Investec Limited - Credit rating actions by Fitch 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 JSE interest rate issuer code: INLV 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 - Credit rating actions by Fitch 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 27 November 2020 and the rating actions taken on South African bank holding companies, including the ratings of Investec Limited. Fitch has downgraded the long-term Issuer Default Ratings (IDRs) and Viability Rating (VR) of Investec Limited to 'BB-' and 'bb-' (from BB and bb), respectively. The Outlook on the IDRs remains Negative. The rating actions follow Fitch's downgrade of the South African sovereign's long-term IDRs to 'BB-' from 'BB' on 20 November 2020. Fitch considers that South African banks cannot be rated above the South African sovereign given the high concentration of their activities within South Africa and significant sovereign exposure (dominated by government debt but also includes that of public-sector corporates). The specific rating changes for Investec Limited are as follows: To From Long-term foreign and local currency Issuer Default Ratings BB- BB Viability Rating bb- bb The downgrades, taken in isolation of any other matters, are expected to have an immaterial impact on Investec’s risk weighted assets and therefore the impact on regulatory capital is also expected to be immaterial. In addition, the downgrades are expected to have a small impact on Investec Limited’s cost of funds over time, as a result of Investec Limited being predominantly domiciled in South Africa and raising most of its deposits and funding in the closed rand system, with very little mismatch between foreign denominated funding and foreign denominated assets. 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. The Fitch press release can be accessed at www.fitchratings.com. Johannesburg and London 1 December 2020 Sponsor: Investec Bank Limited Date: 01-12-2020 02:00:00 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.