Investec Intl. Acc

Statement re Change of Listing of Shares


Investec International Accumulation Fund Limited

The Company announces that it intends to cancel its listing of redeemable
preference shares on the Official List of the London Stock Exchange on or about
26 January 2005 and has listed the shares on the Irish Stock Exchange.

The Board of directors has for some time been concerned at the costs to the
Company associated with maintaining a listing on the London Stock Exchange and
having reviewed the options, believe that the most effective solution is to
cancel the listing on the London Stock Exchange and list the shares of the
Company on the Irish Stock Exchange.

A circular will be posted to all shareholders providing further details of the
proposals.

Enquiries:

Kellie Blondel 01481 709864

Sheila Ozanne 01481 709819

Investec Asset Management Guernsey Limited

Secretary