INVESTEC LIMITED - Fitch Ratings upward revision to National Ratings

Fitch Ratings upward revision to 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
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 upward revision to 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 28 April 2020 where Fitch announced an upward revision to four South African bank
holding companies’ National Long-Term Ratings, including Investec Limited, to 'AA(zaf)' from
'AA-(zaf)'.

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

According to Fitch, this rating action follows the recalibration of the South African National
Rating scale following the downgrade of the sovereign on 3 April 2020 and restores the rating
relativities between the banks and the best credits in the country as they were before the
March and April negative rating actions on the banks and the sovereign, respectively.

Ratings revisions are used by Fitch to modify ratings for reasons that are not related to
changes in credit quality.

The specific rating change for Investec Limited is as follows:

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

In addition, similar rating actions (as shown below) were also taken by Fitch on Investec Bank
Limited (100%-owned subsidiary of Investec Limited) alongside other South African banks.

The specific rating changes for Investec Bank Limited are as follows:

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

 Subordinated National long-term rating                      A+(zaf)              A(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.

This announcement relates to Investec Limited only as required by the JSE Debt Listing
Requirements.

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

Johannesburg and London

30 April 2020

Sponsor:
Investec Bank Limited

Date: 30-04-2020 01:00:00
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