Investing in a low interest rate environment

Backdrop:• Falling Interest Rates

• Rising Costs• Falling Lending

• Rising Provisioning

Careful Research/Screening of Products designed to be “Best in Class” in respect of: • Investment Grade

• Capital Protection• Diversified Counterparties

• Upside Participative Products• Pure Income Products

le chéile Investment Strategy for credit unions

Broad Selection of Counterparties

Deliberate Product Blending – “Best in Class”

• le chéile strive to offer “The Solution”

• Low Returns – Time to adjust?

• Product Blending Income and Growth

Previous Product Offerings

Long Term 5Yr/5% p.a. Soc. Gen. Corporate

Bond Index

Credit Union 5Yr/3.5%

Income Plan Investec

Medium Term Soc. Gen.

3Yr/3.5% Irish Govt. Bond Index

Long Term Eurozone

Inflation Bond

Some New Funds/Product Components

Carmignac Patrimoine Fund

S&P 500 Aristocrats

Dividend Fund

Merrill Lynch Multi Asset

Strategy Fund

Investec Income Plan V

3 Year - 2.5% p.a. 5 Year - 3.4% p.a.

7

Corporate & Institutional BankingCredit Union Presentation25th February 2014

2

InvestecHarcourt Street, Dublin 2

Investec Ireland: a brief history

Investec: a distinctive Specialist Bank and Asset Manager

History Established in 1974 Today, an independent, specialist bank and asset

manager providing a diverse range of financial products and services

Employs approximately 8,100 people Listed on the JSE and LSE (a FTSE 250 company) Total Assets of £47bn Total Funds Under Management of £111bn

Asset Management Specialist Banking Wealth & Investment

Provides Investment Management Services Provides a broad range of services Provides investment management services and independent financial planning adviceAdvisory

Transactional bankingLendingTreasury and tradingInvestment activities

Corporate / Institutional / Government Private Client (High Net Worth)

Strategy

Culture

Client focused approach Not “all things to all people”Distinction: Nimble, innovative and high level of service

Flat and efficient management structureStrong risk management and financial disciplineEntrepreneurial culture: material employee ownership

Source: Investec Group (consolidated) results as at 31 March 2013

10

Investec: Key Financial Data

Investec holds capital in excess of regulatory requirements. The group targets a minimum tier 1 capital ratio range of between 11% to 12% and a total capital adequacy ratio range of 15% to 18% on a consolidated basis for Investec plc and Investec Limited

None of Investec’s banking subsidiaries have required shareholder or government support during the global financial crisis

The group holds £10.4 billion of cash and near cash balances [(£5.7 billion (R75.1 billion) in Investec Limited and £4.7 billion in Investec plc], representing approximately 33% of its liability base

Financial Services Compensation Scheme, the UK government guarantees a maximum deposit of £85 000 (€100,000) per individual per institution

The Moody’s Financial Strength rating in relation to our peers: is equivalent to Royal Bank of Scotland, KBC Bank NV and higher than any of the Irish Banks including BOI and KBC Ireland.

5

Short-term F3

Long-term BBB-Fitch

Short-term Prime-3

Long-term Baa3 Moody’s

Investec: Credit Ratings & Guarantees

Our rating reflects a strong score with respect to the “hard” financials - capital, liquidity, risk management, transparency, asset quality and profitability

On the Moody’s scorecard we would map directly to an A3, a high score relative to our peers

On the “softer” issues such as franchise value, geographical diversification and market share, Investec scores lower

Rating agencies have awarded rating notch uplifts to banks who have received government support. Many of these banks have failed and yet are afforded high ratings

IBP has not required government support and the FCA has acknowledged its sound balance sheet and stable operating fundamentals

The bank was approved to issue up to 3 year debt guaranteed by the UK Government. Notwithstanding this, Investec has not been awarded the benefit of rating notch uplifts to its final ratings.

Credit Ratings – Points to note

6

INVP.L Share price: £4.35 as at 21.02.14

7

This document is issued in the UK by Investec Bank plc (“Investec”), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Whilst all reasonable care has been taken to ensure that the information stated herein is accurate and opinions fair and reasonable, neither Investec nor any of its directors, officers or employees shall be held responsible in any way for the contents of this document. This document is produced solely for your information and may not be copied, reproduced, further distributed to any other person or published in whole or in part for any purpose without the prior written permission of Investec.

While the information in this document has been prepared in good faith, no representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by Investec or any of its subsidiaries or affiliates or by any of their respective officers, employees or agents in relation to the accuracy, suitability or completeness of this document and any such liability is expressly disclaimed. Investec gives no undertaking to provide the recipient with access to any additional information or to update this document or any additional information, or to correct any inaccuracies in it which may become apparent.

This document does not take into account the specific investment objectives, financial circumstances or particular needs of any recipient and it should not be regarded as a substitute for the exercise of the recipient’s own judgment. Investec does not offer investment advice or make any investment recommendations. Recipients of this document should seek independent financial advice regarding the appropriateness or otherwise of investing in any investment strategies discussed or recommended in this document and should understand that past performance is not a guide to future performance and the value of any investments may fall as well as rise.

Investec in Ireland comprises Investec Ireland Limited and Investec Bank plc (Irish Branch) for regulated activities. Investec Ireland Limited is regulated by the Central Bank of Ireland. Investec Bank plc (Irish Branch) is authorised and regulated by the UK Financial Services Authority and is a member of the London Stock Exchange

The information contained herein does not purport to be comprehensive and is strictly for information purposes only. No party should treat any of the contents herein as constituting advice. While all reasonable care has been given to the preparation of this information, no warranties or representation, express or implied, are given or liability accepted by Investec or any of its directors or employees in relation to the accuracy, fairness or completeness of the information contained herein.

Disclaimer

BCP Asset Management 15

le chéile – Investment Seminar

BCP Asset Management ‘Investing in a low interest rate environment’

John Calvert, CEO BCP

• Established in 1969

• One of Ireland’s largest Independently owned Product Producers– Over €1.5bn in assets under management– €340m new investments during 2012– €345m new investments during 2013

• Key Investment Objectives:– Provide access to a range of compelling funds– But with the added benefit of downside protection– Conservative investment bias– Priority on product Innovation

BCP Asset Management 16

Key Information on BCP

BCP Asset Management 17

Recent industry awards

Key Partnerships

Advisors

Research Tools

PensionProviders

Custodians

Asset Managers

18BCP Asset Management

BCP - Sources of Business

Source of Business Total Funds Invested % of Total

Investment €287m 42%Pension/ARF €236m 34%Institutional €162m 24%

Total €685m 100%

BCP Asset Management 19

• Calendar Years 2012 & 2013

BCP Investment Process

BCP Asset Management 20

BCP Investment Committee

BCP Product Development

Product Traded & Launched

BCP/Bank Compliance

ReviewFeedback

Goldman Sachs, S&P, Citigroup, JP Morgan, Capital

Economics

External Research – Bloomberg,

Reuters, eVestment

Market Analysis

Pricing Requested & Terms Negotiated

Fund Manager Due

Diligence

BCP Asset Management 21

Customised BCP-Credit Union Products

Trends in credit union market

• Capital security top priority

• Fixed Income top priority

• Low deposit rates encouraging greater product innovation

• Move towards active investment solutions (funds/indices)

• Customised Bonds – BCP can create tailored bonds at €2m+

BCP Asset Management 22

BCP Asset Management 23

Deposit rates: 3y and 5y

BCP Asset Management 24

BCP Fixed Income Plan – Issue 5

BCP Fixed Income Plan 5

• Partnership between Investec Bank and BCP

• Over 70 credit unions invested in range to date

• Security of Plan ranks equally with deposits

• Medium Term Note with 2 options:– 3yr Plan paying 2.5% pa– 5yr Plan paying 3.4% pa

• Credit risk exposure to Investec plus Basket of ‘A’ rated banks– Commerzbank — Credit Agricole– Societe Generale — Royal Bank of Scotland

• Classified as Category 3 in Guidance NotesBCP Asset Management 25

BCP Fixed Income Plan 5

• Partnership between Investec Bank and BCP

• Over 70 credit unions invested in range to date

• Security of Plan ranks equally with deposits

• Medium Term Note with 2 options:– 3yr Plan paying 2.5% pa– 5yr Plan paying 3.4% pa

• Credit risk exposure to Investec plus Basket of ‘A’ rated banks– Commerzbank — Credit Agricole– Societe Generale — Royal Bank of Scotland

• Classified as Category 3 in Guidance NotesBCP Asset Management 26

BCP Asset Management 27

BCP Fixed Income Plan – Issue 5

3 Years 5 Years

Yield (p.a.) 2.5% 3.4%Closing date 12th March 2014 12th March 2014Category 3 3

BCP Asset Management 28

BCP Credit Union Split Deposit Absolute Return Bond 3

• Innovative Capital Secure solution combining Income, Growth and Protection

• 25% invested in a 3 year high yield deposit account– Paying 3.75% AER deposit interest over 3 years

• 75% invested in a 5 year 3 month Absolute Return Bond– 80% participation in the fund performance

• 100% Capital Security provided by Investec Bank plc

• Classified as Category 2 in Guidance Notes

BCP Asset Management 29

BCP Credit Union Split Deposit Absolute Return Bond 3

• 100% Capital Security provided by Investec Bank plc• Bond tracks the performance of the Carmignac ‘Patrimoine’

Fund• Patrimoine invests in Equities, Bonds and Currencies• Patrimoine has €27bn in assets and a 24 year track record• Patrimoine has returned over 8.7% per annum since its launch

in 1989• Transparent and robust investment process – regular

performance and holdings updates

BCP Asset Management 30

BCP Credit Union Split Deposit Absolute Return Bond 3

BCP Credit Union Split Deposit Absolute Return Bond 3

BCP Asset Management 31

Carmignac Patrimoine Fund - Performance• Fund has returned 640% (8.7% CAR) since launch

BCP Asset Management 32

As at 31st December 2013

Fund Performance

10 years 95%

5 years 36%

Best 5 year Return 130%

Worst 5 year Return 16%

Avg 5 year Return 55%

Compliance Disclaimer

THIS DOCUMENT IS FOR INSTITUTIONAL AND PROFESSIONAL CLIENTS ONLY. It is not to be viewed by or used with retail clients.

This presentation is for information purposes only and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to conclude any transaction (whether on the indicative term sheet or otherwise). This material does not purport to contain all of the information that an interested party may desire. Before entering into any transaction, you should ensure that you fully understand the potential risks and rewards of the transaction and that you independently determine that the transaction is appropriate for you given your objectives, experience, financial and operational resources, and any relevant circumstances. You should consider consulting with such advisers as you deem necessary to assist you in making your determinations. We are acting solely as an arm’s length commercial counterparty and not as your financial adviser or fiduciary in any transaction, unless you have otherwise agreed to do so in writing with us.

All materials herein are for discussion purposes only and are not intended to set forth the definitive terms of any transaction. The terms of the proposed transaction described herein are consequently subject to change without notice. This Term Sheet contains an indicative summary of, and is subject to, the fully legally binding terms and conditions of the Notes, which are set out more fully in the Final Terms dated on or around the issue date of the Notes and the Impala Prospectus, as supplemented from time to time. A copy of the executed Final Terms and the Impala Prospectus are available upon request. This communication is furnished at the request of the recipient for the exclusive purpose of identifying the security or other instrument referred to herein. It is furnished for your private information with the express understanding, which the recipient acknowledges, that it does not constitute an offer to sell or solicitation to purchase any securities and neither Investec Bank plc nor any of its affiliates are soliciting any action based on it. Certain transactions may give rise to substantial risks and are not suitable for all investors. You are advised to make an independent review and reach your own conclusions regarding the legal, tax and accounting treatment regarding the purchase of the securities set out herein as it relates to your asset, liability or other risk management objectives and risk tolerance. Nothing in this document constitutes investment, legal, tax or accounting advice. This transaction does not constitute the execution of an order on your behalf as defined by any legislation, regulation and/or rule implementing the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). This document and its contents are proprietary information and are strictly private and confidential.

Investec Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Investec Bank plc (Irish Branch) is regulated by the Central Bank of Ireland for conduct of business rules.

BCP Asset Management is regulated by the Central Bank of Ireland.

BCP Asset Management 33

Compliance Disclaimer

BCP Asset Management 34

Please refer to the Brochure and Key Features for full details. With regard to the BCP Capital Secure Bonds investors may not encash prior to the maturity dates. AER is Annual Equivalent Rate and CAR is Compound Annual Return. Under current legislation, interest on Capital Secure Bonds will be paid after deduction of DIRT, where applicable, currently 41%.

WARNING: BCP Credit Union Split Deposit Absolute Return Bond 3; If you invest in the Credit Union Split Deposit Absolute Return Bond 3 you will not have any access to 25% of your money for 3 years and 75% of your money for 5 years 3 months. The value of your investment may go down as well as up. Past performance is not a reliable guide to future performance.

WARNING: BCP FIXED INCOME PLAN 5; If you invest in the Fixed Income Plan 5 you will not have any access to your money for 3 or 5 years.

Q&AThank you