Investec Limited
 (Incorporated in the Republic of South Africa)
 (Registration number: 1925/002833/06)
 Issuer code: INLV
 LEI No: 13800CU7SM6O4UWOZ70



ISSUE OF INLV14 SUBORDINATED UNSECURED CALLABLE FLOATING RATE TIER2
NOTES (“INLV14 NOTES”)

Application has been made to the JSE Limited (“JSE”) for the listing of ZAR500,000,000 (five
hundred million Rand) subordinated unsecured callable floating rate Tier 2 Notes (stock code
INLV14), under Investec Limited’s Domestic Medium Term Note and Preference Share
Programme dated 15 November 2017.

The INLV14 Notes will be issued to Noteholders on the date of listing being 30 June 2023
with effect from commencement of trade.

Salient features of the INLV14 Notes are listed below:


Issuer                                                   Investec Limited

Instrument                                               subordinated unsecured callable
                                                         Tier 2 Notes, subject to Write Off if
                                                         a Trigger Event occurs in relation to
                                                         the Issuer.

Issue Date                                               30 June 2023

Nominal Amount per Note                                  R1,000,000

Aggregate Nominal Amount of Tranche                      R500,000,000

Interest Rate                                            3-month JIBAR plus the Margin

Interest Rate Determination Date                         means 30 March, 30 June, 30
                                                         September, and 30 December in
                                                         each year as determined in
                                                         accordance with the applicable
                                                         Business Day Convention (as
                                                         specified in the Applicable Pricing
                                                         Supplement), provided that the first
                                                         Interest Determination Date shall be
                                                         on 30 June 2023

Margin                                                   2.00%

Maturity Date                                            30 June 2033
Issue price per Note                            100%

Final Redemption Amount per Note                The aggregate outstanding Nominal
                                                Amount (plus accrued interest, if
                                                any, to the Maturity Date)

Redemption at the option of the Issuer          Applicable, subject to the applicable
                                                Regulatory Capital Requirements
                                                and Condition 10.1.8 (Conditions to
                                                redemption, purchase, cancellation,
                                                modification,    substitution      or
                                                variation of Subordinated Capital
                                                Notes). The Optional Redemption
                                                Date is 30 September 2028 and on
                                                each Interest Payment Date
                                                thereafter.

Early Redemption Amount                         The outstanding Nominal Amount
                                                per Note plus accrued unpaid
                                                interest (if any)

Interest Commencement Date                      30 June 2023

Books Close Period                              The Register will be closed from 21
                                                March to 30 March, 21 June to 30
                                                June, 21 September to 30
                                                September and 21 December to 30
                                                December in each year (all dates
                                                inclusive) until the Applicable
                                                Redemption Date, or 10 days prior
                                                to any Payment Day.

Last Day to Register                            Close of business on the Business
                                                Day immediately preceding the first
                                                day of a Books Close Period

Interest Payment Dates                          30 March, 30 June, 30 September
                                                and 30 December in each year, with
                                                the first Interest Payment Date
                                                being 30 September 2023
Business Day Convention                         Following Business Day

JSE Stock Code                                  INLV14

ISIN                                            ZAG000197286

Aggregate Nominal Amount of Notes Outstanding   ZAR500,000,000
in the Series after this issuance
The Pricing Supplement does not contain any
additional terms and conditions or changes to the
terms and conditions as contained in the
Programme Memorandum.

Investors should study the Applicable Pricing
Supplement for full details of the terms and
conditions applicable to these Notes.

Date: 29 June 2023
Debt Sponsor:
Investec Bank Limited
abotha@investec.co.za