Definitions Term Definition Adjusted shareholders’ equity Refer to calculation on page 25. Cost to income ratio Administrative expenses and depreciation divided by operating income. Dividend cover Adjusted earnings per ordinary share before impairment of goodwill and non-operating items divided by dividends per ordinary share. Earnings attributable to ordinary shareholders before Refer to pages 23 and 24. impairment of goodwill and non-operating items Adjusted earnings per ordinary share before impairment of Refer to pages 23 and 24. goodwill and non-operating items Effective tax rate Tax on profit on ordinary activities divided by operating profit (excluding income from associates). Headline earnings Refer to page 24. Headline earnings per share Refer to page 24. Market capitalisation Total number of shares in issue (including Investec plc and Investec Limited) multiplied by the closing share price of Investec plc on the London Stock Exchange. Net tangible asset value per share Refer to calculation on page 30. Non-operating items Reflects profits and/or losses on termination or disposal of group operations. Operating profit Operating income less administrative expenses, impairments for bad and doubtful debts and depreciation of tangible fixed assets. This amount is before impairment of goodwill and non- operating items. Operating profit per employee Refer to calculation on page 33. Return on average adjusted shareholders' equity Refer to calculation on page 25. Return on average adjusted tangible shareholders’ equity Refer to calculation on page 25. Staff compensation to operating income ratio All employee related costs expressed as a percentage of operating income. Third party assets under administration Includes third party assets under administration managed by the Private Client, Asset Management and Property businesses. Total capital resources Includes shareholders' equity, subordinated liabilities and minority interests. Total equity Total shareholders' equity including minority interests. Weighted number of ordinary shares in issue The number of ordinary shares in issue at the beginning of the year, increased by shares issued during the year, weighted on a time basis for the period during which they have participated in the income of the group less treasury shares. Refer to calculation on page 23.