Notification of major holdings 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 (jointly “Investec”) 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 (the “UKLA”) and/or the JSE Listings Requirements. Accordingly, we advise of the receipt of the following TR-1 notification: TR-1: Notification of major holdings NOTIFICATION OF MAJOR HOLDINGS 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are Investec Plc. attached: 1b. Please indicate if the issuer is a non-UK issuer Non-UK issuer 2. Reason for the notification An acquisition or disposal of voting rights X An acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify): 3. Details of person subject to the notification obligation PUBLIC INVESTMENT CORPORATION SOC Name LIMITED City and country of registered office (if applicable) Cape Town, South Africa. 4. Full name of shareholder(s) (if different from 3.) Name City and country of registered office (if applicable) 5. Date on which the threshold was crossed or 22 OCTOBER 2019 reached: 6. Date on which issuer notified (DD/MM/YYYY): 23 OCTOBER 2019 7. Total positions of person(s) subject to the notification obligation % of voting rights % of voting rights through financial in- Total number of Total of both in % attached to shares struments voting rights of (8.A + 8.B) (total of 8. A) (total of 8.B 1 + 8.B issuer 2) Resulting situation on the date on which threshold 9.103% 9.103% 696,082,618 was crossed or reached Position of previ- ous notification (if 8.009% 8.009% applicable) 8. Notified details of the resulting situation on the date on which the threshold was crossed or reached A: Voting rights attached to shares Class/type of Number of voting rights % of voting rights shares ISIN code (if possi- Direct Indirect Direct Indirect ble) (Art 9 of Directive (Art 10 of Di- (Art 9 of Directive (Art 10 of Di- 2004/109/EC) rective 2004/109/EC) rective (DTR5.1) 2004/109/EC) (DTR5.1) 2004/109/EC) (DTR5.2.1) (DTR5.2.1) GB00B17BBQ50 63 364 324 9.103% SUBTOTAL 8. A 63 364 324 9.103% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Number of voting Expira- rights that may be ac- Type of financial Exercise/ % of voting tion quired if the instru- instrument Conversion Period rights date ment is exercised/con- verted. SUBTOTAL 8. B 1 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Exercise/ Physical or Type of finan- Expiration Number of % of voting Conversion cash cial instrument date voting rights rights Period settlement SUBTOTAL 8.B.2 9. Information in relation to the person subject to the notification obligation Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (under- lying) issuer Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) % of voting rights % of voting rights Total of both if it through financial in- if it equals or is equals or is higher Name struments if it equals higher than the no- than the notifiable or is higher than the tifiable threshold threshold notifiable threshold PUBLIC INVESTMENT 9.103% 9.103% CORPORATION SOC LIMITED 10. In case of proxy voting, please identify: Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held 11. Additional information Place of completion PRETORIA, SOUTH AFRICA Date of completion 23 OCTOBER 2019 Johannesburg and London 23 October 2019 Sponsor: Investec Bank Limited Date: 23/10/2019 04:00:00 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.