Interim Management Statement

Investec PLC
26 July 2007


Investec Limited                              Investec plc
Incorporated in the Republic of South Africa  Incorporated in England and Wales
Registration number 1925/002833/06            Registration number 3633621
JSE share code: INL                           JSE share code: INP
ISIN: ZAE000081949                            ISIN: GB00B17BBQ50

As part of the dual listed company ('DLC') structure, Investec plc and Investec
Limited notify both the London Stock Exchange and the JSE Limited of matters
which are required to be disclosed under the Disclosure and Listing Rules of the
United Kingdom Listing Authority (the 'UKLA') and/or the JSE Listing
Requirements.


Accordingly we advise of the following:


Investec plc - Interim Management Statement


This is the first Interim Management Statement issued by Investec in accordance
with the new EU Transparency Directive and revised UK Listing Authority rules.
Unless stated otherwise, key trends and figures highlighted below refer to the
three months ended 30 June 2007 and the corresponding period last year.

Overview
Operating fundamentals across the group have largely continued the trends as
reported at the year end results announcement on 17 May 2007. Markets have
tightened to some extent; however, there has been a fair amount of activity in
our core activities and geographies, the result of which is that the majority of
our businesses have continued to perform well.

Our strategy for the business is unchanged. Maintaining a balanced business
model remains an important focus, particularly in the context of a more volatile
operating environment. In this regard, our advances and third party assets under
management have continued to grow, which has supported solid growth in net
interest income, fees and commissions. Since our year-end loans and advances
have grown by 8.1% to £11.0 billion and third party assets under management have
increased by 1.8% to £57.1 billion (the numbers reported by Rensburg Sheppards
plc at 31 March 2007 have not however, been adjusted). If one excludes the
numbers for Rensburg Sheppards plc third party assets under management have
increased by 2.4% to £42.7 billion.

Our balance sheet and capital adequacy ratios remain strong and there have been
no significant changes in the financial position of the group since the
publication of the report and accounts in respect of the year ended 31 March
2007.

Significant transactions

The group has announced the following significant transactions during the
period:

  • The recommended acquisition of the entire issued and to be issued share
    capital of Kensington Group plc by Investec plc to be implemented by way of
    a scheme of arrangement under section 425 of the Companies Act.
  • The disposal of Investec Property Group Limited's property fund
    management business and property administration business as a going concern
    to Growthpoint Properties Limited (referred to herein as 'The Growthpoint
    transaction').

Details with respect to these transactions and their impact on the financial and
operating performance of Investec were made publicly available on 30 May 2007
and can be found on our website at www.investec.com

Further to these announcements, on 25 June 2007 Kensington Group plc despatched 
to its shareholders a circular (containing the terms of the acquisition).  On 18
July 2007 at the Court Meeting and the EGM, a resolution to approve  the scheme
was passed by the requisite majority of Kensington Group plc shareholders.

The Growthpoint transaction is still subject to a number of regulatory
approvals.

Outlook

The outlook for our business remains unchanged. The increase in scale and market
penetration that we have achieved across all our geographies should continue to
support the operating results of our businesses as expressed in local
currencies. We have seen the momentum continue in the majority of our businesses
and whilst financial market conditions remain volatile we would expect to
deliver on our stated growth and financial return objectives.

Future announcements
As in prior years we will be holding a pre-close briefing in September, details
of which will be posted on our website nearer the time.

On behalf of the board

Hugh Herman (Chairman), Stephen Koseff (Chief Executive Officer) and Bernard
Kantor (Managing Director)


Notes:

 1. Please note that matters highlighted above may contain forward looking
    statements which are subject to various risks and uncertainties and other
    factors, including, but not limited to:

         -     the further development of standards and interpretations under
               International Financial Reporting Standards (IFRS) applicable to 
               past, current and future periods, evolving practices with regard 
               to the interpretation and application of standards under IFRS.

         -     domestic and global economic and business conditions.
         -     market related risks.

              •     A number of these factors are beyond the Company's control.
              •     These factors may cause the Company's actual future results,
                    performance or achievements in the markets in which it 
                    operates to differ from those expressed or implied.

              •     Any forward looking statements made are based on the 
                    knowledge of the Company at today's date.

 2. Our reporting currency is Pounds Sterling. Certain of our operations are
    conducted by entities outside the UK. The results of operations and the
    financial condition of our individual companies are reported in the local
    currencies in which they are domiciled, including Rands, Australian Dollars
    and Euros. These results are then translated into Pounds Sterling at the
    applicable foreign currency exchange rates for inclusion in our combined
    consolidated financial statements. In the case of the income statement, the
    weighted average rate for the relevant period is applied and, in the case of
    the balance sheet, the relevant closing rate is used. The following table
    sets out the movements in certain relevant exchange rates against Pounds
    Sterling over the period:

+----------------+------------------+--------------------+-------------------+
|                |   30 June 2007   |   31 March 2007    |   30 June 2006    |
+----------------+---------+--------+----------+---------+----------+--------+
|Currency per    |Period   |Average |Period end|Average  |Period end|Average |
|£1.00           |end      |        |          |         |          |        |
+----------------+---------+--------+----------+---------+----------+--------+
|South African   |    14.12|   14.10|     14.20|    13.38|     13.21|   11.82|
|Rand            |         |        |          |         |          |        |
+----------------+---------+--------+----------+---------+----------+--------+
|Australian      |     2.36|    2.38|      2.42|     2.47|      2.48|    2.44|
|Dollar          |         |        |          |         |          |        |
+----------------+---------+--------+----------+---------+----------+--------+
|Euro            |     1.49|    1.48|      1.47|     1.47|      1.45|    1.45|
+----------------+---------+--------+----------+---------+----------+--------+

Timetable:
Year end: 31 March 2007
Pre-close briefing: 20 September 2007
Half-year end: 30 September 2007
Release of interim results: 15 November 2007


For further information please contact:
Investec Investor Relations
UK: [phone]
South Africa: [phone]
[e-mail]


About Investec
Investec is an international specialist banking group that provides a diverse
range of financial products and services to a niche client base in three
principal markets, the United Kingdom, South Africa and Australia as well
as certain other countries. The group was established in 1974 and currently has
approximately 5 000 permanent employees.

Investec focuses on delivering distinctive profitable solutions for its clients
in five core areas of activity namely, Private Client Activities, Capital
Markets, Investment Banking, Asset Management and Property Activities.

In July 2002 the Investec group implemented a dual listed company structure with
listings on the London and Johannesburg Stock Exchanges. The combined group's
current market capitalisation is approximately £4 bn.



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