Disposal

Investec PLC
15 April 2003


Investec plc
Registered in England and Wales Company Number: 3633621


Reinsurance and subsequent transfer of the businesses of Investec Employee
Benefits Limited, a wholly owned subsidiary of Investec Limited ('Investec' or
the 'Company'), to Liberty Group Limited ('the Proposed Transaction')


 1. Introduction
  
    Investec Bank Limited is authorised to announce that Investec Employee
    Benefits Limited ('IEB') (formerly Fedsure Life Assurance Limited) and
    Liberty Group Limited ('Liberty') have agreed, subject to the fulfilment
    of the suspensive conditions referred to below, that:

       •with effect from 31 March 2003, Liberty will reinsure a portion of
        IEB's policyholder liabilities ('the Reinsured Businesses');
       •Liberty will assume the administration of the above policies with
        effect from a target date of 1 August 2003; and  
       •IEB and Liberty will apply for a Court Order in terms of section 37
        of the Long Term Insurance Act, to formally transfer the policyholder
        liabilities to Liberty ('the Transfer Businesses') ('the S37 Transfer').

    IEB has entered into separate Agreements with Liberty, to effect the
    assumption of risk, administration and transfer of the Reinsured
    Businesses and the Transfer Businesses.

 2. Rationale

    Further to the previously announced individual life and annuity
    reinsurance transactions with Capital Alliance Life Limited the Proposed
    Transaction has been concluded to:

      • place the Reinsured Businesses and Transfer Businesses with Liberty
        who are one of the leading providers of fund benefit and administration
        services;
      • reduce Investec's exposure to administration intensive businesses,
        which require significant infrastructure and ongoing investment; and
      • transfer liabilities of approximately R3 700 million to Liberty.

    Post the implementation of the Proposed Transaction IEB will mainly
    comprise:

      • Risk Only Business, with the intention to grow market share and to
        become a significant player; and
      • Investment Only Business, which is effectively an asset management
        function. IEB will continue to manufacture appropriate investment and
        risk products to distribute to its client base.

 3. The Proposed Transaction

    3.1 The reinsurance agreement

        The Reinsured Businesses comprise the fully administered risk business,
        the existing disability claimants business and portions of the fully
        administered smooth bonus business.

    3.2 The administration agreement

        IEB has agreed to transfer the administration of the Reinsured
        Businesses and the Transfer Businesses to Liberty. The target date for
        this transfer is 1 August 2003. As part of this agreement, all of IEB's
        staff currently responsible for the administration of these policies
        will be transferred to Liberty.

    3.3 The transfer agreement

        IEB and Liberty have agreed to seek a formal transfer, in terms of section
        37 of the Long Term Insurance Act, of the Transfer Businesses to Liberty.

 4. Suspensive condition

    The Proposed Transaction is subject to the approval of the competition
    authorities.


15 April 2003


Merchant Bank and Adviser              Attorneys
Investec Bank Limited                  Jowell Glyn & Marais Inc
(Registration number 1969/004763/06)   Registration number 1990/000849/21)

Sponsor
Investec Securities Limited
Member of the JSE
Registration No. 1972/008905/06

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