Odd-lot Offer

Investec PLC 22 November 2005 Investec Limited Investec plc Incorporated in the Republic of South Africa Incorporated in England and Wales Registration number 1925/002833/06 Registration number 3633621 JSE share code: INL JSE share code: INP ISIN: ZAE000040531 ISIN: GB0031773103 (jointly 'Investec') CAUTIONARY ANNOUNCEMENT TO INVESTEC MEMBERS REGARDING THE ODD-LOT OFFER Investec Members are referred to the circular issued on 20 October 2005 (the 'Circular') in which Investec Members were advised that the purpose of the Odd-lot Offer is to reduce, as far as possible, the number of Odd-lot Holdings in Investec plc and Investec Limited thereby reducing the administrative cost associated with the large number of Odd-lot Holders. Investec Members were also advised that, based on the Odd-lot holdings as at 10 October 2005, being the last practicable date prior to the issue of the circular, the Odd-lot Offer and the potential buyback of shares by Investec Limited and Investec plc would have no significant effect on the earnings and headline earnings per ordinary share as well as the net asset value and net tangible asset value of Investec Limited and Investec plc. Based on this the Board of Investec were unanimously of the opinion that implementing the Odd-lot Offer would be in the best interests of Investec Members as a whole and recommended that Investec Members vote in favour of the resolutions necessary to implement the Odd-lot Offer. At the General Meeting of Investec Limited and the Extraordinary General Meeting of Investec plc held on Monday, 14 November 2005, the special and ordinary resolutions required to give effect to the Odd-lot Offer were duly passed by the required majority of Investec Members. Following the release of the Odd-lot Offer Price announcement on SENS and RNS on Friday, 18 November 2005, Investec has become aware that due to recent trading activity the number of Odd-lot Holders in Investec Limited and Investec plc has increased significantly. Therefore the costs of implementing the Odd-lot Offer have increased substantially and will continue to do so as long as this trading activity persists. In light of the substantial increase in the costs of implementing the Odd-lot Offer, it is appropriate that the Board of Investec reconsiders whether implementing the Odd-lot Offer remains in the best interests of the Investec Members as a whole. Accordingly, Investec will continue to monitor the trading activity of Investec Limited and Investec plc ordinary shares. Investec Members are advised that Investec reserves the right to withdraw the Odd-lot Offer to the Odd-lot Holders of both Investec Limited and Investec plc as it is entitled to do in terms of paragraphs 10.4 and 11.4 of the Circular in which Investec Members were advised that Investec Limited and Investec plc are entitled at their complete discretion by written notice to Odd-lot Holders to withdraw the Investec Limited or the Investec plc portion of the Odd-lot Offer respectively. Therefore Investec Members are advised to exercise caution when dealing in their Investec ordinary shares until a further announcement has been released. Johannesburg / London 22 November 2005 Financial adviser Lead sponsor in South Africa Merrill Lynch International Merrill Lynch South Africa Legal adviser in the UK Legal adviser in South Africa Linklaters Jowell Glyn & Marais Inc. Joint sponsor Investec Bank Limited This information is provided by RNS The company news service from the London Stock Exchange LEFBLFBZ

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