INVESTEC LIMITED - Investec Limited Non-Redeemable, Non-Cumulative, Non-Participating Preference Shares General Buyback Programme

Investec Limited Non-Redeemable, Non-Cumulative, Non-Participating Preference Shares General Buyback Programme

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: INPR                                      LSE share code: INVP
ISIN: ZAE000063814                                        JSE share code: INP
                                                          ISIN: GB00B17BBQ50



As part of the dual listed company structure, the boards of Investec plc and Investec Limited (together the
“Board”) 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 Listing Rules of the United Kingdom
Listing Authority (the "UKLA") and/or the JSE Listings Requirements.

Accordingly, we advise of the following:


INVESTEC LIMITED NON-REDEEMABLE, NON-CUMULATIVE, NON-PARTICIPATING PREFERENCE
SHARES (“PREFERENCE SHARES”) GENERAL BUYBACK PROGRAMME

During Investec Limited (the “Company”)’s annual general meeting held on 6 August 2020 (“the AGM”),
shareholders were advised that the board of the Company may resolve to repurchase preference shares if
this action is considered desirable and in the best interests of shareholders.

Shareholders were further advised that any repurchases under the general authority proposed to be granted
by shareholders, would be within certain pre-determined price limits with specific reference to the limits of
the authority granted by the Company’s shareholders as well as the JSE’s Listings Requirements. At the
AGM, shareholders granted a general authority to the board of the Company to repurchase up to 20% of the
issued preference share capital of Company (“the current general authority”).

Shareholders are herewith advised that the Company has, pursuant to a share buyback programme (“the
Programme”) announced by the Company on 28 September 2020, repurchased 986 578 preference shares,
representing 3.06% of the issued preference share capital as at the date of the current general authority to
repurchase the preference shares. This brings the total percentage of preference shares repurchased under
the Programme to 3.06% and the total percentage of preference shares repurchased under the current
general authority, to 3.06%.The preference shares remaining in issue following these repurchases amounts
to 31,227,921 shares.

The preference shares were repurchased for an aggregate value of R61,646,406.11.

Date of repurchase                   Number of        Highest price      Lowest price       Aggregate value
                             preference shares       per preference    per preference                  (R)
                                   repurchased            share (R)        shares (R)

30 September 2020 to
6 October 2020                          986,578             62.50             59.00        61,646,406.11

The repurchases were made in terms of the general authority granted by shareholders at the AGM, and were
effected through the order book on the JSE trading system without any prior understanding or arrangement
between the Company and the counterparties. The repurchases programme was put in place prior to the
commencement of the Company closed period, in accordance with the JSE Listings Requirements.

Application will be made to JSE to de-list the preference shares at which point they will immediately be
cancelled.
The Company is entitled to repurchase a further 1.94% of the preference shares in issue under the
Programme. In terms of the current general authority, which is valid until the Company’s next annual general
meeting, the Company is entitled to repurchase a further 16.94% % of the preference shares in issue as at
the date of the current general authority, subject to the requirements of the South African Banks Act.

The impact of the repurchase of the preference shares on the financial information of the Company is
immaterial. The preference shares were repurchased from excess cash resources of the Company; going
forward, no preference share dividends will be payable on the repurchased preference shares and interest
earned on the cash utilised for the repurchase will be foregone.

OPINION OF THE BOARD OF THE COMPANY

The board of the Company has considered the effect of the repurchases and is of the opinion that:

-   The Company and the Company and its subsidiaries (“the Group”) will be able, in the ordinary course of
    business, to repay their debts for a period of 12 months after the date of this announcement;
-   the consolidated assets of the Company and the Group will be in excess of the consolidated liabilities of
    the Company and the Group for a period of 12 months after the date of this announcement;
-   the Company’s and the Group’s share capital and reserves will be adequate for the purposes of the
    business of the Company and the Group for a period of 12 months after the date of this announcement;
    and
-   the Company and the Group will have sufficient working capital for ordinary business purposes.


Johannesburg
7 October 2020

Sponsor
Investec Bank Limited

Date: 07-10-2020 12:34:00
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.