INL INP Investec Limited Non-Redeemable, Non-Cumulative, Non-Participating Preference Shares Repurchase Programme Investec Limited Investec plc Incorporated in the Republic of South Africa Incorporated in England and Wales Registration number 1925/002833/06 Registration number 03633621 JSE share code: INL LSE share code: INVP NSX share code: IVD JSE share code: INP BSE share code: INVESTEC ISIN: GB00B17BBQ50 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 the Listing Rules of the United Kingdom Listing Authority and/or the JSE Listings Requirements. INVESTEC LIMITED NON-REDEEMABLE, NON-CUMULATIVE, NON-PARTICIPATING PREFERENCE SHARES (PREFERENCE SHARES) REPURCHASE PROGRAMME Investec Limited (the Company) hereby announces the commencement of a share repurchase programme (the Programme), in compliance with paragraph 5.72(h) of the Listings Requirements of the JSE Limited (JSE), in terms of which the Company may repurchase up to a maximum of 5% of the preference shares in issue. Repurchases of preference shares in terms of the Programme will be made pursuant to and in accordance with the general authority granted to the Company by its shareholders at the Companys annual general meeting held on 6 August 2020. The general authority authorises the Company to repurchase preference shares during a closed period if the repurchase is done under a repurchase programme. The Company has received approval from the Prudential Authority for the repurchase of preference shares. No preference shares will be repurchased from directors of the Company. The Programme commences on 29 September 2020 at the opening of the market and will end on the earlier of (i) the close of the markets on 15 January 2020 and (ii) the date on which the maximum number of preference shares to be repurchased under the Programme have been met. Repurchases will be executed through the order book operated by the JSE by the Companys authorised intermediary without any prior understanding or arrangement between the Company and/or its subsidiaries and the counterparties. Repurchases will be effected within certain pre-determined price limits with specific reference to the limits of the general authority granted by the Companys shareholders and in compliance with the JSEs Listings Requirements. Preference shares repurchased under the Programme will be cancelled as issued shares and will revert to authorised but unissued share capital status. The Programme may be discontinued at any stage during the period concerned and there is no obligation on the Company to purchase any preference shares during the period. Johannesburg 25 September 2020 Sponsor Investec Bank Limited Date: 25-09-2020 05:17:00 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.