CEO Stephen Koseff said the shares also offer South African investors beneficial tax characteristics since foreign dividends received from a non-resident company (in this case, Investec plc) with at least 10% of its share held by South Africans  are tax-free.  The requirements are met by this innovative use of the dual listed structure unique to Investec because approximately 37.1% of Investec plc’s share capital is currently held by South African residents. Investors will not have to use their offshore allowance for these securities. “We’ll be raising R750 million of permanent capital by listing these pref shares on the JSE Limited,” said Koseff. “This further boosts our tier-one capital and supports our aim for an efficient capital structure,” said MD Bernard Kantor. “By increasing our balance sheet flexibility we can take advantage of opportunities in the market as they arise.” The opening date for the subscription offer would be 09h00 (SA time) on the 10th of July, closing at noon on Friday the 28th of July. The bank intends to list the shares on the 3rd of August. The preference shares will have a deemed value of GBP10. The coupon will be the base rate* plus 1%. The minimum prescription value will be R120 000 and the initial dividend yield, based on the issue price, determined on the listing day, will be 6.40%. *the base rate of the Bank of England from time to time as published by the Bank of England which at the date of this announcement was 4.50% Ends Prepared by: Beachhead Media & Investor Relations Jennifer Cohen 011 214 2401 / 082 468 6469 / jennifer@bmsa.co.za Sheri Cohen 011 214 2414 / 082 785 6164 / sheri@bmsa.co.za On behalf of: Investec plc Further info: Ursula Nobrega, Investor Relations 011 286 7184 / 082 552 8808