INVESTEC INTERNATIONAL ACCUMULATION FUND LIMITED                

CIRCULAR RE NOTIFICATION OF CANCELLATION OF LISTING ON THE LONDON STOCK
EXCHANGE AND PROPOSAL TO LIST ON THE IRISH STOCK EXCHANGE

Following the announcement on 23 December 2004 outlining the proposal for the
cancellation of the Listing on the London Stock Exchange and proposal to list
on the Irish Stock Exchange, a circular has been circulated to shareholders.

A copy of the document has been submitted to the UK Listing Authority, and will
shortly be available for inspection at the UK Listing Authority's Document
Viewing Facility, which is situated at:

Financial Services Authority

25 The North Colonnade

Canary Wharf

London

E14 5HS

Tel No (0)20 7676 1000