Discovery Invest Funds OverviewDecember 2017

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Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

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Date

Competitor 1

Competitor 2

Competitor 3

Competitor 4

Competitor 5

Competitor 6

Competitor 7

Competitor 8

Competitor 9

Competitor 10

Discovery

Competitor 11

Competitor 12

DISCOVERY INVEST HAS THE FASTEST AUM GROWTH SINCE INCEPTION RELATIVE TO OTHER MANAGERS

Source: Investec Asset Management as at Q2 2017

Discovery

3

DISCOVERY FUNDS THREE-YEAR ROLLING WEIGHTED PERCENTILE PERFORMANCE RANKING

Source: Investec Asset Management as at 30 September 2017

Excellent long-term consistency across our funds

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%S

ep

-14

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Feb

-15

Ma

r-1

5

Ap

r-1

5

Ma

y-1

5

Jun

-15

Jul-

15

Au

g-1

5

Se

p-1

5

Oct

-15

No

v-1

5

De

c-1

5

Jan

-16

Feb

-16

Ma

r-1

6

Ap

r-1

6

Ma

y-1

6

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Au

g-1

6

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p-1

6

Oct

-16

No

v-1

6

De

c-1

6

Jan

-17

Feb

-17

Ma

r-1

7

Ap

r-1

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Ma

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7

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g-1

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Date

4

DISCOVERY FUND PERFORMANCE OVER MEDIUM TO LONG-TERM

Source: Profile Data as at 31 October 2017

Fund 1 Year Qrt 3 Years Qrt 5 Years Qrt

Discovery Aggressive DAO FoF 13.80% 2

Discovery Moderate DAO FoF 13.18% 1

Discovery Conservative DAO FoF 8.77% 4

Discovery Balanced 15.25% 1 9.97% 1 12.45% 1

Discovery Moderate Balanced 14.76% 1 9.58% 1 11.22% 1

Discovery Cautious Balanced 13.01% 1 8.83% 1 9.41% 2

Discovery Diversified Income 7.50% 4 8.00% 2 6.92% 3

Discovery Dynamic Equity 16.69% 1 5.20% 3

Discovery Equity 17.31% 1 8.57% 1 7.07% 4

Discovery Flexible Property 11.82% 2 11.03% 2 14.03% 2

Discovery Global Real Estate Securities FoF 11.67% 3

Discovery Money Market 7.62% 4 7.05% 4 6.32% 4

Discovery Global Balanced FoF 20.28% 1 12.87% 3 16.72% 4

Discovery Global Equity FF 27.99% 2 14.55% 3 20.33% 2

Discovery Global Value Equity FF 39.57% 1 21.61% 1

Discovery Worldwide Best Ideas Fund 21.27% 1 12.13% 1 15.61% 1

Strong Aggressive and Moderate DAO

funds

Consistently excellent

Balanced funds performance

Equity funds strong over the

short-term

Excellent performance from Global Value and

Worldwide Best Ideas

5

EXCELLENT LONG-TERM PERFORMANCE OF THE DISCOVERY BALANCED FUNDS

1

1 Year 3 Years 5 Years

15.25%

9.97%

12.45%12.54%

7.47%

10.40%

Discovery Fund ASISA Sector

1 1

1 Year 3 Years 5 Years

14.76%

9.58%

11.22%11.45%

7.25%

9.47%

Discovery Fund ASISA Sector

1 1 1

1 Year 3 Years 5 Years

13.01%

8.83%9.41%9.99%

7.71%

9.04%

Discovery Fund ASISA Sector

1 1

Source: Profile Data and Morningstar as at 31 October 2017

6

EXCELLENT LONG-TERM ROLLING RETURNS OF DISCOVERY BALANCED AND DISCOVERY MODERATE BALANCED FUNDS

Quartile In 3 Years 5 Years 7 Years

1st 58% 68% 77%

2nd42% 32% 23%

3rd - - -

4th - - -

Periods above average

100% 100% 100%

Quartile In 3 Years 5 Years

1st 100% 100%

2nd- -

3rd- -

4th - -

Periods above average

100% 100%

Discovery Balanced fund had the 3rd highest flows in its entire sector over 2017 Q2

Discovery Moderate Balanced fund had

the 2nd highest flows in its entire sector over 2017 Q2

Source: Investec Asset Management as at 30 September 2017

7

95

100

105

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115

120

Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17

Un

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Month

JSE All Share Index Discovery Equity Fund

DISCOVERY EQUITY FUND CREATES ALPHA OVER THE PAST YEAR

The Discovery Equity Fund out-performed the JSE All Share 82% of the time over the past year

Source: Profile Data as at 31 October 2017

Ability to out-perform during a bull market

Ability to be defensive during a bear market,

hence preserving capital

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6%

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14%

16%

18%

TRDF 2010 TRDF 2015 TRDF 2020 TRDF 2025 TRDF 2030 TRDF 2035 TRDF 2040 TRDF 2045 TRDF 2050

Portfolio Average of Comparable ASISA Sector

TARGET RETIREMENT DATE FUNDS ONE-YEAR PERFORMANCE

1 1 1

All the funds are also top quartile over the past three months

Source: Profile Data as at 31 October 2017, the comparable ASISA sectors are the SA Multi-Asset Low Equity sector for TRDF 2010,2015,2020, the SA Multi-Asset Medium Equity sector for TRDF 2025, 2030, 2035 and the SA Multi-Asset High Equity sector for TRDF 2040, 2045, 2050

1 1 1 1 1 1

9

Discovery Global Equity Feeder Fund

20.33%

CROCI UK

11.36%

CROCI Europe 22.25% CROCI

Japan 22.82%

DISCOVERY GLOBAL FUNDS FIVE-YEAR PERFORMANCE RETURNS

Discovery Global Balanced Fund of Funds

16.72%

Fund 6 Month Qrt 1 Year Qrt 3 Year Qrt 5 Year Qrt

Discovery Global Value Equity FF 1 1 1 1

Discovery Worldwide Best Ideas Fund 1 1 1 1

Discovery Global Value

Equity FF ranked 1st over

1,3 years out of all the funds in the entire

ASISA industry

Source: Profile Data as at 31 October 2017

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Feb

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Au

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Feb

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Feb

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Au

g-1

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No

v-1

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Feb

-14

Ma

y-1

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Au

g-1

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No

v-1

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Feb

-15

Ma

y-1

5

Au

g-1

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No

v-1

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Feb

-16

Ma

y-1

6

Au

g-1

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No

v-1

6

Feb

-17

Ma

y-1

7

Au

g-1

7

Un

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Date

Price Guarantee

ESCALATOR FUNDS PROVIDE STRONG UPSIDE WHILE LOCKING IN RETURNS

80% guarantee

9.27% return since inception

Source: Profile Data as at 31 October 2017

Thank you