Furthermore, it is noted that, notwithstanding the Target Market Assessment, the Banks will only procure investors who meet the criteria of professional clients and eligible counterparties. Please refer to the Prospectus, which is available in electronic form at www.investec.com/demerger and, Ninety One and J.P. Morgan Cazenove, BofA Securities, Investec Bank, J.P. Morgan South Africa and Fenchurch Advisory Partners (together, the "Banks") expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement or any other forward-looking statements they may make. This is to ensure a like-for-like comparison of our operating expenses with the prior financial year. On the positive side, other global and emerging markets equity strategies delivered excellent results.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Ninety One Shares. ASISA: Potential investors should consult a professional advisor as to the suitability of a possible offer for the person concerned.

Profits attributable to ordinary shareholders. See note 17 (b) for more detail.

The widespread concern around COVID-19 creates the perfect opportunity for cybercriminals to defraud customers. * A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: Investec PLC - Acknowledgement: Ninety One's Prospectus Published, To continue viewing RNS, please confirm that you are a. London Stock Exchange plc is not responsible for and does not check content on this Website. Obtains access to the information in a personal capacity; Investec has retained a minority stake in the Ninety One Business. Adjusted net interest income excludes interest expense on lease liabilities of £3.0m (2019: nil), which has been included in adjusted operating expenses. Where cross investment occurs, assets and flows are identified, and the duplication is removed. Ninety One undertakes linked insurance business through one of its South African entities and does not take on any insurance risk in respect of such business. This announcement is not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada or Japan. As a result of the planned demerger of the Ninety One Business from Investec, Ninety One plc and Ninety One Limited became the holding companies of the Ninety One Business, through a share for share exchange, with Ninety One plc and Ninety One Limited receiving the entire net asset value of the underlying entities of the Ninety One Business, in exchange for the issue of ordinary shares of Ninety One plc and Ninety One Limited to the original stakeholders of the Ninety One Business on a pro rata basis. The Ninety One share scheme implementation income of £13.1 million (2019: nil) reflects the impact of reversing staff expense accruals to fund the investment into the new Ninety One share schemes in March 2020, net of the share scheme expenses which are amortised over the vesting period of the awards under IFRS 2 Share-based Payment Special shares will not have any rights to vote, except on a resolution either to vary the rights attached to such share or on a winding-up of Ninety One plc or Ninety One Limited, nor any right to receive any dividend or other distribution by Ninety One plc or Ninety One Limited. These estimates and underlying assumptions are reviewed on an ongoing basis.

The market and foreign exchange impact in the year was negative £14.0 billion (2019: positive £1.4 billion). We expect the accommodation expense to normalise following the office move in London in June 2020. Investing for a world of change. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;

Notwithstanding these opportunities, we expect significant revenue pressure in the coming period.

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The share-based payment reserve of £4.7m comprises the fair value of share awards granted which are yet to be exercised. Where cross investment occurs, assets and flows are identified, and the duplication is removed, Net revenues: