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GSF Investec Africa Opportunities Fund An entry point to the growth of Africa

January 2012

This presentation is intended for the recipient only and should not be onwardly distributed

Include Mishnah Seth & Kim Scholtz-Clark on the emails

| Investec Africa Opportunities Fund | CONFIDENTIAL

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Agenda

● Investec Asset Management – African with global perspective

● Africa alive with opportunities

● Investec Africa Opportunities Fund – an entry point to the growth of Africa

● Africa Opportunities Fund portfolio

● Appendix

− Theme and stock examples

− The Investec Pan Africa strategy

GSF Investec Asset Management Distinctly African but with a global perspective


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Global specialist asset manager

As at 30 September 2011

*Permanent employees

Investec Asset Management

● Founded in 1991 by current leadership

● Independently managed entity within

Investec Group

● Origins are African – presence and

perspective is global

● Investment and Operational hubs in London &

Cape Town

● Client group teams in Africa, Americas, Asia,

Australia, Europe, Japan, Middle East and the

UK

● Over 700 employees*

● US$82.7 billion in assets under management

Investec Asset Management Offices

Short Pack


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Frontier investments are among our core capabilities


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The development of our Africa and Frontier business

1991 ● IAM Commenced business focusing on South African institutions and mutual funds

1997 ● Opened Offices in Botswana and Namibia (Domestic equity and debt investments)

2001 ● First local manager to implement multi-specialist model in South Africa

2004 ● Established investment team to research African companies outside South Africa, Namibia and Botswana: The

Africa Team

2005 ● Launched the Investec Pan Africa Strategy

2007 ● Established Middle East investment capability

2008 ● Launched Africa Middle East (“AME”) and Middle East North Africa (“MENA”) Strategies

● Launched Africa Private Equity Fund

2009 ● Launched Pan Africa Institutional LLC (US)

● Established co-investment capability

2010 ● Launched Africa Opportunities Fund

● Established focused Africa credit capability

● Special Opportunities

2011 ● Development of Emerging and Frontier Markets Equity Strategy*

● Development of [Emerging Countries Completion Equity Strategy]*

● Development of [Emerging and Frontier Markets Multi-Asset Allocation Strategy]*

A Leading

Investment

Manager in

Southern

Africa

… in

Developed

Markets

...and

Emerging

Markets

* Launch date to be confirmed

...in

Frontier

Markets


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We are a leading investor on the continent1

Equity and Debt, South Africa c.$34.8bn

Equity and Debt, Pan Africa c.$2.7bn

Pan Africa Investment, Total c.$38bn

1: Assets under management have been rounded to the nearest $100m

Source: Investec Asset Management, September 2011.

GSF The Case for Investing in Africa


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Africa in context

Area Share Population Share GDP Share

(mkm2) (% of Total) (Bn) (% of Total) ($Bn) (% of Total)

Pan Africa 42 29% 1.0 14% 1,432 3%

Middle East 6 4% 0.3 4% 2,155 4%

Africa Middle East ("AME") 48 33% 1.3 18% 3,587 6%

Other Frontier Markets 18 12% 1.0 15% 2,680 5%

Total Frontier Markets 66 46% 2.3 33% 6,267 11%

MSCI Emerging Markets (excluding AME) 47 32% 3.6 53% 12,943 23%

Developed Markets 32 22% 0.9 13% 37,976 66%

World 145 100% 6.8 100% 57,186 100%

Source: GDP and Population: Global Insight, September 2009; Area: World Bank 2008



Pan Africa 42 29% 1.0 14% 1,432 3%

Middle East 6 4% 0.3 4% 2,155 4%






World 145 100% 6.8 100% 57,186 100%




Pan Africa 42 29% 1.0 14% 1,432 3%

Middle East 6 4% 0.3 4% 2,155 4%






World 145 100% 6.8 100% 57,186 100%




Pan Africa 42 29% 1.0 14% 1,432 3%

Middle East 6 4% 0.3 4% 2,155 4%






World 145 100% 6.8 100% 57,186 100%


Source: GDP and Population: Global Insight, September 2009, Area: World Bank 2008


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The Africa growth story is now gaining traction


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…For good reason

Heat map of expected GDP growth for 2011 as per IMF Forecasts

10% or more

6% - 10%

3% - 6%

0% - 3%

less than 0%

no data

Source: IMF, WEO, April 2011


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The Investec Africa Opportunities Fund aims to capture multiple

sources of return

Variant Perception

Institutional Approach

Diversification by

Country and Sector

Barriers to Entry

Human Capital

Technology

Catchup Growth

Reforms

Resources

Demographics

Leverage and Capital

Flows

Domestic Demand

So

urc

es

of

Re

turn

Inve

ste

c A

fric

a O

pp

ort

un

itie

s

Re

turn

s

+ = Macroeconomic Growth Microeconomic Approach Returns +


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Africa is now a growth destination...

Inflation

Interest rates

100%

0%

100%

0%

Source: IMF, WEO, April 2011

-6

-4

-2

0

2

4

6

8

19

80

19

81

19

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20

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20

08

20

09

20

10

20

11E

20

12E

Year

on

Year

GD

P G

row

th (

%)

Differential between Sub-Saharan Africa and World Growth World Sub-Saharan Africa



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...growing faster than most other regions of the World

Source: McKinsey Global Institute, June 2010

● Africa’s economic growth accelerated after 2000, making it the worlds third-fastest growing region



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...supported by rising labour productivity

Five year moving average of annual labour-productivity growth

Source: Groningen database, BCG analysis

Labour

pro

ductivity

gro

wth

(%

) Brazil, China

and India

Africa

United States

Western Europe

CAGR

1980 – 2000

(%)

CAGR

2000 – 2008

(%)

3.5 7.7

-0.4 2.8

1.7 1.5

1.5 1.0

1980 1990 2008 2000



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...rising household consumption

Source: Global Insight; United Nations Conference on Trade and Development; McKinsey Global Institute*, June 2010

● African consumption has grown by $275 billion since 2000 – similar to Brazil’s and more than India

● The consumer sector is already more than 50% of all industries in Africa*



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...strong positive trends in personal wealth

* Figures do not sum to 100%, because of rounding

Source: Global Insight; McKinsey analysis, June 2010 *

Breakdown of Africa’s household spending

52 34

39

55

7 9

2 1

2005 2015(projected*)

Global (>$25,000)

Middle income ($5,000 - $25,000)

Basic needs ($1,000 - $5,000)

Destitute (<$1,000)

100% = 792 964

Breakdown of Africa’s population by income bracket, %

● By 2020 expected that more than half of African households will have discretionary spending power*

● As subsistence living falls, disposable income rises and non food sectors will grow faster



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...favourable demographics

Source: *McKinsey Global Institute, June 2010

● Africa’s workforce will become the world’s largest by 2040*



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...large, growing cities


● Africa is almost as urbanised as China and has as many cities of 1 million people as Europe*



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...increasing trade with the Emerging World


● Trade with other developing countries accounts for more than half of African trade*



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...increasing private capital flows


Rates of Return on inward FDI

● World capital increasingly taking notice of African growth story

● African capital flows have grown by over 400% since 2000

● The rate of return on FDI in Africa is higher than in other developing countries



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What caused the change in African fortunes?

Peace ……..

1970s 1980s 1990s November 2011

Armed Conflict

Peace

Source: African Analyst and Investec Asset Management, November 2011

Data to be

Checked by

Malcolm or Roelof

Every month



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0

20

40

60

80

100

1970-74 1975-79 1980-84 1985-89 1990-95 2008*

Observ

ations (

%)

No party One party Multi-party

50

50

50

61

63

63

93

0 10 20 30 40 50 60 70 80 90 100

Latin America & Caribbean

OECD high income

South Asia

Sub-Saharan Africa

East Asia & Pacifc

Middle East & North Africa

Eastern Europe & Central Asia

* IAM assessment

● Multi-party

– Competitive 72%

– Flawed 21%

...sustained political and economic reforms

Source: Doing Business database, May 2009

Growth of democracy: % of African countries Countries that made at least one positive reform in 2008/9 (%)

Source: African Elections Database, Freedom House, The World

Fact book, Polity IV Country Reports 2006, Investec Asset

Management analysis, May 2008

● The spread of democracy in Africa is improving

sovereign governance

● Over 75% of African countries now in functioning

democracies; up from c. 12% in late 1980s

● Governments are improving infrastructure and

creating an enabling business environment

Sub-Saharan Africa: Regimes by type, 1946-2008

Source: Monty G. Marshall, Benjamin R. Cole. 2009. “Global Report 2009, Conflict, Governance,

and State Fragility.”Center for Systemic Peace, Severn, Maryland.



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...taking governance more seriously

Source: Mo Ibrahim Foundation, June 2011

● The African Governance discount is being reconsidered

● Increased focus on monitoring and reporting governance quality across the continent

● Company Governance on a improving trend

40.0

45.0

50.0

55.0

60.0

65.0

70.0

75.0South AfricaGhana

Egypt

Morocco

Kenya

Nigeria

Ibrahim Index of African Governance



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Source: IMF, World Economic Outlook

Database, September 2010

While African debt levels have been falling

0%

10%

20%

30%

40%

50%

60%

70%

80%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Exte

rnal D

ebt/

GD

P %

External debt, total

Source: McKinsey Global Institute, June 2010

0

10

20

30

40

50

60

70

80

90

100

Advanced economies Emerging and developing economies

Sub-Saharan Africa

Gov

ernm

ent D

ebt/G

DP

%

2010 Government Debt % GDP

...significantly improved macroeconomic stability

● Many African countries starting from a clean slate with dramatically lower levels of external debt



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Algeria

Angola

Botswana

Cameroon

Chad

Congo (Brazzaville)

Egypt

Ethiopia

Gabon

Ghana

Kenya

Libya

Mauritius

Nigeria

South Africa

Sudan

Tanzania

Uganda

Zambia

Zimbabwe

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Co

ntr

ibu

tio

n o

f R

eso

urc

es t

o G

DP

Contribution of Services to GDP

● Only 8 out of 53 countries

have a high commodity

contribution to GDP

− Mostly oil exporters

− Oil has been a drag on

Nigerian GDP growth

− Success of multinational

consumer businesses

like Shoprite, MTN,

Standard Bank, Unilever

● Economic growth is

pervasive, also in “non-

commodity” countries

Africa has an abundance of resources, but is not a commodity

derivative

● Commodities have historically

been the growth engine of

Africa

− The foundation of the

South African economy

− The driver of growth in

many African economies

● Increasing strategic interest

from the East

● Ongoing interest from the

West

Source: Global Insight, December 2008

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Graphics\¬Guernsey B\MASTER_Frontiers\Evidence\MASTER_Frontier

s.xls\Scatter chart



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Africa – an investment opportunity from an outsider’s view Chinese investment into Africa

Source: The Beijing Axis

Major African Mineral Reserves (2009) Major Chinese Mining Investments in Africa (2009)



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Vibrant and growing listed capital markets

BOTSWANA2%

EGYPT4%

GHANA2%

KENYA3%

MALAWI3%

MAURITIUS1%

MOROCCO8%

NIGERIA13%

SOUTH AFRICA51%

TANZANIA2%

TOGO1%

TUNISIA7%

ZAMBIA2%

ZIMBABWE1%

Africa listings last 3 Years by country (Total Number 134)

Construction & Materials

14% Consumer Goods6%

Financial Services22%

Health Care2%

Industrials13%Media

2%

Metals & Mining12%

Oil & Gas2%

Real Estate Investment & Services

8%

Technology, Software, & Electrical Equipment

9%

Telecommunications6%

Travel & Leisure4%

Africa listings by sector last 3 years (Total Number 134)

Source: Investec Asset Management Research, September 2010

Africa listings in the last 3 years

Africa listings last 3 years by country (Total number 134) Africa listings last 3 years by sector (Total number 134)



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No wonder that Africans are more positive about their

continent

Poverty is falling rapidly in Africa

Source: NBER Working Paper No. 15775, February 2010

Africa’s quality of life metrics are noticeably improving

● Infant mortality: Almost halved from 1960 to present

● Immunization rates: More than doubled to 73% from 1985 to

2010

● Primary school completion: From 50% in 1999 to 63% in

2010

● Life expectancy: From 41 years in 1960 to 52 in 2007,

notwithstanding HIV Aids

● Mobile cellular subscriptions: From 1% in 1998 to 32% in

2008

Globalisation playing its part

● Skilled Africans are returning to Africa

● Opportunities vs. ‘developed markets’

● Communication

● Travel

● Health Care



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Summary of case for investing in Africa

● Africa is a large continent, both in terms of size and population, with huge resources

– Although it has an abundance of resources, it is not a commodity derivative - this is illustrated by the GDP composition of its

major markets, including South Africa, Kenya, Egypt and Nigeria, having a substantial service sector components (and our own

sources of return in Africa)

● Many African countries are benefiting from substantial improvements in the quality of governance by governments and

economic policymakers alike

– The continent has experienced sustained political and economic reforms

– Levels of African sovereign debt have been falling, and are currently lower than their developed market peers

– Africa has outpaced world GDP growth since 2001 with declining inflation and interest rates over this period

● This offers a very attractive investment opportunity for a variety of compelling reasons

– Most countries operate from quite a low economic base with penetration of many services relatively low

– The capital structure of many African businesses tend to be unlevered

– There is a dearth of suppliers of capital, particularly those with the experience and on the ground presence to capitalise on the

opportunity

● As a result, Africa is starting to reap the benefits

– Peace and democracy is dawning on the Continent

– Africans are more positive about the continent

– Private capital flows to Africa have been positive

– The economies of Africa have become more integrated with the rest of the world, yet the region handled the ‘Global’ Crisis

better than most


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Africa Today and tomorrow

Source: McKinsey Global Institute, Lions on the Move: The progress and potential of African economies

GSF An entry point to the growth of Africa


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Africa’s people and resources are key to our investment

themes

● African investment opportunities are linked to a

number of strong persistent themes:

− Resource demand

− Positive demographics and

− Resultant consumer demand dynamics

● Key investment themes include:

− Energy and Agricultural, with Africa a key

player in the ever prevalent food / energy

balance

− Construction / Infrastructure and manufacturing

– benefiting from both key resource

exploitation opportunities and domestic service

provision

− Consumer demand for FMCG goods and other

services such as Banking

− Rapid penetration and impacts of technology

solutions, further accelerating new growth and

innovation

Consumer and

Technology

Energy and

Agriculture

Infrastructure

and Services

Consumer

and Banking


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Investment objective

● We seek to invest in high quality African orientated investments from around the

world

● We leverage insights from across our Pan African and Global research platforms

● Leveraging our variant perception from both a top down and bottom up perspective

● Constructing a pragmatic and sensibly valued portfolio

● Which seeks to deliver long term capital returns



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A dedicated investment team supported by

specialist resources

Name Function Location Investec

Experience

Industry

Experience

Frontier Markets Team 90 218

1 Chris Derksen Head of Frontier Markets Strategies Cape Town 5 10

Direct Public Equity Team 54 81

2 Roelof Horne Principal & Portfolio Manager Cape Town 15 15

3 Malcolm Gray Portfolio Manager Cape Town 11 11

4 Julien Veron Equity Analyst Cape Town 4 17

5 Mishnah Seth Equity Analyst Cape Town 6 8

6 Edem Lassey Equity Analyst Cape Town 2 8

7 Alphonse Ndzinge Equity Analyst Cape Town 5 7

8 Tarek Shahin Equity Analyst London 3 7

9 Lazarus Shigwedha Equity Analyst Windhoek 4 4

10 Adriaan Dippenaar Equity Analyst Cape Town 2 2

11 Carol-Jean Harward Equity Analyst Gaborone 2 2

Direct Private Equity and Co-Investment Team 15 60

12 Gerben Dijkstra Private Equity Principal Cape Town 3 10

13 Andrew Richardson Private Equity Principal Johannesburg 4 17

14 Mark Jennings Private Equity Principal Johannesburg 2 12

15 William Alexander Private Equity Principal Cape Town 4 10

16 Francois van der Spuy Co-Investment Principal London 2 11

Asset Allocation Team - 29

17 Kemal Ahmed Principal & Portfolio Manager Cape Town - 22

18 Justin Barton Investment Analyst London - 7

Credit Team 1 7

19 Steven Loubser (and team) Portfolio Manager (Credit) Cape Town 1 7

Macroeconomic Team 15 31

20 Michael Power Strategist Cape Town 9 25

21 Antoon de Klerk Economist Cape Town 6 6


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A dedicated portfolio management team

Malcolm Gray

Portfolio Manager

11 years with the firm

11 years experience

● Manages a number of other equity and multi-asset portfolios with a South

African and Pan-African bias for a range of institutional and sovereign wealth

clients

● Joined Investec in 2000. Full-time on portfolio management since 2007

● An admitted attorney with a BSc in Geology and Hydrology, Bachelor of Laws

degree and a Master of Laws degree (Environmental Law/1996)

The Fund will be managed by Malcolm Gray who will have two dedicated analysts supporting him

Grant Cloete

Investment Analyst

4 years with IAM

10 years experience

● Investment analyst in South African and African equity team

● Joined Investec in August 2007 from the Old Mutual Investment

Group where was an investment structuring specialist

● Bachelor of Commerce degree in Financial Analysis and

Portfolio Management from the University of Cape Town and a

National Diploma in Internal Auditing

● Investment analyst in Africa and Frontier market team

● Joined Investec in January 2005 from Stockbrokers Botswana

where analysed the Botswana equity market

● Bachelor of Accounting degree and is a CFA charterholder

Assistant Portfolio Manager

and Analyst, Africa

6 years with IAM

8 years experience

Mishnah Seth


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Country and company visits

We identify potential opportunities by

● Regular visits to African markets (2+ per month, on average, over the past six years, or 170+ in total)

● Regular research trips to African companies (2+ per week, on average, over the past six years, or 700+ in total)

● Several broker relationships across the continent (IAM is a top tier client)

● African news and media (morning meetings)

● Using the Investec African business network

Source: Investec Asset Management to June 2010

Company visits Country visits

Get update from Mitzy Da Cruz


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Analysis and Research Database

● We analyse companies by:

− Robust financial company analysis (DCF, P/E, EV/EBITDA, WEV, FCF, ROE or other

metrics as appropriate) presented to team

− Benchmarking to South Africa and other Frontier Market peers

● With the data being captured and time stamped in a proprietary Research Database

El Sewedy Cables (SWDY EY)As analysed by Tarek Shahin, member of the Africa Investment Team Last Update: 15 October 2009

Instrument Information Market Information Egyptian Pound US Dollar Valuation Inputs Four Factor Score

Country of Primary Listing Egypt Closing Price 75.89 13.80 COE 19.0% Strategy 3.00

Geographical Source of Value Egypt Price Performance, 3 Months (%) 0.11 0.13 Beta 1.00 Earnings momentum 3.00

Reporting Currency Egyptian Pound Price Performance, 6 Months (%) 0.41 0.44 Terminal growth 8.5% Valuation 1.00

Year End December Price Performance, 12 Months (%) (0.12) (0.11) Corporate tax 15.0% Technical 2.00

Market Capitalisation (In Millions) 10,033 1,824 Four Factor Score 9.00

Capital Structure, in Egyptian Pound Million for the year ended December2006A 2007A 2008A 2009F 2010F 2011F

Book Value of Equity 2,412 3,303 4,176 4,823 5,671 6,912

% Change 37% 26% 15% 18% 22%

Net Debt 1,578 1,498 3,527 4,010 4,275 4,544

% Change

Minorities - - - - - -

Enterprise Value 10,685 10,605 13,559 14,042 14,308 14,577

% Change

Financial Forecasts, in Egyptian Pound Million for the year ended December2006A 2007A 2008A 2009F 2010F 2011F

Revenue 5,746 9,348 11,446 11,689 14,477 19,778

% Change 63% 22% 2% 24% 37%

EBITDA 637 950 1,022 1,073 1,470 2,259

% Change 49% 8% 5% 37% 54%

% Margin 10% 9% 9% 10% 11%

EBITA 571 862 888 883 1,267 2,048

% Change 51% 3% (1%) 43% 62%

% Margin 9% 8% 8% 9% 10%

EBIAT 534 809 966 897 1,129 1,635

EBIAT per Share 4.04 6.12 7.31 6.79 8.54 12.37

% Change 51% 19% (7%) 26% 45%

Attributable Income (As Reported) 508 724 828 761 998 1,459

Attributable Income (Adjusted) 508 724 828 761 998 1,459

% Change 43% 14% (8%) 31% 46%

Adjusted EPS 3.84 5.48 6.27 5.77 7.55 11.04

% Change 43% 14% (8%) 31% 46%

Adjusted DPS 0.00 0.00 1.00 0.86 1.13 1.66

% Change #DIV/0! #DIV/0! (14%) 31% 46%

% Payout Ratio 0% 16% 15% 15% 15%

Free cash flow per share -25.21 0.09 -16.99 -3.63 -1.10 -0.60

Credit Metrics 2006A 2007A 2008A 2009F 2010F 2011F Strategic, Long Term or Block Shareholders (%) 1%

Net debt / EBITDA 2.5 1.6 3.4 3.7 2.9 2.0

Net Gearing, (%) 0.7 0.5 0.8 0.8 0.8 0.7

Interest Cover, (x) 18.6 8.7 5.5 5.5 8.2 9.9

Capital employed per share (cents) 33.2 40.0 58.3 66.8 75.2 86.7

NAV per share (cents) 20.1 27.5 31.6 36.5 42.9 52.3

Return Metrics

Return on Equity (ROE), (%) 19% 20% 20% 16% 18% 21%

ROCE, (%) 12% 15% 13% 10% 11% 14%

Valuation Ratios 2006A 2007A 2008A 2009F 2010F 2011F

Enterprise Value / EBITDA, (x) 21.3 14.3 13.3 12.6 9.2 6.0

Enterprise Value / Sales, (x) 1.7 1.1 0.9 0.9 0.7 0.5

Price / Adjusted Earnings, (x) 19.7 13.9 12.1 13.2 10.1 6.9

Price / Book, (x) 3.8 2.8 2.4 2.1 1.8 1.5

Dividend Yield, (%) 0% 0% 0% 1% 1% 1%

Free Cash Flow Yield, (%) -33% 0% -22% -5% -1% -1%

Analyst Comments

Any remarks or comments you have on these inputs should be put here

Recommendation to HOLD from previous recommendation to HOLD. Conviction level HIGH.

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El Sewedy Family Free Float

Maridive (MAPS EY)As analysed by Tarek Shahin, member of the Africa Investment Team Last Update: 21 August 2009

Instrument Information Market Information US Dollar US Dollar Valuation Inputs Four Factor Score

Country of Primary Listing Egypt Closing Price 4.10 4.10 COE 15.2% Strategy 2.00

Geographical Source of Value Egypt Price Performance, 3 Months (%) 0.28 0.28 Beta 1.00 Earnings momentum 3.00

Reporting Currency US Dollar Price Performance, 6 Months (%) 0.71 0.71 Terminal growth 4.4% Valuation 1.00

Year End December Price Performance, 12 Months (%) (0.16) (0.16) Corporate tax 15.0% Technical 2.00

Market Capitalisation (In Millions) 1,050 1,050 Four Factor Score 8.00

Capital Structure, in US Dollar Million for the year ended December2006A 2007A 2008A 2009F 2010F 2011F

Book Value of Equity 142 189 270 374 389 395

% Change 33% 43% 39% 4% 2%

Net Debt 41 103 55 34 (2) (10)

% Change

Minorities - - - - - -

Enterprise Value 1,091 1,153 1,104 1,083 1,048 1,040

% Change

Financial Forecasts, in US Dollar Million for the year ended December2006A 2007A 2008A 2009F 2010F 2011F

Revenue 250 264 257 294 416 437

% Change 6% (3%) 14% 42% 5%

EBITDA 84 108 108 124 174 183

% Change 29% 0% 14% 41% 5%

% Margin 41% 42% 42% 42% 42%

EBITA 72 97 95 109 158 166

% Change 34% (2%) 15% 44% 5%

% Margin 37% 37% 37% 38% 38%

EBIAT 57 83 91 101 139 146

EBIAT per Share 0.22 0.32 0.35 0.39 0.54 0.57

% Change 44% 10% 11% 38% 5%

Attributable Income (As Reported) 53 80 88 97 137 144

Attributable Income (Adjusted) 53 80 88 97 137 144

% Change 50% 9% 10% 41% 5%

Adjusted EPS 0.21 0.31 0.34 0.38 0.53 0.56

% Change 50% 9% 10% 41% 5%

Adjusted DPS 0.00 0.23 0.25 0.30 0.40 0.42

% Change #DIV/0! 9% 21% 32% 5%

% Payout Ratio 74% 73% 80% 75% 75%

Free Cash Flow to Equity Holders (111) (26) 125 40 56 149

% Change (76%) (576%) (68%) 39% 164%

% Conversion Ratio (24%) 115% 33% 32% 81%

Free cash flow per share -0.43 -0.10 0.49 0.16 0.22 0.58

Credit Metrics 2006A 2007A 2008A 2009F 2010F 2011F Strategic, Long Term or Block Shareholders (%) 1%

Net debt / EBITDA 0.5 1.0 0.5 0.3 (0.0) (0.1)

Net Gearing, (%) 0.3 0.5 0.2 0.1 (0.0) (0.0)

Interest Cover, (x) 15.6 31.5 25.0 23.7 59.9 68.4

Capital employed per share (cents) 0.7 1.1 1.3 1.6 1.5 1.5

NAV per share (cents) 0.6 0.7 1.1 1.5 1.5 1.5

Return Metrics

Return on Equity (ROE), (%) 38% 42% 33% 26% 35% 37%

ROCE, (%) 31% 28% 28% 25% 36% 38%

Valuation Ratios 2006A 2007A 2008A 2009F 2010F 2011F

Enterprise Value / EBITDA, (x) 13.2 10.2 10.2 8.9 6.3 6.0

Enterprise Value / Sales, (x) 4.2 4.0 4.1 3.6 2.5 2.4

Price / Adjusted Earnings, (x) 19.6 13.1 12.0 10.8 7.7 7.3

Price / Book, (x) 7.4 5.6 3.9 2.8 2.7 2.7

Dividend Yield, (%) 0.0% 5.6% 6.1% 7.4% 9.8% 10.3%

Free Cash Flow Yield, (%) -10.6% -2.5% 11.9% 3.9% 5.4% 14.2%

Analyst Comments

Any remarks or comments you have on these inputs should be put here

Recommendation to SELL from previous recommendation to HOLD. Conviction level MED.

4.66

5.37

4.70

0.00

4.62

0.00 0.00 0.000

1

2

3

4

5

6

7

8

Fair V

alu

e

12 M

onth

Targ

et

Price

Dis

counte

d C

ash F

low

DD

M

WE

V

Price /

Earn

ings c

om

pare

d t

o P

eers

EV

/EB

ITD

A c

om

pare

d t

o P

eers

Price/b

ook

3

12

8

2

0

2

4

6

8

10

12

14

16

Str

ate

gy

Earn

ings m

om

entu

m

Valu

ation

Technic

al

Four

Facto

r S

core

21%

14%

13%14%

7%

4%

0%

27%

Offshore Oil Services (0.2139% )

Eleish Family (0.1396% )

Nadim Family (0.1319% )

Zeid Family (0.1426% )

CIB (0.0711% )

EFG Private Equity (0.0352% )

Free Float (0.2657% )


07816

Team Inputs (Example, Nigeria)

● Overlay with proprietary Investec Macro

Analysis (Pan Africa Currency Risk and

Standardized Africa Country Risk Models)

● Cross referencing: In addition to this

proprietary model and process, the team uses

research provided by the rating agencies,

political analysts, research companies and

brokers. There is also a wealth of

macroeconomic data obtained from the various

portfolio investments which will be used to

validate and cross-reference the

macroeconomic information.


07816

Africa Macro Strategy

African

country

risk

process

and

review

Bottom up equity process with an African country risk overlay

Fundamentals pushing for appreciation – kept back by reserve

accumulation. Trigger for currency rally – higher local interest rates.

ASX*, 5.2%

BRVM region, 8.5%

Egypt, 18.5%

Ghana, 2.4%

Kenya, 2.7%

Mauritius, 3.9%

Morocco, 1.8%

Nigeria, 27.9%

South Africa, 1.8%

TSX*, 4.5%

Tunisia, 4.2%

Uganda, 1.9%

AIM*, 4.9%

Zambia, 2.2%

Zimbabwe, 9.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-0

5

Ap

r-06

Aug

-06

Dec-0

6

Ap

r-07

Aug

-07

Dec-0

7

Ap

r-08

Aug

-08

Dec-0

8

Ap

r-09

Aug

-09

Dec-0

9

Ap

r-10

Aug

-10

Dec-1

0

Ap

r-11

Aug

-11

No

v-1

1

Zimbabwe

Zambia

ASX*

TSX*

Uganda

Morocco

Tunisia

South Africa

Nigeria

Namibia

Mauritius

Kenya

Ghana

Egypt

BRVM region

Botswana

AIM*


07816

We have built a robust investment infrastructure over time...

● A substantial, experienced and diverse team of high

quality:

− Substantial: 66 Investment Professionals focused

on Africa

− Experienced: Collective investment experience of

700+ years (over half of which at IAM 390)

− Diverse: 14 nationalities, 11 languages, 6

locations

● Lasting relationships and high quality networks can

only be built over time, and in person

− We travel often to engage with owners &

managers of businesses, as well as other

stakeholders (including government officials)

● We evaluate investment opportunities by triangulating

between

− Proprietary and Fundamental Research

− Internal or External Sector Specialists

− Internal or External Political or Macro Specialists

− Other relationships

Specialist Co

Investment

Pan Africa

Public Equity

Special

Situations

Pan Africa

Private Equity

South Africa &

Global Fixed

Income

Pan Africa Credit

Resource &

Commodities

Africa & EM

Sovereign Debt

South Africa &

Global Public

Equity

MENA

AME Equity


07816

Our Investment approach

● We identify potential opportunities by

− Screening financial markets for company value and growth exposure to Africa

− Seeking out both new and historically active African operators

− Regular visits to markets and companies

− Following the news, media and business network

− Leveraging our global investment research platform

● We invest in companies where

− Africa represents an important source of company value in the medium to long term

− Fundamental research supports a long term investment case

− Our African insights provide us with variant perceptions

● We invest with an owner mindset

− A long term focus, with a partnership mentality

− Valuing growth, as well as quality governance



07816

We construct a pragmatic portfolio of investments which are

designed to benefit from an Africa growth character

Pan African Analysts

Initial Universe

Filter

Growth Liquidity Geographical Revenue / EBIT

Investment Research Team

Africa Opportunities Portfolio

Buy the top ideas = top 20 – 60 stocks

Global Commodity & Resources Analysts

Universe (200 – 300 stocks)

African Macro Analysts

Potential Investments

Africa Listed Companies Non-Africa Listed Companies

The portfolio restrictions may change without notification necessarily to investors.


07816

Seeking to deliver long term capital returns, hence looking

for mispriced opportunities

Identify well priced African growth companies irrespective of their country of listing C

om

mo

n M

od

ellin

g A

ssu

mptio

ns

Co

mm

on

Ma

cro

Inp

uts

Idea Generation Process

Research Framework

Research Analysts

Stock universe

Research Database

Be

sp

oke

An

aly

sis

(S

en

sitiv

itie

s e

tc…

)

On

go

ing

(M

orn

ing M

ee

tin

g, E

qu

ity Id

ea

s…

)

ST

RA

TE

GY

EA

RN

ING

S

MO

ME

NT

UM

VALUATIONTECHNICAL INTEREST

"VARIANT PERCEPTION"

ST

RA

TE

GY

TECHNICAL “VARIANT” PERCEPTION

“VARIANT” PERCEPTION

Earnings Momentum

Valuation

Technical Interest

Variant Perception

Strategy

Specialist Equity Capabilities

We analyse

companies by:

● Company visits (at

company premises

if possible) to test

our assumptions

● Robust financial

company analysis

(DCF, P/E,

EV/EBITDA, WEV,

FCF, ROE or other

metrics as

appropriate)

presented to team

● Overlay with

proprietary

Investec macro

analysis and

thematic

analysis (Pan

Africa Currency

Risk and

Standardized

Africa Country

Risk Models*)


07816

We are disciplined in our approach Buy and Sell discipline

● Our buy discipline is based on seeking to gain exposure at suitable discounts to our

assessments of fair value:

− We set target prices and weights for new investments

− We are patient, we don’t chase shares

− We are opportunistic and are happy to buy when others are selling

● Our sell discipline is based most simplistically on exiting or reducing investments when

broadly one of two events occurs:

− Our investment trades for a substantial period of time well above our assessment of

intrinsic value and we determine that a cash position or an alternate investment idea

is more attractive;

− Where there is a change in the fundamental investment case, which necessitates us

to revisit and possibly reduce our exposure.

GSF Portfolio


07816

Investec Africa Opportunities Fund Geographic and sector allocation – Portfolio level

Sector Allocation Geographic Exposure

The cash content of the Fund: 8.1%

Source: Investec Asset Management, 30.11.11.

The portfolio may change significantly over a short period of time

Update

Monthly

G:\Depts\Marketing\Presentations\Hamilton Brown Graphics\¬MASTER

GSF\MASTER_Africa Opportunities Fund\Evidence\Africa

Opportunities Evidence.xlsx\Africa Opp

Materials, 23.8%

Financials, 23.3%

Telecommunication Services,

18.3%

Industrials, 11.7%

Consumer Staples, 9.4%

Energy, 7.1%

Consumer Discretionary,

4.5%

Health Care, 1.9%

South Africa, 62.6%

Egypt, 15.2%

Nigeria, 13.4%

Kenya, 3.0%

Italy, 2.4%

USA, 1.4%

Zimbabwe, 1.0%

Morocco, 1.0%


07816

South Africa 42.0%

Africa ex SA44.0%

International14.0%

South Africa, 62.6%

Egypt, 15.2%

Nigeria, 13.4%

Kenya, 3.0%

Italy, 2.4%

USA, 1.4%

Zimbabwe, 1.0%

Investec Africa Opportunities Fund

Country of listing Country exposure

by economic exposure Sector exposure

Source: Investec Asset Management, 30.11.11

This data is indicative, it is based on the portfolio managements team’s assessment of underlying economic exposure, which in

some cases is derived on a best estimate basis for companies not providing this data explicitly.

UPDATE

MONTHLY


Graphics\¬MASTER GSF\MASTER_Africa Opportunities (Malcolm

Gray)\Evidence\evidence.xlsx\Pie Charts

Materials23.8%

Financials23.3%

Telecommunication Services

18.3%

Industrials11.7%

Consumer Staples

9.4%

Energy7.1%

Consumer Discretionary

4.5% Health Care1.9%


07816

The portfolio may change significantly over a short period of time.

* This is defined as country or region where the company derives the majority (30-50%) of its value or business

The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any

particular security. Data as at 30.11.11.

Investec Africa Opportunities Fund Top 10 holdings



Gray)\Evidence\Africa Opp evidence.xlsx\Top

Company Sector % Major operating geography*

Mtn Group Ltd Telecommunication Services 7.7 Pan Africa

Anglogold Ashanti Ltd Materials 4.4 Pan Africa

Sasol Ltd Energy 4.3 South Africa

Gold Fields Materials 4.3 Pan Africa

Zenith Bank Plc Financials 3.8 Nigeria

Telecom Egypt Telecommunication Services 3.8 Egypt

Vodacom Group Ltd Telecommunication Services 2.8 Pan Africa

African Rainbow Minerals Ltd Materials 2.7 South Africa

Impala Platinum Holdings Ltd Materials 2.6 South Africa / Zimbabwe

First Bank Of Nigeria Plc Financials 2.6 Nigeria


07816

-35

-25

-15

-5

5

15

25

35

45

55

6 months 1 year 3 years p.a. 5 years p.a. Since inception*

Investec GSF Africa Opportunities A Acc Gross USD

MSCI EFM Africa ex ZA NR

MSCI EFM Africa NR USD

MSCI EM (Emerging Markets) NR USD

MSCI World NR USD

Investec Africa Opportunities strategy performance Performance as at 30 November 2011, net of fees

* Inception date: 31 October 2010

Past performance should not be taken as a guide to the future and there is no guarantee that this investment will

make profits; losses may be made.

Lipper, dates to 30.11.11, NAV based, (inclusive of all annual management fees but excluding any initial charges),

gross income reinvested, in USD. Performance would be lower had initial charges been included and will vary

between different share classes dependent upon their applicable charges. Returns to individual investors will vary in

accordance with their personal tax status and tax domicile.

UPDATE

MONTHLY

G:\Depts\Marketing\Presentations\Hamilton Brown Graphics\¬Guernsey

B\MASTER_Frontiers\Evidence\MASTER_Frontiers.xlsx\Pan Africa

Performance

Investec GSF Africa Opportunities A Acc Gross USD -18.3 -14.9 na na -11.8

MSCI EFM Africa ex ZA NR -22.4 -25.3 -3.3 -4.2 -21.1

MSCI EFM Africa NR USD -11.9 -2.6 22.9 na -3.2

MSCI EM (Emerging Markets) NR USD -19.4 -11.5 23.6 3.6 -9.8

MSCI World NR USD -11.7 1.5 12.3 -2.0 2.5


07816

-20

-15

-10

-5

5

3 months 6 months Since inception*

Investec GSF Africa Opportunities A Acc Gross USD Lipper Global Equity Emerging Mkts Other

MSCI EFM Africa NR USD

Investec Africa Opportunities strategy performance Performance as at 30 November 2011, net of fees

* Inception date: 31 October 2010







UPDATE

MONTHLY

G:\Depts\Marketing\Presentations\Hamilton Brown Graphics\¬Guernsey

B\MASTER_Frontiers\Evidence\MASTER_Frontiers.xlsx\Pan Africa

Performance

Investec GSF Africa Opportunities A Acc Gross USD -8.2 -18.3 -11.8

Lipper Global Equity Emerging Mkts Other -8.6 -18.0 -12.6

MSCI EFM Africa NR USD -7.4 -11.9 -3.2


07816

-5.5

-15.3-17.3

-25

-20

-15

-10

-5

5

10

15

Oct 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11

Perc

enta

ge g

row

th

397 days f rom 29/10/2010 to 30/11/2011

Investec GSF Africa Opportunities A Acc Gross USD (MF)

MSCI EFM Africa NR USD (IN)

Lipper Global Equity Emerging Mkts Other (IN)

Performance







Percentage growth total return $ gross



Gray)\Evidence\evidence.xlsx\Daily Africa Opp Perf

UPDATE

MONTHLY


07816

Investec Africa Opportunities Fund Portfolio construction: Risk management: Portfolio restrictions

● Liquidity Minimum: 80% of the fund with 30 day or better liquidity

(1/3 of the market trade)*

● Holding in individual stock Maximum 10%. Holdings >5% must not represent

>40% of the Fund's portfolio

● Number of equity holdings Between 20-60 stocks (typically around 30)*

*These internal parameters may change and not necessarily with notification to shareholders


07816

African Opportunities Fund and Investec Asset Management

The Opportunities

● Companies benefiting from the growth and valuations opportunities in Africa

● An agnostic approach, looking at local and global, new and historic

● Opportunities across sectors and geographies, with appealing quality

The Fund

● A unique variant perception from both a top down and bottom up perspective

● A pragmatic and sensibly constructed portfolio

● Seeking to deliver long term capital returns

Investec Asset Management

● African born

● With deep continental Africa and global resources in Cape Town and London

● An established track record going back to 1991

GSF Appendix 1 Theme and stock examples

GSF Theme and stock examples Energy


07816

Stock example SASOL (Market capitalisation: $34bn)

Source: Bloomberg consensus

This is not a buy or sell recommendation for any particular security

Source: Investec Asset Management as at May 2011

● Global business

− A South Africa born integrated oil and technology company

− A World Leader in commercial synthetic fuel production

− Utilizes the unique technology to drive its Coal-To-Liquids (CTL) and

Gas-To-Liquids (GTL) operations

● Business environment and opportunities ahead

− Low Gas and high Oil prices favour SASOL’s technology (converts gas

into low sulphur diesel and petrol)

− North America activity and presence is increasing with recent

acquisitions in gas fields

− Vertical integration of gas assets gives SASOL a significant cost

advantage over its competitors

− The chemicals division (c.30% of group) has entered a strong growth

cycle

− Mozambique gas exploration success would yield significant growth

prospects for the group

● Valuation metrics

− P/E ratio : 8.9x forward

− Dividend yield : 4.2%

− ROE : 21%


07816

Stock example AFREN (Market capitalisation: $2,2bn)

● Oil and gas exploration company founded by Dr Lukman, former President

and Secretary General of OPEC, now Oil Minister of Nigeria, very strong

management team

● Diversified exploration portfolio across West and East Africa

● Strategic entry into East Africa through the acquisition of Black Marlin which

doubles the Groups net prospective assets

● ‘Use it or lose it’ legislation in Nigeria and industry restructuring- major IOCs

under increasing pressure provides the future growth opportunity

● Strong underlying production base provides stable cash generation for

future exploration

0

10000

20000

30000

40000

50000

60000

70000

2008

2009

H1

2010

H2

2010

H1

2011

Historic and future production (boepd)

Net prospective resources (2,341 mmboe)

São

Tomé &

Príncipe

Morocco

Algeria Libya Egypt West

ern

Saha

ra Mauritania

Niger

Chad Eritrea

Djibouti

Ethiopia

Kenya

Cameroon

Nigeria Somalia

Sudan

Mali

Uganda

Central

African

Republic

Togo

Burkina

Liberia Sierra Leone

Benin

Ghana Ivory

Coast

Gambia Senegal

Congo Rwanda Gabon Democratic

Republic of

Congo

Angola

Tanzania

Mozambique

Burandi

Zambia Malawi

Botswana Namibia Madagascar

Zimbabwe

South

Africa

Mayotte

Cabind

a

(Angola

) Seychelles

Mauritius

Réunion

Tunisia

Guinea Guinea Bissau

Lesotho

Swaziland

AFREN

Black Marlin

27 assets across 9 countries


This is not a buy or sell recommendation for any particular security.

Source: AFREN, January 2011


07816

Stock example ILLOVO (Market capitalisation: $1.7bn)

● African:

− South African listed integrated sugar producer,

with a very significant presence and growth

trajectory in Africa

● Evolution and Innovation:

− The company reflects the evolving synthesis

between agriculture and energy

− 90% of group’s power is produced from

renewable sources

● Potential:

− SADC (Southern African Development

Community) region is the 5th largest sugar

exporter BUT

− It has the second lowest consumption per

capita in the world


− P/E ratio : 17.6x (Mar11)

− Dividend Yield : 2% (Mar11)

Operating Margin (%) FY2009 FY2010

South Africa 7 7

Malaw i 36 38

Zambia 15 18

Sw aziland 16 16

Tanzania 18 25

Mozambique 21 16

Group 16 18

Illovo countries of operation all

within the 30 lowest cost cane /

beet sugar producers

OPERATING PROFIT BY GEOGRAPHY


07816

Stock example ENI (Market capitalisation: $54bn)

● Business:

− Integrated Italian energy company active in 77 countries

− Key presence in North and West Africa

● Strengths:

− Key exploration and growth properties in Nigeria, Congo, Angola and

the US

● Africa Exposure:

− Clear African growth history with Africa having grown from 20 – 50%

contribution to EBIT

− Production ramp ups in Nigeria and Angola key

● Investment Opportunity:

− Appealing African growth with quality governance and liquidity

− Reasonable Growth, with key African contributions


− P/E ratio : 9.7x (Dec10), 8.4x (Dec11)

− Dividend Yield : 5.6% (Dec10)

Strong pipeline of start-ups

Group Production (kboe/d):

Africa production is

substantial and becoming

increasingly important

Source: Company financials and Bloomberg December 2010

GSF Theme and stock examples Banking


07816

African banks are early beneficiaries of economic growth

● At a macro level future growth should be driven by:

● Economic growth with forecast GDP growth of over 5% for major African economies

● Favourable demographics with a young, growing population and

● Low banking penetration in Africa (both Nigeria and Kenya having a banking

penetration of less than 20%)

● At a micro level future growth should be driven by:

● Efficiency gains with structurally high cost/income ratios

● Leveraging of balance sheet and

● A margin underpin on the back of a shift in risk asset base towards higher yielding retail

assets

Source: Investec Analysis, World Bank and IMF


07816

The micro picture

Source: Investec Analysis, Citi Bank August 2010

Net Interest Margin

25%

35%

45%

55%

65%

KC

B K

enya

Ze

nith B

ank N

igeria

First B

ank o

f N

igeria

Weste

rn E

uro

pe

Centr

al E

uro

pe &

Au

str

ia

Latin

Am

erica

Glo

bal E

merg

ing

Ma

rket

Asia

CIB

Egypt

Gives room for efficiency gains

579

1113151719

Ze

nith B

ank N

igeria

First B

ank o

f N

igeria

KC

B K

enya

CIB

Egypt

Centr

al E

uro

pe &

Au

str

ia

Latin

Am

erica

Glo

bal E

merg

ing

Ma

rket

Asia

Weste

rn E

uro

pe

Leverage

Allows for earnings enhancement through gearing up of asset base

0%1%2%3%4%5%6%7%8%

Weste

rn E

uro

pe

Asia

Centr

al E

uro

pe &

Au

str

ia

CIB

Egypt

Glo

bal E

merg

ing

Ma

rket

Ze

nith B

ank N

igeria

First B

ank o

f N

igeria

Latin

Am

erica

KC

B K

enya

Cost to Income Ratio

Despite a high starting point the current risk asset exposure allows

for margins to remain high


07816

64%

51%

45% 45%

39%

33%30% 30% 30%

25%22%

19% 18%16% 14%

9%

87%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Chin

a

India

Chile

Ukra

ine

Latv

ia

S.

Afr

ica

Kazakhsta

n

Russia

Hungary

Nig

eria

Turk

ey

Czech

Rom

ania

Pola

nd

Peru

Bra

zil

Mexic

o

Nigerian banks An under penetrated corporate loan market

Corporate loans to GDP

Source: Central Bank Nigeria, JP Morgan, August 2010


07816

EFInA’s 2008 National Survey

86% of the rural population is currently unbanked retail loans to GDP are very low

39%

29% 29% 28% 28%

22%20%

15%12% 11% 11% 11% 10%

8%6%

4%

43%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

S.A

fric

a

Latv

ia

Pola

nd

Ukra

ine

Hungary

Chile

Czech

Rom

ania

Kazakhsta

n

Chin

a

Bra

zil

India

Turk

ey

Russia

Peru

Mexic

o

Nig

eria

39%

14%

7%

54%

82%

4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Urban Rural

Currently banked Previously banked Never banked

and retail market


07816

1%

1%

2%

2%

2%

3%

7%

11%

12%

16%

37%

64%

92%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Islamic Loan

Islamic Financing Investment

Vehicle Finance

An Overdraft

Mortgage or Housing Loan

Loan from a Bank

Valu Card

Fixed Deposit Account

Credit Card

Debit Card

Current Account

ATM Card

Savings Account

The highest banking penetration is in a liability generating

product

Source: EFInA’s 2008 National Survey

Clients take-up of banking products


07816

Stock example Zenith Bank (Market capitalisation $2.5bn)

● Strengths:

− Conservative lending process, centralized credit process

− Top three banks: market positioning and balance

− sheet size

● Top quality Tier 1 bank with a strong banking franchise

and healthy risk assets

● Margin lending = 6% of advances, adequately provided for

● Valuation (June 2011)

− P/E Dec 2011 7.9x

− Dividend Yield 8.0%

− P/B 1.2x

● Other Financial Metrics (Q4 2010)

− CAR 36%

− Cost to Income 64%

− NPL 5.9%

− NPL cover 74%

− Liquidity 64%

− Total Assets/Equity 5.2x

Source: Company AFS and Investec Asset Management as at January 2011

Zenith Bank: Development 2004-10 (N’bn)

1271

215

2798

500

1,000

1,500

2,000

2,500

3,000

Assets and contingent exposures

2004 2007 2010

131

634

1318

200

400

600

800

1,000

1,200

1,400

Deposits

16

116

364

50

100

150

200

250

300

350

400

Shareholders' Funds

120

200

315

50

100

150

200

250

300

350

Branches


Source: Investec Asset Management as at June 2011


07816

Kenyan banks A growing underpenetrated market

Source: Central Bank of Kenya

Deposits to GDP

25%

28%

31%

34%

37%

40%

43%

46%

2005 2006 2007 2008 2009

Gross loans to GDP

27%

28%

29%

30%

31%

32%

33%

2005 2006 2007 2008 2009


07816

With low levels of exposure to the retail market

Source: Central Bank of Kenya

13% 16% 15% 18% 23% 19%

87% 84% 85% 83% 77% 81%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2004 2005 2006 2007 2008 2009

Retail Corporate

Credit to Private Sector


07816

Stock example KCB (Market capitalisation $0.85bn)

● The largest player in sector (15% and 17% market share of

deposits and loans)

● Strengths:

− Well structured balance sheet (healthy L/D and Liquidity

ratios

− Strong brand loyalty in Kenya as well as the largest branch

network (28% of total branches)

− A growing East African footprint

● Focus on cost reduction and building of a retail business

provide impetus for future growth

● Valuation (January 2011)

− P/E Dec 2011 8.5x


− P/B 1.9x

● Other Financial Metrics (Dec 2011)

− Cost to Income 61%

− ROE 21%

− Liquidity 48%

− Total Assets/Equity 9.4x

Source: Company AFS and Investec Asset Management as at January 2011

KCB: Development 2007-09 (KES’bn)

Source: Investec Asset Management, January 2011

146

220 223

130

180

230

280

Assets and ContingentExposures

2007 2008 2009

94

127

163

50

100

150

200

Deposits

12

19 21

5

8

11

14

17

20

23

Shareholders' Funds

125

170

203

80

130

180

230

Branches

The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular security.


07816

Stock example Standard Bank (Market capitalisation $23,7bn)

● A Pan Africa play

● Largest African banking group by assets ($183bn)

● A Pan African and Emerging Market bank with South African

roots

− Presence in 17 African countries

● Strategic links with China(ICBC is a 20% shareholder)

● Strong track record of organic growth and successful selective

acquisitions

● Robust capital structure and liquidity with no significant strain in

asset quality over the last 12 months

− CAR 14.9%

− Credit loss ratio 1.6%

− NPL ratio 6.2%


− P/E Dec 2011 13.0x


− P/B 1.8x

− ROE 14.0%

Africa footprint

Source: Investec Asset Management, January 2011 Source: JP Morgan, Central Bank of Nigeria, World Bank

With other key areas of operations being Brazil, Turkey, Russia

and Argentina providing the underpin for future growth

$’m Nigeria South Africa Brazil

Current size

Deposits 52,987 254,385 355,945

Loan book 50,709 252,936 339,260

Total assets 105,886 345,063 822,428

Population (m) 151 49 192

Total book/population 336 5162 1767

Leverage (asset/equity) 5.7x 11.8x 12.1x

The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular security.

GSF Theme and stock examples Consumer and manufacturing


07816

Stock example MTN (Market capitalisation US$33,6bn)

● A world class company, founded in Africa, and listed

on the JSE

● A well run company strategically positioned in

emerging markets

● MTN is well known by IAM and covered by our most

experienced analysts

● Africa has 11 of the global top 20 growing markets: the

penetration of mobile subs in Africa is 36% and

forecast to grow to 58% by 2012 (12% compound per

annum)

This is not a buy or sell recommendation for any particular security.

Source: I-Net Bridge, 2009; HSBC broker research, September 2009


07816

MTN, an African growth story

South Africa (23% of MTN EBITDA)

● Pricing pressure in SA but …..

● Minutes of use are low by global standards, elasticity closer to

1 on prepaid, with post paid stickiness

● Scope for reduction in handset subsidy, distribution

commission, staff costs offsetting interconnection margin

pressure

Nigeria (43% of EBITDA)

● MTN powerful, taking 72% of net new adds in 2009, increasing

market share to 50%

● Zain under Bharti will have better execution

but MTN can still take market share:

− strongest distribution

− a network with 20% spare capacity

● Nigeria should grow strongly:

− penetration low only 42%

− the economy is recovering

− data penetration is only 3%

The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular security

Source: Company


07816

Stock example Aveng – South Africa (Market capitalisation: $1.8bn)

● Diverse business

− Largest construction group in South Africa and of the largest in Africa

− Aveng’s heritage dates back 119 years

− Strong presence in Australia (McConnell Dowell)

● Business environment

− South African construction only in a temporary downturn

− Africa mining activity providing support for its divisions

− Australia, while competitive, remains a key growth node for the group

● Opportunities ahead

− South African government is committed to infrastructure spend

− Aveng is well positioned to benefit from both private and public spend

− AVENG WATER, a leader through its innovation, is fast gaining

momentum and set to address Africa’s water crisis

− Group has an strong, unleveraged balance sheet


− P/E ratio : 7.8x (one year forward)

− Price to book : 1.1x (lowest in the sector)

− Dividend yield : 4.4%

AVENG WATER

established 2011

Sea Water desalination

Mine water treatment

Industrial effluent treatment

Municipal water and waste treatment


Source: Investec Asset Management as at Aug 2011


07816

Stock example Telecom Egypt – Egypt (Market Capitalisation $4,6bn)

● Valuation (May 2011)

− Dec 2011E P/E 8.8x ; DY 9.0%

● Fixed line telecoms operator in Egypt with c.9.3m subscribers

● Has growth areas in data and through domestic and international

wholesale businesses

● Data is expected to be significant driver of growth. Egypt only

has 1.4m data subscribers in a population of c.80 million

● Data penetration below 2%

● Demographic profile of Egypt changing to younger, more

technology enabled generation

● TE has largest data network in Egypt (62% share)

● Looking to pursue opportunities to become a fully integrated

telecoms provider (i.e. wants to enter mobile space)

● Owns 44.95% of Vodafone Egypt the largest mobile operator in

Egypt

● Likely to leverage relationship with Vodafone Egypt to become

an MVNO (Mobile Virtual Network Operator) which will enable

it to offer a branded mobile service to customers

● Strategic move to become fully integrated provider will enable

TE to offer bundled services for fixed line, mobile and data

● Could help drive growth as customers value the benefit of

having a single service provider

● Very attractive yield play consistently offering high single digit yields


Source: Investec Asset Management as at May 2011

Egyptian Data Subscribers and TE market share

8.1% 8.1% 8.1%

9.0%

7.9%

0%

2%

4%

6%

8%

10%

2008 2009 2010 2011 2012

Telecom Egypt Dividend Yield

0.4 0.6

0.9

1.2

1.5

0.3

0.4

0.5

0.7

0.8

0%

2%

4%

6%

8%

10%

-

0.5

1.0

1.5

2.0

2.5

2008 2009 2010 2011 2012

Da

ta P

ene

tra

tion

(%

)

Da

ta u

sers

(m

)

TE Data Other Penetration

0.7

1.0

1.4

1.8

2.3


07816

Stock example

UAC of Nigeria (Market capitalisation $0.4bn)


− P/E Dec 2011E 11.2x

− P/E Dec 2011E 9.6x

● A diversified consumer and general industrial founded in 1876

● Management and PE Partners has refocused the business

over the last 5 years through cost cutting and disposal of non-

core assets

● A defensive business and low beta stock

● UACN is a long-term play on the consumer and economic

growth of Nigeria, as well as on construction and development

of housing stock (through its paints and property business)

Source: National Bureau of economic research, 2010

$1/Day poverty and growth in Nigeria, 1970-2006

Source: Investec Asset Management as at January 2011

Logistics, 4%GM, 3%

Paints, 5%

Property, 25%

Cereal and oil, 24%

Foods (restaurant,dairy & snacks), 34%

Water, 4%

Logistics, 4%

GM, 2%

Paints, 11%Property, 41%

Cereal and oil, 16%

Foods (restaurant,dairy & snacks), 21%

Water, 1%

Other , 3%

Turnover Pre-tax profit

Housing stock – number of homes per 1000 persons 567

521 490

437 427

355

287 279 271 266 262 247 240 178

36

0

100

200

300

400

500

600

Sp

ain

Fra

nce

Germ

any

Ukra

ine

US

A

Russia

Chile

Bra

zil

Chin

a

Tu

nis

ia

Tu

rkey

Me

xic

o

Eg

ypt

Nig

eria

Nig

eria

(ad

j)

Source: Cemnet, CEMBUREAU, Renaissance Capital estimates

Note: In Nigeria, 80% of total housing stock consists of informal houses, which cuts Nigeria's actual housing stock

number.

The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular security

GSF Appendix 2


07816

-40

-30

-20

-10

0

10

20

30

6 months 1 year 3 years p.a. Since inception*

Investec Pan Africa S Acc Gross MSCI EFM Africa NR USD

MSCI EM (Emerging Markets) NR USD MSCI World NR USD

Investec Pan Africa strategy performance Performance as at 30 November 2011, net of fees

* Inception date: 30 November 2005







UPDATE

MONTHLY

Details below show the performance of Investec’s Pan Africa strategy. Performance of the Pan Africa strategy is not necessarily representative of the

Fund and is provided as an example of what a similar mandate has achieved. There are differences between this strategy’s mandate and that of the

Africa Opportunities Fund – it typically will hold fewer investments in less liquid markets and stocks. This could potentially enhance returns for the Fund

over the longer term relative to the strategy. The impact of charges may differ for the Africa Opportunities Fund.

G:\Depts\Marketing\Presentations\Hamilton Brown Graphics\¬MASTER

GSF\MASTER_Africa Opportunities Fund\Evidence\Africa

Opportunities Evidence.xlsx\Pan

Investec Pan Africa S Acc Gross -25.3 -27.8 8.4 7.5

MSCI EFM Africa NR USD -11.9 -2.6 22.9 n/a

MSCI EM (Emerging Markets) NR USD -19.4 -11.5 23.6 8.1

MSCI World NR USD -11.7 1.5 12.3 1.4


07816

Investec Pan Africa strategy Historic geographic and sector exposure

The cash content of the Fund: 9.4%

As at 30.11.11


DATA SUPPLIED FROM SA

OFFICE AND SAVED IN

FRONTIERS EVIDENCE

FOLDER

\\helene\shared\Attribution\Inter

national\AFRICA\Ad hoc\ ...

PanAfrica AA

[month].xls SECTOR and COUNTRY tabs

CHART TO

INCLUDE CASH (ok’d by Adriaan June 2010)

UPDATE

MONTHLY

\\mercury\gdrive\Depts\Marke

ting\Presentations\Hamilton

Brown Graphics\¬Guernsey

B\MASTER_Frontiers\Eviden

ce\MASTER_Frontiers.xlsx

PanAfrica S Share and

PanAfrica sector tab

PIE TO EXCLUDE CASH

ONLY – CASH ADDED

SEPARATELY

CASH SHOULD BE THE

SAME FOR COUNTRY AND

SECTOR

Details below show the portfolio composition of Investec’s Pan Africa strategy and is not necessarily representative of the Fund. There are differences between this

strategy’s mandate and that of the Africa Opportunities Fund – it typically will hold fewer investments in less liquid markets and stocks. This could potentially

enhance returns for the Fund over the longer term relative to the strategy.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-0

5

Ap

r-06

Aug

-06

Dec-0

6

Ap

r-07

Aug

-07

Dec-0

7

Ap

r-08

Aug

-08

Dec-0

8

Ap

r-09

Aug

-09

Dec-0

9

Ap

r-10

Aug

-10

Dec-1

0

Ap

r-11

Aug

-11

No

v-1

1

Zimbabwe

Zambia

ASX*

TSX*

Uganda

Morocco

Tunisia

South Africa

Nigeria

Namibia

Mauritius

Kenya

Ghana

Egypt

BRVM region

Botswana

AIM*

0%

20%

40%

60%

80%

100%

Dec-0

5

Ap

r-06

Aug

-06

Dec-0

6

Ap

r-07

Aug

-07

Dec-0

7

Ap

r-08

Aug

-08

Dec-0

8

Ap

r-09

Aug

-09

Dec-0

9

Ap

r-10

Aug

-10

Dec-1

0

Ap

r-11

Aug

-11

No

v-1

1

Utilities

Telecommunication ServicesMaterials

Information TechnologyIndustrials

Health Care

Financials

Energy

Consumer Staples

Consumer DiscretionaryCash

Bonds


07816

Investec Africa Product Range Technicals

Investec Africa

Opportunities

Fund

Investec Africa

Middle East

Equity Fund

Investec Middle

East North Africa

Equity Fund

Investec Pan

Africa Equity

Fund

Investec Africa

Fund

Investec Africa

Frontier Private

Equity Fund

Typical stock

holdings 20-60 40-60 25-50 40-60 35-45 8-10

Hedging for currency/

asset allocation Case by case

Market Capitalisation

of stocks USD100m USD100m USD100m USD20m+ USD20m+

Normally Equity

Value USD 20 –

USD 100m

Use of unlisted

equities

Fund Structure Luxembourg

UCITS

Luxembourg

UCITS

Luxembourg

UCITS

Guernsey “B”

Scheme

Guernsey “B”

Scheme

Guernsey

Limited

Partnership

Capacity Status Open Open Open Open Closed Closed

Dealing Frequency Daily Daily Daily Monthly Monthly Illiquid

Source: Investec Asset Management, 31 August 2010


07816

Africa Product Range: Liquidity Profile

Higher

Lower

Long t

erm

out

perf

orm

ance

(re

lative t

o c

ash)

Private

Equity

Liquidity

Africa

Pan

Africa

MENA

AME

AOP

Fund



07816

A Summary of our Africa Product Range

South

Africa (SA)

Sub Sahara Africa

(ex - SA) North Africa

Middle

East

Equity

Public Equity

Investec Pan Africa Equity Fund ü ü ü û

Investec Middle East North Africa Equity Fund û û ü ü

Investec Africa Middle East Equity Fund ü ü ü ü

Investec Africa Opportunities Fund ü ü ü û

Investec Africa Fund û ü ü û

Private Equity

Investec Africa Frontier Private Equity Fund ü ü ü û



07816

Financials41.8%

Consumer Staples16.7%

Industrials14.2%

Materials9.0%


6.5%


5.9%

Energy5.9%

Nigeria, 24.4%

Egypt, 19.8%

Zimbabwe, 9.3%

BRVM region, 8.0%AIM*, 6.7%Tunisia, 5.6%

Mauritius, 4.6%

TSX*, 4.3%

ASX*, 4.1%

Ghana, 2.2%Zambia, 2.2%

Kenya, 2.1%

Uganda, 1.8%

South Africa, 1.7%

Morocco, 1.7%

Botswana, 1.3%

Financials, 44.6%

Industrials, 20.1%

Consumer Goods, 9.0%

Oil & Gas, 7.2%

Telecommunications, 6.6%

Health Care, 3.9%

Consumer Services, 2.4% Basic Materials, 0.7%

Nigeria, 19.6%

Egypt, 16.5%

United Arab Emirates, 14.7%

Qatar, 11.9%

Saudi Arabia, 9.0%

Turkey, 8.1%

South Africa, 5.8%

Oman, 3.4%Others, 5.5%

Materials23.8%

Financials23.3%


18.3%

Industrials11.7%


Energy7.1%


4.5%

Health Care1.9%

South Africa, 63.2%

Egypt, 15.4%

Nigeria, 13.5%

Kenya, 3.0%

Italy, 2.5%

USA, 1.4%Zimbabwe, 1.0%


Investec Africa Opportunities Fund Investec Africa Middle East Equity Fund Investec Pan Africa Equity Fund

Country exposure

Sector exposure


UPDATE

MONTHLY



Gray)\Evidence\evidence.xlsx\Extra pie charts


07816

Materials23.8%

Financials23.3%


18.3%

Industrials11.7%


Energy7.1%


4.5%

Health Care1.9%


8.5%


Energy9.6%

Financials34.1%

Industrials8.2%

Materials9.3%


6.1%

ASX, 4.2%

Botswana, 1.5%

BRVM region, 5.7%

Egypt, 23.0%

Kenya, 2.0%

Mauritius, 4.8%

Morocco, 2.6%Nigeria, 23.5%

TSX, 1.6%

Tunisia, 0.6%

Uganda, 0.7%

United Kingdom, 10.0%

Zambia, 1.5%

Zimbabwe, 7.1%

Cash and other, 11.2%

Financials37.8%

Industrials15.3%

Consumer Goods9.2%

Oil & Gas8.1%

Telecommunications6.2%

Health Care4.2%

Consumer Services3.0%

Basic Materials2.8%

Egypt20.6%

United Arab Emirates

19.2%Qatar18.3%

Saudi Arabia10.3%

Turkey10.2%

Oman3.9%

Australia2.4% Cayman Islands

1.7%

South Africa, 63.2%

Egypt, 15.4%

Nigeria, 13.5%

Kenya, 3.0%

Italy, 2.5%

USA, 1.4%Zimbabwe, 1.0%


Investec Africa Opportunities Fund Investec Middle East

North Africa Equity Fund Investec Africa Fund

Country exposure

Sector exposure

UPDATE

MONTHLY



Gray)\Evidence\evidence.xlsx\Extra pie charts



07816

GIPS report accompanying notes: standard disclosures

GIPS Statement

Investec Asset Management has prepared this report in compliance with the Global Investment Performance Standards (“GIPS”).

Definition of the Firm

The Firm comprises all fee-paying portfolios managed by Investec Asset Management (Pty) Ltd in the Southern African Region, excluding private clients. This comprises all portfolios

that are administered on the South African administration platform. Investec Asset Management (Pty) Ltd is a wholly owned subsidiary of Investec Asset Management Holdings (Pty)

Ltd.

Disclosures and Footnotes

The performance results displayed herein represent the investment performance record for a composite managed by Investec Asset Management. These performance results do not

reflect the deduction of investment advisory fees.

This composite includes all discretionary, fee-paying accounts invested according to the composite investment strategy with a market value exceeding R5 000 000.00. Accounts

meeting these criteria are in most cases included in the relevant composite after the first full month of being under management. In markets where there is limited liquidity, whereby

portfolios are forced to enter the market gradually, resulting in cash drag the inclusion period may be extended up to a maximum of three months of being under management.

Markets which typically fit this profile are the Frontier Markets, Small Caps Sector and illiquid scrip take-ons.

The history of closed accounts that met these criteria during their lifetimes has been retained in the overall composite performance presentation.

Performance results presented have been calculated in accordance with the methodology prescribed by GIPS.

Total returns are calculated using realized and unrealized gains plus income.

If a composite allows derivatives, the extent of usage will be disclosed in the presentation.

Returns are calculated net of all applicable withholding taxes and gross of South African capital gains taxes, retirement fund taxes and income tax.

The True Time-Weighted Returns (Daily returns) methodology is followed, which calculates returns on a time-weighted basis. Prior to March 2001 Investec Asset Management used

Modified Dietz and before May 2000 Dietz was used. Periodic returns are geometrically linked.

Accrued income is included in the market values of all fixed-income securities. Returns from cash and cash equivalents are included in total-return calculations.

Performance is calculated net of trading expenses.

Monthly composite returns are calculated by weighting each account’s return by its beginning market value as a percentage of the total composite beginning market value.

A complete list with details and descriptions of the firm’s composites is available upon request.

Performance results are expressed in ZAR, NAD, BWP, EUR, CAD, GBP and USD.

Market values for domestic and foreign investments are the last traded prices. Market values for foreign units are the ruling prices as at UK noon for onshore and UK midnight the

previous day for offshore fund holdings. All foreign market values are converted using WM Reuters Mid-Rate 16h00 (UK time). Prior to 31 July 2008 the WM Reuters Mid-Rate 12h00

(SA time) was used to convert foreign market values. Foreign market unit valuations are sourced from the London office of the Firm.

Additional information regarding policies for calculating and reporting returns as well as relevant fee information will accompany the relevant presentations.


07816

Important information

This communication is not for general public distribution. If you are a private investor and receive it as part of a general circulation, please

contact us at +44 (0)20 7597 1900.

The value of this investment, and any income generated from it, will be affected by changes in interest rates, general market conditions

and other political, social and economic developments, as well as by specific matters relating to the assets in which it invests. The Fund’s

investment objective will not necessarily be achieved and investors are not certain to make profits; losses may be made.

All the information contained in this communication is believed to be reliable but may be inaccurate or incomplete. Any opinions stated

are honestly held but are not guaranteed and should not be relied upon. This is not a buy, sell or hold recommendation for any particular

security. The portfolio may change significantly over a short period of time.

This communication is provided for general information only. It is not an invitation to make an investment nor does it constitute an offer

for sale. The full documentation that should be considered before making an investment, including the prospectus and simplified

prospectus or offering memorandum, which set out the fund specific risks, is available from Investec Asset Management.

The Fund is domiciled in Luxembourg. This communication should not be distributed to private customers who are resident in countries

where the Fund is not registered for sale or in any other circumstances where its distribution is not authorised or is unlawful. Please visit

www.investecassetmanagement.com/registrations to check registrations by country. In Switzerland, the Fund’s Simplified Prospectus,

Prospectus and Report & Accounts may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Dexia

Investor Services Bank S.A., Esch-sur-Alzette, Badenerstrasse 567, P.O. Box 101, CH-8066 Zurich. In Germany, the Fund’s Simplified

Prospectus, Prospectus and Report & Accounts may be obtained free of charge from the German Representative, J.P. Morgan AG,

Junghofstraße 14, 60311 Frankfurt am Main.

In the USA, this communication should only be read by institutional investors, professional financial advisers and, at their exclusive

discretion, their eligible clients, but must not be distributed to US Persons.

THIS INVESTMENT IS NOT FOR SALE TO US PERSONS.

Telephone calls may be recorded for training and quality assurance purposes. Issued by Investec Asset Management Ltd (IAM),

December 2011. IAM is authorised and regulated by the Financial Services Authority.


07816

Calendar Periods

Composite

Weighted

Average Return Hurdle Excess Return

YTD -22.84% 3.51% -26.36%

2010 31.38% 4.30% 27.09%

2009 35.67% 4.38% 31.29%

2008 -45.38% 7.09% -52.47%

2007 77.59% 9.70% 67.89%

2006 24.75% 9.46% 15.29%

Pan Africa Composite (AE-AF-MT-E)

Company Name: INVESTEC ASSET MANAGEMENT

Mandate: PAN AFRICA

Benchmark: N/A

Hurdle: US$ LIBOR 1M + 4%

Returns are reported: GROSS OF FEESCurrency: USD

Pan Africa composite invested in all African equity markets and bonds. This composite invests in stocks

that are locally listed in South Africa and stocks that are listed on the African continent as well as

offshore resources companies whose majority of operations are in Africa.

GIPS report

Benchmark

We do not believe that there is a published benchmark which accurately reflects the investment

remit of this composite.

Dispersion

Dispersion is calculated as the asset weighted standard deviation of all constituent portfolios that

were included in the composite for the entire year. If a composite consists of less than five portfolios,

no measure of dispersion is presented.

Composite

Creation DateThis composite was created on 31-Dec-2005.

Management Fees

The standard institutional management fee for this composite is 1.0% per annum. A performance

fee is also incurred in the management of this mandate.

Annualised Returns

(Longer than 1 year)

Composite

Weighted

Average Return Hurdle

Excess Return vs

Hurdle

3 Month -14.44% 1.04% -15.48%

6 Month -15.98% 2.08% -18.06%

1 Year -19.29% 4.24% -23.53%

3 Years 5.55% 4.42% 1.13%

5 Years 7.31% 6.10% 1.21%

Since Inception 9.12% 6.57% 2.56%

Source: Investec Asset Management, as at 30 November 2011

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