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 to 30 September 2022
15 November 2022
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/2022/JSE/ISSE/N91E/H123Result.pdf and on the company’s website at: www.ninetyone.com/interim-
results-2023.
Copies of the full announcement, together with the review opinion, are available for inspection at the company’s registered offices and the
offices of the JSE sponsor at no charge, weekdays and during office hours and may be requested by contacting Investor Relations at
IR@ninetyone.com.

Highlights
‒     Risk-on business operating in a risk-off environment.
‒     Closing assets under management decreased by 8% in the six months, to £132.3 billion.
‒     Net outflows of £3.2 billion.
‒     Long-term investment performance remains competitive.
‒     Basic earnings per share decreased by 16% to 9.4 pence and adjusted earnings per share decreased by 7% to 9.0 pence.
‒     Interim dividend of 6.5 pence per share, consistent with stated dividend policy.
‒     Staff shareholding increased to 28.0%


 £’ billion                                                         30 September 2022          30 September 2021                31 March
                                                                                                                                    2022
 Assets under management                                                          132.3                           140.0              143.9
 Net flows                                                                         (3.2)                             3.9               5.0
 Average assets under management                                                  138.2                           137.5              138.6


                                                                Six months to     30         Six months to     30                 Change
    Key financials                                                    September 2022               September 2021                        %
 Profit before tax (£’m)                                                          110.6                           132.1               (16)
 Adjusted operating profit (£’m)                                                  107.9                           115.6                 (7)
 Adjusted operating profit margin                                                32.6%                            35.2%
 Basic earnings per share (p)                                                        9.4                            11.2              (16)
 Basic headline earnings per share (p)                                               9.4                             9.9                (5)
 Adjusted earnings per share (p)                                                     9.0                             9.7                (7)
 Interim dividend per share (p)                                                      6.5                             6.9                (6)


Hendrik du Toit, Founder and Chief Executive Officer, commented:
“Rising inflation and interest rates, increased geopolitical uncertainty and sharply lower financial asset prices contributed to
challenging operating conditions. The high levels of client engagement could not counter the impact of this environment on our
results. We saw net outflows in the first half, caused by lower levels of new business volumes and portfolio derisking by clients. We
are anticipating that these tough conditions will persist for the foreseeable future. We remain committed to our long-term strategy
and focusing all our attention on managing the investments of our clients to the standards they expect and delivering industry-
leading service levels. In spite of the challenges, our people are motivated, experienced and adequately supported for the task at
hand.”

Outlook
We are cautious about the near term. Our working assumption is that we will be operating in challenging markets for the
foreseeable future.
We continue to build our business for the long term, while applying appropriate cost discipline. Ninety One is a resilient business
with a diversified offering and 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.
We intend to navigate the turbulence with confidence. This is not a time for distractions. Our focus 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 clients.

Adjusted measures presented in this announcement
Adjusted operating profit margin is calculated as adjusted operating profit divided by adjusted operating revenue.
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.

Shareholder information
The Board has considered the resilience of the balance sheet and the outlook for the remainder of the year. In line with the stated
dividend policy the Board has declared an interim dividend of 6.5p per share. Of this, 4.6p per share represents 50% of profit after
tax prior to the recognition of non-operating items and 1.9p per share represents after-tax earnings after ensuring Ninety One has
sufficient capital to meet current or expected changes in regulatory capital requirements and investment needs, as well as a
reasonable buffer to protect against fluctuations in those requirements.
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 approved and paid by Ninety One plc on their ordinary shares and/or through
dividends approved 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 approved and paid by Ninety One plc on their ordinary shares and/or through dividends approved and paid on
the SA DAS share issued by Ninety One Limited.

Authority to purchase own ordinary shares – statement of intention
At the Ninety One annual general meeting held on 26 July 2022, shareholders of Ninety One Limited and Ninety One plc granted a
general authority to each of the respective companies to purchase their own ordinary shares (the “General Authority”). At the
time, it was stated that the current intention was to utilise the General Authority solely for the purposes of operating the Ninety
One share schemes (as approved by shareholders at the 2022 annual general meeting). Shareholders are advised that the directors
may utilise the General Authority more broadly in future, where such purchases are considered to be in the best interests of
shareholders.

Ninety One plc dividend declaration
The Board has declared a gross interim dividend of 6.5 pence per share. The interim dividend will be paid on 15 December 2022
to shareholders recorded in the shareholder registers of the company at close of business on 2 December 2022.
Ninety One plc shareholders registered on the United Kingdom share register, will receive their dividend payment by Ninety One
plc of 6.5 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 6.5 pence per ordinary share.

 The relevant dates for the payment of dividend are as follows:
 Last day to trade cum-dividend
 On the Johannesburg Stock Exchange (“JSE”)                                                          Tuesday, 29 November 2022
 On the London Stock Exchange (“LSE”)                                                            Wednesday, 30 November 2022


 Shares commence trading ex-dividend
 On the JSE                                                                                      Wednesday, 30 November 2022
 On the LSE                                                                                          Thursday, 1 December 2022
 Record date (on the JSE and LSE)                                                                       Friday, 2 December 2022
 Payment date (on the JSE and LSE)                                                                 Thursday, 15 December 2022

Share certificates on the South African branch register may not be dematerialised or rematerialised between Wednesday, 30
November 2022 and Friday, 2 December 2022, both dates inclusive, nor may transfers between the United Kingdom share register
and the South African branch register take place between Wednesday, 30 November 2022 and Friday, 2 December 2022, both
dates inclusive.


Additional information for Ninety One 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 6.50000 pence, equivalent
    to a gross dividend of 132.00000 cents per share, has been arrived at using the rand/pound sterling average buy/sell spot rate,
    as determined at 11:00 (SA time) on Monday, 14 November 2022.
• Ninety One plc United Kingdom 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 net
    dividend of 132.00000 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 105.60000 cents per share (gross dividend of 132.00000 cents per share less Dividend Tax of 26.40000 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 132.0000 cents per share. The interim dividend will be paid on 15 December
2022 to shareholders recorded in the shareholder register of the company at close of business 2 December 2022.


The relevant dates for the payment of the dividend are as follows:
 Last day to trade cum-dividend                                                                     Tuesday, 29 November 2022
 Shares commence trading ex-dividend                                                            Wednesday, 30 November 2022
 Record date                                                                                            Friday, 2 December 2022
 Payment date                                                                                      Thursday, 15 December 2022


The interim gross dividend of 132.00000 cents per ordinary share has been determined by converting the Ninety One plc
distribution of 6.50000 pence per ordinary share into Rands using the rand/pound sterling average buy/sell spot rate at 11:00 (SA
time) on Monday, 14 November 2022.
Share certificates may not be dematerialised or rematerialised between Wednesday, 30 November 2022 and Friday, 2 December
2022, 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 300,089,454 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).
• Shareholders who are exempt from paying the Dividend Tax will receive a net dividend of 132.00000 cents per ordinary
    share.
• Shareholders who are not exempt from paying the Dividend Tax will receive a net dividend of 105.60000 cents per ordinary
    share (gross dividend of 132.00000 cents per ordinary share less Dividend Tax of 26.40000 cents per ordinary share).

For further information please contact:
Investor relations
Eva Hatfield                                            eva.hatfield@ninetyone.com           +44(0) 203 938 2908

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
(GMT) on 15 November 2022. There will be a live webcast available for those unable to attend. The webcast registration link is
available at www.ninetyone.com/interim-results.
A copy of the presentation will be made available on the Company’s website at www.ninetyone.com/interim-results-2023 at
8.00 am (GMT)Error! Hyperlink reference not valid..

Error! Hyperlink reference not valid.About Ninety One
Ninety One is an independent investment manager, founded in South Africa in 1991. It now operates and invests globally and
offers a range of active strategies to its global client base.
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