PETER LINLEY HEAD: OLD MUTUAL EQUITIES

PETER LINLEY HEAD: OLD MUTUAL EQUITIES

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 SA GDP STUMBLES ALONG, SO WHY SA EQUITIES? 10 8 6 4 2 0-2 -4 Emerging countries South Africa World 2 Source: Old Mutual Investment Group, MacroSolutions; IMF

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 THE SOUTH AFRICAN EQUITY MARKET HAS EVOLVED 65% JSE Top 40: % Turnover from offshore over time 60% 55% 50% 45% 40% 35% 30% 3 Source: RMB, Morgan Stanley

WHERE HAVE THE RETURNS COME FROM? MARKET RETURNS 3 Years to 30 June 2014 (Annualised) SECTOR RETURNS 3 Years to 30 June 2014 (Annualised) Resources 2% Construction 2% SA Inc 24% Food & Drug Retailers 17% Telecommunication 22% Rand Hedge 29% Technology 28% SWIX 22% Healthcare 38% 0% 10% 20% 30% 40% 0% 10% 20% 30% 40% 50% 60% 4 Source: Old Mutual Equities Source: Old Mutual Investment Group/I-Net

A DIVERSE AND EXPERIENCED TEAM Jonathan Larcombe (14 yrs) Randolph Oosthuizen (8yrs) Ian Woodley (20 yrs) Leanne Micklewood (18 yrs) Cavan Osborne (16 yrs) David Lumby (16 Yrs) Philip Short (11 yrs) Peter Linley (29 yrs) Michael Schroder (24 yrs) Graham Bell (36 yrs) Brian Pyle (16 yrs) Neelash Hansjee (3 yrs) Pearlene Govender (7 yrs) Ebrahim Moola (1 yr) Tracy Brodziak (13 yrs) Meryl Pick (2 yrs) 5

OUR INVESTMENT PHILOSOPHY Value outperforms over time, but themes driving markets are cyclical Market inefficiencies can be exploited through extensive research and analysis Skilful risk management is critical to long-term success ESG focused companies are more likely to create long-term shareholder value Successfully timing the market is impossible 6

Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 VALUE OUT-PERFORMS OVER TIME Value 7 Source: Old Mutual Equities

Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 BUT YOU CANNOT IGNORE OTHER THEMES IN THE MARKET Quality 8 Source: Old Mutual Equities

Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 BUT YOU CANNOT IGNORE OTHER THEMES IN THE MARKET Sentiment 9 Source: Old Mutual Equities

Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 BUT YOU CANNOT IGNORE OTHER THEMES IN THE MARKET Growth 10 Source: Old Mutual Equities

Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 THE OME APPROACH MODERATES CYCLES AND OUTPERFORMS OME Approach Value 11 Source: Old Mutual Equities

FUNDAMENTAL VALUE SUPPORTED BY OTHER THEMES Balanced Perspective 12

Valuation POWERFUL INSIGHT DRIVES DEBATE AND STRONG CONVICTION HIGH Evaluate Carefully HIGH CONVICTION BUY Value trap? Diamonds HIGH CONVICTION SELL Evaluate Carefully Avoids Is our valuation missing an opportunity? 13 LOW Confirmation Through Quality, Growth And Sentiment HIGH

Valuation POWERFUL INSIGHT DRIVES DEBATE AND STRONG CONVICTION HIGH 14 LOW Confirmation Through Quality, Growth And Sentiment HIGH

Feb-09 Jun-09 Oct-09 Feb-10 Jun-10 Oct-10 Feb-11 Jun-11 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 INVESTORS FUND TOP QUARTILE OVER 1, 2, 3, 4 & 5 YEARS 117 115 113 111 109 107 INVESTORS FUND RELATIVE TO PEER GROUP AVERAGE FROM 1 MARCH 2009 Invested R1m in February 2009, current value: General Equity Average: R2.8m Investors Fund: R3.2m SA Consumer Real Estate Steinhoff Naspers Attribution Over 1 Year 2.2 1.2 1.0 0.9 105 Sasol v Mining 0.8 103 101 Bidvest -0.4 99 Datatec -0.6-2 -1 0 1 2 3 Overweight Underweight 15 Feb'09 Indexed at 100. First return Mar'09 when Peter Linley started managing the fund

INVESTORS FUND - HOW IS IT POSITIONED? Top Ten Holdings (% Of Fund) Naspers 11.1 Resources British American Tobacco 8.2 SA Inc Sasol MTN 5.8 7.8 Steinhoff 4.5 Rand Hedge Anglo American Remgro 4.5 4.5 FirstRand 4.3 Overweight Old Mutual 4.0 Neutral Underweight Investec 3.4 0 5 10 15 16

17 NASPERS HAS DEMONSTRATED ITS ABILITY TO REINVEST MATURE CASH FLOWS INTO NEW INNOVATIVE AREAS MONETISE THE INTERNET 85% South Africa

NASPERS: TENCENT APPEALING GROWTH COMPANY RMB 2.5 EPS FCF/Share 800 m logged in 2.0 Fastest growing social network 1.5 Strong growth 1.0 0.5 0.0 2007 2008 2009 2010 2011 2012 2013 Online advertising Mobile gaming Mobile payments Strong cash earnings Banking? 18 Source: Bloomberg EPS CAGR ( 07-13) = 50%

EQUITIES ARE ESSENTIAL TO LONG TERM PERFORMANCE 70000 25000 9000 JSE All Share Index JSE All Share Earnings Index 70000 25000 9000 3000 3000 1000 400 150 1000 400 150 50 60 65 70 75 80 85 90 95 00 05 10 15 50 19 Source: I-Net

MY DEAR, HERE WE MUST RUN AS FAST AS WE CAN, JUST TO STAY IN PLACE. AND IF YOU WISH TO GO ANYWHERE YOU MUST RUN TWICE AS FAST AS THAT * A tested approach which differentiates us Stable and experienced team Listed equity focus The Investors Fund is our flagship 20 *Lewis Carroll, Alice s Adventures in Wonderland

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