Annual report 2026

growth

Investing for long-term

ANNUAL REPORT 2026

Investec Limited Group and Company annual financial statements

Page references

Refers readers to information elsewhere in this report.

Website

Indicates that additional information is available on our website: https://www.investec.com

Group sustainability

Refers readers to further information in the Investec Group's 2026 integrated

sustainability report which is published and available on our website: https://www.investec.com

Feedback

We value feedback and invite questions and comments on our reporting. To give feedback please contact our Investor Relations division.

For queries regarding information in this document:

Investor relations

Tel: (27) 11 291 0178

(44) 20 7597 5504

Email: ir@investec.com

www.investec.com/en_za/ welcome-to-investec/about-us/ investor-relations.html

Reporting standard

Denotes our consideration of a reporting standard.

Audited information

Denotes information in the risk and remuneration reports that forms part of the Group's audited annual financial statements.

Investec Limited

Group and Company annual financial statements 2026

CO N TE N TS

Our business at a glance 4

Investec's operational footprint 6

Overview of the Investec Group's and Investec Limited's

organisational structure 8

Overview of the activities of Investec Limited 9

INL Audit Committee report 13

Directors' report 22

Independent auditor's report to the shareholders of Investec Limited 28

Income statements 39

Statements of total comprehensive income 40

Balance sheets 41

Statements of changes in equity 42

Cash flow statements 45

Accounting policies 46

Notes to the financial statements 62

Additional risk information 165

01

Operational and strategic overview

02

INL Audit Committee report

03

Audited annual financial statements

05

Additional information

04 Shareholder analysis Shareholder Analysis 172

Additional information 176

Glossary 181

Corporate information 183

1

01 Operational and strategic overview

Investec Limited

Group and Company annual financial statements 2026

Operational and strategic overview

Our purpose is to create enduring worth.

This underpins who we are and how we create long-term sustainable value.This section provides an overview of Investec Limited.

01 2

01 Operational and strategic overview

Investec Limited

Group and Company annual financial statements 2026

IN THIS SECTION

4 Our business at a glance

6 Investec's operational footprint

1. Overview of the Investec Group's and Investec Limited's organisational structure

2. Overview of the activities of Investec Limited

3

01 Operational and strategic overview

Investec Limited

Group and Company annual financial statements 2026

O U R B U SI N E SS A T A G LA N CE

‌Our purpose is to

create enduring

Investec Group's mission

Investec is a distinctive bank and wealth manager, driven by commitment to our purpose, values, core philosophies and culture. We deliver exceptional service to our clients in the areas of banking and wealth management, striving to create long-term value for

all our stakeholders and contributing meaningfully to our people, communities and the planet.

worth

Our distinction

The Investec distinction is embodied in our entrepreneurial culture, supported by a strong risk management discipline, client-centric approach and an ability to be nimble, flexible and innovative. We do not seek to

be all things to all people. Our aim is to build well-defined, value-adding businesses focused on serving the needs of select market niches where we can compete effectively and build scale and relevance.

Our unique positioning is reflected in our iconic brand, our high-touch and high-tech approach and our positive contribution to society, macroeconomic stability and the environment. Ours is a culture that values purposeful thinking and stimulates extraordinary performance. We take pride in the strength of our leadership team and our people are empowered and committed to our values and culture.

Corporate / Institutional / Government / Intermediary

Private Clients (High Net Worth / High Income) / Charities / Trusts

Specialist Banfiing

Corporate & Investment Banking, Private Banking

Lending Transactional banking Treasury solutions Advisory

Investment activities Deposit raising activities

Wealth G Investment

Discretionary wealth management Investment advisory services Financial planning

Stockbroking

4

01 Operational and strategic overview

Investec Limited

Group and Company annual financial statements 2026

O U R B U SI N E SS A T A G LA N CE

CO N TI N U E D

Our responsibility

Our purpose to 'create enduring worth' is inseparable from being a sustainable business - is rooted in the belief that our contribution to society and the planet should be an integral part of our business rather than a peripheral consideration. Our sustainability strategy is built on the understanding that our business should actively contribute to the betterment of society and our planet.

Carbon neutral

in our own operations for the past seven years

0.09%

Coal exposure as a % of loans and advances

Our values

Deep client partnerships, built on trust and Out of the Ordinary service, are the bedrock of our business

We uphold cast-iron integrity in all our dealings, consistently displaying moral strength

We seek creative, talented people with passion, energy and stamina, who collaborate unselfishly

We thrive on change and challenge the status quo with courage, constantly innovating and adapting to an ever-changing world

We believe in open and honest dialogue to test decisions, seek consensus and accept responsibility

We pursue diversity and strive to create an environment in which everyone can bring their whole selves

We show care for people, support our colleagues and respect the dignity and worth of the individual

We are committed to living in society, not off it, contributing meaningfully to the communities in which we operate

We embrace our responsibility to the environment

and the wellbeing of our planet

We trust our people to exercise their judgement, promoting entrepreneurial flair and freedom to operate with risk consciousness and unwavering adherence to our values

Our investment proposition

5

I N V E STE C' S O P E R A TI O N A L F O O TP R I N T

‌Investec Group's international footprint

Since inception, Investec has expanded through a combination of substantial organic growth and a series of strategic acquisitions. Our focus today is on growth in our chosen markets.

• Countries in which we operate

  Wealth & Investment Activities
  
  

Private Client Banking Activities

Business & Commercial Banking / Corporate Banking Activities Corporate & Investment Banking Activities

USA

Energy and Infrastructure Finance, Fund Solutions, Aviation Finance and Institutional Equities business providing research and sales activities

Ireland

Treasury Risk Solutions and Institutional Equities business

United Kingdom

Corporate, institutional and private client banking activities

Wealth management services offered through our long-term strategic partnership with Rathbones

Continental Europe Investment banking activities including M&A advisory and corporate lending

Channel Islands

Private banking, lending and treasury services to private clients and financial intermediaries

Custody and Execution-only services through our independent nominee company

Wealth management services offered through our long-term strategic partnership with Rathbones

I N V E STE C' S O P E R A TI O N A L F O O TP R I N T CO N TI N U E D

South Africa

Commercial, corporate, institutional and private client banking activities

Wealth and investment management services with the ability to leverage off the global platform

Switzerland

Private banking and Wealth management services offered to private clients, family offices, trusts and corporate service providers

Corporate lending activities

Dubai International Finance Centre (DIFC)

Advisory and arranging services in private banking, wealth and investment management, as well as corporate and investment banking

Mauritius

Corporate, institutional and private client banking activities

Wealth management services

India

Institutional equities business providing research, sales and trading activities

Sales desk located in Singapore for Indian equities to Singaporean institutional investors

Merchant banking business connecting Indian companies with domestic and international investors

Investment management services in structured credit and other products

O V E R V I E W O F TH E I N V E STE C G R O U P ' S A N D I N V E STE C LI M I TE D ' S O R G A N I SA TI O N A L STR U CTU R E

‌Operating structure

Investec Limited, which houses our Southern African operations, has been listed in South Africa since 1986.

During July 2002, Investec Group Limited (since renamed Investec Limited) implemented a dual listed companies (DLC) structure and listed its offshore business on the London Stock Exchange (LSE).

In terms of the DLC structure, Investec Limited is the holding company of our businesses in Southern Africa and Investec plc is the holding company of our non-Southern African businesses. Investec Limited is listed on the Johannesburg Stock Exchange Limited (JSE) (since 1986) and Investec plc is listed on the LSE (since 2002).

In March 2020, the Asset Management business was demerged and separately listed as Ninety One plc on the LSE and Ninety One Limited on the JSE.

All references in this report to the Group relate to Investec Limited, whereas references to Investec, Investec Group or DLC relate to the combined DLC Group comprising Investec plc and Investec Limited.

A circular on the establishment of our DLC structure was issued on 20 June 2002 and is available on our website.

Further information on the demerger can be found on our website.

How we are structured

41.25% economic interest

Southern African operations

Investec Limited

JSE primary listing NSX* secondary listing BSE* secondary listing A2X secondary listing

LSE primary listing JSE secondary listing

A2X secondary listing

Non-Southern African operations

Investec plc

* NSX - Namibian stock exchange; BSE - Botswana stock exchange.

All shareholdings in the ordinary share capital of the subsidiaries shown are 100%.

Salient features of the DLC structure

Investec plc and Investec Limited are separate legal entities and listings, but are bound together by contractual agreements and mechanisms.

• Investec Group operates as if it is a single unified economic enterprise

• Shareholders have common economic and voting interests as if Investec plc and Investec Limited were a single company

• Creditors, however, are ring-fenced to either Investec plc or Investec Limited as there are no cross-guarantees between the companies.

  O V E R V I E W O F TH E A CTI V I TI E S O F I N V E STE C LI M I TE D

  ‌Specialist banfiing

Our specialist teams are well positioned to provide solutions to meet private, business, corporate and institutional clients' needs. Each business provides specialised products and services to defined target markets.

What mafies us distinct?

• Voted 'Best Private Bank & Wealth Manager'

  by London's Financial Times - 13 years in a row (2013 to 2025)

• High-quality specialist banking solutions to private and corporate clients with leading positions in selected areas

• Provision of high-touch personalised service with the ability to execute quickly

• Ability to leverage international, cross-border platforms

• Well positioned to capture opportunities between the developed and the emerging world

• Strong ability to originate, manufacture and distribute products and services

• Balanced business model with good business depth and breadth.

  Private client banfiing activities

  High-income and high net worth private clients

  Helping our clients create and preserve wealth

  Corporate, investment banfiing and other activities

  Corporates/government/institutional clients

  A highly valued partner and adviser to our clients

  Private Banfiing Corporate and Investment Banfiing Business and Commercial Banfiing

  • Transactional banking

  • Lending

  • Property finance

  • Savings

  • Life assurance and investment products.

  • Specialised lending

  • Treasury and trading solutions

  • Institutional research, sales and trading

  • Fixed income, currency and commodities (FICC)

  • Principal investments

  • Property development and investment

  • Advisory

  • Debt and Equity Capital Markets.

  • Transactional Banking

  • Finance

  • Import Solutions

  • Forex

  • Cash Investments

  • Insurance.

    Natural linkages between the private client and corporate business
    
    

    Group Investments

We have separated these assets from our core banking activities to make a more meaningful assessment of the underlying performance and value of the franchise businesses, while providing transparency over the standalone values of the assets classified as Group Investments.

The assets include a 36.4% stake in Bud Group Holdings, 9.8% held in Burstone Group Limited and other unlisted equity investments.

Investec Wealth G Investment International (IWGII) specialises in managing the wealth of high net worth individuals, families and institutional clients across South Africa and key international markets, as part of Investec's integrated Private Client ecosystem.

What mafies us distinct?

• Purpose aligned to creating enduring worth, living in, not off society, embedded across our client proposition, including tailored philanthropy advisory

• Integrated "One Investec" ecosystem, enabling our clients to seamlessly bank and invest locally and internationally through a single, connected platform and client relationship

• Capital-light, annuity-driven revenue model, generating scalable, recurring income and supporting the sustainability of Investec's earnings

• Continued international recognition for wealth management capability, client service and use of technology

• Access to a broad and expanding international investment universe, supported by our globally integrated investment process and local client proximity

• Deep, advice-led client relationships, combining high-touch engagement with digital enablement to support long-term client retention and entrenchment

• Strong investment performance and track record supported by a rigorous global investment process and deep expertise

• Access to unique alternative investment opportunities alongside holistic advice across tax, fiduciary and estate planning services.

Our global and holistic approach to wealth management enables our clients to navigate the complexities of being global citizens whilst achieving their wealth and investment management goals.

Our offering is built on enduring client relationships and international investment expertise, with wealth management acting as a long-term relationship anchor within Investec's Private Client franchise.

We apply a disciplined and rigorous investment approach, ensuring the optimal allocation of our clients' funds across local and international markets. We have a responsibility to preserve and grow the wealth that is entrusted to us over the long term.

Our fund range provides access to a diversified spectrum of local and international investment opportunities, supported by the depth of our investment process.

R610bn R535bn

Sustainability is embedded within our investment approach through the integration of environmental, social and governance (ESG) considerations and active stewardship. As a signatory to the United Nations Principles for Responsible Investment (PRI), we recognise the interconnected nature of our business, the economy, the environment and society.

Investec has established investment operations in Switzerland, Mauritius, the United Kingdom and South Africa, providing global reach across developed and emerging marfiets and enabling cross-border client solutions.

The Group manages approximately R610 billion of client assets globally.

IW&II South Africa manages approximately R535 billion of assets.

02 INL Audit Committee Report Investec Limited

Group and Company annual financial statements 2026

INL Audit Committee report

02 11

02 INL Audit Committee Report Investec Limited

Group and Company annual financial statements 2026

IN THIS SECTION

13 INL Audit Committee report

12

02 INL Audit Committee Report Investec Limited

Group and Company annual financial statements 2026

I N L A U D I T CO M M I TTE E R E P O R T

‌Diane Radley

Chair of the INL Audit Committee

"Guiding internal control evolution in a rapidly changing AI world."

Introduction and vote of thanks

I am pleased to present the Investec Limited Audit Committee (the Committee) report for the financial year ended 31 March 2026. The Committee has fulfilled its responsibilities in accordance with its Terms of Reference and in compliance with relevant laws and regulations, including but not limited to the South African Banks Act of 1990; South African Companies Act of 2008 as amended; King Report on Corporate Governance of 2016 (King IVTM); JSE Listings Requirements; and the JSE Debt and Specialist Securities Listings Requirements.

Role of the Committee

The main role of the Committee is to provide independent challenge and oversight across the Investec Limited's financial results, as well as over the disclosure of relevant financial and non-financial information. In doing so, the Committee evaluates the adequacy and effectiveness of accounting policies and satisfies itself that significant estimates and judgements made by management in preparing the financial results are sound and reasonable.

Additionally, the Committee conducts a comprehensive evaluation of the control environment and assurance mechanisms related to both financial reporting and accounting, determining their effectiveness in promoting accurate and dependable disclosures. The Committee maintains oversight of the external and internal audit functions, safeguarding quality, efficiency, and independence. It also addresses any concerns raised internally or externally regarding the implementation of accounting principles and external reporting standards.

The Committee continuously engages with PricewaterhouseCoopers Inc, Deloitte & Touche independently of management.

External and Internal audit quality

In 2026, an evaluation of the external auditors' performance was undertaken to assess their objectivity and the effectiveness of the audit process. Key members of the finance team and business leaders provided input into the evaluation which was reviewed by the Committee with no material concerns.

Investec's Internal Audit (IA) maintains a comprehensive internal Quality Assurance (QA) function, supported by a QA improvement programme encompassing all aspects of IA activities. This framework facilitates ongoing evaluation of the department's effectiveness in alignment with the Institute of Internal Auditors (IIA) Standards and Code of Practice, as well as adherence to documented policies and procedures that ensure compliance with the ethical requirements of the IIA Code of Ethics and all relevant legal and regulatory obligations.

In accordance with Global IA Standards, the IA function must undergo an external review by a qualified and independent assessor or assessment team at least once every five years. The function was last reviewed by Ernst & Young during the 2025 financial year, with the overall assessment concluding that the activities of Investec IA "generally conforms" to the IIA Professional Practice of Internal Auditing - the highest possible rating. The Committee has congratulated the IA team on this strong result. In 2026, an annual assessment of the IA function was conducted internally by the Committee, which concluded that it was operating effectively and independently.

With respect to the Investec Limited structure, the Committee is responsible for overseeing and evaluating matters related to the audit of the Group. It addresses issues pertinent to Investec Limited, collaborating closely with the Audit Committees of Investec Wealth & Investment International, Investec Life Ltd

13

02 INL Audit Committee Report Investec Limited

Group and Company annual financial statements 2026

I N L A U D I T CO M M I TTE E R E P O R T CO N TI N U E D

and Investec Bank Ltd as well as their respective subsidiaries. Committee members attend subsidiary Audit Committee meetings, participate in sessions with the DLC IT Risk and Governance Committee (ITRGC) and the DLC Board Risk and Capital Committee (BRCC), and provide regular feedback to the Committee.

Key Committee responsibilities include:

• Overseeing and ensuring the integrity of the Group's reporting process, including the effectiveness of financial and other internal control systems and financial reporting processes. We further assess the Group's compliance with applicable legal, sustainability, regulatory and accounting standards and disclosure requirements

• Satisfying itself that significant estimates and judgements made by management in reporting the Group's financial results are appropriate and reasonable

• Providing independent oversight of the Group's assurance functions with a focus on combined assurance, including external audit, internal audit, risk, regulatory compliance and financial control functions

• Reviewing internal audit independence and effectiveness

• Monitoring the independence and objectivity of the external audit function and the effectiveness of the external audit process as well as reviewing the appropriateness of the Group's relationship with external audit and approving its remuneration

• Approving all non-audit services provided by external audit and monitoring compliance with the non-audit service policy as approved by the Committee.

The Committee's terms of reference can be found at https://www.investec.com.

Committee composition and attendance

The Committee is composed of independent non-executive directors, each possessing the necessary financial literacy and skills in addition to expertise in banking and financial services. In August 2025, Louisa Stephens was appointed to the Committee following her appointment as a non-executive director to the Investec Limited Board and I look forward to her contribution. Vivek Ahuja, who was appointed to the Committee in May 2025, stepped down from this role in January 2026 following his appointment as Chair of Investec Bank plc. Having reached nine years of service with the Group, Brian Stevenson did not make himself available for re-election to the Board at the 2025 Annual General Meeting (AGM) and resultingly resigned from the Committee. I would like to thank Brian and

Members

Two meetings

Audit Quality Sessions - external and internal audit

Approval of the 2025 year-end financial results

Governance meeting - approval of Combined Assurance Framework

Review of Finance Function and Finance Director

Approval of the 2025 annual report and annual financial statements

Provided assurance over sustainability reporting

Approval of regulatory returns

Two meetings

Governance meeting - oversight of assurance activities, financial results and approval of External Audit plan

Trilateral meeting with regulator Two meetings

Approval of the 2025 interim financial results

Governance meetings - oversight of assurance activities, financial results and training on changes to ECL modelling

Governance meeting - oversight of assurance activities, financial results and approval of Internal Audit plan

2026

March

Oct

Nov

Aug

Sept

June

2025

May

Meetings attended/ Eligible to attend

Vivek for their contributions to the Committee.

The Group CE, Group FD, Group COO, Group CRO, Heads of Internal Audit, Chief Tax Officer, the Group Head of Finance and the External Auditors are all permanent invitees at Committee meetings.

The Committee held ten meetings during the year, including the annual Trilateral meeting with the South African Prudential Authority which aims to provide feedback on key external and internal audit findings.

Diane Radley (Chair) 10/10

Vivek Ahuja1 8/9

Vanessa Olver 10/10

Louisa Stephens2 7/7

Brian Stevenson3 3/3

1. Vivek Ahuja was appointed as a member of the Committee effective 6 May 2025 and stepped down as a member of the Committee from 29 January 2026.

2. Louisa Stephens was appointed as a member of the Committee effective 21 August 2025

3. Brian Stevenson was appointed as a member of the Committee effective 26 July 2024 and stepped down as a member of the Committee from

08 August 2025.

Further details of the experience of the members can be found in their biographies in the Investec Group's 2026 integrated and strategic annual report.

14

I N L A U D I T CO M M I TTE E R E P O R T CO N TI N U E D

Principal areas of focus Key matters

Key matters are those areas of focus that, in the view of the Committee, are material in nature - requiring significant exercise of judgement - and that may be subjective or complex from an accounting or auditing perspective.

The following key matters were the focus of the Committee during the 2026 financial year:

Key matter What we did

I N L A U D I T CO M M I TTE E R E P O R T CO N TI N U E D

Execution of responsibilities

Responsibility What we did

I N L A U D I T CO M M I TTE E R E P O R T CO N TI N U E D

Responsibility What we did

I N L A U D I T CO M M I TTE E R E P O R T CO N TI N U E D

Responsibility What we did

I N L A U D I T CO M M I TTE E R E P O R T CO N TI N U E D

External audit

Non-audit services

Our policy on non-audit services was developed to safeguard auditor objectivity and independence.

Total fees paid for the financial year ended 31 March 2026 amounted to R219 million (2025: R195 million), of which

R5 million (2025: R3.9 million) related to the provision of non-audit services. The non-audit services related to those required to be provided by the external auditor, such as regulatory audits and work to be performed as reporting accountant. Non-audit fees were pre-approved by the Chair of the Committee prior to every assignment.

Total Fees (Rm)

195

219

142

158

240

200

160

120

80

40

0

2023 2024 2025 2026

Auditor independence, objectivity and audit quality

The Committee thoroughly assessed audit quality at both the engagement and firm levels, including audit effectiveness, independence and rotation requirements across all jurisdictions where the Group operates.

In its review of audit quality and independence, the Committee undertook a comprehensive feedback process which. After due evaluation, the Committee is confident that the safeguards it has implemented are sufficient to ensure the objectivity and effectiveness of the audit process, as well as the independence of PricewaterhouseCoopers Inc. and Deloitte & Touche.

The Committee reviewed the External Auditors' report, focusing specifically on the key audit matters and opinion. Closed meetings were held with the External Auditors to address any areas of concern, discuss their working relationship with Management, and evaluate the effectiveness of the finance function. No material concerns were identified.

Re-election of auditors

The Board and the Committee are recommending the reappointment of PricewaterhouseCoopers Inc. and Deloitte & Touche, as joint auditors of Investec Ltd, at the AGM in August 2026 for the financial year ending 31 March 2027. The Committee confirms its satisfaction with the performance and quality of the External Audit function, the External Audit firms and the engagement partners.

Focus for the 2026/2027 financial year

In addition to fulfilling its key responsibilities in line with its Terms of Reference, the Committee will be focusing on:

• Continued focus on the significant judgements and estimates that influence the financial performance and position of the Group

• Review of the output of the Financial Control Framework which embeds key controls and ensures internal control processes remain relevant in a changing world

• Oversight of the revision process for the Combined Assurance model, ensuring the effective functioning of the Group's financial systems and processes are monitored by a relevant and refreshed model

• Challenging management on key IT general control risks and increasing levels of automation in the financial reporting areas. Focus will be applied to the use of AI and related controls.

  Conclusion

  The Committee affirms that it has effectively discharged its responsibilities and positively contributed to the Group's governance framework. It remains committed to upholding the highest standards in financial reporting integrity and internal control environments.

  
  
  

  Diane Radley

  Chair, Investec Limited Audit Committee

  12 June 2026

  03 Annual financial statements Investec Limited

  Group and Company annual financial statements 2026

  Audited annual financial statements

  Our performance is a testament to the continued execution of our strategy. This section contains Investec Limited's annual financial statements.

  03 20

  03 Annual financial statements Investec Limited

  Group and Company annual financial statements 2026

  IN THIS SECTION

  22 Directors' report

  28 Independent auditors' report to the shareholders of Investec Limited

  1. Income statements

  2. Statements of total comprehensive income

  3. Balance sheets

  4. Statements of changes in equity

  45 Cash flow statements

  46 Accounting policies

  62 Notes to the financial statements

  165 Additional unaudited risk information

  21

  
  
  

  D I R E CTO R S' R E P O R T

  ‌The directors' report for the year ended 31 March 2026 comprises pages 22 to 27 of this report, together with the sections of the annual report incorporated by reference.

  The directors' report deals with the requirements of Investec Limited.

  The following matters have been included in the strategy section on pages 28 to 37 of the Investec Group's 2026 integrated and strategic annual report, as the Board considers them to be of strategic importance.

  • Future business developments (detailed throughout the strategic report)

  • Risk disclosures on pages 4 and 101 of the Investec Group's 2026 risk and governance report

  • Information on how the directors have considered the interests of the Investec Group's stakeholders and how it has addressed such, on pages 40 to 51 of the Investec Group's 2026 integrated and strategic annual report.

    
    
    

    For information on the corporate governance of the Investec Group, refer to the corporate governance sections of the Investec Group's 2026 integrated and strategic annual report and the Investec Group's 2026 risk and governance report.

    Directors
    
    

    The directors' biographies are provided on pages 143 to 146 of the Investec Group's 2026 integrated and strategic annual report.

    Changes to the composition of the Board during the year and up to the date of this report are shown in the table below:

    Effective date of

    For information on compliance with King IVTM, please refer to page 147 of the Investec Group's 2026 integrated and strategic annual report.

    Debt Officer

    Laurence Adams currently serves as the Debt Officer of Investec Limited (serving from 27 November 2020).

    In compliance with the JSE Debt and Specialist Securities Listings Requirements, the Board of Investec Limited has considered and is satisfied with the competence, qualifications and experience of the Debt Officer.

    Induction, training and development

    The Chair leads the training and development of directors and the Board.

    A comprehensive development programme operates throughout the year, and comprises both formal and informal training and information sessions.

    On appointment to the Board, all directors receive comprehensive induction which is tailored to the new director's individual requirements. The induction schedule is designed

    to provide the new director with an understanding of how Investec Limited works and the key issues it faces.

    The Company Secretary consults the Chair when designing an induction schedule, giving consideration to the particular needs of the new director. When a director joins a Board committee, the schedule includes an induction to the operations of that committee.

    Directors and their interests
    
    

    The director's shareholdings and options to acquire shares are detailed in the Investec Group's 2026 remuneration report.

    Departures

    Role

    departure/appointment

    Directors' conflicts of interest

    Brian Stevenson Non-Executive Director 7 August 2025

    Appointment

    Vivek Ahuja Non-Executive Director 6 May 2025 Nkululeko Sowazi Non-Executive Director 8 June 2026 Louisa Stephens Non-Executive Director 21 August 2025

    Philip Hourquebie will reach nine years of service with the Group and accordingly will not stand for re-election at the 2026 AGMs of the Group. Stephen Koseff has also indicated that he will not be standing for re-election at the 2026 AGM.

    Company Secretary

    The Company Secretary of Investec Limited is Niki van Wyk.

    The Company Secretary is professionally qualified and has gained experience over many years. Her performance is evaluated by the Board during the annual Board evaluation process. She is responsible for the flow of information to the Board and its committees, and for ensuring compliance with Board procedures. All directors have access to the advice and services of the Company Secretary, whose appointment and removal are a Board matter.

    In compliance with the King IVTM, the Companies Act No 71 of 2008, as amended (Companies Act) and the JSE Listings Requirements, the Board has considered and is satisfied that the Company Secretary is competent and has the relevant qualifications and experience.

    Investec Limited has procedures in place for managing conflicts of interest. Should a director become aware that they, or any of their connected parties, have an interest in an existing or proposed transaction with Investec Limited, they are required to notify the Board immediately or at the next Board meeting. Internal controls are in place to ensure that any related party transactions involving directors, or their connected parties, are conducted on an arm's length basis. Directors have

    a continuing duty to update any changes to their declarations.

    Directors' and officers' liability insurance

    Investec Limited maintains directors' and officers' liability insurance which provides appropriate cover for any potential legal action brought against its directors.

    Directors' remuneration

    
    
    

    Details of directors' remuneration are detailed in the Investec Group's 2026 remuneration report.

    D I R E CTO R S' R E P O R T CO N TI N U E D

    Change of control

    The Articles of Association of Investec plc and the Memorandum of Incorporation of Investec Limited ensure that a person cannot make an offer for one Company without

    having made an equivalent offer to the shareholders of both companies on equivalent terms.

    Pursuant to the terms of the agreements establishing the DLC structure, if either Investec plc or Investec Limited serves written notice on the other at any time after either party becomes a subsidiary of a third party, or after both Investec plc and Investec Limited become subsidiaries of a third party, the agreements establishing the DLC structure will terminate.

    All of Investec Limited's share plans contain provisions relating to a change of control. Outstanding awards and options would normally vest and become exercisable on a change of control and, where applicable, subject to the satisfaction of any performance conditions at that time.

    Powers of directors

    The Board manages the business of Investec Limited under the powers set out in the Memorandum of Incorporation of Investec Limited, which include the ability of directors to issue or buy back shares. Directors were granted authority to issue and allot shares and to buy back shares at the 2025 AGM. Shareholders will be asked to renew this authority at the 2026 AGM.

    Contracts
    
    

    Details of contracts with directors can be found on pages 20 to 21 of the Investec Group's 2026 remuneration report.

    Authorised and issued share capital

    Details of the share capital are set out in notes 44 and 48 of the Investec Limited 2026 annual financial statements.

    Investec Limited repurchased and cancelled 4 660 807 (2025: nil) of its ordinary shares as part of its approved share repurchase programme during the financial year ended

    31 March 2026, representing 1.58% (2025: nil) of the issued share capital. The ordinary shares remaining in issue following these repurchases amount to 290 464 999 (2025:

    295 125 806).

    Investec Limited repurchased 1 578 410 (2025:nil) non-redeemable noncumulative non-participating preference shares, representing 6.355% (2025: nil) of the issued share capital as at the date of the current general authority.

    Repurchases of the preference shares were pursuant to, and in accordance with, the general authority granted to Investec Limited by its shareholders at the AGM held on 7 August 2025 and approved by the South African Prudential Authority. The preference shares remaining in issue following these repurchases amount to 23 257 433 (2025: 24 835 843) shares. The delisting of 87 600 non-redeemable non-cumulative non-participating preference shares, which formed part of the last tranche of repurchased shares occurred post 31 March 2026. Prior to this delisting the issued share capital was 23 345 033.

    As at 31 March 2026, Investec Limited held 35 989 925 (2025:

    37 374 364) shares in treasury, and 65 541 154 Investec plc

    shares (2025: 50 920 312). The maximum number of shares held in treasury by Investec Limited during the period under review was 38 036 906 (2025: 42 635 751) shares.

    Investec Limited also purchased 14 620 843 (2025: nil) of Investec plc's ordinary shares during the financial year ended 31 March 2026 representing 2.10% of the issued share capital. These shares are being held exclusive of voting rights in treasury.

    Ordinary dividends

    An interim dividend of 396 cents (2024: 380 cents) per ordinary share was declared to shareholders registered on 13 December 2025 and was paid on 30 December 2025.

    The directors have proposed a final dividend to shareholders registered on 21 August 2026, of 472 cents (2025: 484 cents) per ordinary share, which is subject to the approval by the members of Investec Limited at the AGM that is scheduled

    to take place on 6 August 2026; if approved, this will be paid on 15 September 2026.

    Preference dividends

    Non-redeemable, non-cumulative, non-participating preference shares

    Preference dividend number 42 for the period 1 April 2025 to 30 September 2025, amounting to 419.05246 cents per share (2024: 457.56459 cents), was declared to shareholders holding preference shares registered on 28 November 2025 and was paid on 3 December 2025.

    Preference dividend number 43 for the period 1 October 2025 to 31 March 2026, amounting to 400.19590 cents per share (2025: 435.83160), was declared to shareholders holding preference shares registered on 21 August 2026 to be paid on 26 August 2026.

    Redeemable cumulative preference shares

    Dividends amounting to R530 995 936.84 (2024:

    R312 657 917.90) were paid on the redeemable cumulative preference shares.

    Going concern

    In adopting the going concern basis for preparing the consolidated and separate financial statements, the directors have considered Investec Limited's business model, strategy and performance and risks in achieving its objectives are set out on pages 16 to 19, pages 28 to 39 and pages 93 to 111 of the Investec Group's 2026 integrated and strategic annual report. The directors have performed a robust assessment of Investec Limited's financial forecasts across a range of scenarios over a 12-month period from the date the financial statements are authorised for issue. Based on these, the directors confirm that they have a reasonable expectation that Investec Limited, as a whole, has adequate resources to continue in operational existence for the 12 months from the date the financial statements are authorised for issue. The directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing the accompanying consolidated and separate financial statements.

    D I R E CTO R S' R E P O R T CO N TI N U E D

    Social and Ethics Committee (SEC)

    The Board of Investec Limited has delegated the duties of the SEC as set out in the Companies Act, to the DLC SEC.

    
    
    

    Further details of the role, responsibilities, membership and activities of the DLC SEC are set out on pages 109 to 113 of the Investec Group's 2026 risk and governance report.

    Sustainability report
    
    

    For information on our approach to social, environmental and ethical matters, refer to the Investec Group's 2026 integrated sustainability report which is published and made available on our website https://www.investec.com

    Nominations and Directors' Affairs Committee (Nomdac)

    The Board of Investec Limited has delegated the duties of the Directors' Affairs Committee as set out in the Banks Act, to the DLC Nomdac.

    
    
    

    Further details of the role, responsibilities, membership and activities of the DLC Nomdac are set out on pages 104 to 108 of the Investec Group's 2026 risk and governance report.

    Remuneration Committee

    The Board of Investec Limited has delegated the duties of the Remuneration Committee as set out in the Banks Act, to the DLC Remuneration Committee.

    
    
    

    Further details of the role, responsibilities, membership and activities of the DLC Remuneration Committee are set out on page 13 of the Investec Group's 2026 remuneration report.

    Audit Committee

    The Audit Committee, comprising of independent non-executive directors, meet regularly with senior management, the external auditors, operational and IT risk, internal audit, compliance and the finance division to consider the integrity of financial reporting, the nature and scope of the internal and external audit reviews and the effectiveness of our risk and control systems, taking note of the key deliberations of the subsidiary Audit Committees as part of the process.

    
    
    

    Further details on the role, responsibilities and activities of the Investec Limited Audit Committee are set out on pages 13 to 19 of this report.

    Independent auditor and audit information

    Each director at the date of approval of this report confirms that, so far as the director is aware, there is no relevant audit information of which Investec Limited's auditors are unaware and each director has taken all steps that he or she ought to have taken as a director to make himself or herself aware of any relevant audit information and to establish that Investec Limited's auditors are aware of that information.

    Deloitte & Touche and PricewaterhouseCoopers Inc. have indicated their willingness to continue in office as joint auditors of Investec Limited.

    The Board having satisfied itself as to their independence and effectiveness, has proposed a resolution to re-appoint

    Deloitte & Touche and PricewaterhouseCoopers Inc., as joint auditors of Investec Limited, at the AGM scheduled to take place on 6 August 2026.

    Major shareholders
    
    

    The largest shareholders of Investec Limited are shown on pages 174 and 175 of this report

    Special resolutions

    At the AGM held on 7 August 2025, the following special resolutions were passed in terms of which:

• A renewable authority was granted to Investec Limited and any of its subsidiaries to acquire its own ordinary shares in terms of the provisions of the Companies Act (No. 71 of 2008) of South Africa

• A renewable authority was granted to Investec Limited and any of its subsidiaries to acquire its own preference shares in terms of the provisions of the South African Companies Act

• A renewable authority was granted to Investec Limited to provide financial assistance in order to comply with the provisions of Sections 44 and 45 of the Companies Act

• A renewable authority was granted to Investec Limited to approve the directors' remuneration in order to comply with the provisions of Sections 65(11)(h), 66(8) and 66(9) of the Companies Act.

Diversity and inclusion

Our diversity and inclusion framework has a sense of belonging for all our people, irrespective of difference, as its goal. We aim to make Investec a place where it is easy to be yourself. It is a responsibility we all share and is integral to our purpose and values as an organisation. We recognise that a diverse and inclusive workforce is essential to our ability to be an innovative organisation that can adapt and prosper

in a fast-changing world.

Investec's approach is to recruit and develop based on aptitude and attitude, with the deliberate intention to build a diverse workforce, which represents the population of the relevant jurisdiction and reflects its clients. Our recruitment strategies actively seek difference, engaging with minority groups, females and people with disabilities. Investec is committed to being an equal opportunity employer. In accordance with our policies and practices, and relevant International Labour Organisation (ILO) conventions and legislation, we do not tolerate any form of discrimination based on gender, gender reassignment, race, ethnicity, religion, belief, age, disability, nationality, political opinion, sensitive medical conditions, pregnancy, maternity, civil partnership and sexual orientation. People with different abilities are an essential part of a diverse talent pool and every effort is made to facilitate an accessible environment for all.

Empowerment and transformation

Investec recognises that economic growth and societal transformation is vital to creating a sustainable future for all the communities in which it operates, and that as a financial services provider, it plays a critical role in enabling this.

Further information is provided in the Investec Group's 2026 Integrated sustainability report.

D I R E CTO R S' R E P O R T CO N TI N U E D

Political donations and expenditure

Investec Limited did not make any political donations in the financial year ended 31 March 2026 (2025: Nil).

Subsidiary and associated companies

Details of principal subsidiary and associated companies are detailed in the Investec Group's 2026 annual financial statements.

Significant transaction

There were no significant transactions to note during the year.

Refer to note 37 of the Annual Financial statements.

Restatements

Various restatements were processed during the year.

Refer to note 58 of the annual financial statements.

Events after the relevant reporting date

Refer to note 59 of the Investec Group's 2026 annual financial statements.

Signed on behalf of the Board of Investec Limited

Philip Hourquebie

Group Chair

12 June 2026

Fani Titi

Group Chief Executive

12 June 2026

D I R E CTO R S' R E P O R T CO N TI N U E D

Directors' responsibilities

The following statement, which should be read in conjunction with the auditor's reports set out on pages 28 to 171, is made with a view to distinguishing for shareholders the respective responsibilities of the directors and of the auditors in relation to the accounts.

The directors are required by the South African Companies Act to prepare financial statements for each financial year. The annual financial statements were prepared in accordance with IIFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB).

In preparing the financial statements the directors are required to:

• Select suitable accounting policies in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and then apply them consistently

• Make judgements and accounting estimates that are reasonable and prudent

• Present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information

• Provide additional disclosures when compliance with the specific requirements in IFRS Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on Investec Limited's financial position and financial performance

• In respect of the Investec Limited financial statements, state whether the accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements

• In respect of the holding Company financial statements, state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements

• Prepare the financial statements on the going concern basis unless it is appropriate to presume that the Company and/or Investec Limited Group will not continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain Investec Limited's transactions and disclose with reasonable accuracy at any time the financial position of Investec Limited and enable them to ensure that the Company and the Investec Limited consolidated financial statements comply with South African Companies Act. They are also responsible for safeguarding the assets of Investec Limited and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Under applicable law and regulations, the directors are also responsible for preparing a strategic report, directors' report, directors' remuneration report and corporate governance statement that comply with such laws and regulations.

The directors are accountable for the maintenance and integrity of certain corporate and financial information on the Company's website. Investor Relations, Company Secretarial and Group Sustainability are respectively responsible for the maintenance and integrity of the general corporate, financial, governance, and sustainability-related information as well as any obligations to the various exchanges of Investec Group and its principal subsidiaries on the Investec website.

With regard to specific corporate information, processes are in place within the business units and at a Group level to ensure that all information published on the website is substantively correct, accurate and in line with corporate governance and compliance requirements. Group Marketing and various divisions are responsible for the above.

Directors' responsibility statement

The directors, whose names are set out on pages 143 to 146 of the Investec Group's 2026 integrated and strategic annual report confirm to the best of their knowledge that:

• The consolidated financial statements, prepared in accordance with IFRS Accounting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole

• The annual report, including the strategic report (as contained in the Investec Group's 2026 integrated and strategic annual report), includes a fair review of the development and performance of the business and the position of the Company and undertakings, included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face

• They consider that the annual report, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position, performance, business model

and strategy.

D I R E CTO R S' R E P O R T CO N TI N U E D

Chief Executive's and Group Finance Director's responsibility statement

Each of the directors, whose names are stated below, hereby confirm that:

• The annual financial statements set out on pages 24 to 38, fairly present in all material respects the financial position, financial performance and cash flows of the issuer in terms of IFRS

• To the best of our knowledge and belief, no facts have been omitted or untrue statements made that would make

  the annual financial statements false or misleading

• Internal financial controls have been put in place to ensure that material information relating to the issuer and its consolidated subsidiaries has been provided to effectively prepare the financial statements of the issuer

• The internal financial controls are adequate and effective and can be relied upon in compiling the annual financial statements, and we have fulfilled our role and function as executive directors with primary responsibility for implementation and execution of controls

• Where we are not satisfied, we have disclosed to the Audit Committee and the auditors any deficiencies in design and operational effectiveness of the internal financial controls, and have taken steps to remedy the deficiencies; and

• We are not aware of any fraud involving directors.

  ‌Signed by the Chief Executive Officer and the Financial Director

  
  
  

  Fani Titi Nishlan Samujh

  Group Chief Group Financial

  Executive Director

  12 June 2026 12 June 2026

  Financial results

  The results of Investec Limited are set out in the annual financial statements and accompanying notes for the year ended 31 March 2026.

  The preparation of these results were supervised by the Group Finance Director, Nishlan Samujh CA(SA).

  Approval of annual financial statements

  The directors' report and the annual financial statements of the Company and the Group, which appear on pages 22 to 171 of this report, were approved by the Board of Directors on 12 June 2026.

  Signed on behalf of the Board of Investec Limited

  
  
  

  Philip Hourquebie

  Group Chair

  12 June 2026

  
  
  

  Fani Titi

  Group Chief Executive

  12 June 2026

  Declaration by the Company Secretary

  In terms of Section 88(2)(e) of the Companies Act, I hereby certify that, to the best of my knowledge and belief, Investec Limited has lodged with the Companies and Intellectual Property Commission, for the financial year ended

  31 March 2026, all such returns and notices as are required in terms of the Companies Act and that all such returns and notices are true, correct and up to date.

  
  
  

  Niki van Wyk

  Company Secretary

  12 June 2026

  I N D E P E N D E N T A U D I TO R S' R E P O R T TO TH E SH A R E H O LD E R S O F I N V E STE C LI M I TE D

  ‌To the Shareholders of Investec Limited Report on the audit of the consolidated financial statements

  Our Opinion

  In our opinion, the consolidated financial statements of Investec Limited (the Company) and its subsidiaries (together the Group) for the year ended 31 March 2026 are prepared, in all material respects, in accordance with the basis of accounting described in the "Basis of preparation" note to the consolidated financial statements.

  What we have audited

  Investec Limited's consolidated financial statements set out on pages 39 to 169, comprise:

• the consolidated balance sheet as at 31 March 2026;

• the consolidated income statement for the year then ended;

• the consolidated statement of total comprehensive income for the year then ended;

• the consolidated statement of changes in equity for the year then ended;

• the consolidated cash flow statement for the year then ended; and

• the notes to the financial statements, which include a summary of significant accounting policies but excluding the sections marked as 'unaudited' in notes 61 and 62.

  Basis for opinion

  We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the consolidated financial statements section of our report.

  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

  Independence

  We are independent of the Group in accordance with the Independent Regulatory Board for Auditors' Code of Professional Conduct for Registered Auditors (IRBA Code), as applicable to audits of financial statements of public interest entities, and other independence requirements applicable to performing audits of financial statements in South Africa. We have fulfilled our other ethical responsibilities in accordance with the IRBA Code and in accordance with other ethical requirements applicable to performing audits in South Africa. The IRBA Code is consistent with the corresponding sections of the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards).

  Emphasis of matter - basis of accounting

  We draw attention to the basis of accounting described in the "Basis of preparation" note disclosed in the accounting policies to the consolidated financial statements, which describes the basis of accounting. The consolidated financial statements are prepared in accordance with the Group's own accounting policies to satisfy the financial information needs of the Company's shareholders. As a result, the consolidated financial statements may not be suitable for another purpose. Our opinion is not modified in respect of this matter.

  Our audit approach

  In terms of the IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of Public Interest Entities, published in Government Gazette No. 49309 dated 15 September 2023 (EAR Rule), we report final materiality and group audit scope below.

  Final materiality

  The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements.

  Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the final materiality for the consolidated financial statements as a whole set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate on the consolidated financial statements as a whole.

  Consolidated financial statements

  Final materiality R565 million

  How we determined it 5% of profit before taxation

  Rationale for the materiality benchmark applied

  A key judgement in determining materiality is the appropriate benchmark to select, based on our perception of the needs of shareholders. We considered which benchmarks and key performance indicators have the greatest bearing on shareholder decisions. We determined that profit before taxation remained the key benchmark and is generally accepted for listed entities.

  We chose 5% which is consistent with quantitative materiality thresholds used for profit-oriented companies in the financial services sector and is further based on our professional judgement after consideration of qualitative factors that impact the Group.

  I N D E P E N D E N T A U D I TO R S' R E P O R T TO TH E SH A R E H O LD E R S O F I N V E STE C LI M I TE D CO N TI N U E D

  Group audit scope

  We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates.

  In planning and executing our audit procedures, we evaluated the Group's organisational, legal, and consolidation structures, as well as their financial reporting processes, to identify components. For the purposes of our audit scope, we defined a component as a single reporting unit for which management prepares a reporting package within the Group consolidation.

  Based on our understanding of the Group and our assessment of the risks of material misstatement in the consolidated financial statements, we selected components at which further audit procedures needed to be performed. Our selection was informed by the component's relative contributions to relevant classes of transactions, account balances or disclosures within the consolidated financial statements. We also selected components that are likely to contribute to the risks of material misstatement in the consolidated financial statements based on our risk assessment.

  Based on our assessment, we identified 63 components in the Group and performed work at 28 components. The following group audit scoping was applied:

• We performed an audit of the financial information at five components; and

• We performed an audit of one or more classes of transactions, account balances or disclosures at 23 components.

For the remaining components of the Group where we did not perform either an audit of the financial information or an audit of one or more classes of transactions, account balances or disclosures, no individual component contributed more than 1% of profit before taxation or 1% of total assets of the Group. Based on the risk assessment procedures performed along with evidence obtained at the Group level on the respective components, we have determined that there is a less than reasonable possibility of a material misstatement in the remaining financial information not subject to further audit procedures.

We were involved in the direction, supervision and review of the work performed by component auditors at a level that we have determined to be necessary to ensure that sufficient appropriate audit evidence was obtained. This has allowed us to form a reliable opinion on the consolidated financial statements as a whole. Through discussions with, and by evaluating reporting deliverables received from component teams, we assessed the audit risks and strategies pertaining to their respective components. We also reviewed the work performed by the component auditors and assessed the appropriateness of the conclusions drawn from the audit evidence obtained.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

In terms of ISA 701 Communicating Key Audit matters in the Independent Auditor's Report / the EAR Rule (as applicable), we are required to report key audit matters and the outcome of audit procedures or key observations with respect to these matters, which are included below.

I N D E P E N D E N T A U D I TO R S' R E P O R T TO TH E SH A R E H O LD E R S O F I N V E STE C LI M I TE D CO N TI N U E D

Key audit matter How our audit addressed the fiey audit matter

Measurement of expected credit losses on loans and advances to customers

The disclosures with respect to this key audit matter are contained in the following notes to the consolidated and separate financial statements:

• Accounting policies, "Impairment of financial assets held at amortised cost or FVOCI" and "Key management assumptions";

• Note 6, "Expected credit loss impairment charges";

• Note 26, "Loans and advances to customers and other loans and advances"; and

• Note 61, "Risk management".

  The Group reported total gross loans and advances to customers subject to expected credit losses (ECL) as at 31 March 2026 amounting to R393 billion with a related ECL of R3.1 billion. For the year ended 31 March 2026, the Group recognised expected credit loss impairment charges on loans and advances to customers of R611 million.

  The measurement of ECL on loans and advances to customers has been determined to be a matter of most significance to the current year audit as a result of the significant judgement applied and estimation uncertainty involved in its determination, and the consequent elevation in the risk of material misstatement, due to the factors mentioned below:

• The modelling of ECL is based on certain management assumptions and estimation of probabilities of default (PD), loss given default (LGD) and exposures at default (EAD);

• Determination of the range of forward-looking probability weighted macro-economic scenarios;

• Assessment of the staging due to a significant increase in credit risk (SICR); and

• Assessment of ECL on Stage 3 exposures. Management's judgements are explained further below: Modelled ECL impairment losses:

  Management applies significant levels of judgement in modelling ECL particularly as it relates to:

• The application of certain accounting policies, identifying modelling assumptions and selecting appropriate data used in the PD, LGD and EAD models included in these models; and

• Identifying key assumptions and techniques, including the determination of write-off points.

We performed risk assessment procedures over ECL and identified our risks of material misstatement. Our audit procedures focused on key areas of significant judgement and estimation uncertainty in determining ECL on loans and advances to customers.

In performing such procedures, we utilised our actuarial, credit, quantitative and economic expertise. Our procedures included a combination of evaluating the design and implementation of the key controls implemented by management and performing substantive procedures as further explained below.

Modelled ECL impairment losses

• We obtained an understanding of management's data, methodologies and assumptions used in the ECL models;

• We tested the completeness and accuracy of data inputs into the models by agreeing a sample of data inputs back to information sourced by management from internal systems and external data providers, or by testing data interface controls between these systems;

• We independently recalculated ECL estimates including the PD, EAD and LGD parameters, to test the assumptions and appropriateness of the judgement applied in the ECL calculations. We supplemented this analysis with independent assessments where potential shortcomings were identified in management's approach, or where significant uncertainties were identified; and

• We assessed the appropriateness of the write-off points through an analysis of historical data to test management's judgement as it impacted on the ECL calculations.

  Incorporation of multiple forward-loofiing macro-economic scenarios and weightings into the ECL calculation

• Using our economic expertise, we independently assessed the appropriateness of the macro-economic scenario forecasts and the probability weightings applied by management by benchmarking these against third-party data. This assessment included developments related to the current uncertain geopolitical and economic outlook; and

• Using our financial modelling, actuarial, credit and quantitative expertise, we assessed the application of forward-looking information in the ECL models by considering the impact of reasonably possible changes to the scenarios and inputs on the outcome. This includes the impact of the macro-economic scenarios on PDs, SICR and LGDs.

  I N D E P E N D E N T A U D I TO R S' R E P O R T TO TH E SH A R E H O LD E R S O F I N V E STE C LI M I TE D CO N TI N U E D

  Key audit matter How our audit addressed the fiey audit matter

  Incorporation of multiple forward-loofiing macro-economic scenarios and weightings into the ECL calculation:

  Significant judgement is applied in determining the appropriateness of the economic scenarios and incorporation of forward-looking information (FLI) as well as the determination of probability weightings assigned to each of the scenarios and the identification of inputs and assumptions used to estimate their impact.

  Staging/assessment of significant increase in credit risfi:

  The determination of the triggers that indicate a significant increase in credit risk and the resulting allocation of assets between Stage 1 and 2 involves significant judgement.

  Assessment of ECL raised on Stage 3 exposures:

  The measurement of the ECL on certain individual Stage 3 assets is dependent on the subjectivity and estimation of recoverable amounts based on various recovery strategies, the valuation of related collateral, and timing of cash flows.

  Staging/assessment of significant increase in credit risfi

• We assessed the appropriateness of the SICR methodologies and model calibrations with reference to IFRS 9 Financial Instruments and tested the resultant stage allocations;

• We tested the performance of the SICR methodology by considering historic volumes of accounts moving into arrears and the forward-looking view of default risk; and

• Performed an independent assessment for a sample of loans in Stage 1 and 2, focusing on higher risk borrowers and borrowers where a stage override had been applied, to determine whether they were appropriately recorded in the correct stage.

  Assessment of ECL raised on Stage 3 exposures

• For a sample of Stage 3 exposures, we performed an independent assessment of management's probability-weighted scenarios. We evaluated the reasonability of the estimate of the recoverable amount and timing of expected future cash flows used in measuring ECL, specifically assessing collateral or exit values, cash flow assumptions and exit strategies; and

• We evaluated management's process, and using our valuation expertise where applicable, evaluated the reasonability of a sample of management's collateral valuations for individually assessed loans by reference to available market data.

  Overall stand-bacfi assessment and disclosures

• We performed a stand-back assessment of the ECL provision and coverage (ratio of ECL provision to gross advances) at an overall level and by stage to determine if provision levels were reasonable by considering the overall credit quality of the Group's portfolios, risk profile and the impact of the current economic conditions on the Group's customers;

• We performed peer benchmarking where available to assess overall staging and provision coverage levels;

• We assessed the appropriateness of the ECL related disclosures for exposures in the financial statements in accordance with IFRS 7 Financial Instruments: Disclosures; and

• We evaluated whether the credit risk disclosures are consistent with the ECL information tested as part of our audit procedures (which included the ECL data, models, estimates, and macroeconomic forecasts).

  Outcomes and observations

  Based on our audit procedures performed as detailed above, we have not identified any material exceptions that required further evaluation with respect to the measurement and disclosure of ECL on loans and advances to customers.

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  Key audit matter How our audit addressed the fiey audit matter

  Valuation of fair value instruments with higher risfi characteristics

  The disclosures with respect to this key audit matter are contained in the following notes to the consolidated and separate financial statements:

  • Accounting policies, "Financial instruments"," Investment properties" and "Key management assumptions";

  • Note 15, "Fair value hierarchy"; and

  • Note 34, "Investment properties".

    At 31 March 2026, the Group reported financial instruments at fair value at a net total of R9.8 billion, comprising assets of R131.4 billion and liabilities of R121.6 billion. The Group also reported investment properties at a value of R884 million.

    Within the financial instruments at fair value and investment properties financial statement line items, we have identified certain assets and liabilities (as per the categories set out below), which represent a higher risk of material misstatement due to the estimation uncertainty inherent in valuing these assets and liabilities, specifically:

  • Level 2 derivative financial instruments;

  • Loans and advances to customers at fair value;

  • Level 3 investments in the investment portfolio; and

  • Investment properties

    The valuation of the above assets and liabilities has been determined to be a matter of most significance to the current year audit as a result of the subjectivity involved in their determination, and the consequent elevation in the risk of material misstatement.

    In estimating the valuation of these assets and liabilities, management of the Group has exercised their judgement and applied assumptions in the following areas:

  • Valuation techniques;

  • Inputs where there is limited market observability or liquidity; and

  • Fair value adjustments.

  The estimation of fair value is also subject to the current uncertain economic outlook.

  Management's judgements are explained further below:

  • Valuation techniques: Fair value measurements utilise a range of techniques, including discounted cash flow analysis, price-earnings multiples, net asset value calculations and complex valuation models. These techniques are applied to various assets and liabilities, such as derivatives, fair value loans, illiquid investments in unquoted private companies and investment properties.

  • Inputs where there is limited marfiet observability or liquidity: Management applies judgement and estimation to determine appropriate inputs to fair value estimations where observability or liquidity is limited. These include yield curves, liquidity, volatilities, sector-specific factors, cash flows, expected future earnings, and capitalisation rates, where applicable.

  • Fair value adjustments: Factors such as unobservable inputs, funding costs, low levels of market liquidity, counterparty and own credit risk, and volatility increase the level of judgement required.

  We performed risk assessment procedures and identified our risks of material misstatement. Our audit procedures focused on the key areas of significant judgement and estimation uncertainty in the valuation of the identified assets and liabilities carried at fair value.

  In performing such procedures, we utilised our valuation and modelling expertise. Our procedures comprised a combination of evaluating the design and implementation of key controls and performing substantive procedures, as further explained below.

  Valuation techniques

  For a sample of derivatives, fair value loans, investment properties, and unlisted investments and profit-sharing arrangements included in the investment portfolio:

• Using our valuation and modelling expertise, where appropriate, we assessed the valuation techniques through independent challenge of the appropriateness of the valuation methodology; and

• We performed independent revaluations or recalculations, as appropriate, and compared the results to management's output.

  Inputs where there is limited marfiet observability or liquidity

  For a sample of derivatives, fair value loans, investment properties, and unlisted investments and profit-sharing arrangements included within the investment portfolio, we performed procedures on inputs used in management's valuation as follows, tailoring the approach based on the most appropriate method for the specified assets or liabilities:

• We compared unobservable inputs used to alternative data / input sources; and

• Using our valuation expertise, where applicable, we independently determined the valuations of a sample of assets and liabilities, taking into account our independently determined risk factors to calculate a range of acceptable fair values and compared these to the fair values estimated by management.

  Fair value adjustments

• We evaluated the accuracy of management's valuation adjustments against accepted market principles applied in financial instrument valuation, the requirements of IFRS Accounting Standards, and the prevailing economic and regulatory environment in which the Group operates; and

• For a sample of fair value adjustments, we independently recalculated the fair values adjustments using our own inputs, assumptions and methodology and compared these to the amounts recognised in the accounting records.

Outcomes and observations

Based on our audit procedures performed as detailed above, we have not identified any material exceptions that required further evaluation with respect to the valuation of fair value instruments with higher risk characteristics.

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Other matter

The Group has separately prepared a combined consolidated set of financial statements for the year ended 31 March 2026 incorporating Investec plc and its subsidiaries in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and the requirements of the Companies Act of South Africa on which separate auditors' reports to the shareholders of Investec Limited and Investec plc are issued.

Other information

The directors are responsible for the other information. The other information comprises the information included in the document titled "Investec Annual Report 2026 - Investec Limited Group and Company annual financial statements", and the document titled "Investec Group integrated and strategic annual report 2026". The other information does not include the consolidated or separate financial statements and our auditors' reports thereon (but includes the sections marked as 'unaudited' in notes 61 and 62).

Our opinion on the consolidated financial statements does not cover the other information and we do not express an audit opinion or any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the directors for the consolidated financial statements

The directors are responsible for the preparation of these consolidated financial statements in accordance with the basis of accounting described in the "basis of preparation" note to the consolidated financial statements, for determining that the basis of preparation is acceptable in the circumstances and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Plan and perform the group audit to obtain sufficient appropriate audit evidence, regarding the financial information of the entities or business units within the Group, as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the Group audit. We remain solely responsible for our audit opinion.

  I N D E P E N D E N T A U D I TO R S' R E P O R T TO TH E SH A R E H O LD E R S O F I N V E STE C LI M I TE D CO N TI N U E D

  We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

  We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

  From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report, unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

  Report on other legal and regulatory requirements

  Audit tenure

  In terms of the IRBA Rule published in Government Gazette No. 39475 dated 4 December 2015, we report that Deloitte & Touche and PricewaterhouseCoopers Inc. have been the auditors of Investec Limited for two years and three years, respectively.

  
  
  

  Deloitte G Touche PricewaterhouseCoopers Inc.

  Per Partner: Kevin Black Director: Francois Prinsloo

  Registered Auditor Registered Auditor

  Johannesburg, South Africa Johannesburg, South Africa

  12 June 2026 12 June 2026

  I N D E P E N D E N T A U D I TO R S' R E P O R T TO TH E SH A R E H O LD E R S O F I N V E STE C LI M I TE D CO N TI N U E D

  To the Shareholders of Investec Limited Report on the audit of the separate financial statements

  Our opinion

  In our opinion, the separate financial statements present fairly, in all material respects, the separate financial position of Investec Limited (the Company) as at 31 March 2026, and its separate financial performance and separate cash flows for the year then ended, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and the requirements of the Companies Act of South Africa.

  What we have audited

  Investec Limited's separate financial statements set out on pages 39 to 169, comprise:

• the separate balance sheet as at 31 March 2026;

• the separate income statement for the year then ended;

• the separate statement of total comprehensive income for the year then ended;

• the separate statement of changes in equity for the year then ended;

• the separate cash flow statement for the year then ended; and

• the notes to the financial statements, including material accounting policy information but excluding the sections marked as 'unaudited' in notes 61 and 62.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the separate financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Company in accordance with the Independent Regulatory Board for Auditors' Code of Professional Conduct for Registered Auditors (IRBA Code), as applicable to audits of financial statements of public interest entities, and other independence requirements applicable to performing audits of financial statements in South Africa. We have fulfilled our other ethical responsibilities in accordance with the IRBA Code and in accordance with other ethical requirements applicable to performing audits in South Africa. The IRBA Code is consistent with the corresponding sections of the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards).

Our audit approach

In terms of the IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of Public Interest Entities, published in Government Gazette No. 49309 dated 15 September 2023 (EAR Rule), we report final materiality and company audit scope below.

Final Materiality

The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the separate financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the separate financial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the final materiality for the separate financial statements as a whole set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate on the separate financial statements as a whole.

Separate financial statements

Final materiality R415 million

How we determined it 1% of total assets

Rationale for the materiality benchmark applied

A key judgement in determining materiality is the appropriate benchmark to select, based on our perception of the needs of shareholders. We considered which benchmarks and key performance indicators have the greatest bearing on shareholder decisions.

We chose total assets as it is the benchmark against which the performance of the Company is most commonly measured by users and is a generally accepted benchmark for holding companies.

We chose 1% which is consistent with quantitative materiality thresholds used for holding companies in the financial services sector and is further based on our professional judgement after consideration of qualitative factors that impact the Company.

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Company audit scope

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the separate financial statements as a whole, taking into account the structure of the Company, and the accounting processes and controls.

In planning and executing our audit procedures, we evaluated the Company's organisational, legal, and consolidation structures, as well as their financial reporting processes, to identify components. For the purposes of our audit scope, we defined a component as a single reporting unit for which management prepares a reporting package within the Company.

Based on our understanding of the Company and our assessment of the risks of material misstatement in the separate financial statements, we selected components at which further audit procedures needed to be performed. Our selection was informed by the component's relative contributions to relevant classes of transactions, account balances or disclosures within the separate financial statements. We also selected components that are likely to contribute to the risks of material misstatement in the separate financial statements based on our risk assessment.

Based on our assessment, we identified three components in the Company. We performed an audit of the financial information at one component.

For the remaining components where we did not perform either an audit of the entire financial information or an audit of one or more classes of transactions, account balances or disclosures, no individual component contributed more than 1% of profit before tax or 1% of total assets. Based on the risk assessment procedures performed along with evidence obtained at the Company level from the component scoped in, we have determined that there is a less than reasonable possibility of a material misstatement in the remaining financial information not subject to further audit procedures.

We were involved in the direction, supervision and review of the work performed by the component auditor at a level that we have determined to be necessary to ensure that sufficient appropriate audit evidence was obtained. This has allowed us to form a reliable opinion on the separate financial statements as a whole. Through discussions with, and by evaluating reporting deliverables received from the component team, we assessed the audit risks and strategies pertaining to the component. We also reviewed the work performed by the component auditor and assessed the appropriateness of the conclusions drawn from the audit evidence obtained.

Key audit matter

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the separate financial statements of the current period. These matters were addressed in the context of our audit of the separate financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

In terms of ISA 701 Communicating Key Audit Matters in the Independent Auditor's Report / the EAR Rule (as applicable), we are required to report key audit matters and the outcome of audit procedures or key observations with respect to the key audit matters, and these are included below.

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Key audit matter How our audit addressed the fiey audit matter

Valuation of fair value instruments with higher risfi characteristics

The disclosures with respect to this key audit matter are contained in the following notes to the financial statements:

• Accounting policies, "Financial instruments" and "Key management assumptions";

• Note 15, "Fair value hierarchy"; and

• Note 29, "Investment portfolio".

  At 31 March 2026, the Company reported other fair value investments in the investment portfolio financial statement line item of R2.5 billion.

  The valuation of these investments has been determined to be a matter of most significance to the current year audit as a result of the significant judgement applied and estimation uncertainty involved in their determination, and the consequent elevation in the risk of material misstatement.

  In estimating the valuation of these assets, management of the Company has exercised significant judgement and applied estimations in their assumptions in the following areas:

• Valuation techniques; and

• Inputs where there is limited market observability or liquidity.

The estimation of fair value is also subject to the current uncertain economic outlook.

Management's judgements are explained further below:

Valuation techniques:

The fair value measurement utilises the price-earnings multiple as the primary valuation technique.

Inputs where there is limited marfiet observability or liquidity:

Management applies judgement and estimation to determine appropriate inputs for certain of the fair value estimations.

These include expected future earnings.

We performed risk assessment procedures and identified our risks of material misstatement. Our audit procedures focused on the key areas of significant judgement and estimation uncertainty in the valuation of the identified assets carried at fair value.

In performing such procedures, we utilised our valuation and modelling expertise. Our procedures comprised a combination of evaluating the design and implementation of key controls and performing substantive procedures, as further explained below.

Valuation techniques

We performed procedures over the valuation technique as follows:

• Using our valuation and modelling expertise, where appropriate, we assessed the valuation technique through independent challenge of the appropriateness of the valuation methodology; and

• We performed independent revaluations and compared the results to management's output.

  Inputs where there is limited marfiet observability or liquidity

  We performed procedures on inputs used in management's valuation as follows:

• We compared unobservable inputs used to alternative data / input sources; and

• Using our valuation expertise, we independently determined the valuation, taking into account our independently determined risk factors to calculate a range of acceptable fair values, and compared these to the fair values estimated by management.

Outcomes and observations

Based on our audit procedures performed as detailed above, we have not identified any material exceptions that required further evaluation with respect to the valuation of fair value instruments with higher risk characteristics.

Other information

The directors are responsible for the other information. The other information comprises the information included in the document titled "Investec Annual Report 2026 - Investec Limited Group and Company annual financial statements", which includes the Declaration by the Company Secretary, the Directors' Report and the INL Audit Committee report as required by the Companies Act of South Africa and the document titled "Investec Group integrated and strategic annual report 2026". The other information does not include the consolidated and separate financial statements and our auditors' reports thereon (but includes the sections marked as 'unaudited' in notes 61 and 62).

Our opinion on the separate financial statements does not cover the other information and we do not express an audit opinion or any form of assurance conclusion thereon.

In connection with our audit of the separate financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the separate financial statements, or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Responsibilities of the directors for the separate financial statements

The directors are responsible for the preparation and fair presentation of the separate financial statements, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the preparation of separate financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the separate financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the separate financial statements

Our objectives are to obtain reasonable assurance about whether the separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these separate financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the separate financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the separate financial statements, including the disclosures, and whether the separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Plan and perform the company audit to obtain sufficient appropriate audit evidence, regarding the financial information of the entities or business units within the company, as a basis for forming an opinion on the separate financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the separate financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

Audit tenure

In terms of the IRBA Rule published in Government Gazette No. 39475 dated 4 December 2015, we report that Deloitte & Touche and PricewaterhouseCoopers Inc. have been the auditors of Investec Limited for two years and three years, respectively.

Deloitte G Touche PricewaterhouseCoopers Inc.

Per Partner: Kevin Black Director: Francois Prinsloo

Registered Auditor Registered Auditor

Johannesburg, South Africa Johannesburg, South Africa

12 June 2026 12 June 2026