Allan Gray Africa Equity

Fund Limited

Fund Investment Objectives

The Fund will invest in a relatively focused portfolio of companies that are listed on an African stock exchange or have significant business interests in Africa ("African Equities"). The equities will be selected for their perceived superior fundamental value relative to their share price. South African equities will likely account for the majority of the Fund's holdings. However, the individual country exposures will vary significantly from those of the Benchmark. The Fund aims to be fully invested in African Equities but will hold some cash for transactional purposes. Effective May 1, 2012, benchmark changed from FTSE/JSE All Share Index to the MSCI EFM Africa Index. Fund changed from being priced in rands to USD