Emerging markets equity

Pieter Hundersmarck: Portfolio Manager

June 2016

Where we stand today

2

Sentiment towards EM is undeniably negative

√ Volatile, correlated equity markets

√ Record low interest rates

√ Uncertain commodity demand

√ Uncertain macroeconomic outlook

√ Politics

√ Poor sentiment

3

2016: a confluence of politics, commodity prices and policy responses

globally

4

As at 30 April 2016

Source: Bloomberg

EM Currencies at 10-20 year lows

5

Near term valuations and momentum reflect the poor ST outlook

6

What are we doing about it?

We acknowledge the uncertainty of the current times and continue to focus on building robust, antifragile portfolios

Focusing our efforts on understanding the normal and the path to normal for all our businesses – through the cycle

A Coronation portfolio will never hinge on a single investment view or a single stock

We incorporate geographic | currency | economic risks in our portfolio construction process

7

Popular sentiment is a poor indicator of returns…

+30%

“A 14-page special

on Latin America’s

big success story”

“Dilma Rousseff

and the disastrous

year ahead”

MSCI Brazil Index

Value (in US$)

Source: Bloomberg

8

…crises often have silver linings…

In the Chinese language, the word "crisis" is composed of two

characters, one representing danger and the other, opportunity

9

…and safety has a price

Portfolio performance and positioning

* 14 July 2008

** MSCI Daily TR Gross EM USD (GDUEEGF)

Note: Returns gross of fees in USD

Disclosure that the investment advisory fees are described in Part 2A of the investment adviser’s Form ADV; and a representative example (in the form of a table, chart, graph, or narrative) which shows the

effect that the investment advisory fee, compounded over a period of years, could have on the total value of a client’s portfolio

Performance is reflected gross of an annual management fee and an annual performance allocation of the fund’s profits (an annual performance allocation will not be applicable to all accounts). Performance

is reflected net of actual operating expenses of the fund during the periods presented. The returns presented assume the reinvestment of dividends and other earnings. Differences in the timing of

transactions and market conditions prevailing at the time of investment may lead to different results. Differences in the methodology used to calculate performance may also lead to different performance

results than those shown.

11

Coronation Global Emerging Markets Fund (composite)Performance in USD

Periods ending 30 April 2016

GEM Long $ MSCI - EM $** Alpha

S.I. *(annualised) 5.0% -0.1% 5.1%

7 years (p.a.) 10.4% 6.3% 4.1%

5 years (p.a.) -1.1% -4.3% 3.2%

4 years (p.a.) 0.5% -2.2% 2.7%

3 years (p.a.) -3.9% -4.3% 0.4%

1 Year -18.3% -17.7% -0.7%

YTD 8.4% 6.3% 2.1%

Long-term alpha objective: 3-4% p.a.

12

Key fund characteristics (66% of fund)

• China internet 11.4% of fund in search, portals, gaming and travel providers

• Car companies 10.1% of fund, skewed toward premium vehicles

• Indian private sector financial 8.9% of fund (predominantly banks)

• Latam financials 7.5% of fund comprising banks and insurers in Brazil, Peru and Mexico

• Brazil education 7.4% of fund

• Global brewers 5.5% of fund (AB InBev & Heineken)

• China eCommerce 5.4% of fund comprising JD.com and Alibaba (held through Yahoo)

• Russian food retail 4.9% of fund comprising #1, #2 and #4 food retailers in the country

• Indian IT outsourcing/offshoring 4.9% of fund

Upside to fair value of portfolio is compelling

• 70% upside in mid May (in currency of listing) vs. mid-50s long term average

Portfolio views and positioning

13

Chinese internet is large, growing and increasingly consolidated…

Large

Growing

Consolidated

14

…and we see attractive opportunities across the spectrum

Loan growth 1.3 – 3.0x nominal GDP for c. 20 years yet still under-banked by most metrics

Indian credit is growing quickly yet Indians remain under banked

16

Public sector banks are undercapitalised and continuously underprovide

Weak state-owned banks = opportunities for private banks

Market share

accruing to the

private banks

Appendix

18

GEM Fund upside (weighted average)In listing currency terms

0,0%

20,0%

40,0%

60,0%

80,0%

100,0%

120,0%

Oct-

10

De

c-1

0

Feb

-11

Apr-

11

Jun-1

1

Aug-1

1

Oct-

11

De

c-1

1

Feb

-12

Apr-

12

Jun-1

2

Aug-1

2

Oct-

12

De

c-1

2

Feb

-13

Apr-

13

Jun-1

3

Aug-1

3

Oct-

13

De

c-1

3

Feb

-14

Apr-

14

Jun-1

4

Aug-1

4

Oct-

14

De

c-1

4

Feb

-15

Apr-

15

Jun-1

5

Aug-1

5

Oct-

15

De

c-1

5

Feb

-16

Apr-

16

Average upside

19

NAME Country % PF Owned since

Naspers Limited South Africa 5.2% 2008

Kroton Educacional SA Brazil 5.1% 2009

Baidu Inc China 4.8% *2012 (2009)

JD.com Inc China 4.1% 2014

Tata Motors Limited India 4.0% 2014

Axis Bank Limited India 3.8% *2013 (2012)

Yes Bank Limited India 3.8% 2014

Heineken NV Netherlands 3.6% *2015 (2009)

Ctrip.com International Limited China 3.1% *2015 (2011)

Brilliance China Automotive Holding China 3.1% 2013

Total 40.6%

Coronation Global Emerging Markets Fund (composite)Top 10 holdings

as at 30 April 2016

* Most recent purchase (initial purchase prior to selling out)

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South African FAIS requirements

22

CORONATION ASSET MANAGEMENT (PTY) LTD

Registration No. 1993/002807/07

Herein after referred to as ‘Coronation’

INFORMATION IN TERMS OF THE FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT

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Key individuals

Anton Pillay; Karl Leinberger; Kirshni Totaram; Neville Chester; John Snalam; Louis Stassen; Llewellyn Smith

Authorised representatives

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Godwill Chahwahwa; Pallavi Ambekar; Suhail Suleman; Peter Leger; Tracy Burton; Nishan Maharaj; Nicholas Hops (supervised); Brian Thomas; Steve Janson; Mauro Longano (supervised);

Harry Moolman (supervised); Alex Dearman (supervised); Gus Robertson; Simon Schoon (supervised)

All Key Individuals and Representatives meet the fit and proper requirements as set out in the Board Notices to the Financial Advisory and Intermediary Services Act 37, 2002.

Coronation holds professional indemnity and fidelity insurance cover as stipulated in the General Code of Conduct and Board Notices to the Financial Advisory and Intermediary Services Act 37,

2002.

Any information disclosed to any of Coronation’s Authorised Representatives in their professional capacity will be treated as confidential unless written consent is obtained to disclose such

information, or the disclosure of such information is required in the public interest or under a particular law.

The appointed Compliance Officers are:

Jamie Rowland Mark Barratt Stephan Kemp

Tel: 021 680 2809 021 680 2099 021 680 7703

Fax: 021 680 2859 021 680 2199 021 680 7753

Cell: 082 434 4622 072 595 5277 082 351 2401

E-mail: jrowland@coronation.co.za mbarratt@coronation.co.za skemp@coronation.co.za

Coronation’s Conflicts of Interest Management Policy, in terms of General Code of Conduct Regulations issued in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002,

is available on Coronation’s website, www.coronation.com, or on request from the Compliance Officer.

All complaints are taken seriously and Coronation’s aim is to ensure that all complaints are investigated and addressed in a timely and fair manner.

To lodge a complaint, please contact either your Fund Manager or one of the compliance officer’s listed above.

South African FAIS requirements

CORONATION INVESTMENT MANAGEMENT INTERNATIONAL (PTY) LTD

Registration No. 2014/111656/07

Herein after referred to as ‘Coronation’

INFORMATION IN TERMS OF THE FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT

Coronation is a licensed Category II Financial Services Provider in terms of section 8 of the Financial Advisory and Intermediary Services Act 37, 2002 (licence number 45646).

Coronation is not authorised to provide advice in terms of the Financial Advisory and Intermediary Services Act 37, 2002. Coronation has been authorised to render discretionary intermediary

services.

Coronation is authorised to provide financial services for the following financial products:

Long-Term Insurance : Category C; Pension Funds Benefits (excluding retail pension benefits); Securities and Instruments : Shares; Securities and Instruments : Money market instruments;

Securities and Instruments : Debentures and securitised debt; Securities and Instruments : Warrants, certificates and other instruments; Securities and Instruments : Bonds; Securities and

Instruments : Derivative instruments; Participatory interests in Collective Investment Schemes; Short Term Deposits; Long Term Deposits

The following exemptions are applicable to the licence:

Exemption on Services under Supervision in terms of Requirements and Conditions obtaining experience (Board Notice 104 of 2008).

Exemption of licensees as regards display certified copies of licenses (Board Notice 40 of 2004).

The following employees have been appointed as Key Individuals and/or Authorised Representatives:

Key individuals

Louis Stassen

Authorised representatives

Louis Stassen; Brian Thomas; Gus Robertson; Simon Schoon (supervised); Gavin Joubert; Karl Leinberger; Kirshni Totaram; Kyle Wales; Peter Leger; Pieter Hundersmarck; Stephen Peirce;

Suhail Suleman

All Key Individuals and Representatives meet the fit and proper requirements as set out in the Board Notices to the Financial Advisory and Intermediary Services Act 37, 2002.

Coronation holds professional indemnity and fidelity insurance cover as stipulated in the General Code of Conduct and Board Notices to the Financial Advisory and Intermediary Services Act 37,

2002.

Any information disclosed to any of Coronation’s Authorised Representatives in their professional capacity will be treated as confidential unless written consent is obtained to disclose such

information, or the disclosure of such information is required in the public interest or under a particular law.

The appointed Compliance Officers are:

Jamie Rowland Mark Barratt Stephan Kemp

Tel: 021 680 2809 021 680 2099 021 680 7703

Fax: 021 680 2859 021 680 2199 021 680 7753

Cell: 082 434 4622 072 595 5277 082 351 2401

E-mail: jrowland@coronation.co.za mbarratt@coronation.co.za skemp@coronation.co.za

Coronation’s Conflicts of Interest Management Policy, in terms of General Code of Conduct Regulations issued in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002,

is available on Coronation’s website, www.coronation.com, or on request from the Compliance Officer.

All complaints are taken seriously and Coronation’s aim is to ensure that all complaints are investigated and addressed in a timely and fair manner.

To lodge a complaint, please contact either your Fund Manager or one of the compliance officer’s listed above.

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