offer, issue and sale of the interests in the Republic of Austria.  Interests in the Funds are being offered exclusively to a limited number of investors in Austria and are therefore not subject to the public offering requirements of the Austrian Capital Market Act or the Austrian Investment Fund Act. Interests in the Funds are not registered or otherwise authorized for public offer either under the Austrian Capital Market Act, the Austrian Investment Fund Act or any other securities regulation in Austria. The recipients of this Material and other selling material in respect to interests in the Funds have been individually selected and are targeted exclusively on the basis of a private placement. This offer may not be made to any persons other than the recipients to whom this Material is personally addressed.  Any investor intending to offer and resell interests in the Fund in Austria is solely responsible that any offer and resale takes place in compliance with the applicable provisions of the Austrian Capital Market Act, the Austrian Investment Fund Act or any other applicable securities regulation.

Notice to Investors in Canada: The marketing and sale of interests in a hedge fund or other open end private investment fund to residents of Canada are subject to regulation under the securities laws of the respective Canadian provinces and territories in which the investors reside.  Residents of Canada are asked to please review the relevant prospectus and any supplements that that will accompany an offer of interests in a Fund. 

Notice to Investors in China: Interests in the Funds may not be marketed, offered or sold directly or indirectly to the public in China and neither this Material, which has not been submitted to the Chinese Securities and Regulatory Commission, nor any offering material or information contained in the offering material, may be supplied to the public in China or used in connection with any offer for the subscription or sale of interests in the Funds to the public in China. Interests in the Funds may only be marketed, offered or sold to Chinese institutions which are authorized to engage in foreign exchange business and offshore investment from outside China.  Chinese investors may be subject to foreign exchange control approval and filing requirements under the relevant Chinese foreign exchange regulations, as well as offshore investment approval requirements.

Notice to Investors in Denmark: In order to invest in the Funds, the investor must invest at least € 50,000.  Interests in the Funds are being offered to a very limited number of selected Danish investors and therefore no action has or will be taken that would allow an offering of such interests to the public in Denmark. Further, neither this Material nor any offering material has been registered with the Danish Financial Supervisory Authority or the Danish Business Authority under the relevant Danish acts and regulations on the offering in Denmark of interests in the Fund. Accordingly, this Material may not be made available nor may interests in the Funds otherwise be marketed and offered for sale in Denmark other than in circumstances which are deemed not to be marketing or an offer to the public in Denmark.

Notice to Investors in Finland: Interests in the Funds will be offered in Finland exclusively to investors qualifying as “professional investors” as defined under the Finnish Act on Mutual Funds (sijoitusrahastolaki, 29.1.1999, as amended, the “MFA”).  Accordingly, prospective investors should acknowledge that this Material is not a fund prospectus as meant in the MFA and the marketing of interests in the Funds is not subject to marketing permission from the Finnish Financial Conduct Authority (Rahoitustarkastus; “FIN-FCA”).  Furthermore, even if interests in the Funds were to be construed as “securities” as defined in the Finnish Securities Markets Act (arvopaperimarkkinalaki, 26.5.1989/495, as amended, the “SMA”), based on the exemptions set forth in Decree 452/2005 issued by the Ministry of Finance, the offering of interests in the Funds would be exempted from the prospectus requirements of the SMA.  Accordingly, prospective investors must acknowledge that this Material is not a prospectus within the meaning set forth in the SMA.  Prospective investors should also note that neither the sponsor of the Funds nor any of its affiliates is an investment firm (sijoituspalveluyritys) as meant in the Finnish Investment Firms Act (laki sijoituspalveluyrityksistä, 922/2007, as amended and restated) and they are not subject to the supervision of the FIN-FCA.  The FIN-FCA has not authorized any offering for the subscription of interests in the Fund; accordingly, interests in the Funds may not be offered or sold in Finland or to residents thereof except as permitted by Finnish law.  This Material has been prepared for private information purposes only and it may not be used for, and shall not be deemed, a public offering of interests in the Funds.  This Material is strictly for private use by its holder and may not be passed on to third parties or otherwise distributed publicly.

Notice to Investors in France: This Material (including any amendment, supplement or replacement thereto) is not being distributed in the context of a public offering in France within the meaning of Article L. 411-1 of the French Monetary and Financial Code (Code monétaire et financier).  This Material has not been and will not be submitted to the French Autorité des marchés financiers (“AMF”) for approval in France and accordingly may not and will not be distributed to the public in France.

Pursuant to Article 211-3 of the AMF General Regulation, French residents are hereby informed that:

1. the transaction does not require a prospectus to be submitted for approval to the AMF;
2. persons or entities referred to in Point 2°, Section II of Article L.411-2 of the Monetary and Financial Code may take part in the transaction solely for their own account, as provided in Articles D. 411-1, D. 411-2, D. 734-1, D. 744-1, D. 754-1 and D. 764-1 of the Monetary and Financial Code; and
3. the financial instruments thus acquired cannot be distributed directly or indirectly to the public otherwise than in accordance with Articles L. 411-1, L. 411-2, L. 412-1 and L. 621-8 to L. 621-8-3 of the Monetary and Financial Code.

This Material is not to be further distributed or reproduced (in whole or in part) in France by the recipients of this Material.  This Material has been distributed on the understanding that such recipients will only participate in the issue or sale of interests in the Fund for their own account and undertake not to transfer, directly or indirectly, interests in the Fund to the public in France, other than in compliance with all applicable laws and regulations and in particular with Articles L. 411-1 and L. 411-2 of the French Monetary and Financial Code.

Notice to Investors in Germany: This Material has not been and will not be submitted to, nor has it been approved by, the Bundesanstalt für Finanzdienstleistungsaufsicht (the German Federal Financial Supervisory Authority) and no offering material or prospectus has been or will be published in Germany. The interests in the Funds have not been registered for public offer or distribution in Germany. Therefore, interests in the Funds may be offered and sold or distributed in the territory of the Federal Republic of Germany only if the offer is made to credit and financial services institutions as defined by the German Banking Act (Kreditwesengesetz), insurance companies under private or public law, investment companies, investment stock corporations and pension funds, including any management company commissioned by any such entity. This Material and any other document relating to interests in the Funds, as well as information contained therein, may not be supplied to the public in Germany or used in connection with any offer for subscription or sale of interests in the Funds to the public in Germany. This Material and other offering materials relating to the offer of interests in the Funds are strictly confidential and may not be distributed to any person or entity other than the recipients hereof.

Notice to Investors in Hong Kong: The Material has not been reviewed by any regulatory authority in Hong Kong.  This Material does not constitute an offer or invitation to the public in Hong Kong to acquire interests in the Funds.  Accordingly, unless permitted by the securities laws of Hong Kong, no person may issue or have in its possession for the purposes of issue, this Material or any advertisement, invitation or document relating to interests in the Funds, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong other than in relation to interests in the Funds which are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” (as such term is defined in the Securities and Futures Ordinance of Hong Kong (Cap. 571) (the “SFO”) and the subsidiary legislation made thereunder) or in circumstances which do not result in this Material being a “prospectus” as defined in the Companies Ordinances of Hong Kong (Cap. 32) (the “CO”) or which do not constitute an offer or an invitation to the public for the purposes of the SFO or the CO.  The offer of interests in the Funds is personal to the person to whom this Material has been delivered by or on behalf of the Funds, and a subscription for interests in the Funds will only be accepted from such person.  No person to whom a copy of this Material is issued may issue, circulate or distribute this Material in Hong Kong or make or give a copy of this Material to any other person.  You are advised to exercise caution in relation to the offer.  If you are in any doubt about any of the contents of this Material, you should obtain independent professional advice.

Notice to Investors in the Netherlands: Interests in the Funds may not be offered, sold, transferred or delivered in the Netherlands, as part of their initial distribution or at any time thereafter, directly or indirectly, other than to Qualified Investors within the meaning of the lower legislation promulgated pursuant to the Dutch Financial Supervision Act (Wet op het financieel toezicht), as amended from time to time.

Notice to Investors in Norway: The Material does not constitute an invitation or a public offer of securities in the Kingdom of Norway.  It is intended only for the original recipient and is not for general circulation in the Kingdom of Norway.  The offer therein is not subject to the prospectus requirements laid down in the Norwegian Securities Trading Act.  The Material has not been nor will it be registered with or authorized by any governmental body in Norway.

Notice to Investors in Singapore: The Material has not been and will not be registered as a prospectus with the Monetary Authority of Singapore.  Accordingly, the Material and any other document or material in connection with the offer sale, or invitation for subscription or purchase of interests in the Funds may not be circulated or distributed, nor may interests in the Funds be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than an institutional investor pursuant to Section 304 of the Securities and Futures Act (“SFA”), pursuant to an offer that is made on terms that interests in the Funds are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, or pursuant to and in accordance with the conditions of any other applicable provisions of the SFA.

Notice to Investors in South Korea: Neither the Funds nor any of its affiliates are making any representation with respect to the eligibility of any recipients of the Material to acquire interests in the Funds under the laws of South Korea, including, but without limitation, the Foreign Exchange Transaction Law and Regulations thereunder. Interests in the Funds are being offered and sold in South Korea only to persons prescribed by Article 301, Paragraph 2 of the Enforcement Decree of the Financial Investment Services and Capital Markets Act, and none of the interests in the Funds may be offered, sold or delivered, or offered or sold to any person for re-offering or resale, directly or indirectly, in South Korea or to any resident of South Korea except pursuant to applicable laws and regulations of South Korea.  Furthermore, interests in the Funds may not be re-sold to South Korean residents unless the purchaser of the interests complies with all applicable regulatory requirements (including, but not limited to, governmental approval requirements under the Foreign Exchange Transaction Law and its subordinate decrees and regulations) in connection with purchase of the interests in the Funds.

Notice to Investors in Sweden: The Material has not been nor will it be registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority).  Accordingly, the Material may not be made available, nor may interests in the Funds offered hereunder be marketed and offered for sale in Sweden, other than under circumstances which are deemed not to require a prospectus under the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980) om handel med finansiella instrument) nor to constitute fund operations in Sweden under the Swedish Investment Funds Act (2004:46) (Sw. lag (2004:46) om investeringsfonder).  Accordingly, the offering of interests in the Funds will only be directed to persons in Sweden who subscribe to interests in the Funds for a total consideration of at least €50,000 per investor.

Notice to Investors in Switzerland: Under the Collective Investment Schemes Act of June 23, 2006 (the “CISA”), the offering, sale and distribution of units in foreign collective investment schemes in or from Switzerland are subject to authorization by the Swiss Financial Market Supervisory Authority. The concept of “foreign collective investment schemes” covers inter alia foreign companies and similar schemes (including those created on the basis of a collective investment contract or a contract of another type with similar effects) created for the purpose of collective investment, whether such companies or schemes are closed end or open end. Units in a foreign investment scheme which has not been authorized by the Swiss Financial Market Supervisory Authority may only be promoted in or from Switzerland provided that no public solicitation, offering or advertising is carried out by persons operating in or from Switzerland. There are reasonable grounds to believe that the Funds would be characterized as a foreign collective investment scheme from a Swiss legal point of view. As interests in the Funds have not been and cannot be registered or authorized for distribution under the CISA, any offering of the interests, and any other form of solicitation of investors in relation to the Funds (including by way of circulation of offering materials or information, including the Material, must be made by way of private placement, e.g. by limiting the offering to investors considered as qualified investors as defined in the CISA and in Circular 08/8 Public Offering of the Swiss Financial Market Supervisory Authority dated 20 November 2008. Failure to comply with the above-mentioned requirements may constitute a breach of the CISA.

Notice to Investors in the United Arab Emirates (including Abu Dhabi): Neither the Material nor the interests in the Funds have been approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates, nor has the Fund received authorization or licensing from the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or sell interests in the Fund within the United Arab Emirates.  The Material does not constitute and may not be used for the purpose of an offer or invitation.  No services relating to interests in the Fund including the receipt of applications and/or the allotment or redemption of such interests may be rendered within the United Arab Emirates by the Funds.  No offer or invitation to subscribe for interests or sale of interests in the Funds is valid or permitted in, or to any persons in, or from, the Dubai International Finance Centre.

Notice to Investors in the United Kingdom: The Material has been prepared by Coronation Asset Management (Proprietary) Limited and/or Coronation Investment Management International (Proprietary) Limited and/or Coronation Alternative Investment Managers (Pty) Limited, authorised Financial Services Providers in South Africa and approved by Coronation International Limited (“CIL”) for the purposes of section 21 of the Financial Services and Markets Act 2000. CIL is authorised and regulated by the Financial Services Authority (“the FCA”). To the extent that the Material document is issued in the United Kingdom, it is being issued to persons who are professional clients or who are exempt investors in accordance with the FSMA 2000 (Promotion of Collective Investment Schemes Exemptions Order 2005). Many of the protections provided by the UK regulatory structure may not apply to investments in any of the Coronation funds, including access to the Financial Services Compensation Scheme and the Financial Ombudsman Service. The Material does not purport to be all inclusive or to contain all the information which prospective investors may require. The approval by CIL is limited to the information contained in the Material. The Material is not an advertisement and it is not intended for public use or distribution. The Material does not constitute advice on the merits of buying or selling an investment nor does it form part of any offer to issue or sell, not any solicitation of any offer to subscribe for or purchase, shares in any fund managed by Coronation, nor shall it or the fact of its distribution form the basis of, or be relied upon in connection with, any contract for shares in any fund. It is recommended that an investor first obtain the appropriate legal, tax, investment or other professional advice and formulate an appropriate investment strategy that would suit their individual risk profile prior to acting upon such information. Past performance is not necessarily a guide to future performance.

Notice to Investors in the United States: Neither the United States Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if the Material is truthful or complete.  Any representation to the contrary is a criminal offense.

The interests in the Funds offered hereby have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any US state. The interests in the Funds will be offered and sold pursuant to the exemption provided by Section 4(2) of the Securities Act and Regulation D thereunder and similar exemptions under the securities laws of the US states. The Funds will not be registered as an investment company under the United States Investment Company Act of 1940, as amended (the “Investment Company Act”).  Consequently, investors in the Funds will not be afforded the protections of the Investment Company Act.

The interests in the Funds offered hereby are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and any applicable state securities laws. Additionally, the interests in the Funds may not be sold, transferred, assigned or hypothecated, in whole or in part, except as provided in the organizational documents of the Funds. There will be no public market for the interests in the Funds, and there is no obligation on the part of any person to register the interests in the Funds under the Securities Act or any state securities laws. Accordingly, United States investors should be aware that they will be required to bear the financial risks of their investment in the units for an indefinite period of time.