Investec Asset Management (becoming Ninety One)

1 Investec Asset Management (becoming Ninety One)Global Asset manager with an emerging market heritageCapital Markets Day3 December,20192 Clarity of purpose in a changing world Today we re discussing a significant step in the evolution of the Investec Group In a world of change, simplicity and focus are key success factors We re evolving our ownership structure and changing our name, but not who we are Our purpose remains the same investing for a better tomorrowBetter FirmBetter InvestingBetter World3 Today s presentersHendrik du ToitFounder, IAM and Joint CEO, Investec GroupBackgroundKim McFarlandFinance Director, IAM and Executive Director, Investec GroupBackground Founded IAM in 1991 Joined Investec Group board in 2010 Appointed Joint CEO of Investec Group in 2018 29 years at Investec Joined IAM in 1993 as CFO and COO Joined Investec Group board in 2018 Previously named Business Woman of the Year in South Africa 26 years at Investec4 Demerger rationale The current Investec Group is too complex Limited synergies between IAM and the wider Investec Group Clear geographic and client overlap between Specialist Banking and Wealth & Investment businesses Investec Group should be simplified to improve resource allocation.

2 Performance and growth trajectory Independence is valued Preserves and promotes high degree of employee ownership Ideal structure for talent attraction and retention Alignment for the longer termConclusions of Strategic ReviewDemerger Benefits for IAMS implifyFocusGrow5 Expected shareholding structureCurrentIAMIAM staffInvestecGroupInvestec Group ShareholdersProposed (post demerger, listing and placing by Investec ) Ninety One (Dual-listed company)80%220% Investec shareholders55%New public shareholdersUp to 10%Notes: 1. Through Forty Two Point Two, senior Management participate in a 20% (less 1 share) stake in the business (which mayincrease following implementation of the Proposals, as set out in the Circular); 2. 80% (plus 1 share); 3. Representing approximately held by Investec Ltd and held by Investec to 65 % free float upon listing6 Retaining our dual-listed structureAligned with regulatory requirementsNinety One plc to be premium listed on LSE with a secondary inward listing on JSEE nables us to remain connected to our rootsNinety One Limited to be listed on JSEAll shareholders will have equivalent economic and voting rights7We are changing our name, but not who we are 8 Hendrik du ToitChief Executive OfficerKim McFarlandFinance DirectorOur BoardFaniTitiNon-executive DirectorGareth PennyNon-executive Chairman (Independent)Chair of the Nominations and Directors Affairs CommitteeColin KeoghNon-executive Director (Independent)

3 Senior Independent DirectorChair of the Human Capital and Remuneration CommitteeIdoyaBasterrecheaArandaNon-exec utive Director (Independent)Victoria CochraneNon-executive Director(Independent)Chair of the Audit and Risk CommitteeBusisiweMabuzaNon-executive Director (Independent)Chair of the Sustainability, Social and Ethics CommitteeMember of the Nominations and Directors Affairs CommitteeMember of the Human Capital and Remuneration CommitteeMember of the Sustainability, Social and Ethics CommitteeMember of the Audit and Risk Committee9 Today s agendaKey differentiatorsStrategic principles and prioritiesFinancial performance and outlook 10A global Asset manager with an emerging market heritageUnique employee ownership and cultureOrganically and sustainably builtDistinctive specialist active strategiesEmerging market heritage underpins growthSuperior global reach given scaleSophisticated Institutional and Advisor client baseSignificant growth potential across existing skillsetsAttractive financial profile with strong cash generationA differentiated Asset manager with the attributes of industry leaders11We are a people businessOur culture is a vital element of our long-term successOur people have the freedomto be themselvesWe combine individual expression with

4 Collectiveambitionand team disciplineWe insist on results but not at the expense of the human spirit We balance relentless drive with decencyFreedom to create within clear parameters of values, team and strategyIt is all about the drive to be better: Better firm, better investing, better worldWe strive to do the right thing, for clients, community and the teamRelationships matter12 Longevity and stability across the businessNotes: Staff tenure and numbers as at 30 September 2019. Tenures are based on length of service at IAM only and exclude previousexperience. 1. Includes investment support functions (relating to ESG, risk and performance, traders); 2. Includes 172 SA Fund Platform staff and 62 Global Marketing staff; 3. Excludes Silica staff; 4. Executive Committee headcountalso included in other category Group2 Operations3 Executive Committee~20years~7 years~7years~7yearsAveragetenure at IAMA verageleadership tenure at IAM~15 years~14years~17yearsDifferentiated by the experience and depth of our teams2504024959 Total people413 Ownership and alignmentNotes: 1.

5 Through Forty Two Point Two, senior Management participate in a 20% (less 1 share) stake in the business; 2. Assuming participation in Ninety One share sale, as set out in the Circular. 15%(2013)20%1(2018)Expected to increase upon listing2 Our employee ownershipStrong staff commitment enables even greater alignment with clients and shareholdersConsistent compensation framework since inceptionSenior Management and key employees have acquired a 20% stake to date1 Investment of own personal capital into the businessFacilitates entrepreneurial, collaborativeand team-oriented culture14 121bn 179mAUMR eported profit (post NCI)Organically and sustainably built over nearly 30 yearsFY92FY93FY94FY95FY96FY97FY98FY99FY0 0FY01FY02FY03FY04FY05FY06FY07FY08FY09FY1 0FY11FY12FY13FY14FY15FY16FY17FY18FY19 Notes: FY92-FY19 are financial years to 31 March; HY20 represents AUM as at 30 September Reported profit is pre-exceptionals, NCI refers to Non-Controlling Interest.

6 44bn of cumulative net flows since April 2009, representing ~50% of total AUM growthEstablished long-term growth track record in AUMHY20 Domestic growth phaseInternationalisation phaseScaling post crisis phase11557%43%49%51%50%50%Emerging MarketsDeveloped MarketsEmerging market heritage underpins growthPositioned for developed market demand for emerging market investmentsNotes: 1. AUM as at 30 September 2019, Emerging markets includes Africa and Asia Pacific (excluding Australia). 121bnBy client location1By investment strategy1 Emerging market heritageLimited scale of South African market necessitated early internationalisationNow a diversified global business though emerging markets remain both an important investment strategy and a significant source of client assetsAccess to, and insight across, the full breadth of emerging market regionsFounded: 1991 Presence: South AfricaAUM: c.

7 40m 121bn16 Alternatives24 Distinctive specialist active strategiesNotes: AUM and number of investment professionals as at 30 September ExcludingSA Fund Platform (c. 8bn); 2. Denotes number of investment professionals within defined skillset and includes Portfolio Managersand Analysts Income55 Quality20 Value11 Clientdemand 34bnFixed IncomeCore Asset class offerings1 54bnEquities 4bnAlternatives 22bnMulti-AssetDiversified and organically builtMulti-Asset14 Specialist active Outcomes171st quartile2nd quartile3rd quartile4th quartile0%50%100%1 year3 years5 years10 years93%64%75%54%1 year3 years5 years10 yearsLatest outperformance1,2 Overall firm outperformance1 Mutual funds outperformance3 Notes: 1. Outperformance (underperformance) is calculated as the sum of the total market values for individual portfolios that have positive active returns (negative active returns) on a gross basis expressed as a percentage of total AUM.

8 Our % of fund outperformance is reported on the basis of current AUM and therefore does not include terminated funds. Total AUM exclude double-counting of pooled products and third party assets administered on our South African platform. Benchmarks used for the above analysis include cash, peer group averages, inflation and market indices as specified in client mandates or fund prospectus. For all periods shown, market values are as at the period end date; 2. Investment performance data as at 30 September 2019; 3. Fund performance and ranking as per Morningstar data using primary share classes net of fees to 30 September 2019. Peer group universes are either IA, GIFS or ASISA sectors as classified by Morningstar. Cash or cash-equivalent funds are excluded from in 1st and 2nd quartileProven investment performance track record0%50%100%0%50%100%0%50%100%FY00FY0 5FY10FY15HY2018 Today s agendaKey differentiatorsStrategic principles and prioritiesFinancial performance and outlook 19 Our strategic principlesPatientOrganicLong-termInterge nerationalWe offer organically-developed investment capabilitiesthrough active segregated mandates or mutual funds to sophisticated clientsWe operate globally in both the Institutional and Advisorspace through five geographically defined client groupsWe have an approach to growth that is driven by structural medium to long-term client demandand competitive investment performance20 Our strategic prioritiesCapture the growth inherent in our current capability set Develop differentiated

9 Strategies, anticipating client needsFocus on growth in professionally intermediated channels (Advisor and Institutional)Ensure sustainability is at the core of our business21$12tn$18tn$11tn$16tn$13tn$17tn $24tn$27tn$14tn$24tn20182023 EIAM s specialist skillsets are well aligned with global growth trends$124bn$157bn$27bn$37bn$56bn$62bn$5 5bn$55bn$16bn$19bn20182023 EGlobal industry AUM by Asset classGlobal industry revenue by Asset classCapture the growth inherent in our current capability set :Alternativesincludeshedgefunds(HF),priv ateequity(PE),realestate,infrastructurea ndcommodityfunds,liquidalternativemutual funds( ,long/short,marketneutral,volatility). (foreign,global,EM,smallandmidcaps,secto rs)andfixedincomespecialties(EM,global,h ighyield,convertibles).Solutions(includi ngLDIandBalanced)includestargetdated,glo balassetallocation,flexible,income, ,domesticgovernmentandcorporatedebt, SpecialistPassiveCore$74tn$101tn$279bn$3 30bn10%2%5%8%8%AUM CAGR(2018 2023E)22 Capture the growth inherent in our current capability set Diversified offering across all Asset classesNote: AUM as at 30 September 2019, excluding SA Fund Platform ( 8bn).

10 Breakdown based on underlying Strategy definitionAsia (inc. China)UKEME uropeAfrica (inc. SA)Global 4bn 54bnEM Sovereign & CurrencyEM CreditAfrica (inc. SA) FIAfrica (inc. SA) CreditAbsolute ReturnDM Credit 34bn 22bnRegional GlobalRegional GlobalRegional GlobalEquitiesFixed IncomeMulti-AssetAlternativesAfrica (inc. SA)UKEMI ncomeGrowthNatural Resources ( Environment)Real EstatePrivate EquityInfrastructure DebtNotes: AUM as at 30 September 2019, excluding SA Fund Platform (c. 8bn). Breakdown based on underlying Strategy differentiated strategies, anticipating client needsGlobalEquities EM FixedIncome / LocalCurrencyGlobalMulti-AssetIncomeAsia / All ChinaInfrastructureCredit / GlobalEnvironment 24%IAM AUM CAGR (2010 -2018)1%Regional Industry AUM CAGR (2010 -2018)1,2,3 AUM 17bno/w Institutional 81%Client Group Headcount 28 Americas30%6%AUM 43bno/w Institutional 63%Client Group Headcount 59 AfricaAUM 21bno/w Institutional 89%Client Group Headcount 26 Asia PacificAUM 16bno/w Institutional 73%Client Group Headcount 21 EuropeAUM 24bno/w Institutional 47%Client Group Headcount 31UK8%20%22%2%4%5%8%2%Global reachDiversified distribution across global markets, with local penetration spanning 21 officesNotes: AUM and Client Group headcount as at 30 September 2019.