#1Investec Investec Bank Limited The information in this presentation relates to the financial year ended 31 March 2021, unless otherwise indicated.#2Contents Page 3 1 Investec group overview 2 Investec Bank Limited (IBL) overview 14 3 IBL operating fundamentals 18 4 IBL peer analysis 31 LO IBL Appendices 35 Page 2#3An overview of the Investec group Commentary on the group's financial performance represents the continuing operations (excluding the consolidated results for Ninety One, formerly Investec Asset Management, for the period 1 April 2019 to 13 March 2020; including the equity accounted earnings from 13 March 2020 (date of demerger)).#4Investec A domestically relevant, internationally connected banking and wealth & investment group • Established in 1974 • Today, an efficient integrated international business platform employing approximately 8 200* people • Listed on the JSE and LSE (a FTSE 250 company) . Total assets of £51.5bn; total equity of £5.3bn; funds under management of £58.4bn Distribution channels *Including temporary employees and contractors Origination channels Core infrastructure Since 1992 Assets: £24.6bn Since 1974 Assets: £26.9bn Page 4#5Group structure • In 2002, Investec implemented a Dual Listed Companies (DLC) structure • In terms of our DLC structure, Investec Limited is the controlling company of our businesses in Southern Africa, and Investec plc is the controlling company of our non-Southern African businesses. Investec Limited JSE primary listing NSX secondary listing BSE secondary listing Sharing agreement Investec plc LSE primary listing JSE secondary listing Investec Bank Limited Investec Securities (Pty) Ltd^ Investec Property Group Holdings (Pty) Ltd A Houses the Wealth & Investment business Investec Bank plc > Operating activities key: Wealth & Investment Specialist Banking Note: All shareholdings are 100% unless otherwise stated. Only main operating subsidiaries are indicated. In March 2020, Investec completed the demerger and separate listing of Ninety One (formerly known as Investec Asset Management). The Investec group retained a 25% shareholding in the Ninety One DLC group, with 16.3% held through Investec plc and 8.7% held through Investec Limited. Investec Wealth & Investment Limited Page 5#6Solid recurring income base supported by a diversified portfolio Across businesses Across geographies % contribution to adjusted operating profit* % contribution to adjusted operating profit* 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-17 Mar-18 Mar-19^ Mar-20 Mar-21 ■ Wealth & Investment ■ Specialist Banking ■Group Investments^ ■ Southern Africa UK and Other *Adjusted operating profit by geography is Operating profit before goodwill, acquired intangibles and strategic actions, less profit attributable to other non-controlling interests. Adjusted operating profit by business is Operating profit before group costs and before goodwill, acquired intangibles and strategic actions, less profit attributable to other non-controlling interests. "Specialist Banking no longer includes Group Investments which is now shown as a separate segmental division. Prior periods have been restated to reflect the same basis (Group Investments was reported separately from March 2017). Page 6#7Strategic direction We strive to be a distinctive bank and investment manager, driven by commitment to our core philosophies and values. The Investec distinction Client focused approach . Clients are at the core of our business • We strive to build business depth by deepening existing and creating new client relationships • High-tech, high-touch approach High level of service by being nimble, flexible and innovative. Specialised strategy • • Serving select market niches as a focused provider of tailored structured solutions Enhancing our existing position in principal businesses and geographies through organic growth and select bolt-on acquisitions. • One Investec Our long-term commitment is to One Investec; a client-focused strategy where, irrespective of specialisation or geography, we commit to offering our clients the full breadth and scale of our products and services. We are focused on delivering profitable, impactful and sustainable solutions to our clients. To deliver on One Investec, we will focus on imperative collaboration between the Banking and Wealth & Investment businesses; and continue to invest in and support these franchises. This will position Investec for sustainable long-term growth. Sustainable business • ● • Contributing to society, macro-economic stability and the environment Well-established brand Managing and positioning the group for the long term Strong culture • • Strong entrepreneurial culture that stimulates extraordinary performance Passionate and talented people who are empowered and committed • • Balancing operational risk with financial risk while Depth of leadership . Strong risk awareness • Material employee ownership. creating value for shareholders Cost and risk conscious. Our long-term strategic focus • . . We are committed to delivering exceptional service to our clients, creating long-term value for our shareholders and to contributing meaningfully to our people, communities and the planet All relevant Investec resources and services are on offer in every single client transaction Sustain our distinctive, out of the ordinary culture, entrepreneurial spirit and freedom to operate, with the discipline and obligation to do things properly for the whole of Investec. In the short term, our objective is to simplify, focus and grow the business with discipline. Page 7#8Balanced business model supporting our long-term strategy A domestically relevant, internationally connected banking and wealth & investment group 2 2 8,200+ £26.4bn £34.4bn £58.4bn Core loans Employees Customer deposits Funds under management Principal geographies Core areas of activity Corporate / Institutional / Government / Intermediary Private client (HNW / high income) / charities / trusts Specialist Banking Wealth & Investment Lending Transactional banking Treasury solutions Advisory Investment activities Deposit raising activities We have market-leading distinctive client franchises Discretionary wealth management Investment advisory services Financial planning Stockbroking / execution only We provide a high level of client service enabled by advanced digital platforms We are a people business, backed by our out of the ordinary culture, and entrepreneurial spirit Page 8#9We continue to have a sound balance sheet • Key operating fundamentals • Senior management "hands-on" culture Cash and near cash £'mn • • • A high level of readily available, high quality liquid assets: representing c. 25% - 35% of our liability base. Cash and near cash balances amounted to £13.2 billion at 31 March 2021, representing 38.4% of customer deposits. No reliance on wholesale funding Solid leverage ratios: always held capital in excess of regulatory requirements and the group intends to perpetuate this philosophy. Target common equity tier 1 ratio of above 10% and total capital ratios between 14% and 17% Low gearing ratio: 9.7x with strong leverage ratios remain ahead of the group's target of 6% 16,000 14,000 £13.2bn 12,000 Average 10,000 8,000 6,000 4,000 2,000 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Low gearing ratios times 12.0 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Geographical and operational diversity with a high level of annuity income which continues to support sustainability of operating profit 10.0 8.0 6.0 4.0 2.0 9.7 11111 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 5.0 Gearing ratio (assets excluding assurance assets to total equity) Core loans to equity ratio Page 9#10We have a sound track record Recurring income £'mn 2,500 2,000 1,500 1,000 500 0 Mar-17 Mar-18 Other operating income Investment and associate income Net interest income Mar-19 Mar-20 Revenue versus expenses £'mn 100.0% 2,500 77.6% 80.0% 2,000 60.0% 1,500 40.0% 1,000 20.0% 500 0.0% 0 Mar-21 Mar-17 Trading income Net fees and commission income Annuity income* as a % of total income Adjusted operating profit** before impairments £'mn 700.0 600.0 500.0 400.0 300.0 200.0 100.0 Mar-18 1,641 1,165 Mar-19 Mar-20 Mar-21 ■Total revenue Operating costs Credit loss impairment charges £'mn 160 140 477.0 120 100 377.6 880 80 60 64 40 20 20 99.4 0 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 ■Adjusted operating profit before impairments** ■UK and Other ■South Africa ■Legacy and sales *Where annuity income is net interest income and annuity fees. **Operating profit before goodwill, acquired intangibles and strategic actions, less profit attributable to other non-controlling interests. Page 10#11We have a sound track record (cont.) Funds under management Net core loans and deposits £'bn 70,000 FY21: Total net inflows of £1.1bn 58.4 60,000 50,000 40,000 30,000 20,000 10,000 " 15 0 10 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-17 Mar-18 Mar-19 £'bn 40 40 Deposits: an increase of 6.9% since 31 March 2020 Net core loans: an increase of 6.1% since 31 March 2020 120% 34.4 35 100% 30 25 20 111 80% 26.4 75.60% 60% 40% 20% 0% Mar-20 Mar-21 Customer accounts (LHS) UK and Other Southern Africa Total equity and capital resources £'mn 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Mar-17 Mar-18 Mar-19 Mar-20 5,333 Asset quality £'bn 6,814 27 26 Mar-21 ■Total equity (including preference shares and non-controlling interests) ■Total capital resources (including subordinated liabilities) 25 24 23 21 222 22 2 2 Net core loans (LHS) Loans and advances to customer deposits (RHS) FY20 and FY21 impacted by COVID-19 26.4 5% 4% 3% 2.10% 2% 1% 0.35% 0% Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Net core loans (LHS) Credit loss ratio (RHS) Stage 3 loans net of ECL as a % of net core loans subject to ECL (RHS) Page 11#12Living our purpose to create enduring worth, living in, not off, society Investec's sustainability principles: Creating long-term value for all our stakeholders Do no harm: ethical conduct and ESG screening Committed to a clean carbon transition Providing profitable, impactful and sustainable products and services Maximising impact: through a focus on the Sustainable Development Goals (SDGs) Well positioned in ESG rankings and ratings Dow Jones Sustainability Indices In Collaboration with HobecoAM JS= Top 15% in the global diversified financial services sector (inclusion since 2006) MSCI Top 30 in the FTSE/JSE Responsible Investment Index SUSTAINALYTICS Top 20% in the Global Sustainability Leaders Index (inclusion since 2012) CDP DEVITABLE ISS ESG REDUCED INEQUALITIES QUALITY EDUCATION CLIMATE ACTION Two core SDG priorities Addressing climate and inequality issues is fundamental to the success of our business Top 2% scoring AAA in the financial services sector by MSCI ESG Research Score B against an industry average of B (formerly Carbon Disclosure Project) Top 20% of the ISS ESG global universe and Top 14% of diversified financial services Secondary SDG priorities 6 CLEAN WATER AFFORDABLE AND INDUSTRY INNOVATION DECENT WORK AND AND SANITATION CLEAN ENERGY AND INFRASTRUCTURE ECONONIC GROWTH SUSTAINABLE CITIES AND COMMUNITIES Refer to our website for more information on Sustainability and ESG at Investec FTSE Russell STOXX Global ESG Leaders RM SA The Institute of Risk Management Included in the FTSE UK 100 ESG Select Index (out of 641 companies) 1 of 43 banks and financial services in the Global ESG Leaders Index (total of 439) components) 1 of 5 finalists for the ESG Sustainability Professional Award Page 12#13Actions taken in the past year ENVIRONMENT Took action to address climate issues Achieved net-zero direct emissions for the second year as part of our commitment to ongoing carbon neutrality in our Scope 1 and Scope 2 emissions. Received shareholder support for climate commitments and published our first TCFD standalone report SOCIAL Continued to make progress on diversity and equality GOVERNANCE Strengthened our sustainability governance • • Improved our gender diversity performance at senior leadership level Maintained our Level 1 rating under the Financial Sector Code in South Africa and signed up to the UK Race at Work Charter Contributed £3.2mn in COVID-19 relief to communities Established an ESG Executive Committee to align sustainability activities across the organisation Implemented a more robust ESG screening process Created a framework to link Executive Directors remuneration to ESG KPIs STRATEGY Embedded sustainability into business strategy Launched several sustainability products and services including the first European mid-market ESG-linked subscription lines, the UK's first retail ESG-linked Deposit Plan and Investec Wealth & Investment's launch of a Global Sustainability Equity Fund Created a Sustainable Finance Framework COMMITMENT Deepened our commitment by signing up to several international memberships Refer to our website for more information on Sustainability and ESG at Investec • • UN Environment Programme Finance Initiative (UNEP FI) UN Principles for Responsible Banking (UN PRB) UN Principles for Responsible Investment (UN PRI) Page 13#14An overview of Investec Bank Limited (IBL) The information in this presentation relates to the financial year ended 31 March 2021, unless otherwise indicated.#15Overview of Investec Bank Limited IBL is a specialist bank with a strong franchise in niche market segments operating primarily in Southern Africa Total assets R509.9bn Well established franchise • Net core loans R283.2bn Total Customer Employees equity R47.0bn deposits 4 400+ R374.4bn Established in 1974 in the Republic of South Africa Obtained a banking licence in 1980 and listed on the Johannesburg Stock Exchange in 1986 Wholly owned subsidiary of Investec Limited (listed on the JSE) - Houses Investec group's Southern African and Mauritius banking subsidiaries . - Wealth & Investment, Institutional Stockbroking, Investec Life and the Property divisions are housed in fellow subsidiaries under Investec Limited Today, IBL is an efficient integrated business platform employing approximately 4 400 people* 5th largest banking group in South Africa (by assets) Our long-term strategic focus: Key strategic objectives - . - We are committed to delivering exceptional service to our clients, creating long-term value for our shareholders and contributing meaningfully to our people, communities and the planet All relevant Investec resources and services are on offer in every single client transaction Sustain our distinctive, out of the ordinary culture, entrepreneurial spirit and freedom to operate, with the discipline and obligation to do things properly for the whole of Investec. In the short term, our objective is to simplify, focus and grow the business with discipline. *Relates to Southern Africa geography (excluding temporary employees and contractors) Page 15#16Key credit strengths • Robust capital base: total capital adequacy ratio of 17.8%, common equity tier 1 (CET1) ratio of 13.3% and strong leverage ratio of 8.1%* • Low gearing: 10.5x Sound balance sheet • Strong liquidity ratios with a high level of readily available cash. The liquidity position of the bank remains sound with a total cash and near cash balance of R129.8bn representing 34.7% of customer deposits Diversified funding base with strong retail deposit franchise and low reliance on wholesale funding Strong risk management frameworks • • Never required shareholder or government support • Group Risk Management operates within an integrated geographical and divisional structure, in line with our management approach, ensuring that the appropriate processes are used to address all risks across the business units . Risk awareness, control and compliance procedures are embedded in our day-to-day activities Board, executives and management are intimately involved in the risk management process • Senior management "hands-on" culture • Stable management - senior management team average tenor of c. 15--20 years Strong culture • Strong, entrepreneurial culture balanced with a strong risk awareness • Employee ownership - long-standing philosophy *The leverage ratio is calculated on an end-quarter basis. Page 16#17IBL operational structure Non-SA and SA resident shareholders Investec Limited Listed on JSE >> DLC arrangements SA operations Investec Bank Limited Investec Bank (Mauritius) Limited >> Investec plc Listed on LSE Non-SA operations Investec Securities (Pty) Ltd^ Investec Property Group Holdings (Pty) Ltd Investec Limited, the holding company for Investec Bank Limited, is part of a Dual Listed Companies (DLC) structure Salient features of Investec's DLC structure: • • • . Investec plc and Investec Limited are separate legal entities and listings, but are bound together by contractual agreements and mechanisms Investec operates as if it is a single unified economic enterprise The companies have the same Boards of Directors and management Shareholders have common economic and voting interests as if Investec Limited and Investec plc were a single company: Equivalent dividends on a per share basis Joint electorate and class right voting Creditors are however ring-fenced to either Investec Limited or Investec plc as there are no cross guarantees between the companies . Capital and liquidity are prohibited from flowing between the two entities under the DLC structure conditions Regulation of the DLC structure: The South African Prudential Authority (SA PA) is the lead regulator of the group The SA PA is the regulator of Investec Limited while the UK Prudential Regulation Authority and the Financial Conduct Authority are the regulators of Investec plc The Memorandum of Understanding between the two regulators sets out that the role of the lead regulator would change if 70% or more of the on and off-balance sheet assets are held by Investec plc All shareholdings are 100% unless otherwise stated. Only main operating subsidiaries are indicated. ^Houses the Wealth & Investment business Page 17#18IBL operating fundamentals Business performance was resilient despite an operating environment characterised by stop-start economies as countries grappled with the impact of COVID-19. We have seen good momentum since December 2020 with stronger activity levels and growth in lending books across the bank, good client acquisition and point-of-sale activity from private clients as well as increased corporate trading activity. Our clients have a track record of resilience in difficult operating environments as reflected in our low impairments and credit loss ratio. Despite a greater sense of optimism spurred on by declining COVID-19 infections and the vaccine roll out programme in South Africa, the emerging third wave. remains a key risk to the business and the economy.#19Revenue supported by resilient franchises Annuity income* 14,000 12,000 10,000 8,000 6,000 4,000 2,000 R'mn 0 2017 2018 2019 2020 Revenue versus expenses R'mn 85.4% 90.0% 14,000 80.0% 12,000 70.0% 10,000 60.0% 8,000 50.0% 40.0% 6,000 30.0% 4,000 20.0% 2,000 10.0% 0.0% 0 2021 2017 2018 2019 2020 60.0% 53.7% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2021 • • Trading income Other fees and other operating income Net interest income Investment and associate income Annuity fees and commissions Annuity income* as a % of total income Operating income before expected credit loss impairment charges (LHS) Operating costs (LHS) Cost to income ratio (RHS) A diversified business model continues to support a large recurring income base comprising net interest income and net annuity fees and commissions, currently 85.4% of operating income (up from 74.8% in 2012). Total operating income before expected credit loss impairment charges for the financial year ended 31 March 2021 decreased 4.4% year on year due to the combined impact of lower non-interest revenue and subdued lending and transactional activity, particularly in 1H21. In addition, investment income declined as a result of lower realisations, dividend income and negative fair value adjustments. We maintained a disciplined approach to cost control. Operating costs decreased 2.5% year on year reflecting lower discretionary spending and effective cost containment. Taken together with the decreased revenue, the cost to income ratio for the financial year ended 31 March 2021 increased to 53.7% (31 March 2020: 52.6%) *Where annuity income is net interest income plus net annuity fees and commissions Page 19#20Operating Profit " IBL reported an increase in profit before tax of 24.9%. Our client engagement has been proactive, resulting in good client acquisition across both private and corporate clients in the period under review. Profits increased primarily due to: Lower ECL impairment charges. Higher specific impairments and the inclusion of an additional model overlay were offset by stable portfolio impairments due to broadly flat lending books and an increased level of recoveries Lower operating costs due to headcount containment and lower discretionary spend Lower impairment of associates, goodwill and amortisation of acquired intangibles. The decrease in impairment of associate relates to the non-repeat of a prior year goodwill impairment to the equity accounted value of the group's holding in IEP. R'mn 6,000 5,000 3,892 4,000 (279) 113 (368) (20) 3,000 521 2,000 1,000 ▼(10.7%) ▲ 1.3% 0 Mar 20 Net interest income Net fee and commission income ▼(40.0%) Investment and associate income ▼(5.1%) Customer flow, balance sheet management and other trading income 163 839 ▲ (2.5%) ▲ (84.7%) ▲ (47.9%) Expected credit loss impairment charges Operating costs 4,861 Impairment of associates, goodwill and amortisation of acquired intangibles Mar 21 Page 20#21Sound capital base and capital ratios Total capital resources R'mn 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 2017 . 2018 ■Subordinated liabilities Total risk-weighted assets: lower RWA intensity R'mn 600,000 59.9 500,000 400,000 300,000 200,000 100,000 80% 70% 60% 50% 40% 30% 20% 10% 0% 2019 2020 2021 1111 0 2017 2018 2019 2020 2021 ■Perpetual preference shares (dividend at 75% of Prime) Shareholders' equity (excluding perpeutal preference shares) Total assets (LHS) Total risk-weighted assets (LHS) RWA as a percentage of total assets (RHS) Capital resources have increased since FY20 due to an increase in shareholders' equity • Our total capital resources have grown by 102.0% since 2012 to R59 890mn at 31 Mar 2021 (CAGR of 8.1% per year) without recourse to government or shareholders IBL's Total RWAs / Total assets (RWA intensity) increased to 64.6% (31 March 2020: 59.5%). Approval was received from the Prudential Authority to adopt the Advanced Internal Ratings Based (AIRB) approach for the SME and Corporate models effective 1 April 2021. We are working towards further adoption of AIRB on certain remaining portfolios which we expect to result in a further reduction to our capital requirements and uplift to our CET1 ratio. Page 21#22Sound capital base and capital ratios (cont.) IBL maintained a sound capital position with a CET1 ratio of 13.3% and a total capital adequacy ratio of 17.8%. • Leverage ratios remains robust. • Approval was received from the Prudential Authority to adopt the Advanced Internal Ratings Based (AIRB) approach for the SME and Corporate models effective 1 April 2021. We are working towards further adoption of AIRB on certain remaining portfolios. Basel capital ratios* % 20 18 16 14 12 10 8 6 4 2 0 2017 2018 2019 2020 17.8 13.3 2021 Capital development FIRB A summary of ratios 31 Mar 21^ 31 Mar 20 Common equity tier 1 (as reported) 13.3% 12.1% Common equity tier 1 (fully loaded) # 13.3% 12.1% 8.1 Tier 1 (as reported) 13.7% 12.3% Total capital adequacy ratio (as reported) 17.8% 16.4% Leverage ratio** 8.1% 6.9% Leverage ratio** (fully loaded) # 8.1% 6.8% Total capital adequacy ratio ■Common equity Tier 1 ratio Leverage ratio ** The leverage ratios are calculated on an end-quarter basis. ^ Investec Bank Limited's capital information includes unappropriated profits. If unappropriated profits are excluded from capital information, Investec Bank Limited's CET 1 ratio would be 48bps lower (31 March 2020: 15bps lower). #The key difference between the 'reported' basis and the 'fully loaded' basis is primarily relating to capital instruments that previously qualified as regulatory capital, but do not fully qualify under South African Prudential Authority regulations. These instruments continue to be recognised on a reducing basis in the 'reported' figures until 2022. *Since 2013 capital information is based on Basel III capital requirements as currently applicable in South Africa. Comparative information is disclosed on a Basel II basis. The leverage ratio has only been disclosed since 2014, historic information has been estimated. Page 22#23Consistent asset growth, gearing ratios remain low Total assets composition R'mn 600,000 500,000 400,000 300,000 200,000 100,000 • Gearing* remains low times 14.0 509 901 12.0 10.0 8.0 6.0 4.0 2.0 0 2017 2018 2019 2020 2021 Net core loans ■Cash and near cash balances Other assets 2017 2018 2019 ■Total gearing ratio Core loans to equity ratio 10.5 6.0 2020 2021 We have reported a CAGR of 9.5% in net core loans since 2012 driven by increased activity across our target client base, as well as growth in our core client franchises • We have maintained low gearing ratios* with total gearing at 10.5x as at 31 March 2021 and an average of 11.6x since 2012 • In addition, we have seen solid growth in cash and near cash balances over the same period *Gearing ratio calculated as Total Assets (excluding intergroup loans) divided by Total Equity Page 23#24Substantial surplus liquidity Cash and near cash balances at 31 March 2021 31.1% R129.8bn 16.2% ■Cash ■Central bank cash placements and guaranteed liquidity 52.7% Near cash (other monetisable assets) · We maintain a high level of readily available, high quality liquid assets, targeting a minimum cash to customer deposit ratio of 25%. Cash and near cash balances have increased significantly since 31 March 2012 (7.4% CAGR) to R129.8bn at 31 March 2021 (representing 34.7% of customer deposits) We delivered liquidity ratios well in excess of regulatory requirements. At 31 March 2021, IBL's (bank solo) three-month average Liquidity Coverage Ratio (LCR) was 151.0%. The minimum LCR requirement of 100% was lowered to 80% as a temporary measure during the COVID-19 pandemic. IBL's (bank solo) Net Stable Funding Ratio (NSFR) was 112.9% (ahead of minimum requirements of 100%) Cash and near cash balances R'mn 180.000 160,000 140.000 IBL Depositor concentration by type at 31 March 2021 6.2% 120,000 Average 100,000 R391.5bn 10 years R'mn 5.2% 80,000 60.000 Average 103 613 Minimum 51 468 4.4% 40,000 Maximum 158 201 20,000 15.8% 31 March 2021 129 759 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 47.0% ■Non-bank financials ■Individuals Non-financial corporates Banks ■Small business 21.5% Public Sector Page 24#25Healthy loan to deposit ratio, stable customer deposit base Fully self funded from customer deposits: healthy loan to deposit ratio Total deposits: stable customer deposit base R'mn 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 2017 2018 2019 Net core loans and advances (LHS) • 2020 R'mn 374,369 100.0% 400,000 95.0% 350,000 283,240 90.0% 300,000 85.0% 250,000 80.0% 200,000 75.0% 150,000 73.5% 70.0% 100,000 65.0% 50,000 60.0% 0 2021 2017 2018 2019 Bank deposits Loans as a % of customer deposits (RHS) Customer accounts (deposits) (LHS) Customer deposits have grown by 112.6% (c.8.7% CAGR p.a.) since 2012 to R374.4bn at 31 March 2021 • Loans and advances as a percentage of customer deposits amounts to 73.5% • • 2020 Customer accounts (deposits) 374,369 17,144 2021 We also have strong relationships with our institutional clients and our wholesale funding is diversified by product and tenor Fixed and notice customer deposits have continued to display a strong 'stickiness' with continued willingness from clients to reinvest in our suite of term and notice products Page 25#26. Diversified funding strategy Investec's funding consists primarily of customer deposits Investec adopts a conservative and prudent funding strategy Conservative and prudent funding strategy Maintaining a high base of high-quality liquid assets Diversifying funding sources Minimum cash of at least 25% of customer deposits on an on-going basis Limiting concentration risk Maintaining a stable retail deposit franchise Low reliance on wholesale funding Each geographic entity must be self-sufficient from a funding and liquidity standpoint Selected funding sources at 31 March 2021 R'mn 0.8% 3.2% 4.2% O 31 Mar 2021 91.8% Customer deposits 374 369 Interbank liabilities (dollar funding) 17 144 R407.7bn Customer deposits account for 91.8% of selected funding sources as at 31 March 2021 Customer deposits are supplemented by deposits from banks (4.2%), subordinated debt (3.2%) and securitisation liabilities (0.8%) Subordinated liabilities 12 936 Securitisation liabilities 3 271 We do not place reliance on any single deposit channel, nor do we overly rely on interbank funding Total 414 462 Core loans are funded from customer deposits and interbank (dollar) funding supplements cash and near cash balances Page 26#27Exposures to a select target market • Credit and counterparty exposures are to a select target market: . high net worth and high income clients • mid to large sized corporates government, public sector bodies and institutions We typically originate loans with the intent of holding these assets to maturity, and thereby developing a 'hands-on' and long-standing relationship with our clients The majority of the bank's credit and counterparty exposures reside within its principal operating geographies, namely South Africa and Mauritius Gross core loans and advances by risk category at 31 March 2021 Corporate and other 28% 21% Acquisition finance 19.0% Asset based lending 0.0% Fund finance 2.7% Other corporate, institutional, govt. loans 1.2% Asset finance 2.5% R286.0bn Power and infrastructure finance 2.3% Lending collateralised against property Commercial real estate investment Commercial real estate development Commercial vacant land and planning Residential real estate investment Residential real estate development Residential vacant land and planning 16.5% 1.2% 0.3% 1.4% 1.2% 0.3% Resource finance High net worth and other private client HNW and private client - mortgages 28.5% 52% HNW and specialised lending 23.0% Page 27#28Solid asset quality despite COVID-19 related impairment charges Core loans and asset quality R'mn 300,000 250,000 200,000 150,000 100,000 50,000 283,240 2.5% 2.10% 2.0% 1.5% 1.0% Credit quality metrics on core loans and advances for the financial year ending 31 March 2021 are as follows: The total income statement expected credit loss (ECL) impairment charges for the financial year ending 31 March 2021 decreased to R567 million (2020: R1 088 million). Higher specific impairments and the inclusion of an additional model overlay were offset by stable portfolio impairments due to broadly flat lending books and an increased level of recoveries. 0.5% 0.18% 0 2017 0.0% 2018 2019 2020 2021 Net core loans (LHS) Credit loss ratio (RHS) Net default loans before collateral as a % of net core loans / Stage 3 net of ECL as a % of net core loans subject to ECL (RHS) ☐ The credit loss ratio* was 0.18% at 31 March 2021 (31 March 2020: 0.37%), which is below our through-the-cycle range of 30bps - 40bps and well below industry averages. Since 31 March 2020 Stage 3 gross core loans subject to ECL increased by R2 830 million to R7 183 million. Stage 3 net of ECL as a % of net core loans subject to ECL was 2.1% for 31 March 2021 (31 March 2020: 0.9%). *Expected credit loss (ECL) impairment charges on gross core loans as a % of average gross core loans subject to ECL Page 28#29Asset quality metrics Provision build due to COVID-19 under IFRS 9 Gross core loans by Stage R'mn 4,000 4.0% 5.3% 5.2% | 3,500 R'mn as % of gross core loans 1.3% 1.5% i 2.5% i 3,000 20,000 2,500 1,880 ■Stage 3 18,000 2,000 1,328 16,000 15,111 14,969 1,691 ■Stage 2 14,000 1,500 423 416 ■Stage 1 12,000 10,768 1,000 10,000 441 500 1,056 984 8,000 538 0 6,000 7,183 4,353 3,585 FY 2019 FY 2020 FY 2021 4,000 2,000 ECL coverage ratio FY 2019 FY 2020 FY 2021 Stage 2 Stage 3 Stage 1 0.20% 0.40% 0.38% Stage 2 Stage 3 4.10% 47.20% 2.80% 2.80% ■2019 2020 2021 43.20% 18.50% Additional provisions taken due to COVID-19 under IFRS 9 due to a deterioration of the macroeconomic scenarios applied Stage 1 provisions decreased 6.8% from R1 056mn at 31 March 2020 to R984mn at 31 March 2021. As a result, Stage 1 ECL coverage ratio decreased from 0.40% to 0.38% Stage 2 provisions decreased 1.7% from R423mn at 31 March 2020 to R416mn at 31 March 2021. Stage 2 ECL coverage ratio remained flat at 2.80%. Stage 3 provisions decreased 29.4% from R1 880mn at 31 March 2020 to R1 328mn at 31 March 2021. Stage 3 ECL coverage ratio decreased from 43.20% to 18.50% In line with regulatory and accounting bodies guidance, exposures that have been granted COVID-19 relief measures such as payment holidays are not automatically considered to have been subject to a significant increase in credit risk and therefore do not alone result in a transfer across stages Stage 2 exposures decreased from 5.3% at 31 March 2020 to 5.2% at 31 March 2021, reflecting improvement in the economic scenarios. Stage 3 totalled R7 183mn or 2.5% of gross core loans subject to ECL at 31 March 2021 (31 March 2020: 1.5%). Page 29#30Credit ratings Current credit ratings Rating Outlook ■ ■ IBL's ratings have remained relatively stable over many years reflecting the financial soundness of the bank over a long period of time Past ratings adjustments have largely been associated with changes in views by the rating agencies of the credit worthiness of the South African sovereign It is generally accepted that a bank cannot have a higher rating than the sovereign of the country in which it operates, unless they are largely foreign-owned and the foreign holding company is domiciled in a country with a higher rating than South Africa Historical credit ratings Moody's National scale long-term deposit rating Aa1.za Negative National scale short-term deposit rating P-1.za Global long-term deposit rating: Ba2 Global short-term deposit rating: NP Baseline credit assessment (BCA) and adjusted BCA ba2 Fitch National long-term rating National short-term rating Rating AA+(zaf) F1+(zaf) Outlook Negative Foreign currency long-term issuer default rating BB- Foreign currency short-term issuer default rating B Viability rating bb- Support rating S&P 4 Long-Term Foreign National scale long-term rating za.AA Rating Outlook Stable Current Nov-20* May-20* Apr-20* Currency Deposit Rating Moody's Ba2 Ba2 Ba1 Ba1 National scale short-term rating za.A-1+ Foreign currency long-term issuer credit rating Fitch BB- BB- BB BB BB- Foreign currency short-term issuer credit rating B S&P BB- BB- BB- BB Global Credit Ratings Rating Outlook National long-term rating National short-term rating International long-term rating AA(za) Negative A1+(za) BB *Changes reflect downgrades of the sovereign of South Africa. Page 30#31IBL peer analysis#32Peer group companies Long-Term Deposit Rating S&P Fitch Moody's Global Credit Ratings Baseline Foreign National currency* scale Foreign National Viability Support currency* scale ratings rating Global National scale Absa Bank Limited n/a za.AA BB- AA+(zaf) bb- 4 Ba2 Aa1.za credit International National assessment ba2 BB AA(za) FirstRand Bank Limited BB- za.AA BB- AA+(zaf) bb- 4 Ba2 Aa1.za ba2 BB AA+(za) Nedbank Limited BB- za.AA BB- AA+(zaf) bb- 4 Ba2 Aa1.za ba2 BB AA(za) Standard Bank of South n/a n/a BB- AA+(zaf) bb- 4 Ba2 Aa1.za Ba2 BB AA+(za) Africa Limited Investec Bank Limited BB- za.AA BB- AA+(zaf) bb- 4 Ba2 Aa1.za ba2 BB AA(za) Global Credit Short-Term Deposit Rating S&P Fitch Moody's Ratings Foreign currency* National scale Foreign currency* National scale Global National scale National Absa Bank Limited n/a za. A-1+ B F1+(zaf) NP P-1.za A1+(za) FirstRand Bank Limited B za.A-1+ B F1+(zaf) NP P-1.za A1+(za) Nedbank Limited B za.A-1+ B F1+(zaf) NP P-1.za A1+(za) Standard Bank of South Africa Limited n/a n/a B F1+(zaf) NP P-1.za A1+(za) Investec Bank Limited B za.A-1+ B F1+(zaf) NP P-1.za A1+(za) Rating definitions: Short-term ratings should be used for investments less than a one-year time horizon and long-term ratings for periods greater than a year. Foreign currency ratings should be used when one is considering foreign denominated investments. Investments in Rand should be assessed against local currency and national ratings, (zaf) being Fitch's notation and .za for Moody's, Standard & Poor's and Global Credit Ratings notation for South African ratings. Comparative ratings have been sourced from the respective company websites and recent press releases as at 20 May 2021 and may be subject to changes for which we cannot be held accountable. It is advisable to discuss the ratings of the various companies with the companies themselves as this information merely reflects our interpretation thereof. *Impacted by the rating downgrades of the South African Sovereign. Page 32#33Peer group companies* (cont.) Investec is one of the most liquid of the Big 5 banks and is a net provider of funds to the interbank market in South Africa. Liquidity: regulatory liquidity coverage ratio Asset quality ratios % 160 150.2 140 120 100 80 60 40 7.00% 124 125.7 6.00% 120.6 6.3% 5.9% 5.5% 5.2% 112.6 20 20 H 5.00% 4.00% 3.00% 2.1% 1.92% 2.00% 1.51% 1.61% 1.46% 1.00% 0.18% 0.00% Investec Bank Absa Group** (bank solo) FirstRand (bank solo) Standard Bank Nedbank Group** (bank solo) Investec Bank Standard Bank FirstRand Nedbank Absa Group ■Credit loss ratio (PnL impairment charge) LCR Regulatory requirement Capital ratios Leverage ratio ■Gross defaults as a % of gross loans / Stage 3 exposure as a % of gross loans subject to ECL Gearing ratio times 7% 6% 10% 9% 8% Absa Group 14 16.0 Standard 14.0 15.4 12.9 11.5 Bank 11.2 12.0 10.5 Investec Bank 10.0 FirstRand 8.0 Nedbank 6.0 5% 4.0 4% 2.0 0.0 3% 9% 10% 11% CET1 ratio 12% 13% 14% Investec Bank Absa Group Standard Bank Nedbank FirstRand *Source: Latest company interim and annual results available 20 May 2021. **LCR not disclosed on a bank solo level. Page 33#34Peer group companies (cont.) Definitions and/or explanations of certain ratios: • . A capital ratio is a measure of a bank's available capital expressed as a percentage of a bank's risk-weighted assets. It is based on regulatory qualifying capital (including common equity tier 1, additional tier 1 and tier 2 capital) as a percentage of risk-weighted assets. Assets are risk- weighted either according to the Standardised Approach in terms of Basel or the Advanced Approach. The leverage ratio is calculated as total tier 1 capital (according to regulatory definitions) divided by total assets (exposure measure). This ratio effectively assumes all assets are 100% risk weighted and is a more conservative measure than the capital adequacy ratio. Regulators are expecting that this ratio should exceed 5%. The gearing ratio is calculated as total assets divided by total equity (according to accounting definitions). The credit loss ratio is calculated as the expected credit loss (ECL) impairment charges on gross core loans as a % of average gross core loans subject to ECL. Stage 3/Default loans largely comprise loans that are impaired and/or over 90 days in arrears. Page 34#35Investec Bank Limited Appendices#36Macroeconomic scenarios - 31 March 2021 Key judgements at 31 March 2021 • Following the onset of the COVID-19 pandemic, a management overlay and updated macro-economic scenarios were considered the most appropriate way to capture the worsened economic environment, given the significant levels of uncertainty and lack of supportable economic information to produce robust forecasts at the time. While there has been some improvement in the economic environment since the easing of the lockdown restrictions, uncertainty still remains. For this reason, management have decided to prudently retain R290 million of overlays. This will be reassessed in time as new economic information is released, the consequence of the recent resurgence of infection rates in other countries materialise and the possibility that South Africa may experience a similar resurgence. R'bn 4 000 3.500 3.000 2 500 Base case South African GDP forecast 2020 2021 2022 2023 2024 2025 Extreme up case Lite down case Up case Severe down case Base case Average 2021-2026 Macro drivers (%) Extreme 2022 2023 2024 2025 2026 Financial year ending Up case up case Base case Lite down case Severe down case GDP growth 4.5 1.1 2.4 2.4 2.9 5.0 4.0 2.4 1.5 (0.7) Repo rate 3.6 South Africa 45 4.5 5.0 555 5.1 5.4 3.5 3.8 4.7 5.0 5.5 55 Bond yield 10.3 10.3 10.3 10.7 10.7 9.2 9.5 10.4 11.1 11.9 Residential property price growth 4.6 5.1 5.3 55 5.5 5.9 6.9 62 6.2 5.2 4.1 2.7 Commercial property price growth (1.4) 0.5 0.9 1.3 23 1.7 3.2 17 1.7 0.2 (1.3) (2.9) Scenario weightings 48 1 2 48 44 5 Page 36#37IBL: salient financial features Key financial statistics Total operating income before expected credit loss impairment charges (R'million) Operating costs (R'million) 31 March 2021 31 March 2020 % change 12 049 12 603 (4.4%) 6469 6 632 2.5% Operating profit before goodwill and acquired intangibles (R'million) Headline earnings attributable to ordinary shareholders (R'million) 5 013 4 883 2.7% 4 133 3 844 7.5% Cost to income ratio Total capital resources (including subordinated liabilities) (R'million) Total equity (R'million) 53.7% 52.6% 59 890 53 785 11.4% 46 954 41 748 12.5% Total assets (R'million) 509 901 535 970 (4.9%) Net core loans (R'million) 283 240 283 946 (0.2%) Customer accounts (deposits) (R'million) 374 369 375 948 (0.4%) Loans and advances to customers as a % of customer accounts (deposits) 73.5% 73.6% Cash and near cash balances (R'million) 129 759 147 169 (11.8%) Total gearing ratio (i.e. total assets excluding intergroup loans to equity) 10.5x 12.4x Total capital adequacy ratio 17.8% 16.4% Tier 1 ratio Common equity tier 1 ratio Leverage ratio Leverage ratio - 'fully loaded'^ 13.7% 12.3% 13.3% 12.1% 8.1% 6.9% 8.1% 6.8% Stage 3 exposure as a % of gross core loans subject to ECL Stage 3 exposure net of ECL as a % of net core loans subject to ECL Credit loss ratio 2.5% 1.5% 2.1% 0.9% 0.18% 0.37% ^ Based on the group's understanding of current regulations, 'fully loaded' is based on Capital Requirements Regulation requirements as fully phased in by 2022, including full adoption of IFRS 9. Page 37#38IBL: income statement R'million Interest income Interest expense Net interest income Fee and commission income Fee and commission expense Investment income Share of post taxation profit of associates Trading income/(loss) arising from - customer flow - balance sheet management and other trading liabilities Other operating income Total operating income before expected credit losses 31 March 2021 31 March 2020 % change 26 370 35 279 (25.3%) (17 584) (26 606) (33.9%) 8 786 8 673 (1.3%) 2 804 3 106 (9.7%) (467) (490) (4.7%) 472 601 (21.5%) 81 320 (74.7%) 627 443 41.5% (257) (50) >100% 3 12 049 12 603 Expected credit loss impairment charges (567) (1088) (4.4%) (47.9%) Operating income 11 482 11 515 Operating costs (6 469) (6 632) (0.3%) (2.5%) Operating profit before impairment of goodwill and acquired intangibles 5 013 4 883 2.7% Impairment of goodwill (3) (3) 0.0% Amortisation of acquired intangibles (51) (51) 0.0% Impairment of associates (98) (937) (89.5%) Profit before taxation Taxation on operating profit before acquired intangibles Taxation on acquired intangibles Profit after taxation 4 861 3 892 24.9% (878) 14 (816) 7.6% 14 0.0% 3 997 3 090 29.4 Page 38#39IBL: balance sheet R'million Assets Cash and balances at central banks Loans and advances to banks Non-sovereign and non-bank cash placements Reverse repurchase agreements and cash collateral on securities borrowed Sovereign debt securities 31 March 2021 31 March 2020 % change 9 653 36 656 24 666 18 050 8 956 14 014 (73.7%) 36.7% (36.1%) 30 221 26 426 14.4% 53 009 64 358 (17.6%) Bank debt securities 21 862 12 265 Other debt securities Derivative financial instruments Securities arising from trading activities 14 170 17 416 19 173 17 434 78.2% (18.6%) 10.0% 2 869 3 178 Investment portfolio 4 923 5 801 (9.7%) (15.1%) Loans and advances to customers 275 056 276 754 Own originated loans and advances to customers securitised 8 184 7 192 (0.6%) 13.8% Other loans and advances 181 242 (25.2%) Other securitised assets 578 416 39.1% Interests in associated undertakings 5 558 5 662 (1.8%) Deferred taxation assets 2412 2 903 Other assets 7 417 6156 (16.9%) 20.5% Property and equipment Investment properties Goodwill Software* Intangible assets Loans to group companies Non-current assets held for sale 2 740 3 008 (8.9%) 1 1 29.5% 175 178 (1.5%) 95 149 (36.0%) 118 169 (30.3%) 17 410 17 542 (0.8%) 474 0 509 901 535 970 (4.9%) * Software of R95 million (31 March 2020: R149 million), which was previously reported within intangible assets, is now reported as a separate line item. The prior periods have been re-presented to reflect the same basis. Page 39#40IBL: balance sheet (cont.) R'million Liabilities Deposits by banks Derivative financial instruments Other trading liabilities Repurchase agreements and cash collateral on securities lent Customer accounts (deposits) Debt securities in issue Liabilities arising on securitisation of own originated loans and advances Current taxation liabilities Deferred taxation liabilities Other liabilities Loans from group companies Subordinated liabilities Equity Ordinary share capital Share premium Other reserves Retained income Ordinary shareholder's equity Perpetual preference shares in issue* Shareholder's equity excluding non-controlling interests Other Additional Tier 1 securities in issue Total equity Total liabilities and equity 31 March 2021 31 March 2020 % change 17 144 37 277 23 011 22 097 3 388 4 521 16 593 26 626 (54.0%) 4.1% (25.1%) (37.7%) 374 369 375 948 (0.4%) 2 126 3 258 3 271 1 699 (34.7%) (92.5%) 684 315 117.1% 32 47 (31.9%) 7 421 1 972 450 011 12936 462 947 7 590 2 807 482 185 12 037 494 222 (2.2%) (29.7%) (6.7%) 7.5% (6.3%) 32 14 250 411 29 597 32 0.0% 14 250 (787) 26 259 0.0% >(100)% 12.7% 44 290 39 754 11.4% 1 481 1 534 (3.5%) 45 771 1183 46 954 41 288 10.9% 460 41 748 >100% 12.5% 509 901 535 970 (4.9%) * Perpetual preference share premium of R1 481 million (31 March 2020: R1 534 million), which was previously reported within share premium, is now reported within perpetual preference shares in issue. The prior periods have been re-presented to reflect the same basis. Page 40#41IBL: asset quality R'million Gross core loans to customers subject to ECL 31 March 2021 31 March 2020 Stage 1 Stage 2 of which past due greater than 30 days Stage 3 Gross exposure (%) Stage 1 Stage 2 Stage 3 284 547 285 138 262 395 265 674 14 969 1 297 7 183 4 353 272 15 111 92.2% 93.2% 5.3% 5.3% 2.5% 1.5% Stage 3 net of ECLS Aggregate collateral and other credit enhancements on Stage 3 5 855 2 473 8 253 2 696 Stage 3 net of ECL and collateral Stage 3 as a % gross core loans and advances to customers subject to ECL 2.5% 1.5% Stage 3 ECL impairments as a % of Stage 3 exposure 38.0% 77.2% Stage 3 net of ECL as a % of net core loans and advances to customers subject to ECL 2.1% 0.9% Page 41#42IBL: analysis of core loans by risk category at 31 March 2021 Gross core loans at amortised cost and FVPL (subject to ECL) Gross core loans at FVPL (not subject to ECL) Gross core loans At 31 March 2021 R'million Lending collateralised by property Commercial real estate Commercial real estate - investment Commercial real estate - development Commercial vacant land and planning Residential real estate Residential real estate - investment Stage 1 Stage 2 Stage 3 Total Gross Exposure ECL Gross Exposure ECL Gross Exposure ECL Gross Exposure ECL 54 093 (256) 3 045 (84) 2 302 (284) 59 440 (624) 59 440 46 387 (227) 2 816 (78) 2 197 (262) 51 400 (567) 42 281 (202) 2 704 (77) 2 182 (258) 47 167 (535) 3 404 (22) 49 (1) 3 453 (23) 702 (3) 63 15 (6) 780 (9) י ייי 4 435 (27) 42 (3) 5 (2) 4 482 (32) 3 792 (11) 96 (19) 3 888 (30) Residential real estate - development 3 189 (15) 226 (6) 3 415 (21) Residential vacant land and planning 725 (3) 3 9 (3) 737 (6) יייי 51 400 47 167 3 453 780 4 482 3 888 3415 737 High net worth and other private client lending 139 723 (394) 4 695 Mortgages 76 604 (133) 3 632 High net worth and specialised lending 63 119 (261) 1 063 (154) (134) (20) 2 862 1 391 1 471 (642) (318) (324) 147 280 (1190) 81 627 (585) 65 653 (605) 147 280 81 627 65 653 Corporate and other lending Acquisition finance 68 579 44 943 (334) (216) 7 229 6 425 (178) (160) 2 019 (402) 77 827 (914) 1421 79 248 1 462 (339) 52 830 (715) 1421 54 251 Asset-based lending Fund finance 7 624 (29) 7 624 (29) 7 624 Other corporates and financial institutions and governments 3 351 (4) 156 (4) 3 3510 Asset finance 6 396 (71) 219 (11) 554 (63) 7 169 (8) (145) 3 510 7 169 Small ticket asset finance 4 127 (48) 219 (11) 506 (40) 4 852 (99) 4 852 Large ticket asset finance 2 269 (23) 48 (23) 2 317 (46) 2 317 Power and infrastructure finance 6 265 (14) 429 (3) 6 694 (17) 6 694 Resource finance Gross core loans and advances 262 395 (984) 14 969 (416) 7 183 (1328) 284 547 (2728) 1 421 285 968 Page 42#43IBL: capital structure and capital adequacy FIRB FIRB R'million Tier 1 capital Shareholders' equity per balance sheet Perpetual preference share capital and share premium Regulatory adjustments to the accounting basis Deductions Common equity tier 1 capital Additional tier 1 capital Additional tier 1 instruments Phase out of non-qualifying additional tier 1 instruments Investment in financial entity Tier 1 capital Tier 2 capital Collective impairment allowances Tier 2 instruments Investment in capital of financial entities above 10% threshold 31 March 2021 31 March 2020 45 771 41 288 (1 481) 1 337 (1769) 43 858 (1 534) 1 518 (2721) 38 551 1 336 2 664 (1 328) 45 194 751 1 994 (1227) (16) 39 302 434 12 936 13 370 895 12 037 (27) 12 905 Total tier 2 capital Total regulatory capital Risk-weighted assets Capital ratios Common equity tier 1 ratio Tier 1 ratio Total capital adequacy ratio Leverage ratio 58 564 52 207 329 468 319 090 13.3% 12.1% 13.7% 12.3% 17.8% 16.4% 8.1% 6.9% Page 43#44Legal disclaimer IMPORTANT NOTICE THE INFORMATION, STATEMENTS AND OPINIONS CONTAINED IN THIS DOCUMENT DO NOT CONSTITUTE A PUBLIC OFFER UNDER ANY APPLICABLE LEGISLATION OR AN OFFER TO SELL OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES OR FINANCIAL INSTRUMENTS OR ANY ADVICE OR RECOMMENDATION WITH RESPECT TO SUCH SECURITIES OR OTHER FINANCIAL INSTRUMENTS. FORWARD-LOOKING STATEMENTS THIS DOCUMENT CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 21e OF THE US SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AND SECTION 27a OF THE US SECURITIES ACT OF 1933, AS AMENDED, WITH RESPECT TO CERTAIN OF THE GROUP'S'S PLANS AND ITS CURRENT GOALS AND EXPECTATIONS RELATING TO ITS FUTURE FINANCIAL CONDITION AND PERFORMANCE. INVESTEC CAUTIONS READERS THAT NO FORWARD-LOOKING STATEMENT IS A GUARANTEE OF FUTURE PERFORMANCE AND THAT ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE FACT THAT THEY DO NOT RELATE ONLY TO HISTORICAL OR CURRENT FACTS. FORWARD-LOOKING STATEMENTS SOMETIMES USE WORDS SUCH AS "may", "will", "seek”, “continue”, "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe" OR OTHER WORDS OF SIMILAR MEANING. EXAMPLES OF FORWARD-LOOKING STATEMENTS INCLUDE, AMONG OTHERS, STATEMENTS REGARDING THE GROUP'S FUTURE FINANCIAL POSITION, INCOME GROWTH, ASSETS, IMPAIRMENT CHARGES, BUSINESS STRATEGY, CAPITAL RATIOS, LEVERAGE, PAYMENT OF DIVIDENDS, PROJECTED LEVELS OF GROWTH IN THE BANKING AND FINANCIAL MARKETS, PROJECTED COSTS, ESTIMATES OF CAPITAL EXPENDITURES AND PLANS AND OBJECTIVES FOR FUTURE OPERATIONS AND OTHER STATEMENTS THAT ARE NOT HISTORICAL FACT. BY THEIR NATURE, FORWARD-LOOKING STATEMENTS INVOLVE RISK AND UNCERTAINTY BECAUSE THEY RELATE TO FUTURE EVENTS AND CIRCUMSTANCES, INCLUDING, BUT NOT LIMITED TO, UK DOMESTIC, EUROZONE AND GLOBAL ECONOMIC AND BUSINESS CONDITIONS, THE EFFECTS OF CONTINUED VOLATILITY IN CREDIT MARKETS, MARKET RELATED RISKS SUCH AS CHANGES IN INTEREST RATES AND EXCHANGE RATES, EFFECTS OF CHANGES IN VALUATION OF CREDIT MARKET EXPOSURES, CHANGES IN VALUATION OF ISSUED NOTES, THE POLICIES AND ACTIONS OF GOVERNMENTAL AND REGULATORY AUTHORITIES (INCLUDING REQUIREMENTS REGARDING CAPITAL AND GROUP STRUCTURES AND THE POTENTIAL FOR ONE OR MORE COUNTRIES EXITING THE EURO), CHANGES IN LEGISLATION, THE FURTHER DEVELOPMENT OF STANDARDS AND INTERPRETATIONS UNDER IFRS APPLICABLE TO PAST, CURRENT AND FUTURE PERIODS, EVOLVING PRACTICES WITH REGARD TO THE INTERPRETATION AND APPLICATION OF STANDARDS UNDER IFRS, THE OUTCOME OF CURRENT AND FUTURE LITIGATION, THE SUCCESS OF FUTURE ACQUISITIONS AND OTHER STRATEGIC TRANSACTIONS AND THE IMPACT OF COMPETITION - A NUMBER OF SUCH FACTORS BEING BEYOND THE GROUP'S CONTROL. AS A RESULT, THE GROUP'S ACTUAL FUTURE RESULTS MAY DIFFER MATERIALLY FROM THE PLANS, GOALS, AND EXPECTATIONS SET FORTH IN THE GROUP'S FORWARD-LOOKING STATEMENTS. Page 44