IAM's Financial Overview and Growth Strategy

5 Expected shareholding structure Current IAM staff 20%1 IAM Investec Group Shareholders Proposed (post demerger, listing and placing by Investec) Up to 65% free float upon listing Ninety One staff Investec Group New public shareholders Investec Group Current Investec shareholders c.20%1 c.15%3 Up to 10% 55% 80%2 Ninety One (Dual-listed company) Notes: 1. Through Forty Two Point Two, senior management participate in a 20% (less 1 share) stake in the business (which may increase following implementation of the Proposals, as set out in the Circular); 2. 80% (plus 1 share); 3. Representing approximately 4.3% held by Investec Ltd and 10.7% held by Investec plc.

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