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Structured investment profile substitution and partial redemption notice for flexible investment note - FNIB23
STRUCTURED INVESTMENT PROFILE SUBSTITUTION AND PARTIAL REDEMPTION NOTICE FOR FLEXIBLE INVESTMENT NOTE [FNIB23]
Investec Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1969/004763/06)
LEI No: 549300RH5FFHO48FXT69
Underlying Asset Stoxx Global Select Dividend 100
Issue Size 60 000
JSE Code FNIB23
ISIN Code ZAE000354627
We refer to the terms and conditions of the Flexible Investment Notes, as set out in the Programme
Memorandum and the Pricing Supplement governing the Notes. Unless the context indicates otherwise
capitalised terms defined therein shall bear the same meanings herein.
The Holders of the Flexible Investment Notes FNIB23 (Notes) are hereby notified that a potential
Exercise in respect of the current Structured Investment Profile (Investment Profile No. 1) may occur if
the Reference Level of the Reference Asset (being the Stoxx Global Select Dividend 100) is greater
than or equal to the Initial Index Level on 03 November 2026 (potential Exercise Date).
If the Exercise occurs on the aforesaid potential Exercise Date, the Investment Return in respect of
Investment Profile No.1 is anticipated to be 14%, with the following salient details:
Investment Return Amount per Note R1,140.00
Last Date to Trade Monday, 26 October, 2026
Ex-Date Tuesday, 27 October, 2026
Election Closing Date Thursday, 29 October, 2026
Record Date Thursday, 29 October, 2026
Valuation Date Tuesday, 3 November, 2026
Update announcement including the cash settlement rate Wednesday, 4 November, 2026
Reset Date Thursday, 5 November, 2026
Cash Settlement Date (Non-Accepting Holders only) Tuesday, 10 November, 2026
The payment to Non-Accepting Holders will be processed via the secondary market and not through a
corporate action.
In accordance with the terms and conditions of the Notes, the Issuer hereby elects to substitute
Investment Profile No.1 with a Subsequent Structured Investment Profile based on the salient details
set out below (Investment Profile No.2) (i) which will substitute and replace Investment Profile No.1 on
the above mentioned Reset Date if the Exercise occurs on the potential Exercise Date, and (ii) which
will apply to calculate the Investment Return for the Subsequent Calculation Period for Investment
Profile No.2.
Holders of the Notes are entitled to remain invested in the Notes for the Subsequent Calculation Period
that may commence on the Reset Date identified above (if the Exercise occurs on the abovementioned
potential Exercise Date), by confirming their acceptance of Investment Profile No.2 by the Election
Closing Date set-out below. Such Holders will not be redeemed on the Early Redemption Date
corresponding with the abovementioned Reset Date.
Any Holder who does not, by the Election Closing Date, confirm acceptance of Investment Profile No.
2 in respect of some or all of the Notes held by that Holder (Non-Accepting Holder) will be deemed not
to have accepted Investment Profile No.2 in respect of those Notes, and (i) if the Exercise of the Notes
occurs on the abovementioned potential Exercise Date, (ii) those Notes will be redeemed on the Early
Redemption Date corresponding with the abovementioned Reset Date, and (iii) the Cash Settlement
Amount per Note, in an amount equal to the abovementioned Investment Return Amount per Note, will
be paid to the Non-Accepting Holders on the Cash Settlement Date identified above.
The Holder may (either directly or through its authorised representative) make the election by selecting
one of the below options.
Holders should contact their investment manager should they wish to remain invested for some, but not
all of their Notes, or should they wish to subscribe for additional Notes for the Subsequent Structured
Investment Profile at the FIN Price, which would be equal to the anticipated Investment Return Amount
set out above if the Notes Exercise on the abovementioned potential Exercise Date.
Notwithstanding any of the above, should Investment Profile No.1 not Exercise on the potential Exercise
Date identified above the Investment Profile No. 1 will continue until the next potential Exercise Date
and Investment Profile No.2 will not apply, or should the JSE not approve Investment Profile No.2, then
the Investment Profile No.2 will not be available as a Subsequent Structured Investment Profile for the
Note.
Terms of Investment Profile No. 2
Investment Profile No.2 Autocall
Exchange Johannesburg Stock Exchange (JSE)
Listing Code FNIB23-B
Equal to Investment Return Amount per Note for
Notional per Note
Investment Profile No 1 being R1,140.00
Currency Rand
Reference Asset Stoxx Global Select Dividend 100 Index
Investment Return on Notional 14.00%* per annum
Maximum 5 years, but may be subject to early
Calculation Period Exercise at the end of years 1, 2 , 3 or 4 if the Index
Level is flat or positive on any Valuation Date
100% of the Nominal allocated to Investment Profile
Barrier No.1 in Rand provided the Final Index Level is not
below 30% of the Initial Index Level.
Reference Level on the Initial Valuation Date (Trade
Initial Index Level
Date)
Final Index Level Reference Level on the Final Valuation Date (5 years)
Commencement of Investment Profile
5 November 2026
No.2
*Indicative – the final level will be set on the trade date
Option 1 Option 2 Default
Accept Investment Profile No.2 Pay-out the Cash Settlement Pay-out the Cash Settlement
which will be applicable for the Amount Amount
Subsequent Calculation Period.
Date: 5 October 2026
Copies of the offering circular may be obtained from: For further information kindly contact:
Investec Bank Limited Investec Financial Products
100 Grayston Drive Tel.: +27 11 286 9663
Sandown E-mail: FPRetail@investec.co.za
Sandton
2196
Copies of Structured Products issue documentation Sponsor:
can be located on: Investec Bank Limited
Internet: Member of the JSE
https://www.investec.com/en_za/intermediary- Registration Number: 1969/004763/06
investing/pricing-supplements.html
Place and Date of Incorporation of the Issuer:
Incorporated in the Republic of South Africa
Registration Number: 1969/004763/06
Date of Incorporation: 31 March 1969
Date: 05/10/2026 11:50:00
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