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 United Kingdom Listing Authority (the "UKLA") and/or the JSE Listings Requirements.

Accordingly, we advise of the following:

INVESTEC LIMITED NON-REDEEMABLE, NON-CUMULATIVE, NON-PARTICIPATING PREFERENCE SHARES ("PREFERENCE SHARES") GENERAL BUYBACK PROGRAMME

Investec Limited (the "Company") hereby advises that at the annual general meeting held on 5 August 2021 ("the AGM"), shareholders were advised that the board of the Company may resolve to repurchase Preference Shares if this action is considered desirable and in the best interests of shareholders.

Shareholders were further advised that any repurchases under the general authority proposed to be granted by shareholders, would be within certain pre-determined price limits with specific reference to the limits of the authority granted by the Company's shareholders as well as the JSE's Listings Requirements. At the AGM, shareholders granted a general authority to the board of the Company to repurchase up to 20% of the issued Preference Share capital of Company ("the current general authority").

Shareholders are herewith advised that the Company has, pursuant to a share buyback programme ("the Programme") announced by the Company on 24 May 2022, repurchased 942,642 Preference Shares from 25 May 2022 to 4 July 2022, representing 3.06% of the issued Preference Share capital as at the date of the current general authority to repurchase the Preference Shares. The Preference Shares remaining in issue following these repurchases and subsequent cancellation will amount  to 26,738,173 shares.

The Preference Shares were repurchased for an aggregate value of R90,499,032.35

The repurchases were made in terms of the current general authority and were  effected through the order book on the JSE trading system without any prior understanding or arrangement   between the Company and the counterparties. The Programme was put in place prior to the commencement of the Company closed period, in accordance with the JSE Listings Requirements. Accordingly the Company has complied with paragraph 5.72 (a) and (h) of the JSE Listings Requirements

To the extent not already done so during the course of the current programme, application will be made to the JSE to de-list the preference shares at which point they will immediately be cancelled.

The impact of the repurchase of the Preference Shares on the financial information of the Company is immaterial. The Preference Shares were repurchased from excess cash resources of the Company; going forward, no Preference Share dividends will be payable on the repurchased Preference Shares and interest earned on the cash utilised for the repurchase will be foregone.

OPINION OF THE BOARD OF THE COMPANY

The board of the Company has considered the effect of the repurchases and is of the opinion that:

·      The Company and the Company and its subsidiaries ("the Group") will be able, in the ordinary course of      business, to repay their debts for a period of 12 months after the date of this announcement.

·      The consolidated assets of the Company and the Group will be in excess of the consolidated liabilities of     the Company and the Group for a period of 12 months after the date of this announcement.

·    The Company's and the Group's share capital and reserves will be adequate for the purposes of the     business of the Company and the Group for a period of 12 months after the date of this announcement;   and

·      The Company and the Group will have sufficient working capital for ordinary business purposes.

Johannesburg

5 July 2022

Sponsor

Investec Bank Limited