Investec Limited                                                     Investec plc
Incorporated in the Republic of South Africa                         Incorporated in England and Wales
Registration number 1925/002833/06                                   Registration number 03633621
JSE share code: INL                                                  LSE share code: INVP
JSE share code: INPR                                                 JSE share code: INP
JSE debt code: INLV                                                  ISIN: GB00B17BBQ50
NSX share code: IVD                                                  LEI: 2138007Z3U5GWDN3MY22
BSE share code: INVESTEC
ISIN: ZAE000081949
ISIN: ZAE000063814
LEI: 213800CU7SM6O4UWOZ70


As part of the dual listed company structure, the boards of Investec plc and Investec Limited (together the
“Board”) notify both the London Stock Exchange and the JSE Limited of matters which are required to be
disclosed under the Disclosure Guidance and Transparency Rules, and Listing Rules of the United Kingdom
Listing Authority (the "UKLA") and/or the JSE Listings Requirements.

Accordingly, we advise of the following:

INVESTEC LIMITED NON-REDEEMABLE, NON-CUMULATIVE, NON-PARTICIPATING PREFERENCE
SHARES (“PREFERENCE SHARES”) GENERAL BUYBACK PROGRAMME

Investec Limited (the “Company”) hereby advises that at the annual general meeting held on 4 August 2022
(“the AGM”), shareholders were advised that the board of the Company may resolve to repurchase
Preference Shares if this action is considered desirable and in the best interests of shareholders.

Shareholders were further advised that any repurchases under the general authority proposed to be granted
by shareholders, would be within certain pre-determined price limits with specific reference to the limits of
the authority granted by the Company’s shareholders as well as the JSE’s Listings Requirements. At the
AGM, shareholders granted a general authority to the board of the Company to repurchase up to 20% of the
issued Preference Share capital of Company (“the current general authority”).

Shareholders are herewith advised that the Company has, pursuant to a share buyback programme (“the
Programme”) announced by the Company on 29 November 2022, repurchased 945,321 Preference Shares
from 30 November 2022 to 20 February 2023, representing 3.62% of the issued Preference Share capital as
at the date of the current general authority to repurchase the Preference Shares. Following these
repurchases, 25,197,671 Preference Shares remain in issue.

The Preference Shares were repurchased for an aggregate value of R89,482,379.90

   Number of                Highest price per        Lowest price per            Aggregate value
   preference              Preference Share         Preference Share                  (R)
   shares                         (R)                      (R)
   repurchased

      945,321                          96.18               9300                   89,482,379.90


The repurchases were made in terms of the current general authority and were effected through the order book
on the JSE trading system without any prior understanding or arrangement between the Company and the
counterparties.

To the extent not already done so during the current programme, application will be made to the JSE to de-
list the preference shares at which point they will immediately be cancelled.
The impact of the repurchase of the Preference Shares on the financial information of the Company is
immaterial. The Preference Shares were repurchased from excess cash resources of the Company; going
forward, no Preference Share dividends will be payable on the repurchased Preference Shares and interest
earned on the cash utilised for the repurchase will be foregone.

OPINION OF THE BOARD OF THE COMPANY

The board of the Company has considered the effect of the repurchases and is of the opinion that:

•   The Company and the Company and its subsidiaries (“the Group”) will be able, in the ordinary course of
    business, to repay their debts for a period of 12 months after the date of this announcement.
•   The consolidated assets of the Company and the Group will be in excess of the consolidated liabilities of
    the Company and the Group for a period of 12 months after the date of this announcement.
•   The Company’s and the Group’s share capital and reserves will be adequate for the purposes of the
    business of the Company and the Group for a period of 12 months after the date of this announcement;
    and
•   The Company and the Group will have sufficient working capital for ordinary business purposes.


Johannesburg
21 February
2023

Sponsor
Investec Bank Limited