Investec Bank Limited: Credit Rating action by S&P Global Ratings Investec Bank Limited Incorporated in the Republic of South Africa Registration number 1969/004763/06 JSE Share Code: IBRP1 ISIN: ZAE000242525 Investec Bank Limited: Credit Rating action by S&P Global Ratings Shareholders and noteholders are referred to the S&P Global Ratings (S&P) press release on 26 November 2019 and ratings action on the South African banks, including the ratings of Investec Bank Limited. S&P has affirmed the BB/B long- and short-term global scale ratings of Investec Bank Limited and changed its outlook from stable to negative. S&P has lowered the long-term South African National scale ratings on Investec Bank Limited to zaAA from zaAA+ and affirmed the short-term national scale ratings at zaA-1+. This rating action follows S&P’s decision on 22 November 2019 to affirm South Africa's ratings but revise its outlook from stable to negative. S&P noted that it ‘revised its outlook on South Africa to negative on weakening fiscal and debt trajectory and sizable contingent liabilities. S&P's policy is to not rate financial institutions in South Africa above the foreign currency sovereign ratings, due to the direct and indirect impacts a sovereign distress would have on banks' operations.’ S&P added that, ‘amid challenging macro and industry changes, South Africa's banking performance has been fairly resilient. S&P expect sector-wide pressure on revenues but broadly, stable earnings as banks continue to streamline costs.’ The specific rating changes for Investec Bank Limited are as follows: - Long- and short-term global scale counterparty credit ratings affirmed at BB and B, respectively, and outlook changed from stable to negative; - Long-term South African national scale rating changed from zaAA+ to zaAA; - Short-term South African national scale rating affirmed at zaA-1+. S&P’s press release can be accessed on: www.capitaliq.com. N van Wyk Company Secretary Investec Bank Limited 27 November 2019 Sponsor: Investec Bank Limited Date: 27-11-2019 05:42:00 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.