IAM's Financial Overview and Growth Strategy

Disclaimer This presentation (the "Presentation") has been prepared by Investec plc and Investec Limited (together, the "Company") and their subsidiaries from time to time (the "Group") solely for use at the investor meeting held on 3 December 2019. By reading the Presentation, you agree to be bound by the following limitations in relation to the existence of such Presentation and all information (including, without limitation, any projections, targets, estimates or forecasts) or opinions contained herein or in connection with it (the "Information"). The provision of the Information or any part of it does not constitute, and should not be construed as, part of any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe for, any securities in any member of the Group and it is not intended to provide the basis of any investment decision nor does it, nor is it, intended to form the basis of any contract for acquisition of or investment in any member of the Group, financial promotion, or any offer or invitation in relation to any acquisition of or investment in any member of the Group in any jurisdiction. You will hold the Information in strict confidence and you will not disclose, redistribute, reproduce, publish, pass on, or otherwise divulge the Information, electronically or otherwise, whether in whole or in part or directly or indirectly (or permit any of the foregoing) to any other person without the prior written consent of the Company. The Information has not been verified. Each recipient is responsible for making its own decision on the use, accuracy, reliability, fairness, completeness, appropriateness and validity of any Information. Neither the Company, Boston Consulting Group ("BCG"), nor any of their respective subsidiary undertakings, or any such person's respective directors, officers, employees, agents, affiliates or advisers nor any other person makes any representation or warranty of any sort as to, and no reliance should be placed on, the accuracy, completeness, fairness or reasonableness of the Information or the opinions contained in this Presentation or in any other document or information made available in connection with this Presentation. No person shall have any right of action against the Company. BCG, nor any of their respective subsidiary undertakings, or any of such person's respective directors, officers, employees, agents, affiliates or advisers or any other person in relation to the accuracy or completeness of any such information or for any loss, however arising, from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. No duty of care is owed or will be deemed to owe to you or any other person in respect of the Information. The Information is provided as at the date of the Presentation and is subject to change, without notice. BCG have been engaged as an industry adviser to the Company. Certain industry and market data contained in this Presentation has come from third party sources (including, but not limited to BCG). Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry and market data contained in this Presentation comes from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. For the avoidance of doubt, BCG assume no liability for any industry or market data provided to the Company for the purposes of this Presentation. This Presentation contains statements that constitute forward-looking statements relating to the business, financial performance and results of the Company and the industry in which the Company operates. These statements may be identified by words such as "expectation", "belief", "estimate", "plan", "target", or "forecast" and similar expressions or the negative thereof; or by forward-looking nature of discussions of strategy, plans or intentions; or by their context. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. All statements regarding the future are subject to inherent risks and uncertainties and various factors could cause actual future results, performance or events to differ materially from those described or implied in these statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate and the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this Presentation or the underlying assumptions. Past performance is not an indication of future results and past performance should not be taken as a representation that trends or activities underlying past performance will continue in the future. The forward-looking statements in this Presentation speak only as at the date of this Presentation and the Company expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this Presentation or to update or to keep current any other information contained in this Presentation or to provide any additional information in relation to such forward-looking statements. You are therefore cautioned not to place any undue reliance on such forward-looking statements. Any matter or dispute (whether contractual or non-contractual) arising out of or in connection with this Presentation, shall be governed and construed in accordance with English law and the English courts shall have exclusive jurisdiction in relation to any such matter or dispute. Certain figures in this Presentation are subject to rounding. Accordingly, figures shown for the same category presented in different charts or tables may vary slightly and figures shown as totals in certain charts or tables may not be an arithmetic aggregation of the figures that precede them. 47