TR-1: Notification of major interest in shares 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 (jointly “Investec”) 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, Transparency and Listing Rules of the United Kingdom Listing Authority (the “UKLA”) and/or the JSE Listing Requirements. Accordingly, we advise of the receipt of the following TR-1 notification: TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi 1. Identity of the issuer or the underlying issuer INVESTEC PLC of existing shares to which voting rights are attached: ii 2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights YES An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): 3. Full name of person(s) subject to the ALLAN GRAY UNIT TRUST MANAGEMENT (RF) notification obligation: iii PROPRIETARY LIMITED 4. Full name of shareholder(s) (if different from 3.):iv 5. Date of the transaction and date on 5 DECEMBER 2016 which the threshold is crossed or reached: v 6. Date on which issuer notified: 7. Threshold(s) that is/are crossed or 4% reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix Class/type of Situation previous Resulting situation after the triggering transaction shares to the triggering if possible using transaction the ISIN CODE Number Number Number Number of voting % of voting rights x of of of shares rights Shares Voting Direct Direct xi Indirect xii Direct Indirect Rights GB00B17BBQ50 26 019 328 26 019 328 26 327 328 26 327 328 4.0107% B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial Expiration Exercise/ Number of voting % of voting instrument date xiii Conversion Period xiv rights that may be rights acquired if the instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi Resulting situation after the triggering transaction Type of financial Exercise Expiration Exercise/ Number of voting rights % of voting rights xix, instrument price date xvii Conversion instrument refers to xx period xviii Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 26 327 328 4.0107% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: None 14. Contact name: Nelia de Beer, First National Bank 15. Contact telephone number: +27 87 736 1732 Johannesburg and London 05 December 2016 Sponsor: Investec Bank Limited Date: 05/12/2016 05:00:00 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.