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2

FOR THE PERIOD ENDED 31 MARCH 2020

2020 Reviewed Interim Results

26 May 2020

Anton Pillay, CEO

Mary-Anne Musekiwa, CFO

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Agenda

Economic environment

Highlights

AUM and financial results

Business update

Good corporate citizenship

Questions

Annexure A

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Economic environment

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NO ONE COULD HAVE FORESEEN THE POSSIBILITY OR PREPARED FOR THE IMPACT OF COVID-19

Global & SA macro overview

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-6

-4

-2

0

2

4

6

8

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1995 1999 2003 2007 2011 2015 2019

GLOBAL: REAL GDP, % (IMF, APRIL 2020)

World Advanced economies Emerging markets

Source: IMFSource: IRESS & Bloomberg

At the end of 2019, geopolitical tensions eased and world markets began to recover

Record-breaking market moves; first quarter of 2020 sharp declines, only to recover with equal speed

Policymakers implementing extraordinary measures to limit economic meltdown - deep rate cuts, quantitative easing & fiscal stimulus

We expect developed markets will recover reasonably quickly due to demand and stimulus

Concerned about low-income emerging countries: lack of ability to finance households & SMMEs; no social safety nets; uncoordinated responses

60

70

80

90

100

110

120

09/2019 10/2019 11/2019 12/2019 01/2020 02/2020 03/2020 04/2020

MARKET MOVEMENT

ALSI (in Rand) MSCI-ACW (NET) MSCI-EMU (NET)MSCI-ACW (US$) MSCI-EMU (US$)

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Highlights

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THROUGH ACTIVE ASSET MANAGEMENT

Singular focus on clients

Total AUM

R508bn

Total dividend per share

178.0c

INVESTMENT

PERFORMANCE

Very encouraging outperformance by our clients’ portfolios in 2019, supporting continued long-term outperformance

REVENUE R1.8 bnIncrease due to improved performance

COSTS 5.2%Increase in operating costs

HEADLINE

EARNINGS PER

SHARE

178.3cIncrease of 10%Diluted HEPS increase of 12% (excl. IFRS 9 effect)

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AUM & financial results

9

AUM REFLECTIVE OF MARKET CONDITIONS

Assets under management

47 57 7592

122 113144

188223

299

407

461 469444 438 424 406

348

7 77

9

12 12

11

15

24

40

85

127141

155176

163164

160

0

100

200

300

400

500

600

700

Sept2003

Sept2004

Sept2005

Sept2006

Sept2007

Sept2008

Sept2009

Sept2010

Sept 2011

Sept2012

Sept2013

Sept2014

Sept2015

Sept2016

Sep2017

Sep2018

Sep2019

Mar2020

Local Rbn International Rbn Avg AUM Rbn 588

155125134

10182

6454

203

247

339

492

610599 614

571587

508

36%

22%

7%

1%

27%

4% 3%

Equity Local

Fixed Interest Local

Cash Local

Other Local (UT’s, Hedge, Pooled)

Equity Foreign

Fixed Interest Foreign

Cash Local

Source: Coronation

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Market performance and net flows

-5,2%

-3,4%

-7,5%

-3,8%

1,3%

3,7%

5,4%

-6,9% 400,0

420,0

440,0

460,0

480,0

500,0

520,0

540,0

560,0

580,0

600,0

-8,0%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

2018 Mar-19 2019 Mar-20

Total Flows as % of opening AUM Capital and Currency as a % of opening AUM Closing AUM

NET FLOWS IN LINE WITH EXPECTATIONS

Source: Coronation

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STRONG PERFORMANCE OVER SIX MONTHS

Revenue

Change

March

2020

March

2019

Revenue (from fund

management)8% R1 769m R1 632m

Profit (from fund

management)10% R834m R758m

Profit after tax 8% R624m R578m

Cost-to-income

ratio53.5% 54.0%

Source: Coronation

NET FEE MARGIN

0 bps

10 bps

20 bps

30 bps

40 bps

50 bps

60 bps

70 bps

80 bps

90 bps

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VARIABLE COST MODEL CONTINUES TO PROVE ITS STRENGTH

Cost control

Change

March

2020

March

2019

Fixed costs 11% R402m R362m

Variable costs* 1% R533m R527m

Operating costs 5% R935m R889m

Other costs** R15m R2m

*Includes distribution costs of R75m

**Includes Share-based payment expense and foreign exchange losses

Source: Coronation

Cost-to-income (excl. IFRS 9)

-40,00%

-25,00%

-10,00%

5,00%

20,00%

35,00%

50,00%

65,00%

80,00%

-

0,50

1,00

1,50

2,00

2,50

2015 (Q2) 2016 (Q2) 2017 (Q2) 2018 (Q2) 2019 (Q2) 2020 (Q2)

REVENUE AND COSTS

Total Costs (R'bn) Total Revenue (R'bn) Cost to Income RatioCost-to-income Ratio

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INFORMATION TECHNOLOGY & SYSTEMS SPEND TO DRIVE EFFICIENCY & MANAGE RISKS

Fixed costs

Change

March

2020

March

2019

Total fixed costs 11% R402m R362m

- Employee costs 6% R195m R183m

- Information systems &

technology43% R100m R70m

- Professional fees* 28% R32m R25m

- Marketing (12%) R34m R39m

Employee complement 333 339

*Includes MiFD Research Costs

Source: Coronation

49%

8%

25%

10%

8%

Employee costs

Professional fees

Information services & technology

Other business

Marketing

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100% OF DILUTED HEADLINE EARNINGS PER SHARE DECLARED

Dividend declared reflects cash earnings

Change

March

2020

March

2019

Diluted HEPS

(cents)8% 178.3c 165.1c

Interim dividend

per share (cents)8% 178.0c 165.0c

94,0%

96,0%

98,0%

100,0%

102,0%

104,0%

106,0%

0

100

200

300

400

500

600

2015 2016 2017 2018 2019 2020 Interim

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Business update

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26 YEARS OF INTEGRATED STEWARDSHIP OF CLIENT ASSETS

Our business

1Asset-weighted, mandates with >10-year history2Assets invested in our rand-denominated unit trust funds

An active manager with a singular focus on long-term investing

We put our clients first

We focus on growing the value of

client assets over the long term

rather than growing the pool of

assets under our management

Closed institutional strategies for

five years

Strong symmetry & value for

money: fees aligned with client

outcomes

Continue to ensure clients are kept

abreast of market, company and

investment strategy developments

Do not target AUM or share price,

only alpha

Long-term performance our true measure of success

Long-term investment performance

remains compelling across our

entire fund range

Investment approach unchanged –

encouraged by excellent

outperformance in 2019

97% of institutional client assets1

have outperformed their

benchmarks since inception

98% of our retail assets2 have

outperformed peers since inception

Active Corporate Citizen

Response to COVID-19 by business

to support affected communities

Active participants of CEO

Initiative, BSA, BLSA & ASISA

Transformation of industry &

company remains a key focus

Implement good corporate

citizenship initiatives to ensure

inclusive society and financial

services sector

ESG analysis integrated into our

investment process to allow for

collaboration and engagement

Creating a sustainable global business

Cyclical nature of business means

we need to manage for the long

term

Committed to investment in

organic growth

Employee ownership level

maintained at 25%

Cash-generative business with

strong balance sheet

Seed new products with own cash

Employ and retain the best people

Diverse product range

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A SIGNIFICANT MANAGER OF INSTITUTIONAL ASSETS IN SA AND A GROWING NUMBER OF GLOBAL CLIENTS

Institutional business

Total client AUM

R292bn

Local client AUM

R224bn

Global client AUM

R68bn

Local Clients

Future focus:

Maintaining our world-class client service

Continued focus on enhancing ESG

integration

Build out relationships with key allocators

& look to maintain existing clients

Future focus:

Confident in the long-term outlook for our

global strategies as well as our value

proposition to clients through active

management

Continued focus on enhancing ESG

integration

Build out relationships with key allocators

Global Clients

Client outflows totalling 5.8% of opening

balance in line with prior year’s flows; we

expect to see continued outflows

Client outflows totalling 0.2% of opening

balance

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CORONATION REMAINS ONE OF SA’S FOREMOST MANAGERS OF RETAIL SAVINGS AT R216BN AUM

Retail business

Industry remains under pressure due to tough

economic conditions and muted medium-term

returns

- We expect industry flows to remain under pressure for

the foreseeable future

Coronation unit trust net outflows 2.5% of opening

CIS AUM

- Coronation net flow mix similar to industry experience

We remain focused on client outcomes

- Long-term performance remains excellent

- Service clients across the wealth spectrum

- Continuing to invest in client service infrastructure

vs all active

single managers

(-2.5%) and

industry overall

(-2.1%)

vs all active

single managers

(-6.4%) and

industry overall

(-7.0%)

-2.5% -7.3%R240bn R216bn

Source: Morningstar as at 31 March 2020. All fund categories included. Overall

CFM CIS assets adjusted for institutional clients in line with SENS disclosure.

NCCF% MVM%AUM O/B AUM C/B

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Investment performance

Source: Coronation as at 31 March 2020; asset weighted basis

Since inception figure refers to strategies with a 10-year+ track record

66%

93%98% 97%

34%

7%2% 3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

5 years 10 years 15 years Since Inception

% INSTITUTIONAL FUNDS OUTPERFORMING

% Outperforming % Underperforming

QUINTILE RANKINGS FOR UNIT TRUST RANGE

10 Years

89%

3%

8%

5 Years

19%

6%

67%

8%

15 Years

90%

5%4%

Since Inception

98%

As at 31 March 2020. Asset-weighted performance of 18 funds representing 97% of rand-denominated CIS funds included above. 5 specialist

funds with less than five comparable funds in the industry excluded. Source: Morningstar using primary share classes and formal ASISA

categories for all funds, except Global Managed, compared to Global – MA – Flexible & High Equity Categories combined and Market Plus,

compared to SA – MA – Flexible. Numbers may not add up due to rounding.

1st Quintile 2nd Quintile 3rd Quintile 4th Quintile 5th Quintile

98% of rand-denominated retail assets have

outperformed peers since inception

97% of institutional client assets

outperformed benchmark since inception

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Good corporate citizenship

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Established 3

independent black

businesses:

+ African Harvest Fund Managers

+ Kagiso Asset Management

+ Intembeko Investment

Administrators

A HOMEGROWN SOUTH AFRICAN BUSINESS COMMITTED TO TRANSFORMING FROM WITHIN & THE BROADER INDUSTRY

120black IFA practices

through the ASISA IFA

Development

Programme

29analysts through the

Vunani Securities

Training Academy

Transforming our business and industry

50%

of our employees are female

* As measured by the revised Financial Sector Code

All figures are as at 31 March 2020, unless otherwise stated.

78%

of our Board members are black

Since 2006 we have

allocated:

>R300min brokerage to black stockbrokers

through the Coronation Business

Support Programme

Transforming our

business from within

We are a proud South African business

Advancing

transformation in

our industryPre-dating BEE legislation in South Africa,

we pioneered corporate initiatives that have

contributed to meaningful transformation

and the development of skills in the

financial services industry

56%

of our employees are black

>R225bn1

of total AUM managed by black investment professionals1As at 30 September 2019

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Education programmes

CONTINUED FOCUS ON EDUCATION

Meaningful social impact

>190 000Learners

5 167Small-scale farmers

446Schools

5 961Educators

Education support Consumer financial education

Sponsor and mentor

Young Investor Programme students via South African universities

>300Young girls reached by staff mentorship

>200Students awarded study opportunities

67Internships placed since 2015

2043

3710

1953

545

664

1296

2674

1975

2172

Limpopo

Western Cape

Eastern Cape

KZNNorthern Cape

North West Gauteng

Mpumalanga

Free State

>17,000participants (2019)

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FOCUS ON ENSURING DELIVERY & SUPPORT NOW… WHILE KEEPING AN EYE ON THE FUTURE

Our response to Covid-19

Enabling employees Ensuring clients

continue to be

serviced

Reducing the impact

on society

Contributing to the

way forward

85% seamlessly working

from home

Well equipped to work from

home, including access to

support

Preventative measures in

office environment

No retrenchments or

furloughs

Increased communications

Focus on fulfilling our

primary commitment

Uninterrupted service

Continue to focus on

investment excellence

Committed support to 3rd

party service providers

Company, non-executive

directors & 30% of

employees contributed total

of R10m to Solidarity Fund

Matched staff charitable

contributions

SMME payments expedited

Community support

programmes including

feeding schemes

Gender & child abuse

prevention programmes

Engage with government

and regulators

Participate in industry

structures and initiatives

including:

- ASISA

- BLSA

- CEO Initiative

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ONGOING FOCUS AND COMMITMENT TO INVESTMENT EXCELLENCE FOR OUR CLIENTS GLOBALLY

Closing comments

Covid-19 epidemic an unforecastable event & unprecedented in modern times

- with many unknowns and no immediate solutions, there remains large-scale uncertainty in global economies

Responsible continuity of business and engagement

- we are fully operational

- full compliance with lockdown regulations

- continue to invest in the business

Active management has a significant role to play

- encouraged by outperformance across our range of portfolios

- in times of volatility, in-depth research and quick decision making is key

- our focus is on making the right long-term decisions during this crisis; we believe that the quality of our decision-making can only be assessed three- to five years from now

- our long-term performance remains the true measure of our ultimate success on behalf of our clients and stakeholders

We are optimistic about the opportunities that key markets present and believe that clients should see better returns in the next five years

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Questions

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About Coronation Fund Managers

Founded in Cape Town, South Africa, in 1993 with zero assets under management

Listed in 2003

25% employee-owned

An independent fund manager with no safety net of inhouse assets

Singular focus on asset management, outsourcing non-core components of business

An active manager with a long-term valuation-driven investment approach

A single global investment team and process

SA-based business with offices in Cape Town, Johannesburg, Durban, Pretoria, London and Dublin

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MARKET PERFORMANCE

Annexure A:

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Capital markets

Economic group

3 months

%

6 months

%

12 months

%

All Share (ZAR) -21.38% -17.74% -18.42%

CAPI -22.86% -19.09% -20.15%

Resources -25.27% -14.97% -18.50%

All Property -48.07% -47.47% -48.92%

Industrials -8.44% -8.44% -7.18%

Financials -39.48% -37.77% -38.82%

USD/ZAR -21.58% -15.22% -18.82%

AF Money Market/CASH 1.68% 3.42% 7.13%

CPI 1.64% 1.99% 4.20%

Small Cap -32.55% -32.06% -33.03%

MSCI Emerging Markets (USD) -23.60% -14.55% -17.69%

MSCI All Country World Net USD -21.37% -14.33% -11.26%

FTSE/JSE All Africa ex SA 30 Index (USD) -28.12% -22.64% -21.30%

MSCI Frontier Markets NET USD -26.59% -21.73% -18.96%

MSCI World (USD) -21.05% -14.30% -10.39%

*Alexander Forbes Money Market

Returns as at end March 2020

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Disclaimer

This presentation contains certain forward-looking statements. These forward-looking statements are based on current information and expectations, and involve a number

of risks and uncertainties. Although Coronation Fund Managers Limited believes that the expectations reflected in such forward-looking statements are reasonable, no

assurance can be given that such expectations will prove to have been correct. Actual results may differ materially from those projected in such statements due to various

factors, including but not limited to changes in economic and market conditions, changes in regulatory environment, fluctuations in security prices and exchange rates, and

business and operational risk management. Coronation Fund Managers Limited is under no obligation to update these statements once it has been posted or released.

Coronation Asset Management (Pty) Limited, Coronation Investment Management International (Pty) Limited and Coronation Alternative Investment Managers (Pty) Limited

are authorised Financial Services Providers regulated by the Financial Sector Conduct Authority of South Africa. Coronation Asset Management (Pty) Limited, Coronation

Investment Management International (Pty) Limited and Coronation Alternative Investment Managers (Pty) Limited are subsidiary companies of Coronation Fund Managers

Ltd, a company incorporated in South Africa and listed on the JSE (ISIN:ZAE000047353). The Information is for information purposes only and does not constitute or form part

of any offer to the public to issue or sell, or any solicitation of any offer to subscribe for or purchase an investment, nor shall it or the fact of its distribution form the basis

of, or be relied upon in connection with, any contract for investment. 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. Coronation Investment Management International (Pty) Ltd is an

investment adviser registered with the United States Securities and Exchange Commission (“SEC”). An investment adviser’s registration with the SEC does not imply a certain

level of skill or training. Additional information about Coronation Investment Management International (Pty) Limited is also available on the SEC’s website at

www.adviserinfo.sec.gov.The information in this document has not been approved or verified by the SEC or by any state securities authority. Unit trusts should be

considered a medium-to long-term investment. The value of units may go down as well as up, and is therefore not guaranteed. Past performance is not necessarily an

indication of future performance. Note that individual investor performance may differ as a result of the actual investment date, the date of reinvestment of distributions

and dividend withholding tax where applicable. Where foreign securities are included in a fund it may be exposed to macroeconomic, settlement, political, tax, reporting or

illiquidity risk factors that may be different to similar investments in the South African markets. Fluctuations or movements in exchange rates may cause the value of

underlying investments to go up or down. Coronation Management Company (RF) (Pty) Ltd is a Collective Investment Schemes Manager approved by the Financial Sector

Conduct Authority of South Africa in terms of the Collective Investment Schemes Control Act. Unit trusts are traded at ruling prices set on every trading day. Unit trusts are

allowed to engage in scrip lending and borrowing. Coronation Fund Managers Limited is a Full member of the Association for Savings & Investment SA (ASISA).

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Thank you

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