Investec Limited

Investec PLC
15 December 2003


                           Investec Limited
                        (Incorporated in RSA)
                     (Reg number 1925/002833/06)
                JSE Share code: INL ISIN: ZAE000040531
                             ('Investec')
                  Peu Investment Group (Pty) Limited
                        (Incorporated in RSA)
                      (Reg number 1996/03899/07)

                               ('Peu')
                       TisoGroup (Pty) Limited
                        (Incorporated in RSA)
                      (Reg number 1999/10875/07)

                               ('Tiso')


   FULFILMENT OF CONDITIONS PRECEDENT AND IMPLEMENTATION OF THE SALE TO BLACK
 ECONOMIC EMPOWERMENT PARTIES OF 25,1% IN TOTAL OF THE ISSUED SHARE CAPITAL OF
          INVESTEC LIMITED AND THE ISSUE OF 5 600 000 INVESTEC LIMITED SHARES
                                 FOR CASH


Further to the announcement dated 15 May 2003 regarding the acquisition by Peu
and Tiso, together with a broad-based Entrepreneurship Development Trust ('the
Development Trust') and an Investec employee share trust ('the Employee Trust'),
of 25,1% in total of the issued share capital of Investec ('the transaction'),
Investec is pleased to announce that all of the outstanding conditions precedent
to the transaction have now been fulfiled.

The issue of the 5 600 000 Investec shares for cash at R90 per share pursuant to
the transaction has been completed and the new Investec shares listed on the JSE
Securities Exchange South Africa with effect from 27 November 2003.

Pursuant to the transaction, Peu, Tiso and the Development Trust now hold
approximately 6% each of the issued share capital of Investec, with the Employee
Trust holding the balance of the 25,1% of Investec that is directly held by
black controlled entities.


Sandton
12 December 2003

    Financial adviser            Financial adviser         Financial adviser 
      to Investec                     to Peu                    to Tiso
Investec Corporate Finance   Peu Capital (Pty) Limited    TisoCapital Advisers


      Lead sponsor to Investec                    Joint sponsor to Investec
Ernst & Young Sponsors (Pty) Limited             Investec Securities Limited


                            Legal advisers
                            Werksmans Inc.
                        Moss Morris Attorneys
                     Sonnenberg Hoffmann Galombik

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