Investec Limited - Fitch Ratings upgrades National Ratings 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 JSE interest rate issuer code: INLV ISIN: ZAE000081949 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 Listing Rules of the United Kingdom Listing Authority and/or the JSE Listing Requirements. Accordingly, we advise of the following: Investec Limited - Fitch Ratings upgrades National Ratings In line with the Debt Listing Requirements of the JSE Limited requiring issuers of listed debt in South Africa to notify the market in the event of amendments to the credit rating of the issuer, shareholders and noteholders are referred to the Fitch Ratings (Fitch) press release on 22 December 2020 where Fitch announced an upgrade to four South African bank holding companies’ National Long-Term Ratings, including Investec Limited, to 'AA+(zaf)' from 'AA(zaf)'. Simultaneously, Fitch has revised the Outlook on the National Long-Term Ratings to Stable (from Negative). This follows Fitch’s downgrade of South Africa’s sovereign rating to ‘BB-/Negative' from 'BB/Negative' on 20 November 2020 and the recalibration of the agency’s South African National Ratings scale. National scale ratings are a risk ranking of issuers in a particular market designed to help local investors differentiate risk. The specific rating change for Investec Limited is as follows: To From National long-term rating AA+(zaf) AA(zaf) Investec Limited is listed on the Johannesburg Stock Exchange and houses the Investec Group’s Southern African operations. Investec plc is listed on the London Stock Exchange (with a secondary listing on the Johannesburg Stock Exchange) and houses the Investec Group’s non-Southern African operations). From a creditors perspective the entities (and their respective banking subsidiaries) are separately ring-fenced legal entities, which are reviewed and rated separately by Rating Agencies. The Fitch press release can be accessed on: www.fitchratings.com. Johannesburg and London 23 December 2020 Sponsor: Investec Bank Limited Date: 23-12-2020 03:00:00 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.