Investec asset management

Emerging Market Debt – risk asset orsafe haven?Thanos PapasavvasStrategist, Fixed Income & CurrenciesMay 2012

Fixed income is a core capability of Investec ● Over 25 years successful experience in our chosen markets ● $30.8bn* under management – over 34% of Investec Asset Management’s total ● Specialist teams ensure expert decision-making ● Best investment ideas matched to mandate Best Large Bond Group Award 3 Years objectives Second year runningSource: Investec Asset Management, 31.12.11*On a net managed basisPage 2 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Investec’s emerging markets debt pedigree● Investec Asset Management’s origins are South African● Total assets in emerging markets approximately $56 billion*● Over 75 investment professionals across our equity and fixed income teams, covering over 60 emerging countries over the world● Over $10 billion invested in global emerging markets debt, plus further $16 billion in South African and African fixed incomeAs at 29 February 2012*This covers assets held by all strategies in EM assets.Page 3 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

The attractions of emerging markets debt● Strong emerging market fundamentals – Emerging markets as percentage of world better placed than many developed Contribution to world GDP 36% markets Contribution of emerging markets to aggregate 92% growth over the 3 year period Jun 2008 to Jun 2011● Significant and growing part of global Contribution to global trade 37% economy, with plenty of room for Government bonds outstanding (includes both 14% productivity gains domestic and international)● Growth accentuated by four accelerator Population 84% themes Total land surface area 74% − Favourable demographics Known oil reserves 86% − Commodity richness − History of fiscal and monetary reforms − Better fiscal situation Convergence to developed markets will lead to outperformance of EM assetsSource: IMF World Economic Outlook Database June 2011,BIS (Bank for International Settlements) June 2011,CIA World Fact book and EIA (US Energy Information Administration).Page 4 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

A self-reinforcing cycle Nominal GDP (USD$) 50 Nominal GDP (US$ trn) Emerging Markets 40 Developed Markets Resource Increasing 30 demand wealth 20 10 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Share of Nominal GDP Growth Share of Global GDP Growth 90% Emerging Markets Demand for Demand for 80% Developed Markets consumer consumer 70% services goods 60% 50% 40% 30% 20% 10% 0% 2006-2010 2011-2015 2016-2020Source: Business Monitor International September 2011Page 5 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

EM accelerator theme 1Favourable demographicsPopulation growth Working age % of population Dependency ratios are improving in emerging marketsSource: UNStats, World Bank, IAM calculationsPage 6 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

EM accelerator theme 2Commodity richesPercentage share of global commodity production 100% Developed Emerging 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Coal Iron Ore Gold Oil Copper Rice Wheat Global natural resources are predominantly found in EMSource: UN Stats, IAM calculations as at March 2012Page 7 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

EM accelerator theme 3Strong historic reformsAdoption of fiscal rules in EM Adoption of Inflation Targeting in EM Much of EM applying global best practices in managing macro economic stabilitySource: IMF, Centre for Economic Policy ResearchPage 8 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

EM accelerator theme 4Much better fiscal situation● Emerging markets do not face the challenges that the developed world is facing● Rising public debt in industrial countries poses fiscal challengesOverall Balance Gross Debt % of GDP % of GDP Fiscal situation much stronger compared with developed marketsSource: IMF, June 2011Page 9 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Accessing the Emerging Markets ThemesKey drivers and relationshipsPage 10 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Emerging debt markets compare very favourably with other asset classesDecember 2002 to March 2012 (USD)(Return/correlation data since the start of JP Morgan GBI-EM Global Diversified index,our preferred local currency comparative index) Ann Standard Sharpe Correlation with Return deviation ratio Local EM debt EM equities 17.9% 24.6% 0.73 0.79 Local EMD 12.4% 12.0% 1.04 1.00 Blended EMD 11.5% 9.9% 1.16 0.96 Dollar EMD 10.5% 9.1% 1.16 0.78 Global high yield 10.7% 11.7% 0.91 0.72 Developed property 10.8% 22.7% 0.48 0.71 Corporate EMD 8.2% 9.0% 0.91 0.72 EM Currencies 8.0% 8.0% 1.00 0.94 Global equities 8.3% 16.5% 0.50 0.76 Hedge funds 7.2% 6.0% 1.19 0.66 Global bonds 6.3% 7.4% 0.85 0.56 Global credit 6.1% 6.3% 0.97 0.64 S&P500 7.3% 15.1% 0.49 0.68 US bonds 4.8% 4.9% 0.98 0.11Data from 31 December 2002 – 31 March 2012, standard deviation and correlation of monthlyreturns in USD, Local EMD = JP Morgan GBI EM Global Diversified.Blended EMD=50% JP Morgan GBI-EM GD+50% JP Morgan EMBI GD; Dollar EMD=JPMorgan Emerging Markets bonds Index EMBI GD; Developed Property= S&P/Citi Developed REIT Index TR; Hedge funds = CS/Tremont Hedge Fund Index; EM currencies =JPMorgan Emerging Local Markets ELMI PlusComposite; Global high yield = Merrill Lynch Global High Yield Index (100% hedged to $); EM equities =MSCI Daily Gross Returns USD EM; Global equities =MSCI Daily Gross TR USD World Indx; Global credit = Citigroup World Broad Investment-Grade Index; Global bonds = Citigroup WGBI All Maturities USD; USbonds = Citigroup US GBI All Maturities USD; Commodities = S&P GSCI Total ReturnPage 11 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Local Currency Emerging Markets Debt● Exposure to sovereign bonds denominated in the Country weights of the JP Morgan local currency index Other currency of the issuer Thailand 2.9% Brazil 10.0% 8.3%● Available in emerging markets with more developed Mexico Malaysia 10.0% 10.0% financial systems Colombia● Performance driven by two sources of return: 4.4% Indonesia 10.0% Poland − Bond yields and yield compression 10.0% Turkey 10.0% − EM FX appreciation Russia 8.8% South Af rica Hungary 10.0% 5.6%● A relatively new market, with rapidly increasing depth Local currency emerging markets debt and liquidity 23.0% 22.0% 25% Total return● Could be suitable for investors that: 18.1% 16.9% 16.8% Bond return 15.7% 15.3% 15.2% 20% 13.1% FX Return (incl carry) 11.4% 15% − Look for highest historical EMD return, but accept 8.6% 8.0% 7.7% 7.3% 7.2% 7.1% 6.3% 10% 5.5% 5.4% 5.2% 5.0% 4.5% higher volatility 5% 0% − Look for true diversification from their base -1.0-% -1.8-% -5% -5.2-% currency and credit holdings -6.2-% -10% -10.6-% -15% -20% 2003 2004 2005 2006 2007 2008 2009 2010 2011Sources: JP Morgan GBI-EM Global Diversified in USD, January 2003 to February 2012Page 12 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Emerging Markets Currencies● Pure play on emerging market currencies EM currencies – breakdown of the JP Morgan ELMI+● Invests via short-dated instruments limiting interest Index Mexico 10.4% 10.3% rate risks Singapore 9.8% 9.5% Turkey 9.5%● Emerging market currencies should outperform Hungary 5.9% 7.6% 4.9% developed market currencies over time: Romania 3.0% 3.0% Colombia 2.4% − Higher rates of growth India 2.1% 2.1% 2.1% − Improving governance Chile 2.1% 2.0% Thailand 2.0% − Natural resource abundance Taiwan 2.0% 1.9% 1.9% − Lower debt levels Indonesia 1.9% 1.9% Peru 1.8%● A broad, heterogeneous emerging markets universe 0% 5% 10% 15% provides much opportunity for relative value plays Emerging markets currencies offer value● Could be suitable for investors that: 5.0 4.8 BRL 4.6 − Look for currency appreciation from a diverse ILS 4.4 COP HKD SGD basket of EM currencies 4.2 IDR 4.0 ARS TWD THB 3.8 PHP − Look for avoid interest rate risk, for instance due to 3.6 INR Actual 3.4 inflation risks 3.2 Fair Value 3.0 3.5 4.0 4.5 5.0Sources: Investec, PENN, JP Morgan February 2012Page 13 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Hard Currency Emerging Markets Debt● Exposure to sovereign bonds denominated in hard JP Morgan EMBI GD Country breakdown (Top 15) currencies (USD, EUR, etc) Brazil 6.8% Russia 6.3%● Returns driven by country credit fundamentals: Philippines 6.2% Mexico 6.1% Indonesia 6.0% − government debt ratios Turkey 5.9% Venezuela 4.7% − ability and willingness to repay Colombia 4.6% Poland 3.8% Peru 3.7% − Improving credit ratings South Africa Lebanon 3.6% 3.6% Kazakhstan 3.5%● An established market with a long history Panama Ukraine 3.0% 3.0%● Could be suitable for investors that: 0% 2% 4% 6% 8% JP Morgan EMBI GD credit buckets − Look to benefit from structural reforms and credit (% of total benchmark market capitalisation) IG BB B NR quality improvement in EM governments 100% 90% 80% − Want to invest in a wide range of EM countries, 70% 60% providing diversification and excess to frontier 50% 40% markets 30% 20% 10% − Look to avoid currency risk, often the more volatile 0% Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 area of EMSource: JP Morgan February 2012.Page 14 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Emerging Markets Corporate debt● Expanding universe of sound companies constrained JPMorgan CEMBI BD Rating and Sector breakdown by sovereign rating Consumer● Higher historic yield than developed market corporate Metals & Mining Products 5% B Residual 5% 7% 10% debt across rating bands Banks Utilities● Fast-growing asset class and investor base should 10% 33% BB mean positive flows 15% Telecom● Dedicated EM corporate debt funds still rare, first 12% move advantage Investment Grade● Could be suitable for investors that : Oil 14% Industrials 19% 70% − Look to benefit from growth and credit quality improvement in EM corporates Index yields February 2012 8.50% 9% − Look to add diversification and better yield 8% 7.31% 7% potential to their existing credit portfolio 6% 4.90% 5.57% 5% 4% 3.47% − Look to add a diverse source of return to their 3% 2% 1.05% EMD portfolio 1% 0% US Govt US IG Corp EMIG Corp EM Sov US HY Corp EM HY CorpSource: EM High Yield Corporate = JP Morgan CEMBI Broad Diversified High Yield Index, EM Investment Grade Corp = JP MorganCEMBI Broad Diversified Investment Grade Index, US High Yield Corporate = Merrill Lynch US High Yield Master II Index, USInvestment Grade Corp .= Merrill Lynch US Corporate Master Index, EM Sovereign Bonds= JPMorgan Emerging Markets Bonds GlobalDiversified Index , US Treasuries = Merrill Lynch US Treasury MasterPage 15 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Emerging Markets Blended Debt● Mix of Local Debt, Hard Currency Debt and EM Risk vs. Reward Corporate Debt, eg: 15% − 50% Local 14% 13% − 40% Hard Ann. return % 12% Local EMD − 10% Corporate 11% Hard EMD● Active asset allocation offers significant return 10% Corp EMD 9% Blended EMD opportunities 8%● provides much opportunity for relative value plays 7%● Could be suitable for investors that : 8% 9% 10% 11% 12% 13% 14% 15% Ann. risk % − Look for the widest range of EMD, offering best historic risk-reward characteristics Ann Standard Return deviation − Look for capital gains driven by currency Blended EMD 11.5% 9.9% appreciation, credit improvement and structurally Dollar EMD 10.5% 9.1% lower inflation Local EMD 12.4% 12.0% Corporate EMD 8.2% 9.0%Total returns in USD for period 31 December 2002 to 31 January 2012, Local Currency EMD = JPM GBI-EM Global Diversified;Hard Currency EMD = JPM EMBI Global Diversified; Blended EMD = 50% Local, 40% Hard, 10% Corporate* Annualised standard deviationPage 16 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Current valuations● Local debt at lower bounds of range expected● Spreads retraced approximately half of last year’s sell-off, attracting significant flows● Relative to credit quality, credit spreads stand-out● Sharp Jan rally currencies has been followed by sideways movement, strong EM fundamentals continue to support flowsDollar and corporate spreads EMFX performance vs. USD & EUR Dollar and corporate spreads 420 EMFX Performance vs USD & EUR 1,000 400 EMBI Global D iv CEMBI Broad Div 380 800 GBI-EM Glbl D iv 360 340 600 320 300 400 280 260 200 240 - 220 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11Spreads vs comparable maturity US Treasuries.Source: Bloomberg, JPM, Investec Asset Management, April 2012Page 17 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Investec EM Debt and Currency Strategies Includes off-benchmark Frontier Markets Excludes off-benchmark 10% EM Currency Alpha Frontier Markets Alpha target Blended EMD Dynamic Local EMD Broad Local EMD 2-4% Investment Grade EMD EM Corporate Debt EM Currency Hard Currency EMD EM Currencies only Local EM Debt Hard Currency EM Debt and CurrenciesPage 18 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Investecs key competitive advantages in EMD● A broad range of EMD strategies● A long history in Emerging Markets − More than 15 years experience in local and external bond markets and more than 10 years in emerging currencies − Local presence and experience across emerging asset classes gives us excellent insight in what drives emerging market returns● Tried and tested emerging market bond and currency processes − Built on proven local bond and global currency processes and long history in EM corporate investing● Systematic and disciplined approach identifies wide range of opportunities − Proprietary quantitative models provide objective input − Not overly reliant on one theme● Specialist and highly motivated team − Diverse and complementary skill set − Experienced professionals focused on emerging bond and currency marketsPage 19 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Assets under management● Increased assets significantly across different strategies Assets under management Assets under Management 29 February 2012 Emerging Markets Local Currency Debt (Broad) $6,851m Emerging Markets Local Currency Debt (Dynamic) $2,300m Blended EMD (50% local / 50% hard) $281m Hard Currency Debt $158m EM Corporate Debt $69m Emerging Market Currency $179m Cross-over and other EMD $489m Total $10,327m A well-supported capabilityPage 20 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Emerging Market Debt & Currency Emerging Market Debt & Currency Strategy Leaders Peter Eerdmans – Werner Gey van Pittius – Asia MEA & CIS Investment Specialists – Sovereign & FX Vivienne Taberer – Latam Michail Diamantopoulos – CEE Mark Evans – Asia Antoon de Klerk – Africa Duncan Ngandu – Latam & CEE Grant Webster – MEA & CIS Investment Specialists – Credit Victoria Harling – Frontier and Quasi Leah Parento – EM Credit Sovereign Tammy Lloyd – EM Credit Sergey Bolshakov – EM Credit Thanos Papasavvas Fixed Income & Currency Strategist 5 Fixed Income & Currency DealersPage 21 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Disciplined and repeatable process driven by bottom-up views BOTTOM UP TOP DOWN FINAL PORTFOLIO Fundamentals, valuation and Beta market behaviour discussion Structured approach Disciplined approach based on Vigorous debate unlocks captures “Compelling Forces”, covering wide insight across Investec’s experience and range of factors investment teams controls risk Portfolio built bottom-up, supplemented with top-down checks and balancesPage 22 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Latest Dynamic portfolio – active positionsActive duration positions Active currency positions Total: -0.18 Total: -3.89% Brazil 0.23 INR 3.95% KRW 3.94%South Africa 0.19 CZK 2.42% Russia 0.18 RUB 2.32% Qatar_USD 0.11 CLP 1.92% Turkey 0.04 IDR 1.89% Philippines 0.00 PLN 1.87% Czech 0.00 BRL 0.06% RON 0.00% Egypt 0.00 TRY -0.06% Malaysia -0.01 ZAR -0.09% Peru -0.01 MYR -0.12% Chile -0.01 COP -1.98% Hungary -0.02 MXN -2.08% HUF -2.14% Poland -0.02 ILS -2.44% Indonesia -0.15 THB -2.54% Colombia -0.15 PEN -2.54% Mexico -0.19 PHP -3.90% Thailand -0.30 TWD -4.37% -0.50 -0.30 -0.10 0.10 0.30 -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00%Source: Investec Asset Management, 31 March 2012Page 23 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Emerging Markets Local Currency Debt (Aggregate)Performance to end of March 2012 (in USD)Emerging Markets Local Currency Debt (Aggregate) Performance vs. Local EMD (Aggregate) and USD EMDcomposite performance 20.0% EM Local Currency (Aggregate) Composite Performance Comparative AlphaEM Local Currency (Aggregate) IR 18.0% % index % % GBI-EM Global Div 16.0%One year 2.70 3.44 -0.74 -0.41 EMBI Glbl Div 14.0%Three years, annualised 18.84 16.83 2.01 0.79 12.0% 10.0%From 31 July 2006, annualised 13.21 11.62 1.60 0.51 8.0% 6.0%See source 1. 4.0% 2.0%EM Local Currency Debt (Broad) Lipper ranking 0.0% 1 year 3 years (ann) Since inception Rank** Rank** Rank** (ann)* 1 year 3 years since inception Lipper Universe All onshore and offshore 133/196 41/133 3/90 See source 1. Global EMD fundsSee source 2. Strong performance relative to benchmark and peer groupSource: 1. Inception date 31 July 2006. Gross performance, annualised, with gross dividends reinvested 2. Lipper, net of fees. ** Ranking of Investec Emerging Markets Local Currency Debt Fund A Acc Gross GBP The performance quoted is of actual performance post share class launch date of the A GBP share class (1 June 2007) and synthesised performance pre A GBP share class launch date. The synthesised performance is based on oldest share class since fund launch and takes into account the difference in total fees between the oldest and the synthesised share classesPast performance should not been seen as a guide to the futurePage 24 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Emerging Markets Local Currency DebtPerformance attributionMajor alpha sources(relative % contribution since inception) Top 5 contributors Contribution (ann) Brazil 0.32% 2.0% Currency Local Debt Other Russia 0.30% 1.5% Israel 0.28% Colombia 0.27% 1.0% Chile 0.26% 0.5% 0% Bottom 5 contributors Contribution (ann) Czech -0.07% -0.5% Slovakia -0.02% -1.0% Indonesia -0.01% FX Beta Currency Duration Country Curve & Dollar Credit Admin Total selection Beta selection issue sov debt Namibia 0.01% selection Argentina 0.01% Positive contributions from the key bottom-up alpha sourcesSource: Investec Asset ManagementAttribution based on actual positions and end-of-day prices. From 31 July 2006 – 31 March 2012Page 25 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Global Bond and Global Strategic Income

There are many ways to make money in fixed incomeAnnual Returns in USD for different fixed income asset types – best to worst 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 13.5% I8.9% 22.0% 27.9% 23.0% 6.3% 15.2% 18.1% 13.9% 60.9% 15.7% 9.6% Highest ● Returns vary return significantly across the 9.2% 6.7% 11.6% 18.5% 12.1% 3.7% 10.8% 11.5% 10.1% 22.0% 15.3% 5.2% range of fixed income 6.6% 4.2% 11.4% 16.9% 11.3% 3.4% 6.9% 9.0% 2.9% 16.3% 7.4% 5.0% opportunities 2.0% 3.5% I8.4% 6.3% 5.5% 3.4% 5.2% 5.4% -4.8% 4.4% 5.8% 3.2% ● We look to hold assets -2.6% 3.2% 1.8% 2.3% 3.5% 2.8% 3.8% 3.4% -5.2% 0.3% 5.2% 0.2% that suit the economic Lowest -5.3% -3.5% -1.0% 1.2% 1.5% -9.2% 3.1% 2.1% -26.6% -3.7% 0.3% -1.8% return environment and that offer value Emerging market debt Investment grade corporate bond ● We look to avoid those Treasuries Cash that don’t Global High yield corporate bonds A strategic fund that adapts exposure to suit different environmentsSource: Investec Asset Management, Bloomberg BBA 1 month Libor, Citigroup Treasury Index, Citigroup WGBI-ex US, JPMorgan ELMI+ in USD to 2003, JP Morgan GBI-EM Global Diversified in USD from 2003, Merrill Lynch Global HY Index hedgedinto USD, Merrill Lynch Global Corporate Index hedged into USDPage 27 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Global Bond and Global Strategic Income- How they differGlobal Bond Global Strategic Income● Benchmark aware* ● Benchmark Unconstrained● No High Yield ● High Yield allowed● Limits of 50% Credit & 25% EM Debt** ● No fixed limits, but well diversified● Focus on high quality global ● Income seeking, but total return government and corporate bonds orientated A more conservative way to exploit A more aggressive way to exploit global bond & currency markets global bond & currency markets Two sides of the same coin* Barclays Global Aggregate for performance comparisons** Please note these are internal limits and are subject to changePage 28 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Disciplined and repeatable process STEP Asset Allocation Decision 1 Allocation to Global government bonds, Corporate bonds, Emerging market bonds, Developed and emerging market currencies STEP Specialist Asset Decision Making Underlying specialist teams manage the allocated exposure 2 STEP Risk Management Risk budget scales positions to reflect the mandate 3 Risk analysis ensures appropriate overall risk exposure STEP Final Portfolio Bringing together our best global fixed income house views 4 A sustainable and repeatable processPage 29 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Risk budgets scale positions for each mandate● Exploits Investec’s skill set as fully as possible within mandate constraints● Exposure ranges provide framework for scaling portfolio positions to suit each mandateNormal exposure limits* Sources of return Global Bond Strategy Global Strategic Income Strategy Interest rates Bmk +/- 4 years duration -2 to +8 years duration Currency Bmk +/- 50% USD 10-80% Credit Up to 50% IG Up to 65% IG, Up to 65% HY Emerging markets Up to 25% Up to 65% Target tracking error 2% to 4% 6% to 10% volatilitySource: Investec Asset Management*Please note these are internal limits and are subject to changePage 30 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Investec’s Global Bond FundAllocation, Duration and Currency exposureAllocation Duration exposure (years) Currency exposureThe portfolio may change significantly over a short period of time.Source: Investec Asset Management as at 20.04.12Page 31 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Investec’s Global Strategic IncomeAllocation, Duration and Currency exposureAllocation Duration exposure (years) Currency exposureThe portfolio may change significantly over a short period of time.Source: Investec Asset Management as at 20.04.12Page 32 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Attractive risk-adjusted returns versus competitors10 Year Annualised Return & Risk versus Peer group 13.0 Investec GSF Global Strategic Income A Acc Investec GSF Global Bond A Acc 11.0 Annualised perf ormance % change 9.0 7.0 5.0 Past performance figures are not audited 3.0 and should not be taken as a guide to the future. Source: Lipper, dates to 31 March 2012, NAV based, (inclusive of all annual management fees but excluding any initial 1.0 charges), in USD. Chart axes converge on 3.0 5.0 7.0 9.0 11.0 13.0 15.0 17.0 19.0 21.0 Lipper Global Bond Global sector average. Annualised standard deviationPage 33 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Why Investec Asset Management?● Specialist approach ensures expert decision making● Clear investment philosophy drives investment thinking● Best ideas blended to create well diversified high conviction portfolios● Over 25 years successful experience in our chosen markets Committed to a successful, long-term partnership with our clientsPage 34 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Contact detailsReinhard Mueller Anne-Laure de PreuxSales Director Sales AssociateTel: +41 44 262 00 44 Tel: + 44 (0)20 7597 1854Email: reinhard.mueller@investecmail.com Email: annelaure.depreux@investecmail.comInvestec Asset Management Romain Drezet2 Gresham Street Sales AssociateLondon Tel: + 44 (0)20 7597 1903EC2V 7QP Email: romain.drezet@investecmail.comUnited Kingdomwww.investecassetmanagement.comTelephone calls may be recorded for training and quality assurance purposes.Issued by Investec Asset Management, April 2012Page 35 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

Important informationThis document is not for general public distribution. If you are a private investor and receive it as part of a general circulation, pleasecontact us.The information discusses general market activity or industry trends and should not be construed as investment advice. The economicand market forecasts presented herein reflect our judgment as at the date shown and are subject to change without notice. Theseforecasts will be affected by changes in interest rates, general market conditions and other political, social and economic developments.There can be no assurance that these forecasts will be achieved. Investors are not certain to make profits; losses may be made.The information contained in this document is provided in good faith and has been obtained from sources believed to be reliable. Nowarranty is provided as to its accuracy or completeness. Any opinions stated are honestly held but are not guaranteed and should not berelied upon.This communication is provided for general information only. It is not an invitation to make an investment nor does it constitute an offerfor sale and is not a buy, sell or hold recommendation for any particular investment.In the U.S., this communication should only be read by institutional investors, professional financial advisers and, at their exclusivediscretion, their eligible clients, but must not be distributed to U.S. persons.In Australia, this document is provided for general information only to wholesale clients (as defined in the Corporations Act 2001).Outside the U.S., telephone calls may be recorded for training and quality assurance purposes.Issued by Investec Asset Management Limited, August 2011. Investec Asset Management Limited is authorised and regulated by theFinancial Services Authority.Page 36 | Fixed Income Update – March 2012 | CONFIDENTIAL08003

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Investec asset management

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