ALIDA JORDAAN Equity Portfolio Manager Macro Strategy Investments

1. local equities - how to weather the 2008 storms denial concern fear ALIDA JORDAANEquity Portfolio Manager Macro Strategy Investments capitulation UT\PressConf_0108_RS Alida

2. Investor psychology cycle “this time it is different” greed indifference enthusiasm dismissal confidence denial caution concern doubt fear contempt capitulation UT\PressConf_0108_RS Alida

3. Construction 77% Industrial Metals 60% Mobile Telecommunications 51% Food Retailers 51% Gold Mining -21% Household Goods -20% Transportation -18% 2007 vs 2008 Best and worst sectors of 2007 2008? Resources Financials Industrials • M&A activity, share buy backs • Cost pressures: production costs, safety issues, wage demands • Commodity prices not expected to collapse • Banking sector at very attractive valuations • Stock picking is key • Construction companies’order books healthy • Selected rand hedge counterslikely to do well • Interest rate-sensitive shares becoming increasingly attractive UT\PressConf_0108_RS Alida

4. 2008 - what are the opportunities? • Shares that have fallen “too far” • Affected by • Sub-prime crisis • Cyclical vs secular debate • Local infrastructure spend UT\PressConf_0108_RS Alida

5. Sub-prime crisis UT\PressConf_0108_RS Alida

6. X Investec P/ Tangible book 8 7 6 5 4 3 2 1 0 Apr-93 Apr-94 Apr-95 Apr-96 Apr-97 Apr-98 Apr-99 Apr-00 Apr-01 Apr-02 Apr-03 Apr-04 Apr-05 Apr-06 Apr-07 Investec and the sub-prime crisis • Global event • Lost R22bn market cap • IF all of Kensington and US exposure were written off it would amount to R6bn • Price to tangible book looks very attractive UT\PressConf_0108_RS Alida

7. Investec • Earnings will be negatively impacted, but core business is sound • A forward dividend yield of 7.4% beating after tax cash return of 6.6%! UT\PressConf_0108_RS Alida

8. Infrastructure spend and Aveng • Aveng has exposure to local and international infrastructure spend: • Civils • Mining • Roads • Housing • Theme remains intact with estimated R611bn spend up to 2011 UT\PressConf_0108_RS Alida

9. Aveng • Earnings outlook remains positive • Time horizon beyond 2010 • Rating back to 2005 levels UT\PressConf_0108_RS Alida

10. Richemont: cyclical vs structural • Share price down 18% in one month, painted with a “global growth” brush • US retail numbers disappointing and luxury goods companies like Tiffany and Burberry warning against earnings disappointments UT\PressConf_0108_RS Alida

11. Richemont: slowing growth? • Richemont • Exposure to tobacco: defensive • Exposure to growth: luxury • Growth underpinned by growingwealth in emerging markets • Cash generation • Acquisitions? • Unbundling of BAT • Currency hedge UT\PressConf_0108_RS Alida

12. Richemont: emerging market impact • Growing wealth in emerging markets with number of dollar millionaires rising: • China: 320 000+ • Russia:100 000+ • India: 92 000+ • Swiss watch exports: Asia (ex-Japan), ME, EE and ROW growing Source: Federation of the Swiss Watch Industry FH UT\PressConf_0108_RS Alida

13. Looking into 2008 • Globally • Recession vs reflation • Investec dividend yield is attractive given recessionary conditions • The share is even more attractive in a declining interest rate environment • Cyclical vs structural debate • Conditions for Richemont are expected to be tougher but growth in emerging markets will be sustained • Locally • Infrastructure spending will continue, share price weakness creates buying opportunities! =>Opportunities in uncertain environment! UT\PressConf_0108_RS Alida

14. Regulatory Information Old Mutual Investment Group (South Africa) (Pty) Limited Physical Address: Mutualpark, Jan Smuts Drive, Pinelands, 7405 Telephone number: +27 21 509 5022 Old Mutual Investment Group (South Africa) (Pty) Limited is a licensed financial services provider, FSP 604, approved by the Registrar of Financial Services Providers (www.fsb.co.za) to provide intermediary services and advice in terms of the Financial Advisory and Intermediary Services Act 37 of 2002. Old Mutual Investment Group is a wholly owned subsidiary of Old Mutual (South Africa) Limited. Reg No 1993/003023/07. The investment portfolios may be market-linked or policy based. Investors’ rights and obligations are set out in the relevant contracts. Market fluctuations and changes in rates of exchange or taxation may have an effect on the value, price or income of investments. Since the performance of financial markets fluctuates, an investor may not get back the full amount invested. Past performance is not necessarily a guide to future investment performance. Personal trading by staff is restricted to ensure that there is no conflict of interest. All directors and those staff who are likely to have access to price sensitive and unpublished information in relation to the Old Mutual Group are further restricted in their dealings in Old Mutual shares. All employees of Old Mutual Investment Group are remunerated with salaries and standard short-term and long-term incentives. No commission or incentives are paid by Old Mutual Investment Group to any persons. All inter-group transactions are done on an arms lengths basis. In respect of pooled, life wrapped products, the underlying assets are owned by Old Mutual Life Assurance Company (South Africa) Limited who may elect to exercise any votes on these underlying assets independently of Old Mutual Investment Group. In respect of these products, no fees or charges will be deducted if the policy is terminated within the first 30 days. Returns on these products depend on the performance of the underlying assets. Old Mutual Investment Group has comprehensive crime and professional indemnity insurance. For more detail, as well as for information on how to contact us and on how to access information please visit www.omigsa.com. UT\PressConf_0108_RS Alida