1. RE·CM is a licensed Financial Services Provider, FSP number 18834

2. Piet Viljoen - 8 May 2012 RE:CM Investment Presentation

3. RE·CM is a licensed Financial Services Provider, FSP number 18834 Agenda  RE:CM Update  Investment Philosophy & Process  RE:CM Global Flexible Fund  RE:CM Fund Returns  Market Views  Our Competitive Advantages

4. RE·CM is a licensed Financial Services Provider, FSP number 18834 RE:CM Global Flexible Fund 10.00 15.00 20.00 25.00 30.00 35.00 Apr 03 Apr 05 Nov 06 Dec 08 May 11

5. RE·CM is a licensed Financial Services Provider, FSP number 18834 RE:CM Global Flexible Fund: Portfolio Breakdown 31 March 200831 March 201031 March 2012 Equity63.5%67.8%66.6% SA52.7%53.7%25.5% Offshore10.8%14.1%41.1% Bonds2.3%5.2%3.5% SA1.9%5.2%3.5% Offshore0.4%0.0% Property0.3%0.0%2.6% SA0.3%0.0%2.6% Offshore0.0% Cash30.3%26.0% SA26.2%19.7%16.5% Offshore4.1%6.3%9.5% Other3.6%0.8%1.1% Prefs3.6%0.8%1.1% Commodity0.0%0.2% Global as % of Total15.3%20.4%53.2% Asset Allocation

6. RE·CM is a licensed Financial Services Provider, FSP number 18834 RE:CM Global Flexible Fund: Portfolio Breakdown Top 10 Holdings As at 31 March 2012 Top 10 Holdings Business % of Total Sun International5.1 Microsoft4.1 Johnson & Johnson3.8 Carrefour3.7 Amplats3.1 BP3.1 Berkshire Hathaway3.0 Discovery2.5 Wellpoint2.0 Vividend Income Fund1.8 Top 10 Holdings Business % of Total Sun International4.7 Discovery4.7 Imperial3.5 Adcock Ingram3.4 Old Mutual3.1 Metropolitan3.0 Telkom SA2.9 Remgro2.8 Harmony Gold2.7 Brait SA2.5 Top 10 Holdings Business % of Total Discovery4.1 MET LTD4.1 Tiger Brands4.0 Omnia3.1 Pick n Pay3.1 Richemont Dr3.0 Standard Bank2.9 Harmony2.8 Afrox2.7 JD Group2.5 As at 31 March 2010As at 31 March 2008

7. RE·CM is a licensed Financial Services Provider, FSP number 18834 RE:CM Fund Returns Net of Fees Total1 Year3 Years5 YearsSince InceptionDate RE:CM Global Flexible Fund12.0%14.3%7.4%15.7%07/04/2003 CPIX + 8% p.a.14.1%13.2%14.9%13.7% As at 31 March 2012 RE:CM Flexible Equity Fund7.1%18.1%5.9%16.7%02/03/2005 FTSE/JSE All Share Index7.5%21.3%7.2%17.4% RE:CM Global Fund (USD)8.0%20.5%5.7%6.2%31/03/2006 MSCI World (USD)1.1%20.9%-0.1%2.4% RE:CM Global Feeder Fund20.9%10.6%4.2% 01/03/2007 MSCI World (ZAR)14.8%12.2%0.9% RE:CM Australia Equity Fund0.5%n/a 4.1%25/03/2010 ASX 300 (AUD)-6.3%n/a -1.4% RE:CM Money Market Fund5.6%n/a 5.5%01/10/2010 STEFI Call Rate5.3%n/a 5.4% Nedgroup Investments Managed Fund8.4%14.4%7.1%14.9%01/06/2004* Ranking vs all SA Unit Trusts395/653222/575195/455120/274 *Fund Inception Date 1 November 1997

8. RE·CM is a licensed Financial Services Provider, FSP number 18834 Long-term Price-to-Book Multiple of the SA Market 8

9. RE·CM is a licensed Financial Services Provider, FSP number 18834 P/B Ratio – Emerging Markets vs Developed Markets

10. RE·CM is a licensed Financial Services Provider, FSP number 18834 South African Resource Sector Relative to the All Share Index, Since Inception of RE:CM

11. RE·CM is a licensed Financial Services Provider, FSP number 18834 Rand Valuation Source: J.P. Morgan Chase and Co. * Based on U.S. and South African Consumer Prices Copyright: BCA Research 2012

12. RE·CM is a licensed Financial Services Provider, FSP number 18834 Our Competitive Advantages  Patience  Size  Fees

13. RE·CM is a licensed Financial Services Provider, FSP number 18834 Thank You

14. RE·CM is a licensed Financial Services Provider, FSP number 18834 Regarding Capital Management (Pty) Ltd Registration No. 2004/007733/07 (“RE·CM”) Regarding Capital Management (“RE:CM”) is a licensed Category I and Category II Financial Services Provider in terms of section 8 of the Financial Advisory and Intermediary Services Act 37, 2002 (licence number 18834). Accordingly, RE:CM is authorised to provide advisory and/or render discretionary intermediary services. There are risks associated with investments in financial products, including market, credit & currency risks. As performance of the financial markets fluctuates and is not guaranteed, the investor may not get back the full amount invested. Past performance is not necessarily an indication of future performance. All returns are rand returns, unless otherwise stated. All performance data is calculated by RE:CM unless otherwise stated. Regarding Capital Management (Pty) Ltd P O Box 45040 Claremont, 7735 South Africa Tel: (021) 657 3440 www.recm.co.za