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Investec Asset Management Capital Markets Investec Asset Management Global asset manager with an emerging market heritage Capital Markets Day 20 November, 2018 Today’s presenters Hendrik du Toit Kim McFarland Founder, Investec Asset COO and CFO, Investec Management and Asset Management and Joint CEO, Investec Group Executive Director, Investec Group Background Background • Founded Investec Asset Management in 1991 • Joined Investec Asset Management in 1993 as CFO and COO • Joined Investec Group board in 2010 • Joined Investec Group board in 2018 • Appointed Joint CEO of Investec Group in 2018 • Previously named Business Woman of the Year in • 28 years at Investec South Africa • 25 years at Investec 2 Confidential | Investec Asset Management Agenda 1 Introduction to Investec Asset Management 4 2 Market Context and Investment Highlights 11 3 Investment Platform 27 4 Clients and Distribution 35 5 Operating Model 43 6 Financial Performance 50 7 Break 8 Concluding Remarks 58 9 Q&A 3 Confidential | Investec Asset Management The Investec Asset Management Asset growth storyThe Investec 4 Assets under management (£bn) 100 120 Note: 20 40 60 80 0 FY92 - FY18 FY92 representfinancial years ended HY19 31 March; represents30 September asAUM at2018 FY93 FY94 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 Confidential Confidential | Investec Asset Management FY14 FY15 FY16 FY17 FY18 HY19 Investing for a better tomorrow Better Firm We are building a firm that aims to achieve excellence over the long-term, with a culture that encourages our people to reach their highest potential and puts our clients at the centre of our business Better Investing Long-term investment excellence is our primary function and is non- negotiable. We aim to provide our clients with an investment outcome that allows them to achieve their financial goals Better World We are dedicated to building a better world through our capital allocation. We are responsible citizens of our societies and natural environment 5 Confidential | Investec Asset Management We are a people business 6 Confidential | Investec Asset Management The numbers tell the story ~20 ~170 ~28 years average 18% dedicated years of tenure of employee PMs2, Analysts heritage Executive owned3 and Strategists Committee1 ~13 ~12 ~14 years average years average years average tenure for tenure for tenure for Investment Operations Client Group Heads and Heads and Heads CIOs COO/CFO 7 Note: As at 30 September 2018. Tenures are based on length of service at IAM only and excludes previous experience Confidential | Investec Asset Management 1. Consists of 9 individuals; 2. “PMs” are Portfolio Managers; 3. As at 1 October 2018, with option available to acquire an additional 2% Global asset manager with an emerging market heritage Founded in 1991, Investec Asset Management (“IAM”) is a leading global AUM by asset class asset manager, with assets under management (“AUM”) of £109bn Equities (£51bn) 7% 3% Fixed Income (£28bn) High conviction strategies managed by specialist investment teams with 19% differentiated investment processes £109bn 46% Multi-Asset (£20bn) Alternatives (£3bn) Well diversified by asset class and region with 56% of AUM invested in 25% 2 emerging markets (“EM”) strategies SA Fund Platform (£7bn) AUM by client group Consistent track record of investment outperformance across multiple market cycles1 Africa (£39bn) 12% UK (£23bn) Five regional client-facing teams serve our sophisticated institutionalInstitutional and 14% 36% 3 advisorAdvisor clientclient basebase aroundaround tthe globe £109bn Asia Pacific (£19bn) 17% Americas (£15bn) Global presence and reach with 1,000+ employees spanning 23 offices 21% Europe (£13bn) 8 Note: AUM as at 30 September 2018 Confidential | Investec Asset Management 1. On a 3 and 5 year rolling basis; 2. “SA Fund Platform” is IAM’s South African fund advisory platform with £7bn AUM (which may also include some internal AUM); 3. Asia Pacific includes the Middle East Core strategic principles We offer organically- We operate globally in We have an approach to developed investment both the Institutional growth that is driven by capabilities through and Advisor space structural medium to long- active segregated through five term client demand and mandates or mutual funds geographically defined competitive investment to sophisticated clients client groups performance Patient Organic Long-term Intergenerational 9 Confidential | Investec Asset Management Agenda 1 Introduction to Investec Asset Management 4 2 Market Context and Investment Highlights 11 3 Investment Platform 27 4 Clients and Distribution 35 5 Operating Model 43 6 Financial Performance 50 7 Break 8 Concluding Remarks 58 9 Q&A 10 Confidential | Investec Asset Management Global asset management market landscape ​Demographic factors ​Rebalancing of capital flows ​Revenue opportunity for high ​High margin, capital light underpin structural growth towards global and emerging alpha products, solutions and industry with high cash markets sustainable investing conversion and attractive RoE $168bn $375bn $109tn Africa and RoW Consumer Non-Cycl.4 34% AUM UK ($3tn) 4% Asset Management 2022E ($6tn) 3% 8% Passive 33% 8% Industrials 28% 17% Core 27% Technology 23% Asia Pacific Telecoms 23% Americas ($15tn) $79tn ($39tn) Basic Materials 21% 19% Specialist, AUM 50% 4 Consumer Cycl. 15% 2017 75% Solutions and Europe 68% ($16tn) Alternatives Healthcare 13% 20% Energy 11% $39tn Financials 10% AUM Utilities 10% 2008 2008 2022E Global market Global AUM Global revenues Return on equity size by geography1 by asset class1,2 by industry3 11 1. As at December 2017. “RoW” is Rest of World; 2. Alternatives excludes performance fees from hedge funds and private equity. Active Core comprises actively managed domestic large cap Confidential | Investec Asset Management equity, domestic government and corporate debt, money market and structured products; 3. Source: Thomson Reuters as at 15 November 2018. Analysis of US publicly listed companies with market capitalisation above $100m and return on equity above zero (1,938 companies). Calculated based on mean prior year return on equity by industry; 4. “Cycl.” is cyclicals A global asset manager with an emerging market heritage A differentiated asset manager… …with the attributes of industry leaders 1 Unique employee ownership and culture 5 Superior global reach given scale 2 Organically and sustainably built 6 Sophisticated Institutional and Advisor client base 3 Distinctive specialist active strategies 7 Significant growth potential across existing skillsets 4 Emerging market heritage underpins growth 8 Attractive financial profile with strong cash generation 12 Confidential | Investec Asset Management 1 Unique employee ownership and culture History of entrepreneurship and founder-owner mindset Executive Investments2 Client Group3 Operations4 Committee5 Launched in 1991 and grown organically by existing senior management team Senior management and key employees have acquired an 18% stake1 No. of people 241 388 459 9 Creates strong and fundamental long-term alignment with shareholders and clients Average Facilitates entrepreneurial, collaborative tenure at ~7 ~7 ~6 ~20 and team-oriented culture IAM years years years years 13 Note: As at 30 September 2018. Executive Committee members also included in Investments, Client Group and Operations headcount figures Confidential | Investec Asset Management 1. As at 1 October 2018, with option to acquire an additional 2%; 2. Includes investment support functions (relating to ESG, risk and performance, traders); 3. Includes 165 SA Fund Platform staff and 57 Global Marketing staff; 4. Excludes Silica staff; 5. As at 1 October 2018 2 Organically sustainablyand built 14 Establishedlong Note Assets under management (£bn) : FY92 : 100 120 20 40 60 80 0 - FY18 areFY18 financial 31 March; representsHY19 30to September yearsAUM as at FY92 Domestic growth phase growthDomestic FY93 marketBear FY94 - term growth track record in AUM term growth track record in FY95 FY96 FY97 FY98 FY99 FY00 FY01 2018 Internationalisation phase Internationalisation FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 2009, representing ~50% of total AUM growth AUM total ~50% 2009, of representing FY11 £39bn FY12 of cumulative net flows flows April net since of cumulative Scaling post crisis post phase Scaling FY13 Confidential Confidential | Investec Asset Management FY14 FY15 FY16 FY17 FY18 HY19 3 Distinctive specialist active strategies Differentiated and diversified set of sustainably built active strategies with a long-term focus and global appeal to sophisticated investors 1 £51bn £28bn £20bn £3bn Equities Fixed Income Multi-Asset Alternatives Core asset asset Core class offerings class 53 19 12 36 27 21 2 4Factor Quality Value Fixed Income Multi-Asset Alternatives Distinct skillsets Specialist / High Alpha Outcomes Client demand 15 Note: AUM and number of investment professionals as at 30 September 2018 Confidential | Investec Asset Management 1. Excluding SA Fund Platform; 2. Denotes number of investment professionals within defined skillset, Portfolio Managers and Analysts only 3 Distinctive specialist active strategies Delivering robust long-term investment performance for our clients 1 Overall firm investment outperformance Latest firm investment outperformance 100% ● Consistent track record of 50% 94% investment 10 years 10 0% outperformance across multiple market cycles2 100% 50% ● We continue to deliver years 69% 5 long-term sustainable 0% investment performance 100% for
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