Ninety One plc                                  Ninety One Limited
                             Incorporated in England and Wales               Incorporated in the Republic of South Africa
                             Registration number 12245293                    Registration number 2019/526481/06
                             Date of registration: 4 October 2019            Date of registration: 18 October 2019
                             LSE share code: N91                             JSE share code: NY1
                             JSE share code: N91                             ISIN: ZAE000282356
                             ISIN: GB00BJHPLV88



Interim results for the six months ended 30 September 2023
15 November 2023
This short form announcement is the responsibility of the directors and represents only a summary of the information contained in the full
announcement. Any investment decisions made by investors and/or shareholders should be based on consideration of the full announcement.
This summarised report is extracted from reviewed information but is not itself reviewed. The condensed consolidated financial statements have
been reviewed by PwC. who expressed an unmodified review conclusion. The full announcement is available on the JSE website at:
https://senspdf.jse.co.za/documents/2023/JSE/ISSE/N91E/HY24Result.pdf and on the company’s website at: https://ninetyone.com/interim-
results-2024.
Copies of the full announcement, together with the review opinion may be requested by contacting Investor Relations at IR@ninetyone.com.

Highlights
    ‒       Challenging market and business conditions.
    ‒       Closing assets under management decreased by 5% in the six months, to £123.1 billion.
    ‒       Net outflows of £4.3 billion.
    ‒       Basic earnings per share decreased by 5% to 8.9 pence and adjusted earnings per share decreased by 9% to 8.2 pence.
    ‒       Adjusted operating profit margin unchanged at 32.6%.
    ‒       Interim dividend of 5.9 pence per share.
    ‒       Competitive long-term investment performance.
    ‒       Staff shareholding increased to 29.4%.
                                                                      30 September 30 September 2022                        31 March
£ billion                                                                     2023                                             2023
Assets under management                                                        123.1                     132.3                 129.3
Net flows                                                                       (4.3)                     (3.2)                (10.6)
Average assets under management                                                125.3                     138.2                 134.9


                                                                    Six months to 30     Six months to 30                    Change
Key financials                                                      September 2023         September 2022                          %
Profit before tax (£’m)                                                        104.0                     110.6                    (6)
Adjusted operating profit (£’m)                                                  97.9                    107.9                    (9)
Adjusted operating profit margin                                               32.6%                    32.6%
Basic earnings per share (p)                                                      8.9                       9.4                   (5)
Basic headline earnings per share (p)                                             8.9                       9.4                   (5)
Adjusted earnings per share (p)                                                   8.2                       9.0                   (9)
Interim dividend per share (p)                                                    5.9                       6.5                   (9)




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Hendrik du Toit, Founder and Chief Executive Officer, commented:
“Rising interest rates and increased geopolitical uncertainty have contributed to continued investor caution. Equity markets have
been driven by narrow sectoral and geographic performance. These factors have dampened investor appetite for emerging markets
and public equities in general. We expect these conditions to remain for the rest of the financial year.

"Our response is to intensify our efforts in areas in which we can compete for market leadership, delivering best-in-class service to
our clients and applying strict cost discipline, while maintaining our long-term growth mindset. In times like these the owner culture
we have nurtured over many years becomes a critical success factor. The people of Ninety One have the team spirit, skill and self
belief to prevail in the face of hostile business conditions. In spite of the well-known structural challenges faced by the active
investment management industry, the dominant headwinds are cyclical in nature. We are confident in our ability to regain our
growth momentum.”
Outlook
At the end of the previous financial year, we signalled caution about the near term. Our working assumption is that we will be
operating in challenging markets for some time to come.

We continue to build our business for the long term, while applying appropriate cost discipline. Ninety One is a resilient business
with a long track record of operating in different market conditions. We see ample long-term growth opportunities ahead in spite
of current market conditions and the rapidly changing world in which we operate. These growth opportunities depend on our
ability to deliver for our clients in a highly competitive industry.

We intend to navigate the current turbulence with confidence. This is not a time for distractions. Our attention is firmly on
execution. Now, more than ever, we will focus on the investment task at hand and do our best to meet the needs of our clients.

Adjusted measures presented in this announcement
Ninety One uses non-IFRS measures to reflect the manner in which management monitors and assesses the financial performance
of Ninety One. A full description of alternative performance measures, including the reconciliation to their nearest condensed
consolidated financial statements equivalents, is included on pages 12-14 of the full announcement.
These non-IFRS measures are considered to be pro forma financial information for the purpose of the JSE Listings Requirements
and are the responsibility of Ninety One’s Board. Due to their nature, they may not fairly present the issuer’s financial position,
changes in equity, results of operations or cash flows. The non-IFRS financial information has been prepared with reference to JSE
Guidance Letter: Presentation of pro forma financial information dated 4 March 2010 and in accordance with paragraphs 8.15 to
8.33 of the JSE Listings Requirements, the Revised SAICA Guide on Pro forma Financial Information (issued September 2014). The
pro forma financial information has not been reviewed or reported on by Ninety One’s external auditors.


SHAREHOLDER INFORMATION AND DIVIDEND DECLARATION
In terms of the DLC structure, Ninety One plc shareholders registered on the United Kingdom share register may receive all or part
of their dividend entitlements through dividends declared and paid by Ninety One plc on their ordinary shares and/or through
dividends declared and paid on the SA DAN share issued by Ninety One Limited.
Ninety One plc shareholders registered on the South African branch register may receive all or part of their dividend entitlements
through dividends declared and paid by Ninety One plc on their ordinary shares and/or through dividends declared and paid on
the SA DAS share issued by Ninety One Limited.

Ninety One plc dividend declaration
The Board has declared a gross interim dividend of 5.9 pence per share. The interim dividend will be paid on 22 December 2023
to shareholders recorded in the shareholder registers of the company at close of business on 8 December 2023.
Ninety One plc shareholders registered on the United Kingdom share register, will receive their dividend payment by Ninety One
plc of 5.9 pence per ordinary share.
Ninety One plc shareholders registered on the South African branch register, will receive their dividend payment by Ninety One
Limited, on the SA DAS share, equivalent to 5.9 pence per ordinary share.


The relevant dates for the payment of the dividend are as follows:
 Last day to trade cum-dividend
 On the Johannesburg Stock Exchange (“JSE”)                                                             Tuesday, 5 December 2023

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 On the London Stock Exchange (“LSE”)                                                           Wednesday, 6 December 2023
 Shares commence trading ex-dividend
 On the JSE                                                                                     Wednesday, 6 December 2023
 On the LSE                                                                                       Thursday, 7 December 2023
 Record date (on the JSE and LSE)                                                                    Friday, 8 December 2023
 Payment date (on the JSE and LSE)                                                                  Friday, 22 December 2023

Share certificates on the South African branch register may not be dematerialised or rematerialised between Wednesday,
6 December 2023 and Friday, 8 December 2023, both dates inclusive, nor may transfers between the United Kingdom share
register and the South African branch register take place between Wednesday, 6 December 2023 and Friday, 8 December 2023,
both dates inclusive.


Additional information for Ninety One plc shareholders registered on the South African branch register
• The interim dividend declared by Ninety One plc to shareholders registered on the South African branch register is a local
    payment derived from funds sourced in South Africa.
• Shareholders registered on the South African branch register are advised that the distribution of 5.90000 pence, equivalent to
    a gross dividend of 135.97199 cents per share (rounded to 136.00000 cents per share), has been arrived at using the
    rand/pound sterling average buy/sell spot rate of ZAR23.0461/£, as determined at 11:00 (SA time) on Tuesday, 14 November
    2023. Consequently, tax will be calculated on the gross dividend of 136.00000 cents per share.
• Ninety One plc UK tax reference number: 623 59652 16053.
• The issued ordinary share capital of Ninety One plc is 622,624,622 ordinary shares.
• The dividend paid by Ninety One plc to South African resident shareholders registered on the South African branch register
    and the dividend paid by Ninety One Limited to Ninety One plc shareholders on the SA DAS share are subject to South African
    Dividend Tax (“Dividend Tax”) of 20% (subject to any available exemptions as legislated).
• Shareholders registered on the South African branch register who are exempt from paying the Dividend Tax will receive a
    dividend of 136.00000 cents per share, paid by Ninety One Limited on the SA DAS share.
• Shareholders registered on the South African branch register who are not exempt from paying the Dividend Tax will receive a
    net dividend of 108.80000 cents per share (gross dividend of 136.00000 cents per share less Dividend Tax of 27.20000 cents
    per share) paid by Ninety One Limited on the SA DAS share.

Ninety One Limited dividend declaration
The Board has declared a gross interim dividend of 136.00000 cents per share. The interim dividend will be paid on
22 December 2023 to shareholders recorded in the shareholder register of the company at close of business 8 December 2023.


The relevant dates for the payment of the dividend are as follows:
 Last day to trade cum-dividend                                                                    Tuesday, 5 December 2023
 Shares commence trading ex-dividend                                                            Wednesday, 6 December 2023
 Record date                                                                                         Friday, 8 December 2023
 Payment date                                                                                       Friday, 22 December 2023


The interim gross dividend of 135.97199 cents per ordinary share (rounded to 136.00000 cents per ordinary share) has been
determined by converting the Ninety One plc distribution of 5.90000 pence per ordinary share into rands using the rand/pound
sterling average buy/sell spot rate of ZAR23.0461/£ as determined at 11:00 (SA time) on Tuesday, 14 November 2023.
Consequently, tax will be calculated on the gross dividend of 136.00000 cents per share.
Share certificates may not be dematerialised or rematerialised between Wednesday, 6 December 2023 and Friday, 8 December
2023, both dates inclusive.
Additional information to take note of:
• The interim dividend declared by Ninety One Limited to shareholders registered on the South African register is a local
    payment derived from funds sourced in South Africa.
• Ninety One Limited South African tax reference number: 9661 9311 71.
• The issued ordinary share capital of Ninety One Limited is 284,754,801 ordinary shares.
• The dividend paid by Ninety One Limited is subject to South African Dividend Tax (“Dividend Tax”) of 20% (subject to any
    available exemptions as legislated).

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•   Shareholders who are exempt from paying the Dividend Tax will receive a dividend of 136.00000 cents per ordinary share.
•   Shareholders who are not exempt from paying the Dividend Tax will receive a net dividend of 108.80000 cents per ordinary
    share (gross dividend of 136.00000 cents per ordinary share less Dividend Tax of 27.20000 cents per ordinary share).


For further information please contact:


Investor relations
Alvar Fernandez                               alvar.fernandez@ninetyone.com                  +44 (0) 20 3938 2305
Jakub Vojtek                                  jakub.vojtek@ninetyone.com                     +44 (0) 20 3938 2413


Media enquiries
Jeannie Dumas (for UK)                        jeannie.dumas@ninetyone.com                    +44 (0) 793 170 7108
Kotie Basson (for South Africa)               kotie.basson@ninetyone.com                     +27 (0) 82 375 1317


Investor presentation
A presentation to investors and financial analysts will be held at our London office (55 Gresham Street, EC2V 7EL) at 9.00 am (UK
time) on 15 November 2023. There will be a live webcast available for those unable to attend. The webcast registration link is
available at https://ninetyone.com/interim-results-webinar.
A copy of the presentation will be made available on the Company’s website at https://ninetyone.com/interim-results-
presentation at 8.00 am (UK time).


About Ninety One
Ninety One is an independent investment manager, founded in South Africa in 1991, which operates and invests globally.
Ninety One is listed on the London and Johannesburg Stock Exchanges.


Forward-looking statements
This announcement does not constitute or form part of any offer, advice, recommendation, invitation or inducement to any person
to underwrite, subscribe for or otherwise acquire or dispose of securities in Ninety One plc and its subsidiaries or Ninety One
Limited and its subsidiaries (together, “Ninety One”), nor should it be construed as legal, tax, financial, investment or accounting
advice.
This announcement may include statements, beliefs or opinions that are, or may be deemed to be, "forward-looking statements".
These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes",
"estimates", "plans", "projects", "anticipates", "targets", "aims", "continues", "expects", "intends", “hopes”, "may", "will",
“would”, “could” or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of
strategy, plans, objectives, goals, future events or intentions. No representation or warranty is made that any of these statements
or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements may and often do differ
materially from actual results. Any forward-looking statements contained in the announcement speak only as of their respective
dates, reflect Ninety One's current view with respect to future events and are subject to risks relating to future events and other
risks, uncertainties and assumptions relating to Ninety One's business, results of operations, financial position, liquidity, prospects,
growth and strategies.
Except as required by any applicable law or regulation, Ninety One expressly disclaims 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 it may make whether as a result of new information, future developments or otherwise.


JSE Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd




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