Final Results

Investec PLC
17 May 2007


17 May 2007 - Investec plc


          Balanced business model drives continued growth at Investec
 Pre-tax operating profit increased by 20.0%; Adjusted EPS increased by 27.2%;
                          Dividends increased by 26.4%


Investec, the international specialist banking group, announces today its
results for the year ended 31 March 2007.


Financial highlights
  • All core geographies performed well in local currencies. Our UK and
    Australian operations posted a significant increase in attributable post-tax
    earnings of 55.5% and 71.4%, respectively, comprising 43.8% of total
    attributable earnings, reflecting the benefits of our strategy of increasing
    the scale and market penetration in these businesses.

+--------------------------------+------------+------------+----------+
|                                |31 March    |31 March    |% Change  |
|                                |2007        |2006        |          |
+--------------------------------+------------+------------+----------+
|Operating profit before taxation|       466.6|       388.8|     20.0%|
|* (£'mn)                        |            |            |          |
+--------------------------------+------------+------------+----------+
|Earnings attributable to        |       340.3|       315.1|      8.0%|
|shareholders after taxation,    |            |            |          |
|goodwill and non-operating items|            |            |          |
|(£'mn)                          |            |            |          |
+--------------------------------+------------+------------+----------+
|Adjusted EPS* (pence)           |        53.3|        41.9|     27.2%|
+--------------------------------+------------+------------+----------+
|Dividends per share (pence)     |        23.0|        18.2|     26.4%|
+--------------------------------+------------+------------+----------+
|ROE                             |       26.1%|       25.5%|          |
+--------------------------------+------------+------------+----------+
|Cost to income ratio            |       59.0%|       58.7%|          |
+--------------------------------+------------+------------+----------+
|Average loans and advances      |         9.9|         8.0|     23.6%|
|(£'bn)                          |            |            |          |
+--------------------------------+------------+------------+----------+
|Average third party assets under|        55.7|        45.6|     22.0%|
|management (£'bn)               |            |            |          |
+--------------------------------+------------+------------+----------+


Business highlights
  • Private Client Activities: increase of 49.3% to £176.5 million (2006:
    £118.2 million)*
  • Capital Markets: increase of 75.3% to £117.3 million (2006: £66.9
    million)*
  • Investment Banking: decrease of 9.6% to £91.2 million (2006: £100.9
    million)*
  • Asset Management: increase of 14.7% to £68.1 million (2006: £59.4
    million)*
  • Property Activities: decrease of 23.9% to £14.1 million (2006: £18.6
    million)*

*before non-operating items of zero (2006: a non-operating gain of £73.6 million
largely relating to the sale of Carr Sheppards Crosthwaite Limited to Rensburg
plc) and goodwill of £2.6 million (net income) (2006: £21.4 million (net loss))


Stephen Koseff, Chief Executive Officer of Investec, said:
'In another strong year for global financial markets, Investec has delivered
another very satisfactory performance. We have increased the scale of our
activities in each geography and delivered on all our stated financial
objectives. We have a good balance in terms of our business activities and are
confident of continued growth going forward.'


Bernard Kantor, Managing Director of Investec, said:
'These results demonstrate the strength and depth of our business. We have
continued to build the brand, improve the range of our products and attract high
quality talent. We believe that this approach will continue to deliver growth
going forward'.


For further information please contact:
Investec [phone]
Stephen Koseff, Chief Executive Officer
Bernard Kantor, Managing Director
Ursula Nobrega, Investor Relations (mobile:[phone])

Citigate Dewe Rogerson
[phone]
Jonathan Clare
Simon Rigby
Tom Baldock

Presentation details:
The management of Investec will host a presentation commencing at 09:00 (UK
time)/10:00 (SA time) from their office in London (2 Gresham Street, London EC2V
7QP), and via video linkup to their office in Johannesburg. Details of the
conference call facilities and webcast of the presentation are available at
www.investec.com.

Information provided on the Company's website at www.investec.com includes:
  • Copies of this statement.
  • The results presentation.
  • Additional report produced for the investment community including more
    detail on the results.
  • Excel worksheets containing the salient financial information under IFRS
    in Pounds Sterling.

Alternatively for further information please contact the Investor Relations
division on e-mail [e-mail] or telephone [phone]
5546/[phone].

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 5 400 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 £4.5 billion.





---------------------------------------------------------------------------------


Investec plc and Investec Limited (combined results)
Unaudited IFRS consolidated financial results in Pounds Sterling for the year
ended 31 March 2007


Overall performance

We are pleased to announce that for the year ended 31 March 2007, adjusted
earnings per share (EPS) before goodwill and non-operating items increased by
27.2% to 53.3 pence from 41.9 pence. Our strategy of maintaining a balanced
business model continues to support the operating fundamentals of the group. We
have benefited from the strong performance by the majority of our businesses and
have achieved our stated growth and financial return objectives.

The main features of the year under review are:
• Operating profit before goodwill, non-operating items and taxation
  increased 20.0% from £388.8 million to £466.6 million.
• Earnings attributable to ordinary shareholders before goodwill and
  non-operating items increased 30.7% from £230.0 million to £300.7 million.
• Earnings attributable to ordinary shareholders after goodwill and
  non-operating items increased by 8.0% from £315.1 million to £340.3 million.
• All core geographies performed well in local currencies. Our UK and
  Australian operations posted a significant increase in attributable post-tax
  earnings of 55.5% and 71.4%, respectively, comprising 43.8% of total
  attributable earnings, reflecting the benefits of our strategy of increasing 
  the scale and market penetration in these businesses.
• Return on adjusted average shareholders' equity (inclusive of
  compulsorily convertible instruments) increased from 25.5% to 26.1% against 
  a target of greater than 20%.
• The ratio of total operating expenses to total operating income
  increased marginally from 58.7% to 59.0% against a target of below 65%.
• Average loans and advances to customers increased 23.6% from £8.0
  billion to £9.9 billion.
• Average third party assets under management increased 22.0% from
  £45.6 billion to £55.7 billion.
• The board proposes an increased final dividend of 13 pence per ordinary
  share equating to a full year dividend of 23 pence (2006: 18.2 pence)
  resulting in a dividend cover based on the group's adjusted EPS before
  goodwill and non-operating items of 2.3 times (2006: 2.3 times), consistent
  with our dividend policy.


Business unit review

Unless the context indicates otherwise, reference to 'operating profit' in the
business unit review below, refers to profit before goodwill, non-operating
items and taxation.


Private Client Activities
Private Client Activities, comprising the Private Banking and Private Client
Portfolio Management and Stockbroking divisions, reported strong growth in
operating profit of 49.3% to £176.5 million (2006: £118.2 million).

• Private Banking
Operating profit of our Private Banking division increased by 52.1% to £154.4
million (2006: £101.5 million) driven by strong growth in advances and
non-interest income. The division continues to penetrate its core markets and
recorded strong performances across its areas of specialisation. The average
private client lending book grew by 24.4% to £6.5 billion (2006: £5.2 billion)
and the division increased its average retail deposit book by 28.6% to £5.2
billion (2006: £4.0 billion).

• Private Client Portfolio Management and Stockbroking
Private Client Portfolio Management and Stockbroking recorded solid growth,
generating operating profit of £22.1 million (2006: £16.7 million), an increase
of 32.7%. The Private Client business in South Africa benefited from increased
volumes with average funds under management increasing by 33.8% to £7.6 billion
(2006: £5.7 billion). The results of our UK operations include Investec's 47.1%
share of the directors' estimate of the post-tax profit of Rensburg Sheppards
plc.


Capital Markets
Capital Markets (formerly known as Treasury and Specialised Finance) posted a
significant increase in operating profit of 75.3% to £117.3 million (2006: £66.9
million). Growth was underpinned by a solid performance from the division's
advisory, structuring, asset creation, trading and distribution activities, with
average advances increasing by 22.2% to £3.0 billion (2006: £2.5 billion). A
number of the businesses that have been established over the past two years have
generated substantial revenue and have increased the scale of the businesses in
the UK and Australia.


Investment Banking
Our Investment Banking division recorded a 9.6% decline in operating profit to
£91.2 million (2006: £100.9 million). Corporate Finance benefited from a strong
deal pipeline across all geographies with profits increasing by 36.9%. The
unlisted investments within the Private Equity and Direct Investments portfolios
continued to perform well. However, the entrepreneurial investment component of
the Direct Investment division generated less revenue than in prior years.


Asset Management

Asset Management posted an increase in operating profit of 14.7% to £68.1
million (2006: £59.4 million) underpinned by the strong momentum of the UK and
international business and continued sound performance in Southern Africa.
Average assets under management increased by 12.8% to £30.8 billion (2006: £27.3
billion). Solid long term investment performance has continued to support the
fundamentals of the business.

Property Activities
Our Property Activities generated operating profit of £14.1 million (2006: £18.6
million), a decline of 23.9%. The South African division continued to perform
well benefiting from strong equity and property fundamentals, higher average
funds under management and realisations. The results were negatively impacted by
a lower contribution from our investment property portfolio due to increased
funding costs.

Group Services and Other Activities
Group Services and Other Activities posted an operating loss of £0.7 million
(2006: profit of £24.8 million) largely as a result of increased variable
remuneration, given the growth in the group's profitability, and a decline in
the contribution from the group's assurance activities.


Financial statements analysis


Operating income
Operating income increased by 22.0% to £1,177 million (2006: £964.6 million).
The movements in total operating income are analysed below.

Net interest income increased by 32.7% to £343.9 million (2006: £259.2 million)
as a result of strong growth in advances and increased cash holdings within the
Central Funding division.

Net fees and commissions increased by 19.4% to £521.5 million (2006: £436.9
million) benefiting from increased transactional activity and higher assets
under management.

Income from principal transactions decreased marginally by 0.2% to £245.5
million (2006: £246.1 million). Our Growth and Acquisition Finance, Principal
Finance (securitisation) and Treasury and Specialised Finance lending divisions
delivered a strong performance. This result was offset by a relatively weaker
performance from some of the underlying investments in the Direct Investments,
UK Private Equity, Property and Central Funding divisions.

Operating income from associates increased by 59.6% to £10.7 million (2006: £6.7
million). The current year's figure includes Investec's 47.1% share of the
directors' estimate of the post-tax profit of Rensburg Sheppards plc for the
period 1 April 2006 to 31 March 2007. In the prior year, Rensburg Sheppards plc
was accounted for as an associate with effect from 6 May 2005.

The decline in net income from assurance activities is as a result of the
reinsurance of the group risk business. After administration expenses, a profit
of £1.6 million (2006: £11.5 million) was generated from assurance activities,
which represents the residual earnings from the businesses that were retained.

Other operating income amounts to £49.7 million (2006: £2.7 million). The
operating results of two investments held within the Private Equity portfolio
have been consolidated with the respective income and expenses reflected in
other operating income and administration expenses. These investments generated
a net loss after tax and minority interest of £2.3 million. Any realisation of
these investments in excess of their carrying values will be recognised as
income from principal transactions.

Impairment losses on loans and advances
Impairment losses on loans and advances increased by 80.5% to £16.5 million
(2006: £9.2 million). The 2006 year included recoveries of approximately £6.5
million and we have seen a moderate increase in impairment losses in the 2007
year in line with growth in advances.

The percentage of gross defaults to loans and advances has increased from 0.9%
to 1.2%. Total impairment coverage as a percentage of net defaults (gross
defaults net of security) remains highly satisfactory at 137.9% (2006: 141.4%).

Administrative expenses and depreciation
Total expenses increased by 22.5% to £694.0 million (2006: £566.6 million).
Variable remuneration increased by 31.2% to £205.8 million due to increased
profitability. Other operating expenses (excluding variable remuneration)
increased by 19.4% to £488.2 million largely as a result of an increase in
headcount in certain of the businesses in line with our growth initiatives, an
increase in costs associated with complying with new and forthcoming regulatory
requirements, an investment in product development and IT infrastructure and the
consolidation of two private equity investments (resulting in an additional £25
million of costs).

We achieved our target of operating expenses to total operating income of less
than 65% with the ratio increasing marginally from 58.7% to 59.0%.

Goodwill
The current year reflects net income of £2.6 million largely relating to:
• The acquisition of NM Rothschild & Sons (Australia) Limited at a
  discount to net assets resulting in a net gain of £10.7 million.
• An impairment of £6.1 million in the South African Asset Management
  business relating to businesses acquired in prior years.
• An impairment of £2.0 million attributable to property management
  contracts with respect to a portfolio of properties sold.

Taxation
The operational effective tax rate of the group decreased marginally from 27.3%
to 26.3%.


Earnings attributable to minority interests
Earnings attributable to minority interests of £9.1 million largely comprise:

   •Operating profits in relation to investments held in the     £10.0mn
    Private Equity division.

   •A profit on the sale of a portfolio of investment            £2.2mn
    properties in which minorities had a 23.1% holding.

   •In accordance with IFRS the Euro denominated preferred       (£3.4mn)
    securities issued by a subsidiary of Investec plc are
    reflected on the balance sheet as part of minority
    interests. The transaction is hedged and a forex
    translation loss arising on the hedge is reflected in
    operating profit before goodwill, with the equal and
    opposite impact reflected in earnings attributable to
    minorities.


Capital resources and total assets
Since 31 March 2006 total shareholders' equity (including minority interests)
increased by 21.3% to £1.8 billion largely as a result of the issue of £131.2
million of non-redeemable, non-cumulative, non-participating preference shares
by Investec plc and increased retained earnings offset partially by negative
foreign currency adjustments.

Net asset value per share increased from 182.2 pence to 216.0 pence, and net
tangible asset value per share (which excludes goodwill and intangible assets)
increased from 148.9 pence to 178.6 pence.

The return on adjusted average shareholders' equity (inclusive of compulsorily
convertible instruments) increased from 25.5% to 26.1%, meeting our target of
greater than 20%.

Investec plc and Investec Limited have capital adequacy ratios well in excess of
the minimum regulatory requirements. The capital adequacy of Investec plc
(applying UK Financial Services Authority rules to its capital base) is 24.7%
(31 March 2006: 17.7%). The capital adequacy of Investec Limited (applying South
African Reserve Bank rules to its capital base) is 14.7% (31 March 2006: 16.3%).

On balance sheet assets have increased by 10.0% to £26.3 billion since 31 March
2006.


Outlook

The levels of activity and momentum have continued into the new financial year.
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.

Should current favourable market conditions persist we would expect to deliver
on our stated growth and financial return objectives.


On behalf of the boards of Investec plc and Investec Limited


Hugh Herman         Stephen Koseff             Bernard Kantor
Chairman            Chief Executive Officer    Managing Director



Notes to the commentary section above


• Presentation of financial information
Investec operates under a Dual Listed Companies (DLC) structure with primary
listings of Investec plc on the London Stock Exchange and Investec Limited on
the JSE Limited.

In terms of the contracts constituting the DLC structure, Investec plc and
Investec Limited effectively form a single economic enterprise in which the
economic and voting rights of ordinary shareholders of the companies are
maintained in equilibrium relative to each other. The directors of the two
companies consider that for financial reporting purposes, the fairest
presentation is achieved by combining the results and financial position of both
companies.

Accordingly, the year end results for Investec plc and Investec Limited present
the results and financial position of the combined DLC group under IFRS,
denominated in Pounds Sterling. In the commentary above, all references to
Investec or the group relate to the combined DLC group comprising Investec plc
and Investec Limited.

Unless the context indicates otherwise, all comparatives included in the
commentary above relate to the year ended 31 March 2006. Average balances are
based on the period 1 April 2005 to 31 March 2006 and 1 April 2006 to 31 March
2007.

• Foreign currency impact
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,
Euros and US Dollars. 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 financial year:

+--------------------------+--------------------------+--------------------------+
|                          |      31 March 2007       |      31 March 2006       |
+--------------------------+--------------+-----------+--------------+-----------+
|Currency per £1.00        |Year end      |Average    |Year end      |Average    |
+--------------------------+--------------+-----------+--------------+-----------+
|South African Rand        |         14.20|      13.38|         10.72|      11.43|
+--------------------------+--------------+-----------+--------------+-----------+
|Australian Dollar         |          2.42|       2.47|          2.44|       2.37|
+--------------------------+--------------+-----------+--------------+-----------+
|Euro                      |          1.47|       1.47|          1.43|       1.47|
+--------------------------+--------------+-----------+--------------+-----------+
|US Dollar                 |          1.96|       1.90|          1.74|       1.78|
+--------------------------+--------------+-----------+--------------+-----------+


Exchange rates between local currencies and Pounds Sterling have fluctuated over
the year. The most significant impact arises from the depreciation of the Rand.
The average exchange rate over the year has depreciated by 17.1% and the closing
rate has depreciated by 32.4% since 31 March 2006.

• Sub-division of Investec plc and Investec Limited ordinary shares
Following shareholder approval, the group implemented a subdivision of the
ordinary shares of both Investec plc and Investec Limited by way of a five for
one split, effective 4 September 2006. Comparative information has been adjusted
accordingly.

• Accounting policies
The year end results are prepared in accordance with the recognition and
measurement requirements of International Financial Reporting Standards and the
presentation and disclosure requirements of IAS 34. The accounting policies
applied in the preparation of the results for the year ended 31 March 2007 are
consistent with those adopted in the financial statements for the year ended 31
March 2006, except for the adoption of accounting standards interpretations
issued with effect from 1 January 2006. The adoption of these interpretations
has had no material reportable impact on the financial results, position or cash
flows of the combined group.



--------------------------------------------------------------------------------




Investec plc and Investec Limited (combined results)
Unaudited IFRS consolidated financial results in Pounds Sterling for the year
ended 31 March 2007


Combined consolidated income statement

+-------------------------------------------------+-------------+---------------+
|                                                 |Year to      |        Year to|
|                                                 |             |               |
+-------------------------------------------------+-------------+---------------+
|                                                 |     31 March|       31 March|
+-------------------------------------------------+-------------+---------------+
|£'000                                            |         2007|           2006|
+-------------------------------------------------+-------------+---------------+
|Interest receivable                              |    1,233,226|        934,389|
+-------------------------------------------------+-------------+---------------+
|Interest payable                                 |    (889,311)|      (675,237)|
+-------------------------------------------------+-------------+---------------+
|Net interest income                              |      343,915|        259,152|
|                                                 |             |               |
+-------------------------------------------------+-------------+---------------+
|Fees and commissions receivable                  |      577,773|        478,465|
+-------------------------------------------------+-------------+---------------+
|Fees and commissions payable                     |     (56,275)|       (41,591)|
+-------------------------------------------------+-------------+---------------+
|Principal transactions                           |      245,463|        246,059|
+-------------------------------------------------+-------------+---------------+
|Operating income from associates                 |       10,685|          6,694|
+-------------------------------------------------+-------------+---------------+
|Investment income on assurance activities        |       36,821|        141,559|
+-------------------------------------------------+-------------+---------------+
|Premiums and reinsurance recoveries on insurance |       80,542|        164,631|
|contracts                                        |             |               |
+-------------------------------------------------+-------------+---------------+
|Other operating income                           |       49,685|          2,721|
+-------------------------------------------------+-------------+---------------+
|Other income                                     |      944,694|        998,538|
+-------------------------------------------------+-------------+---------------+
|Claims and reinsurance premiums on insurance     |    (111,492)|      (293,135)|
|business                                         |             |               |
+-------------------------------------------------+-------------+---------------+
|Total operating income net of insurance claims   |    1,177,117|        964,555|
+-------------------------------------------------+-------------+---------------+
|Impairment losses on loans and advances          |     (16,530)|        (9,160)|
+-------------------------------------------------+-------------+---------------+
|Operating income                                 |    1,160,587|        955,395|
+-------------------------------------------------+-------------+---------------+
|Administrative expenses                          |    (680,687)|      (558,887)|
+-------------------------------------------------+-------------+---------------+
|Depreciation and amortisation of property,       |     (13,315)|        (7,741)|
|equipment and software                           |             |               |
+-------------------------------------------------+-------------+---------------+
|Operating profit before goodwill                 |      466,585|        388,767|
+-------------------------------------------------+-------------+---------------+
|Goodwill                                         |        2,569|       (21,356)|
+-------------------------------------------------+-------------+---------------+
|Operating profit                                 |      469,154|        367,411|
+-------------------------------------------------+-------------+---------------+
|Profit on disposal of group operations           |            -|         73,573|
+-------------------------------------------------+-------------+---------------+
|Profit before taxation                           |      469,154|        440,984|
|                                                 |             |               |
+-------------------------------------------------+-------------+---------------+
|Taxation                                         |    (119,781)|      (111,616)|
+-------------------------------------------------+-------------+---------------+
|Profit after taxation                            |      349,373|        329,368|
+-------------------------------------------------+-------------+---------------+
|Earnings attributable to minority interests      |        9,054|         14,267|
+-------------------------------------------------+-------------+---------------+
|Earnings attributable to shareholders            |      340,319|        315,101|
+-------------------------------------------------+-------------+---------------+
|                                                 |      349,373|        329,368|
+-------------------------------------------------+-------------+---------------+



+-------------------------------------------------+-------------+---------------+
|Earnings attributable to shareholders            |      340,319|        315,101|
|                                                 |             |               |
+-------------------------------------------------+-------------+---------------+
|Goodwill                                         |      (2,569)|         21,356|
+-------------------------------------------------+-------------+---------------+
|Profit on disposal of group operations           |            -|       (73,573)|
+-------------------------------------------------+-------------+---------------+
|Preference dividends paid                        |     (31,850)|       (19,940)|
+-------------------------------------------------+-------------+---------------+
|Additional earnings attributable to other equity |      (5,196)|       (12,927)|
|holders                                          |             |               |
+-------------------------------------------------+-------------+---------------+
|Adjusted earnings before goodwill and            |      300,704|        230,017|
|non-operating items                              |             |               |
+-------------------------------------------------+-------------+---------------+
|Earnings per share (pence)                       |             |               |
+-------------------------------------------------+-------------+---------------+
|- basic                                          |         54.7|           53.8|
+-------------------------------------------------+-------------+---------------+
|- diluted                                        |         50.4|           50.0|
+-------------------------------------------------+-------------+---------------+
|Adjusted earnings per share (pence)              |             |               |
+-------------------------------------------------+-------------+---------------+
|- basic                                          |         53.3|           41.9|
+-------------------------------------------------+-------------+---------------+
|- diluted                                        |         49.2|           39.0|
+-------------------------------------------------+-------------+---------------+
|Dividends per share (pence)                      |             |               |
+-------------------------------------------------+-------------+---------------+
|- interim                                        |         10.0|            7.6|
+-------------------------------------------------+-------------+---------------+
|- final                                          |         13.0|           10.6|
+-------------------------------------------------+-------------+---------------+
|Number of weighted average shares                |        563.8|          548.8|
|- basic (million)                                |             |               |
+-------------------------------------------------+-------------+---------------+


Summarised combined consolidated cash flow statement

+-------------------------------------------------+-------------+---------------+
|                                                 |      Year to|        Year to|
+-------------------------------------------------+-------------+---------------+
|                                                 |     31 March|       31 March|
+-------------------------------------------------+-------------+---------------+
|£'000                                            |         2007|           2006|
+-------------------------------------------------+-------------+---------------+
|Cash inflow from operations                      |      400,308|        369,546|
+-------------------------------------------------+-------------+---------------+
|Increase in operating assets                     |  (6,124,269)|    (2,950,085)|
+-------------------------------------------------+-------------+---------------+
|Increase in operating liabilities                |    5,858,320|      2,749,528|
+-------------------------------------------------+-------------+---------------+
|Net cash inflow from operating activities        |      134,359|        168,989|
+-------------------------------------------------+-------------+---------------+
|Net cash outflow from investing activities       |    (178,985)|      (473,159)|
+-------------------------------------------------+-------------+---------------+
|Net cash inflow from financing activities        |      430,471|         38,076|
+-------------------------------------------------+-------------+---------------+
|Effects of exchange rate changes on cash and cash|    (301,588)|         73,721|
|equivalents                                      |             |               |
+-------------------------------------------------+-------------+---------------+
|Net increase/(decrease) in cash and cash         |       84,257|      (192,373)|
|equivalents                                      |             |               |
+-------------------------------------------------+-------------+---------------+
|Cash and cash equivalents at the beginning of the|    1,190,183|      1,382,556|
|year                                             |             |               |
+-------------------------------------------------+-------------+---------------+
|Cash and cash equivalents at the end of the year |    1,274,440|      1,190,183|
+-------------------------------------------------+-------------+---------------+


Cash and cash equivalents is defined as including: cash and balances at central
banks, on demand loans and advances to banks and cash equivalent advances to
customers (all of which have a maturity profile of less than three months).






Combined consolidated balance sheet at

+--------------------------------------------------+------------+------------+
|                                                  |    31 March|    31 March|
+--------------------------------------------------+------------+------------+
|£'000                                             |        2007|        2006|
+--------------------------------------------------+------------+------------+
|Assets                                            |            |            |
|                                                  |            |            |
+--------------------------------------------------+------------+------------+
|Cash and balances at central banks                |     102,751|     190,838|
+--------------------------------------------------+------------+------------+
|Loans and advances to banks                       |   2,476,969|   1,830,603|
+--------------------------------------------------+------------+------------+
|Cash equivalent advances to customers             |     687,918|     690,236|
+--------------------------------------------------+------------+------------+
|Reverse repurchase agreements and cash collateral |   2,185,322|     756,645|
|on securities borrowed                            |            |            |
+--------------------------------------------------+------------+------------+
|Trading securities                                |   2,151,036|   1,640,088|
+--------------------------------------------------+------------+------------+
|Derivative financial instruments                  |     724,492|   1,081,287|
+--------------------------------------------------+------------+------------+
|Investment securities                             |   1,776,601|   1,266,673|
+--------------------------------------------------+------------+------------+
|Loans and advances to customers                   |  10,190,252|   9,604,589|
+--------------------------------------------------+------------+------------+
|Interests in associated undertakings              |      70,332|      63,099|
+--------------------------------------------------+------------+------------+
|Deferred taxation assets                          |      59,394|      60,035|
+--------------------------------------------------+------------+------------+
|Other assets                                      |   1,408,159|   1,272,787|
+--------------------------------------------------+------------+------------+
|Property and equipment                            |     131,505|      26,916|
+--------------------------------------------------+------------+------------+
|Investment properties                             |      85,424|     163,049|
+--------------------------------------------------+------------+------------+
|Goodwill                                          |     195,883|     183,560|
+--------------------------------------------------+------------+------------+
|Intangible assets                                 |      35,829|      10,094|
+--------------------------------------------------+------------+------------+
|                                                  |  22,281,867|  18,840,499|
+--------------------------------------------------+------------+------------+
|Other financial instruments at fair value through |            |            |
|income in respect of                              |            |            |
+--------------------------------------------------+------------+------------+
|- liabilities to customers                        |   3,024,997|   3,628,574|
+--------------------------------------------------+------------+------------+
|- assets related to reinsurance contracts         |     992,824|   1,431,876|
+--------------------------------------------------+------------+------------+
|                                                  |  26,299,688|  23,900,949|
+--------------------------------------------------+------------+------------+
|Liabilities                                       |            |            |
|                                                  |            |            |
+--------------------------------------------------+------------+------------+
|Deposits by banks                                 |   2,347,095|   1,879,483|
+--------------------------------------------------+------------+------------+
|Derivative financial instruments                  |     509,919|     705,764|
+--------------------------------------------------+------------+------------+
|Other trading liabilities                         |     321,863|     457,254|
+--------------------------------------------------+------------+------------+
|Repurchase agreements and cash collateral on      |   1,765,671|     358,278|
|securities lent                                   |            |            |
+--------------------------------------------------+------------+------------+
|Customer accounts                                 |   9,384,848|   8,699,165|
+--------------------------------------------------+------------+------------+
|Debt securities in issue                          |   3,333,716|   2,950,103|
+--------------------------------------------------+------------+------------+
|Current taxation liabilities                      |     113,967|     137,426|
+--------------------------------------------------+------------+------------+
|Deferred taxation liabilities                     |      48,048|      26,210|
+--------------------------------------------------+------------+------------+
|Other liabilities                                 |   1,790,405|   1,582,856|
+--------------------------------------------------+------------+------------+
|Pension fund liabilities                          |       1,467|       2,013|
+--------------------------------------------------+------------+------------+
|                                                  |  19,616,999|  16,798,552|
+--------------------------------------------------+------------+------------+
|Liabilities to customers under investment         |   3,004,254|   3,488,756|
|contracts                                         |            |            |
+--------------------------------------------------+------------+------------+
|Insurance liabilities, including unit-linked      |      20,743|     139,818|
|liabilities                                       |            |            |
+--------------------------------------------------+------------+------------+
|Reinsured liabilities                             |     992,824|   1,431,876|
+--------------------------------------------------+------------+------------+
|                                                  |  23,634,820|  21,859,002|
+--------------------------------------------------+------------+------------+
|Subordinated liabilities (including convertible   |     830,705|     529,854|
|debt)                                             |            |            |
+--------------------------------------------------+------------+------------+
|                                                  |  24,465,525|  22,388,856|
+--------------------------------------------------+------------+------------+




+--------------------------------------------------+------------+------------+
|Equity                                            |            |            |
+--------------------------------------------------+------------+------------+
|Called up share capital                           |         169|         165|
+--------------------------------------------------+------------+------------+
|Share premium                                     |   1,129,859|   1,028,737|
+--------------------------------------------------+------------+------------+
|Treasury shares                                   |   (109,279)|    (96,300)|
+--------------------------------------------------+------------+------------+
|Equity portion of convertible instruments         |       2,191|       2,191|
+--------------------------------------------------+------------+------------+
|Perpetual preference shares                       |     292,173|     215,305|
+--------------------------------------------------+------------+------------+
|Other reserves                                    |     134,606|     156,103|
+--------------------------------------------------+------------+------------+
|Profit and loss account                           |      92,766|    (79,709)|
+--------------------------------------------------+------------+------------+
|Shareholders' equity excluding minority interests |   1,542,485|   1,226,492|
+--------------------------------------------------+------------+------------+
|Minority interests                                |     291,678|     285,601|
+--------------------------------------------------+------------+------------+
|- Perpetual preferred securities issued by        |     241,081|     278,459|
|subsidiaries                                      |            |            |
+--------------------------------------------------+------------+------------+
|- Minority interests in partially held            |      50,597|       7,142|
|subsidiaries                                      |            |            |
+--------------------------------------------------+------------+------------+
|Total equity                                      |   1,834,163|   1,512,093|
+--------------------------------------------------+------------+------------+
|Total liabilities and equity                      |  26,299,688|  23,900,949|
+--------------------------------------------------+------------+------------+



A geographical breakdown of business operating profit before goodwill, non
operating items and taxation for the year to 31 March 2007

+--------------------------------+--------+--------+---------+-----------+--------+
|                                |  United|        |         |           |        |
+--------------------------------+--------+--------+---------+-----------+--------+
|                                | Kingdom|        |         |           |        |
+--------------------------------+--------+--------+---------+-----------+--------+
|                                |     and|Southern|         |      Other|   Total|
+--------------------------------+--------+--------+---------+-----------+--------+
|£'000                           |  Europe|  Africa|Australia|geographies|   group|
+--------------------------------+--------+--------+---------+-----------+--------+
|Private Banking                 |  96,734|  41,413|   16,244|          -| 154,391|
+--------------------------------+--------+--------+---------+-----------+--------+
|Private Client Portfolio        |  10,065|  12,016|        -|          -|  22,081|
|Management and Stockbroking     |        |        |         |           |        |
+--------------------------------+--------+--------+---------+-----------+--------+
|Capital Markets                 |  51,409|  56,145|    9,737|          -| 117,291|
+--------------------------------+--------+--------+---------+-----------+--------+
|Investment Banking              |  23,294|  60,632|    7,309|          -|  91,235|
+--------------------------------+--------+--------+---------+-----------+--------+
|Asset Management                |  17,555|  50,557|        -|          -|  68,112|
+--------------------------------+--------+--------+---------+-----------+--------+
|Property Activities             |   1,292|  12,852|        -|          -|  14,144|
+--------------------------------+--------+--------+---------+-----------+--------+
|Group Services and Other        |(32,967)|  35,058|  (3,141)|        381|   (669)|
+--------------------------------+--------+--------+---------+-----------+--------+
|                                | 167,382| 268,673|   30,149|        381| 466,585|
+--------------------------------+--------+--------+---------+-----------+--------+
|% change since 31 March 2006    |   55.4%|    1.2%|    91.5%|    >100.0%|   20.0%|
+--------------------------------+--------+--------+---------+-----------+--------+


A geographical breakdown of business operating profit before goodwill, non
operating items and taxation for the year to 31 March 2006

+--------------------------------+--------+--------+---------+-----------+--------+
|                                |  United|        |         |           |        |
+--------------------------------+--------+--------+---------+-----------+--------+
|                                | Kingdom|        |         |           |        |
+--------------------------------+--------+--------+---------+-----------+--------+
|                                |     and|Southern|         |      Other|   Total|
+--------------------------------+--------+--------+---------+-----------+--------+
|£'000                           |  Europe|  Africa|Australia|geographies|   group|
+--------------------------------+--------+--------+---------+-----------+--------+
|Private Banking                 |  61,533|  31,981|    8,009|          -| 101,523|
+--------------------------------+--------+--------+---------+-----------+--------+
|Private Client Portfolio        |   7,399|   9,243|        -|          -|  16,642|
|Management and Stockbroking     |        |        |         |           |        |
+--------------------------------+--------+--------+---------+-----------+--------+
|Capital Markets                 |  22,507|  43,560|      849|          -|  66,916|
+--------------------------------+--------+--------+---------+-----------+--------+
|Investment Banking              |  29,631|  65,887|    5,412|          -| 100,930|
+--------------------------------+--------+--------+---------+-----------+--------+
|Asset Management                |  10,609|  48,767|        -|          -|  59,376|
+--------------------------------+--------+--------+---------+-----------+--------+
|Property Activities             |   2,023|  16,575|        -|          -|  18,598|
+--------------------------------+--------+--------+---------+-----------+--------+
|Group Services and Other        |(25,966)|  49,397|    1,473|      (122)|  24,782|
+--------------------------------+--------+--------+---------+-----------+--------+
|                                | 107,736| 265,410|   15,743|      (122)| 388,767|
+--------------------------------+--------+--------+---------+-----------+--------+



Summarised combined consolidated statement of changes in equity

+-----------------------------------------------------+-------------+-----------+
|                                                     |      Year to|    Year to|
+-----------------------------------------------------+-------------+-----------+
|                                                     |     31 March|   31 March|
+-----------------------------------------------------+-------------+-----------+
|£'000                                                |         2007|       2006|
+-----------------------------------------------------+-------------+-----------+
|Balance at the beginning of the year                 |    1,512,093|  1,075,611|
+-----------------------------------------------------+-------------+-----------+
|Foreign currency adjustments                         |    (184,847)|     52,564|
+-----------------------------------------------------+-------------+-----------+
|Retained profit for the year attributable to ordinary|      340,319|    315,101|
|shareholders                                         |             |           |
+-----------------------------------------------------+-------------+-----------+
|Retained profit for the year attributable to minority|        9,054|     14,267|
|interests                                            |             |           |
+-----------------------------------------------------+-------------+-----------+
|Share based payments adjustments                     |       33,990|     19,221|
+-----------------------------------------------------+-------------+-----------+
|Fair value movements on available for sale assets    |       12,287|      8,480|
+-----------------------------------------------------+-------------+-----------+
|Transfer (to)/from pension fund deficit              |      (2,470)|      2,035|
+-----------------------------------------------------+-------------+-----------+
|Total recognised gains and losses for the year       |      208,333|    411,668|
+-----------------------------------------------------+-------------+-----------+
|Dividends paid to ordinary shareholders              |    (112,592)|   (84,435)|
+-----------------------------------------------------+-------------+-----------+
|Dividends paid to minority shareholders              |     (31,850)|   (19,940)|
+-----------------------------------------------------+-------------+-----------+
|Issue of ordinary shares                             |       47,861|          -|
+-----------------------------------------------------+-------------+-----------+
|Issue of perpetual preference shares                 |      131,187|          -|
+-----------------------------------------------------+-------------+-----------+
|Share issue expenses                                 |      (1,688)|      (556)|
+-----------------------------------------------------+-------------+-----------+
|Re-issue of treasury shares                          |       44,811|     13,113|
+-----------------------------------------------------+-------------+-----------+
|Issue of equity instruments by subsidiaries          |       20,949|    132,520|
+-----------------------------------------------------+-------------+-----------+
|Dividends and capital reductions paid to minorities  |      (6,799)|          -|
+-----------------------------------------------------+-------------+-----------+
|Movement on minorities on disposals and acquisitions |       21,858|   (15,888)|
+-----------------------------------------------------+-------------+-----------+
|Balance at the end of the year                       |    1,834,163|  1,512,093|
+-----------------------------------------------------+-------------+-----------+








--------------------------------------------------------------------------------



Investec plc ordinary dividend announcement

In terms of the DLC structure, Investec plc shareholders who are not South
African resident shareholders may receive all or part of their dividend
entitlements through dividends declared and paid by Investec plc on their
ordinary shares and / or through dividends declared and paid on the SA DAN share
issued by Investec Limited.

Investec plc shareholders, who are South African residents, may receive all or
part of their dividend entitlements through dividends declared and paid by
Investec plc on their ordinary shares and / or through dividends declared and
paid on the SA DAS share issued by Investec Limited.

Notice is hereby given that a final dividend (No 10) of 13 pence (2006: 10.6
pence) per ordinary share has been proposed by the board in respect of the
financial year ended 31 March 2007. The Annual General Meeting of members at
which the proposed dividend will be considered for approval is scheduled to take
place on Wednesday, 08 August 2007.

The dividend is payable to shareholders recorded in the members' register of the
company at the close of business on Friday, 27 July 2007.

The relevant dates for the payment of the dividends are:-

Last day to trade cum-dividend:-
- On the London Stock Exchange                    Tuesday, 24 July 2007
- On the JSE Limited                               Friday, 20 July 2007

Shares commence trading ex-dividend :-
- On the London Stock Exchange                  Wednesday, 25 July 2007
- On the JSE Limited                               Monday, 23 July 2007

Record date :
- On the London Stock Exchange                     Friday, 27 July 2007
- On the JSE Limited                               Friday, 27 July 2007

Payment date :
- United Kingdom register                        Monday, 13 August 2007
- South African register                         Monday, 13 August 2007



Share certificates on the South African branch register may not be
dematerialised or rematerialised between Monday, 23 July 2007 and Friday, 27
July 2007, both dates inclusive, nor may transfers between the UK and SA
registers take place between Monday, 23 July 2007 and Friday, 27 July 2007, both
dates inclusive.

Shareholders registered on the South African register are advised that the total
distribution of 13 pence is equivalent to 180 cents per share which has been
arrived at using the Rand/Pound Sterling average buy/sell forward rate, as
determined at 11h00 (SA time) on 16 May 2007.


By order of the board

D Miller
Company Secretary 
17 May 2007




----------------------------------------------------------------------------------------


Investec plc dividend announcement
Share code: INPP
ISIN: GB00B19RX541 & GB00B1N73946


Non-redeemable non-cumulative non-participating preference shares
Declaration of dividend number 2


Notice is hereby given that preference dividend number 2 has been declared
amounting to:

(i) 30.2 pence per share for the period 01 October 2006 to 31 March 2007 in
respect of the preference shares trading on the JSE Limited ('JSE') (ISIN:
GB00B19RX541); and

(ii) 6.51 pence per share in respect of the further tranche of preference shares
issued on 22 February 2007 in respect of the period 22 February 2007 to 31 March
2007 (ISIN: GB00B1N73946) and trading on the Channel Islands Stock Exchange
('CISX')

The dividend is payable to holders of the non-redeemable non-cumulative
non-participating preference shares as recorded in the books of the company at
the close of business on 29 June 2007.

For shares trading on the JSE, the dividend of 30.2 pence per share is
equivalent to 415.36 cents per share, which has been determined using the Rand/
Pound Sterling average buy/sell forward rate as at 11h00 (SA Time) on Wednesday,
16 May 2007.

The relevant dates relating to the payment of dividend number 2 are as follows:-

Last day to trade cum dividend:
On the JSE                                         Friday, 22 June 2007
On the CISX                                       Tuesday, 26 June 2007

Shares trade ex dividend:
On the JSE                                         Monday, 25 June 2007
On the CISX                                     Wednesday, 27 June 2007
Record date (on the JSE and CISX)                  Friday, 29 June 2007
Payment date (on the JSE and CISX)               Wednesday, 4 July 2007


Share certificates may not be dematerialised or rematerialised between Monday,
25 June 2007 and Friday, 29 June 2007, both dates inclusive, nor may transfers
between the UK and SA registers take place between Monday, 25 June 2007 and
Friday, 29 June 2007, both dates inclusive.

The further tranche of preference shares issued on 22 February 2007 (ISIN:
GB00B1N73946) are listed and trade separately from the first tranche of
preference shares issued (ISIN: GB00B19RX541) until payment of the dividend for
the period to 31 March 2007 has been made. Following the dividend payment date
of Wednesday 4 July 2007, the preference shares issued on 22 February 2007
(ISIN: GB00B1N73946) will rank pari passu with the existing perpetual preference
shares and all preference shares will then trade under ISIN: GB00B19RX541.
Preference shares will be transferable between the JSE and the CISX.


By order of the board

D Miller
Company Secretary 
17 May 2007







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