FY 2020 Full-Year ResultsPresentation

20 May 2020

2

Today’s presenters

Hendrik du ToitFounder and Chief Executive Officer

Background

Kim McFarlandFinance Director

Background

– Founded Ninety One in 1991

– Former Investec Joint Chief Executive Officer (September 2018 – March 2020)

– Re-appointed Chief Executive Officer of Ninety One in March 2020

– 29 years with the business

– Joined Ninety One in 1993

– Former member of the Investec board (September 2018 – March 2020)

– Formerly Chief Operating Officer and Chief Financial Officer of Ninety One

– 26 years with the business

3

Agenda01 Business review02 Financial review03 Outlook and Q&A04 Appendices

FY 2020 Full-Year ResultsBusiness review

5

Momentous year, but that was last year…

FY 2020 key messages

Successful demerger and listing as Ninety One

Resilient business with consistent strategy, and bold ambition for the long term

Short-term investment performance negatively affected by market correction in March 2020

Stable and experienced staff complement, supported by established culture

Net inflows in line with previous year, solid client relationships and diversified offering

Committed to a capital-lightbusiness model

Challenging year ahead as the world battles with effects of COVID-19

1 2 3 4

5 6 7

6

Our purpose Investing for a better tomorrow

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.

We are dedicated to building a better world through our capital allocation. We are responsible citizens of our societies and natural environment.

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 Firm Better Investing Better World

7

The safety and wellbeing of our people and clients are our highest priority

Response to COVID-19

People

Clients

Society

Shareholders

Early learnings from Hong Kong

office

Business continuity plans for working

from home scenarios

No related redundancies or furloughing

Hong Kong staff return

to office

Business fully operational throughout this period (including outsourcing

providers)

Contributed £2.9m to

relief efforts

AUM impacted by

markets

Joining the rebuilding effort -

committed to building a better

world

Our stakeholders January February March April May

Client engagement and service

continues, albeit virtually

All offices shift to working from

home

Proactive engagement

with regulators and

governments

Continued cost discipline

No debt; sufficiently capitalised

Strategy unchanged

Proactive approach to liquidity

management

Staff donation matching scheme

Deliver

Responsible Citizenship

Results

Care

8

Key numbers

Assets under management (AUM) £103. 4bn 7% reduction in AUM, while average AUM increased 10%

Net inflows £6.0bn Continued good inflows

Torque ratio1 5.4% Consistent with the prior year

Adjusted operating revenue2 £588.0m 9% increase

Profit before tax £198.5m 11% increase

Adjusted operating margin3 32.3% Higher than the prior year

Earnings per share (EPS) 16.1p16.8p

Adjusted EPS4 - 10% increase

Basic EPS5 – 11% increase

Investment performance 39% 55%

1-year firm-wide outperformance6

3-year firm-wide outperformance6

Staff ownership 21% Aligned with our stakeholders

Notes:1. Torque ratio is the relative scale of net flows in relation to the overall size of the business, expressed as a percentage. Calculated as net flows for the relevant period divided by AUM as at the first day of that period (annualised for non-twelve month periods).2. Adjusted operating revenue is calculated as net revenue, less Silica third-party revenue and adjusted for foreign exchange gains/losses, deferred employee benefit scheme movements, and other income.3. Adjusted operating profit margin is calculated as adjusted operating profit divided by adjusted operating revenue.4. Adjusted EPS is profit attributable to ordinary shareholders, adjusted to remove non-operating items, divided by the number of ordinary shares in issue at the end of the year. 5. Basic EPS is profit after tax attributable to ordinary shareholders divided by the weighted average number of ordinary shares outstanding during the year, excluding own shares held by Ninety One share schemes.6. Firm-wide outperformance is calculated as the sum of the total market values for individual portfolios that have positive active returns on a gross basis expressed as a percentage of total AUM. Our percentage of firm 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 (“SA”) fund platform. Benchmarks used for the above analysis include cash, peer group averages, inflation and market indices as specified in client mandates or fund prospectuses. For all periods shown, market values are as at the period end date.

9

£10

3bn

AUM Profit before tax and exceptional items

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

AUM CAGR FY92-FY98+93%

AUM CAGR FY98-FY09+19%

AUM CAGR FY09-FY20+12%

Domestic growth phase

Internationalisation phase

Scaling post crisis phase

Resilience over time

Notes:Financial years ended 31 March.1. Bear market defined as a period in which share prices fell 20% (measured by the MSCI All Countries World index) or more from the prior peak and would include the period from the peak in the market to the lowest point of the bear market.

Organically and sustainably built over nearly 30 years

Bear market1

10

Our strategic principles

We offer organically-developed investment capabilities through active segregated mandates or mutual funds to sophisticated clients.

Patient Organic Long-term Intergenerational

We operate globally in both the institutional and advisor space through five geographically defined Client Groups.

We have an approach to growth that is driven by structural medium-to long-term client demand and competitive investment performance.

11

Organically-built and diversified

Note: 1. Excluding SA fund platform AUM of c.£6.2 billion.

Our offering

£45.8bn £30.5bn £18.3bn

Equities Fixed income Multi-asset

4Factor Quality Value Fixed income Alternatives Multi-asset

Specialist Outcomes

£2.6bnCore asset

class offerings1

Distinct skillsets1

Client demand

Alternatives

12

AmericasAUM £13.6bn o/w Institutional 79%

Africa4

AUM £36.0bn o/w Institutional 62%

Diversified distribution across global markets

Notes: 1. Compound annual growth rate (“CAGR”) analysis based on AUM figures in USD; 2. 2010–18 industry CAGR based on data as at 31 December 2018, except for Africa; 3. Africa regional industry AUM CAGR based on figures from Alexander Forbes as at 30 June 2010 and 30 June 2019 and is for South Africa only; 4. Ninety One’s AUM CAGRs are based on AUM including SA fund platform, and the 2010-18 CAGR is based on South Africa AUM only; 5. Asia Pacific includes Middle East

Global reach

Asia Pacific5

AUM £17.4bn o/w Institutional 89%

UKAUM £21.9bn o/w Institutional 48%

EuropeAUM £14.5bn o/w Institutional 75%

Ninety One CAGR 2010-201

Industry CAGR 2010-182,3

Ninety One CAGR 2010-181

15% 22% 8%

Key:

21 Offices worldwide

5Regionally defined Client Groups

5Primary investment centres

1% 2% 2%

21% 30% 6%

16% 20% 5%

6% 8% 4%

13

Continued net inflows, AUM impacted by markets

Assets under management and flows

£ billion

FY 2020

68.0

77.5 75.7

95.3

103.9

111.4

103.4

3.1

6.43.2

20.2

5.43.2

6.1 1.4

6.0

(5.0) (0.6)

(14.0)

FY14 FY15 FY16 FY17 FY18 FY19 FY20

5.9% 5.4%Torque ratios: 5.6%4.1% (0.8)%4.6%

Net flows Markets/currency

14

Net inflows of £6.0 billion, in line with prior year (FY 2019 of £6.1 billion)

Notes: 1. Net inflows in financial year ended 31 March 2018 of £5.4 billion.2. Asia Pacific includes Middle East.

Flow analysis

3,070

1,805

2,382

2,292 4,288 3,666

FY18 FY19 FY20

Advisor Institutional

1,6191,703

2,342

243

2,9081,835

(614)

9811,549

2,670

593 256

1,444

(92)

66

(20%)

0%

20%

40%

60%

80%

100%

FY18 FY19 FY20

United Kingdom Africa Europe

Americas Asia Pacific

1

1(215)

2,7482,537

4,583

2,391 2,435

1,212 447751

(288)

280 10871227 217

(20%)

0%

20%

40%

60%

80%

100%

FY18 FY19 FY20

Fixed income Equities Multi-asset

Alternatives SA fund platform

Net flows by Client Group (£m)Net flows by asset class (£m)

1

2

Net flows by client type (£m)

15

Short-term performance negatively affected in last quarter

Notes: Percentages may not add up to 100% due to rounding.1. Firm-wide 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 assets under management. Our percentage of firm outperformance is reported on the basis of current AUM and therefore does not include terminated funds. Total assets undermanagement exclude double-counting of pooled products and third party assets administered on our South African fund platform. Benchmarks used for the above analysis include cash, peer group averages, inflation and market indices as specified in client mandates or fund prospectuses. For all periods shown, market values are as at the period end date.2. Mutual fund performance and ranking as per Morningstar data using primary share classes net of fees to 31 March 2020. Peer group universes are either IA, GIFS or ASISA sectors as classified by Morningstar. Cash or cash-equivalent funds are excluded from the charts. Mutual fund performance weighted by AUM.

Investment performance

28%

33%

31%

36%

23%

19%

31%

48%

34%

40%

22%

7%

15%

7%

9%

1 year

3 year

5 year

10 year

1st quartile 2nd quartile 3rd quartile 4th quartile

Firm-wide investment performance1 Mutual fund performance2

39%

55%

56%

79%

71%

61%

45%

44%

21%

29%

1 year

3 year

5 year

10 year

Since inception

Outperformance Underperformance

17%

16Note: ESG stands for Environmental, Social and Governance.

Progress on our strategic priorities

Capture the growth inherent in our current capability set

Develop differentiated strategies, anticipating client needs

Focus on growth in professionally intermediated channels (advisor and institutional)

Ensure sustainability is at the core of our business

– Fixed income and specialist equities saw significant net inflows in the year

– Ninety One has a powerful combination of staff stability and competitive long-term track records

– Multi-asset outcomes-based offerings continued to gain momentum

– Continued to build our equity and fixed income capabilities with recent success in credit, specialist equities, including China

– Positive net flows across both channels

– Strong growth from the advisor channel driven by outcomes-based and specialist equities strategies

– Invest: Recently developed sustainability strategies gaining investor attention and progress in ESG1 integration and active ownership

– Engage: Intensified public advocacy

– Inhabit: Responsible citizenship across our business and our communities

17

Our owner culture is a vital element of our long-term success

We are a people business

Freedom to create within clear parameters of values, team and strategy

Our people have the freedom to be themselves

We combine individual expression with collective ambition and team discipline

We insist on results but not at the expense of the human spirit

We balance relentless drive with decency

We strive to do the right thing, for clients, community and the team

Relationships matter

Employee ownership

21% acquired at fair market value

It is all about the drive to be better: Better firm, better investing, better world

FY 2020 Full-Year ResultsFinancial review

19

Notes: 1. Adjusted operating revenue is calculated as net revenue, less Silica third-party revenue of £21.2 million (2019: £21.8 million) and adjusted for foreign exchange gains of £2.1 million (2019: £5.0 million), deferred employee benefit scheme losses of £1.0 million (2019: gains of £5.0 million), and other income.2. Staff expenses exclude Silica staff expenses of £15.4 million (2019: £16.0 million) and are adjusted for deferred employee benefit scheme losses of £1.0 million (2019: gains of £5.0 million).3. Adjusted operating expenses exclude Silica net expenses of £19.4 million (2019: £20.6 million), include interest expense on lease liabilities of £3.0 million (2019: nil), and are adjusted for deferred employee benefit scheme losses of £1.0 million (2019: gains of £5.0 million).4. Adjusted operating profit margin is calculated as adjusted operating profit divided by adjusted operating revenue.5. Number of full-time employees excludes Silica employees of 465 (2019: 490).

Income statement£ million (unless stated) FY 2020 FY 2019 Change

Closing AUM (in £ billion) 103.4 111.4 (7)%

Net flows (in £ billion) 6.0 6.1 (1)%

Average AUM (in £ billion) 118.3 108.0 10%

Management fees 565.7 524.6 8%

Performance fees 21.5 11.0 95%

Foreign exchange gains and other income 0.8 5.0 (84)%

Adjusted operating revenue1 588.0 540.6 9%

Staff expenses2 (258.8) (242.6) 7%

Non-staff expenses (139.3) (125.5) 11%

Adjusted operating expenses3 (398.1) (368.1) 8%

Adjusted operating profit 189.9 172.5 10%

Average fee rate (bps) 47.8 48.6 n.m.

Adjusted operating profit margin4 32.3% 31.9% n.m.

Full-time employees5 1,165 1,139 2%

20

Income statement (cont.)

£ million FY 2020 FY 2019 Change

Adjusted operating profit 189.9 172.5 10%

Adjusted net interest income1 4.5 5.5 (18)%

Silica profit 1.9 1.4 36%

Profit before tax and exceptional items 196.3 179.4 9%

Exceptional items

Ninety One share scheme implementation 13.1 - n.m

Other exceptional items (10.9) (1.0) n.m

Profit before tax 198.5 178.4 11%

Tax expense (42.5) (38.6) 10%

Profit after tax 156.0 139.8 12%

Note: 1. Adjusted net interest income is calculated as net interest income less interest income arising from Silica operations, interest expenses from lease liabilities for office premises of £3.0 million (2019: nil) under IFRS 16 Leases, and other interest expenses.

21

Movement in profit before tax (“PBT”) and exceptional items

Notes: 1. Other items include foreign exchange gains and other income, adjusted net interest income, and Silica profit.2. Other exceptional items of £10.9 million largely related to the demerger from Investec and subsequent listing on the LSE and JSE.

Profit analysis

£ millions

– Management fees increased 8%

– Downward fee pressure

– Average fee rates impacted by AUM mix

FY 2019 PBT and

exceptional items

Management fees

Performance fees

Other items1

Staff expenses

Non-staff expenses

FY 2020 PBT and

exceptional items

Share scheme

implementation

Other exceptional

items2

FY 2020 PBT

22

Notes: Analysis based on adjusted operating expenses as defined on slide 19.1. Excludes Silica net expenses; however, includes Silica as a non-consolidated third party provider within client and retail fund admin.

Operating expense analysis

10%

7%

11%

15%

27%

14%

16%

FY 2019

10%

6%

11%

15%

27%

16%

15%

FY 2020

Promotional

Travel

Information

Systems

Client & retail fund admin

Accommodation

Overheads

Response to COVID-19

– FY 2020 includes the £2.9 million contribution towards COVID-19 relief efforts

– Continued cost discipline

– No material operational or staff impact

368.1398.1

16.2 5.1 2.1 2.0 4.6

66% 65%

FY19 expenses Staff expenses Accommodation Systems Promotional Other expenses FY20 expenses

Staff expenses

Non-staff expenses

Breakdown of non-staff expenses

Adjusted operating expenses (£ millions)

– 8% increase in adjusted operating expenses

– Approximately two thirds of the total expenses relate to staff

– Variable component of staff expenses is aligned with financial performance

– Continued investment to support long-term growth

1

23

Additional expense analysis

Operating expenses

– New corporate functions and replacement services

– Duplicate accommodation expenses (London office)

Recurring

Non-recurring

– Net effect of Ninety One share scheme

– Demerger expenses, one-off rebranding

– Closure of subsidiary

Exceptional items

0.2

2.7

1.5

(0.5)

3.6

6.5

10.9

(13.1) -

-

FY 2019FY 2020

– Exceptional items for FY 2020 relate to the demerger from Investec

– Actual demerger expenses were in line with guidance disclosed in Ninety One Prospectus, dated March 2020 (£10.8 million)

– FY 2021 guidance:

– New corporate functions

– Duplicate accommodation costs relating to London office

– Net effect of Ninety One share scheme

– Demerger expenses, one-off rebranding

£millions

– expect to increase (specifically marketing)

– expect to decrease

– expect to be immaterial

– expect to decrease

24

Committed to a capital-light model

Notes: The above table represents the amalgamated position across Ninety One plc and its subsidiaries and Ninety One Limited and its subsidiaries, which for regulatory capital purposes are separate groups. Both groups of companies had an expected capital surplus at 31 March 2019 and 31 March 2020.1. Non-qualifying assets comprise assets that are not available to meet regulatory requirements.

Capital position

– Our balance sheets are sufficiently capitalised, with no debt, and can support our business through this period of uncertainty

– Reduction in total equity reflects dividends paid prior to the demerger

– No further ordinary or special dividends to be declared for FY 2020

– Expect to target an ordinary dividend payout ratio of at least 50% of profit after tax

– Will also consider a special dividend

– No plans to increase current number of shares in issue (c.923m)

£ million FY 2020 FY 2019

Equity 151.1 195.7

Non-qualifying assets1 (12.7) (9.3)

Qualifying capital 138.4 186.4

Dividends declared after year end - (64.7)

Estimated regulatory requirement (96.8) (86.4)

Expected capital surplus 41.6 35.3

25

Tough times ahead

Outlook

We had a momentous year, but now facing challenging market and economic conditions

Product relevance, investment performance andclient service will be key to ongoing success

Opportunity-richenvironment for alpha generation

Lower revenue expected, which requires cost discipline

We remain a resilient, stable business withstrategic clarity andan ambitious long-term growth agenda

27

DisclaimerThis presentation (the “Presentation”) has been prepared by Ninety One plc and Ninety One Limited (together, the “Company” and, together with their subsidiaries from time to time, “Ninety One”).

This Presentation is provided on a strictly private and confidential basis for information purposes only and must not be relied upon for any purpose. This Presentation does not constitute, and should not be construed as, part of any offer, invitation or inducement to sell, or any solicitation of any offer to purchase or subscribe for, any securities in any member of Ninety One 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 Ninety One, financial promotion, or any offer or invitation in relation to any acquisition of or investment in any member of Ninety One in any jurisdiction. This Presentation does not constitute either advice or a recommendation regarding any securities.

This Presentation may contain statements that constitute forward-looking statements relating to the financial condition, performance and position, strategy, results and business of Ninety One. These forward looking statements can be identified by the use of forward looking terminology, including, but not limited to, 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 prospective in nature and are not based on historical and current facts, but rather on current expectations, assumptions and projections of management about future events and are, therefore, subject to inherent risks and uncertainties. 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 Ninety One’s present and future business strategies and the environment in which Ninety One 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.

By their nature, all forward-looking statements involve risk and uncertainty because they are based on information available at the time they are made, including expectations and assumptions, and relate to future events and/or depend on circumstances which may be or are beyond Ninety One’s control, including among other things: changes in the domestic and global political and/or economic environment that would materially affect Ninety One; changes in

legislation or regulation impacting Ninety One’s operations or its accounting policies; changes in business conditions that will have a significant impact on Ninety One’s operations; changes in exchange rates, interest rates and/or tax rates; and changes in the structure of the markets, client demand or the competitive environment. As a result, Ninety One’s actual future financial condition, performance and results may differ materially from the plans, goals, objectives and expectations set forth in any forward-looking statements.

Past performance is not an indication of future results and the results of the Ninety One in this document may not be indicative of, and are not an estimate, forecast or projection of, Ninety One’s future results. The forward-looking statements in this Presentation speak only as at the date of this Presentation and the Company and its affiliates expressly disclaim 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, except as required by law. You are therefore cautioned not to place any undue reliance on such forward-looking statements nor on the on the completeness, accuracy or fairness of this Presentation.

This presentation contains non-IFRS financial information which the directors of the Company believe is valuable in understanding the performance of the Ninety One. However, non-IFRS financial information is not uniformly defined by all companies and, therefore, it may not be comparable with similarly titled measures disclosed by other companies, including those in Ninety One’s industry. Although these measures are important in the assessment and management of Ninety One’s business, they should not be viewed in isolation or as replacements for, but rather as complementary to the comparable IFRS measures.

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. In addition, certain percentages in this Presentation reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.

FY 2020 Full-Year ResultsAppendices

29Notes: AUM as at 31 March 2020.

AUM by asset class, Client Group and client type

6%

3%

44%29%

18%

AUM by asset class

SA fund platform

Alternatives

Equities

Fixed income

Multi-asset

35%

13%17%

14%

21%

AUM by Client Group

Africa

Americas

Asia Pacific

Europe

United Kingdom

32%

68%

AUM by client type

Advisor

Institutional

30

Specialist commodities(inc. Global Environment)Real estate

Private equity

Infrastructure debt

Global

Asia (inc. China)

United Kingdom

Emerging markets ("EM")

Europe

Africa (inc. SA)

Absolute return

Developed markets credit

EM sovereign & currency

EM credit

Africa (inc. SA) fixed income

Africa (inc. SA) credit

Income

Growth

Africa (inc. SA)

United Kingdom

EM

Notes: AUM as at 31 March 2020, excluding SA fund platform (£6.2bn). Breakdown based on underlying strategy definitions.

AUM by strategy

£45.8bn £30.5bn

Equities Fixed income Multi-asset Alternatives

£2.6bn

Global

Regional

£18.3bn

31

14%

23%

39%

14%

10%

Corporates / other

Public authorities / official institutions

Pension funds

Insurance

Investments in mutual funds

32%68%

39%

35%

19%

8%

Private banks / wealth managers

Retail banks / insurance / IFAs

SA fund platform

Other

AUM by client type

Institutional Advisor

£103.4bn £33.4bn£70.0bn

3

1

2

AUM by client type

Notes: AUM as at 31 March 2020. Percentages may not add up to 100% due to rounding.1. “Other” represents c.1% of institutional AUM.2. “IFAs” represent Independent Financial Advisers. 3. “Other” represents sub-advised and legacy direct book.

32

48%52%

Emerging markets

Developed markets

Notes: AUM as at 31 March 2020. 1. Emerging markets includes Africa and Asia Pacific (excluding Australia).

AUM by emerging/developed markets

AUM by client

location

AUM by investment

strategy

1

57%

43%

33

Sustainability is in our DNA

Holistic approach Invest, Engage, Inhabit

We started on the front line of sustainable investing: Africa

Front-line expertiseWe believe that with systematic engagement, integration and impact reporting we can bring about positive change

We manage differentiated strategies run by specialist sustainabilityinvestors

Active ownersImpact and sustainability strategies

Set up dedicated ESG Team

Initiated ESG integration across investment teams

Began deploying developmental capital across Africa through private equity & credit funds

Deployed developmental capital via infrastructure & direct real estate funds

CEO co-authored report from Business and Sustainable Development Commission, titled Better Business, Better World

Launched Global Environment StrategyPublished

commitmentto climate changeaction

Launched UK Sustainable Equity Fund

Adopted Global Stewardship Policy

Launched systematic & transparent proxy voting programme

2016 201920152009 20122008 2018

LaunchedGlobalEnvironmentFund

Launched SRI fundsin South Africa

Promote financial literacy in joint venture with UCT

Founded PPP in Namibia to support Black entrepreneurs

20011999 2007 2010

Helped draft amendment to regulation 28 of the South African Pension Funds Act

Member of Committee on Responsible Investing in South Africa

Researched the impact of climate change on shareholder value in South Africa

2011

Joined Impact Investment Institute