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This document is important and requires your immediate attention If you are in any doubt as to the action you should take, you are recommended to obtain your own personal financial advice immediately from your stockbroker, bank manager, accountant or other independent professional adviser authorised under Part VI of the Financial Services and Markets Act, 2000 if you are in the UK or who is otherwise appropriately qualified or authorised if you are in South Africa or elsewhere. If you have sold or otherwise transferred all your shares in Investec plc and/or Investec Limited, as the case may be, please send this document together with all the other documents enclosed at once to the purchaser or transferee or to the stockbroker, bank or other person through whom the sale or transfer was effected for transmission to the relevant transferee. Proposed Preference Share Offer and Notices of General Meeting Investec Limited Investec plc Investec Limited is incorporated in the Republic of South Africa under the SA Companies Act, 2008 with registered number 1925/002833/06 JSE share code: INL Investec plc is incorporated in England and Wales under the UK Companies Act, 2006 with registered number 3633621 NSX share code: IVD LSE share code: INVP BSE share code: INVESTEC JSE share code: INP ISIN: ZAE000081949 ISIN: GB00B17BBQ50 (“Investec Limited”) (“Investec plc” and, together with Investec Limited, “Investec”)

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Page 1: Proposed Preference Share Offer and Notices of General Meeting · On 6 June 2016, in accordance with the terms of Article 12 of the Company’s Articles of Association and section

This document is important and requires your immediate attention

If you are in any doubt as to the action you should take, you are recommended to obtain your own personal financial advice immediately from your stockbroker, bank manager, accountant or other independent professional adviser authorised under Part VI of the Financial Services and Markets Act, 2000 if you are in the UK or who is otherwise appropriately qualified or authorised if you are in South Africa or elsewhere.

If you have sold or otherwise transferred all your shares in Investec plc and/or Investec Limited, as the case may be, please send this document together with all the other documents enclosed at once to the purchaser or transferee or to the stockbroker, bank or other person through whom the sale or transfer was effected for transmission to the relevant transferee.

Proposed Preference Share Offer and Notices of General Meeting

Investec Limited Investec plcInvestec Limited is incorporated in the Republic of South Africa under the SA Companies Act, 2008 with registered number 1925/002833/06

JSE share code: INL

Investec plc is incorporated in England and Wales under the UK Companies Act, 2006 with registered

number 3633621NSX share code: IVD LSE share code: INVP

BSE share code: INVESTEC JSE share code: INPISIN: ZAE000081949 ISIN: GB00B17BBQ50

(“Investec Limited”) (“Investec plc” and, together with Investec Limited, “Investec”)

Page 2: Proposed Preference Share Offer and Notices of General Meeting · On 6 June 2016, in accordance with the terms of Article 12 of the Company’s Articles of Association and section

COrPOraTe INfOrMaTION

Investec plc and Investec Limited

Secretary and registered office

Investec plc

Registration number 3633621

David Miller2 Gresham StreetLondon EC2V 7QPUnited KingdomTelephone (44) 20 7597 4000Facsimile (44) 20 7597 4491

Investec Limited

Registration number 1925/002833/06

Niki van Wyk100 Grayston DriveSandown Sandton 2196PO Box 785700 Sandton 2196Republic of South AfricaTelephone (27) 11 286 7000Facsimile (27) 11 286 7966

auditors

Ernst & Young LLPErnst & Young Inc.KPMG Inc.

registrars in the UK

Computershare Investor Services plcThe PavilionsBridgwater RoadBristol BS99 6ZZUnited KingdomTelephone (44) 370 707 1077

Transfer secretaries in South africa

Computershare Investor Services (Pty) Limited70 Marshall StreetJohannesburg 2001PO Box 61051Marshalltown 2107Telephone (27) 11 370 5000

Directorate

Executive directors

Stephen Koseff (Chief Executive Officer)Bernard Kantor (Managing Director)Glynn R Burger (Group Risk and Finance Director)Hendrik J du Toit (Chief Executive Officer, Investec Asset Management)

Non-executive directors

Fani Titi (Chairman)Zarina BM BassaLaurel C BowdenCheryl A CarolusPerry KO Crosthwaite (Senior Independent Director)David FriedlandCharles R JacobsIan R KantorLord Malloch-Brown KCMGKhumo L ShuenyanePeter RS Thomas

South african Sponsors

Investec Bank Limited

Independent Sponsors in South africa

JP Morgan

Page 3: Proposed Preference Share Offer and Notices of General Meeting · On 6 June 2016, in accordance with the terms of Article 12 of the Company’s Articles of Association and section

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CONTENTS

Page

Corporate Information Insidefrontcover

Part I: Expected timetable of principal events 2

Part II: Letter from the Chairman of Investec 3

Part III: Further details of the Resolution and Preference Share Offer 7

Part IV: Definitions 12

Notice of General Meeting of Investec plc 16

Notice of General Meeting of Investec Limited 19

Form of Proxy for Investec Limited (Blue) 23

Page 4: Proposed Preference Share Offer and Notices of General Meeting · On 6 June 2016, in accordance with the terms of Article 12 of the Company’s Articles of Association and section

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PART I

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Events Dates and times

Commencement of the Preference Share Offer

CommencementofthePreferenceShareOfferPeriod 20June2016

Recorddateforposting 10June2016

CircularandNoticeofGeneralMeetingspublishedandavailableontheInvestecwebsite 20June2016

RNSandSENSannouncementgivingnoticetoshareholdersthattheCircularhasbeenpostedandisavailableontheInvestecwebsite 20June2016

ConditionalPurchaseAgreementsondisplayattheregisteredofficesofInvestecplcandInvestecLimitedandattheofficesofLinklatersLLPinLondonfornotlessthan15daysbeforetheGeneralMeetings

RecorddateforparticipationandvotingattheGeneralMeetings 18July2016

LatesttimeanddateforreceiptofFormsofProxy 18July2016at11:00(Londontime)18July2016at12:00(Johannesburgtime)

General Meetings

InvestecLimitedGeneralMeeting 20July2016at12:00(Johannesburgtime)

InvestecplcGeneralMeeting 20July2016at11:00(Londontime)

Announcement of Results of General Meetings

AnnouncementofresultsoftheGeneralMeetingsofInvestecLimitedandInvestecplconRNSandSENSandavailableontheInvestecwebsite

AssoonaspracticableaftertheconclusionoftheGeneralMeetings

Expiration Deadline

DeadlineforthereceiptofvalidtenderinstructionsinrespectofthePreferenceShareOffer

26July2016at11:00(Londontime)26July2016at12:00(Johannesburgtime)

Results of the Preference Share Offer

ResultsofthePreferenceShareOfferonRNS,SENSandthewebsiteoftheCISX 27July2016

Settlement Date

ExpectedsettlementofthePreferenceShareOffer 3August2016

Announcement of the purchase of the Preference Shares of either issue and updated share capital

AnnouncementofthepurchaseofthePreferenceSharesandupdatedsharecapitalonRNS,SENSandthewebsiteoftheCISX

AssoonaspossiblefollowingtheexpectedSettlementDateandnolaterthan07:30

(Londontime)ontheBusinessDayfollowingsettlement

Page 5: Proposed Preference Share Offer and Notices of General Meeting · On 6 June 2016, in accordance with the terms of Article 12 of the Company’s Articles of Association and section

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PART II

LETTER FROM THE CHAIRMAN OF INVESTEC

DearShareholder,

1. INTRODUCTION

Theboardofdirectorsof Investecplcproposes to inviteholdersof thePreferenceShares toOffer tosell theirPreferenceSharesbacktotheCompany,subjecttocertainofferrestrictionsandtermsandconditionssetoutintheTenderOfferMemorandum.DuetotherequirementsoftheUKCompaniesAct,2006andthearrangementsgoverning the dual listed companies status of Investec (the “DLC Arrangements”), Shareholder approvalis required to undertake anoff-market sharebuyback.Therefore, I amwriting to you toprovidedetails of thePreferenceShareOfferandtheShareholderapprovalrequired.

2. THE PREFERENCE SHARE OFFER

ThepurposeofthePreferenceShareOfferistoprovideanopportunityforPreferenceShareholderstoselltheirPreferenceSharesbacktotheCompanyinreturnforcash,andindoingso,exittheirinvestmentatapremiumtothesecondarymarkettradingpriceasat1June2016.Excludinganyaccruedbutundeclaredandunpaiddividends,thisequatestoapremiumof16percenttotheGBP-quotedclosingpriceofGBP4.93perSterlingPreferenceShare,apremiumof31percenttotheZAR-quotedclosingpriceofZAR98.00perSterlingPreferenceShare(assumingexchangeattheclosingGBP/ZARratequotedbyBloombergon1June2016),andapremiumof13percenttotheclosingpriceofZAR88.85perRandPreferenceShare,eachasat1June2016,beingthebusinessdaypriortotheannouncementofthePlacing(asdefinedbelow).

FollowingtheimplementationoftheEUCapitalRequirementsRegulationandtheEUCapitalRequirementsDirective,thePreferenceShareswillnotqualifyascompliantadditionaltier1capital.AssuchthePreferenceShareOffer,whentakentogetherwiththePlacing(asdefinedbelow),isintendedtooptimisethecapitalbaseoftheCompanyandtheInvestecGroupbyincreasingthecapitalratiosoftheCompanyandtheInvestecGroup.

On6June2016,inaccordancewiththetermsofArticle12oftheCompany’sArticlesofAssociationandsection551oftheUKCompaniesAct2006,theCompanyissuedandallotted30,870,000newOrdinarySharestoanumberofplacees,raisingproceedsofapproximatelyGBP138.3million(the“Placing”).TheproceedsofthePlacingwillbeusedtopurchasePreferenceSharespursuanttothePreferenceShareOfferandanyproceedsnotrequiredtofundthePreferenceShareOfferwillbeusedforgeneralcorporatepurposes.

ThePreferenceShareOfferwillopenon20June2016andwillexpireat11:00(Londontime)and12:00(Johannesburgtime)on26July2016(the“Expiration Deadline”,suchperiodoftimebeingthe“Offer Period”),unlesstheOfferPeriodforthePreferenceShareOfferisextended,re-opened,amendedand/orterminatedbyInvestecplc,ineachcase,asprovidedintheTenderOfferMemorandum.

AnyPreferenceShareholderwhodoesnotorisnotabletotakepartinthePreferenceShareOffershallcontinuetoholdtheirPreferenceSharesinaccordancewiththeirterms.TotheextentthatPreferenceSharesaretenderedintothePreferenceShareOffer,followingcompletion,thetotalnumberofPreferenceSharesinissuewillbereduced.Accordingly,thetradingmarketsforthePreferenceShareswhichremainoutstandingmaybeilliquidwhichmay,inturn,negativelyimpactthemarketpriceofthePreferenceShares.

3. SUMMARY OF THE TERMS OF THE PREFERENCE SHARE OFFER

EachPreferenceShareholderwhohasvalidlyofferedtoselltheirPreferenceSharesbytheExpirationDeadline,iftheirOfferisacceptedpursuanttothePreferenceShareOffer,isan“Accepted Preference Shareholder”.TheaggregateamountpayabletoeachAcceptedPreferenceShareholder(the“Aggregate Purchase Price”)shallbeequaltotheproductoftherelevantPurchasePriceandthenumberoftherelevantissueofPreferenceSharesvalidlyofferedbythePreferenceShareholderandacceptedforpurchasebyInvestecplc.

UnderthePreferenceShareOffer,SterlingPreferenceShareswhichareacceptedforpurchasewillbepurchasedbyInvestecplcatGBP5.7509589perSterlingPreferenceShare(the“Sterling Purchase Price”).TheSterlingPurchasePricecomprisesaprincipalamountofGBP5.70perSterlingPreferenceShareplusanamountof5.09589penceper

Page 6: Proposed Preference Share Offer and Notices of General Meeting · On 6 June 2016, in accordance with the terms of Article 12 of the Company’s Articles of Association and section

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SterlingPreferenceSharewhichisequaltotheaccruedbutundeclaredandunpaiddividendsfrom1April2016uptotheexpectedSettlementDateforthePreferenceShareOffer.

RandPreferenceShareswhichareacceptedforpurchasewillbepurchasedbyInvestecplcatZAR103.3887671perRandPreferenceShare(the“Rand Purchase Price”).TheRandPurchasePricecomprisesaprincipalamountofZAR100plusanamountof338.87671centsperRandPreferenceSharewhichisequaltotheaccruedbutundeclaredandunpaiddividendsfrom1April2016uptotheexpectedSettlementDateforthePreferenceShareOffer.

SterlingPreferenceShareholderswhoholdtheirSterlingPreferenceSharesviaSTRATEorwhohavearegisteredaddressontheregisterofSterlingPreferenceShareholdersinSouthAfricawillreceivetheSterlingPurchasePriceinZAR.TheprevailingexchangeratefortheconversionofGBPintoZARwillbethemidratequotedbyBloombergon itsGBPZARCURNCYPageat17:00(London time)and18:00(Johannesburg time) following theExpirationDeadline(the“ZAR FX Rate”).

The relevant Purchase Price includes an amount equal to accrued but undeclared and unpaid dividends from1April2016uptotheexpectedSettlementDateforthePreferenceShareOffer.NofurtheramountwillbepaidinrelationtoaccrueddividendsonthePreferenceSharesiftheSettlementDateischanged.PreferenceShareholdersacceptingthePreferenceShareOfferwillnotreceiveanyadditionalamount(incashorotherwise) inrelationtoaccrueddividendsontheirPreferenceSharesaftertheexpectedSettlementDate.

4. CONDITIONS TO THE PREFERENCE SHARE OFFER

ThePreferenceShareOfferremainsconditionalupon:

(i) Shareholders’approvalbeingobtainedtotheresolutionproposedinthiscircular(the“Resolution”)atthegeneralmeetingsofInvestecplcandInvestecLimited,votingtogetherasasingledecision-makingbody;

(ii) thetermsoftheConditionalPurchaseAgreementsandShareSettlementDeeds;

(iii) PreferenceShares,inrespectofwhichanOfferisacceptedbyInvestecplc,beingtransferredintrusttotheUKShareSettlementNomineeand/ortheSAShareSettlementNominee,asthecasemaybe;

(iv) thePreferenceShareOffernothavingbeenterminatedbyInvestecplcinaccordancewiththeTenderOfferMemorandum;and

(v) theacceptanceofOffersbyInvestecplc.

5. THE GENERAL MEETINGS

Assetoutabove,thePreferenceShareOfferisconditionalupon,amongstotherthings,Shareholders’approvalbeingobtainedatthegeneralmeetingsofInvestecplcandInvestecLimited,votingtogetherasasingledecision-makingbody.TheResolutiontoapprovethePreferenceShareOfferisbeingputtoShareholdersundertheJointElectorateActionsproceduredescribedinparagraph6.2below.

TheapprovaloftheShareholderswillbesoughtattheInvestecplcGeneralMeetingtobeheldat2GreshamStreet,London,EC2V7QPat11:00(Londontime)on20July2016andtheInvestecLimitedGeneralMeetingtobeheldat100GraystonDrive,Sandown,Sandton2196,RepublicofSouthAfricaat12:00(Johannesburgtime)on20July2016(the“General Meetings”).

Youwillfindsetoutonpages16to21ofthiscirculartheNoticesconveningtheGeneralMeetings.

6. ACTION TO BE TAKEN

6.1 Resolution to be passed:

A Special Resolution toapprovethetermsoftheoff-marketpurchaseofPreferenceSharesfromtheShareSettlementNomineesasintermediariesbetweentheCompanyandPreferenceShareholdersinrelationtothePreferenceShareOfferassetoutintheNoticesofGeneralMeetingsonpages16to21ofthiscircular,willbeputtoShareholdersundertheJointElectorateActionsproceduredescribedbelow.

InaccordancewiththeInvestmentAssociationCapitalManagementGuidelines,theresolutionisproposedasaSpecialResolution.The passing of the Resolution requires a 75 per cent majority of votes in favour.

Page 7: Proposed Preference Share Offer and Notices of General Meeting · On 6 June 2016, in accordance with the terms of Article 12 of the Company’s Articles of Association and section

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6.2 Joint Electorate Actions

Investechasaduallistedcompaniesstructure,withsharesofInvestecplclistedontheLondonStockExchange(withasecondary listingonthe JohannesburgStockExchangeLimited(the“JSE”))andsharesof InvestecLimitedlistedontheJSE.UnderthetermsoftheDLCArrangements,theInvestecLimitedMemorandumofIncorporationandtheInvestecplcArticlesofAssociation,specialvotingarrangementsareinplacesothattheshareholdersofbothcompanieseffectivelyvotetogetherasasingledecision-makingbodyonmattersaffectingtheshareholdersofeachcompanyinsimilarways(“Joint Electorate Actions”).Currently,eachInvestecLimitedordinarysharewilleffectivelyhavethesamevotingrightsaseachInvestecplcordinaryshareonJointElectorateActionsandviceversa.

6.3 Investec Limited

Certificated and own name dematerialised Investec Limited Shareholders

TheInvestecLimitedFormofProxy(Blue)forusebyInvestecLimitedShareholderswhoholdtheirInvestecLimitedordinarysharesincertificatedformorindematerialisedformwithownnameregistrationisattachedtothisdocument.

Whetherornotyou intendtobepresentat the InvestecLimitedGeneralMeeting,youarerequestedtocompletetheInvestecLimitedFormofProxy(Blue)inaccordancewiththeinstructionsprintedthereonandreturnitassoonaspossibleand,inanyevent,soastobereceivedbyComputershareInvestorServices(Pty)Limitednolaterthan12:00on18July2016(Johannesburgtime).Completedformsshouldbesent:

By post to:

ComputershareInvestorServices(Pty)LimitedPOBox61051Marshalltown,2107RepublicofSouthAfrica

By hand to:

ComputershareInvestorServices(Pty)LimitedGroundFloor70MarshallStreetJohannesburg,2001RepublicofSouthAfrica

IfyoudonotdelivertheInvestecLimitedFormofProxy(Blue)toComputersharebytherelevanttime,youwillneverthelessbeentitledtolodgeitinrespectoftheInvestecLimitedGeneralMeetingimmediatelypriortotheexercisingofshareholders’rightsthereat,inaccordancewiththeinstructionstherein,withthechairmanoftheInvestecLimitedGeneralMeeting.

ThecompletionandreturnoftheInvestecLimitedFormofProxy(Blue)willnotprecludeShareholdersofInvestecLimitedfromattendingtheInvestecLimitedGeneralMeetingandvotinginpersonshouldtheywishtodoso.

Dematerialised Shareholders of Investec Limited

InvestecLimitedShareholderswhohavedematerialised their InvestecLimitedordinary sharesanddonothaveownnameregistrationmustNOTcompleteanInvestecLimitedFormofProxy(Blue)butinsteadmustinformtheirCSDPorbrokeroftheirintentiontoattendtheInvestecLimitedGeneralMeetingandrequesttheirCSDPorbrokertoissuethemwiththenecessaryauthorisationtoattendtheInvestecLimitedGeneralMeeting inpersonorprovidetheirCSDPorbrokerwiththeirvoting instructionsshouldtheynotwishtoattendtheInvestecLimitedGeneralMeetinginperson.TheseinstructionsmustbeprovidedtotheCSDPorbrokerbythecut-offtimeanddateadvisedbytheCSDPorbrokerforinstructionsofthisnature.IfyourCSDPorbrokerdoesnotobtaininstructionsfromyoutheywillbeobligedtoactintermsofthemandatefurnishedtothembyyou.

6.4 Investec plc

Certificated and CREST Investec plc Shareholders

TheInvestecplcFormofProxy(White)forusebyInvestecplcShareholdersisenclosedwiththisdocument.

TheInvestecplcShareholderswhoareCRESTmembersmayusetheCRESTelectronicproxyappointmentserviceinaccordancewiththeproceduressetoutinthenoticefortheInvestecplcGeneralMeeting.

WhetherornotyouintendtobepresentattheInvestecplcGeneralMeeting,youarerequestedtocompleteandreturntheInvestecplcFormofProxy(White)inaccordancewiththeinstructionsprintedthereonandreturnitassoonaspossibleand,inanyevent,soastobereceivedbyComputersharebynolaterthan11:00on18July2016(Londontime).Completedformsshouldbesentto:

Page 8: Proposed Preference Share Offer and Notices of General Meeting · On 6 June 2016, in accordance with the terms of Article 12 of the Company’s Articles of Association and section

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In the case of Investec plc Shareholders on the South African branch register

By post to:

ComputershareInvestorServices(Pty)LimitedPOBox61051,Marshalltown,2107RepublicofSouthAfrica

In the case of Investec plc Shareholders on the UK share register.

By post:

ComputershareInvestorServicesPLCCorporateActionsProjectsThePavilionsBridgwaterRoadBristol,BS996AHUnitedKingdom

By hand to:

ComputershareInvestorServices(Pty)LimitedGroundFloor70MarshallStreetJohannesburg,2001RepublicofSouthAfrica

By hand to:

ComputershareInvestorServicesPLCThePavilionsBridgwaterRoadBristol,BS138AEUnitedKingdom

ThecompletionandreturnoftheInvestecplcFormofProxy(White)willnotprecludeInvestecplcShareholdersfromattendingtheInvestecplcGeneralMeetingandvotinginpersonshouldtheywishtodoso.

Investec plc Shareholders holding Investec plc Ordinary Shares through a CSDP

InvestecplcShareholdersontheSouthAfricanbranchregisterwhohavedematerialisedtheir InvestecplcOrdinarySharesmustNOTcompleteanInvestecplcFormofProxy(White)butinsteadmustinformtheirCSDPorbrokeroftheir intentiontoattendthe InvestecplcGeneralMeetingandrequesttheirCSDPorbrokertoissuethemwiththenecessaryauthorisationtoattendtheInvestecplcGeneralMeetinginpersonorprovidetheirCSDPorbrokerwiththeirvotinginstructionsshouldtheynotwishtoattendtheInvestecplcGeneralMeetinginperson.TheseinstructionsmustbeprovidedtotheCSDPorbrokerbythecut-offtimeanddateadvisedbytheCSDPorbrokerforinstructionsofthisnature.IfyourCSDPorbrokerdoesnotobtaininstructionsfromyoutheywillbeobligedtoactintermsofthemandatefurnishedtothembyyou.

7. RECOMMENDATION

TheDirectorsareunanimousintheirviewthatthePreferenceShareOfferisinthebestinterestsofInvestecandtheShareholders.Accordingly,theDirectorsrecommendthatShareholdersvoteinfavouroftheResolutionastheDirectorsintendtodoinrespectoftheirownbeneficialholdings.

CopiesoftheConditionalPurchaseAgreementsmaybeinspectedduringnormalbusinesshoursonanyweekday(Saturdays,Sundaysandpublicholidaysexcepted)attheregisteredofficeofInvestecLimitedat100GraystonDrive,Sandown,Sandton2196,RepublicofSouthAfricaandattheregisteredofficeofInvestecplcat2GreshamStreet,London,EC2V7QPandattheofficesofLinklatersLLP,OneSilkStreet,LondonEC2Y8HQuptoandincludingthedateoftheGeneralMeetings,andalsoattheGeneralMeetingsforatleast15minutespriorto,andduring,themeetings.

IlookforwardtowelcomingyoutotheGeneralMeetings.

Yoursfaithfully

FaniTitiChairman

Page 9: Proposed Preference Share Offer and Notices of General Meeting · On 6 June 2016, in accordance with the terms of Article 12 of the Company’s Articles of Association and section

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PART III

FURTHER DETAILS OF THE RESOLUTION AND PREFERENCE SHARE OFFER

1. RESOLUTION: OFF-MARKET PURCHASE OF PREFERENCE SHARES FROM THE SHARE SETTLEMENT NOMINEES IN RELATION TO THE PREFERENCE SHARE OFFER

InordertoallowtheCompanytoeffectoff-marketpurchasesofPreferenceSharesinrelationtothePreferenceShareOffer,theboardofdirectorsofInvestecplcisseekingapproval,asrequiredbysection694oftheUKCompaniesAct,2006,ofthetermsoftheConditionalPurchaseAgreements(assetoutbelow)relatingtosuchoff-marketpurchases.

TheResolutionproposesthatthetermsoftheConditionalPurchaseAgreements(whichhavebeenenteredintoconditionaluponShareholderapprovalbeingobtainedpursuanttothisResolution)beapprovedinaccordancewithsection694of theUKCompaniesAct.TheConditionalPurchaseAgreementsarenecessary for theoff-marketpurchaseofthePreferenceShareswhichwillbeputintrustwiththerelevantShareSettlementNomineepursuanttothetermsoftherelevantShareSettlementDeed(the“Settlement Nominee Preference Shares”),andwillbeproducedattheGeneralMeetingsandmadeavailableforinspectionattheregisteredofficesofInvestecandtheofficeofLinklatersLLPOneSilkStreet,LondonEC2Y8HQfornotlessthan15daysbeforetheGeneralMeetings.

Thisauthoritywillexpireon31May2021.ThePreferenceShareOfferisconditionalonthepassingofthisResolutionbyShareholdersattheGeneralMeetings.

2. SHARE SETTLEMENT NOMINEE

DuetotherequirementsoftheUKCompaniesAct,theShareSettlementNomineeswill,ineffect,actasintermediariesbetweentheCompanyandPreferenceShareholders.

PursuanttothetermsoftheproposedConditionalPurchaseAgreements, theShareSettlementNomineesshallrequiretheCompanytopurchase,bywayofanoff-marketpurchase,anySettlementNomineePreferenceSharesheldbytherelevantShareSettlementNomineeintrustforbeneficialholdersoftheSettlementNomineePreferenceSharesatacashpriceequaltotheAggregatePurchasePrice.

3. FURTHER DETAILS OF THE PREFERENCE SHARE OFFER

3.1 Structure of the Preference Share Offer

Offerswillbemadeto,and(ifapplicable)acceptedby,Investecplc.InvestecplcisnotunderanyobligationtoPreferenceShareholderstoacceptanyorallOffersanditmaydecidenottoacceptOffersforanyreason.

3.2 Cancellation of Preference Shares purchased under the Preference Share Offer

InvestecplcwillpurchaseandcancelthePreferenceSharesitacceptsforpurchasepursuanttothePreferenceShareOffer.

4. RESULTS ANNOUNCEMENT

4.1 Investec plc will announce the following in the results announcement on the Business Day following theExpirationDeadline:(i)whethervalidOfferspursuanttothePreferenceShareOfferareaccepted;(ii)theaggregatenumberofSterlingPreferenceSharesandRandPreferenceSharesrespectivelythatitwillbeacceptingforpurchase;(iii)theZARFXRate;and(iv)theSettlementDate(the“Results Announcement”).

4.2 Unless statedotherwise, announcements in connectionwith thePreferenceShareOfferwill bemadebyRNSandSENSaswellasdisplayedontheCISXwebsitebyInvestecplc.Suchannouncementsmayalsobemadeby(i)theissueofapressreleasetoaNotifyingNewsService;(ii)thedeliveryofnoticestoCRESTand/ortheCSDforcommunicationtoDirectParticipants;or(iii)displayonInvestec’swebsite.Copiesofallsuchannouncements,pressreleasesandnoticescanalsobeobtainedfromtheRegistrar.

Page 10: Proposed Preference Share Offer and Notices of General Meeting · On 6 June 2016, in accordance with the terms of Article 12 of the Company’s Articles of Association and section

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5. MAJOR BENEFICIAL SHAREHOLDERS

TothebestoftheCompany’sknowledgeandbelief,thefollowingmajorbeneficialshareholderswere,asat29April2016,directlyorindirectly,thebeneficialownersof5%ormoreoftheissuedsharecapitalofInvestecplc:

Holding as at 29 April

2016

% of total share capital in issue as at

29 April 2016

% of total share capital in issue as at

29 April 2015

PublicInvestmentCorporation 48,848,579 7.98 7.27BlackRockInc 31,406,802 5.09 4.99AllanGray 31,150,251 5.05 6.65

Cumulative total 111,405,632 18.12 18.91

The aforementioned shareholders account for 18.12% of the total share capital in issue of Investec plc as at29April2016.

6. MATERIAL CHANGES

TherewerenomaterialchangesinthefinancialortradingpositionoftheCompanysincetheendofthelastfinancialperiod,being31March2016,uptoandincludingtheLastPracticableDate.

7. DIRECTORS’ INTERESTS

Thedirectors’interestinthesharesoftheCompany(andtheinterestsoftheirassociates),includingdirectorswhohaveresignedduringthelast18months,asattheLastPracticableDate,areasfollows:

Directors’interestsinOrdinaryShares

Directors

Direct and indirect

beneficial interest in

Investec plc

Percentage of total

share capital in issue

Executive directorsSKoseff 5,274,035 0.8BKantor 832,657 0.1GRBurger 3,316,390 0.5HJduToit – –

Total 9,423,082 1.4

Non-executive directorsFTiti(Chairman) – –ZBMBassa – –LCBowden – –CACarolus – –PKOCrosthwaite 115,738 –BFried* – –DFriedland – –HFukudaOBE** 5,000 –CRJacobs – –IRKantor 3,409,545 0.5LordMalloch-BrownKCMG – –KLShuenyane 19,900 –PRSThomas – –

Total 3,550,183 0.5

Total number 12,973,265 1.98

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Directors’interestsinPreferenceShares

Directors

Direct and Indirect beneficial interest

in Sterling Preference Shares

Direct and Indirect beneficial interest

in Rand Preference Shares

ExecutivedirectorSKoseff 80,000 21,198

Total*** 80,000 21,198

*BFriedsteppeddownfromtheboardwitheffectfrom31March2016anddoesnotholdanyPreferenceShares.

**HFukudasteppeddownfromtheboardwitheffectfrom6August2015anddoesnotholdanyPreferenceShares.

***Intotal101,198representing0.58%ofthetotalnumberofPreferenceSharesinissue

As set out above, Mr Koseff holds 101,198 Preference Shares. As a director and shareholder of the Company,MrKoseffhasundertakentotheCompanythathewillnotvoteontheResolutiontobeproposedattheGeneralMeetings.MrKoseffdoesintendtotenderhisPreferenceSharespursuanttothePreferenceShareOffer.MrKoseffwillparticipateinthePreferenceShareOfferonthesametermsasallotherholdersofPreferenceShares.

8. SHARE CAPITAL

ThetablebelowsetsouttheauthorisedandissuesharecapitaloftheCompany.TheCompanyhas,inaccordancewiththeUKCompaniesAct,2006,abolishedtheconceptofauthorisedsharecapitalforOrdinaryShareswitheffectfromAugust2010.

Investec plc Authorised Share Capital as at the Last Practicable Date

AuthorisedOrdinarySharesUnlimitedOrdinaryShareswithaparvalueofGBP0.0002each Unlimited

AuthorisedZARpreferenceshares100,000,000ZARPreferenceshareswithaparvalueofZAR0.001each ZAR100,000

Authorisedspecialconvertingshares450,000,000specialconvertingshareswithaparvalueofGBP0.0002each GBP90,000

Authorisednon-redeemable,non-cumulativenon-participatingpreferenceshares100,000,000non-redeemable,non-cumulativenon-participatingpreferenceshareswithaparvalueofEuros0.01each €10,000

Authorisednon-redeemable,non-cumulativenon-participatingpreferenceshares1,000,000non-redeemable,non-cumulativenon-participatingpreferenceshareswithaparvalueofGBP0.01 GBP1,000,000

Authorisedspecialvotingshare1SpecialVotingsharewithaparvalueofGBP0.001 GBP0.001

AuthorisedUKDANshare1UKDANsharewithaparvalueofGBP0.001 GBP0.001

AuthorisedUKDASshares1UKDASshareswithaparvalueofGBP0.001 GBP0.001

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Investec plc Issued Share Capital as at the Last Practicable Date

IssuedOrdinaryShares656,424,689OrdinaryShareswithaparvalueofGBP0.0002each GBP131,285

IssuedZARpreferenceshares2,275,940ZARpreferenceshareswithaparvalueofZAR0.001each(i.e.theRandPreferenceShares) ZAR2,276

Issuedspecialconvertingshares298,173,370specialconvertingshareswithaparvalueofGBP0.0002each GBP58,273

Issuednon-redeemable,non-cumulativenon-participatingpreferencesharesZeronon-redeemable,non-cumulativenon-participatingpreferenceshareswithaparvalueofEuros0.01each 0

Issuednon-redeemable,non-cumulativenon-participatingpreferenceshares15,081,149non-redeemable,non-cumulativenon-participatingpreferenceshareswithaparvalueofGBP0.01(i.e.theSterlingPreferenceShares) GBP150,811

Issuedspecialvotingshare1SpecialVotingsharewithaparvalueofGBP0.001 GBP0.001

IssuedUKDANshare1UKDANsharewithaparvalueofGBP0.001 GBP0.001

IssuedUKDASshares1UKDASshareswithaparvalueofGBP0.001 GBP0.001

Sharepremium GBP1,194,257

TheCompanydoesnotholdanysharesintreasury –

9. DIRECTORS’ RESPONSIBILITY STATEMENT

TheDirectors,whosenamesaresetoutontheinsidefrontcoverofthiscircular,collectivelyandindividuallyacceptfullresponsibilityfortheaccuracyoftheinformationgiveninthiscircularinrelationtoInvestecandcertifythat,tothebestoftheirknowledgeandbelief,nofactshavebeenomittedwhichwouldmakeanystatementinthiscircularfalseormisleading,thatallreasonableenquiriestoascertainsuchfactshavebeenmadeandthatthecircularcontainsallinformationrequiredbylawandthelistingrequirementsoftheJSE.

10. COSTS

Thecosts(exclusiveofValue-AddedTax)ofthePreferenceShareOffer.

Description

Estimated amount

(ZAR)

JSEdocumentationfees 21,000Printingandrelatedcosts 29,000J.P.Morgan(IndependentSponsor)fees 50,000

Total 100,000

11. LITIGATION STATEMENT

Therearenolegalorarbitrationproceedingswhichmayhave,orhavehadinthepast12months,amaterialeffectonthefinancialpositionoftheCompany.TheCompanyisnotawareofanyothersuchproceedingsthatarependingorthreatened.

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12. IMPACT OF THE FINANCIAL INFORMATION OF INVESTEC

ThePreferenceShareOfferwillbefundedfromcashreservesfollowingthesuccessfulcompletionofthePlacingannouncedon2June2016.

FollowingtheimplementationoftheEUCapitalRequirementsRegulationandtheEUCapitalRequirementsDirective,thePreferenceShareswillnotqualifyascompliantadditionaltier1capital.AssuchthePreferenceShareOffer,whentakentogetherwiththePlacing,isintendedtooptimisethecapitalbaseoftheCompanyandtheInvestecGroupbyincreasingthecapitalratiosoftheCompanyandtheInvestecGroup.

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Part IV

DEFINITIONS

“ Accepted Preference Shareholders”

hasthemeaninggiventoitintheparagraph3ofPartII;

“Aggregate Purchase Price” hasthemeaninggiventoitinparagraph3ofPartII;

“Bloomberg” BloombergL.P.;

“Business Day” aday(excludingSaturdaysandSundaysorpublicholidaysinEnglandandWalesandSouthAfrica)onwhichbanksgenerallyareopeninLondonandJohannesburgforthetransactionofnormalbusiness;

“ certificated” or “in certificated form”

ashareorothersecuritywhichisnotdematerialisedorinuncertificatedform;

“CISX” TheChannelIslandsStockExchangeLimited;

“Company” Investecplc;

“ Conditional Purchase Agreements”

eachoftheconditionalpurchaseagreementsenteredintobetween(i)InvestecplcandComputershareCompanyNomineesLimited(initscapacityastheUKShareSettlementNominee)andComputershareInvestorServicesPLC(asagentfor the UK Share Settlement Nominee) dated on or around the date of theTenderOfferMemorandum,and(ii)InvestecplcandComputershareNominees(Pty)Limited(initscapacityastheSAShareSettlementNominee)datedonoraroundthedateoftheTenderOfferMemorandum;

“CREST” therelevantsystem,asdefinedintheCRESTRegulations(inrespectofwhichEuroclearUKistheoperator,asdefinedintheCRESTRegulations);

“CREST member” a person who has been admitted to Euroclear UK as a system member(asdefinedintheCRESTRegulations);

“CREST participant” apersonwho is, inrelationtoCREST,asystemparticipant(asdefined in theCRESTRegulations);

“CREST Regulations” theUncertificatedSecuritiesRegulations2001(SI2001No.01/378),asamended;

“CSD” TheSouthAfricanshareandbondsettlementsystemcomprisingthedepositoryserviceandtheelectronicsettlementserviceoperatedbySTRATE;

“CSDP” CentralSecuritiesDepositoryParticipant;

“dematerialise” the incorporation of a share into the STRATE system, title to which is notrepresentedbyadocumentoftitleandwhichisrecordedinasub-registeroftheissuermaintainedbyaCSDPortheTransferSecretaryoftheissuer;

“Direct participant” eachpersonshownintherecordsofCRESTortheCSDastheregisteredholderofaPreferenceShare;

“Directors” the Executive and the Non-executive Directors of Investec plc and InvestecLimited;

“DLC Arrangements” hasthemeaninggiventoitinparagraph1ofPartIl;

“ EU Capital Requirements Directive”

Directive2013/36/EU.

“ EU Capital Requirements Regulation”

Regulation(EU)No575/2013oftheEuropeanParliamentandoftheCouncilof26June2013onprudentialrequirementsforcreditinstitutionsandinvestmentfirmsandamendingRegulation(EU)No648/2012;

“Euroclear” or “Euroclear UK” EuroclearUK&IrelandLimited,theoperatorofCREST;

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“Executive Directors” theexecutivedirectorsofInvestecplcandInvestecLimited;

“Expiration Deadline” 11:00 (London time) and 12:00 (Johannesburg) time on 26 July 2016 unlessotherwiseamended;

“GBP” or “Sterling”or“pence” thelawfulcurrencyoftheUK;

“General Meetings” hasthemeaninggiventoitinparagraph5ofPartII;

“Investec Group” theInvestecgroup,i.e.InvestecplcandInvestecLimitedtakentogether,andtheirsubsidiariesandsubsidiaryundertakings,fromtimetotime;

“Investec Limited” InvestecLimited,acompanyincorporatedunderthelawsofSouthAfricawithregistrationnumber1925/002833/06;

“ Investec Limited General Meeting”

thegeneralmeetingof InvestecLimited,tobeheldpursuanttotheNoticeofGeneralMeetingattachedtothiscircular;

“ Investec Limited Shareholders”

holdersofordinarysharesinInvestecLimited;

“Investec plc” Investecplc,acompanyincorporatedunderthelawsofEnglandandWaleswithregisteredundernumber3633621,withitsregisteredofficeat2GreshamStreet,LondonEC2V7QP;

“Investec plc General Meeting” thegeneralmeetingofInvestecplc,tobeheldpursuanttotheNoticeofGeneralMeetingattachedtothiscircular;

“Investec plc Shareholders” holdersofordinarysharesinInvestecplc;

“Joint Electorate Actions” actions in relation to matters affecting the shareholders of Investec plc andInvestecLimited insimilarwaysonwhichtheshareholdersofbothcompanieseffectivelyvotetogetherasasingledecision-makingbodyintermsoftheDLCArrangements;

“JSE” JSELimited,registrationnumber2005/022939/06,apubliccompanyincorporatedinSouthAfrica,licensedasasecuritiesexchangeintermsoftheSouthAfricanFinancialMarketsAct,19of2012;

“Last Practicable Date” Thelastpracticabledatepriortothepublicationofthiscircular,being14June2016;

“Non-executive Directors” thenon-executivedirectorsofInvestecplcandInvestecLimited;

“Notifying News Service” A recognised financial news service or services (e.g. Reuters/Bloomberg) asselectedbyInvestec;

“Offer” anoffervalidlymadetoInvestecplcbyaPreferenceShareholdertosellPreferenceShares forpurchase for cash (in an amount equal to theAggregatePurchasePrice)ontheSettlementDateinaccordancewithandpursuanttothetermsofthePreferenceShareOffer;

“Offer Period” hasthemeaninggiventoitintheparagraph2ofPartII;

“Ordinary Shares” or “Shares” theordinarysharesofGBP0.0002eachinthesharecapitalofInvestecplc;

“Placing” hasthemeaninggiventoitintheparagraph2ofPartII;

“Preference Share Offer” theinvitationbyInvestecplctoeachPreferenceShareholdertomakeanOffer;

“Preference Shareholders” theholdersofanyPreferenceShares;

“Preference Shares” theRandPreferenceSharesandtheSterlingPreferenceShares;

“Purchase Price” theSterlingPurchasePriceortheRandPurchasePrice,asapplicable;

“Rand Preference Shares” the non-redeemable, non-cumulative, non-participating preference shares ofZAR0.001eachinthecapitalofInvestecplc(ISIN:GB00B4B0Q974);

“Rand Preference Shareholder” aholderofanyRandPreferenceShares;

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“Rand Purchase Price” ZAR103.3887671perRandPreferenceShare;

TheRandPurchasePriceincludesanamountequaltoaccruedbutundeclaredandunpaiddividendsfrom1April2016uptotheexpectedSettlementDateforthePreferenceShareOffer;

“Registrar” ComputershareInvestorServicesPLC,acompanyincorporatedunderthelawsofEnglandandWaleswithregisterednumber3498808,withitsregisteredofficeat The Pavilions, Bridgwater Road, Bristol, BS13 8AE, United Kingdom theregistrarofInvestecplc;

“Resolution” The special resolution to be considered and, if thought fit, passed by theShareholdersattheGeneralMeetings;

“Results Announcement” hasthemeaninggiventoininparagraph4.1ofPartIII;

“RNS” theLondonStockExchange’sRegulatoryNewsService;

“SA Act” hasthemeaninggiventoitintheNoticeofGeneralMeetingofInvestecLimited;

“ SA Share Settlement Nominee”

ComputershareNominees(Pty)Limited,beingthesharesettlementnomineeinrelationonlytothe(i)RandPreferenceShares;and(ii)SterlingPreferenceSharesheldbySterlingPreferenceShareholderswho(x)holdtheirSterlingPreferenceSharesincertificatedformandareregisteredonthebranchregisterofSterlingPreferenceShareholdersinSouthAfricaand/or(y)holdtheirSterlingPreferenceSharesinSTRATE;

“SENS” TheStockExchangeNewsServiceoftheJSE;

“Settlement Date” the date on which Investec plc will pay, or procure the payment of, to eachrelevantPreferenceShareholdertherelevantAggregatePurchasePrice,whichdateisexpectedtobeonoraround3August2016;

“Share Settlement Deeds” eachof the Share SettlementDeeds entered into between (i) theUK ShareSettlement Nominee and the Company and (ii) the SA Share SettlementNomineeandtheCompany,pursuanttowhich,ineachcase,therelevantShareSettlementNomineewillholdthePreferenceSharesintrustforthePreferenceShareholders;

“Share Settlement Nominees” each of the UK Share Settlement Nominee and the SA Share SettlementNomineeactingpursuanttotherelevantShareSettlementDeedinrelationtothesettlementofthePreferenceShareOffer;

“ Settlement Nominee Preference Shares”

hasthemeaninggiventoitinparagraph1ofPartIII;

“Shareholder” aholderofordinarysharesinInvestecplcand/orInvestecLimited,asthecasemaybe;

“South Africa” or “SA” theRepublicofSouthAfrica;

“Sterling Purchase Price” GBP5.7509589perSterlingPreferenceShare;

TheSterlingPurchasePriceincludesanamountequaltoaccruedbutunpaiddividendsfrom1April2016uptotheexpectedSettlementDatefortheTenderOffer;

“Sterling Preference Shares” the non-redeemable, non-cumulative, non-participating preference shares ofGBP0.01eachinthecapitalofInvestecplc(ISIN:GB00B19RX541);

“ Sterling Preference Shareholder”

AholderofanySterlingPreferenceShares;

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“STRATE” Strate Proprietary Limited (registration number 1998/022242/07), a privatecompany incorporated in accordance with the laws of South Africa, and aregistered central securities depository responsible for the electronic custodyandsettlementsystemfortransactionsthattakeplaceontheJSEandoff-markettrades;

“Transfer Secretary” Computershare Investor Services (Pty) Limited (registration number2004/003647/07), a private company incorporated and registered in SouthAfrica,inaccordancewiththecompanylawsofSouthAfrica;

“Tender Offer Memorandum” theofferdocumentmadeavailabletoallPreferenceShareholders,subjecttothedistributionrestrictionsoutlined in it,onoraroundthedateofthiscircular inrespectofthePreferenceShareOffer;

“UK Companies Act” theUKCompaniesAct2006,asamended;

“ uncertificated” or“in uncertificated form”

recordedontherelevantregisteroftheshareorsecurityconcernedasbeingheldinuncertificatedforminCRESTandtitletowhich,byvirtueoftheCRESTRegulations,maybetransferredbymeansofCREST;

“United Kingdom” or “UK” theUnitedKingdomofGreatBritainandNorthernIreland;

“UK Share Settlement Nominee” Computershare Company Nominees Limited, being the share settlementnominee in relationonly to the Sterling Preference Shareswhich are held bySterlingPreferenceShareholderswho(i)holdtheirSterlingPreferenceSharesincertificated form and are registered on the register of Sterling PreferenceShareholdersintheUKand/or(ii)holdtheirSterlingPreferenceSharesinCREST;

“UK DAN Share” Dividendaccess(non-SouthAfricanresident)redeemableshare;

“UK DAS Share” Dividendaccess(SouthAfricanresident)redeemableshare;

“ZAR”or“Rand”or“cents” SouthAfricanRand,thelawfulcurrencyofSouthAfrica;and

“ZAR FX Rate” hasthemeaninggiventoitinparagraph3ofPartII.

.

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NOTICE OF GENERAL MEETING OF INVESTEC PLC

(Registrationnumber3633621)Sharecode:INVP|JSEsharecode:INP|ISIN:GB00B17BBQ5

This document is important and requires your immediate attention. If you are in any doubt as to the action you should take, you are recommended to obtain your own personal financial advice immediately from your stockbroker, bank manager, accountant or other independent professional adviser authorised under Part VI of the Financial Services and Markets Act, 2000.

If you have sold or otherwise transferred all your ordinary shares in Investec plc, please send this document together with the accompanying Form of Proxy at once to the relevant transferee or to the stockbroker, bank or other person through whom the sale or transfer was effected, for transmission to the relevant transferee.

NoticeisherebygiventhataGeneralMeetingofInvestecplcwillbeheldat11:00(Londontime)on20July2016,attheregisteredofficeofInvestecplcat2GreshamStreet,London,EC2V7QP,totransactthefollowingbusinessinrespectofInvestecplc.

INVESTEC PLC

To consider and, if deemed fit, to pass, with or without modification, the following special resolution of Investec plc(the “Resolution”):

Special Resolution: Off-market purchase of preference shares from Computershare Company Nominees Limited and Computershare Nominees (Pty) Limited

Resolved that,thetermsoftwoproposedagreementsbetween(1)InvestecplcandComputershareCompanyNomineesLimited and Computershare Investor Services PLC and (2) Investec plc and Computershare Nominees (Pty) Limited,providingforthepurchasebyInvestecplcoftheexisting:

• non-redeemable,non-cumulative,non-participatingpreferencesharesofGBP0.01eachinthecapitalofInvestecplc(ISIN:GB00B19RX541)atapriceofGBP5.7509589perpreferenceshare;and

• non-redeemable,non-cumulative,non-participatingpreferencesharesofZAR0.001eachinthecapitalofInvestecplc(ISIN:GB00B4B0Q974)atapriceofZAR103.3887671perpreferenceshare,

heldbyComputershareCompanyNomineesLimitedorComputershareNominees(Pty)Limited,asthecasemaybe,astrusteeonbehalfofholdersofsuchsecuritiesbeandareherebyapprovedandauthorisedforthepurposesofsection694oftheUKCompaniesAct,2006andotherwisebutsothatsuchapprovalandauthorityshallexpireon31May2021.

ThereasonforandeffectoftheResolutionistoapprovethePreferenceShareOfferasdescribedinthecirculartowhichthisNoticeofGeneralMeetingisattached.

InorderforthisResolutiontobegiveneffect,amajorityofatleast75%oftheaggregatevotesofallshareholders,actingasasingledecisionmakingbody,presentorrepresentedbyproxyattheGeneralMeetingsofInvestecplcandInvestecLimitedmustbecastinfavouroftheResolution.

ThedirectorsofInvestecplcconsidertheproposedResolutioncontainedinthisNoticeofGeneralMeetingtobeinthebestinterestsofInvestecplcanditsshareholdersandrecommendthatyouvoteinfavouroftheResolution,asthedirectorsofInvestecplcintendtodoinrespectoftheirownbeneficialholdings.

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Byorderoftheboard

Company SecretaryD Miller

London20June2016

Registered officeInvestecplc2GreshamStreetLondonEC2V7QP

Notes

1. TheaboveResolutionisajointelectorateactionundertheArticlesofAssociationofInvestecplcand,accordingly,boththeholdersofordinarysharesinInvestecplcandtheholderofthespecialvotingshareinInvestecplcareentitledtovote.VotingwillbeonapollwhichwillremainopenforsufficienttimetoallowtheInvestecLimitedgeneralmeetingtobeheldandforthevotesoftheholderoftheInvestecplcspecialvotingsharetobeascertainedandcastonapoll.

2. Onthepoll:

(a) eachfullypaidordinaryshareinInvestecplc(otherthanthosesubjecttovotingrestrictions)willhave1(one)vote;

(b) theholderoftheInvestecplcspecialvotingsharewillcastthesamenumberofvotesaswerevalidlycastforandagainsttheequivalentresolutionsbyInvestecLimitedshareholdersonthepollattheInvestecLimitedgeneralmeeting;

(c) theholderoftheInvestecplcspecialvotingsharewillbeobligedtocastthesevotesforandagainsttherelevantresolutionsinaccordancewiththevotescastforandagainsttheequivalentresolutionsbyInvestecLimitedshareholdersonthepollattheInvestecLimitedgeneralmeeting;

(d) throughthismechanism,thevotesoftheInvestecLimitedordinaryshareholdersattheInvestecLimitedgeneralmeetingwillbereflectedatInvestecplc’sgeneralmeetinginrespectofthejointelectorateaction;and

(e) theresultsofthejointelectorateactionwillbeannouncedafterbothpollshaveclosed.

3. Subject to the provisions under section 319Aof theUKCompaniesAct 2006, any shareholder attending themeeting has the right to askquestions.Ashareholderwhoisentitledtoattendandvoteatthegeneralmeetingisentitledtoappointoneormorepersonsashisorherproxytoexercisealloranyofhisorherrightstoattendandtospeakandvoteatthemeeting,providedthat,ifmorethanoneproxyisappointedbyashareholder,eachproxyisappointedtoexercisetherightsattachedtodifferentsharesheldbythatshareholder.AproxyneednotbeashareholderofInvestecplcorInvestecLimited.

4. Aformofproxyisenclosed.Theappointmentofaproxywillnotpreventashareholderfromsubsequentlyattendingandvotingatthemeetinginperson.TherighttoappointaproxydoesnotapplytopersonswhosesharesareheldontheirbehalfbyanotherpersonandwhohavebeennominatedtoreceivecommunicationsfromInvestecplcinaccordancewithsection146oftheUKCompaniesAct,2006(nominatedpersons).Nominatedpersonsmayhavearightunderanagreementwiththeregisteredshareholderwhoholdsthesharesontheirbehalftobeappointed(ortohavesomeoneelseappointed)asaproxy.Alternatively,ifnominatedpersonsdonothavesucharight,ordonotwishtoexerciseit,theymayhavearightundersuchanagreementtogiveinstructionstothepersonholdingthesharesastotheexerciseofvotingrights.

5. Tobeeffective,theinstrumentappointingaproxyandanypowerofattorneyorotherauthorityunderwhichitwasexecuted(oradulycertifiedcopyofany suchpowerorauthority)mustbe returnedsoas to reach Investecplc’s registrars,Computershare InvestorServicesPLC,ThePavilions,BridgwaterRoad,BristolBS996ZY,nolessthan48(forty-eight)hoursbeforethetimeforholdingthemeetingoradjournedmeeting.

6. Anycorporationwhichisashareholdercanappointoneormorerepresentativeswhoexerciseonitsbehalfallofitspowersasashareholderprovidedthattheydonotdosoinrelationtothesameshares.

7. Pursuanttoregulation41oftheUncertificatedSecuritiesRegulations2001,entitlementtoattendandvoteatthemeetingandthenumberofvoteswhichmaybecastthereatwillbedeterminedbyreferencetotheregisterofshareholdersofInvestecplcatcloseofbusinessonthedaywhichistwodaysbeforethedayofthemeetingorifthemeetingisadjourned,twodaysbeforethedatefixedfortheadjournedmeeting,asthecasemaybe.Changestoentriesontheregisterofshareholdersafterthattimeshallbedisregardedindeterminingtherightsofanypersontoattendandvoteatthemeeting.

8. Asof14June2016(thelatestpracticabledatepriortopublicationofthisnotice),Investecplc’sissuedordinarysharecapitalconsistsof656,424,689ordinarysharesofGBP0.0002each. Investecplcholds0(zero)ordinaryshares intreasury forvotingrightpurposesandthereforethetotalnumberofvotingrightsinInvestecplcare656,424,689.

9. Asof14 June2016(the latestpracticabledateprior topublicationof thisnotice) InvestecLimited’s issuedordinarysharecapitalconsistsof298,173,370ordinarysharesofR0.0002each.InvestecLimitedholds24,406,900ordinarysharesintreasuryandthereforethetotalnumberofvotingrightsinInvestecLimitedis273,766,470.

10. Investecplchasissued1(one)specialvotingshareandInvestecLimitedhasissuedspecialconvertibleredeemablepreferencesharestofacilitatejointvotingbyshareholdersofInvestecplcandInvestecLimitedonJointElectorateActions.Asof14June2016(thelatestpracticabledatepriortopublicationofthisnotice),thecombinedtotalnumberofvotingrightsofInvestecplcandInvestecLimitedis930,191,159.

11. CREST members who wish to appoint a proxy or proxies to attend and vote at the Investec plc meeting through the CREST electronicproxyappointmentservicemaydosobyusingtheproceduresdescribed intheCRESTmanual.CRESTpersonalmembersorotherCRESTsponsoredmembers,and thoseCRESTmemberswhohaveappointeda serviceprovider(s), should refer to theirCRESTsponsororvotingserviceprovider(s),whowillbeabletotaketheappropriateactionontheirbehalf.

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12. InorderforaproxyappointmentorinstructionmadeusingtheCRESTservicetobevalid,theappropriateCRESTmessage(aCRESTproxyinstruction)mustbeproperlyauthenticatedinaccordancewithEuroclearUK&IrelandLimited’sspecifications,andmustcontaintheinformationrequiredforsuchinstruction,asdescribedintheCRESTmanual(availableviawww.euroclear.com/CREST).Themessage,regardlessofwhetheritconstitutestheappointmentofaproxyorisanamendmenttotheinstructiongiventoapreviouslyappointedproxymust,inordertobevalid,betransmittedsoastobereceivedbyComputershareInvestorServicesPLC(ID3RA50)by11:00(Londontime)on18July2016.Forthispurpose,thetimeofreceiptwillbetakentobethetime(asdeterminedbythetimestampappliedtothemessagebytheCRESTApplicationHost)fromwhichComputershareInvestorServicesPLCisabletoretrievethemessagebyenquirytoCRESTinthemannerprescribedbyCREST.AfterthistimeanychangeofinstructionstoproxiesappointedthroughCRESTshouldbecommunicatedtotheappointeethroughothermeans.

13. CRESTmembersand,whereapplicable, theirCRESTsponsors,orvotingserviceprovidersshouldnotethatEuroclearUK&IrelandLimiteddoesnotmakeavailablespecialproceduresinCRESTforanyparticularmessage.Normalsystemtimingsandlimitationswill,therefore,applyinrelationtotheinputofCRESTProxyInstructions.ItistheresponsibilityoftheCRESTmemberconcernedtotake(or,iftheCRESTmemberisaCRESTpersonalmember,orsponsoredmember,orhasappointedavotingserviceprovider,toprocurethathisCRESTsponsororvotingserviceprovider(s)take(s))suchactionasshallbenecessarytoensurethatamessageistransmittedbymeansoftheCRESTsystembyanyparticulartime.Inthisrespect,CRESTmembersand,whereapplicable,theirCRESTsponsorsorvotingsystemprovidersarereferred,inparticular,tothosesectionsoftheCRESTmanualconcerningpracticallimitationsoftheCRESTsystemandtimings.

14. InvestecplcmaytreatasinvalidaCRESTproxyinstructioninthecircumstancessetoutinregulation35(5)(a)oftheUncertificatedSecuritiesRegulations2001.

15. Acopyofthisnotice,andotherinformationrequiredbysection311AoftheUKCompaniesAct2006,canbefoundatwww.investec.

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NOTICE OF GENERAL MEETING OF INVESTEC LIMITED

(Registrationnumber1925/002833/06)Sharecode:INL|ISIN:ZAE000081949

NoticeisherebygiventhataGeneralMeetingofInvestecLimitedwillbeheldat12:00(Johannesburgtime)on20July2016,attheregisteredofficeofInvestecLimitedat100GraystonDrive,Sandown,Sandton2196,RepublicofSouthAfricato:

• dealwithsuchbusinessasmaylawfullybedealtwithatthemeeting;and

• consider,and,ifdeemedfit,pass,withorwithoutmodification,thespecialresolutionsetouthereunder.

Kindlynotethatintermsofsection63(1)oftheSouthAfricanCompaniesAct,No71of2008,asamended(the“SA Act”),meetingparticipants(includingproxies)willberequiredtoprovidereasonablesatisfactoryidentificationbeforebeingentitledtoparticipateinorvoteatthegeneralmeeting.Formsofidentificationthatwillbeacceptedincludeoriginalandvalididentitydocuments,driver’slicencesandpassports.

Record dates and proxies

• Intermsofsection59(1)(a)and(b)oftheSAAct,theboardofthecompanyhassettherecorddateforthepurposeofdeterminingwhichshareholdersareentitledto:

– receivenoticeof the generalmeeting (being thedateonwhich a shareholdermustbe registered in thecompany’ssecuritiesregister inordertoreceivenoticeofthegeneralmeeting)asatcloseofbusinesson10June2016;and

– participateinandvoteatthegeneralmeeting(beingthedateonwhichtheshareholdermustberegisteredinthecompany’ssecuritiesregister inordertoparticipate inandvoteatthegeneralmeeting)ascloseofbusinesson18July2016.

INVESTEC PLC

Toconsiderand, ifdeemedfit,topass,withorwithoutmodification,thefollowingspecialresolutionof Investecplc(the“Resolution”):

Special resolution: Off-market purchase of preference shares from Computershare Company Nominees Limited and Computershare Nominees (Pty) Limited

Resolved that,thetermsoftwoproposedagreementsbetween(1)InvestecplcandComputershareCompanyNomineesLimited and Computershare Investor Services PLC and (2) Investec plc and Computershare Nominees (Pty) Limited,providingforthepurchasebyInvestecplcoftheexisting:

• non-redeemable,non-cumulative,non-participatingpreferencesharesofGBP0.01eachinthecapitalofInvestecplc(ISIN:GB00B19RX541)atapriceofGBP5.7509589perpreferenceshare;and

• non-redeemable,non-cumulative,non-participatingpreferencesharesofZAR0.001eachinthecapitalofInvestecplc(ISIN:GB00B4B0Q974)atapriceofZAR103.3887671perpreferenceshare,

heldbyComputershareCompanyNomineesLimitedorComputershareNominees(Pty)Limited,asthecasemaybe,astrusteeonbehalfofholdersofsuchsecuritiesbeandareherebyapprovedandauthorisedforthepurposesofsection694oftheUKCompaniesAct,2006andotherwisebutsothatsuchapprovalandauthorityshallexpireon31 May 2021.

ThereasonforandeffectoftheResolutionistoapprovethePreferenceShareOfferasdescribedinthecirculartowhichthisNoticeofGeneralMeetingisattached.

InorderforthisResolutiontobegiveneffect,amajorityofatleast75%oftheaggregatevotesofallshareholders,actingasasingledecisionmakingbody,presentorrepresentedbyproxyattheGeneralMeetingsofInvestecplcandInvestecLimitedmustbecastinfavouroftheResolution.

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ThedirectorsofInvestecLimitedconsidertheproposedResolutioncontainedinthisNoticeofGeneralMeetingtobeinthebestinterestsofInvestecLimitedanditsshareholdersandrecommendthatyouvoteinfavouroftheResolution,asthedirectorsofInvestecLimitedintendtodoinrespectoftheirownbeneficialholdings.

Byorderoftheboard

Company SecretaryN Van Wyk

Sandton20June2016

Registered office

c/oCompanySecretarialInvestecLimited100GraystonDriveSandown2196POBox785700Sandton2146RepublicofSouthAfrica

Notes

1. Electronicparticipation

Shareholdersentitledtoattend,participateinandvoteatthegeneralmeetingorproxiesofsuchshareholdersshallbeentitledtoparticipateinthegeneralmeeting(butnotvote)byelectronicparticipation.Shouldashareholderwishtoparticipateinthemeetingbyelectronicparticipation,theshareholderconcernedshouldadvise thecompany thereofbysubmittingvia registeredmail addressed to thecompany (for theattentionof thecompanysecretary,InvestecLimited,POBox785700,Sandton2146SouthAfrica)relevantcontactdetails,aswellasfulldetailsoftheshareholder’stitletothesharesissuedbythecompanyaccompaniedbyproofofidentity,intheformofcertifiedcopiesofidentitydocumentsandsharecertificates(in the caseof certificated shares) and (in the caseofdematerialised shares)written confirmation from the shareholder’sCSDPconfirming theshareholder’stitletothedematerialisedshares)toreachthecompanybynolaterthan12:00on18July2016.Uponreceiptoftherequiredinformationbythecompany,theshareholderconcernedwillbeprovidedwithasecurecodeandinstructionstoaccesstheelectronicparticipationduringthegeneralmeeting.Shareholdersmustnotethataccesstotheelectronicparticipationwillbeattheexpenseoftheshareholderswhowishtoutilisethefacility.Asvotingwillnotbeenabledthroughelectronicparticipation,shareholdersarerequestedtosubmittheirproxies(or,inthecaseofholdersofdematerialisedshares,theirvotinginstructions)asdirectedinthisnotice.

2. Proxies

• Shareholderswhohavenotdematerialisedtheirsharesorwhohavedematerialisedtheirshareswith‘own-name’registration,andwhoareentitledtoattend,participateinandvoteatthegeneralmeeting,areentitledtoappointoneormorepersonsastheirproxytoexercisealloranyoftheirrightstoattend,speakandvoteintheirstead,providedthat,ifmorethanoneproxyisappointedbyashareholder,eachproxyisappointedtoexercisetherightsattachedtodifferentsharesheldbythatshareholder.

• Aproxyneednotbeashareholderandshallbeentitledtovoteonashowofhandsorpoll.Thepersonwhosenamestandsfirstontheformofproxyandwhoispresentatthegeneralmeeting,willbeentitledtoactasproxytotheexclusionofwhosenamesfollow.Shouldaproxynotbespecified,thiswillbeexercisedbythechairmanofthemeeting.

• Itisrequestedthatformsofproxyandanypowerofattorneyorotherauthorityunderwhichitisexecuted(oradulycertifiedcopyofanysuchpowerorauthority)beforwardedsoastoreachthetransfersecretariesinSouthAfricabynolaterthan48(forty-eight)hoursbeforethecommencementofthegeneralmeetingoradjournedmeeting.

• Shareholderswhohavenotdematerialisedtheirsharesorwhohavedematerialisedtheirshareswith‘own-name’registration,andwhoareentitledtoattend,participateinandvoteatthegeneralmeeting,andwhodonotdeliverformsofproxytothetransfersecretariesinSouthAfricabytherelevanttime,willneverthelessbeentitledtolodgetheformofproxyinrespectofthegeneralmeetingimmediatelypriortotheexercisingoftheshareholders’rightsatthegeneralmeeting,inaccordancewiththeinstructionstherein,withthechairmanofthegeneralmeeting.

• Shareholderswhohavedematerialisedtheirshares,otherthanthoseshareholderswhohavedematerialisedtheirshareswith‘own-name’registration,shouldcontacttheirCSDPorbrokerinthemannerandwithinthetimestipulatedintheagreemententeredintobetweenthemandtheirCSDPorbroker:

– tofurnishthemwiththeirvotinginstructions;or

– intheeventthattheywishtoattendthegeneralmeeting,toobtainthenecessaryletterofrepresentationtodoso.

3. TheaboveResolutionisajointelectorateactionundertheMemorandumofIncorporationofInvestecLimitedandaccordingly,boththeholdersofordinarysharesinInvestecLimitedandtheholdersofthespecialconvertibleredeemablepreferencesharesinInvestecLimitedareentitledtovote.VotingwillbeonapollwhichwillremainopenforsufficienttimetoallowtheInvestecplcgeneralmeetingtobeheldandforthevoteoftheholderoftheInvestecLimitedspecialconvertibleredeemablepreferencesharestobeascertainedandcastonapoll.

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4. Onthepoll:

• eachordinaryshareinInvestecLimited(otherthanthosesubjecttovotingrestrictions)willhave1(one)vote;

• theshareholderoftheInvestecLimitedspecialconvertibleredeemablepreferenceshareswillcastthesamenumberofvotesaswerevalidlycastforandagainsttheequivalentresolutionattheInvestecplcgeneralmeeting;

• theshareholderoftheInvestecLimitedspecialconvertibleredeemablepreferenceshareswillbeobligedtocastthesevotesforandagainsttherelevantresolution inaccordancewiththevotescast forandagainsttheequivalentresolutionby InvestecplcordinaryshareholdersonthepollattheInvestecplcgeneralmeeting;

• throughthismechanism,thevotesoftheInvestecplcordinaryshareholdersattheInvestecplcgeneralmeetingwillbereflectedatInvestecLimited’sgeneralmeetinginrespectofeachjointelectorateaction;and

• theresultsofthejointelectorateactionwillbeannouncedafterbothpollshaveclosed.

5. Aformofproxyisenclosed.Theappointmentofaproxywillnotpreventashareholderfromsubsequentlyattendingandvotingatthemeetinginperson.

6. TherecorddateforthepurposesofdeterminingwhichshareholderswillbeentitledtoparticipateinandvoteatthemeetingandthenumberofvoteswhichmaybecastthereatwillbedeterminedbyreferencetoInvestecLimited’ssecuritiesregisteratcloseofbusinesson18July2016or,if themeetingisadjourned,48(forty-eight)hoursbeforethetimefixedfortheadjournedmeeting,asthecasemaybe.

7. Anycorporationwhichisashareholdercanappointoneormorerepresentativeswhoexerciseonitsbehalfallofitspowersasashareholderprovidedthattheydonotdosoinrelationtothesameshares.

8. Asof14June2016(thelatestpracticabledatepriortopublicationofthisnotice)Investecplc’sissuedordinarysharecapitalconsistsof656,424,689ordinarysharesofGBP0.0002each. Investecplcholds0(zero)ordinaryshares intreasury forvotingrightpurposesandthereforethetotalnumberofvotingrightsinInvestecplcis656,424,689.

9. Asof14 June2016(the latestpracticabledateprior topublicationof thisnotice) InvestecLimited’s issuedordinarysharecapitalconsistsof298,173,370ordinarysharesofR0.0002each. InvestecLimitedholds24,406,900ordinaryshares intreasuryandthereforethetotalnumberof votingrightsinInvestecLimitedis273,766,470.

10. Investecplchas issued1(one)specialconvertingshareand InvestecLimitedhas issuedspecialconvertibleredeemablepreferencesharestofacilitatejointvotingbyshareholdersofInvestecplcandInvestecLimitedonjointelectorateactions.Asof14June2016(thelatestpracticabledatepriortopublicationofthisnotice)thecombinedtotalnumberofvotingrightsofInvestecplcandInvestecLimitedis930,191,159.

11. Acopyofthisnoticecanbefoundatwww.investec.com.

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22 PRINTEDBYINCE(PTY)LTD REF.JOB010709

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Investec Limited(Registrationnumber1925/002833/06)

JSEsharecode:INL|ISIN:ZAE000081949BSEsharecode:INVESTEC

NSXsharecode:IVD

INVESTEC LIMITED FORM OF PROXY

Form of Proxy

Only for use by shareholders who have not dematerialised their Investec Limited shares or who have dematerialised their shares and selected ‘own name’ registration with Computershare’s CSDP.

ForusebyInvestecLimitedshareholderswhohavenotdematerialisedtheirsharesorwhohavedematerialisedtheirInvestecLimitedsharesbutwith‘ownname’registrationattheInvestecLimitedgeneralmeetingtobeheldat12:00(Johannesburgtime)on20July2016attheregisteredofficeofInvestecLimited,100GraystonDrive,Sandown,Sandton,SouthAfrica.

ShareholderswhohavedematerialisedtheirInvestecLimitedsharesmustinformtheirCentralSecuritiesDepositoryParticipants(CSDP)orbrokeroftheirintentiontoattendtheInvestecLimitedgeneralmeetingandrequesttheirCSDPorbrokertoissuethemwiththenecessarylettersofrepresentationtoattendorprovidetheirCSDPorbrokerwiththeirvotinginstructionsshouldtheynotwishtoattendtheInvestecLimitedgeneralmeetinginperson.

I/We(printname(s)infull)

of(fulladdress)

Telephonenumber: Cellphonenumber:

Emailaddress:

beingholder(s)of ordinarysharesofR0.0002each

doherebyappoint

1. orfailinghim/her

2. orfailinghim/her

orfailingthem,thechairmanofthemeetingasmy/ourproxytovoteforme/usandonmy/ourbehalfatthegeneralmeetingofInvestecLimitedtobeheldon20July2016at12:00(Johannesburgtime)andatanyadjournmentthereof.

In favour of Against Abstain

Investec Limited

Special business: Investec plc

1 Specialresolution:Off-marketpurchaseofpreferencesharesfromComputershareCompanyNomineesLimitedandComputershareNominees(Pty)Limited

Signature: Date:

Ashareholderentitledtoattendandvoteatthegeneralmeetingisentitledtoappointaproxy(whoneednotbeashareholderofthecompany)toattend,and,onapoll,tovoteinhisplace.Theresolutionistobedecidedonapollandashareholderorhisproxyshallhaveonevoteforeveryshareheld.

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Notes and summary of rights under section 58 of the South African Companies Act, No 71 of 2008, as amended

1. A shareholder entitled to attend and vote at the general meeting is entitled to appoint any one or more individuals (who need not be ashareholderofthecompany)asaproxytoattend,speakand,onapoll,tovoteinhisplaceatthegeneralmeeting,providedthat,ifmorethanoneproxyisconcurrentlyappointedbyashareholder,eachproxyisappointedtoexercisetherightsattachingtodifferentsharesheldbythatshareholder.Suchshareholdermayinsertthenameofaproxyorthenamesoftwoalternativeproxiesoftheshareholder’schoiceinthespaceprovided,withorwithoutdeleting‘thechairmanofthemeeting’,providedthatanysuchdeletionmustbesignedinfullbytheshareholder.Thepersonwhosenamestandsfirstontheformsofproxyandwhoispresentatthegeneralmeetingwillbeentitledtoactasproxytotheexclusionofthosewhosenamesfollow.Shouldaproxynotbespecified,thiswillbeexercisedbythechairmanofthegeneralmeeting.

2. Theresolutionistobedecidedonapollandashareholderorhisproxyshallhaveonevoteforeveryshareheld.Youarenotobligedeithertocastallyourvotesortocastallyourvotesinthesameway.Pleaseinstructyourproxyhowtovotebyeither:

(i) marking theappropriateboxwithan“X”next toeachresolution, inwhichevent theproxywill castall yourvotes in themannersospecified;or

(ii) settingoutthenumberofvotestobecastineachbox(i.e. infavourofand/oragainstand/orbywayofabstention)inrespectofeachresolutionprovidedthat,ifforanyresolutiontheaggregatenumberofvotestobecastwouldexceedthetotalnumberofsharesheld,youwillbedeemedtohavegivennospecificinstructionastohowyouwishyourproxytovoteinrespectofthatresolution.

Yourproxywillhavediscretiontovoteinrespectofyourtotalholdingonanyresolutiononwhichyouhavenot(oraredeemednottohave)givenspecificinstructionastohowtovoteand,unlessinstructedotherwise,onanybusinesswhichmayproperlycomebeforethemeeting.

3. Thedatemustbefilledinonthisformofproxywhenitissigned.

4. Ifyouaresigninginarepresentativecapacity,whetherforanotherpersonorforanorganisation,then,inorderforthisformtobevalid,youmustincludeapowerofattorneyorotherwrittenauthoritythatauthorisesyoutosign(oracertifiedcopyofsuchpowerorauthority).

5. Inthecaseofacompany,theformsofproxyshouldeitherbesealedbythecompanyorsignedbyadirectororanauthorisedsignatory(andtheprovisionsofparagraph4shallapplytosuchauthorisedsignatory).

6. Inthecaseofjointholdersonlyoneneedstosign.Ifmorethanonejointholdervotes,whetherinpersonorbyproxy,onlythemostseniorshareholderwhorendersavote,whetherinpersonorbyproxy,willbecounted.Forthispurpose,seniorityisdeterminedbytheorderinwhichshareholders’namesappearintheregisterforthatshare.

7. Anyalterationorcorrectionmadetothisformofproxymustbeinitialledbythesignatoryorsignatories.

8. Aminormustbeassistedbyhis/herparent/guardianandtherelevantdocumentaryevidenceestablishinghis/herlegalcapacitymustbeattachedtothisformofproxyunlesspreviouslyrecordedbythecompanyorwaivedbythechairmanofthegeneralmeeting.

9. Thechairmanofthegeneralmeetingmayrejectoracceptanyformsofproxywhichiscompletedand/orreceivedotherthanincompliancewiththesenotes.

10. Thereturnofthisformofproxywillnotpreventyoufromattendingthemeetingandvotinginperson.

11. Aproxymaynotdelegatehis/herauthoritytoactonbehalfoftheshareholder,toanotherperson.

12. Theappointmentofaproxyorproxies:

(a) is suspended at any time to the extent that the shareholder chooses to act directly and in person in the exerciseof any rights as ashareholder;

(b) isrevocableinwhichcasetheshareholdermayrevoketheproxyappointmentby:

(i) cancellingitinwritingormakingalaterinconsistentappointmentofaproxy;and

(ii) deliveringacopyoftherevocationinstrumenttotheproxyandtothecompany.

13. Shouldtheinstrumentappointingaproxyorproxieshavebeendeliveredtothecompany,aslongastheappointmentremainsineffect,anynoticethatisrequiredbytheSouthAfricanCompaniesAct,2008,orthecompany’sMemorandumofIncorporationtobedeliveredbysuchcompanytotheshareholder,mustbedeliveredbysuchcompanyto:

(a) theshareholder;or

(b) theproxyorproxies, iftheshareholderhasdirectedthecompanytodosoinwritingandhaspaidanyreasonablefeechargedbythecompanytordoingso.

14. The proxy appointment remains valid only until the end of the relevant meeting at which it was intended to be used, unless revoked ascontemplatedinsection58(5)oftheSouthAfricanCompaniesAct,2008.

15. Itisrequestedthatthisformofproxybedepositedatthecompany’stransfersecretaries:

ComputershareInvestorServices(Pty)Limited70MarshallStreetJohannesburg,2001POBox61051.Marshalltown2107

nolaterthan12:00(Johannesburgtime)on18July2016.