INVESTEC BANK LIMITED - Notification of adjustment event FNIB15

Notification of adjustment event – FNIB15

INVESTEC BANK LIMITED
(Incorporated in the republic of South Africa)
(registration number: 1969/004763/06)


NOTIFICATION OF ADJUSTMENT EVENT – FNIB15

 Expiry Date                         20 December 2044
 Reset Date                          15 December 2027
 Cover Ratio                         1:1
 Call/Put/Other                      Call
 Style                               Bermudan
 Issue Size                          100,000
 JSE Code                            FNIB15
 ISIN Code                           ZAE000342713

Shares of Anglo America PLC form one of the underlying assets that are referenced in the FNIB15 notes. Anglo
American shareholders voted to support the proposed demerger of a portion of Anglo American PLC's interest in the
platinum group metals business, Anglo American Platinum Limited (now renamed Valterra Platinum Limited) ("AAP")
and to proceed with a share consolidation of Anglo American PLC.

The salient dates are as follows:
- Finalisation Date is Tuesday, 20 May 2025.
- Last Day to Trade in order to participate in the demerger and share consolidation is Friday, 30 May 2025.
- The Effective Date for the demerger is Saturday, 31 May 2025.
- The Effective Date for the consolidation is Sunday, 01 June 2025.
- Shares commence trading "ex" the demerger and share consolidation on Monday, 02 June 2025.
- The Record Date for the demerger and consolidation is Wednesday, 04 June 2025.


Treatment:
FNIB15 noteholders are advised that the Initial Share Price for Anglo American PLC will be adjusted to account for the
abovementioned demerger and share consolidation. The adjustment is determined by Investec Bank Ltd in its capacity
as calculating agent.

Calculation:

 AAL                                           2205.00        Closing price of Anglo American PLC on London Stock
                                                              Exchange on 30 May 2025 (GBX)
                                                              
 AAP                                           2921.13        Closing price of Anglo American Platinum on Johannesburg
                                                              Stock Exchange on 30 May 2025 (70472 ZAc), converted
                                                              from ZAc to GBX on 30 May 2025 (ZAR/EUR: 20.2939,
                                                              EURGBP: 0.8412)
 
 S1                                            2205.00        AAL
 
 S2                                            2164.21        [S1 - (110/1075*AAP)]*(109/96)

 R-factor                                      0.98150156     S2/S1
 
 Anglo American PLC Initial                    56,135         ZAc                                         
 Share Price prior to adjustment               
 
 Anglo American PLC Adjusted                   55,097         ZAc
 Initial Share Price                                                             
                                  



Effective date:
The ZAR adjustment amount shall be applied to each FNIB15 note, effective 05 June 2025.
Date: 04 June 2025


Copies of Warrant issue documentation can be located on:
        Internet: www.investecwarrants.com

For further information kindly contact:
        Investec Financial Products
        Tel.: +27 11 286 9663
        E-mail: FPRetail@investec.co.za

Sponsor:
        Investec Bank Limited

Date: 04-06-2025 09:40:00
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