Commentary & Deal Flow

Book Update: Books €1.25bn+
IPTs: 6.5NC5.5: MS+150a

• Issuer: Investec plc
• LEI: 2138007Z3U5GWDN3MY22
• Ticker: INVPLN
• Issuer Rating: Baa1 (Positive Outlook) (Moody’s)
• Expected Issue Rating: Baa1 (Moody’s)
• Form: Registered (not NSS)
• Status: Senior Notes
• Size: €500m “no-grow”
• Settle: 21-Apr-26 (T+5)
• Maturity Date: 21-Oct-32
• Optional Redemption Date: 21-Oct-31
• Reset Coupon: If not redeemed on the Optional Redemption Date, coupon resets to 1 year MS+[●]bps, Annual ACT/ACT ICMA
• Interest Payment Dates: First short coupon on 21-Oct-26, thereafter 21 October in each year, commencing on 21-Oct-27
• Day Count Fraction: ACT/ACT (ICMA)
• Business Day Convention: Following, unadjusted
• Business Days: London, T2
• IPTs: MS+150 bps area
• Issuer Call Option: Subject to certain pre-conditions specified in Condition 5(m), giving not less than 15 nor more than 30 days’ irrevocable notice, and the receipt of any required supervisory consent, the Notes may be redeemed in whole (but not in part) at par at the option of the Issuer on the First Resettable Note Reset Date
• Clean-up Call: Condition 5(h) of the Base Prospectus – Applicable (in whole but not in part), subject to giving not less than 30 nor more than 60 days’ irrevocable notice, with the Relevant Percentage being 25%
• Redemption for Taxation Reasons: Subject to certain pre-conditions specified in Condition 5(m), Condition 5(c) of the Base Prospectus – tax call at par (in whole but not in part) subject to giving not less than 30 nor more than 60 days’ irrevocable notice
• Redemption upon Loss Absorption Disqualification Event: Subject to certain pre-conditions specified in Condition 5(m), Condition 5(e) of the Base Prospectus – Applicable (in whole but not in part) subject to giving not less than 30 nor more than 60 days’ irrevocable notice
• Substitution & Variation: Condition 5(o) of the Base Prospectus – Applicable (in whole but not in part), following a Tax Event or Loss Absorption Disqualification Event
• Docs: Investec plc Euro Medium Term Note Programme Base Prospectus dated 12-Jan-26 (the “Base Prospectus”)
• Listing / Law / Denoms: London Stock Exchange Main Market / English law / €100k+1k
• Target Market: Manufacturer target market (MiFID II/ UK MiFIR product governance) is eligible counterparties & professional clients only (all distribution channels). No EU PRIIPs key information document (KID) has been prepared as not available to retail in the EEA and no UK PRIIPs key information document(KID)/CCI product summary has been prepared as not available to retail in the UK
• Use of Proceeds: The net proceeds from the issue of the Notes will be used for the general financing purposes of the Issuer, including (without limitation) the downstreaming of funds to Investec Bank plc in the form of an internal MREL instrument
• ISIN / Common Code: XS3310444156 / 331044415
• Joint Lead Managers: BofA Securities (B&D), HSBC, J.P. Morgan and Standard Chartered
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in respect of the placement of the Notes. Details of the fee may be made available on request to investors participating in the transaction
• Selling Restrictions: As per the EMTN Programme Base Prospectus – Reg S, Category 2; TEFRA not applicable. Canada – offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Timing: Books open, today's business
• Advertisement: This announcement is an advertisement for the purposes of the Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. The Base Prospectus is, and the Final Terms will be, when published, available on the website of the London Stock Exchange (http://www.londonstockexchange.com)