Investec

GSF

Global Franchises: The search for quality, yield

and growth in an uncertain world. Clyde Rossouw

Portfolio Manager

October 2012

Page 2 | Investec GSF Global Franchise Fund | CONFIDENTIAL

10801

Target audience

This document is only for professional investors, professional financial advisors and, at

their exclusive discretion, their clients. No other person should rely on the information

contained in this document.

If you plan to show this to your clients, please ensure that you comply with any applicable

local marketing regulations.

This document is not to be generally distributed to the public.

At front of document – before the Key Facts page


10801

Agenda

● Key Fund facts

● Key benefits

● Performance

● Team, philosophy, process and portfolio characteristics

● Why invest in global franchise companies?

● Portfolio holdings

● Summary

● Appendix – biographies


10801

Fund Structure Luxembourg SICAV (Société d’investissement à capital variable)

UCITS Yes, with extended investment powers

Portfolio Manager Clyde Rossouw

Performance comparison index* MSCI AC World NR USD*

Outperformance target* 3-5% per annum gross of fees over the full market cycle, assumed to be around 7 years

Objective The investment objective of the Fund is to achieve long-term capital growth primarily through

investment in shares of companies around the world. The Fund will have a blend of investments and

will be unrestricted in its choice of companies either by size or industry, or in terms of the

geographical make-up of the portfolio. The Fund will focus investment on stocks deemed by the

manager to be of high quality which are typically associated with global brands or franchises

Fund size US$504.9m (30 September 2012)

Share classes A, C,F, I, S

A share annual management fee 1.5% Admin service fee 0.3%

Key Fund Facts

Internal guidelines subject to change, not necessarily with shareholder notification

*Investment objective and performance target will not necessarily be achieved

Source: Investec Asset Management, October 2012

Update

Monthly


10801

Key benefits

● Highly differentiated “global franchise” philosophy

● Record of long-term outperformance

− participating meaningfully in up markets

− with smaller draw-downs in down markets

− lower than average absolute volatility

● Concentrated portfolio and not benchmark constrained

● Low historic correlation with traditional benchmarks

● Managed by a globally integrated investment team based in London and Cape

Town

We seek to invest in companies with business models which can provide some

certainty in uncertain markets


10801

1 month 3 months YTD 1 year 3 years p.a. 5 years p.a.

Since

inception p.a.*

Investec GSF Global Franchise A Acc Gross USD 1.4% 4.6% 13.3% 20.1% 11.3% 3.8% 4.2%

MSCI AC World NR (MSCI World NR pre 1/10/11) 3.2% 6.8% 12.9% 21.0% 7.3% -2.2% -0.9%

Relative performance -1.7% -2.3% 0.4% -0.9% 4.0% 6.0% 5.1%

Quartile ranking 4 4 1 1 1 1 1

Investec GSF Global Franchise Fund Performance track record

Cumulative performance in USD

Update

Monthly

G:\Depts\Marketing\Presentations\Hamilton Brown Graphics\¬MASTER

GSF\MASTER_Global Franchise\Evidence\GSF Lipper

Performance_USD_Global

Past Performance figures are not audited and should not be taken as a guide to the future

Source: Lipper, dates to 30 September 2012, NAV based, (inclusive of all annual management fees but excluding any initial charges), gross income reinvested, in USD

*Inception date: 10 April 2007. The performance quoted is synthesised and is based on the OEIC Investec Global Select Equity Fund I shares that were launched on 10

April 2007 and then merged into the Global Franchise Fund on 3 July 2009 and takes into account the difference in total fees between

the Global Select Equity Fund I share class and the Global Franchise Fund A share class

Comparative index has changed to MSCI AC World Index from 1 October 2011

Annualised performance in USD

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

Apr 07 Dec 07 Jul 08 Feb 09 Sep 09 Apr 10 Dec 10 Jul 11 Feb 12 Sep 12

Investec GSF Global Franchise A Acc MSCI AC World NR (MSCI World NR pre 1/10/11)

20.8

-6.8


10801

Investec GSF Global Franchise Fund Performance track record

Annual performance in USD

Update

Monthly


GSF\MASTER_Global Franchise\Evidence\GSF Lipper

Performance_USD_Global

Past Performance figures are not audited and should not be taken as a guide to the future

Source: Lipper, dates to 30 September 2012, NAV based, (inclusive of all annual management fees but excluding any initial charges), gross income reinvested, in USD

*Inception date: 10 April 2007. The performance quoted is synthesised and is based on the OEIC Investec Global Select Equity Fund I shares that were launched on 10

April 2007 and then merged into the Global Franchise Fund on 3 July 2009 and takes into account the difference in total fees between

the Global Select Equity Fund I share class and the Global Franchise Fund A share class

Comparative index has changed to MSCI AC World Index from 1 October 2011

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

2007 (Apr) 2008 2009 2010 2011 2012 (YTD)

Investec GSF Global Franchise A Acc Gross USD

MSCI AC World NR (MSCI World NR pre 1/10/11)


10801

-60%

-40%

-20%

0%

20%

40%

60%

80%

Volatility Positive months %

Negative months %

Max Drawdown

Worst month

Best month

Tracking Error

Investec GSF Global Franchise Fund

MSCI AC World (net)

Attractive relative risk characteristics

Past performance figures are not audited and should not be taken as a guide to the future.

Source: Investec Asset Management. Data to 30 September 2012. Performance is gross of fees in USD

Returns are calculated on a bid to bid basis of the S class with gross income reinvested in USD. Relevant fund TERs

have been added back. Inception date: 30 April 2007

Risk statistics since inception to 30 September 2012

Update

Monthly

Investec GSF Global Franchise Fund 15.3% 63% 37% -40.8% -12.14% 12.03% 9.25%

MSCI AC World (net) 20.4% 50% 50% -53.7% -18.96% 11.22% -


GSF\MASTER_Global Franchise\Evidence\Global Franchise

evidence.xlsx\Attractive risk


10801

Attractive risk-adjusted returns

Since inception annualised return & risk versus peer group*

Past performance figures are not audited and should not be taken as a guide to the future

Source: Lipper, data to 30 September 2012, NAV based, (inclusive of all annual management fees but excluding any initial

charges), in USD. *Inception is 30 April 2007

\\mercury\gdrive\Depts\Marketing\Presentations\Hamilton Brown

Graphics\¬Evidence\Performance vs Std deviation\Since

Inception\SI Perf vs Std deviation.xlsx\Global

Update

Monthly

-18.0

-16.0

-14.0

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

2.0

4.0

6.0

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 32.0 34.0 36.0 38.0

Annualis

ed

perf

orm

ance %

chang

e

Annualised standard deviation

Investec GSF Global Franchise A Acc

MSCI AC World NR (MSCI World NR pre 1/10/11)

Lipper Global Equity Global

GSF

Team, philosophy, process and portfolio

characteristics


10801

Alessandro DicorradoInvestment Specialist

Global Franchise

Clyde RossouwStrategy Leader

Rob ForsythInvestment Specialist

Michael du PlessisInvestment Specialist

Global Franchise amended 20 July 2012

Contrarian Equity TeamTeam of 7 Portfolio Managers

& Analysts

Abrie PretoriusInvestment Specialist

● Managed by part of a globally integrated investment team based in London and Cape Town

● Led by portfolio manager, Clyde Rossouw, who has 18 years industry experience

● A team of five investment professionals with specialist research experience

● Supported by an independent trading team, performance, risk and attribution team of 20 specialists globally

Globally integrated investment team


10801

Investment philosophy

● Few companies can consistently and reliably compound shareholder wealth at

superior rates of return over the long term

● We believe that a concentrated portfolio of these exceptionally high quality

companies, when selected with an absolute value bias, will earn attractive

returns with less than average absolute volatility

● We invest in businesses that display the best combination of growth, quality,

yield and valuation

Our research process is exclusively focused on seeking to identify companies that

possess rare and exceptional qualities, at compelling valuations


10801

Highly differentiated “global franchise” philosophy

High Quality Sustainable Growth

Compelling Valuation

Measure value in absolute terms based on the free cash flow yield for each investment • Do not consider value in relative terms i.e. comparing P/Es or other measures across countries or sectors globally

Above Average Yield

Enduring franchises that consistently

support high returns

• High barriers to entry / competitive advantage

• Stable or growing industries

• Low capital intensity

Sustainable and free cash flow growth

• Company to generate a Free Cash Flow well

in excess of “risk free” long bond yields

Consistently shown to compound

shareholder wealth at superior rates of

return over the long term

• Dominant “intangible” assets eg. strong

brands, patents, licenses and copyrights

• Strong balance sheets and highly cash

generative

• Strong management teams


10801

Investment process Implement investment decisions through a disciplined framework

Focused universe

creation & idea

generation

Stage 1 Stage 2 Stage 3

Fundamental

research & analysis Portfolio construction

• Proprietary stock selection tools rank companies

globally

• Franchise companies exhibit key characteristics:

• High returns on capital

• High and sustainable margins

• Low leverage and low capital intensity

• Sustainable above average growth

• Bottom up, fundamental research based

approach

• Strong focus on the quality of the business and

free cash flow approach to value

• Concentrated portfolio of the BEST IDEAS

• 25 – 40 companies

– Portfolio weightings determined by best

combination of growth, yield and quality

6000 to 250 companies 250 to 40-50 companies 25-40 companies

(V2 for Retail)

These internal parameters are subject to change, not necessarily with notice to shareholders


10801

Portfolio construction

We aim to remain fully invested at all times. Cash can build up temporarily as a result of

our inability to find undervalued stocks

Position size ● At least 1% at purchase

● Maximum individual position size: 10%

● Typical number of stocks: 25-40

● Maximum sub-sector/industry position size: 20%

● Unconstrained at super-sector level

Sector ● Sector and industry weightings are a product of our bottom-up stock selection process

● The characteristics that we seek are typically found in companies producing branded

consumer goods, and pharmaceuticals, media and advertising

Country ● Country weightings are a product of our bottom-up stock selection process. The typical

concentrations in our portfolios are Europe (non-UK), North America and the UK

These internal parameters are subject to change, not necessarily with notice to shareholders


10801

Largest recent buy AB InBev – truly global blue chip company

Source: DataStream, company data, Investec Asset Management, as at 30 June 2012

This is not a buy or sell recommendation for any particular stock

Quality

7 out of top 10 global beer brands in the world

Growth

Sustainable profit growth - world's largest brewer

with nearly 25% global market share

15%

20%

25%

30%

35%

40%

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

% E

BIT

DA

Marg

in

EB

ITD

A in $

m


10801

Largest recent buy AB InBev – truly global blue chip company

● 14 brands that generate over USD 1bn p.a. in revenue

● No. 1 or No. 2 position in many of the world’s most profitable beer markets

● Especially strong in the U.S., Brazil, and China – countries that are expected to drive the majority of global

industry volume growth for the next several years

Yield

Free Cash Flow yield

Valuation

Share price and market earnings expectations

Source: Investec Asset Management, as at 30 June 2012

This is not a buy, sell or hold recommendation for any particular security


10801

Investment process Sell discipline

Stocks are sold when:

● Stock has reached fair value:

− Free Cashflow Yields approach weighted average

long bond yields

− Trading meaningfully above replacement value of

assets (including intangibles)

● Better risk-adjusted idea has emerged:

− Meaningful improvement in the Quality and/or

Value of the portfolio

● Investment case is no longer applicable:

− Change in macro/regulatory/Industry environment

− Change in company fundamentals

− Adverse change in a company's corporate

governance policies

We trade infrequently and base

the decision to SELL a security on

the same principles as the

decision to BUY

GSF

Why invest in global franchise

companies?


10801

Portfolio characteristics High quality reflected by strong credit ratings and low CDS spreads

● Strong business models and management

● Low capital intensity

● Strong balance sheets

● Portfolio has AA average rating

● CDS spread below many AAA and AA sovereigns


High Quality Sustainable Growth Above Average Yield

Sources: Investec Asset Management, Company reports, Bloomberg, 30 September 2012

Update

Quarterly

Data

from Abrie



evidence.xlsx\Credit Rating

Credit

rating

CDS spread

(bps)

Coca-Cola A+ 45.90

Colgate-Palmolive AA- 38.08

Pfizer A+ 52.80

Johnson & Johnson AAA 31.94

Kellogg's A- 54.14

Kimberly Clark A 42.40

Nestle AA+ 31.47

Pepsi AA+ 49.54

P&G AA- 45.62

Unilever A+ 30.18

Microsoft AA+ 25.01

20

40

60

80

100

120

140

160

180

Jan-0

9

Jul-0

9

Jan-1

0

Jul-1

0

Jan-1

1

Jul-1

1

Jan-1

2

Jul-1

2

Jan-1

3

Nestle 5Y CDS spreads (bps)

Unilever 5Y CDS spreads (bps)

UK Government 5Y CDS spreads (bps)


10801

Est. % sales from

Emerging Markets

Coca-Cola 57%

Colgate-Palmolive 45%

Pfizer 18%

Johnson & Johnson 14%

Kellogg's 15%

Kimberly Clark 32%

L'Oreal 24%

Nestle 41%

Pepsi 29%

P&G 37%

Unilever 54%

Anheuser-busch Inbev 56%

Portfolio characteristics Emerging markets exposure provide sustain long term growth prospects

● The Global Franchise investment universe has

demonstrated long term sustainable earnings growth

benefiting from:

− Competitive advantages (brands, patents etc)

− Stable growing industries

− Disciplined capital allocation

Update

Quarterly

Data

from Abrie

Sources: Investec Asset Management, Company reports, Bloomberg, and DataStream

This is not a buy or sell recommendation for any particular stock as at 30 September 2012 .

Attractive Valuation

High Quality Sustainable Growth Above Average Yield G:\Depts\Marketing\Presentations\Hamilton Brown Graphics\¬MASTER


evidence.xlsx\Est % Sales table



evidence.xlsx\Sheet1

Franchise Universe EW Share price and EPS in

20

40

60

80

100

120

200400600800

1,0001,2001,4001,6001,8002,000

Jul 92

Jun 9

3A

pr

94

Feb

95

De

c 9

5O

ct 96

Aug 9

7Jun 9

8A

pr

99

Feb

00

De

c 0

0O

ct 01

Aug 0

2Jun 0

3A

pr

04

Feb

05

De

c 0

5O

ct 06

Aug 0

7Jul 08

Ma

y 0

9M

ar

10

Jan 1

1N

ov 1

1S

ep 1

2

Price [LHS]

EPS 12m Fwd. [RHS]


10801

Many global franchise stocks are currently at multi-decade

attractive valuation levels

Source: Sanford Bernstein, 30 September 2012

Update

Quarterly

Data

from Abrie


High Quality Sustainable Growth Above Average Yield Staples free cash flow yield less corporate bond yield

-10

-8

-6

-4

-2

2

77 79 80 81 83 84 85 87 88 89 91 92 93 95 96 97 99 00 01 03 04 05 07 08 09 11

Perc

ent

(%)



evidence.xlsx\Staples

● Strong cash generation

● Free Cash Flow Yield and Dividend Yield

significantly above developed market bond and

corporate yields


10801

Portfolio characteristics Absolute valuations are attractive

Global franchise stocks are trading at

historically attractive levels

Attractive Valuation

High Quality Sustainable Growth Above Average Yield

Sources: Investec Asset Management, Company reports, Bloomberg, 30 September 2012


*December 2012 PE is Bloomberg consensus numbers

Update

Quarterly

Data

from Abrie



evidence.xlsx\PE Table

Franchise Universe EW forward PE

6

8

10

12

14

16

18

20

22

24

26

28

Jul 92

Jul 93

Jul 94

Jul 95

Jul 96

Jul 97

Jul 98

Jul 99

Jul 00

Jul 01

Jul 02

Jul 03

Jul 04

Jul 05

Jul 06

Jul 07

Jul 08

Jul 09

Jul 10

Jul 11

Jul 12


10801

A challenging macroeconomic environment

Key investment challenges:

● Negative returns on “risk free” assets

● Inflation vs. deflation

− Quantitative easing

− Deleveraging and stagnant economic activity in the West

● Shorter economic and market cycles


10801

Negative real yields Fear combining with greed?

Source: Bloomberg, Investec Asset Management to 30 September 2012

US 7-10 year index linked bond yields

-2

-1

0

1

2

3

4

5

Ma

r 97

Sep 9

7

Ma

r 98

Sep 9

8

Ma

r 99

Sep 9

9

Ma

r 00

Sep 0

0

Ma

r 01

Sep 0

1

Ma

r 02

Sep 0

2

Ma

r 03

Sep 0

3

Ma

r 04

Sep 0

4

Ma

r 05

Sep 0

5

Ma

r 06

Sep 0

6

Ma

r 07

Sep 0

7

Ma

r 08

Sep 0

8

Ma

r 09

Sep 0

9

Ma

r 10

Sep 1

0

Ma

r 11

Sep 1

1

Ma

r 12

Sep 1

2


10801

Liquidity We have not stopped the QE/LTRO/RRR presses yet…

Central Banks balanced sheets ECB, BOE, FED, PBOC, BOJ

$12.2trn

ECB €2.9trn

BOE £345bn

FED $2.9trn

BOJ ¥27.8trn

PBOC RMB 28trn

Source: Bloomberg, Investec Asset Management, as at 31 December 2011


10801

Uncertain cycles The global economy could have peaked already

CitiGroup G10 Economic Surprise Index

Source: Bloomberg to 30 September 2012

-150

-100

-50

50

100

Ma

y 0

7

Jul 07

Sep 0

7

No

v 0

7

Jan 0

8

Ma

r 08

Ma

y 0

8

Jul 08

Sep 0

8

No

v 0

8

Jan 0

9

Ma

r 09

Ma

y 0

9

Jul 09

Sep 0

9

No

v 0

9

Jan 1

0

Ma

r 10

Ma

y 1

0

Jul 10

Sep 1

0

No

v 1

0

Jan 1

1

Ma

r 11

Ma

y 1

1

Jul 11

Sep 1

1

No

v 1

1

Jan 1

2

Ma

r 12

Ma

y 1

2

Jul 12

Sep 1

2

MAJOR ECONOMIES

EMERGING MARKETS

GSF Current positioning


10801

Name Weight PE FCF Yield DY EM % Sales

Anheuser-busch Inbev ( Budweiser, Beck's, Stella Artois ) 5.4% 17.9 7.7 2.5 56%

Microsoft Corp (Windows, Office, Xbox, Bing) 5.2% 9.6 11.4 2.9 13%

Japan Tobacco (Camel, Winston, Mild Seven, B&H) 5.2% 13.4 7.5 3.2 26%

Imperial Tobacco Group (Davidoff, Gauloises, West) 4.9% 10.9 5.9 4.9 34%

Samsung Electronics (Samsung) 4.5% 8.4 5.6 0.6 75%

Unilever (Axe, Knor, Blue Band, Lipton, Dove, Lux, Flora, Omo) 4.5% 16.6 5.4 3.5 54%

Reckitt Benckiser Group (Nurofen, Finish, Vanish, Dettol, Strepsils) 4.4% 14.5 6.6 3.7 32%

Nestlé (Nescafe, Maggi ,Nesquik) 4.2% 16.6 4.5 3.7 41%

Pfizer (Lipitor, Viagra, Celebrex, Zoloft, Norvasc) 4.1% 11.0 8.5 3.6 18%

Johnson & Johnson 3.9% 12.8 6.8 3.7 14%

Total/Average 46.3% 13.2 7.0 3.2 36.3%

Global Franchise Top 10 An attractive mix of Value and Growth

Not a buy, sell or hold recommendation

Source: Investec Asset Management as at 30 September 2012

Data

from Abrie

Update

Monthly

A concentrated portfolio



evidence.xlsx\Top 10


10801

Top holdings Japan Tobacco – Looking beyond the country

● World's third largest tobacco company with brands

sold in 120 countries

● 66% of the cigarette market in Japan (4th largest in

the world)

● Compelling valuation – FCF Yield 7.5%

● Trading at significant discount to global tobacco peer

group

Source: DataStream, company data, Investec Asset Management, March 2012


Attractive and improving ROIC – trend looks set to

continue

12.7%

35.9%

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

0%

5%

10%

15%

20%

25%

30%

35%

40%

2000 2002 2004 2006 2008 2010 2012

Dividend per share Dividend Payout Ratio

Increasing dividend yield


10801

Top holdings Microsoft Corp... re-inventing itself

Source: DataStream, company data, Investec Asset Management, December 2011


Microsoft versus Coca Cola

● World’s largest software corporation

● AAA rated company

Microsoft ROIC – profitability still strong and improving

CAGR 16Yr 10Yr 5Yr 3Yr 16Yr 10Yr 5Yr 3Yr

Revenue 16.5% 10.7% 9.6% 5.0% 5.0% 7.3% 8.7% 6.8%

Net Income 18.7% 10.2% 11.6% 9.4% 7.5% 8.6% 9.4% 9.0%

Free Cashflow 18.3% 7.2% 13.9% 10.2% 7.5% 9.9% 5.8% 10.0%

Microsoft Coca-Cola Company

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

55.0%

60.0%

65.0%

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011


10801

Top holdings Unilever – Leaner, fitter, hopefully quicker than before

● Attractive portfolio of assets with 85% of sales #1 or #2, and low private label exposure

● Improvements in strategy, operations and culture led by a new highly competent management team

● Attractive valuation offers substantial margin of safety

Source: DataStream, company data, Investec Asset Management, March 2012


Unilever: Relative Fwd PE* vs. Peer Group (1990 to date)

Excellent brands and market position

70

80

90

100

110

120

130

140

150

Dec-8

9

Feb-9

0

Ap

r-92

Jun

-93

Aug

-94

Oct-

95

Dec-9

6

Feb-9

8

Ap

r-99

Jun

-00

Aug

-01

Oct-

02

Dec-0

3

Feb-0

5

Ap

r-06

Jun

-07

Aug

-08

Oct-

09

Dec-1

0

Feb-1

2

Average: 102

"Premium"...Average Premium: +17%

"Purgatory"...Average Discount: -11%

Source: FactSet, Company reports, Bernstein estimates

*3m rolling except last 3m


10801

Top holdings Nestlé – The quintessential global franchise stock

Source: DataStream, company data, Investec Asset Management , May 2012


Nestle share price has outperformed the market through

multiple cycles (1973-2012) due to compounding

(CAGR:13.1%) and steadily increasing exposure to EM

0

5

10

15

20

25

30

35

40

45

50

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2000 2005 2010 2015 2020

% o

f sale

s

Popula

tion (

m)

% of Nestle Sales

EM Population (Million)

Develop Market Population(Million)

EM is adding 1bn new emerging market consumers by

2020

50

500

5,000

Jan-9

0

Jan-9

1

Jan-9

2

Jan-9

3

Jan-9

4

Jan-9

5

Feb

-96

Feb

-97

Feb

-98

Feb

-99

Feb

-00

Mar-

01

Mar-

02

Mar-

03

Mar-

04

Mar-

05

Ap

r-06

Ap

r-07

Ap

r-08

Ap

r-09

Ap

r-10

May-1

1

May-1

2

Lo

g s

cale

MSCI World Nestle


10801

Sector and geographic allocation

Sector allocation Geographic allocation

The portfolio may change significantly over a short period of time

Source: Investec Asset Management as at 30 September 2012

Update

Monthly

Data comes from

Factsheet

Consumer Staples 56.0%

Information Technology

16.5%

Health Care12.5%

Consumer Discretionary

3.0%

Cash 9.3%

North America39.1%

Europe Ex UK23.6%

United Kingdom

18.3%

Japan5.2%

Emerging Markets

4.5%

Cash9.3%



evidence.xlsx\Allocation Pie Charts


10801

Current portfolio characteristics Focus on quality and value

● Low gearing, low capital intensity (growth requires

less capital)

● Overweight consumer staples (defensive and ideal for

declining equity markets)

● Overweight consumer cyclicals with dominant

intangibles (relatively defensive and likely to recover

in line with cyclicals)

● No banks, but selected financials

Global

Franchise

MSCI (AC)

World

Free Cash Flow Yield 6.9% 6.7%

Dividend Yield 3.1% 2.7%

ROCE 15.5% 13.2%

Price/Earnings 13.4 13.1

Average Market Capitalisation $117.3bn $14.9bn

Tracking error 9.3%

Current Beta 0.68

*The above reflects the portfolio characteristics of the Investec Global Franchise Fund as at 30 September 2012

**Comparative index has changed to MSCI AC World Index from 1 October 2011

The portfolio may change significantly over a short period of time. Source: Investec Asset Management

Data

from Abrie

Update

Monthly


10801

Summary

● Differentiated philosophy and process

● Bottom-up, fundamental research-based approach

● A concentrated portfolio with a focus on quality and value

− Quality and Value criteria eliminate most businesses

● Seeks long-term outperformance: by participating meaningfully in up markets and losing

less in down markets

● Aim to have the same consistency and relative predictability in our investment results,

as the companies we seek to hold in the portfolio

● Seek to invest in companies with business models which can provide some certainty in

uncertain markets

● Manage the absolute risks that are most likely to jeopardise the achievement of long-

term total returns

GSF Thank you www.investecassetmanagement.com


10801

Abrie Pretorius

Investment Analyst

6 years with the firm

6 years of industry experience

Abrie is an Analyst in the Contrarian team at Investec

Asset Management with a particular focus on the Global

Franchise and Global Contrarian Strategies. Abrie

joined the Contrarian team in 2009 from the

Performance and Risk team where he spent three years

as a risk analyst. During this time, Abrie was

instrumental in developing the risk model capabilities in

our London and Cape Town offices.

Abrie graduated from the University of the North West,

Potchefstroom Campus with a Master of Science

degree in Quantitative Risk Management: Investment

Management (Cum Laude). Abrie is a CFA

Charterholder.

Clyde Rossouw

Portfolio Manager



Clyde is a Portfolio Manager at Investec Asset

Management with a focus on multi-asset absolute return

and low volatility real return equity investing. His

portfolio manager duties include the flagship Multi-Asset

Investec Opportunity Strategy that he has run since

February 2003 and the two equity-oriented Investec

Global Opportunity Equity and Global Franchise

Strategies. Clyde joined Investec Asset Management in

November 1999, initially as an asset allocation and

sector allocation strategist.

Prior to Investec Asset Management, Clyde was

awarded a study bursary by Sanlam where he worked

for eight years, including five years in asset

management. His experience in investments there

included fixed income analysis and portfolio

management.

Clyde graduated from the University of Cape Town with

a Bachelor of Science (Statistics and Actuarial Science)

degree. He was awarded the Certificates in Actuarial

Techniques in 1995, and Finance and Investments in

1997 by the Institute of Actuaries in London. Clyde is a

CFA Charterholder.

Alessandro Dicorrado

Analyst

1 year with the firm


Alessandro is an analyst in the Contrarian team at

Investec Asset Management.

Previously he worked at JP Morgan Chase & Co as a

fixed income derivatives salesperson in London.

He graduated from UCL in 2004 with a BSc (Hons)

degree in Economics and holds a Masters degree in

Finance from the London Business School. He has

passed Level one of the CFA Programme.

Updated

for 2012

Biographies


10801

Michael du Plessis

Analyst

1 year with the firm


Mike is an analyst for the Contrarian team at Investec

Asset Management.

Previously he worked as an analyst at Regarding

Capital Management in Cape Town.

He graduated from Nottingham University in 2007 with a

BA (hons) degree in Business Management before

studying at Cass Business School where he graduated

in 2008 with an MSc in Finance and Accounting.

Updated

for 2012

Rob Forsyth

Sector Head: Industrial,

Consumer and Technology



Rob is an analyst in Investec Asset Management’s

South African Equities team, as well as the sector head

of industrials, a position he assumed in 2003.

Prior to focussing on this role full time, Rob was a

sector equity portfolio manager, whose responsibilities

included the Momentum Industrial Fund (Unit Trust) and

a building block of the SYmmETRY range called the Old

Mutual Industrial and Consumer Fund. In addition, Rob

managed the Investec Growth Strategy for two years to

2001 and the Investec Global Consumer Strategy for

close to two years, after its launch in 1996.

Rob joined Investec Asset Management in 1995 as an

investment analyst. He graduated from the University of

Cape Town with a Bachelor of Business Science

(Finance) degree.

Biographies


10801

Contact details

Telephone: +44 (0)20 7597 1900

Email: [email protected]

Investec Asset Management

Woolgate Exchange

25 Basinghall Street

London

EC2V 5HA

United Kingdom

www.investecassetmanagement.com

Telephone calls may be recorded for training and quality assurance purposes.

Issued by Investec Asset Management, October 2012


10801

Important information GSF

This communication is not for general public distribution. If you are a private investor and receive it as part of a general circulation, please contact us

at +44 (0)20 7597 1900.

The value of this investment, and any income generated from it, will be affected by changes in interest rates, general market conditions and other

political, social and economic developments, as well as by specific matters relating to the assets in which it invests. The Fund’s investment objective

will not necessarily be achieved and investors are not certain to make profits; losses may be made. Past performance should not be taken as a guide

to the future. Performance would be lower had initial charges been included and will vary between different share classes dependant upon their

applicable charges. Returns to individual investors will vary in accordance with their personal tax status and tax domicile.

All the information contained in this communication is believed to be reliable but may be inaccurate or incomplete. Any opinions stated are honestly

held but are not guaranteed and should not be relied upon. This is not a buy, sell or hold recommendation for any particular security. The portfolio

may change significantly over a short period of time.

This communication is provided for general information only. It is not an invitation to make an investment nor does it constitute an offer for sale. The

full documentation that should be considered before making an investment, including the Prospectus, or Key Investor Information Documents, which

set out the fund specific risks, is available from Investec Asset Management.

The Fund is domiciled in Luxembourg. This communication should not be distributed to private customers who are resident in countries where the

Fund is not registered for sale or in any other circumstances where its distribution is not authorised or is unlawful. Please visit

www.investecassetmanagement.com/registrations to check registrations by country. In Switzerland, the Key Investor Information Documents,

Prospectus and Report & Accounts may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Dexia Investor Services

Bank S.A., Esch-sur-Alzette, Badenerstrasse 567, P.O. Box 101, CH-8066 Zurich. In Germany, the Prospectus and Report & Accounts (available in

English) and Key Investor Information Documents (available in English and German) may be obtained free of charge from the German

Representative, J.P. Morgan AG, Junghofstraße 14, 60311 Frankfurt am Main.

In the USA, this communication should only be read by institutional investors, professional financial advisers and, at their exclusive discretion, their

eligible clients, but must not be distributed to US Persons.

THIS INVESTMENT IS NOT FOR SALE TO US PERSONS.

Telephone calls may be recorded for training and quality assurance purposes. Issued by Investec Asset Management Limited which is authorised and

regulated by the Financial Services Authority, October 2012.

Investec

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