INVESTEC LIMITED - Investec Limited - Fitch Ratings upgrades National Ratings

Investec Limited - Fitch Ratings upgrades National Ratings

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
NSX share code: IVD                                JSE share code: INP
BSE share code: INVESTEC                           ISIN: GB00B17BBQ50
JSE interest rate issuer code: INLV
ISIN: ZAE000081949

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 and Transparency Rules and Listing Rules of the United
Kingdom Listing Authority and/or the JSE Listing Requirements.

Accordingly, we advise of the following:

Investec Limited - Fitch Ratings upgrades National Ratings

In line with the Debt Listing Requirements of the JSE Limited requiring issuers of listed debt
in South Africa to notify the market in the event of amendments to the credit rating of the
issuer, shareholders and noteholders are referred to the Fitch Ratings (Fitch) press release
on 22 December 2020 where Fitch announced an upgrade to four South African bank holding
companies’ National Long-Term Ratings, including Investec Limited, to 'AA+(zaf)' from
'AA(zaf)'. Simultaneously, Fitch has revised the Outlook on the National Long-Term Ratings
to Stable (from Negative).

This follows Fitch’s downgrade of South Africa’s sovereign rating to ‘BB-/Negative' from
'BB/Negative' on 20 November 2020 and the recalibration of the agency’s South African
National Ratings scale.

National scale ratings are a risk ranking of issuers in a particular market designed to help
local investors differentiate risk.

The specific rating change for Investec Limited is as follows:

                                                                 To               From
 National long-term rating                                  AA+(zaf)             AA(zaf)

Investec Limited is listed on the Johannesburg Stock Exchange and houses the Investec
Group’s Southern African operations. Investec plc is listed on the London Stock Exchange
(with a secondary listing on the Johannesburg Stock Exchange) and houses the Investec
Group’s non-Southern African operations). From a creditors perspective the entities (and their
respective banking subsidiaries) are separately ring-fenced legal entities, which are reviewed
and rated separately by Rating Agencies.

The Fitch press release can be accessed on: www.fitchratings.com.

Johannesburg and London

23 December 2020

Sponsor:
Investec Bank Limited

Date: 23-12-2020 03:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.