#1OUT OF THE ORDINARY Investec Investec plc Overview Investor generic presentation May 2022 The information in this presentation relates to the financial year ended 31 March 2022 (FY2022), unless otherwise indicated.#22 Contents 1. 2. 3. 4. 5. Investec Group at a glance Overview of Investec plc Investec plc operating fundamentals Further information and peer analysis Appendix#3OUT OF THE ORDINARY Investec Overview of Investec Group жур#44 Investec Dual-Listed Company structure Southern African operations Investec Ltd Non-Southern African operations Investec plc LSE primary listing JSE secondary listing A2X secondary listing Sharing Agreement JSE primary listing NSX secondary listing BSE secondary listing A2X secondary listing Investec Bank plc Investec Bank Ltd Investec Wealth and Investment International (Pty) Ltd 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 Shareholders have common economic and voting interests as if Investec plc and Investec Limited were a single company Creditors, however, are ring-fenced to either Investec plc or Investec Limited as there are no cross-guarantees between the companies Investec Wealth & Investment Limited Note: All shareholdings are 100%. Only main operating subsidiaries are indicated.#55 Investec Group at a glance A domestically relevant, internationally connected banking and wealth & investment Group *Including temporary employees and contractors Since 1992 Assets £27.8bn FUM £44.4bn Since 1974 Assets £31.0bn FUM £19.4bn Established in 1974 ■ Today, an efficient integrated international business platform employing approximately 8 300+* people ■Listed on the JSE and LSE (a FTSE 250 company) ■ Total assets of £58.8bn; total equity of £5.7bn; and total funds under management of £63.8bn#66 One Investec Our values Our purpose is expressed in four key values that shape the way that we work and live within society. 1 Cast-iron Integrity We demand cast-iron integrity in all internal and external dealings, consistently and uncompromisingly displaying moral strength and behaviour which promotes trust. 2 Distinctive Performance We employ talented people with passion, energy and stamina, who exercise common sense in achieving effective performance in a high pressure, multi-task environment. We promote innovation and entrepreneurial freedom to operate within the context of risk consciousness, sound judgement and an obligation to do things properly We show concern for people, support our colleagues and encourage growth and development. 3 Client focus We break china for the client, having the tenacity and confidence to challenge convention. We thrive on change, continually challenging the status quo and recognising that success depends on flexibility, innovation and enthusiasm in meeting the needs of our changing environment. 4 Dedicated partnership We believe that open and honest dialogue is the appropriate process to test decisions, seek consensus and accept responsibility. We are creative individuals who co-operate and collaborate unselfishly in pursuit of Group performance. We respect the dignity and worth of the individual through encouraging openness and embracing difference and by the sincere, consistent and considerate manner in which we interact. 45+ years of heritage. Two core geographies. One Investec. Whether you are an individual, a business, or an intermediary acting for clients, our aim is to create and manage your wealth and fuel your business growth.#77 Investment proposition Well positioned to pursue long-term growth 1 Well capitalised and highly liquid balance sheet 2 Improved capital allocation - anticipate excess capital 3 4 5 Diversified mix of earnings by geography and business, with significant annuity income underpin from leading wealth business Clear growth opportunities through reinforcement of existing linkages across geography and business and new profit pool strategies which are underway Our clients have historically shown resilience through difficult macro environments 6 Rightsized the cost structure of the business#88 Framework to drive improved business performance Growth initiatives Clear set of opportunities to deliver disciplined revenue growth اشیده Cost management £ Enhanced management of the cost base through operational leverage Underpinned by Capital discipline A more disciplined approach to capital allocation and focus on capital optimisation Digitalisation And delivered through -CED- Connectivity مه Continued investments drive a digitally connected ecosystem to leverage efficiencies and deliver enhanced value to clients and staff#9Sustainability highlights Operate responsibly, finance and invest for a sustainable future and maintain our competitive ESG position Sustainability principles 1. Creating long-term value 2 for all our stakeholders Do no harm through ethical conduct and ESG screening 3. Committed to a clean carbon transition 4. Providing profitable, impactful and sustainable products and services 5. • • Strong governance Implemented amore holistic framework linked to executive remuneration. Deepened our ESG skills on the Group Board with the addition of two new non- executive directors Received a low-risk rating from Sustainalytics (16.6) Supporting SDGs Core SDGs ENABLED THROUGH Maximising impact through a focus on the SDGs Climate action Reduced inequalities QUALITY EDUCATION CLEAN WATER AND SANITATION 13 CLIMATE ACTION Innovative sustainable finance Implemented a focused project to understand our Scope 3 financed emissions and establish a baseline strategy and targets to reach net-zero £7mn Banking exposure to coal (March 21:£17mn) 43% A proud participant of: Climate Action 100+ Global Investors Driving Business Transition Investec Wealth & Investment 10 INEQUALITIES REDUCED 36% women on the board board ethnic diversity Level 1 BBBEE rating Some examples of how we supported the SDGs since April 2021 £35mn Funding for development of Tribe's first major purpose student accommodation scheme £7.20mn Financing for Seven Seas Water Group for wastewater treatment and delivering 18 billion gallons of pure water annually AFFORDABLE AND CLEAN ENERGY DECENT WORK AND ECONOMIC GROWTH M £175mn Joint bookrunner on Smart Metering Systems' equity fundraise £1.2bn Funding through the Bank of England's Term Funding Scheme for SMEs INDUSTRY. INNOVATION AND INFRASTRUCTURE SUSTAINABLE CITIES 11 AND COMMUNITIES Net-Zero Banking Alliance Industry-led UN comened Committed to NZBA €600mn Co-arranged finance for Ghana railway on behalf of Ghana's Ministry of Finance Approx. 11% Equity stake in Osprey Charging, one of UK's top rapid vehicle charging operators Strong ESG ratings Sustainability Yearbook Member 2021 S&P Global Top 15% in the global diversified financial services sector (inclusion since 2006) SUSTAINALYTICS Mamningate campany RATED Top 13% of globally assessed companies in the Global Sustainability Leaders Index MSCI ESG RATINGS CCC BBB | BBB A AAA AA AAA Top 2% in the financial services sector in the MSCI Global Sustainability Index CDP DRIVING SUSTAINABLE ECONOMIES Score B against an industry average of B (formerly Carbon Disclosure Project) ISS ESG‣ Top 20% of the ISS ESG global universe and Top 14% of diversified financial services FTSE4Good Included in the FTSE UK 100 ESG Select Index (out of 641) Included in the FTSE4Good Index#10110 10 OUT OF THE ORDINARY Investec Overview of Investec plc The information in this presentation relates to the year ended 31 March 2022, unless otherwise indicated.#11Investec plc A distinctive bank and investment manager with primary business in the UK Total assets £27.9bn Key highlights Net core loans £14.4bn Diversified revenue streams Customer deposits £18.3bn Funds under management £44.4bn Employees 3,400+ with high annuity base Balanced and defensive business model comprising two core business activities: Specialist Banking and Wealth & Investment Continued focus on growing our capital light income, now 46.6% of Investec plc's revenue Geographic and operational diversity with a high level of annuity revenue¹ accounting for 73.6% of total operating income Total funds under management (FUM) of £44.4bn and positive net inflows generated by our leading UK private client wealth management business. Sound balance sheet Never required shareholder or government support Robust capital base: 11.4% CET12 ratio, strong leverage ratio of 9.0%³ and total capital ratio of 16.5% Investec plc benefits from a substantial unlevered asset, being Wealth & Investment Strong liquidity ratios with high level of readily available liquid assets, representing 48.5% of customer deposits (cash and near cash: £8.9bn) Diversified funding base with strong retail deposit franchise and low reliance on wholesale funding; customer deposits grew 13.8% in FY2022 We target a diversified, secured loan portfolio, lending to clients we know and understand We inherently hold more capital per unit of risk, with a conservative risk-weighted assets density of 60.8%.4 11 1 Where annuity income is net interest income and annuity fees. 2 The capital adequacy disclosures for Investec plc include the deduction of foreseeable charges and dividends when calculating Common Equity Tier (CET)1 capital. These disdosures differ from the capital adequacy disclosures induded in the Investec Group's 2022 integrated and strategic report, which follow our normal basis of presentation and do not include this deduction when calculating CET1 capital. Investec plc CET1 ratio would be 28bps higher, on this basis. The leverage ratio is calculated on an end-quarter basis. In the UK, the 31 March 2022 leverage ratio is calculated applying the UK leverage ratio framework, which applies to all UK firms from 1 January 2022. 3 Risk-weighted assets as a percentage of total assets.#1212 Overview of Investec plc We provide our clients with a diversified, combined and integrated banking and wealth management offering with extensive depth and breadth of product and services Corporate / Institutional / Private Equity / Intermediary / Government Specialist Banking Lending Transactional banking Advice Hedging Cash deposit and savings ― Equity placement % contribution to revenue Private clients (high net worth)/ charities/trusts Wealth & Investment Discretionary wealth management Investment advisory services Financial planning Specialist Banking - What makes us distinct Provision of high touch personalised service, with ability to execute quickly Ability to leverage international, cross-border platforms Well positioned to capture opportunities between the developed and the emerging world Strong ability to originate, manufacture and distribute Balanced business model with good business depth and breadth Provision of high-quality solutions to corporate and private clients, with leading positions in select areas. 66% £1.088bn 32% D ■ Specialist Banking 2% ■ Wealth & Investment ■ Group Investments Wealth & Investment - What makes us distinct Built via organic growth and the acquisition of businesses over a long period of time Global investment process, delivering tailor-made and innovative solutions to our clients Domestically relevant with offshore capabilities Recognised brand and balance sheet strength attracts investment managers and supports client acquisition Size allows us to be agile but with the scale and strength to compete successfully Well-positioned for evolving domestic market trends (e.g. financial planning, digitalisation).#1313 Balanced business model Focused on growing capital light businesses - We have significantly increased our funds under management - a key capital light annuity income driver - by growing our Wealth & Investment business. Wealth & Investment FUM have grown from £14.2bn at 31 Mar 2012 to £44.4bn at 31 March 2022. In the financial year ended 31 March 2022, 32% of Investec plc's revenue came from Wealth & Investment. Investec plc funds under management and revenue type Capital light activities Balance sheet driven activities £'bn 56% 53% 50 Includes: 45 Wealth management 54% Advisory services 40 Includes: Lending portfolios Trading income largely from client flows, balance sheet Transactional banking services 52% 35 Funds 50% 30 £507mn 48% 25 46.6% of total revenue 41.7 44.4 management and other Investment portfolios £581mn 53.4% of total revenue 46% 39.1 20 36.9 33.1 15 Of which: Of which: 44% 47% Net fees and commissions: 42% £495mn 40% ~45.5% of total revenue 2018 2019 2020 2021 2022 Specialist Banking - £151mn Wealth & Investment - £344mn Other: £12mn ~1.1% of total revenue FUM - Wealth & Investment (RHS) Third party assets and advisory revenue as a % of total revenue (CAPITAL LIGHT) (LHS) -Net interest, investment, associate and trading income as a % of total revenue (BALANCE SHEET DRIVEN) (LHS) Net interest income: £483mn ~44.4% of total revenue Customer flow and other trading income: £53mn ~4.9% of total revenue Investment and associate income: £45mn ~4.1% of total revenue 10 5 Fee and commission income Types of income Net interest, investment, associate and customer flow trading income#14Specialist Banking Winning in under-serviced parts of the market through dynamic, full-service offering Private clients For high net worth clients that need a banking partner to provide intellectual and financial capital to achieve their vision of success Private companies For UK mid-market founder and entrepreneur-led businesses looking for a banking partner to support their needs, along every stage of their journey Private equity and sponsor-backed companies For UK mid-market Private Equity clients looking for boutique service with 'bulge bracket' capability and award- winning franchises Publically listed companies For UK mid-market listed companies looking for top-ranked corporate broking and equity research and strategic advisory Specialist sectors International specialist sector clients looking for a corporate finance and banking partner with deep expertise and an innovative approach Mortgages & Personal Lending, Cash Management & Foreign Exchange, Private Capital, integrated with Wealth Mgmt. £'bn UK Specialist Banking loan growth over time¹ 6420 16 14 12 10 8 Growth & Leveraged Finance, Working Capital & Asset Finance, Specialist Lending, M&A Advisory, Equity Capital Markets, Treasury & Risk Solutions CAGR: 11% Permanent employees 2,000+ % Contribution to revenue² of Investec Group c.36% 14.4 12.3 % Contribution to c.48% loan book of Investec Group 2 14 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 60 4 Information for financial years prior to 2019 reflects the results of the ongoing business (excluding UK Specialist Bank legacy assets and businesses sold). Information from FY19 onwards is presented on a statutory basis. 2 Investec plc's Specialist Banking's total operating income before expected credit loss impairment charges as a percentage of the Investec Group's (for the financial year ended 31 March 2022).#15Wealth & Investment A leading private client wealth manager in the UK with £44.4bn funds under management • Our service offering Financial planning advice Our client groups • Our distribution channels Investment management, including bespoke portfolio management Private clients, including HNW and International Clients of professional advisors Charities • Direct Intermediaries Investec Private Bank defaqto defaqto EXPERT RATED 2021 GOLD DFM Service International recognition 3D 2022 INVESTEC WEALTH & INVESTMENT LIMITED AWARDED BY ARC DFM Bespoke 2013-2021 defaqto EXPERT RATED Wealth Briefing EUROPEAN AWARDS 2022 WINNER UK WEALTH PLANNING TEAM DFM MPS on Platform 2021 COLWMA WINNER 2019 Charly estment feam at the Vinam Investec Wealth & Investment Investec Key facts Total FUM £44.4bn¹ % UK Discretionary % UK Direct 86% c.83% 27% Operating margin² Average yield Target Client # of Offices # of UK client relationships # of UK IMS 3 # of UK FPS³ 0.81% > £250k 15 c.40,000 329 36 Focused move to discretionary wealth management - getting closer to CMD target of >90% discretionary FUM within three years Average income 4 as a % of FUM % £bn CAGR: 7% 1 54 45 £44.4 7.2 0.8 6.5 36 8.3 0.6 8.3 5.5 27 0.87 0.4 0.83 0.87 0.85 0.81 18 35.2 37.2 28.6 30.8 27.6 0.2 6 0 2018 2019 ■Discretionary 0 2020 2022 1 15 2021 Non-Discretionary and other Comprises UK & Channel Islands and Switzerland. In October 2019, the Republic of Ireland Wealth & Investment business was sold to Brewin Dolphin. UK & Channel Islands comprises c.97% of total FUM. 2 The operating margin of the UK & Channel Islands business (as well as Switzerland) was 25.3% at 31 March 2022. 3 Where IMs is investment managers and FPs is financial planners. 4 The average income yield on funds under management represents the total operating income for the period as a percentage of the average of opening and closing funds under management. This calculation does not adjust for the impact of market movements throughout the period on funds under management or the timing of acquisitions and disposals (where applicable) during the respective periods 2018 2019 2020 2021 2022#1616 Total Assets (£bn) 2,186 HSBC 1,384 BARCLAYS 887 LLOYDS BANK Group 782 NatWest 287 >> Santander 272 Nationwide 88.6 Vir money 29.5 SKIPTON 27.9 46.7 10.5 16.3 21.9 Investec TSB Close Brothers 36.6 Selected UK Banking Ranking by Revenues (£'bn) Domestically relevant, internationally connected • Investec plc is a substantial business generating revenues of £1,088mn during the year to 31 March 2022 The wealth business contributes £347mn of those revenues or 32% of Investec plc's total revenues. The chart below shows the relative revenue generation compared to the rest of the UK banking market and Investec plc's relative strength in having a wealth manager (providing significant earnings diversification) as well as a number of diversified banking income streams rather than a monoline business Investec plc ranks number 9 in terms of latest revenues 4.5 3.9 1.7 1.4 1.1 1.0 0.9 0.8 0.6 0.6 0.5 0.5 0.5 0.4 0.4 12.5 Investec All figures are based on 31 December 2021 disclosures, with the exception of Nationwide Building Society which is shown as at 4 April 2022, Virgin Money UK plc which is shown as at 31 March 2022, Close Brothers Group plc which is shown as at 31 January 2022, Tesco Personal Finance Group plc which is shown at 28 February 2022 and Aldermore Group plc which is shown at 30 June 2021 and Investec plc which is shown as at 31 March 2022. Revenueshave 16 been annualised for Virgin Money UK plc and Close Brothers Group plc whose latest disclosures are at half year. 9.6 TESCO Bank 24.5 one Savings Bank 52.7 YORKSHIRE BUILDING SOCIETY 22.7 Bank of Ireland UK 16.5 Aldermore 54.5 COVENTRY Building Society 22.6 MBANK ETRO 29.3 The co-operative bank 15.1 paragon#17OUT OF THE ORDINARY Investec Investec plc's operating fundamentals#1818 Profitability supported by diversified revenue streams Annuity income 1 (£'mn) Costs and cost to income ratio (£'mn) £'mn Annuity income 2011: 51% Annuity income 2022: 74% 900 100% 800 80% 81% 80% 15% 700 78% 76% 71% 17% 12% 600 60% 500 22% 29% 14% 400 40% 300 200 20% 44% 37% 100 Mar 2011 ■Net interest income ■Other fees and other operating income ■Investment and associate income Mar 2022 Annuity fees and commissions ■Trading income Solid recurring income base (FY22: 74%) comprising net interest income and annuity fees, which has been enhanced by growth in our wealth management business Diversified, quality revenue mix: Lending franchises driving net interest income - 44% of revenue Wealth & Investment and lending franchises generating sound level of fees Investment income a much low er proportion of total revenue Capital light activities = 47% of revenue. 0% 2018 2019 2020 2021 2022 Operating costs Cost to income ratio Focused on managing costs while building for the future Private Banking business now in leverage and grow th phase, with prior years' significant investment fully expensed Continue to leverage technology and existing capabilities to improve client experience and reduce costs FY22 operating costs were broadly flat. The reduction in fixed costs was offset by an increase in variable remuneration in line with business performance. The prior year base included one-off costs associated with the implementation of restructures as part of the strategy to simplify and focus the business, including related redundancies and the closure of operations in Australia The FY22 cost to income ratio of 71.3% improved as a result of cost discipline and higher revenue grow th 1 Where annuity income is net interest income and annuity fees; and capital light income is fees and other operating income.#1919 Profitability supported by diversified revenue streams Adjusted operating profit¹ (£'mn) Business mix percentage contribution to adjusted operating profit¹ £350 £300 £250 £200 £150 £100 £50 £0 2018 £312 £287 Mar 29% 35% 38% Mar Mar 2021 2020 58% 62% O 2022 64% 7% 7% 2019 2020 Adjusted operating profit before impairments 2021 2022 Adjusted operating profit We have grown adjusted operating profit from £136m in 2018 to £287m in March 2022 (CAGR of c.21%) In the 2018 financial year, results were impacted by elevated impairments recognised in anticipation of accelerated exits on certain legacy assets. In the 2020 and 2021 financial years, results were impacted by elevated impairment charges related to the impact of the COVID-19 pandemic. Impairments decreased in the 2022 financial year, primarily due to lower specific impairments Specialist Banking ■ Wealth & Investment O Group Investments Profitability is supported by a diversified, quality adjusted operating profit mix from the Specialist Banking and Wealth & Investment businesses The lower contribution from the Specialist Banking business in the 2021 financial year was largely driven by £93 million of risk management and risk reduction costs related to our structured deposits book; offsetting the increased equity capital markets activity and good levels of lending turnover experienced across private client and certain corporate client lending. These risk management and risk reduction costs were immaterial in the 2022 financial year, at £5.9 million 1 Adjusted operating profit is Operating profit before acquired intangibles and strategic actions, less profit attributable to other non-controlling interests, and 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.#20Consistent asset growth, gearing ratios remain low 20 £'bn 30 25 Total assets composition 5.6 6.9 20 5.1 5.1 6.9 15 6.0 7.0 5.8 10 10 Gearing remains low times 12 27.9 4.6 10 8.9 8 6 4 14.4 11.9 12.3 LO 5 10.5 9.7 2 2018 2019 2020 Net core loans Cash and near cash balances 2021 10.4 5.4 0 2022 2018 2019 2020 2021 2022 Other assets ■Total gearing ratio ■Core loans to equity ratio Our net core loans have grown steadily (CAGR of 10.5% since 2018) Good growth in cash and near cash balances (CAGR of 11.1% since 2018) We have maintained low gearing ratios¹ with total gearing at 10.4x and an average of 9.9x since 2018 Gearing ratio calculated as total assets divided by total equity.#2121 Exposures in a select target market Credit and counterparty exposures are to a select target market: " High net worth clients Mid to large sized corporates Public sector bodies and institutions The majority of exposures reside within the UK In December 2020, we announced the wind down of our Australian operations and sold most of the loan book in March 2021 Our portfolios have performed well to date with limited direct exposure to high street retail or discretionary consumer spending Net core loan growth of 17.0% since 31 March 2021 has been driven by our residential mortgage portfolio through acquisition of target clients in line with our Private Clients strategy, supported by strong demand for corporate credit across several portfolios Focus remains on redeployment of capital into core business activities and ensuring that concentration risk to certain asset types, industries and geographies is prudently managed, mitigated and controlled. Gross core loans by country of exposure Gross core loans by risk category Corporate and other Corporate and acquisition finance 12.8% ■ United Kingdom 83.3% Small ticket asset finance 10.0% 0 8.2% Fund finance 8.6% ■ Europe (excl. UK) Motor finance 5.2% 48% 5.4% ■North America Power and infrastructure finance 3.6% £14.6bn £14.6bn 1.5% ■ Asia Other corporate, institutional, govt. loans 3.0% 0.9% Asset-based lending 2.7% ■ Australia Aviation finance 2.4% 0.7% ■ Other Lending collateralised by property 16% Commercial real estate - investment Residential real estate - investment Residential real estate development 9.3% 2.9% 1.9% Commercial real estate - development 1.8% Residential vacant land and planning 0.2% Commercial vacant land and planning 0.1% High net worth and other private client 36% Mortgages 28.6% HNW and specialised lending 6.8%#22Strong growth in loan book Continued growth in HNW & Other Private client lending and increased activity across corporate lending portfolios £'mn 2,500 HNW and other Property Net Core Loans ■FY2021 ■FY2022 Corporate & Other lending 4,000 3,500 3,000 2,000 1,500 1,000 500 30% private client lending 4,158 2,331 2,169 I..... 0 Mortgages 13% 984 HNW and specialised lending 13% 20% Lending Asset finance collateralised by property 31% 1,849 ▼ 2% 1,255 ▲ 3% 514 ▼ 12% 425 Corporate & Fund finance acquisition finance Power and infrastructure finance Other corporate & other lending Asset-based lending 390 ▲ 17% 11% 348 Aviation fihance Net core loans up 17.0%, or 18.5% excluding Australia ■ Strong growth in mortgages driven by continued client acquisition High turnover across corporate lending largely driven by new clients Good traction in Private Banking resulted in strong growth in Mortgages in the period to 31 March 2022, focused on target clients with lending in established areas (London and the South East) with recourse to principal and high level of cash equity contributions into transactions. The credit loss ratio for this portfolio has averaged c.5bps over the last 10 years, indicative of the quality of the underlying franchise. The Corporate & Other lending book grew by 12% since 31 March 2021 to £7.0bn. Lending activity increased across portfolios, supported by new client acquisition as we continue to build scale and relevance in our client franchises, and repeat business with existing clients. We also experienced continued success with our origination and distribution strategy, particularly in the lending areas of Fund Solutions, Power and infrastructure finance and Growth & Leverage finance, generating additional ROE-accretive revenue and mitigating concentration risk. 222 22 1 Other corporate & other lending includes: Other corporates and financial institutions and governments (and Resource finance in Mar-21).#2323 Sound asset quality 0.8% 0.7% 0.6% 1.14% 0.5% Credit loss ratio reduced to 17bps from 0.4% 56bps at Mar 2021, below the through-the- cycle range of 30 - 40 bps 0.3% 0.2% 0.38% Total income statement ECL impairment charges amounted to £25.2mn (Mar 2021: £71.2mn), mainly driven by: Lower specific impairments Net model releases due to updated macro-economic scenarios Modest management overlay 0.1% 0.0% 2018 2019 £'mn 120 100 288 80 increase to account for continued economic uncertainty 60 106 40 20 20 *Covid-19 impacted ECLS over the period Credit loss ratio trend 0.69% 0.56% 2020* ECL charge breakdown 0.17% 2021* 2022 76 71 25 25 2018 2019 2020 2021 2022#2424 Asset quality metrics Asset quality metrics reflect the solid performance of core loans to date Balance sheet ECL provisions (£'mn) 158 150 200 Gross core loans by Stage (£'mn) as % of 5.8% 5.1% 10.4% 7.1% 3.2% 3.3% 2.8% 2.1% gross core loans 1.5% 2.2% 1.9% 1.7% subject to ECL Of which Ongoing 1400 107 101 100 67 108 Stage 3 1200 ■Stage 2 1000 50 31 42 35 ■Stage 1 27 800 37 27 32 14 0 600 FY 2019 FY 2020 FY 2021 FY 2022 ECL coverage ratio FY 2019 FY 2020 FY 2021 FY 2022 400 576 576 Stage 1 Stage 2 Stage 3 of which Ongoing Stage 3 0.20% 0.40% 0.26% 0.25% 200 4.7% 5.4% 3.4% 3.5% 0 33.9% 23.5% 28.2% 24.9% 30.4% 23.0% 26.8% 1,242 992 Stage 2 319 379 332 291 Stage 3 16.7% The management ECL overlay totals £16.8 million at 31 March 2022 (£16 million at 31 March 2021; £21 million at 30 September 2021). This is a £4.2 million release since 30 September 2021 to reflect the increased modelled ECL given greater downside weighting as well as the reducing impact that the COVID- 19 pandemic has on management's underlying assumptions offset by the increasing impact of greater global uncertainty with respect to the Russian invasion of Ukraine, as well as wider supply chain issues. The management ECL overlay seeks to capture the significant level of judgement required in the application of the macro-economic scenarios as well as the ongoing uncertainty in the UK and global operating environment that is not currently captured completely by modelled outputs. Notwithstanding the partial release in management ECL overlay during the second half of the year, the overall coverage for Stage 1 and Stage 2 remains elevated at 31 March 2022, reflecting the ongoing uncertainty and deterioration of forward-looking macro-economic scenarios, particularly with respect to inflation. ■FY19 FY20 FY21 FY22 Overall asset quality improved in FY2022: Stage 2 exposures reduced to £992 million or 7.1% as a proportion of gross core loans subject to ECL at 31 March 2022 (31 March 2021: 10.4%), but still remain elevated relative to pre-pandemic levels reflecting the continued uncertainty in the macro-economic environment, particularly with respect to inflation. The decrease in Stage 2 loans was predominantly driven by the transfer of loans back to Stage 1 resulting from the updated forward-looking macro-economic scenarios Stage 3 exposures reduced to £291 million at 31 March 2022 or 2.1% of gross core loans subject to ECL (31 March 2021: 2.8%) due to a number of successful exits from existing Stage 3 positions offset by limited new defaults. These exposures are adequately provisioned. Stage 3 coverage reduced due to certain exits (and requisite write-offs) of previously provided for exposures.#2525 Diversified funding strategy Investec plc's funding consists primarily of customer deposits ■ The bank adopts a conservative and prudent funding strategy Investec plc is not subject to the Banking Reform Act ring-fencing requirements which are applicable to all large UK deposit takers, as it falls below the £25bn of core deposits de minimis threshold Investec plc has no MREL requirement in excess of its minimum capital requirements Conservative and prudent funding strategy 1 Maintaining a high base of high-quality liquid assets 2 Diversifying funding sources 3 Limiting concentration risk 4 Low reliance on wholesale funding 5 Maintaining a stable retail deposit franchise Credit Ratings Investec plc's long-term issuer rating was upgraded by Moody's from Baa3 to Baa2 in February 2016, and then to Baa1 in April 2016. This rating was affirmed on 13 April 2022, and the outlook remains stable. ■ On 13 April 2022, Moody's also affirmed IBP's long-term deposit rating at A1 (stable outlook). On 25 March 2022, Fitch affirmed IBP's long-term Issuer Default Rating (IDR) at BBB+ (stable). Through the previous financial crisis, Investec plc and IBP retained an investment grade rating. Select funding sources 8%- 3% 1% £20.8bn £'mn 31 March 2022 Customer deposits 18 294 Debt securities in issue 1 648 Baa3 Subordinated Liabilities 759 Liabilities arising on securitisation of other A2 96 88% assets Total Baa1 BBB+ Baa1 (stable) Moody's A1 A1 (stable) Moody's 20 797 BBB Jan-16 Apr-16 Sep-17 Feb-19 BBB+ (stable) Fitch Jun-22#2626 Primarily customer deposit funded with low loan to deposit ratio Fully self funded: conservative loan to deposit ratio £'bn 20 15 10 5 2017 2018 2019 2020 2021 18.3 - 80% 78.9% 14.4 60% - 40% - 20% 0% 2022 Net core loans (LHS) Loans as a % of customer deposits (RHS) Customer accounts (deposits) (LHS) Increase in customer deposits over time despite reduction in cost of customer deposits 100% Loans as a percentage of customer deposits remains conservative at 78.9% Customer deposits have grown by 57.2% (12.0% CAGR) since 2018 to £18.3bn at 31 March 2022 Low usage of central bank funding schemes as a proportion of funding mix. Current TFSME drawings are £1,2bn which we expect to refinance well in advance of maturity in September/October 2025 Increase in retail deposits and little reliance on wholesale funding. Significant portion of UK customer deposits form part of the FSCS eligibility framework Fixed and notice deposits make up majority of customer deposits and our customers display a strong 'stickiness' and willingness to reinvestin our suite of term and notice products Investec plc's customer deposits have consistently increased over many years and remain resilient despite an overall reduction of cost of customer deposits and through the volatility in the market due to the COVID-19 pandemic Customer deposits are dynamically raised through diversified, well- established channels During FY2022, the cost of raising customer deposits has considerably decreased in line with trends in the market. We have also remained focused on reducing the operational cost of raising those customer deposits by migrating to a lower cost digital product base. £'bn 20 20 18.3 1.6% 15.3 16.1 1.4% 13.2 15 1.2% 11.0 11.6 1.0% 10 0.8% 0.6% 0.56% 5 0.4% 0.2% 0 2017 2018 0.0% 2019 2020 Customer deposits 2021 Cost of customer deposits 2022#2727 Maintaining robust surplus liquidity We maintain a high level of readily available, high-quality liquid assets targeting a minimum cash to customer deposit ratio of 25%. These balances have increased since FY2013 (£4.6bn) to £8.9bn at 31 March 2022 (representing 48.5% of customer deposits) At 31 March 2022, the Liquidity Coverage Ratio for Investec plc was 457% and the Net Stable Funding Ratio¹ was 145% - both metrics well ahead of current minimum regulatory requirements High level of cash and near cash balances 20% Cash and near cash composition 4% £8.9bn 76% ■Central bank cash placements and guaranteed liquidity Cash ■Near-cash (other 'monetisable' assets) Liquidity buffer: Cash and near cash as a proportion of total assets £'mn 10,000 40% 36.6% 9,000 £8.9bn 35% 31.7% 8,000 (c) (e) (d) 30% (b) 7,000 24.2% (a) 25% 6,000 Average 21.0% 20.8% Since £'mn 20% 17.5% 5,000 FY2013 15.8% 13.6% 4,000 Ave 5 621 15% 12.5% Min 3 634 3,000 10% Max 8 963 2,000 5% 1,000 0% Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 (a) Impacted by sale of Group assets; (b) Prudent increase in cash pre-Brexit referendum; (c) Pre-funding ahead of loss of Irish deposits; (d) Prior to the onset of the COVID-19 pandemic, cash and near cash reduced to business-as-usual level as we paid out the Irish deposits that we had already pre-funded; (e) COVID-19 pandemic NatWest Group plc (Dec-21) Investec plc (Mar-22) HSBC Holdings plc (Dec-21) Barclays plc (Dec-21) Standard Chartered (Dec- 21) Santander UK Group Holdings plc (Dec-21) Lloyds Banking Group plc (Dec- 21) Close Brothers Group plc (Jan- 22) Virgin Money UK plc (Sep-21) 1 The LCR is calculated following the EU Delegated Act and our own interpretations where the regulation calls for it. Banks are required to maintain a minimum LCR of 100%. Within the UK, the NSFR will be onshored by the PRA and expected to become a binding requirement for banks in January 2022. Banks will be required to maintain a minimum NSFR of 100%. In the meantime, our internally calculated NSFR is based on the version published in the EU Official Journal in June 2019, and our own interpretations where required.#28Sound capital ratios in excess of internal and regulatory minimums Robust headroom of 4.1% above the MDA threshold based on the latest regulatory requirements Capital ratios: Investec plc Minimum CET 1 requirement %5 31 Mar 20221 31 Mar 2021 Target 12% 11.0% 11.0% 10.7% 10.7% 10.1% Common equity tier 1 ratio² Common equity tier 1 ratio ('fully loaded')³ 11.0% 10.5% Tier 1 ratio² 12.8% 12.7% Total capital ratio² Leverage ratio4 Leverage ratio - 'fully loaded'³ 8.7% 7.4% 11.4% 11.0% >10% Investec plc: lowest min CET 1 requirement 10% 8.8% 8.7% 7.6% 8% 7.3% 6% >11% 4% 16.5% 14.9% 14% to 17% 2% ou do do 0% 9.0% 7.8% >6% Barclays plc (Mar-22) Investec plc (Jun-22) • . Investec holds capital in excess of regulatory requirements and internal capital targets and intends to perpetuate this philosophy and ensure that it remains well capitalised The bank has never required shareholder or government support and we have never missed a preference share or AT1 instrument coupon payment As Investec plc is a financial holding company and Investec Bank plc (IBP) is its most significant entity, the Investec plc resolution strategy is expected to be driven and determined by the resolution strategy for IBP. In March 2021, the Bank of England confirmed the preferred resolution strategy for IBP remains 'modified insolvency'. As a result, the Bank of England has set IBP's MREL requirement as equal to its Total Capital Requirement (Pillar 1 + Pillar 2A) Investec plc's minimum current CET1 requirement at 31 March 2022 is 7.3% comprising a 4.5% Pillar 1 minimum requirement, a 2.5% CCB, a 0.31% Pillar 2A requirement and a 0.03% Countercyclical Capital Buffer (CCyB) Investec plc's reported CET1 ratio was 11.4% at 31 March 2022, providing a 4.1% surplus relative to the current regulatory minimum before buffers (which are also allow ed to be used in times of stress) Investec plc continues to have the low est PRA prescribed Pillar 2A capital requirement of all UK holding companies shown above 28 1 The capital adequacy disclosures for Investec plc include the deduction of foreseeable charges and dividends when calculating Common Equity Tier (CET)1 capital. These disclosures differ from the capital adequacy disclosures included in the Investec Group's 2022 integrated and strategic report, which follow our normal basis of presentation and do not include this deduction when calculating CET1 capital. Investec plc CET1 ratio would be 28bps (31 March 2021: 17bps) higher, on this basis. 2 The CET1, Tier 1 and total capital ratios are calculated applying the IFRS 9 transitional arrangements (including the Capital Requirements Regulation (CRR) II changes introduced by the 'quick fix' regulation adopted in June 2020). 3 The CET1 ratio (fully loaded) and the leverage ratio (fully loaded) assume full adoption of IFRS 9 (including the 'quick fix' regulation in the UK). 4 The leverage ratios are calculated on an end-quarter basis. In the UK, the 31 March 2022 leverage ratio is calculated applying the UK leverage ratio framework, which applies to all UK firms from 1 January 2022. The 31 March 2021 comparative is calculated on a Capital Requirements Directive (CRD) IV basis. 5 Information sourced from latest financial reports.#29We inherently hold more capital per unit of risk As we use the standardised approach for RWA calculations, our capital ratios are not directly comparable with peers RWA density - Total RWA / Total Assets CET 1 /Total Assets (%) 80% 70% 60% 50% 40% 30% 20% 10% 0% 2017 2018 444444 2019 ■Investec plc ■UK 'big 5' 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2020 2021 2022 2017 2018 2019 2020 2021 2022 ■Total UK sector Investec plc UK 'big 5' Total UK sector We use the Standardised Approach for our RWA calculations - while peers are largely on the advanced approach. The bank is in the early stages of a process to migrate from the Standardised Approach to the Internal Ratings Based (IRB) approach . - We hold more CET 1 to our total assets than our peer group – primarily as a result of higher RWA density from using the standardised approach Our CET 1/Total assets is 6.9% - which is 130bps higher than the UK sector on a similar measure . The result is that our RWA density at 60.8% is above the sector average of 33.6% Our RWA density is more than 2x higher than the 'big 5' UK peers 29 Where the UK 'big 5' banks include HSBC, RBS, Lloyds, Barclays and Standard Chartered (source: Thomson Reuters- All adjusted to GBP) and the Total UK sector is per the Bank of England Peers are shown at the December 2021 period as this is the closest match to the period under review (Investec Bank plc's 31 March 2022 financial year-end).#30Strong internal capital generation Total capital (£'bn) . • 3.0 2.5 2.0 1.5 1.0 0.5 140 130 120 110 100 Common equity tier 1 – rebased to 100 90 0.0 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 ■CET 1 ■Total capital Investec plc UK 'big 5' Total UK sector Investec has strong organic capital generation and has not required recourse to government or shareholders CET 1 and total capital levels have both grown robustly at c.6% and c.8% CAGR, respectively, since 2017 • Investec plc's CET 1 has grown faster (c.7% CAGR) than both the sector (flat) and the UK 'big 5' (c.2% CAGR) since 2017 30 Where the UK 'big 5' banks include HSBC, RBS, Lloyds, Barclays and Standard Chartered (source: Thomson Reuters- All adjusted to GBP) and the Total UK sector is per the Bank of England Peers are shown at the December 2021 period as this is the closest match to the period under review (Investec Bank plc's 31 March 2022 financial year-end).#31OUT OF THE ORDINARY May 2022 Investec Further information and peer analysis#32Private Clients UK high net worth (HNW) banking: journey to scale We are proud to have beaten our targets for HNW banking to breakeven by March 2022 Journey to profitability £'million Revenue FY20 FY21 FY22 25.2 36.5 75.3 ECL impairments (0.6) (1.5) (2.4) Costs (43.5) (38.0) (42.0) Profit (18.9) (3.0) 30.8 Loan book growth 37.7% 37.2% 35.1% The results reflect our continued success in executing our HNW client acquisition strategy, translating into strong growth in lending, profitability, and market share. Notwithstanding our success to date in building scale and relevance, we believe we are only beginning to capitalise on the existing market opportunity. We are seeing growing demand for our efficient, refreshingly human private client offering. We have proven the concept: our journey to profitability - particularly in turbulent times - evidences the clear market opportunity and the strength of our proposition to capture it. Now it is all about scale. 22 32 Note: *Entrepreneurially minded, active wealth creators, who are time poor and have at least £300k per annum in income and £3 million in NAV. Loan book (£'bn) HNW client acquisition* 543 N امیده 2 1 0 2018 Growth Loans and advances to customers 4.5 3.3 2019 2020 2021 2022 ■Banking (primarily mortgages) ■Private Capital UK HNW client* acquisition 7,000 6,000 6,112 5,180 5,000 4,000 3,000 2,000 1,000 0 2018 2019 2020 2021 2022#3333 33 Spotlight on our Private Equity franchise Low capital, low cost intensity model for growth Growth £'million FY20 FY21 FY22 Revenue 614.3 580.3 650.9 ECL impairments (75.1) (69.6) (22.9) Costs (408.8) (474.6) (458.8) NCI (0.9) 0.9 Profit Loan book growth 129.5 37.0 169.2 7.8% (4.6%)* 10.4% * FY21 loan book growth was negatively impacted by the sale of the c.£400 million Australian loan book in March 2021. There was marginal book growth excluding the Australian loan book. 10 8 64 Loans and advances to customers 9.9 9.0 2 0 2018 2019 2020 2021 2022 Spotlight on our Private Equity franchise We have a fully integrated proposition spanning advisory (M&A and IPO), capital solutions (leverage finance and fund level finance) and risk management (currency and interest rate hedging) for private equity funds and their portfolio companies We have a broad European footprint with activity weighted to the UK, complemented by fast-growing continental European activity levels, aided through a minority stake in Capitalmind, an M&A boutique • Over the past three years, we have focused on unlocking value by offering an integrated, multi-product solution to a targeted group of clients. The benefit of this collaborative client focus is delivering strong performance: . Revenue from these clients increased by over 40% in FY2022 • Increasingly, our clients are taking more products - two-thirds of these particular clients now have at least two products Opportunity remains to do more with these clients and to replicate our multi-product strategy more broadly Product capture per client (targeted group) FY19 FY20 FY21 FY22 ■ 2+ products ■ 1 product ■No products#3434 NatWest Group plc Clydesdale Bank plc HSBC Holdings 140% 120% 100% 79% 72% 75% 80% 61% 60% 40% 20% 0% Barclays plc NatWest Group plc Investec plc 30% 25% 20% 15% 10% 5% 0% 24.1% 23.1% Capital ratios¹ (larger number is better) Total capital ratio ■CET1 ratio ■Leverage ratio 22.3% 21.6% 21.2% 17.3% 16.5% LLLLL Barclays plc Santander UK Group plc HSBC Holdings Close Brothers Group plc Investec plc 0.8% 127% 111% 107% 0.5% Investec Bank plc: peer group comparisons Funding: Loans and advances to customers as a % of customer deposits (smaller number is better) Credit loss ratio: ECL impairment charges as a % of average core loans and advances (smaller number is better) 0 5 10 15 20 20 7.8 25 0.0% Bardays plc 0.3% -0.1% -0.1% -0.3% -0.2% HSBC Holdings Source: Company year end/interim financial results as at 18 May 2022. Investec plc applies the Standardised Approach in the calculation of risk-weighted assets and as a result we inherently hold more capital than our peers who are on the Advanced Internal Ratings Model Approach. The Group is in the early stages of a process to migrate from the Standardised Approach to the Internal Ratings Based (IRB) approach. Investec plc's total RWAs/Total assets was 60.8% at 31 March 2022, which is substantially higher than some other UK banks which have an average RWA density of c.30%. Close Brothers Group plc Investec plc HSBC Holdings Santander UK Group plc Investec plc Gearing ratio: Assets/Equity (smaller number is better) 10.4 14.9 15.98 17.9 Clydesdale Bank plc Santander UK Group plc NatWest Group plc Barclays plc Clydesdale Bank plc 0.4% 0.2% 0.2% NatWest Group plc 19.7 18.7 Close Brothers Group plc 0.6%#3535 Investec Appendix#36IFRS 9 macro-economic scenario forecasts • For Investec plc, four macro-economic scenarios are used in the measurement of ECL. These scenarios incorporate a base case, an upside case and two downside cases. The table below shows the key factors that form part of the macro-economic scenarios and their relative applied weightings as at 31 March 2022. The scenario weightings have been calibrated to take into account the risks to the outlook as a result of developments in the Russian invasion of Ukraine, considering the potential impact on key economic variables such as inflation and growth. Taking into account the current macro-economic environment, adjustments have been made to the composition of the downside scenarios. In the first half of the financial year, an inflation scenario was introduced to capture the emergence of risks related to rising prices which anticipates UK CPI inflation peaking at 11.1% in the forth quarter of 2022. This scenario replaced the fiscal crisis scenario which was used at 31 March 2021. Additionally, since 30 September 2021 the L-shape has been replaced with a global shock scenario encapsulating a synchronised worldwide economic downturn. UK GDP forecast £'bn Macro-economic scenarios Upside % Base case % Downside 1 Inflation % Downside 2 Global shock % UK UK GDP forecast GDP growth 2.6 1.9 0.8 0.3 700 Unemployment rate 3.3 3.7 5.4 6.4 650 CPI inflation 2.4 3.1 3.2 1.6 600 House price growth 3.5 2.9 1.5 (3.6) BoE bank rate 1.8 1.9 2.0 (0.2) 550 (end year) Euro area 500 2022 2023 2024 2025 2026 2027 GDP growth 2.8 2.1 1.1 0.1 US Upside Base case Downside 1 - Inflation Downside 2 - Global shock GDP growth 3.1 2.1 1.4 0.6 Scenario weightings 10 45 30 15 36 Investec 2022#3737 Investec plc: salient financial features Key financial statistics Total operating income before expected credit loss impairment charges (£'000) Operating costs (£'000) Adjusted operating profit (£'000) Earnings attributable to ordinary shareholder (£'000) Costto income ratio (%) Total capital resources (including subordinated liabilities) (£'000) Total equity (£'000) 31 March 2022 31 March 2021 % Change 1 087 969 946 400 15.0% 775 866 766 367 1.2% 286 944 109 698 >100% 235 854 69 772 >100% 71.3% 80.9% 3 438 905 3 277 938 4.9% 2 680 166 2 506 457 Total assets (£'000) 27 946 313 24 801 508 6.9% 12.7% Net core loans (£'000) 14 423 199 12 330 652 17.0% Customer accounts (deposits) (£'000) 18 293 891 16 077 671 13.8% Loans and advances to customers as a % of customer deposits 78.9% 76.7% Cash and near cash balances (£'mn) 8871 6 857 29.4% Funds under management (£'mn) Total gearing ratio (i.e. total assets to equity) 44 419 41 708 6.5% 10.4x 9.9x Total capital ratio Tier 1 ratio CET 1 ratio Leverage ratio Leverage ratio - 'fully loaded' 16.5% 14.9% 12.8% 12.7% 11.4% 11.0% 9.0% 7.8% 8.7% 7.4% Stage 3 exposure as a % of gross core loans subject to ECL 2.1% 2.8% Stage 3 exposure net of ECL as a % of net core loans subject to ECL 1.6% 2.0% Creditloss ratio 0.17% 0.56%#3838 Investec plc: income statement £'000 Interest income Interest expense Net interest income Fee and commission income Fee and commission expense Investment income Share of post taxation profit of associates and joint venture holdings Trading income/(loss) arising from - customer flow - balance sheet management and other trading activities Other operating income 31 March 2022 718 446 (235 727) 31 March 2021 701 220 (301 506) % Change 2.5% 482 719 399 714 510 228 501 794 (21.8%) 20.8% 1.7% (14 913) (13 271) 12.4% 31 255 31 266 13 878 10 829 (0.04%) 28.2% 60 372 (11 025) (7 103) 11 262 11 533 15 831 Total operating income before expected credit loss impairment charges Expected credit loss impairment charges 1 087 969 946 400 >100% (>100%) (27.1%) 15.0% (25 159) Operating income Operating costs 1 062 810 (71 196) 875 204 (64.7%) 21.4% (775 866) (766 367) 1.2% Operating profit before acquired intangibles and strategic actions 286 944 108 837 >100% Impairment of goodwill Amortisation of acquired intangibles (11 248) (100%) (12 936) (12 851) Closure and rundown of the Hong Kong direct investments business Operating profit Implementation costs on distribution of investment to shareholders Profit before taxation (1 203) 7 387 272 805 92 125 (1017) 0.7% (>100%) >100% 100% 271 788 92 125 >100% Taxation on operating profit before acquired intangibles and strategic actions (37 612) (24 243) 55.1% Taxation on acquired intangibles and strategic actions Profit after taxation 1 678 1 029 63.0% 235 854 68 911 >100% Profit Loss attributable to non-controlling interests Earnings attributable to shareholder 861 (100%) 235 854 69 772 >100%#39Investec plc: balance sheet £'000 Assets Cash and balances at central banks Loans and advances to banks Reverse repurchase agreements and cash collateral on securities borrowed Sovereign debt securities 31 March 2022 Bank debt securities Other debt securities Derivative financial instruments Securities arising from trading activities Investment portfolio Loans and advances to customers Other loans and advances Other securitised assets Interests in associated undertakings and joint venture holdings Deferred taxation assets Current taxation assets Other assets Property and equipment Goodwill Software Other intangible assets 39 Total assets 31 March 2021 5 379 994 3 043 034 1 467 770 1 385 471 1 447 473 2 065 232 1 165 777 61 714 1 108 253 48 044 427 761 698 961 693 133 773 333 163 165 281 645 694 324 714 315 14 426 475 122 717 12 335 837 123 536 107 259 93 087 66 895 58 658 110 377 110 750 33 448 58 174 1 139 439 1 392 596 155 055 185 502 249 836 249 836 7 066 7 791 40 807 27 946 313 24 801 508 53 281#4040 Investec plc: balance sheet (continued) £'000 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 other assets Current taxation liabilities Deferred taxation liabilities Other liabilities Subordinated liabilities Equity Ordinary share capital Ordinary share premium Treasury shares Other reserves Retained income Ordinary shareholders' equity Perpetual preference 31 March 2022 31 March 2021 2 026 601 863 295 42 944 154 828 18 293 891 1 648 177 95 885 2 460 1 352 581 914 863 49 055 157 357 16 077 671 1 602 584 108 281 36 862 19 984 1 204 332 21 523 570 1 379 327 24 507 408 758 739 25 266 147 202 806 812 (161 522) (23 914) 1 782 961 2 404 539 24 794 771 481 22 295 051 Shareholders' equity excluding non-controlling interests Additional Tier 1 securities in issue Non-controlling interests in partially held subsidiaries Total equity Total liabilities and equity 2 429 333 250 000 833 2 680 166 27 946 313 202 806 812 (134 185) (65 686) 1 624 130 2 231 273 24 794 2 256 067 250 000 390 2 506 457 24 801 508#4141 Investec plc: segmental analysis of operating profit For the year ended 31 March 2022 £'000 Net interest income Fee and commission income Fee and commission expense Investment income Share of post taxation profit of associates and joint venture holdings Trading income/(loss) arising from - customer flow - balance sheet management and other trading activities Other operating income Wealth & Investment Specialist Banking Private Banking 2268 344 685 (656) (2) 1 194 (307) 70 692 CIB & Other 409 759 Group Investments Group Costs Total Group 482 719 510 228 (14 913) 31 255 13 878 1 579 163 964 (23) (14 234) 816 10 033 20 408 13 878 2228 2 56 950 (6 798) 11 533 60 372 (7 103) 11 533 Total operating income before expected credit loss impairment charges Expected credit loss impairment releases/(charges) 347 182 75 294 645 085 20 408 (5) (2 432) Operating income 347 177 72 862 Operating costs (259 496) Operating profit before acquired intangibles and strategic actions 87 681 (42 034) 30 828 (22 722) 622 363 (459 517) 162 846 1 087 969 (25 159) 20 408 1 062 810 (14 819) (775 866) 20 408 (14 819) 286 944 Profit attributable to non-controlling interests Adjusted operating profit 87 681 30 828 162 846 20 408 (14 819) 286 944 Selected returns and key statistics Cost to income ratio Total assets (£'million) 74.7% 55.8% 71.2% n/a n/a 71.3% 1 137 4 528 22 101 180 n/a 27 946#4242 Net interest income Fee and commission income Fee and commission expense Investment income Share of post taxation profit of associates and joint venture holdings Trading income/(loss) arising from - customer flow - balance sheet management and other trading activities Other operating income Total operating income before expected credit loss impairment charges Expected credit loss impairment releases/(charges) Investec plc: segmental analysis of operating profit (continued) For the year ended 31 March 2021 £'000 Wealth & Investment 2 296 Specialist Banking Private Banking 34 664 CIB & Other 362 754 Group Investments Group Costs Total Group 399 714 501 794 (13 271) 316 813 705 184 276 (773) (61) (12 437) 272 19 22 122 8 853 10 829 31 266 10 829 920 (9) 1 196 (13 141) 13 11 258 15 831 (11 025) 11 262 15 831 319 519 36 536 581 492 8 853 946 400 (4) (1515) (69 677) (71 196) Operating income 319 515 35 021 511 815 8 853 875 204 Operating costs (245 175) 74 340 Operating profit before acquired intangibles and strategic actions (38 033) (3012) (464 873) (18 286) (766 367) 46 942 8 853 (18 286) 108 837 Profit attributable to non-controlling interests 861 74 340 Adjusted operating profit (3012) 47 803 8 853 (18 286) 861 109 698 Selected returns and key statistics Cost to income ratio Total assets (£'million) 76.7% 104.1% 79.8% n/a 0 n/a 80.9% 1016 3 338 20 302 146 n/a 24 802#4343 Investec plc: asset quality under IFRS 9 £'million Gross core loans Gross core loans at FVPL Gross core loans subject to ECL¹ Stage 1 Stage 2 Stage 3 of which past due greater than 30 days of which Ongoing (excluding Legacy) Stage 31 ECL 31 March 2022 14 557 609 13 948 31 March 2021 12 501 512 11 989 12 665 10 415 992 1 242 28 90 291 332 240 231 (134) (170) Stage 1 (32) (27) Stage 2 (35) (42) Stage 3 of which Ongoing (excluding Legacy) Stage 31 Coverage ratio (67) (101) (40) (62) Stage 1 Stage 2 Stage 3 0.25% 0.26% 3.5% 3.4% 23.0% 30.4% of which Ongoing (excluding Legacy) Stage 31 Annualised credit loss ratio ECL impairment charges on core loans Average gross core loans subject to ECL An analysis of Stage 3 gross core loans subject to ECL Stage 3 net of ECL of which Ongoing (excluding Legacy) Stage 3¹ Aggregate collateral and other credit enhancements on Stage 3 Stage 3 as a % of gross core loans subject to ECL of which Ongoing (excluding Legacy) Stage 31 Stage 3 net of ECL as a % of net core loans subject to ECL 16.7% 26.8% 0.17% 0.56% (22) (65) 12 969 11 691 224 231 200 169 230 235 2.1% 2.8% 1.7% 1.9% 1.6% 2.0% of which Ongoing (excluding Legacy) Stage 31 1.4% 1.4% 1 Our exposure (net of ECL) to the UK Legacy portfolio has reduced from £84 million at 31 March 2021 to £43 million at 31 March 2022. These assets are predominately reported in Stage 3 and make up 17.5% of Stage 3 gross core loans. These assets have been significantly provided for and coverage remains high at 52.9%.#44Investec plc: capital adequacy £'million Shareholders' equity Non-controlling interests Regulatory adjustments to the accounting basis Deductions Common equity tier 1 capital Additional Tier 1 instruments Tier 1 capital Tier 2 capital Total regulatory capital Risk-weighted assets² 31 March 20221 2 340 31 March 2021 2 198 71 (480) 1931 2 181 98 (500) 1 796 274 2 070 250 628 2 809 370 2 440 16 980 16 332 Capital ratios Common equity tier 1 ratio² Tier 1 ratio² Total capital ratio² 11.4% 11.0% 12.8% 12.7% 16.5% 14.9% 44 1 The capital adequacy disclosures for Investec plc include the deduction of foreseeable charges and dividends when calculating Common Equity Tier (CET)1 capital. These disclosures differ from the capital adequacy disclosures included in the Investec Group's 2022 integrated and strategic report, which follow our normal basis of presentation and do not include this deduction when calculating CET1 capital. Investec plc CET1 ratio would be 28bps (31 March 2021: 17bps) higher, on this basis. 2 The CET1, Tier 1, total capital ratios and RWAs are calculated applying the IFRS 9 transitional arrangements (including the changes introduced by the 'quick fix' regulation adopted in June 2020).