#1Ꮎ Investec Asset Management (becoming Ninety One) Global asset manager with an emerging market heritage Capital Markets Day 3 December, 2019 Investec Asset Management Becoming Ninety One וי Ninety One#2Clarity of purpose in a changing world Today we're discussing a significant step in the evolution of the Investec Group . In a world of change, simplicity and focus are key success factors We're evolving our ownership structure and changing our name, but not who we are Our purpose remains the same – investing for a better tomorrow Better Firm Better Investing Better World#3Today's presenters 3 Background Hendrik du Toit Founder, IAM and Joint CEO, Investec Group Kim McFarland Finance Director, IAM and Executive Director, Investec Group • Founded IAM in 1991 • Joined Investec Group board in 2010 • Appointed Joint CEO of Investec Group in 2018 • 29 years at Investec Background • Joined IAM in 1993 as CFO and COO • Joined Investec Group board in 2018 Previously named Business Woman of the Year in South Africa 26 years at Investec#44 Demerger rationale Conclusions of Strategic Review The current Investec Group is too complex Demerger Benefits for IAM Independence is valued Limited synergies between IAM and the wider Investec Group Preserves and promotes high degree of employee ownership Clear geographic and client overlap between Specialist Banking and Wealth & Investment businesses Ideal structure for talent attraction and retention Investec Group should be simplified to improve resource allocation, performance and growth trajectory Alignment for the longer term Simplify Focus Grow#55 Expected shareholding structure Current IAM staff 20%1 IAM Investec Group Shareholders Proposed (post demerger, listing and placing by Investec) Up to 65% free float upon listing Ninety One staff Investec Group New public shareholders Investec Group Current Investec shareholders c.20%1 c.15%3 Up to 10% 55% 80%2 Ninety One (Dual-listed company) Notes: 1. Through Forty Two Point Two, senior management participate in a 20% (less 1 share) stake in the business (which may increase following implementation of the Proposals, as set out in the Circular); 2. 80% (plus 1 share); 3. Representing approximately 4.3% held by Investec Ltd and 10.7% held by Investec plc.#66 Retaining our dual-listed structure Enables us to remain connected to our roots Ninety One plc to be premium listed on LSE with a secondary inward listing on JSE Ninety One Limited to be listed on JSE Aligned with regulatory requirements All shareholders will have equivalent economic and voting rights#7We are changing our name, but not who we are 7 Ninety One Investing for a world of change#8Our Board Gareth Penny Non-executive Chairman (Independent) Chair of the Nominations and Directors Affairs Committee Colin Keogh Non-executive Director (Independent) Senior Independent Director Chair of the Human Capital and Remuneration Committee Hendrik du Toit Chief Executive Officer Kim McFarland Finance Director Busisiwe Mabuza Non-executive Director (Independent) Chair of the Sustainability, Social and Ethics Committee Fani Titi Non-executive Director Idoya Basterrechea Aranda Non-executive Director (Independent) 8 Victoria Cochrane Non-executive Director (Independent) Chair of the Audit and Risk Committee Member of the Nominations and Directors Affairs Committee Member of the Human Capital and Remuneration Committee Member of the Sustainability, Social and Ethics Committee Member of the Audit and Risk Committee#99 Today's agenda Key differentiators Strategic principles and priorities Financial performance and outlook#10A global asset manager with an emerging market heritage A differentiated asset manager with the attributes of industry leaders 10 Unique employee ownership and culture Organically and sustainably built Superior global reach given scale Sophisticated Institutional and Advisor client base Emerging market heritage underpins growth Significant growth potential across existing skillsets Distinctive specialist active strategies Attractive financial profile with strong cash generation#11We are a people business Our culture is a vital element of our long-term success Freedom to create within clear parameters of values, team and strategy 11 We strive to do the right thing, for clients, community and the team Our people have the freedom to be themselves We combine individual expression with collective ambition and team discipline We insist on results but not at the expense of the human spirit Relationships matter We balance relentless drive with decency It is all about the drive to be better: Better firm, better investing, better world#12Longevity and stability across the business Differentiated by the experience and depth of our teams Investments¹ Average leadership tenure at IAM Total people Client Group² Operations³ Executive Committee ~15 -14 ~17 years years years -20 years 250 402 495 94 Average tenure at ~7 IAM years -7 years ~7 years 12 Notes: Staff tenure and numbers as at 30 September 2019. Tenures are based on length of service at IAM only and exclude previous experience. 1. Includes investment support functions (relating to ESG, risk and performance, traders); 2. Includes 172 SA Fund Platform staff and 62 Global Marketing staff; 3. Excludes Silica staff; 4. Executive Committee headcount also included in other category totals.#13Ownership and alignment Strong staff commitment enables even greater alignment with clients and shareholders Consistent compensation framework since inception Investment of own personal capital into the business Senior management and key employees have acquired a 20% stake to date¹ Facilitates entrepreneurial, collaborative and team-oriented culture Our employee ownership 15% (2013) 20%¹ (2018) Expected to increase upon listing² 13 Notes: 1. Through Forty Two Point Two, senior management participate in a 20% (less 1 share) stake in the business; 2. Assuming participation in Ninety One share sale, as set out in the Circular.#14Organically and sustainably built over nearly 30 years Established long-term growth track record in AUM AUM Reported profit (post NCI) 1 AUM CAGR FY92- AUM CAGR (FY98- FY09): +19% FY98): +93% FY92 FY93 FY94 FY95 FY96 FY97 FY98 FY99 FY00 Domestic growth phase 14 Notes: FY92-FY19 are financial years to 31 March; HY20 represents AUM as at 30 September 2019. 1. Reported profit is pre-exceptionals, NCI refers to Non-Controlling Interest. Internationalisation phase FY09 £44bn of cumulative net flows since April 2009, representing -50% of total AUM growth 20): £179m FY17 FY18 FY19 HY20 £121bn FY14 SAMS FY15 FY16 Scaling post crisis phase#15Emerging market heritage underpins growth Positioned for developed market demand for emerging market investments Emerging market heritage Limited scale of South African market necessitated early internationalisation Founded: 1991 Presence: South Africa Now a diversified global business though emerging markets remain both an important investment strategy and a significant source of client assets AUM: c.£40m Access to, and insight across, the full breadth of emerging market regions 15 Notes: 1. AUM as at 30 September 2019, "Emerging markets" includes Africa and Asia Pacific (excluding Australia). By client location¹ 51% £121bn 49% By investment strategy¹ 43% £121bn 57% ■ Emerging Markets ■Developed Markets#16₤4bn ₤22bn Alternatives Multi-Asset Distinctive specialist active strategies Diversified and organically built Client demand Distinct skillsets² 53 53 Core asset class offerings¹ £54bn Equities 4Factor 20 Quality ₤34bn Fixed Income Specialist active 11 Value 55 Fixed Income 16 Notes: AUM and number of investment professionals as at 30 September 2019. 1. Excluding SA Fund Platform (c.£8bn); 2. Denotes number of investment professionals within defined skillset and includes Portfolio Managers and Analysts only. 24 Alternatives 14 Multi-Asset Outcomes#17100% 50% 1 year 3 years 5 years 10 years 17 100% 50% FY00H 100% 50% 100% Overall firm outperformance¹ 50% FY05 Proven investment performance track record FY10 FY15 HY20 Latest outperformance 1,2 Mutual funds outperformance³ 77% 93% 64% 75% 54% 1 year 3 years 5 years 10 years 63% 72% 53% Notes: 1. Outperformance (underperformance) is calculated as the sum of the total market values for individual portfolios that have positive active returns (negative active returns) on a gross basis expressed as a percentage of total AUM. Our % of fund outperformance is reported on the basis of current AUM and therefore does not include terminated funds. Total AUM exclude double-counting of pooled products and third party assets administered on our South African platform. Benchmarks used for the above analysis include cash, peer group averages, inflation and market indices as specified in client mandates or fund prospectus. For all periods shown, market values are as at the period end date; 2. Investment performance data as at 30 September 2019; 3. Fund performance and ranking as per Morningstar data using primary share classes net of fees to 30 September 2019. Peer group universes are either IA, GIFS or ASISA sectors as classified by Morningstar. Cash or cash-equivalent funds are excluded from charts. 1st quartile 3rd quartile 2nd quartile 4th quartile % % in 1st and 2nd quartile#18Today's agenda 18 Key differentiators Strategic principles and priorities Financial performance and outlook#19Our strategic principles 19 We offer organically- developed investment capabilities through active segregated mandates or mutual funds to sophisticated clients We operate globally in both the Institutional and Advisor space through five geographically defined client groups We have an approach to growth that is driven by structural medium to long- term client demand and competitive investment performance Patient Organic Long-term Intergenerational#20Our strategic priorities Focus on Capture the growth inherent in our current capability set Develop differentiated strategies, anticipating client needs growth in professionally intermediated channels (Advisor and Institutional) Ensure sustainability is at the core of our business 20 20#21Capture the growth inherent in our current capability set IAM's specialist skillsets are well aligned with global growth trends Global industry AUM by asset class $101tn Passive Global industry revenue by asset class AUM CAGR (2018-2023E) 10% $330bn $19bn $279bn $55bn $24tn Core $74tn $16bn 2% $55bn $62bn $14tn $27tn Active Specialist 5% $56bn $37bn $27bn 8% $24tn $17tn Solutions $13tn $16tn $157bn $124bn $11tn Alternatives 8% $18tn $12tn 2018 2023E 2018 2023E 21 Source: Boston Consulting Group. Notes: Alternatives includes hedge funds (HF), private equity (PE), real estate, infrastructure and commodity funds, liquid alternative mutual funds (e.g. absolute returns, long/short, market neutral, volatility). PE and HF revenues exclude performance fees. Active Specialist includes equity specialties (foreign, global, EM, small and mid caps, sectors) and fixed income specialties (EM, global, high yield, convertibles). Solutions (including LDI and Balanced) includes target dated, global asset allocation, flexible, income, LDI and traditional balanced. Active Core includes actively managed domestic large cap equity, domestic government and corporate debt, money market and structured products. Totals may not add up due to rounding.#22Global Equities Capture the growth inherent in our current capability set Diversified offering across all asset classes ■ Global Fixed Income Multi-Asset £54bn £34bn £22bn £4bn Global Absolute Return DM Credit Regional ■ Asia (inc. China) ■ UK - EM ■ Europe Africa (inc. SA) Regional ■ EM Sovereign & Currency ■ EM Credit ■ Africa (inc. SA) Fixed Income Africa (inc. SA) Credit 22 Notes: AUM as at 30 September 2019, excluding SA Fund Platform (c.£8bn). Breakdown based on underlying Strategy definitions. Regional Global Alternatives ■ Income ■ Growth ■ Africa (inc. SA) ■ UK ■ EM ■ Natural Resources (inc. Global Environment) ■ Real Estate ■ Private Equity ■ Infrastructure Debt#23Develop differentiated strategies, anticipating client needs 23 Global Equities EM Fixed Income / Local Currency Global Multi-Asset Income Asia/ All China Infrastructure Credit/ Global Environment#24Global reach Diversified distribution across global markets, with local penetration spanning 21 offices AUM Americas o/w Institutional £17bn 81% Client Group Headcount 28 30% 6% Europe UK AUM AUM o/w Institutional £24bn o/w Institutional £16bn 73% 47% Client Group Headcount 21 Client Group Headcount 31 20% 5% 8% 4% Africa AUM o/w Institutional £43bn 63% Client Group Headcount 59 2% 2% Asia Pacific AUM £21bn o/w Institutional 89% Client Group Headcount 26 22% 8% % IAM AUM CAGR (2010 - 2018)1 24 % Regional Industry AUM CAGR (2010 - 2018) 1,2,3 Notes: AUM and Client Group headcount as at 30 September 2019. Asia Pacific includes the Middle East. Client Group headcount excludes 172 SA Fund Platform staff, 62 Global Marketing staff and 3 central roles. 1. Analysis run based on AUM figures in USD; 2. 2010-2018 CAGR based on data as at 31 December 2018, except for Africa - see footnote 3; 3. Africa regional industry AUM CAGR based on figures from Alexander Forbes as at 30 June 2010 and 30 June 2019.#25Positioned for resurgent growth in South Africa Largest third-party asset manager by AUM 1 Competitive investment performance in underpenetrated opportunities: 1. Institutional equity 2. Advisor multi-asset 3. Advisor fixed income ■Compelling long-term track record: 83% of SA client assets have outperformed benchmarks over 3 years Position Proposition and 87% over 10 years² First quartile performance: 75% of Advisor assets over 10 years and 88% over 5 years³ Performance People ■ High conviction, specialist capabilities with dedicated and aligned teams Backed up by industry-leading service platform Experienced South African business leadership team Well-resourced and long-tenured investment teams (average of 12 years with the firm4) Commitment to diversity and transformation 25 Notes: 1. Source: Alexander Forbes Assets Under Management Survey, as at 30 June 2019. Excludes life assets and only reflects assets managed on behalf of South African clients; 2. Outperformance (underperformance) is calculated as the sum of the total market values for individual portfolios that have positive active returns (negative active returns) on a gross basis (segregated funds) or net basis (pooled funds) expressed as a percentage of total AUM. Our % of fund outperformance is reported on the basis of current AUM and therefore does not include terminated funds. Total AUM exclude double-counting of pooled products and third party assets administered on our South African platform. Benchmarks used for the above analysis include cash, peer group averages, inflation and market indices as specified in client mandates or fund prospectus. For all periods shown, market values are as at the period end date; 3. Source: Fund performance and ranking as per Morningstar data using primary share classes net of fees to 30 September 2019. Peer group universes are either IA, GIFS or ASISA sectors as classified by Morningstar. Cash or cash- equivalent funds are excluded; 4. South Africa-based portfolio managers.#26Sophisticated Institutional and Advisor client base Institutional 12% 13% 39% £82bn 14% 21% £121bn AUM Pension Funds Institutional Public Bodies (inc. SWFs)¹ 68% ■Insurers ■ Corporates / Other 2 ■Investment in Mutual Funds Advisor 8% Advisor 32% 19% 35% £39bn 38% Retail Groups / IFAs 3 Wealth Managers / Private Banks ■SA Fund Platform ■ Other 4 26 Notes: AUM as at 30 September 2019. May not calculate precisely due to rounding. 1. "SWFs" represent Sovereign Wealth Funds; 2. "Other" represents c.1% of Institutional clients; 3. "IFAs" represent Independent Financial Advisers; 4. "Other" represents sub-advised and legacy direct book.#2727 Growing in the Advisor channel Access to key portfolio assemblers and financial institutions. Our solutions offering is key to capturing the growth in this market IAM's access to portfolio assemblers, financial institutions and selected partnerships IAM's strong growth in the Advisor channel Top 5 national wealth managers Top 3 insurance companies All of the top IFAs and platforms Top 3 wealth managers 7 of the top retail distributors in Italy, Germany and Spain All key Swiss private banks £18.5bn Advisor AUM Sep-10 Top 5 private banks in Asia Top 5 retail distributors in Hong Kong 4 of the top 5 wealth managers 9% CAGR £38.7bn Advisor AUM Sep-19 Solutions products offered through Advisor channel have grown at a CAGR of 14% since September 2017#28Growing in the Institutional channel Our differentiated capabilities enable unique entry into globalising capital pools. IAM's capabilities Strong client-facing team Example: North American Institutional AUM¹ Large pool of risk-taking assets in this market $20.8tn 2016 $24.9tn 2022E Very clear product focus Move away from domestic to international investment strategies US international investments as a proportion of total pension market exposure² Relevant specialist strategies Consultant traction 38% 16% 15% 6% 1998 2018 Fixed income ■ Equity IAM's growth in North American Institutional AUM CAGR of 33% since 2010 More than ten-fold increase 28 Notes: 1. Source: Cerulli, 2017 North American Institutional Markets report; 2. Source: Willis Towers Watson Thinking Ahead Report, 2019. Sep-10 Sep-19#29Purpose: Investing for a better tomorrow 29 Investec Asset Management Becoming Ninety One Better firm. Better investing. Better world. Better Firm We are building a firm that aims to achieve excellence over the long term, with a culture that encourages our people to reach their highest potential and puts our clients at the centre of our business Better Investing Long-term investment excellence is our primary function and is non- negotiable. We aim to provide our clients with an investment outcome that allows them to achieve their financial goals Better World We are dedicated to building a better world through our capital allocation. We are responsible citizens of our societies and natural environment#30Ensure sustainability is at the core of our business Facing up to the challenge of our generation Sustainability is a key part of our purpose as an Invest active asset manager Integrating ESG in our investment processes Developing dedicated sustainability and impact strategies Enhancing value for our clients, doing the right thing, building a better world A+ PRI annual assessment¹ 8 dedicated ESG experts¹ supporting firm-wide integration Engage Ensuring advocacy and delivering thought leadership Behaving in line with our principles Inhabit Supporting sustainability in our communities 1,370 company meetings voted on² 308 engagements³ Conservation Community building Education En-route to Scope 2 carbon neutrality 30 Notes: 1. As at 30 September 2019; 2. Firmwide statistic over 12 month period to 30 September 2019; 3. ESG engagement with portfolio companies and ESG-related bodies, over 12 month period to 30 September 2019.#31Ensure sustainability is at the core of our business Progress as active stewards of capital - doing this right is core to our organisational purpose Active advocacy SDSN PRI Principles for Responsible Investment INCLUSIVE CAPITALISM impact investing institute Developing dedicated sustainability products Africa Credit & Emerging Africa Infrastructure Fund Investments in African infrastructure and renewable projects IIGCC 2016: Launched public market sustainable investing solutions Global Environment Global companies that will enjoy structural growth from decarbonisation BUSINESS & SUSTAINABLE DEVELOPMENT COMMISSION 2011: Started integrating sustainability factors across all investment strategies including active ownership 31 פן 2008: FRC CRISA private markets and Launched our first credit impact strategies ACGA Notes: 1. "TIME" framework relates to Transparency, Impact, Measurement and Engagement. ICGN THE INVESTOR FORUM Council of Institutional Investors UK Sustainable Equity Regional fund focused on engagement and positive impact Managed by specialists Differentiated products "TIME" framework¹#32Recap of our strategic priorities 32 Capture the growth inherent in our current capability set Develop differentiated strategies, anticipating client needs Focus on growth in professionally intermediated channels (Advisor and Institutional) Ensure sustainability is at the core of our business#33Today's agenda 33 Key differentiators Strategic principles and priorities Financial performance and outlook#34Attractive financial profile Increasing AUM, recurring revenues and cost discipline driving profit growth across cycles Total AUM (£bn) 121 111 104 AUM growth 29 • Long track record of increasing AUM • Driving continued revenue growth FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 HY20 Operating revenue base Operating expense discipline Operating profit growth across cycles 34 Total operating revenue (£m) and management fee rate¹ (bps) 56bps 190 50bps 49bps 48bps 511 541 292 . • High proportion of management fees Diversified sources of revenues FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 HY20 Operating expenses (£m) 129 368 339 198 Cost discipline across the business whilst continuing to invest for growth FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 HY20 Operating profit (£m) and margin (%) 32% 60 34% 32% 32% 171 173 94 Profit growth at attractive margins High cash conversion FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 HY20 Notes: Numbers are shown excluding Silica, net interest income, non-controlling interests and revenue and expenses related to the deferred employee benefit scheme. 1. Fee rate excludes performance fees.#3535 55 FY14 Torque ratio1: 4.6% AUM development over time Strong AUM growth, significantly driven by net flows AUM in £bn 68.0 +3.1 Net flows Markets / currency FY15 +3.2 +6.4 77.5 Notes: 1. May not calculate precisely due to rounding; 2. Annualised torque ratio. 4.1% 75.7 (5.0) (0.6) (0.8)% 5.6% 5.9% 5.8%² +6.2 120.8 +3.2 +6.1 +1.5 111.4 +3.2 103.9 +5.4 +20.2 95.3 (HY20#36Consistent and diversified flows Substantial and diversified net flows Net flows by channel (£bn) 36 Net flows by asset class (£bn) 2.6 3.1 3.2 (0.6) 5.4 6.1 3.2 2.6 3.1 3.2 (0.6) 5.4 6.1 3.2 FY14 FY15 FY16 FY17 ■ Advisor FY18 ■Institutional FY19 HY20 FY14 FY15 FY16 FY17 FY18 FY19 HY20 ■ Equities Fixed Income Multi-Asset Alternatives ■SA Fund Platform All asset classes and channels generated positive net flows in HY20#37Summary financials (page 1 of 2) £m, unless stated Closing AUM (in £bn) Average AUM (in £bn) Management fees Management fee rate (bps) Performance fees Foreign exchange (losses) / gains and other income FY18 FY19 % Change 103.9 111.4 7% 109.2 120.8 HY19 HY20 % Change 11% 99.6 108.0 8% 107.9 117.8 9% 495.4 524.6 6% 263.8 283.1 7% 49.7 48.6 48.8 47.9 18.4 11.0 (40)% 5.2 5.8 13% (3.2) 5.1 n.m. 4.2 3.5 (17)% 510.6 540.6 6% 273.2 292.4 7% Operating revenue¹ Operating expenses 1,2 (339.2) (368.1) 9% (185.1) (198.3) 7% Operating profit (pre-Silica and exceptional items) 171.4 172.5 1% 88.1 94.1 7% Operating profit margin³ 33.6% 31.9% 32.3% 32.2% FTES (#)4 1,059 1,139 8% 1,088 1,147 5% 37 Notes: Numbers may not sum due to rounding. 1. Operating revenue and operating expenses exclude gains on the deferred employee benefit scheme and the equivalent expense (£4.8m in FY19; £1.5m in FY18; £4.3m in HY20; £3.8m in HY19); 2. Operating expenses for September 2019 include interest expense on lease liabilities of £1.4m under IFRS16 to ensure a like-for-like comparison with prior periods; 3. Operating profit margin excludes net interest income, Silica profit and exceptional items; 4. Number of FTEs excludes Silica employees (490 at FY19, 533 at FY18, 485 at HY20 and 512 at HY19).#38Summary financials (page 2 of 2) £m, unless stated Operating profit (pre-Silica and exceptional items) 171.4 172.5 FY18 FY19 % Change HY19 HY20 % Change 1% 88.1 94.1 7% Net interest income 5.3 5.5 4% 2.7 2.3 (14)% Silica profit 1.4 1.4 (2)% 0.7 0.9 19% Reported profit (pre-exceptional items) 178.0 179.4 1% 91.5 97.3 6% Exceptional items (1.0) n.m. 0.6 (5.4) n.m. Profit before tax Tax Profit after tax 38 Notes: Numbers may not sum due to rounding. 178.0 178.4 0% 92.1 91.9 0% (37.5) (38.6) 3% (18.3) (19.6) 7% 140.5 139.8 0% 73.8 72.3 (2)%#39Analysis of operating expenses Analysis of expense growth (HY20, £m) 185 7 66% 2 3 1 Breakdown of non-staff expenses¹ (HY20) 198 14% Non-staff expenses 6% 65% Staff expenses 10% HY19 Staff expenses Systems and New information offices Other HY20 Analysis of expense growth (FY19, £m) 339 9 69% 7 5 8 368 Non-staff expenses 66% Staff expenses FY18 Staff expenses Systems and information New offices Other FY19 28% ■Fund Administration ■ Accommodation ■ Systems ■ Information 11% 16% ■ Promotional ■ Travel Overheads 15% Strong cost discipline • Investment to support our long-term growth ambitions Substantial variable component within staff expenses ensures alignment with firm-wide performance 39 Notes: Analysis excludes Silica expenses and expenses related to movements in the deferred employee benefit scheme (offset by an equal and opposite amount included in revenue in the financial statements). 1. Excludes Silica expenses; however, includes Silica as a non-consolidated third party provider within Fund Administration.#40On-going listed company expenses and exceptional items 40 FY19 £m H120 H220 (actual) (actual) (estimate) FY21 guidance Recurring New corporate functions and replacement services 0.2 1.1 c.2.2 Increase in marketing expenses Operating expenses Non- recurring Double accommodation, duplicate expenses 2.7 3.1 c.3.4 Decreasing Exceptional items¹ Demerger project expenses, one-off rebranding 1.5 5.4 c.5.4 Decreasing (excl. from operating expenses) Notes: 1. Exceptional items only relate to demerger project expenses. The difference between the FY19 exceptional items (£1.0m on page 38 and £1.5m on page 40) relates to the profit on closure of a subsidiary.#41Our approach to growth and efficiency We already have a firm foundation for growth, which can be enhanced by further efficiencies Status quo: Additional initiatives to enhance our efficiency: Further outsourcing across the value chain 41 Improving investment technology IAM has a platform able to support growth + Continued low-cost location usage Evaluating the opportunities#42Balance sheet and capital 42 Notes: 1. Total shareholders equity of £202m, as at 30 September 2019. Capital-light model1 Highly cash generative No long-term debt Sufficiently capitalised#43Cumulative dividends (£m) Dividend policy Since FY09, IAM has paid out £1.3bn in dividends 1,400 1,200 1,000 800 600 400 200 £1.3bn FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 HY20 Dividend Policy Ordinary: 50% payout¹ Special: Surplus capital² 43 Notes: Cumulative dividends excludes additional capital payments paid for acquisitions of IAM equity stakes between 2013 and 2018. 1. Expected to target an ordinary dividend payout ratio of at least 50% of operating earnings adjusted for tax; 2. Expected to only retain after tax earnings sufficient to meet current or expected changes in its regulatory capital requirements and investment needs, as well as a reasonable buffer to protect against fluctuations in those requirements. Subject to the approval of the Ninety One Boards, it is expected that the remaining balance of after tax earnings, after taking into account any specific events, would be returned to Ninety One Shareholders through the payment of a special dividend.#44A clear strategy to deliver returns to our shareholders 44 IAM has a solid, well-invested platform and a successful history of long-term organic growth Track record Strong culture and team longevity Clients Global reach Ownership model Our growth strategy builds on our existing strengths - we remain committed to keeping the business model simple and capital-light Independence, focus, clarity and motivated people are valuable success factors#45"A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty." Winston Churchill#46Q&A#47Disclaimer This presentation (the "Presentation") has been prepared by Investec plc and Investec Limited (together, the "Company") and their subsidiaries from time to time (the "Group") solely for use at the investor meeting held on 3 December 2019. By reading the Presentation, you agree to be bound by the following limitations in relation to the existence of such Presentation and all information (including, without limitation, any projections, targets, estimates or forecasts) or opinions contained herein or in connection with it (the "Information"). The provision of the Information or any part of it does not constitute, and should not be construed as, part of any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe for, any securities in any member of the Group and it is not intended to provide the basis of any investment decision nor does it, nor is it, intended to form the basis of any contract for acquisition of or investment in any member of the Group, financial promotion, or any offer or invitation in relation to any acquisition of or investment in any member of the Group in any jurisdiction. You will hold the Information in strict confidence and you will not disclose, redistribute, reproduce, publish, pass on, or otherwise divulge the Information, electronically or otherwise, whether in whole or in part or directly or indirectly (or permit any of the foregoing) to any other person without the prior written consent of the Company. The Information has not been verified. 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Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry and market data contained in this Presentation comes from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. For the avoidance of doubt, BCG assume no liability for any industry or market data provided to the Company for the purposes of this Presentation. This Presentation contains statements that constitute forward-looking statements relating to the business, financial performance and results of the Company and the industry in which the Company operates. These statements may be identified by words such as "expectation", "belief", "estimate", "plan", "target", or "forecast" and similar expressions or the negative thereof; or by forward-looking nature of discussions of strategy, plans or intentions; or by their context. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. All statements regarding the future are subject to inherent risks and uncertainties and various factors could cause actual future results, performance or events to differ materially from those described or implied in these statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate and the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this Presentation or the underlying assumptions. Past performance is not an indication of future results and past performance should not be taken as a representation that trends or activities underlying past performance will continue in the future. The forward-looking statements in this Presentation speak only as at the date of this Presentation and the Company expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this Presentation or to update or to keep current any other information contained in this Presentation or to provide any additional information in relation to such forward-looking statements. You are therefore cautioned not to place any undue reliance on such forward-looking statements. Any matter or dispute (whether contractual or non-contractual) arising out of or in connection with this Presentation, shall be governed and construed in accordance with English law and the English courts shall have exclusive jurisdiction in relation to any such matter or dispute. Certain figures in this Presentation are subject to rounding. Accordingly, figures shown for the same category presented in different charts or tables may vary slightly and figures shown as totals in certain charts or tables may not be an arithmetic aggregation of the figures that precede them. 47