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Voluntary shareholder update
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
As part of the dual listed company structure, the boards of Investec plc and Investec Limited (together
the "Board") 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
Financial Conduct Authority (the "FCA") and/or the JSE Listings Requirements.
Voluntary shareholder update
Investec welcomes the clarity provided by the Supreme Court of England and Wales' (the "Supreme
Court") judgment on the appeal against the Court of Appeal's decision in Wrench, Hopcraft and Johnson
concerning the payment of finance commission by motor finance lenders to motor dealers acting as
credit brokers, which was handed down on 1 August 2025.
In establishing the provision estimate of £30mn, the Group created a number of scenarios to address
uncertainties around a number of key assumptions. These included the potential outcomes of the UK
Supreme Court appeal, any steps that the UK Financial Conduct Authority ("FCA") may take and
outcomes in relation to the extent of harm and remedies. Other key assumptions included applicable
commission models, commission rates, time periods, response rates, uphold rates, levels of
redress/interest applied and costs to deliver. Whilst the judgment announced on 1 August provides
additional clarity, there remain a number of uncertainties.
The FCA announced that it will publish a consultation on an industry wide redress scheme by early
October 2025. The provision will continue to be reviewed as and when further information becomes
available.
Following the initial assessment of the Supreme Court judgment and pending resolution of the
outstanding uncertainties, in particular the FCA redress scheme, Investec believes that the current
provision remains adequate.
Shareholders are advised that this voluntary update is based on financial information that has not
been reviewed and reported on by the group's external auditors.
London and Johannesburg
5 August 2025
Sponsor
Investec Bank Limited
Date: 05-08-2025 02:00:00
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