Transactions by PDMR in Investec Limited 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) and persons closely associated with them, 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 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. On the 6th July 2017 Investec disclosed information in relation to Bernard Kantor’s direct beneficial interests in Investec Limited ordinary shares as a result of Mr Kantor entering into a zero premium collar on the 6th July 2017 (the “Collar Transaction”). Pursuant to the Collar Transaction, Mr Kantor has advised that he has exercised put options at a strike price of ZAR100.00 per share resulting in the sale of 600,000 Investec Limited ordinary shares on 3 December 2018. Accordingly, we disclose the following in relation to Mr Kantor’s interests in Investec Limited ordinary shares: 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Bernard Kantor 2 Reason for the notification a) Position/status Director 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 Exercise of 600,000 put options over Investec Limited ordinary shares at a strike price of ZAR100.00 per share resulting in the disposal of 600,000 shares c) Price(s) and volume(s) Price(s) Volume(s) EXERCISE OF PUT 600,000 OPTIONS: STRIKE PRICE OF ZAR100.00 RESULTING IN SALE d) Aggregated information - Aggregated volume 600,000 - Price STRIKE PRICE OF ZAR100.00 e) Date of the transaction 3 December 2018 f) Place of the transaction Johannesburg In compliance with Rules 3.63 – 3.74 of the JSE Listing Requirements we disclose the following additional information: Number of shares 600,000 Volume weighted average selling price ZAR100.00 per share Total value of transaction ZAR60,000,000.00 Highest price ZAR100.00 Lowest price ZAR100.00 Nature of interest Direct beneficial Date and place of transaction 3 December 2018, Johannesburg Clearance was obtained for the above dealings in securities. Johannesburg and London 3 December 2018 Sponsor: Investec Bank Limited Date: 03/12/2018 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.