Investec Limited                                                                   Investec plc
 Incorporated in the Republic of South Africa                                       Incorporated in England and Wales
 Registration number 1925/002833/06                                                 Registration number 3633621
 JSE share code: INL                                                                LSE share code: INVP
 JSE Hybrid code: INPR                                                              JSE share code: INP
 JSE debt code: INLV                                                                ISIN: GB00B17BBQ50
 NSX share code: IVD                                                                LEI: 2138007Z3U5GWDN3MY22
 BSE share code: INVESTEC
 ISIN: ZAE000081949
 LEI: 213800CU7SM6O4UWOZ70


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

Accordingly, we advise of the following:

Pillar III quarterly disclosures at 31 December 2022

Capital adequacy and leverage disclosures
Investec plc and Investec Limited calculate capital resources and requirements using the Basel III
framework, as implemented in their respective jurisdiction by the Prudential Regulation Authority and South
African Prudential Authority.

The following table sets out the capital and leverage metrics for the Investec plc group, Investec Limited
group and Investec Bank Limited group (IBL):

                                                                Investec            Investec                 IBL**
                                                                    plc^*         Limited^**
                                                                £’million          R’million            R’million
 Common Equity Tier 1 ratio***                                     11.0%               14.0%              15.3%
 Tier 1 ratio                                                      12.4%               14.9%              16.1%
 Total capital ratio                                               16.5%               17.0%              18.8%
 Risk weighted assets                                             17 864             329,436             300,401
 Leverage ratio                                                     8.7%                7.3%               7.7%

^ The information for Investec plc includes the information for Investec Bank plc. The information for Investec Limited includes the
information for IBL.
* Investec plc’s capital and leverage ratios exclude quarterly profits and associated foreseeable charges and dividends for the
period 1 October to 31 December 2022. In accordance with the Prudential Regulation Authority rules, quarterly profits may only be
included in a firm’s capital position once the profits have been independently verified by an external audit firm.
** The South African Prudential Authority approved moving IPRE to AIRB and HVCRE to the slotting approach effective 31 January
2023. On full adoption of these approaches, the CET1 ratios for Investec Limited and IBL will increase by approximately 200bps and
244bps respectively.
*** Investec Limited’s and IBL’s capital information includes unappropriated profits. If unappropriated profits are excluded from
capital information, Investec Limited’s and IBL’s CET1 ratio would be 122bps and 49bps lower respectively.

Liquidity Disclosures

Liquidity coverage ratio (LCR) and net stable funding ratio (NSFR)
The objective of the LCR is to promote the short-term resilience of the liquidity risk profile of banks by
ensuring that they have sufficient high-quality liquid assets to survive a significant stress scenario lasting
30 calendar days. The NSFR promotes the resilience of the banking sector by requiring banks to maintain
a stable funding profile in relation to the composition of their assets and off-balance sheet activities on an
ongoing structural basis. By ensuring that banks do not embark on excessive maturity transformation that
is not sustainable, the NSFR is intended to reduce the likelihood that disruptions to a bank's funding sources
would erode its liquidity position, increase its risk of failure, and potentially lead to broader systemic risk.

The following table sets out the LCR and NSFR for the Investec plc group, IBL (solo basis) and IBL group:

                                              Investec plc*           IBL (solo basis) **        IBL consolidated
                                                                                                         group **
 Actual LCR                                              392%                        139%                      144%

 Actual NSFR                                             145%                        116%                      116%


* For Investec plc the LCR ratio disclosed is the 12-month average ratio.
** The values in the table are calculated as the simple average of 92 calendar daily values over the period 1 October 2022 to
31 December 2022 for IBL (solo basis). IBL group values use daily values for IBL (solo basis), while those for other group entities
use the average of October, November and December 2022 month-end values.


The detailed capital and liquidity disclosures for the above entities are available on the Investec website
in the quarterly Pillar 3 disclosure reports, as required by the relevant regulations.

28 February 2023
Sponsor: Investec Bank Limited