Investec Bank (Mauritius) Limited
Incorporated in the Republic of Mauritius
Company Registration number 8752/3362
Business Registration number C09008752
JSE Share Code: IMRP5
JSE Issuer Share Code: IVES
ISIN: MU0455S00040
LEI Number: 213800VEN92NOOOJF520
(IBM or the Bank)


NOTIFICATION OF AMENDMENTS TO THE APPLICABLE PRICING SUPPLEMENT OF THE IMRP5
REDEEMABLE UNSECURED LISTED PROGRAMME PREFERENCE SHARES ISSUED BY
INVESTEC BANK (MAURITIUS) LIMITED

Pursuant to paragraph 6.56(b)(iv) of the Debt Listings Requirements, notice was given to Programme
Preference Shareholders of the IMRP5 Preference Shares in relation to the amendments to the IMRP5
applicable pricing supplement, under its ZAR6,000,000,000 Medium Term Note and Preference Share
Programme Memorandum.

The proposed amendments to the terms of the Preference Shares are as follows:

(i)      the insertion of the words “With effect from the Amendment Date, being 28 July 2023, this…”
         at the beginning of the first paragraph of the Applicable Pricing Supplement;

(ii)     amending all references to “Applicable Pricing Supplement” to refer to “Amended and
         Restated Applicable Pricing Supplement”;

(iii)    the deletion of the words “and London” in clause 20;

(iv)     the deletion of clause 24 of the Applicable Pricing Supplement and the insertion of a new
         clause 24 as follows:

         “24.     Final Redemption Date:                        31 August 2026 subject to
                                                                adjustment in accordance with the
                                                                Modified Following Business Day
                                                                Convention”

(v)      the deletion of clause 28 of the Applicable Pricing Supplement and the insertion of a new
         clause 28 as follows:

         “28.      Ex Date(s):                                  2 (two) Business Days prior to a
                                                                Record
                                                                Date”

(vi)     the deletion of clause 36(a) and the insertion of a new clause 36(a) as follows:

         “36(a)    Dividend Rate(s):                            Prior to the Amendment Date, a
                                                                Dividend Rate of 3 month USD
                                                                LIBOR (as defined in item 64 below)
                                                                plus 1%,

                                                                and

                                                                with effect from and including the
                                                                Amendment Date, the Dividend
                                                                  Rate shall reset and will be the
                                                                  Reference Rate plus the Margin,

                                                                  all as determined by the Calculation
                                                                  Agent based on the rate that was
                                                                  published    on    the    applicable
                                                                  Dividend Rate Determination Date”

(vii)    the deletion of clause 38 of the Applicable Pricing Supplement and the insertion of a new
         clause 38 as follows:

         “38       Margin                                         1.04%”

(viii)   the deletion of the whole clause 40 and the insertion of a new clause 40 as follows:

         “40 If Screen Rate Determination                         Applicable

         (a)       Reference Rate
                   (including relevant period by reference to
                    which the Dividend Rate is to be calculated): Term SOFR          (as   defined    in
                                                                  item 64 below)

         (b)       Dividend Rate Determination Date(s):            two (2) Business Days before the
                                                                   first day of the Dividend Period

         (c)       Relevant Screen page and
                   Reference Code:                                CME Term SOFR 3 Month
                                                                  published on Bloomberg page
                                                                  TSFR3M Index

         (d)       Relevant Time                                  6:00.am New York City time

(ix)     the deletion of the definition of “Dividend Declaration Date” in clause 64 of the Applicable
         Pricing Supplement and the insertion of a new definition as follows:

         “Dividend Declaration Date”                              the date that is 13 Business Days
                                                                  prior to the applicable Record
                                                                  Date;”

(x)      the insertion of additional definitions and terms and conditions in clause 64 of the Applicable
         Pricing Supplement as follows:

         “Amendment Date”                                         means 28 July 2023.

         "SOFR" means the secured overnight financing rate (SOFR) administered by the Federal
         Reserve Bank of New York (or any other person which takes over the administration of that
         rate) published (before any correction, recalculation or republication by the administrator)
         by the Federal Reserve Bank of New York (or any other person which takes over the
         publication of that rate). If, for whatever reason, Term SOFR is not published on the rate
         setting date as stated above, then the rate used will be that as published by the relevant
         administrator/website for the first preceding Business Day, for which such rate was
         published on such administrator’s website so long as such first preceding Business Day is
         not more than five (5) Business Days prior to the rate setting date;

         “Term SOFR” means, in relation to a Dividend Period, the forward-looking term SOFR
         administered by CME Group Benchmark Administration Limited (or any other person which
         takes over the administration of that rate) for a period of 3 months, as published by CME
         Group Benchmark Administration Limited (or any other person which takes over the
         publication of that rate) as of 6:00 a.m. (New York City time) on the relevant Dividend Rate
         Determination Date (before any correction, recalculation or republication by the
         administrator);


By order of the board


P Jeewooth
Company Secretary
Investec Bank (Mauritius) Limited


03 July 2023


Sponsor:
Investec Bank Limited