INVESTEC LIMITED - Investec Limited annual report 2025

Investec Limited annual report 2025

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
JSE hybrid code: INPR                                                      JSE share code: INP
JSE debt code: INLV                                                        ISIN: GB00B17BBQ50
NSX share code: IVD                                                        LEI: 2138007Z3U5GWDN3MY22
BSE share code: INVESTEC
ISIN: ZAE000081949
LEI: 213800CU7SM6O4UWOZ70

Section A of the announcement is intended for the holders of debt instruments in Investec Limited only

Section A
Following the financial information released on SENS on 22 May 2025 and 30 June 2025, holders of debt instruments are
hereby advised as follows:

The Annual Financial Statements of Investec Limited for the year ended 31 March 2025 are available for inspection at the
registered office of the Issuer, as well as on Investec's website at www.investec.com.

The Issuer wishes to advise that the audit report relating to these Annual Financial Statements is unqualified.
Under the 2002 contractual arrangements implementing the dual listed companies (DLC) structure, Investec Limited and
Investec plc, effectively form a single economic enterprise in which the economic and voting rights of shareholders are
equalised.

In accordance with this DLC structure the appropriate presentation under IFRS® Accounting Standards is achieved by
combining the results and the financial position of both companies using merger accounting principles. The Companies Act of
South Africa does not envisage a reporting structure such as the DLC structure. The combined consolidated financial
statements of Investec Limited and Investec plc are considered the statutory financial statements of Investec Limited and
Investec plc. Therefore, the annual financial statements of Investec Limited are prepared to present the financial position,
results and cash flows of Investec Limited and its directly owned subsidiaries in the absence of a DLC structure and are
prepared in terms of IFRS® Accounting Standards as if Investec Limited were a standalone component of the DLC structure.
Accordingly, from 2002 to date, the audit report in relation to Investec Limited contains an Emphasis of Matter dealing
specifically with the basis of presentation of these annual financial statements. While both the combined consolidated financial
statements and the Annual Financial Statements of Investec Limited are available for viewing on the Investec Group's website
www.investec.com, holders of debt instruments should note that only the annual financial statements of Issuer apply in respect
of Investec Limited's debt instruments.

Investec advises of the following restatements:

 1. Restatement of treasury shares
    Historically, treasury shares held in respect of staff share schemes have been inconsistently presented between group
    entities. In addition, not all vestings were removed from the 'treasury shares' line item. In the current year we have restated
    comparatives to correct the treasury share balance and retained income. The comparative balance sheets have been
    restated. This change has no impact on the income statement. In addition, at 31 March 2024, Investec Limited shares
    backing related liabilities to customers were previously reflected as 'securities arising from trading activities'. As these
    meet the definition of treasury shares, they have been offset within equity as 'treasury shares' and realised losses have
    been reflected in retained income.

2.  Re-allocation of capital reserve account
    While implementing the above change, we elected to transfer the capital reserve account, which housed various historic
    equity adjustments including those from past restructures to retained income as it does not provide useful information to
    users. The comparative balance sheets have been restated.

3.  Variation margin balances
    Historically, certain variation margin balances were offset against related derivative trades. In the current year, the legal
    contracts and settlement mechanisms were reconsidered. Because of the gross settlement mechanism, it was concluded
    that these balances did not qualify for offset. Subsequently, the derivative and margin balances have been grossed up,
    reflecting margin accounts on the appropriate line items determined based on whether they are to, or from, banking or
    non-banking counterparties.

4.  Repurchase agreements
    Certain equity stock trades entered into at the same time as related forward purchase agreements, in respect of the same
    assets, were booked as separate trades rather than in line with the true substance of the transaction, as a single
    repurchase agreement. As a result, trading assets were derecognised or short positions in respect of the same stock were
    incorrectly recognised within 'other trading liabilities'. To appropriately reflect these transactions, comparatives have been
    corrected to recognise the repurchase agreements and stock positions, including reducing the short trading securities
    positions, included in 'other trading liabilities', and the financial instruments, previously recognised as reverse repurchase
    assets and repurchase liabilities. These changes had no impact on the income statement.

5.  Investec's Rewards programme revenue recognition
    Investec's Rewards programme awards cardholders points in proportion to eligible transactions. These points are, in
    substance, a reduction in fees. Historically, these have been incorrectly reflected as 'fee and commission expense',
    therefore a restatement has been performed to reduce 'fee and commission income' for the points allocated within the
    prior period. This change had no impact on the cash flow statement.

6.  Re-allocation of capital reserve account
    As noted in the Investec Group annual financial statements, we elected to transfer the capital reserve account of R62
    million, which housed various historic equity adjustments including those from past restructures, to retained income as it
    does not provide useful information to users. The comparative balance sheets have been restated. The impact of these
    changes are on the 31 March 2023 Company balance sheet.

The impact of the above restatements are disclosed in the Annual Financial Statements on Investec's website at
www.investec.com.

Section B

DIRECTOR'S ATTENDANCE AT MEETINGS
We also wish to draw your attention to page 149 of the Investec Group Integrated and Strategic Annual Report 2025 regarding
meeting attendance records. The report incorrectly indicates that Diane Radley attended four out of six meetings; however, she
was present at all six meetings of the DLC Board.

By order of the board
N van Wyk
Company Secretary
17 July 2025


For further information
Registered office
100 Grayston Drive
Sandown, Sandton, 2196

Transfer secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196

Company Secretary
N van Wyk

JSE Debt Sponsor
Investec Bank Limited

Date: 17-07-2025 05:30:00
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