Pre-close briefing

Investec PLC
14 September 2006


Investec plc and Investec Limited ('Investec' or 'the group')

Pre-close statement and investor briefing

14 September 2006


           Strong performance in the first half of the financial year

As previously announced, Investec is today hosting an investor pre-close
briefing at 11:00 (GMT) (12:00 South African time) which will focus on
developments within the group's core business areas in the first half of the
current financial year ending 31st March 2007.


Overall group performance commentary


The group has continued to see strong operating performances from the majority
of its businesses in the first half of the financial year.


As we have outlined previously, our strategy of maintaining a balanced business
model remains an important focus, particularly in the context of a more volatile
operating environment. In this regard, our average advances and average third
party assets under management have grown over the reporting period, the result
of which is we have experienced strong growth in net interest income, fees and
commissions. Contributions are well spread across our core activities and
geographies with noteworthy performances from our Private Banking, Treasury and
Specialised Finance and Asset Management businesses.


Stephen Koseff, Group Chief Executive, commented:

'Although the first half of the financial year ends on 30 September 2006 we are
pleased to report at this point that we are on track to deliver a strong
performance for the six-month period. Whilst financial market conditions have
weakened since our year-ended 31 March 2006 we are continuing to benefit from
increased brand recognition and penetration in our core activities and
geographies.


We remain committed to maintaining a distinctive growth strategy and we are well
placed to once again deliver on our financial targets and objectives.'


Bernard Kantor, Group Managing Director, commented:

'Our strategy to increase the scale in our UK and Australian operations is
starting to reap benefits and should be reflected in the operational performance
of the group during the first half of the financial year.'


Business commentary


Salient features of the operating performance of our core business areas are
listed below and further details will be provided in the briefing presentation
which can be viewed on our website.


Private Banking

-          Very strong performance.

-          Benefiting from our growth strategy with continued penetration in all
           areas of specialisation.

-          Good momentum in lending turnover and transactional activity with
           strong growth in margin and very strong growth in fees.

-          Average advances increased by 30.0%.


Private Client Portfolio Management and Stockbroking

-          Increased volatility but benefiting from higher average asset levels
           and volumes over the period.

-          Average assets under management increased by 46.2%.


Treasury and Specialised Finance

-          Initiatives undertaken in the past few years are starting to generate
           significant revenue.

-          Pipeline and levels of activity have been good across the advisory,
           lending, debt capital markets and structured derivative areas.

-          Very strong performance in the UK and Australia supported by a good
           performance in South Africa.

-          The acquisition of N.M. Rothschild Australia Holdings Pty Ltd
           provides a base from which to grow our operations in Australia.

-          Average advances increased by 31.4%.


Investment Banking

-        Agency and Advisory

-        Strong corporate finance pipeline in South Africa and a stable
         corporate finance pipeline in UK and Australia.

-        Strong performance from the stockbroking businesses as a result of
         increased volumes over the period.


-        Direct Investments and Private Equity

-        Good performance from the direct investments and private equity
         portfolios in South Africa.

-        The UK business has not benefited from realisations as was the case in
         the prior year.


Asset Management

-        Earnings growth enhanced by momentum of UK and international
         business.

-        Solid long-term investment performance.

-        Average assets under management increased by 17.2%.


Property Activities

-        Property Activities in South Africa remain buoyant as the market
         fundamentals remain strong, despite increases in interest rates, 
         however this may not be reflected in the current trading performance.

-        Average assets under management increased by 23.0%.


Group Services and Other Activities

-        Central Funding weaker performance:

-        Negative market impact on underlying assets in the South African
         shareholders portfolio.

-        UK impacted by hedging loss on the translation of the Euro denominated
         preferred securities (there is an equal and opposite effect reflected 
         in the minority interest line, and hence this impact is neutral on the 
         group's overall profitability).

-        Central Costs are marginally up on the previous year.


Notes:

 1. Key trends set out above, unless stated otherwise, relate to the five months
    ended 31 August 2006, and are compared to the six months ended 30 September
    2005.
 2. Please note that matters discussed in the briefing and 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.


Presentation details

The briefing starts at 11:00 (GMT) (12:00 South African time) and will be
broadcast live via video conference from the group's offices in Johannesburg to
London. The briefing will also be available via a live and recorded telephone
conference call, a live and delayed video webcast, a delayed podcast and a
delayed Mp3. Further details in this regard can be found on the website at:
www.investec.com


Timetable:

Six-month period end: 30 September 2006

Release of interim results: 16 November 2006

Financial year-end: 31 March 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 4 800 employees.


Investec focuses on delivering distinctive profitable solutions for its clients
in five core areas of activity namely, Private Client Activities, Treasury and
Specialised Finance, 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. Management and staff
own approximately 15% of the equity share capital of the group. The combined
group's current market capitalisation is approximately £3.1bn.


                      This information is provided by RNS
            The company news service from the London Stock Exchange