Investec Emerging Markets Digital Plus

1 Investec Emerging Markets Digital Plus PresentationFebruary 2018 What is the Investec Emerging Markets Digital Plus Equity Structured Product ( ESP )?100%downsideprotectedatmaturityinZARpr ovidedtheETFdoesnotclosedownmorethan30%. TheDigitalPlusESPisacreditlinkedESPwhere theinvestortakescreditriskonbothInvestec BankLimited( IBL )andFirstRandLimited( FSR ).IBListheproductsupplier,liquidityprovi der, a listedinstrumentontheJSEandcanbepurchase dviaa stockbrokingaccountusingrand. MinimuminvestmentamountisfromR50000casha ndincrementsof (EEMUSE quity).

2 Minimum35%digitalreturnin ZARif ,plusunlimitedupsideabove35%Reference ETF: iShares MSCI Emerging Markets ETF (EMM US Equity)Current ETF price: 31 January 2018= code: bidto mid-spreadof1%2 What is the pay-off profile at expiry in rand? 60%70%80%90%100%110%120%130%140%150%160% 170%180%60%70%80%90%100%110%120%130%140% 150%160%170%180%ReturniShareMSCI Emerging MarketsEmerging Markets Digital Plus 3 What returns can investors expect? * Theoreticalreturnsforillustrativepurpose sETF Basket returns at maturity*Initial Rand amount investedDigital PlusESP investment value at maturity75%R100 000R175 00027%R100 000R135 00012%R100 000R135000-21%R100 000R100 000-32%R100 000R68 0004 Emerging Market commentary5 GrowthforbothEMsandDMsis ,Weexpectglobalgrowthof 4%for2018.

3 Weexpectatleast10%overthenextyear From1996 EMequitieshaveneverunderperformedDMequit iesovera calendaryearthathasseena risein commodityprices EMearningsgrowthhasaveraged19%in yearswhenglobalgrowthhasbeenabove3. 5%vs0% %.InadditionEMsfrequentlyrerateonlargeea rningsgrowth Theimprovingglobalbackdrophasbeenreflect edinrecordlowEMCDS spreads. However,the12mforwardP/EthatDMstradeatre lativetoEMsisnearthehighestsince2004. Westruggleto reconcilethisandremainoverweightEMequiti esvsDM Thisdisconnectisparticularlyexaggeratedi nSAandweremainoverweightEMnominalbondsan dSAnominalbondsinparticular,thisshouldal soprovidesomelevelofsupportforRand Theimprovingglobalbackdropcoupledwithinc reasedpoliticalstabilitywillseegrowthtic kupin SAeventhoughbusinessconfidencecurrentlyr emainsnearrecordlowsSource: Investec Bank Limited Chris Holdsworth iShare ETF return 2003 (inception) to 20186 Data source.

4 BloombergiShare ETF country exposure as of January 12, 2018 Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their of Market Value (South) source: iShares by BlackRock iShare ETF Top 10 companiesData source: iShares by BlackRock 8 Ticker Name Sector Country Weight (%) 700 TENCENT HOLDINGS LTDI nformation ELECTRONICS LTDI nformation TechnologyKorea (South) SEMICONDUCTOR MANUFACTURINGI nformation GROUP HOLDING ADR REPRESENI nformation LIMITED N LTDC onsumer DiscretionarySouth CONSTRUCTION BANK CORP ADR REPTG INC CLASS AInformation AND COMMERCIAL BANK MOBILE LTDT elecommunication AN INSURANCE (GROUP)

5 CO OF ETF industry sector - SoftwareUtilitiesHealth CareReal EstateTelecommunication ServicesIndustrialsConsumer StaplesEnergyMaterialsConsumer DiscretionaryFinancialsInformation TechnologyData source: iShares by BlackRock How would the Digital Plus have performed in the past?3,855 rolling year periods from 2003 to date have been tested The product return is uncapped from 35% Positive product returns achieved of the time Average product returns achieved of the time Capital returned 29% of the time, no capital losses would have been incurred Maximum return (2003 2007) - 70%70% - 105%105% - 140%140% - 175%175% - 210%210% - 245%Normal Distribution of ReturnsData source.

6 IShares by BlackRock Product protected capital in negative periods of growth Return is uncapped during positive periods of growth ETF (xiShares MSCI Emerging Markets ETF (EMM US Equity) year rolling returns 11iShare ETF performance vs. Product performance3,855 rolling year periods from 2003 to date have been GrowthDigital PayoffBarrier LevelData source: Bloomberg Jan 25, 2018 What dividends am I forfeiting by investing in this product as opposed to the Index? AstheSatrixMSCIE mergingMarketsETFdoesnothavea dividendyieldhistoryasyet,wehaveusedthei SharesMSCIE mergingMarketsETFasa proxyin thisexamplefortheDividendYield Netdividendforfeitureis years ETFtrackersprovidenocapitalprotection,un liketheESPiShare ETF trackers in USDC urrent 12m Dividend Yield Annual Management 20% for source: BloombergWhat tax will investors pay?)

7 Theinformationprovidedin thisbrochureis generalinformationandshouldnotbeconstrue dastaxadvice. theholderofanESP,theywillbetheownerofETF s. Section9 CoftheActdeemsreceiptsandaccrualsarising fromthedisposalofETFstobeofa capitalnatureif thetaxpayerwastheowneroftheequitysharefo ra continuousperiodofatleast3 yearsimmediatelypriortothesale. Thetaxconsequencesforinvestorswhoelectto selltheirETFsbeforea periodof3 yearshaselapsedwillbedependentuponindivi dualcircumstancesandanyprofitrealisedfro mthesalemaybesubjectto IncomeTax/CGT. It isrecommendedthatprospectiveinvestorssee kindependentprofessionallegal,taxandacco untingadviceandconsidertheinvestmentinth elightoftheInvestor acceptedbyIBLforthetreatmentofanycourtof law,tax,bankingorotherauthorityinanyjuri sdictionoftheinvestmentandnoundertaking, warrantyorrepresentationis givenwithregardtotheoutcomeofanysuchinve stment.

8 Allopinions,statementsandanalysisexpress edarebasedoninformation,whichwascurrenta tthetimeofwritingandfromsources, fees will investors pay? A (inclusiveofVAT)willbepaidinyear1 and3willbepaidannuallyin : Allfees,includingJSElistingcostsandlicen singcosts,havebeenpricedintotheproductan dwillnotaffecttheinvestor dateTrade dateListing dateMaturity date23 March 201828 March 201813 April 2018 28 September 2021 Important dates Financial Services Board ( FSB ) licence categories15 FSBC ategory 1 ( CAT1 ) and Category 2 ( CAT2 ) license holders qualifying criteria to write structured products.

9 ListedproductsareexemptundertheFinancial AdvisoryandIntermediaryServicesAct( FAIS ),howeverfinancialadvisors/stockbrokers/ wealthmanagersshouldbeawareoftheirFAIS complianceresponsibilitiesundertheJohann esburgStockExchange( JSE )rulesforlistedproducts; Whereadviceisbeinggiven,financialadvisor s/stockbrokers/wealthmanagersshouldensur ethattheyunderstandtheunderlyinginstrume ntsandareabletoprovideadviceona "lookthrough"basis; and Theonusisonthefinancialadvisor/stockbrok er/wealthmanagertoensurethattheyhavethea ppropriatelicensetoadviseonstructuredpro ducts InvestecEmergingMarketsDigitalPlusESPCAT 1 license holders : and instruments: warrants, certificates and other instruments acknowledging, conferring orcreating rights to subscribe to acquire, dispose of or convert securities and instruments referred to in subcategories , and and instruments.

10 Derivative instruments excluding interests in CIS s (Collective Investment Schemes) CAT2 license holders Securities and instruments: and instruments: warrants, certificates and other instruments acknowledging, conferring or creating rights to subscribeto acquire, dispose of or convert securities and instruments referred to in subcategories , and and instruments: Derivative instruments excluding interests in CIS s (Collective Investment Schemes)Contact usPlease contact one of our product specialists for further informationBrian McMillan+27 11 291 Langlois+27 11 286 Lubbe+27 21 416 Accolla+27 21 416 Bell+27 21 416 accolades16 DisclaimerTheinformationcontainedin thiscommunicationis forinformativepurposesandis notintendedtoconstituteadvicein anyform,includingbutnotlimitedtoinvestme nt,accounting,tax, ,Investecis notina positiontohaveregardtothespecificinvestm entobjectives,financialsituationorpartic ularneedsofanyspecificrecipient.