1. Investec Asset Management Update on Asset Class Returns December 2015

2. 2 Confidential | Investec Asset Management 20005 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 1995 8.78% 29.67% 9.61%24.17%9.13%22.44%16.30% 1996 9.51% 6.29% -9.27%45.61%35.40%32.96%65.98% 1997 -6.91% 28.72% 16.98%12.80%20.44%9.98%4.28%-8.59% 1998 -5.91% 4.80% 17.27%-3.64%50.30%27.74%39.38%4.39% 1999 70.82% 29.39% 15.56%44.35%32.35%10.18%0.21%9.42% 2000 0.35% 19.22% 10.89%25.97%5.47%31.02%24.89%37.43% 2001 32.61% 17.84% 10.17%6.01%32.77%65.07%56.89%60.79% 2002 -8.31% 15.96% 11.61%18.02%-42.28%-27.19%-14.52%-26.61% 2003 16.08% 18.07% 12.25%40.99%4.23%-21.27%-10.61%9.84% 2004 25.44% 15.25% 7.98%41.26%-2.74%-14.39%-6.89%14.89% 2005 47.25% 10.80% 7.14%50.04%24.78%16.36%4.84%29.45% 2006 41.23% 5.48% 7.42%28.37%34.46%16.93%17.97%57.16% 2007 19.19% 4.21% 9.35%26.52%8.24%2.16%7.54%-7.69% 2008 -23.23% 16.97% 11.69%-4.47%-21.81%38.47%50%-30.81% 2009 32.13% -0.99% 9.13%14.07%7.23%-20.16%-18.32%12.48% 2010 18.98% 14.96% 6.93%29.62%1.22%-9.95%-5.51%8.35% 2011 2.57% 8.87% 5.73%8.93%13.07%22.23%29.79%12.96% 2012 26.68% 15.95% 5.54%35.88%22.04%5.26%6.82%37.98% 2013 21.43% 0.66% 5.18%8.39%51.60%23.61%18.51%28.07% 2014 10.88% 10.15% 5.90%26.64%15.05%10.56%9.93%25.49% 2015 5.13% -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. 3 Confidential | Investec Asset Management 20005 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 1999 26.44%5.26%-4.27%4.53% 2000 -14.21%6.61%1.59%11.78% 2001 -16.21%4.14%-0.99%1.48% 2002 -19.32%1.79%19.49%2.60% 2003 33.99%1.21%14.91%41.20% 2004 15.23%1.43%10.35%36.13% 2005 10.84%3.36%-6.88%14.99% 2006 20.95%5.22%6.12%41.37% 2007 11.66%5.36%10.95%-4.77% 2008 -42.19%2.37%10.89%-48.85% 2009 34.63%0.23%2.55%41.21% 2010 12.67%0.24%5.17%20.61% 2011 -7.35%0.16%6.35%-7.44% 2012 16.13%1.16%1.65%31.30% 2013 22.80%0.13%-4.00%3.75% 2014 4.16%0.09%-0.48%13.61% 2015 -2.36%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

4. Thank you www.investecassetmanagement.com

5. 5 Confidential | Investec Asset Management 20005 Confidential | Investec Asset Management Disclaimer All information and opinions provided are of a general nature and are not intended to address the circumstances of any particular individual or entity. We are not acting and do not purport to act in any way as an advisor or in a fiduciary capacity. No one should act upon such information or opinion without appropriate professional advice after a thorough examination of a particular situation. We endeavour to provide accurate and timely information but we make no representation or warranty, express or implied, with respect to the correctness, accuracy or completeness of the information and opinions. We do not undertake to update, modify or amend the information on a frequent basis or to advise any person if such information subsequently becomes inaccurate. Any representation or opinion is provided for information purposes only. Investec Asset Management will not be held liable or responsible for any direct or consequential loss or damage suffered by any party as a result of that party acting on or failing to act on the basis of the information provided by or omitted from this document. This document may not be amended, reproduced, distributed or published without the prior written consent of Investec Asset Management. In the event that specific collective investment schemes in securities (unit trusts) are mentioned please refer to the relevant fact sheet in order to obtain all the necessary information in regard to that unit trust. Collective Investment Schemes in Securities (CIS) are generally medium to long-term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of charges, fees and adviser fees is available on request from the manager. Additional adviser fees may be paid and if so, are subject to the relevant FAIS disclosure requirements. Forward pricing is used. Certain Investec Asset Management funds are offered as long-term insurance policies issued by Investec Assurance Limited, a registered insurer in terms of the Long-term Insurance Act. Investec Asset Management is an authorised financial services provider.