The shareholders of Coronation Fund Managers Ltd. (JSE:CML) authorized a share repurchase program at its Annual General Meeting on January 26, 2012. Under the program, the company will repurchase up to 20% of its issued capital and 10% of its issued capital in case of repurchases by a subsidiary in any one financial year. The shares will be repurchased through the order book of the JSE trading system and done without any prior understanding or arrangement between the company and/or the relevant subsidiary and the counterparty. The repurchases are not to be made at a price more than 10% above the weighted average of the market value for the ordinary shares for the five business days immediately preceding the date upon which the transaction is affected. Coronation Fund Managers may only appoint one agent to effect any repurchase on the behalf of its subsidiaries. Coronation Fund Managers and its subsidiaries will not repurchase ordinary shares during a prohibited period. The program will expire at the next annual general meeting or after 15 months, whichever is earlier.