Investec Ltd press release

Investec PLC
01 December 2004


Investec Limited ('Investec') to support the sale of Capital Alliance to Liberty
Life

Further to today's announcements made on the JSE Securities Exchange by Liberty
Group Limited ('Liberty Life') and Capital Alliance Holdings Limited ('Capital
Alliance'), a company incorporated in the Republic of South Africa, in terms of
which Liberty Life has offered to purchase the entire share capital of Capital
Alliance, Investec, as a major shareholder in Capital Alliance, has indicated to
both Capital Alliance and Liberty Life its intention to support this proposed
transaction.

This transaction, along with Investec's reinsurance of the group risk business
in Investec Employee Benefits to Capital Alliance, will bring to an end
Investec's exposure to the risk-based insurance business. Investec will continue
to engage in activities related to the provision of insurance investment
products, these clearly complementary to the group's activities in the areas of
Asset Management and Financial Products.

Should the proposed transactions be completed, the proceeds ensuing as a
consequence thereof will be applied to the continued development of the group's
Private Banking and Structured Finance activities and to take advantage of
opportunities, as and when they present themselves, in the group's niche areas
of focus.

For further information contact:
Ursula Munitich ([phone]



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