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

 New Financial Instrument Listing
 Announcement


ISSUE OF INLV15 SUBORDINATED UNSECURED CALLABLE FLOATING RATE
TIER 2 NOTES (“INLV15 NOTES”)

Application has been made to the JSE Limited (“JSE”) for the listing of ZAR750,000,000
(seven hundred and fifty million Rand) subordinated unsecured callable floating rate
Tier 2 Notes (stock code INLV15), under Investec Limited’s Domestic Medium Term Note
and Preference Share Programme dated 15 November 2017.

The INLV15 Notes will be issued to Noteholders on the date of listing being
27 November 2023 with effect from commencement of trade.

Salient features of the INLV15 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                                               27 November 2023

Nominal Amount per Note                                  R1,000,000

Aggregate Nominal Amount of Tranche                      R750,000,000

Interest Rate                                            3-month JIBAR plus the Margin

Interest Rate Determination Date                         means 27 February, 27 May,
                                                         27 August, and 27 November 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 27 November 2023

Margin                                                   1.95%
Maturity Date                                   27 November 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 27 February 2029 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                      27 November 2023

Books Close Period                              The Register will be closed from
                                                18 February to 27 February, 18 May
                                                to 27 May, 18 August to 27 August
                                                and 18 November to 27 November
                                                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                          27 February, 27 May, 27 August
                                                and 27 November in each year, with
                                                the first Interest Payment Date
                                                being 27 February 2024

Business Day Convention                         Following Business Day

JSE Stock Code                                  INLV15

ISIN                                            ZAG000200601

Aggregate Nominal Amount of Notes Outstanding   ZAR15,249,674,116
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: 24 November 2023
Debt Sponsor:
Investec Bank Limited
bongani.ntuli@investec.co.za