Investec Asset Management Update on Asset Class Returns December 2015

2 Confidential | Investec Asset Management Confidential | Investec Asset Management SA Asset Classes' returns in ZAR Historic Returns Source: Morningstar as at 31 December 2015 ALSIALBISA CASH SA LISTED PROPERTY OFFSHORE EQUITIES OFFSHORE CASH OFFSHORE BONDS OFFSHORE PROPERTY % 29.67% 9.61%24.17%9.13%22.44%16.30% % 6.29% -9.27%45.61%35.40%32.96%65.98% % 28.72% 16.98%12.80%20.44%9.98%4.28%-8.59% % 4.80% 17.27%-3.64%50.30%27.74%39.38%4.39% % 29.39% 15.56%44.35%32.35%10.18%0.21%9.42% % 19.22% 10.89%25.97%5.47%31.02%24.89%37.43% % 17.84% 10.17%6.01%32.77%65.07%56.89%60.79% % 15.96% 11.61%18.02%-42.28%-27.19%-14.52%-26.61% % 18.07% 12.25%40.99%4.23%-21.27%-10.61%9.84% % 15.25% 7.98%41.26%-2.74%-14.39%-6.89%14.89% % 10.80% 7.14%50.04%24.78%16.36%4.84%29.45% % 5.48% 7.42%28.37%34.46%16.93%17.97%57.16% % 4.21% 9.35%26.52%8.24%2.16%7.54%-7.69% % 16.97% 11.69%-4.47%-21.81%38.47%50%-30.81% % -0.99% 9.13%14.07%7.23%-20.16%-18.32%12.48% % 14.96% 6.93%29.62%1.22%-9.95%-5.51%8.35% % 8.87% 5.73%8.93%13.07%22.23%29.79%12.96% % 15.95% 5.54%35.88%22.04%5.26%6.82%37.98% % 0.66% 5.18%8.39%51.60%23.61%18.51%28.07% % 10.15% 5.90%26.64%15.05%10.56%9.93%25.49% % -3.93%6.46% 7.99%30.78%34.13%29.15%34.06% BofAML USD Libor used as proxy for Offshore Cash; Citi WGBI used as proxy for Offshore Bonds; MSCI ACWI used as proxy for Offshore Equities; STeFI Composite used as proxy for SA Cash; S&P Global Property used as proxy for Offshore Property. Returns based in ZAR

3 Confidential | Investec Asset Management Confidential | Investec Asset Management SA Asset Classes' returns in USD Historic Returns Source: Morningstar as at 31 December 2015 OFFSHORE EQUITIESOFFSHORE CASHOFFSHORE BONDS OFFSHORE PROPERTY %5.26%-4.27%4.53% %6.61%1.59%11.78% %4.14%-0.99%1.48% %1.79%19.49%2.60% %1.21%14.91%41.20% %1.43%10.35%36.13% %3.36%-6.88%14.99% %5.22%6.12%41.37% %5.36%10.95%-4.77% %2.37%10.89%-48.85% %0.23%2.55%41.21% %0.24%5.17%20.61% %0.16%6.35%-7.44% %1.16%1.65%31.30% %0.13%-4.00%3.75% %0.09%-0.48%13.61% %0.14%-3.57%0.09% BofAML USD Libor used as proxy for Offshore Cash; Citi WGBI used as proxy for Offshore Bonds; MSCI ACWI used as proxy for Offshore Equities; S&P Global Property used as proxy for Offshore Property. Returns based in USD

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