Transactions by PDMR in Investec Limited & Investec plc ordinary shares 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 ISIN: ZAE000081949 As part of the dual listed company structure, Investec plc and Investec Limited (together “Investec”) notify both the London and Johannesburg Stock Exchanges of those interests (and changes to those interests) of (i) directors of both entities and the respective company secretaries, (ii) persons discharging managerial responsibilities (PDMRs) across the group, and (iii) in certain instances the directors of major subsidiaries of Investec Limited, in the securities of Investec plc and Investec Limited which are required to be disclosed under Article 19 of the Market Abuse Regulation (Regulation 596/2014), the Disclosure Guidance and Transparency Rules of the United Kingdom Listing Authority (the “UKLA”) and/or the JSE Listing Requirements. TRANSACTIONS BY PDMR IN INVESTEC LIMITED ORDINARY SHARES. Ciaran Whelan entered into a zero premium collar on the 5th September 2016 and the information in relation to that collar was announced in a regulatory announcement on 6th September 2016. Investec have been advised Ciaran has adjusted the strike in relation to call options sold over 338,333 Investec Limited ordinary shares. All other aspects of the zero premium collar remain unchanged. Accordingly we advise of the following: 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Ciaran Whelan 2 Reason for the notification a) Position/status PDMR b) Initial notification /Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Investec Limited b) LEI 213800CU7SM6O4UWOZ70 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument Ordinary shares of ZAR0.0002 each (INL Shares) Identification code ZAE000081949 b) Nature of the transaction Zero premium collar –adjustment of the strike price of call options over 338,333 Investec Limited ordinary shares sold on 5 September 2016. c) Price(s) and volume(s) Price(s) Volume(s) CALL OPTIONS: 338,333 ADJUSTMENT OF STRIKE PRICE TO ZAR120.00 d) Aggregated information - Price CALL OPTIONS – STRIKE PRICE OF ZAR120.00 e) Date of the transaction 28 September 2018 f) Place of the transaction Johannesburg TRANSACTIONS BY PDMR IN INVESTEC PLC ORDINARY SHARES. Ciaran Whelan entered into a zero premium collar on the 5th September 2016 and the information in relation to that collar was announced in a regulatory announcement on 6th September 2016. Investec have been advised Ciaran has adjusted the strike in relation to call options sold over 61,257 Investec plc ordinary shares. All other aspects of the zero premium collar remain unchanged. Accordingly we advise of the following: 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Ciaran Whelan 2 Reason for the notification a) Position/status PDMR b) Initial notification /Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Investec plc b) LEI 2138007Z3U5GWDN3MY22 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument Ordinary shares of GBP0.0002 each (INP Shares) Identification code GB00B17BBQ50 b) Nature of the transaction Zero premium collar –adjustment of the strike price of call options over 61,257 call options over Investec plc ordinary shares sold on 5 September 2016. c) Price(s) and volume(s) Price(s) Volume(s) CALL OPTION – 61,257 ADJUSTMENT OF STRIKE PRICETO ZAR120.00 d) Aggregated information - Price CALL OPTIONS – STRIKE PRICE OF ZAR120.00 e) Date of the transaction 28 September 2018 f) Place of the transaction Johannesburg Clearance was obtained for the above dealings in securities. Johannesburg and London 01 October 2018 Sponsor: Investec Bank Limited Date: 01/10/2018 05:00:00 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.