Investec Asia ex-Japan Fund Northern Markets Forum

1. Investec Asia ex-Japan FundNorthern Markets Forum Greg Kuhnert Fund Manager Stephen Capon Sales Manager March 2007

2. Key facts The Investec OEIC Asia ex Japan Fund was previously called Hong Kong & China Fund. Source: Investec Asset Management, February 2007

3. A Investec Asian Equity Fund Performance Performance of Investec Asian Equity Fund vs Index and sector average $ gross Past performance is not audited and should not be taken as a guide to the future. Returns to individual investors will vary in accordance with their personal tax status and tax domicile. Source: Lipper to 31.1.07, bid to bid (inclusive of all annual management fees but excluding any initial charge) gross income reinvested, in US Dollars. Performance would have been lower had any initial charge been included. Quartile rank within *Lipper Global Asia ex Japan sector within Lipper Offshore Mutual Funds (Major Offshore Domiciles) database.

4. A Investec Asian Equity Fund Performance Performance of Investec Asian Equity Fund vs Index and sector average £ gross Past performance is not audited and should not be taken as a guide to the future. Returns to individual investors will vary in accordance with their personal tax status and tax domicile. Source: Lipper to 31.1.07, bid to bid (inclusive of all annual management fees but excluding any initial charge) gross income reinvested, in Sterling. Performance would have been lower had any initial charge been included. Quartile rank within *Lipper Global Asia ex Japan sector within Lipper Offshore Mutual Funds (Major Offshore Domiciles) database.

5. A Investec Asian Equity Fund Performance Performance of Investec Asian Equity Fund vs Index and sector average € gross Past performance is not audited and should not be taken as a guide to the future. Returns to individual investors will vary in accordance with their personal tax status and tax domicile. Source: Lipper to 31.1.07, bid to bid (inclusive of all annual management fees but excluding any initial charge) gross income reinvested, in Euro. Performance would have been lower had any initial charge been included. Quartile rank within *Lipper Global Asia ex Japan sector within Lipper Offshore Mutual Funds (Major Offshore Domiciles) database.

6. Investec Asian Equity Fund Discrete 12 month periods performance Standardised performance table $ gross Past performance is not audited and should not be taken as a guide to the future. Performance shown is of A inc. shares. Returns to individual investors will vary in accordance with their personal tax status and tax domicile. Source: Lipper to 29.12.06, bid to bid (inclusive of all annual management fees but excluding any initial charge) gross income reinvested, in US Dollars. Performance shown is of A Inc shares and would have been lower had any initial charge been included.

7. Investec Asian Equity Fund Discrete 12 month periods performance Standardised performance table £ gross Past performance is not audited and should not be taken as a guide to the future. Performance shown is of A inc. shares. Returns to individual investors will vary in accordance with their personal tax status and tax domicile. Source: Lipper to 29.12.06, bid to bid (inclusive of all annual management fees but excluding any initial charge) gross income reinvested, in Sterling. Performance shown is of A Inc shares and would have been lower had any initial charge been included.

8. Investec Asian Equity Fund Discrete 12 month periods performance Standardised performance table € gross Past performance is not audited and should not be taken as a guide to the future. Performance shown is of A inc. shares. Returns to individual investors will vary in accordance with their personal tax status and tax domicile. Source: Lipper to 29.12.06, bid to bid (inclusive of all annual management fees but excluding any initial charge) gross income reinvested, in Euro. Performance shown is of A Inc shares and would have been lower had any initial charge been included.

9. The Team

10. Greg Kuhnert Portfolio Manager Asian and Emerging Markets Equities Graduated from the University of Witwatersrand in Johannesburg, South Africa in 1994 achieving a first class pass in Bachelor of Accountancy. Joined Ernst & Young in 1995 where he qualified as a Chartered Accountant (SA) in 1997. Joined Investec Asset Management in 2000 working on Global and Asian Equities. Awarded CFA Charter in 2004 Portfolio Manager

11. Head of Quant and Risk Portfolio Management Head of Research Marc Abrahams Greg Kuhnert James Hand Industrials Consumers Services Philip Whittome Adrian Jackson James Hand Sandi Merwitz Nigel Hankin Jacob Robbins Financials 4Factor™ Analytics Mark Breedon Greg Kuhnert Nerys Weir Gillian Watson Our Global Team Technology Jonathan Adams Sue Xu

12. The 4Factor investment process

13. Investment philosophy • We are looking for high quality, attractively valued companieswith improving operating performancewhich are receiving increasing investor attention.

14. The four factors • Higher than average quality • Improving expectations of current profitability • Better than average value • Share price strength

15. Our investment process • rank 1000 companies every week • perform due diligence “good ideas” • best ideas

16. Sample output The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular stock. 4 = Share price is in very strong and durable uptrend 4 = Company has a strong history of value creation and is following value creating capital strategy 4 = Cash Flow based Valuation offers significant upside 4 = Earnings forecasts being revised up more than market overall

17. Four factor scoring • Stocks can score a minimum of 1 and a maximum of 4 on each of the four factors. • The total score range therefore runs from 4 (worst) to 16 (best).

18. Benefits of the four factor process • Objective • Disciplined • Rigorous • Strong sell discipline • Takes advantage of “behavioural errors” made by investors. • Each factor: • Provides a potential source of out-performance • backed by academic research • Supported by extensive back tests as a source of alpha. • In combination they provide more stable outperformance.

19. Technicals Dynamics Value Key behavioural errors

20. Esprit HoldingsClothing retailer Sold here Bought here

21. Strategy: 3 year trend in value creation. Is capital management strategy appropriate Technicals: Is price relative in uptrend? Evaluate ‘price energy’ (=27w volatility). Position vs. key moving averages, support/resistance, volume? Revisions: Broadbased or distorted by one-offs? How sustainable? Key earnings drivers? Is there a reservoir of future revisions to cause trending? Valuation: Are Fade and Asset Growth inputs appropriate? Magnitude of upside? How much ‘headroom’ on valuation? HOLT predictive ‘fit’? Esprit HoldingsFour Factor analysis

22. Investec Asia ex Japan

23. Portfolio characteristics • 70 – 90 holdings • Benchmark: MSCI Far East ex Japan • Tracking error target: 3 – 8% • Large – Mid cap focused • Value / Growth (style agnostic) • Out-performance target: 2% p.a. rolling over a market cycle • Country and sector limits of 10% versus benchmark • Bottom up • “Four Factor” investment process • Disciplined *Benchmark is MSCI AC Far East ex Japan

24. Skew towards high-scoring stocks % of IGSF (offshore) Asian Equity Fund portfolio SIGMA score Source: Investec Asset Management, 31.12.06

25. Sector breakdown % portfolio allocation (% MSCI AC Far East, ex Japan allocation) The portfolio may change significantly over a short period of time. Source: Investec Asset Management, 31.1.07

26. Country breakdown % portfolio allocation (% MSCI AC Far East, ex Japan allocation) The portfolio may change significantly over a short period of time. Source: Investec Asset Management, 31.1.07

27. Portfolio over/under-weights Top Fund over-weights and under-weights versus MSCI AC Far East Free ex Japan The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular security. Source: Investec Asset Management, 31.1.07

28. A Investec Asian Equity Fund 3 year performance Percentage Growth Total Return $ gross Past performance is not audited and should not be taken as a guide to the future. Returns to individual investors will vary in accordance with their personal tax status and tax domicile. Source: Lipper to 31.1.07, bid to bid (inclusive of all annual management fees but excluding any initial charge) gross income reinvested, in US Dollars. Performance would have been lower had any initial charge been included.

29. A Investec Asian Equity Fund 3 year performance Percentage Growth Total Return £ gross Past performance is not audited and should not be taken as a guide to the future. Returns to individual investors will vary in accordance with their personal tax status and tax domicile. Source: Lipper to 31.1.07, bid to bid (inclusive of all annual management fees but excluding any initial charge) gross income reinvested, in Sterling. Performance would have been lower had any initial charge been included.

30. A Investec Asian Equity Fund 3 year performance Percentage Growth Total Return € gross Past performance is not audited and should not be taken as a guide to the future. Returns to individual investors will vary in accordance with their personal tax status and tax domicile. Source: Lipper to 31.1.07, bid to bid (inclusive of all annual management fees but excluding any initial charge) gross income reinvested, in Euro. Performance would have been lower had any initial charge been included.

31. Investec Asian Equity Fund Portfolio Style Skyline • Portfolio Style Skyline™ Style Skylines identify the major benchmark-relative Style tilts across the portfolio. Additional analysis factors and more detailed sector (and country) adjustment may also be informative. The Fund’s benchmark is the MSCI AC Far East ex Japan Index. Source: Investec Asset Management Limited, Style Research, 31.1.07.The portfolio may change significantly over a short period of time.

32. Investec Asian Equity Fund Tracking error • 24m Tracking Errors (ann %) Investec GSF Asian Equity Fundvs MSCI AC Far East ex Japan Index S&P OS Fd EQ Asia Pac Ex Jap (NX) vs MSCI AC Far East Free ex Japan Past performance is not audited and should not be taken as a guide to the future. Source: Investec Analytics. 24 month rolling tracking errors to 31.12.06. Please see important notes page.

33. Investec Asian Equity Fund Historic information ratio • 24m information ratios Investec GSF Asian Equity Fundvs MSCI AC Far East ex Japan Index S&P OS Fd EQ Asia Pac Ex Jap (NX) vs MSCI AC Far East Free ex Japan Past performance is not audited and should not be taken as a guide to the future. Source: Investec Analytics. 24 month rolling tracking errors to 31.12.06. Please see important notes page.

34. Summary Opportunity to invest in a disciplined, core Asian Equity Fund, with a good track record, in a high growth region undergoing structural change.

35. Important information 1UK and Switzerland • This communication is directed at professional financial advisers only. • It should not be distributed to, or relied upon by, private customers. • Any information contained in this communication is believed to be reliable but no warranty is given as to its accuracy or completeness. While opinions stated are honestly held, they are not guarantees and should not be relied on. Unless otherwise stated information is source Investec Asset Management. • Past performance should not be taken as a guide to the future. You are not certain to make a profit; you may lose money and any income is not fixed - it can go up or down. Changes in the rates of exchange between currencies may cause your investment and the income from it to go down as well as up.

36. Important information 2UK and Switzerland • The Asia ex Japan Fund is a sub-fund of Investec Funds series ii, a UK-domiciled OEIC, UCITS III; registered for sale in Luxembourg and Switzerland, in the Netherlands by the Dutch Central Bank under the Act on the Supervision of Investment Institutions and, in Germany, the distribution of shares has been notified to the BAFin. Copies of the Fund’s full Prospectus, the Simplified Prospectus, Instrument of Incorporation and latest annual and semi-annual reports are available, free of charge from any office of Investec Asset Management or, in Switzerland, from the Swiss Representative, Distributor and Paying Agent, Investec Bank (Switzerland) AG, Talacker 41, 8022 Zurich or, in Luxembourg from J.P. Morgan Bank Luxembourg SA, EBBC, 6 route de Trèves, L-2633 Senningerberg or, in Germany, from J.P. Morgan AG, Junghofstrasse 14, 60311 Frankfurt am Main. • Investec Global Strategy Fund is a Guernsey-domiciled fund; the Asian Equity Fund is registered for sale in the UK, Switzerland, Ireland, Gibraltar, Macau, Taiwan, Hong Kong and South Africa. Copies of the full Scheme Particulars, Memorandum and Articles of Association and latest annual and semi-annual reports for the Funds are available free of charge from: Investec Asset Management Limited, 2 Gresham Street, London, EC2V 7QP and, in Switzerland, from the Swiss Representative, Distributor and Paying Agent, Investec Bank (Switzerland) AG, Talacker 41, 8022 Zurich. • February 2007

37. Contact information • Stephen Capon • Sales Manager • Tel: + 44 (0)207 597 2142Email: stephen.capon@investecmail.com • Investec Asset Management2 Gresham StreetLondonEC2V 7QPUnited Kingdom • www.investecfunds.co.uk Telephone calls may be recorded to confirm your instructions March 2007

38. Thank you www.investecfunds.co.uk