Intelligent investing means finding value - Investec USD S&P 500 Value Index Autocall

 
Intelligent
investing means
   finding value

  Investec USD S&P 500
     Value Index Autocall
      Brochure, application form and term sheet
Investec USD S&P 500 Value Index Autocall

Post the recent Covid-19 driven market rout and dramatic recovery in US stocks, Value Investing has emerged as a
dominant investment strategy theme for 2021 and beyond. This has been driven by post-pandemic crisis recovery, central
bank stimulus, political dynamics and increasing perceived risk in other major indices where the technology heavy
weighting has driven valuations to all-time highs. The focus on economic factors post vaccinations are forecast to drive
performance in the value sectors which were most exposed to the recent market drop, such as industrials, financials,
materials, amongst others.

Value investing is the practice of choosing stocks based on their perceived inexpensiveness due to the difference in their
trading price versus their intrinsic value. This is in comparison to growth stocks, comprised mostly from the technology
sector, which currently have exceptionally high valuations, and uncompetitive market pricing for optionality, and the
market expecting a possible correction in this over-concentrated sector in the near future.

Valuation spreads between value and growth stocks are at all-time highs, providing an opportunity for value investors to
extract profit. As a result, Investec Structured Products is proud to announce the Investec USD S&P 500 Value index
Autocall, providing investors with exposure to the US equity and currency markets with a high degree of capital protection.

Investment objectives

The Investec USD S&P 500 Value Index Autocall                    A pre-defined enhanced return of 8% (non-compounded
(“Autocall”) is a structured product, listed on the              cumulative) per annum in US Dollars (“USD”) is paid in the
Johannesburg Stock Exchange (“JSE”). The Autocall’s              event of flat or positive Index performance on the
performance is linked to the performance of the S&P 500          Automatic Call Dates, hence the term Autocall. The
Value Index (“Index”). The investment product is                 Autocall offers investors the potential to earn enhanced
designed to provide investors with an attractive return          returns relative to cash and fixed income investments.
even if the Index makes only modest returns over the             The issuer of the Autocall is Investec Bank Limited
investment term. The investment provides exposure in             (“IBL”).The USD return is converted back into Rands at
USD with a high degree of capital protection. Capital is at      maturity date, at the prevailing rate.
risk if no early redemption occurs and the Index has fallen
more than 30% from investment date to maturity date.

Summary of the investment offering

•   A maximum five-year ZAR investment linked to the             •   100% capital protection in USD provided the Index
    performance of the Index and US currency markets.                does not end more than 30% below the Initial Index
                                                                     Level at maturity
•   This Autocall will mature at the end of year five but
    may be subject to Automatic Call Dates at the end            •   Investments from R100 000 and increments
    of year 3 or year 4                                              of R1,000 thereafter

•   The Automatic Call Date feature may lead to the              •   Daily pricing on the JSE, 0.5% bid/mid spread and
    investment terminating prior to the five-year term               monthly statements from your stockbroker

                                                                 •   Liquidity is provided by Investec Bank Limited, who
•   Pays an 8% enhanced return per annum in USD
                                                                     undertakes to act as sole market maker
    converted back into Rands at maturity, at the
    prevailing currency rate, if the Index is flat or positive
                                                                 •   The Autocall is issued by Investec Bank Limited
    on any Automatic Call Date

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How is the return calculated?

The initial level of the Index (“Initial Index Level’) is          If however, the Index level on the first Automatic Call Date
recorded on the Trade Date and the closing level of the            is below the Initial Index Level, then the investment
Index is then observed at each Automatic Call Date and             remains intact and continues to the second Automatic
on the Maturity Date. This will be the basis for calculating       Call Date. On the second Automatic Call Date, the Index
whether the Index has risen or fallen over the investment          level is again reviewed. If the Index is above the Initial
period. The Initial Index Level and Final Index Level are          Index level, the investment will redeem and the investor
the closing levels of the Index as published by the Index          will receive their initial capital plus four times the
provider on the relevant dates.                                    enhanced return 100% + (8% x 4) = 132% converted
                                                                   back to ZAR.
If the Final Index Level is greater than or equal to the Initial
Index Level on any Automatic Call Date, the investment             If the Autocall has not been automatically called at the
will redeem early and pay an amount equal to the                   end of five years and the Index is below the Initial Index
investor’s initial capital investment plus a predefined            Level at Maturity, the investment redeems and investors
return of 8% in USD per annum converted back to ZAR.               will receive back 100% of their initial investment in USD,
                                                                   converted back into Rands at maturity at the prevailing
For example, if on the first Automatic Call Date at the end        rate, provided the Index does not end more than 30%
of year 3 the Index level has increased by 5%, investors           below the Initial Index Level.
will receive back their initial capital plus 3 times the
enhanced annual return of 8%. 100%+ (8% x 3) = 124%
converted back to ZAR.

Capital at Risk

Capital is at risk if no early redemption occurs and               Automatic Call Dates, the investor will make a capital loss
theFinal Index Level after five years ends more than 30%           of 47% at Maturity converted back to ZAR.
below the Initial Index Level, this is referred to as a
European barrier. If this occurs, capital will be reduced on       Capital is at risk should the ZAR strengthen significantly
a one-for-one basis with the fall in the index.                    against the USD.

For example, if the Index level ends down by 47% on the            Capital is also at risk to the extent that a credit event
Maturity Date, having not being called on any of the               occurs in respect of IBL, as the Issuer, and/or Standard
                                                                   Chartered Plc as the Credit Reference Entity.

What are the risks of the Investec USD S&P 500 Value Index Autocall?

•   The Autocall provides capital protection only in the           •   Investors should note that the Autocall is a listed
    event that the Index does not end more than 30%                    instrument under the Investec Bank Limited Warrant
    below the Initial Index Level on the Maturity Date.                and Note Programme and that they take full credit
    If the Index falls below this level, the capital protection        risk on IBL as Issuer as well as Standard Chartered
    falls away and the investor is exposed to the full                 Plc, as the credit reference entity
    downside of the Index at Maturity
                                                                   •   The enhanced returns, on each Automatic Call Date
•   Selling of the investment before the relevant Maturity             are fixed as per the Terms (attached) and investors
    Date may result in a capital loss even if the product is           will not get any additional benefit in the growth of the
    capital protected (the capital protection is only at               Index above the Initial Index Level
    Maturity)
                                                                   •   Investors take currency risk on USD/ZAR, should the
•   The Index value fluctuates and changes, these levels               ZAR strengthen significantly against the USD during
    cannot be predicted. Past performance of the Index                 the term of the investment
    should not be seen as an indication of future
    performance                                                    •   Investors will not receive Dividends in the Autocall

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This investment may be                                              This investment may not be right
 right for you if:                                                   for you if:

   •   You think that the Index will be above current
                                               l evels                •    You want 100% capital protection under
       over the next five years.                                           all conditions.

   •   You are looking for an investment that offers                  •    You think the Index may be up more than 8%
       enhanced upside and potential to limit the                          per annum.
       downside exposure.
                                                                      •    You    want       to   receive   regular   dividends
   •   You do not need immediate access to your                            and income.
       money for the term of the investment.
                                                                      •    You cannot commit to the full term of
   •   You want exposure to international markets
                                                                           the investment.
       in USD.
                                                                      •    You do not wish to take USD currency risk.
   •   You have a minimum of R100,000 to invest.
                                                                      •    You do not want to take credit risk on IBL or
                                                                           Standard Chartered Plc.

What fees are charged?

Financial advisors receive a ZAR denominated fee of 1.25% in year 1, as well as 0.75% for year 2 and 3 (Incl of VAT) paid
by IBL. This fee is built into the cost of the Autocall and the investor will have 100% of their funds allocated to the product.
All other listing, administration and ongoing custody fees have been priced into the product; however, investors may incur
brokerage costs as determined by your stockbroker if the investment is sold before the Maturity Date.

How is the Autocall taxed?

It is incumbent upon potential investors to seek independent professional legal, tax and accounting advice so as to
consider the investment in the light of the investor’s particular circumstances. IBL provides no investment, tax or legal
advice and make no representation or warranty about the suitability of this product for a particular client or circumstance.

                                                                            Investec USD S&P 500 Value Index Autocall        | 03
What are the credit risks?

As the Autocall is credit linked to Standard Chartered Plc,     The return due to the Investor will then be equal to the
should a credit event (bankruptcy, failure to pay,              market value of the Autocall multiplied by such adjusted
obligation default, repudiation/moratorium, Government          recovery price, which will be payable on the Maturity
Intervention and restructuring) occur in respect of             Date. This reduced return will earn interest at the
Standard Chartered Plc, the return would be reduced as          overnight SAFEX rate, from the date upon which the
set out in more detail in this brochure. This could result in   recovery price is determined after the credit event
a total loss of the amount invested, regardless of the          occurs, until the scheduled Maturity Date.
performance of the Index.
                                                                IBL gives no representations or warranties as to whether
If a credit event occurs with respect to Standard               or not a credit event could occur in relation to Standard
Chartered Plc on or before the Maturity Date, IBL, as           Chartered Plc, and the Investor is advised to perform its
calculation agent, will obtain tradable quotes in the           own evaluation of the credit worthiness of Standard
market, in respect of the obligations of Standard               Chartered Plc, and the suitability and appropriateness of
Chartered Plc and will determine a recovery price               this investment, based on the Investor’s own judgement
(expressed as a percentage) based on such quotations            and upon advice from such tax, accounting, regulatory,
adjusted to take into account the portion of IBL’s hedge        legal and financial advisers as the Investor deems
position affected by the credit event.                          appropriate and/or necessary.

What happens at maturity or early redemption?

When the Autocall matures or redeems early, on any Automatic Call Date, under the conditions set out above, the relevant
USD settlement amount will be converted into Rands at the prevailing rate and the settlement amount will be credited to
the investor’s stockbroking account.

What is the S&P 500 Value Index?

The S&P 500 Value Index is an equity index created,             In comparison to the S&P 500 Index, the S&P 500 Value
published and calculated by S&P Dow Jones Indices.The           Index is underweight technology stocks , and overweight
index is comprised of a maximum of 500 stocks                   financials and health care. The Value index has
domiciled   in   the   US   and    weighting    method     is   Price/Earnings ratio of 21.72, whilst the S&P 500 Index
float-adjusted market cap weighted. The stocks are              has a ratio of 27.53. This highlights the value in the index
selected by assessing the ratios of book value, earnings        considering the robust long-term fundamentals of its
and sales to price. This is a price only index which is         constituents.
rebalanced quarterly. The index is denominated in USD.
                                                                For more information on the Index and its performance,
                                                                please see our website at www.Investec.com/value.

                                                                        Investec USD S&P 500 Value Index Autocall       | 04
If you are unsure how this listed instrument works or whether it is suitable for your investment
needs, please seek advice from your investment manager.

The investment manager/financial advisor must be authorised to provide financial services in the following
sub-categories:

•   Category I

    o 1.24 Structured Deposits or

    o 1.11 Warrants, Certificates and other instruments

Or, to manage the Investors investments on a discretionary basis:

• Category II

    o 2.18 Structured Deposits or

    o 2.8 Warrants, Certificates and other instruments

Important dates

    Closing Date:                Trade Date:                Listing date:                 Maturity date:
    15 March 2021                23 March 2021              30 March 2021                 23 March 2026

                                                                    Investec USD S&P 500 Value Index Autocall   | 05
Contact us

Please contact one of our product specialists for further information:

Brian McMillan                         011 291 3180                         brian.mcmillan@investec.co.za

Japie Lubbe                            021 416 3307                         japie.lubbe@investec.co.za

Aneeqah Samie                          021 263 5203                         aneeqah.samie@investec.co.za

John Sherry                            011 384 5307                         john.sherry@investec.co.za

Product supplier

Please find below the details of the product supplier:

Issuer                 Investec Bank Limited

Physical address       100 Grayston Drive, Sandton, Sandown, 2196, Gauteng, South Africa

Postal address         P O Box 785700, Sandton, 2146, Gauteng, South Africa

Compliance officer     Chulekazi Jikijela

Address                100 Grayston Drive, Sandton, Sandown, 2196, Gauteng, South Africa

Contact number         +27 11 286 7000

                                                                         Investec USD S&P 500 Value Index Autocall   | 06
Application form and term sheet

The information set out in this Application Form and Term   IBL will target an enhanced return level of 8%, however,
Sheet provides a summary of the Autocall only. Terms        due to the volatile nature of the underlying index, IBL
used, but not otherwise defined herein shall have           reserves the right not to proceed on Trade Date should
meanings given to such in the relevant Pricing              the level of the enhanced return offered by IBL be below
Supplement.                                                 7%.

The full terms and conditions of the Autocall will be set   In addition, IBL reserves the right not to implement the
out in the Pricing Supplement which will be made            Autocall if any change in circumstances occurs which
available on the listing date on the IBL website at         would adversely affect its ability to implement the
www.Investec.com/Autocall                                   investment. In such an event, IBL will notify the Investor
                                                            and return the investment amount to the Investors
Prospective Investors must ensure that they are fully       nominated stockbroking/bank account.
aware of the risks involved when investing in financial
products. It is recommended that Investors seek             While IBL does provide a daily price for the product, the
professional advice and read the applicable Application     nature of the product is such that the capital protection is
Form and Warrant and Note Programme prior to making         only available at Maturity. During the life of the product
any investment decision.                                    the value could be lower than the stated protection level
                                                            irrespective of the Index level at the time. IBL will provide
Details of this programme are available on the IBL          bid and offer prices for the product under normal market
website at www.Investec.com/Autocall or from your           conditions (subject to internal policy and applicable laws
stockbroker.                                                and regulations), however liquidity could be limited.

Completion and signature of this Application Form and       The return received is dependent on the Index and past
Term Sheet by the Investor constitutes a mandate for IBL    performance of any investment is not a guide to future
to implement the investment in the Autocall per the terms   returns. IBL does not provide any warranty as to the
and conditions set out herein.                              performance or profitability of these investments.

The implementation of the Autocall investment remains
subject to the acceptance by IBL of the signed
Application form and payment of the relevant minimum
investment amount by the Investor.

                                                                    Investec USD S&P 500 Value Index Autocall        | 07
Terms - Index

Index Sponsor                       S&P Dow Jones Indices

Index Calculation Agent             S&P Dow Jones Indices

Index Geographical Coverage         USA

Index Bloomberg Ticker              SVX Index

Index Currency                      USD

Index Weighting Methodology         Float-adjusted Market Cap Weighted

Index Type                          Market Capitalisation

Terms - Autocall

Name of Autocall                    Investec USD S&P 500 Value Index Autocall

Description of Autocall             Autocallable Note with capital at risk

Autocall Issuer                     Investec Bank Limited

Autocall Calculation Agent          Investec Bank Limited

Currency Exposure                   US Dollar “USD”

Specified Denominations (“Units”)   R1,000 per Note. The provision of Notes will not be
                                    offered for subscription to any single Investor acting
                                    as principal for an amount of less than R1,000,000

Issue Price Per Note                100%

Purchase Price Per Note             100%

Term                                5 years

Closing Date of Offer               15 March 2021

Trade Date                          23 March 2021

                                           Investec USD S&P 500 Value Index Autocall     | 08
Terms - Autocall (Cont.)

Listing Date                      30 March 2021

Valuation Time                    The time at which the Index Sponsor publishes
                                  the closing level of the Index

Reference Level                   The level of the Index published by the Index
                                  Sponsor at the Valuation Time

Initial Index Level (IIL)         The Reference Level on the Trade Date

Maturity Date                     23 March 2026

Final Settlement Date             Maturity Date + Five Business Days

Automatic Call Settlement Dates   Automatic Call Date + Five Business Days

Settlement Currency               South African Rand (“ZAR”)

Automatic Call Dates              25 March 2024
                                  24 March 2025

Notional                          ZAR Investment / CCFi

Automatic Call Date Amount        1. Notional x 124% x CCFf
                                  2. Notional x 132% x CCFf

Automatic Call Date Event         On any of the two Automatic Call Dates, if the
                                  Reference Level is greater than or equal than the
                                  Investec Environmental W orld Index Autocall | 8
                                  Initial Index Level, the Autocall will terminate and the
                                  Redemption Amount will be the corresponding
                                  Automatic Call Date Amount. In year 3 the Automatic
                                  Call Date Amount will be notional x 124% converted
                                  to Rands at the prevailing exchange rate. In year 4
                                  the Automatic Call date amount will be notional x
                                  132% in USD converted to Rands at the prevailing
                                  exchange rate

Final Index Level (FIL)           The Reference Level at the Valuation Time on the
                                  Maturity Date

                                         Investec USD S&P 500 Value Index Autocall      | 09
Terms - Autocall (Cont.)

Barrier Observation        At the Valuation Time on the Maturity Date

CCFi                       The initial currency conversion factor being the
                           USD/ZAR exchange rate on Trade Date between
                           1pm and 5pm. Eg. If R16.00 equates to one US
                           Dollar, the CCFi will be 16.00

CCFf                       The final currency conversion factor being the
                           USD/ZAR exchange rate on the first Business
                           Day following any Automatic Call Date or, if not
                           automatically called, on the Maturity Date. Eg. If
                           R16.00 equates to one US Dollar, the CCFf will
                           be 16.00

Barrier                    70% of the Initial Index Level

Trigger Event              The Reference Level of the Index is below the
                           Barrier at the time of the Barrier Observation

Final Redemption Amount    IF no Automatic Call Date and no Credit Event has
                           occurred, the Final Redemption Amount will be
                           determined in accordance with the below:

                           IF the Final Index Level is greater than or equal to
                           the Initial Index Level: Notional x 140% x CCFf

                           IF the Final Index Level is less than the Barrier
                           Level, then a Trigger Event has occurred:
                           Notional x FIL/IIL x CCFf

                           IF the Final Index Level is less than the Initial Index
                           Level and no Trigger Event has occurred:
                           Notional x 100% x CCFf

Fees                       Financial advisors receive a 1.25% fee (incl.
                           VAT) paid by IBL. This fee is built into the cost of the
                           Autocall and the investor will have 100% of their
                           funds allocated to the Autocall. In addition,
                           distributors will receive a 0.75% fee (Incl. VAT) for
                           years two and three. All fees paid in Rands

                                  Investec USD S&P 500 Value Index Autocall          | 10
Terms - Autocall (Cont.)

Credit Reference                               Entity Standard Chartered Plc

Consequences of occurrence of a Credit Event   If a Credit Event occurs in respect of the Reference
                                               Entity, on or before the Maturity Date, the Autocall
                                               will terminate on the Maturity Date and the Investor
                                               will receive the following:

                                               Maturity Value: The market value of the Autocall on
                                               the business day immediately prior to the date of the
                                               Credit Event multiplied by the CE Factor (“Reduced
                                               Return Amount”) plus CE Interest

CE Factor                                      The recovery price (expressed as a percentage) of
                                               senior bond or loan obligations of the Reference
                                               Entity based on tradable quotations obtained in the
                                               market, and adjusted to take into account the portion
                                               of Investec’s hedge position affected by the Investec
                                               Credit Event, determined by IBL, as calculation agent

CE Interest                                    If a Credit Event occurs prior to the Maturity Date, the
                                               Investor will receive interest (at the overnight SAFEX
                                               rate) in respect of the Reduced Return Amount, from
                                               the date upon which the occurrence of the Credit
                                               Event is duly confirmed, to the Maturity Date

Credit Event                                   Failure to Pay, Obligation Default,
                                               Repudiation/Moratorium, Government Intervention
                                               and Restructuring

                                                      Investec USD S&P 500 Value Index Autocall       | 11
Important Notes

The valuation and calculation of the Index is independently managed by S&P Dow Jones indices. IBL is not involved or
responsible for the Index and will merely utilise the Index prices published by S&P. IBL will not be liable for any losses that
may occur due to any issues or errors connected to the Index.

Distributors should note that no payments will be received by IBL and that all settlement will take place via stockbroking
accounts on a delivery versus payment basis on the settlement date, being the day following listing date on the JSE.

Investors must provide proof to Investec of the available funds and ensure that their stockbroking accounts are funded by
the amount applied for before/on the closing date.

Investec will deliver the Autocalls to the investor’s stockbroking account on a delivery versus payment basis on the
settlement date.

Investors whose designated stock broking accounts are not funded by the closing date with the full amount
of their requested investment in the Autocall or whose available funds are not able to be transferred to pay for
their investment in the Autocall for any reason, will not participate in this Autocall investment.

Investec accepts no responsibility or liability for such failure to pay for the Autocall by the Investor and
Investec shall not be liable for any losses or damages that such investor may suffer as a result of failing to
invest in the Autocall.

                                                                           Investec USD S&P 500 Value Index Autocall       | 12
Investment Application Form

Nominal Amount invested – Investec USD S&P 500 Value Index Autocall

Total per attached schedule in increments of R1,000.00 per note

  R

1. Distributors complete application form

2. Distributors complete Investor Schedule electronically, available at www.Investec.com/Autocall

3. Send completed application form and Investor Schedule to: SPSupport@investec.co.za

4. Confirm investors BDA account is funded with required invested amount

Note: no additional FICA documentation is required

No Cash to be deposited to IBL, all investors to fund their stockbroker accounts before/on Closing Date

Distributors are required to provide Investec with a schedule of investors with the details of stockbroker and
account details and hereby confirm that the distributor has the consent of the investors to share their
details.

   Section 1: Distributor/ Stockbroker

This section provides us with the details of the Distributor Stockbroker.

First name(s)

Surname (for individuals)

Registered company name

Email address

Telephone number

                                                                            Investec USD S&P 500 Value Index Autocall   | 12
Section 3: Declaration and signature

I, the undersigned hereby confirm that I have read and understood the application form and term sheet and agree to be
bound by the terms and conditions thereof and warrant that the particulars supplied below are true and correct and that
completion, signature and submission of this application form and attached schedule constitutes a mandate for IBL to
implement the investment in the Investec USD S&P 500 Value Index Autocall the terms and conditions set out herein.

•     I hereby agree and acknowledge that IBL is a product supplier as defined by the Financial Advisory and Intermediary
      Services Act (FAIS)

•     IBL will not render any investment advice in respect of the Autocall. The selection of investments will be made
      entirely at my/ investors discretion,

•     IBL shall bear no responsibility for, nor guarantee the performance of the investment, and IBL will not be liable for
      any losses I/ investor may incur as a result of acting on inadequate, insufficient or inappropriate advice.

•     Distributors should note that completion, signature and submission of this application form and attached schedule
      constitutes a mandate for IBL to implement the investment in the Autocall per the terms and conditions set
      out herein.

    Financial/ Investment Professional                                            Date                                                    Place

Disclaimer
The information furnished in this report, brochure, document, material, or communication (“the Communication”), has been prepared by Investec Bank Limited, acting through its
Investec Corporate and Institutional Banking division (herein referred to as “Investec”). This Communication does not constitute: a research recommendation, investment, legal, tax or
other advice; and is not to be relied upon in making an investment or other decision. The intended recipients should consider the information contained herein to be objective and
independent of the interests of the trading and sales desk concerned. Opinions and any other content including data and market commentary in this Communication are provided for
information purposes only.

The information contained herein has been obtained, where required, from various sources believed to be reliable and may include facts relating to current events or prevailing market
conditions as at the date of this Communication, which conditions may change without notification to Investec and/or the recipient. This is a summary of relevant information and
should not be considered as complete.

This Communication may not be considered as “advice” as contemplated in the Financial Market Act, 19 of 2012 and/or the Financial Advisory and Intermediary Services Act, 37 of
2002 as it does not take into account your financial position or needs.

This Communication may also not be seen as an offer to enter into or conclude any transactions. In relation to the information Investec does not guarantee the accuracy and/or
completeness thereof and accepts no liability in relation thereto.

You should make your own independent evaluation of the relevance and adequacy of the information contained herein and make such other investigations as you deem necessary,
including, where relevant, obtaining independent financial advice, before participating in any transaction in respect of the securities referred to in this document.

Any opinions, forecasts or estimates herein constitute the personal judgement of the party who compiled this Communication as at the date of this document. Thus, this
Communication reflects the different assumptions, views and analytical methods of the specific individual/party who prepared this Communication. As such, there can be no guarantee
that future results or events will be consistent with any such opinions, forecasts or estimates.

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied is made regarding future
performance.

There may be risks associated with the information, products or securities, including the risk of loss of any capital amounts invested or traded due to market fluctuations.

There is no obligation of any kind on Investec or any of its Affiliates to update this Communication or any of the information, opinions, forecasts or estimates contained herein.

This Communication is confidential for the information of the addressee only and may not be reproduced in whole or in part, nor shall it be copied, redistributed or circulated, or
disclosed to another unintended party, without the prior written consent of the relevant entity within Investec. In the event that you contact any representative of Investec or any party
in connection with the receipt of this Communication, you should be advised that this disclaimer applies to any subsequent oral conversation or correspondence that occurs as a result
of this Communication.

Any subsequent business you choose to transact shall be subject to the relevant terms and conditions thereof.

Neither Investec nor any officer or employee thereof accepts any liability whatsoever for any direct or consequential loss arising from any use of this Communication or its contents.

Investec Corporate and Institutional Banking is a division of Investec Bank Limited registration number 1969/004763/06, an Authorised Financial Services Provider (11750), a
Registered Credit Provider (NCRCP 9), an authorised Over the Counter Derivatives Provider, and a member of the JSE. Investec is committed to the Code of Banking Practice as
regulated by the Ombudsman for Banking Services. Copies of the Code and the Ombudsman's details are available on request or visit www.investec.com.

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