Interim Results

Investec PLC
15 November 2007


15 November - Investec plc


          Balanced business model drives continued growth at Investec
 Pre-tax operating profit increased by 23.8%; Adjusted EPS increased by 17.2%;
                           Dividends increased by 15%

Investec, the international specialist banking group, announces today its
results for the six months ended 30 September 2007.


Financial highlights

•  Our focus on balancing revenue streams and achieving diversity of earnings, 
   both geographically and operationally, has continued to support the
   operating fundamentals of the group.

•  Very strong performance from South Africa and Australia - operating
   profit before taxation* up 38.7% and 61.4%, respectively.

•  Solid performance from UK business, however, adversely impacted by
   poor performance from the Principal Finance division as a result of the recent
   credit crisis - operating profit before taxation* in line with prior period.

•  Achieved our stated growth and financial return objectives.

•  Disciplined risk management remains key.


                                Six months   Six months  % Change  Year to 31 
                                to 30 Sept   to 30 Sept            March 2007 
                                      2007         2006                          

Operating profit before           
taxation* (£'mn)                     254.3        205.3      23.8%      466.6 

Earnings attributable to          
shareholders after taxation, 
goodwill and non-operating   
items (£'mn)                         182.6        153.6      18.9%      340.3
Adjusted EPS* (pence)                 27.3         23.3      17.2%       53.3
Dividends per share (pence)           11.5         10.0      15.0%       23.0 
ROE                                   23.9%        23.8%        -        26.1%
Cost to income ratio                  58.9%        60.0%        -        59.0%
Average core loans and 
advances (£'bn)                       10.9          9.2      18.2%        9.7 
Average third party assets         
under management (£'bn)               57.8         52.6       9.9%       56.2                                        



Business highlights - operating profit before taxation*

The group has benefited from strong performance by majority of our divisions:

 • Private Client Activities: increase of 20.0% to £100.1 million (2006: 
   £83.3 million)
 • Capital Markets: decrease of 24.3% to £43.2 million (2006: £57.1 million)
 • Investment Banking: increase of 45.1% to £51.9 million (2006: £35.8 million)
 • Asset Management: increase of 13.5% to £36.2 million (2006: £31.9 million)
 • Property Activities: increase of 81.8% to £11.5 million (2006: £6.3 million)

* before non-operating items and goodwill of zero (2006: positive goodwill of
  £7.5 million)


Stephen Koseff, Chief Executive Officer of Investec said:

'Our results for the first half reflect the benefits of our balanced business
model and diverse geographic spread. Solid business activity in all geographies
has supported continued earnings growth despite a difficult trading environment
in the UK.

Looking ahead to the second half, market conditions in South Africa and
Australia remain positive and we expect to deliver a good performance in these
two geographies for the full year. Whilst current conditions within the UK
credit markets remain, activity levels are likely to be impacted. Investec
continues to be well capitalised with strong risk management disciplines and
established platforms for growth.'


Bernard Kantor, Managing Director of Investec said:

'We have again delivered on our growth targets yielding a sound overall
performance in all businesses with the exception of the Capital Markets US
Principal Finance division where performance was adversely impacted by the
credit market conditions.

Operating fundamentals remain positive for each of our businesses and we will
continue to focus on building our franchise in areas where we can compete
effectively seeking greater depth in the markets where we have a stronger
presence.'


For further information please contact:

Investec [phone]
Stephen Koseff, Chief Executive Officer
Bernard Kantor, Managing Director
Ursula Nobrega, Investor Relations (mobile:[phone])
Lindsay Haines or Margaret Arnold, Investor Relations


Citigate Dewe Rogerson
[phone]
Jonathan Clare
Tom Baldock
Ged Brumby


Presentation details:

The management of Investec will host a presentation commencing at 09:00 (UK
time)/11:00 (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 has approximately
6 000 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 £3.3 billion.



Investec plc and Investec Limited (combined results)

Unaudited consolidated financial results in Pounds Sterling for the six months
ended 30 September 2007


Overall performance

We are pleased to announce that for the six months ended 30 September 2007,
adjusted earnings per share (EPS) before goodwill and non-operating items
increased by 17.2% to 27.3 pence from 23.3 pence. Our focus on balancing revenue
streams and achieving diversity of earnings, both geographically and
operationally, has continued to support the operating fundamentals of the group.
Our stated growth and financial return objectives have been achieved benefiting
from the strong performance by the majority of our businesses.


The main features of the period under review are:

• Operating profit before goodwill, non-operating items and taxation
  ('operating profit') increased 23.8% from £205.3 million to £254.3 million.
• Adjusted earnings attributable to ordinary shareholders before goodwill
  and non-operating items increased 25.0% from £128.7 million to £160.9 million.

• Earnings attributable to ordinary shareholders after goodwill and
  non-operating items increased by 18.9% from £153.6 million to £182.6 million.

• Our South African and Australian operations posted strong increases in 
  operating profit of 36.9% and 61.4%, respectively. Our UK operations recorded
  operating profit in line with the prior period; these results were negatively
  impacted by a poor performance from the Capital Markets Principal Finance
  division. The group remains geographically diversified with the UK and
  Australian operations comprising 40.1% of total operating profit.

• Annualised return on adjusted average shareholders' equity (inclusive
  of compulsorily convertible instruments) increased marginally from 23.8% to
  23.9% against a target of greater than 20%.

• The ratio of total operating expenses to total operating income improved 
  from 60.0% to 58.9% against a target of below 65%.

• Average core loans and advances to customers increased 18.1% from £9.2 billion
  to £10.9 billion. Asset quality remains satisfactory with the percentage of 
  gross default loans to core loans and advances improving from 1.23% to 1.01% 
  since 31 March 2007.

• Average third party assets under management increased 9.9% from £52.6
  billion to £57.8 billion.

• Customer deposits (accounts) increased by 14.1% from £9.4 billion to
  £10.7 billion since 31 March 2007.
   
• The acquisition of Kensington Group plc ('Kensington') became effective
  8 August 2007 and forms part of the Capital Markets division.
   
• The board declared a dividend of 11.5 pence per ordinary share (2006: 10
  pence) resulting in a dividend cover based on the group's adjusted EPS
  before goodwill and non-operating items of 2.37 times (2006: 2.33 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 20.0% to £100.1 million (2006: £83.3 million).


•   Private Banking

Operating profit of our Private Banking division increased by 16.4% to £85.7
million (2006: £73.6 million).Strong lending turnover and transactional activity
continued to drive momentum across all geographies. The division benefited from
increased distribution capacity and greater penetration across all areas of
specialisation, notably Wealth Management and Growth and Acquisition Finance.
The average private client core lending book grew by 23.4% to £7.5 billion
(2006: £6.1 billion) and the division increased its average retail deposit book
by 24.7% to £6.1 billion (2006: £4.9 billion).


•   Private Client Portfolio Management and Stockbroking

Private Client Portfolio Management and Stockbroking recorded solid growth,
generating operating profit of £14.4 million (2006: £9.7 million), an increase
of 47.5%. The Private Client business in South Africa benefited from the launch
of new products and increased volumes with average funds under management
increasing by 12.7% to £7.7 billion (2006: £6.9 billion). The results of our UK
operations include Investec's 47.3% share of the post-tax profit of Rensburg
Sheppards plc.


•   Capital Markets

Capital Markets posted a decrease in operating profit of 24.3% to £43.2 million
(2006: £57.1 million).The division's advisory, structuring and asset creation
activities continued to perform well, notably in South Africa, Australia and
Ireland, with a number of mandates closed in Project Finance, Resource Finance,
Structured Finance and Equity Finance. Average core advances increased 17.2%
from £3.0 billion to £3.5 billion. The current year's figure includes £4.6
million pre-tax operating profit for Kensington for the period 8 August 2007 to
30 September 2007 (further information provided below).

The performance of the Capital Markets division was however, negatively impacted
by write downs of £36 million on US structured credit investments held within
the Principal Finance business, largely as a result of recent rating agency
downgrades on these portfolios. The on-balance sheet value of the US portfolio
is £81 million of which £33 million is dependent on the performance of the US
sub-prime market.


•   Investment Banking

Our Investment Banking division recorded a 45.1% increase in operating profit to
£51.9 million (2006: £35.8 million). The Private Equity and Direct Investment
divisions performed very well benefiting from dividends received and an increase
in the value of the underlying investments held. The Agency business (comprising
Corporate Finance and Institutional Stockbroking) benefited from a stable deal
pipeline and increased volumes.


•   Asset Management

Asset Management posted an increase in operating profit of 13.5% to £36.2
million (2006: £31.9 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 5.9% to £30.8 billion (2006: £29.1
billion). Solid long term investment performance has continued to support the
fundamentals of the business.


•   Property Activities

Our Property Activities generated operating profit of £11.5 million (2006: £6.3
million), an increase of 81.8%. The South African division continued to perform
well benefiting from higher average funds under management, realisations and a
solid contribution from our investment property portfolio.


•   Group Services and Other Activities

Group Services and Other Activities posted an operating profit of £11.4 million
(2006: loss of £9.1 million) as a result of a solid performance from the Central
Funding division which benefited from a strong increase in net interest income
largely as a result of increased cash holdings.

Further information on key developments within each of our business units is
provided in a detailed report published on our website www.investec.com/
grouplinks/investorrelations



Financial statements analysis


Operating income

Operating income increased by 21.0% to £635.5 million (2006: £525.0 million).
Material movements in total operating income are analysed below.

Net interest income increased by 37.4% to £223.1 million (2006: £162.4 million)
as a result of strong growth in average advances, the acquisition of Kensington
and a solid performance from the Central Funding division.

Net fees and commissions increased by 10.4% to £277.7 million (2006: £251.6
million) benefiting from increased transactional activity and higher average
assets under management.

Income from principal transactions increased by 4.4% to £108.5 million (2006:
£103.9 million). Our Growth and Acquisition Finance, Property, Private Equity
and Direct Investments divisions delivered a strong performance. This result was
negatively impacted by the write downs on the US structured credit investments
mentioned above.

Operating income from associates increased by 48.8% to £6.4 million (2006: £4.3
million). The current year's figure includes Investec's 47.3% share of the
post-tax profit of Rensburg Sheppards plc for the period 1 April 2007 to 30
September 2007.

Other operating income amounts to £28.1 million (2006: £10.0 million). The
operating results of two investments held within the Private Equity portfolio
have been consolidated with the respective income and expenses largely reflected
in other operating income and administration expenses. These investments
generated a net loss after tax and minority interest of £1.6 million and have a
combined net on-balance sheet carrying value of £69 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

Notwithstanding, the weaker credit cycle, we have not seen evidence of a decline
in the performance of our loan portfolios.The percentage of gross default loans
to core loans and advances has improved from 1.23% to 1.01% since 31 March 2007.
Total impairment coverage as a percentage of net default loans (gross default
loans net of security) remains highly satisfactory at 137.3% (31 March 2007:
137.9%). These factors resulted in a decrease in impairment losses on loans and
advances of 53.6% from £8.2 million to £3.8 million (excluding Kensington).

Included in the current period's figure of £11.7 million is an amount of £7.9
million relating to Kensington. These impairments have been made in the ordinary
course of business, with asset quality improving as the percentage of accounts
greater than 90 days in arrears have decreased from 9.4% to 9.1% since 31 March
2007.


Administrative expenses and depreciation

Total expenses increased by 19.2% to £381.3 million (2006: £319.7 million).
Variable remuneration decreased by 3.0% to £93.3 million. Other operating
expenses (excluding variable remuneration) increased by 28.8% to £288.0 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, the consolidation of two private equity
investments and the acquisition of Kensington.

We achieved our target of operating expenses to total operating income of less
than 65% with the ratio improving from 60.0% to 58.9%.


Taxation

The operational effective tax rate of the group decreased from 28.3% to 25.0% as
a result of income accruing in lower tax jurisdictions.


Earnings attributable to minority interests

Earnings attributable to minority interests of £9.7 million largely comprise:

• £5.7 million in relation to investments held in the Private Equity
  division.

• £3.6 million relating to the Euro denominated preferred securities issued by
  a subsidiary of Investec plc which are reflected on the balance sheet as part
  of minority interests. The transaction is hedged and a forex translation gain
  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 2007:

• Total shareholders' equity (including minority interests) increased by
  18.4% to £2.2 billion largely as a result of the issue of £235 million of
  ordinary shares and increased retained earnings.

• Net asset value per share increased from 216.0 pence to 251.6 pence, and net 
  tangible asset value per share (which excludes goodwill and intangible assets)
  increased from 178.6 pence to 197.1 pence.

• On balance sheet assets have increased by 32.3% to £34.8 billion, principally
  as a result of a solid growth in loans and advances to customers and the 
  acquisition of Kensington.

The annualised return on adjusted average shareholders' equity (inclusive of
compulsorily convertible instruments) improved marginally from 23.8% to 23.9%
over the period 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 17.7%
(31 March 2007: 24.7%). The decline since 31 March 2007 is largely as a result
of an increase in risk-weighted assets and the acquisition of Kensington. The
capital adequacy of Investec Limited (applying South African Reserve Bank rules
to its capital base) is 13.7% (31 March 2007: 14.7%). If the Growthpoint
transaction had been completed prior to 30 September 2007, the capital adequacy
ratio of Investec Limited would have been 14.7%.


Outlook

Overall, operating conditions remain mixed. The South African businesses have
made a good start to the second half and are expected to perform well for the
remainder of the year. Our Australian operations continue to perform in line
with expectations, while we anticipate that UK activity levels will be affected
by difficult credit market conditions. Despite volatile markets, we should
continue to benefit from our geographic spread and product diversity in the
second half.


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 interim 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 six months ended 30 September 2006. Average
balances are based on the period 1 April 2006 to 30 September 2006 and 1 April
2007 to 30 September 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 period:


                      30 Sept 2007        31 March 2007         30 Sept 2006    

Currency per      Period end Average   Period end Average   Period end Average  
£1.00          

South African        
Rand                   13.98     14.21      14.20     13.38      14.49     12.66

Australian Dollar       2.30      2.39       2.42      2.47       2.50      2.46

Euro                    1.43      1.47       1.47      1.47       1.47      1.46

US Dollar               2.04      2.01       1.96      1.90       1.87      1.85


Exchange rates between local currencies and Pounds Sterling have fluctuated over
the period. The most significant impact arises from the depreciation/
appreciation of the Rand. The average exchange rate over the period has
depreciated by 12.2% and the closing rate has appreciated by 1.6% since 30
September 2006.


•  Accounting policies and disclosures

The interim 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 six months ended 30 September
2007 are consistent with those adopted in the financial statements for the year
ended 31 March 2007.


Securitised assets and related liabilities disclosure

Securitised assets and related liabilities, which continue to be recognised on
balance sheet, are now disclosed as separate line items on the face of the
balance sheet. In prior periods, securitised assets were included within loans
and advances to customers and trading securities and securitised liabilities
were included in debt securities in issue. This change in disclosure follows the
acquisition of Kensington which resulted in a significant increase in these
assets and liabilities, rendering it more appropriate to disclose these
financial instruments on separate lines to provide information more relevant and
useful to users.


•  Acquisition of Kensington

As outlined in the announcement released on 30 May 2007, Investec plc made an
offer to purchase the entire issued share capital of Kensington. All requisite
approvals for this offer were received. The effective date of the acquisition is
8 August 2007. In terms of the offer each Kensington shareholder has received
0.7 Investec plc shares plus a special dividend of 26 pence (paid by Kensington)
for each Kensington share held. The acquisition was satisfied by the issue of
37,449,550 Investec plc shares at 587.5 pence per share. The purchase
consideration has been provisionally allocated between net assets at acquisition
and goodwill. The businesses of Kensington now form part of Investec's Capital
Markets division. Net assets at the date of acquisition, total consideration
paid and goodwill arising on the transaction are disclosed in the table below.



                                        £'million  £'million
Value of Investec plc shares issued                    220.0
(37,449,550 shares at 587.5 pence)
Acquisition costs                                        3.8

Kensington net assets at acquisition        160.2
Less: special dividend                      -13.6
Less: fair value adjustments                -43.5
                                                       103.1

Goodwill arising on acquisition                        120.7


• Challenging credit market conditions have resulted in a significant
restructuring of the business in order to maintain a robust business model that
can respond quickly when market conditions change.

• Restructuring efforts include:

     o Reduction of overheads
     o Tightening of lending criteria
     o Appropriate pricing for current market conditions

• Developments include:

     o Adverse business volumes have decreased significantly since 
       30 September 2007
     o Forward flow agreements are still operative and the majority of
       warehouse facilities have been renewed or are in the process of being 
       renewed
     o Further efficiencies to be gained through increased automation across
       the operating model
     o Since 31 March 2007:

          •  Mortgages under management have decreased from £6.9 billion to 
             £6.6 billion
          •  The weighted average current LTV has improved from 70.5% to 68.3%
          •  Asset quality has improved, as discussed under 'impairment losses 
             on loans and advances' in the section above


• Post balance sheet events

As outlined in the announcement released on 30 May 2007, Investec Property Group
Limited ('IPG') agreed to dispose of its property fund management business and
its property administration business, as a going concern to Growthpoint
Properties Limited ('Growthpoint') ('the transaction'). This transaction was
approved by the Competition Tribunal of South Africa on 18 October 2007. IPG is
a wholly owned subsidiary of Investec Limited. The purchase consideration has
been satisfied by the issue of 86,878,057 new Growthpoint linked units, at a
price of 1568 cents per linked unit, on 1 November 2007. A pre-tax gain of R1
030 million was made on the sale of these businesses.

Furthermore, as announced on 6 November 2007 Investec disposed of 152,473,544
Growthpoint linked units, representing its entire shareholding in Growthpoint,
inter alia monetising the proceeds on the disposal of the property
administration and property fund management businesses mentioned above. The
effect on the earnings, net assets and tangible net assets of Investec as a
result of the transaction is not significant, as set out in the JSE Listing
Requirements. The proceeds of the transaction will be used to enhance the
capital structure of the Investec Limited group.


•  Proviso

•  Please note that matters discussed in this announcement 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 group's control.

•  These factors may cause the group'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 group at today's date.


The information in this announcement for six months to 30 September 2007, which
was approved by the board of directors on 14 November 2007 , does not constitute
statutory accounts as defined in the UK Companies Act ('Act'). Statutory
accounts for the year ended 31 March 2007, which contained an unqualified audit
report under Section 235 of the Act and which did not contain statements under
Section 237 of the Act, have been delivered to the Registrar of Companies in
accordance with Section 242 of the Act.



Investec plc


Ordinary dividend


Notice is hereby given that an interim dividend (No. 11) of 11.5 pence per
ordinary share has been declared by the board in respect of the six months ended 
30 September 2007.

Shareholders in Investec plc will receive a distribution of 11.5 pence (2006: 10
pence) per ordinary share, which will be paid as follows:

• for non-South African resident Investec plc shareholders, through a dividend
  paid by Investec plc of 11.5 pence per ordinary share.

• for South African resident shareholders of Investec plc, through a dividend
  payment by Investec plc of 6.0 pence per ordinary share and through a dividend
  paid,  on the SA DAS share equivalent to 5.5 pence per ordinary share.


The relevant dates for the payment of the dividends are:


Last day to trade cum-dividend
- On the London Stock Exchange                       Tuesday, 11 December 2007
- On the JSE                                         Friday, 7 December 2007


Shares commence trading ex-dividend
- On the London Stock Exchange                       Wednesday, 12 December 2007
- On the JSE                                         Monday, 10 December 2007


Record date
- On the London Stock Exchange                       Friday, 14 December 2007
- On the JSE                                         Friday, 14 December 2007


Payment date
- On the London Stock Exchange                       Friday, 21 December 2007
- On the JSE                                         Friday, 21 December 2007


Share certificates on the South African branch register may not be
dematerialised or rematerialised between Monday, 10 December 2007 and 
Friday, 14 December 2007, both dates inclusive, nor may transfers between 
the UK and SA registers take place between Monday, 10 December 2007 and 
Friday, 14 December 2007, both dates inclusive.

Shareholders registered on the South African register are advised that the total
distribution of 11.5 pence, equivalent to 159.5 cents per share, has been
arrived at using the Rand/Pound Sterling average buy/sell forward rate, 
as determined at 11h00 (SA time)on 14 November 2007.


By order of the board

D Miller
Company Secretary                                         15 November 2007


Non-redeemable non-cumulative non-participating preference shares dividends
announcements



Investec plc


ISIN: GB00B19RX541
Declaration of dividend number 3

Notice is hereby given that preference dividend number 3 amounting to 32.93
pence per share has been declared for the period 1 April 2007 to 30 September 
2007.

The dividend is payable to holders of the non-redeemable non-cumulative
non-participating preference shares as recorded in books of the company at 
the close of business on Friday, 30 November 2007.

For shares trading on the JSE, the dividend of 32.93 pence per share is
equivalent to 456.12 cents per share, which has been determined using 
the Rand/Pound Sterling average buy/sell forward rate as at 11h00 (SA Time) 
on Wednesday,14 November 2007.


The relevant dates relating to the payment of dividend number 3 are as follows:


Last day to trade cum-dividend:
On the JSE Friday, 23 November 2007
On the CISX Tuesday, 27 November 2007

Shares trade ex-dividend:
On the JSE Monday, 26 November 2007
On the CISX Wednesday, 28 November 2007

Record date (on the JSE and CISX) Friday, 30 November 2007

Payment date (on the JSE and CISX) Tuesday, 11 December 2007


Share certificates may not be dematerialised or rematerialised between Monday,
26 November 2007 and Friday, 30 November 2007, both dates inclusive, nor may
transfers between the CISX and SA registers take place between Monday, 26
November 2007 and Friday, 30 November 2007, both dates inclusive.


By order of the board


D Miller
Company Secretary                                         15 November 2007




Investec plc and Investec Limited (combined results)
Unaudited consolidated financial results in Pounds Sterling
for the six months to 30 September 2007

Combined consolidated income statement
                                             6 months to  6 months to    Year to
                                                30 Sept.     30 Sept.   31 March
£'000                                               2007         2006       2007

Interest income                                  789,780      565,786  1,233,226
Interest expense                               (566,678)    (403,409)  (889,311)

Net interest income                              223,102      162,377    343,915

Fees and commissions income                      312,940      279,276    577,773
Fees and commission expense                     (35,238)     (27,638)   (56,275)
Principal transactions                           108,492      103,928    245,463
Operating income from associates                   6,369        4,279     10,685
Investment income on assurance activities         57,375       13,767     36,821
Premiums and reinsurance recoveries on          
insurance contracts                               29,446       55,995     80,542

Other operating income                            28,142       10,030     49,685
Other income                                     507,526      439,637    944,694
Claims and reinsurance premiums on              (83,375)     (68,828)  (111,492)
insurance business

Total operating income net of insurance claims   647,253      533,186  1,177,117
Impairment losses on loans and advances         (11,738)      (8,173)   (16,530)
Operating income                                 635,515      525,013  1,160,587

Administrative expenses                        (371,245)    (313,966)  (680,687)
Depreciation and amortisation of property,    
equipment and software                          (10,019)      (5,756)   (13,315)

Operating profit before goodwill                 254,251      205,291    466,585
Goodwill                                               -        7,533      2,569

Profit before taxation                           254,251      212,824    469,154
Taxation                                        (61,911)     (56,974)  (119,781)

Profit after taxation                            192,340      155,850    349,373

Earnings attributable to minority interests        9,716        2,271      9,054
Earnings attributable to shareholders            182,624      153,579    340,319

                                                 192,340      155,850    349,373

Earnings attributable to shareholders            182,624      153,579    340,319
Goodwill                                               -      (7,533)    (2,569)
Preference dividends paid                       (24,217)     (20,411)   (31,850)
Additional earnings attributable to other     
equity holders                                     2,451        3,041    (5,196)

Adjusted earnings before goodwill
and non-operating items                          160,858      128,676    300,704

Earnings per share (pence)
- basic                                             26.9        24.1        54.7
- diluted                                           24.8        22.1        50.4
Adjusted earnings per share (pence)
- basic                                             27.3        23.3        53.3
- diluted                                           25.2        21.4        49.2
Number of weighted average shares
- basic (millions)                                 589.0       552.8       563.8



Combined consolidated cash flow statement
                                                6 months to   6 months to       Year to
                                                   30 Sept.      30 Sept.      31 March
£'000                                                  2007          2006          2007

Cash inflows from operations                        253,562       147,474       401,553
Increase in operating assets                      (106,769)   (2,899,302)   (6,125,514)
Increase in operating liabilities                   319,089     3,257,379     5,858,320

Net cash inflow from operating activities           465,882       505,551       134,359
Net cash outflow from investing activities         (27,054)     (143,267)     (178,985)
Net cash (outflow)/inflow from financing      
activities                                         (93,696)       106,423       430,471
Effects of exchange rate changes on cash and       
cash equivalents                                     24,999     (343,715)     (301,588)

Net increase in cash and cash equivalents           370,131       124,992        84,257
Cash and cash equivalents at the beginning of    
the period                                        1,274,440     1,190,183     1,190,183
Cash and cash equivalents at the end of the    
period                                            1,644,571     1,315,175     1,274,440

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
                                                30 Sept.   31 March     30 Sept.
£'000                                               2007       2007         2006
Assets
Cash and balances at central banks               163,515    102,751      132,717
Loans and advances to banks                    2,349,889  2,431,769    1,690,038
Cash equivalent advances to customers            913,403    687,918      712,938
Reverse repurchase agreements and cash     
collateral on securities borrowed                945,649  2,185,322      980,456
Trading securities                             2,029,407  2,015,144    1,427,871
Derivative financial instruments                 872,115    724,492    1,200,754
Investment securities                          1,940,166  1,776,601    1,750,676
Loans and advances to customers               13,055,615  9,527,080    8,786,090
Securitised assets                             6,664,984    831,742      639,048
Interest in associated undertakings               77,412     70,332       65,811
Deferred taxation assets                          69,767     59,394       50,956
Other assets                                     991,610  1,420,681    1,264,094
Property and equipment                           134,235    131,505      121,397
Investment properties                             98,081     85,424       86,121
Goodwill                                         317,137    195,883      209,176
Intangible assets                                 38,947     35,829        8,707

                                              30,661,932 22,281,867   19,126,850
Other financial instruments at fair value
through income in respect of
- liabilities to customers                     3,159,979  3,024,997    2,806,067
- assets related to reinsurance contracts        974,189    992,824    1,054,865

                                              34,796,100 26,299,688   22,987,782

Liabilities
Deposits by banks                              4,584,380  2,347,095    2,088,156
Derivative financial instruments                 680,389    509,919      801,747
Other trading liabilities                        357,781    321,863      425,385
Repurchase agreements and cash collateral on   
securities lent                                  561,469  1,765,671      649,463
Customer accounts                             10,711,255  9,384,848    8,076,640
Debt securities in issue                       2,743,556  2,519,006    2,595,300
Liabilities arising on securitisation          6,358,378    826,627      637,865
Current taxation liabilities                     108,975    113,967       96,606
Deferred taxation liabilities                     64,493     48,048       31,241
Other liabilities                              1,348,016  1,778,488    1,592,423
Pension fund liabilities                           1,200      1,467        1,735

                                              27,519,892 19,616,999   16,996,561
Liabilities to customers under investment    
contracts                                      3,138,415  3,004,254    2,713,438
Insurance liabilities, including unit-linked    
liabilities                                       21,564     20,743       92,630
Reinsured liabilities                            974,189    992,824    1,054,865

                                              31,654,060 23,634,820   20,857,494




Subordinated liabilities (including              
convertible debt)                                969,669    830,705      491,683 

                                              32,623,729 24,465,525   21,349,177 

Equity                                     

Called up share capital                              176        169          166 
Share premium                                  1,356,826  1,129,859    1,106,126
Treasury shares                                (120,538)  (109,279)     (74,824)
Equity portion of convertible instruments          2,191      2,191        2,191 
Perpetual preference shares                      294,698    292,173      239,132 
Other reserves                                    44,359     40,545        4,087 
Profit and loss account                          280,159    186,827       68,757 

Shareholders' equity excluding minority   
interests                                      1,857,871  1,542,485    1,345,635

Minority interests                               314,500    291,678      292,970

 - Perpetual preferrred securities issued by     246,272    241,081      241,640
   subsidiaries     
 - Minority interests in partially held           68,228     50,597       51,330
   subsidiaries       

Total equity                                   2,172,371  1,834,163    1,638,605

Total liabilities and equity                  34,796,100 26,299,688   22,987,782



A geographical breakdown of business operating profit before goodwill,
non-operating items and taxation for the 6 months to 30 September 2007

                                          United
                                         Kingdom
                               Southern      and                   Other   Total
£'000                            Africa   Europe  Australia  Geographies   group

Private Banking                  22,878   51,778     11,038            -  85,694
Private Client Portfolio
Management and Stockbroking       8,369    5,998          -            -  14,367
Capital Markets                  32,093    6,439      4,667            -  43,199
Investment Banking               35,876   10,623      5,411            -  51,910
Asset Management                 24,330   11,873          -            -  36,203
Property Activities              11,959    (337)      (136)            -  11,486
Group Services and Other         16,838  (6,494)      1,012           36  11,392

                                152,343   79,880     21,992           36 254,251

% change since 30 September 2006  36.9%   (0.4%)      61.4%      (82.8%)   23.8%


A geographical breakdown of business operating profit before goodwill,
non-operating items and taxation for the 6 months to 30 September 2006

                                         United
                                        Kingdom
                             Southern       and                   Other    Total
£'000                          Africa    Europe  Australia  Geographies    group

Private Banking                17,424    50,476      5,720            -   73,620
Private Client Portfolio
Management and Stockbroking     5,664     4,074          -            -    9,738
Capital Markets                25,833    29,558      1,674            -   57,065
Investment Banking             24,789     5,447      5,542            -   35,778
Asset Management               23,851     8,045          -            -   31,896
Property Activities             6,201       118          -            -    6,319
Group Services and Other        7,522  (17,545)        689          209  (9,125)

                              111,284    80,173     13,625          209  205,291



Summarised consolidated statement of total recognised income and expenses

                                                  6 months to 6 months to      Year to
                                                     30 Sept.    30 Sept.     31 March
£'000                                                    2007        2006         2007

Profit after taxation                                 192,340     155,850      349,373
Fair value movements on available for sale           (16,279)       1,923       12,287
assets
Foreign currency movements                             20,708   (196,773)    (184,847)
Pension fund actuarial losses                               -           -      (2,470)

Total recognised income and expenses                  196,769    (39,000)      174,343

Total recognised income and expenses                
attributable to minority shareholders                  15,293    (34,555)     (29,931)
Total recognised income and expenses                 
attributable to ordinary shareholders                 178,951      51,569      256,964
Total recognised income and expenses               
attributable to perpetual preferred securities          2,525    (56,014)     (52,690)

                                                      196,769    (39,000)      174,343
                                                    


Summarised consolidated statement of changes in equity

                                             6 months to  6 months to    Year to
                                                30 Sept.     30 Sept.   31 March
£'000                                               2007         2006       2007

Balance at the beginning of the period         1 834,163    1,512,093  1,512,093

Foreign currency adjustments                      20,708    (196,773)  (184,847)
Retained profit for the period attributable     
to ordinary shareholders                         182,624      153,579    340,319
Retained profit for the period attributable     
to minority interests                              9,716        2,271      9,054
Fair value movements on available for sale 
assets                                          (16,279)        1,923     12,287
Transfer to pension fund deficit                       -            -    (2,470)

Total recognised gains and losses for the period 196,769     (39,000)    174,343
Share based payments adjustments                  16,638       13,088     33,990
Dividends paid to ordinary shareholders         (74,226)     (55,415)  (112,592)
Dividends paid to minority shareholders         (24,217)     (20,411)   (31,850)
Issue of ordinary shares                         235,085       22,443     47,861
Issue of perpetual preference shares                   -       80,628    131,187
Share issue expenses                                (65)        (787)    (1,688)
Movement of treasury shares                     (19,305)       85,637     44,811
Issue of equity instruments by subsidiaries        7,529       21,173     20,949
Dividends and capital reductions paid to       
minorities                                             -            -    (6,799)
Movement of minorities on disposals and         
acquisitions                                           -       19,156     21,858

Balance at the end of the period               2,172,371    1,638,605  1,834,163




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