Investec Group Overview November 2020 The information in this presentation relates to the six months ended 30 September 2020 (1H 2021), unless otherwise indicated. Contents Overview of Investec Financial performance Appendix Page 2 Overview of Investec A domestically relevant, internationally connected banking and wealth & investment group Key client groups and our offering Corporate / Institutional / Government / Intermediary Private clients (HNW / high income) / Charities / Trusts Specialist Banking Wealth & Investment Lending Discretionary wealth management Transactional banking Investment advisory services Treasury solutions Financial planning Advisory Stockbroking / execution only Investment activities Deposit raising activities Six months ended 30 Sep 2020 Adjusted operating profit* 2 (excluding group costs) 2 8,500+ Principal geographies Core areas of activity (Specialist Banking and Employees (SA & UK) Wealth & Investment) 58% 8% £159.8mn 8% £32.6bn £52.0bn 18% £25.2bn 8% Customer Third party funds under Core loans deposits management SA Bank UK Bank SA Wealth & Investment UK Wealth & Investment Group Investments Note: All figures on this page relate to the group’s continuing operations at 30 Sep 2020. * Operating profit before goodwill, acquired intangibles and strategic actions, less profit attributable to other non-controlling interests. Page 3 Investment case Poised to deliver shareholder value in the long term 1 Clearly articulated plan to improve returns, underpinned by: • Increased focus on capital discipline and cost rationalisation • Reinforcement of the existing linkages between bank and wealth businesses and the UK and South African operations • Strategies to participate in new profit pools which are underway and gaining traction 2 Well capitalised and highly liquid balance sheet, both ahead of regulatory and internal targets 3 Specialist bank has leading client franchises in chosen niches / areas of specialisation 4 Leading wealth management franchises in both the UK and South Africa, underpinning steady annuity income 5 Our clients have historically shown resilience through difficult macro environments 6 Strategy to manage down direct equity investments de-risks future performance and improves earnings visibility Page 4 Market-leading specialist client franchises We are not all things to all people: we serve select niches where we can compete effectively Specialist Banking Specialist Banking SA UK Top Top Top Top #5 #1 tier tier tier tier Specialist client franchises span 5th largest Top Corporate Infrastructure, fund finance, aviation… Corporate Small Ticket Treasury Risk bank by assets Private Advisory and Advisory and Asset Finance Solutions Bank Equity Sales Equity Sales provider Top Top tier tier One of the leading One of the largest Wealth Wealth Managers in SA Managers in the UK Wealth & Investment SA and UK Page 5 Diversified mix of businesses Diversified geographic business with diverse income streams Geography Business Income stream Sep 2020 Sep 2020 Sep 2020 0.1% Trading Operating Operating income Income Income Investment Other and associate 0% 2% operating 26% income income 8% 26% 4% 40% Adjusted Adjusted 70% 30% Operating Operating Profit1 Profit2 60% 49% 66% 45% 74% Fee and commission income Net interest income UK and Other Southern Africa Wealth & Investment Specialist Banking Group Investments 1 Operating profit before goodwill, acquired intangibles and strategic actions, less profit attributable to other non-controlling interests. 2 Operating profit before group costs, goodwill, acquired intangibles and strategic actions, less profit attributable to other non-controlling interests. Page 6 Specialist Banking UK Winning in under-serviced parts of the market through dynamic, full service offering UK Specialist Banking Retail Banking Private Banking Corporate Banking Investment Banking For UK listed corporates and For UK private companies who financial sponsor-backed Award-winning, innovative For high net worth clients that businesses looking for boutique require agile, personalised Savings products for need a banking-partner to grow service with ‘bulge bracket’ service, tailored to meet their mass affluent clients their wealth capability, as well as international needs specialist sector clients seeking deep expertise Lending, capital, savings, transactional banking, and foreign exchange Capital, advice and ideas, risk management and treasury solutions £’bn UK Specialist Banking Loan growth over time^ CAGR: 9% 12 Permanent employees c.2,400 10 8 % Contribution to adjusted operating profit* c.8% 6 of Investec 4 % Contribution to 2 loan book of Investec c.48% 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sep-20 ^Loan growth shown above on an ongoing basis (excluding UK Specialist Bank legacy assets and businesses sold), except from the 2019 year onwards which is on a statutory basis. *Operating profit before group costs, goodwill, acquired intangibles and strategic actions, less profit attributable to other non-controlling interests. Page 7 Specialist Banking SA High-quality specialist banking solutions with leading positions in selected areas SA Specialist Banking Corporate and Institutional Investment Banking and Private Banking Investec for Business Banking Principal Investments For high net worth clients, For corporates (mid to large professionals and emerging Smaller and mid-tier size), intermediaries, Corporates, institutions, entrepreneurs looking for an corporates who require a institutions, government and property partners looking for an ‘investment banking’ style holistic banking solution SOEs looking for a client-centric, innovative investment partner service for private clients solution driven offering Import and trade finance, Global markets, various Lending, transactional banking, Principal investments, Advisory, working capital finance, asset specialist lending activities and property finance and savings Debt and Equity, Capital Markets finance, transactional banking institutional equities R’bn SA Specialist Banking Loan growth over time CAGR: 9% 350 Permanent employees c.4,000 300 250 % Contribution to 200 adjusted operating profit* c.58% of Investec 150 100 % Contribution to 50 loan book of Investec c.52% 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sep-20 *Operating profit before group costs, goodwill, acquired intangibles and strategic actions, less profit attributable to other non-controlling interests. Page 8 Wealth & Investment Offering scale, international reach and depth of investment processes UK and SA Wealth & Investment For domestic and international private clients For charities and trusts that require and clients of professional advisors looking for a holistic approach expert and bespoke investment management services to help grow and preserve their money Discretionary and advisory portfolio management, financial planning Specialist investment management services, bespoke advice and advice, retirement and succession planning, specialist portfolio independent financial reviews management services for international clients £’bn Wealth & Investment FUM growth over time One of the leading CAGR: 6% private client investment 60 managers in the UK £51.1bn £37.6bn in FUM 50 40 30 20 One of the largest 10 managers of private wealth in SA 0 £13.6bn in FUM 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sep-20 Discretionary Non-Discretionary Page 9 Initiatives to enhance shareholder returns We are focused on five key initiatives to enhance returns for shareholders 1 2 3 4 5 Capital Discipline Growth Initiatives Cost Management Connectivity Digitalisation More disciplined approach Clear set of opportunities to Improved management of Drive greater connectivity Continue to invest in digital to capital allocation deliver revenue growth cost base throughout the organisation capabilities • Rightsizing the direct • Continue growing • Continued review of • One Place TM in SA • Launch of the Investec equity investment scale in our UK subscale operations: for Intermediaries • Build out of My portfolio in line with Private Banking mobile app − Concluded sale of Investments in SA our stated strategy business the IAPF • Build out of Investec • Launched Investec for • Aggregate investment • Launched online management Business Online in SA Intermediaries / sell down in our direct business banking in company Advisers • Launch of new digital equity portfolio since South Africa, and are − Completed a JV savings proposition our Capital Markets starting to acquire • Integration and partnership for our and Online Flexi Saver Day in Feb 2019 of clients – progressing collaboration between India business with product c.R1.1bn in South our corporate strategy Investec Life and the largest bank in Africa Private Bank in SA • Continued to enhance • Expansion of Financial India the iX digital • AIRB application Planning and Advice in • Global Investment • Group costs expected proposition submitted in SA: c.2% Wealth business – Strategy integrating to be £35mn in FY CET1 uplift expected new Investment investment process • New mobile app for UK 2021 (down 24% or for Investec Limited Management team across the regions private clients’ banking £11mn since CMD) focused on UK Bank and wealth • Closer integration of HNW clients management needs • UK Specialist business enabling • Continue growing Banking fixed costs functions in UK Bank scale in our core client reduced by £40mn • One Investec offering to franchises since CMD and target client groupings expected to decline in the medium term