IFRS Statement

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

21 September 2005

Transition to International Financial Reporting Standards

Investec is hosting an investor briefing today starting at 09:00 (GMT) which
will focus on the key impacts resulting from the adoption of International
Financial Reporting Standards (IFRS).

From 1 April 2005 the group is required to prepare its consolidated results
(comprising the results of Investec plc and Investec Limited) in accordance
with IFRS. Previously these were prepared in accordance with UK Generally
Accepted Accounting Practice (UK GAAP). The first set of IFRS compliant
financial statements that will be prepared by the group will be for the year
ending 31 March 2006.

The group's transition to IFRS has been performed in accordance with IFRS 1
'First-Time Adoption of International Reporting Standards' and other relevant
standards as expected to be applicable at 31 March 2006.

A summary of the impact on the group of the transition to IFRS for the year
ended 31 March 2005 and for the six months ended 30 September 2004 is provided
in the tables below.

For the year ended 31 March 2005        Unaudited         Audited        % change   
                                                                              
                                        IFRS              UK GAAP                   
                                                                              
                                        Pro-forma***     (as previously            
                                                          reported)                 
                                                                              
Operating profit before goodwill            229 234        222 388         3.1
impairment, non-operating items and tax                                       
(£'000)                                                                       
                                                                              
Profit attributable to shareholders* (£     114 465        100 524        13.9
'000)                                                                         
                                                                              
Adjusted** profit attributable to           153 087        151 146         1.3
ordinary shareholders (£'000)                                                 
                                                                              
Basic EPS (pence)                              92.5           81.5        13.5
                                                                              
Adjusted** EPS (pence)                        137.8          140.8       (2.1)
                                                                              
Basic weighted average number of shares       111.1          107.4         3.4
in issue (million)                                                            
                                                                              
Total equity including minority           1 083 056        980 451        10.5
interest as at 1 April 2005 (£'000)                                           


For the six months ended 30 September   Unaudited          Audited       % change   
2004                                                                          
                                        IFRS               UK GAAP                   
                                                                              
                                        Pro-forma***      (as previously            
                                                           reported)                 
                                                                              
Operating profit before goodwill             96 896         95 887         1.1
impairment, non-operating items and tax                                       
(£'000)                                                                       
                                                                              
Profit attributable to shareholders*         61 663         37 776        63.2
(£'000)                                                                         
                                                                              
Adjusted** profit attributable to            68 172         66 208         3.0
ordinary shareholders (£'000)                                                 
                                                                              
Basic EPS (pence)                              49.7           29.9        66.2
                                                                              
Adjusted** EPS (pence)                         60.9           61.7       (1.3)
                                                                              
Basic weighted average number of shares       111.9          107.4         4.2
in issue (million)                                                            
                                                                              
Total equity including minority             882 941        803 225         9.9
interest as at 30 September 2004 (£'000)                                                                         

Note:

*After tax, minority interests, non-operating items and goodwill impairment.

**Before goodwill impairment and non-operating items and after taking into
consideration earnings attributable to perpetual preference shareholders.

***In accordance with the provisions of IFRS 1, the group has elected not to
apply the requirements of IAS 32, 'Financial Instruments: Disclosure and
Recognition', IAS 39, 'Financial Instruments: Recognition and Measurement' and
IFRS 4, 'Insurance Contracts' to the 2005 comparative period. The impact of
adoption of these standards is reflected as an adjustment to the opening
balance sheet at 1 April 2005. To facilitate comparability, a pro-forma income
statement is presented which incorporates the impact of the adoption of IAS39
in the following respects:

  * recognising certain fees on an effective yield basis,
   
  * the release of general provisions on loans and advances and
   
  * fair value adjustments for embedded derivatives.
   
An assessment of the key statements and their impact on the group's
attributable profit, assets, liabilities and equity for the year ended 31 March
2005 and for the six months ended 30 September 2004 is provided in the tables
below:

£'000                              Pro-forma      Assets   Liabilities    Total   
                                   profit                                 equity,  
                                   attributable                           including 
                                   to                                     minorities
                                   shareholders                                  
                                                                               
 Key statements / impacts             31 March    1 April     1 April       1 April  
                                        2005        2005       2005         2005   
                                                                               
IFRS 2 - share based payments         (8 018)      1 240         686        554
                                                                               
IFRS 3 - business combinations         11 218     10 943           -     10 943
                                                                               
IFRS 4 - insurance contracts                -  1 288 406   1 288 406          -
                                                                               
IAS 10 - events after balance               -          -    (49 593)     49 593
sheet date                                                                     
                                                                               
IAS 12 - income taxes                     413      7 144       (154)      7 298
                                                                               
IAS 17 - leases                       (6 386)      4 430      11 363    (6 933)
                                                                               
IAS 18 - revenue recognition          (3 490)    (2 565)      11 300   (13 865)
                                                                               
IAS 19 - employee benefits                  -      3 297       3 437      (140)
                                                                               
IAS 21 - effects of changes in          1 142          -           -          -
foreign exchange rates                                                         
                                                                               
IAS 27/28/31 - consolidations           2 340     25 676       2 030     23 646
                                                                               
IAS 32/39 - financial                  12 389    676 810     645 301     31 509
instruments                                                                    
                                                                               
IAS 40 - investment property            4 333         -           -          - 
                                                                               
Overall impact of IFRS                 13 941  2 015 381   1 912 776    102 605



£'000                               Pro-forma     Assets     Liabilities    Total   
                                    profit                                  equity,  
                                    attributable                            including 
                                    to                                      minorities
                                    shareholders                                   
                                                                               
 Key statements / impacts             30 Sept      30 Sept     30 Sept     30 Sept  
                                      2004         2004        2004        2004      
                                                                               
IFRS 2 - share based payments        (4 525)         100         330      (230)
                                                                               
IFRS 3 - business combinations        23 760      23 877           -     23 877
                                                                               
IFRS 4 - insurance contracts               -      78 873      78 873          -
                                                                               
IAS 10 - events after balance              -           -    (38 231)     38 231
sheet date                                                                     
                                                                               
IAS 12 - income taxes                    100         115         (4)        119
                                                                               
IAS 17 - leases                      (3 120)       3 475       7 197    (3 722)
                                                                               
IAS 18 - revenue recognition         (2 821)           -           -          -
                                                                               
IAS 19 - employee benefits                 -       5 188       5 328      (140)
                                                                               
IAS 21 - effects of changes in         1 441           -           -          -
foreign exchange rates                                                         
                                                                               
IAS 27/28/31 - consolidations          1 028      22 799       1 218     21 581
                                                                               
IAS 32/39 - financial                  5 195           -           -          -
instruments                                                                    
                                                                               
IAS 40 - investment property           2 829           -           -          -
                                                                               
Overall impact of IFRS                23 887     134 427      54 711     79 716

Supporting information is available on the website or from the Investor Relations Division.

Note: future developments under IFRS

The financial information contained in this announcement has been prepared on
the group's expectation of standards that will be applicable at 31 March 2006
(being the first time that the group will prepare financial statements under
IFRS). Changes to information presented in this announcement may be required
due to one or more of the following reasons:

  * Further standards and interpretations may be issued that could be
    applicable to the financial year ended 31 March 2006.
   
  * Interpretations may differ as practice develops.
   
  * Tax legislation and tax related interpretations may develop further.
   
Presentation details

The investor briefing presentation will be broadcast live via video conference
from the group's offices in Johannesburg to London and Cape Town. The briefing
will also be available via a live telephone conference call. A delayed webcast
and the recorded telephone conference call will be available on the website
this afternoon. Further details in this regard can be found on the website at: 
www.investec.com

Investor Relations timetable:

Six-month period end: 30 September 2005

Release of interim results: 17 November 2005

Financial year-end: 31 March 2006

Release of preliminary results: 18 May 2006


For further information please contact:


Investec Investor Relations                                    Citigate Dewe Rogerson    

Ursula Munitich                                                Sara Batchelor / Simon Rigby

[phone]                                               [phone]

[e-mail]