Emerging Capital Markets in AfricaRoelof Horne, Portfolio Manager Africa

Investec Asset Management

Oslo, September 2011

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Investec Asset Management: A global specialist asset manager

As at 31 March 2011*Permanent employees

Investec Asset Management● Founded in 1991 in Cape Town by current

leadership● Origins are African – presence and

perspective is global ● Investment hubs in London & Cape Town● US$94.3 billion in assets under

management● $38bn investments in Africa, 400 African

employees

Investec Asset Management Offices

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Which enables our dedicated teams to optimise opportunity

● A substantial, experienced and diverse team of high quality:

− Substantial: 66 Investment Professionals focused on Africa

− Experienced: Collective investment experience of 700+ years (over half of which at IAM 390)

− Diverse: 14 nationalities, 11 languages, 6 locations

● Lasting relationships and high quality networks can only be built over time, and in person

− We travel often to engage with owners & managers of businesses, as well as other stakeholders (i.e. government officials)

● We evaluate investment opportunities by triangulating between

− Proprietary and Fundamental Research

− Internal or External Sector Specialists

− Internal or External Political or Macro Specialists

− Other relationships

Specialist Co Investment

Pan Africa Public Equity

Special Situations

Pan Africa Private Equity

South Africa & Global Fixed

Income

Pan Africa Credit

Resource & Commodities

Africa & EM

Sovereign Debt

South Africa & Global Public

Equity

MENA

AME Equity

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There are Stock Exchanges from Cape to Cairo

Swaziland

Namibia BotswanaZimbabwe

Zambia

MauritiusTanzania

KenyaUganda

Nigeria

Ghana Cameroon

Cape Verde

Morocco TunisiaEgypt

Sudan

BVMAC planned for Gabon

Angola stock exchange proposedAlgeria re-vamping its bourse

Benin

Burkina Faso

Guinea Bissau

Cote D’Ivoire

Mali

Niger

Senegal

Togo

BRVM

Malawi

Rwanda

Moçambique

Libya

Source: Bloomberg and African Alliance Securities Research, 30 June 2011. Market Cap has been rounded to the nearest $1bn

Number of companies

Market Capitalisation (US$ Billion)

Date established

Botswana 21 4 1989

BRVM 38 6 1998

Cameroon 2 – 2003

Cape Verde 4 – 2005

Egypt 278 70 1888

Ghana 30 3 1991

Kenya 55 12 1954

Malawi 14 2 1996

Mauritius 87 9 1989

Morocco 73 67 1929

Namibia 7 1 1992

Nigeria 208 51 1960

South Africa 389 515 1887

Swaziland 5 0.2 1999

Tanzania 12 1 1998

Tunisia 57 9 1969

Uganda 7 1 1998

Zambia 29 2 1994

Zimbabwe 86 4 1974

Total 1,402 766

South Africa

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Opportunities often arise from the structural characteristics of frontier markets

● We believe African markets are:− underpenetrated with less competition− under leveraged (on country, company and consumer level)− have a fast growing demand for goods and services

● There are high barriers to entry for operators (for the time being)− limited competition among many leading corporate suppliers− yielding both pricing power and volume growth− thus potential for faster than average profit growth and high return on equity

● And also high barriers to entry for investors (for the time being)− Information− Travel− Accommodation− Visas

Macro Economic Growth

Microeconomic Environment

Stock Market Characteristics

Our Investment Approach Returns+ + + =

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