Half Yearly Report

15 November 2012

Strong, well-positioned business model ready to take advantage of an improvement in market conditions

Investec, the international specialist bank and asset manager, announces today its results for the six months ended 30 September 2012

Highlights

·; Adjusted earnings* increased 3.5% to GBP168.6mn - an increase of 13.6% on a currency neutral basis.

·; Adjusted earnings* are 78% higher than that reported in the second half of the 2012 financial year.

·; The group's low-capital intensive asset and wealth management businesses continued to benefit from net inflows of GBP2.1bn, with these businesses accounting for 39.3% of the group's operating profit.

·; Total third party assets under management amount to GBP99.5bn (31 March 2012: GBP96.8bn).

·; Recurring income as a percentage of total operating income amounts to 69.3% (2011: 67.8%).

·; Impairments have decreased by 19.3%, with the credit loss charge as a percentage of average gross core loans and advances improving from 1.12% at 31 March 2012 to 0.85%.

·; The group maintained a strong capital position with Tier one ratios of 11.3% for Investec plc and 11.6% for Investec Limited. Liquidity remains strong with cash and near cash balances amounting to GBP 10.4bn.

Financial features

Business highlights - operating profit before tax*

·; Asset Management: increase of 2.5% to GBP67.2mn (2011: GBP65.6mn)

·; Wealth and Investment: increase of 4.9% to GBP22.9mn (2011: GBP21.8mn)

·; Specialist Banking: increase of 2.3% to GBP139.4mn (2011: GBP136.3mn)

*Before non-operating items, goodwill and acquired intangibles and after minorities.

**During the reporting period the weighted number of ordinary shares increased by 8.0% to 855.2mn

Stephen Koseff, Chief Executive Officer of Investec said:

"I am encouraged by our results and the progress we have made in the last six months, particularly compared to the second half of last year. Impairments have decreased significantly and our Australian business has returned to profit. We have continued improving our efficiencies, streamlining our processes, eliminating duplication and building scale. Our priority is to ensure each division and geography makes a proper contribution to our business. Driving the growth in ROE remains our main focus. We have a strong franchise which is well recognised in all our markets, our business is flexible and resilient and we have a good record of overcoming the challenges presented by the global economic environment."

Bernard Kantor, Managing Director of Investec said:

"Global markets remained volatile and challenging throughout most of our reporting period. The rand depreciated 15.2% which impacted our results in sterling terms. On a neutral currency basis our earnings increased 14%. The South African business performed well and increased operating profits by 6.6 % in rands, benefitting from revenue growth and tight cost control. In Australia revenue and costs were in line with the prior year. Our business model has been realigned and we are well positioned to take advantage of a market upturn."

For further information please contact:

Investec +27 (0) 11 286 7070 or +44 20 (0) 7597 5546

Stephen Koseff, Chief Executive Officer

Bernard Kantor, Managing Director

Ursula Nobrega, Investor Relations (mobile:+27 (0) 82 552 8808)

Newgate (UK PR advisers)

Jonathan Clare

+44 20 76806550

+44 (0) 7770321881

Elena Shalneva

+44 (0) 7584022830

About Investec

Investec is an international specialist bank and asset manager 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 currently has approximately 8 000 employees.

Investec focuses on delivering distinctive profitable solutions for its clients in three core areas of activity namely, Asset Management, Wealth & Investment and Specialist Banking.

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 GBP3.4bn.

Investec plc and Investec Limited (combined results)

Unaudited combined consolidated financial results in Pounds Sterling for the six months ended 30 September 2012

Overall group performance

Operating profit before goodwill, acquired intangibles, non-operating items and taxation and after non-controlling interests ("operating profit") increased 2.6% to GBP229.4 million (2011: GBP223.6 million).

The South African business reported an increase in operating profit of 6.6% in Rand terms benefiting from growth in revenue and cost containment. The Australian business returned to profitability as a result of a significant decline in impairments. The UK business reported results marginally behind the prior period due to lower investment income.

The group's low-capital intensive asset and wealth management businesses were supported by continued net inflows, with these businesses accounting for 39.3% of the group's operating profit. Overall results have been impacted by the depreciation of the average Rand: Pounds Sterling exchange rate of approximately 15% and low activity levels given the volatile economic environment.

The main features of the period under review are:

·; Adjusted earnings attributable to shareholders before goodwill, acquired intangibles and non-operating items increased 3.5% to GBP168.6 million (2011: GBP162.9 million) - an increase of 13.6% on a currency neutral basis.

·; Adjusted earnings per share (EPS) before goodwill, acquired intangibles and non-operating items decreased 4.4% from 20.6 pence to 19.7 pence - an increase of 4.9% on a currency neutral basis.

·; Recurring income as a percentage of total operating income amounts to 69.3% (2011: 67.8%).

·; The credit loss charge as a percentage of average gross core loans and advances has improved from 1.12% at 31 March 2012 to 0.85%.

·; Third party assets under management increased 2.8% to GBP99.5 billion (31 March 2012: GBP96.8 billion) - an increase of 6.7% on a currency neutral basis.

·; Customer accounts (deposits) decreased 2.6% to GBP24.7 billion (31 March 2012: GBP25.3 billion) - an increase of 2.3% on a currency neutral basis.

·; Core loans and advances decreased 2.5% to GBP17.8 billion (31 March 2012: GBP18.2 billion) - an increase of 2.5% on a currency neutral basis.

·; The board declared a dividend of 8.0 pence per ordinary share (2011: 8.0 pence) resulting in a dividend cover based on the group's adjusted EPS before goodwill and non-operating items of 2.5 times (2011: 2.6 times), consistent with the group's dividend policy.

Business unit review

The successful strategic alignment of the group towards low capital intensive businesses over the past few years has resulted in a scaleable platform from which the group's asset management and wealth management businesses can continue to grow. These businesses have sound franchises and are well placed to broaden their client base and maintain net inflows. Substantial effort through the "One-Bank" process has being made to align infrastructure and processes and to create the appropriate platforms for future growth and development of the Specialist Bank. The focus of the group remains on efficiency and balance sheet optimisation within the banking businesses, whilst growing the business organically and running down the legacy portfolios. The group has a strong core banking franchise which it will continue to broaden and develop. 

Asset Management

Asset Management increased operating profit 2.5% to GBP67.2 million (2011: GBP65.6 million) benefiting from higher average funds under management with net inflows of GBP1.5 billion recorded. Total funds under management amount to GBP62.4 billion (31 March 2012: GBP61.6 billion).

Wealth & Investment

Wealth & Investment increased operating profit 4.9% to GBP22.9 million (2011: GBP21.8 million) benefiting from higher average funds under management with net inflows of GBP0.6 billion recorded. Total funds under management amount to GBP36.7 billion (31 March 2012: GBP34.8 billion). The integration of Williams de Broë is progressing well. Williams de Broë migrated onto the group's platforms in August 2012 and the business has been rebranded Investec Wealth & Investment. Costs relating to the integration of these acquisitions will however, still reflect in the group's 2013 financial results.

Specialist Banking

Specialist Banking increased operating profit 2.3% to GBP139.4 million (2011: GBP136.3 million).

In South Africa the division has reported an increase in net interest due to higher lending and fixed income balances and a solid performance from the principal investment and investment properties portfolios. Net fees and commissions and customer flow trading income have been negatively impacted by lower activity in the corporate and institutional banking businesses.

In the UK the division benefited from improved margins and an increase in net fees and commissions in the corporate advisory business. Levels of transactional activity within the corporate and institutional banking businesses however, remain mixed.

The Australian division reported a significant decrease in impairments, with revenue and costs remaining largely in line with the prior year.

Further information on key developments within each of the business units is provided in a detailed report published on the group's website: http://www.investec.com

Income statement analysis

Total operating income

Total operating income decreased by 2.5% to GBP967.4 million (2011: GBP992.4 million).

Net interest income decreased by 4.1% to GBP349.7 million (2011: GBP364.7 million) largely as a result of the depreciation of the Rand. The South African and UK businesses both reported an increase in net interest.

Net fee and commission income increased by 3.7% to GBP461.7 million (2011: GBP445.2 million). The group benefited from higher average funds under management, solid net inflows and the acquisitions of the Evolution Group plc and the NCB Group. The Specialist Banking business recorded a decrease in net fees and commissions largely due to lower levels of activity in the corporate and institutional banking businesses.

Investment income decreased by 10.9% to GBP75.8 million (2011: GBP85.0 million) due to a weaker performance from the fixed income and investment portfolios in the UK. The unlisted investment portfolios in South Africa and Hong Kong continued to perform in line with expectations.

Trading income arising from customer flow decreased 4.7% to GBP34.2 million (2011:GBP35.9 million) whilst trading income arising from other trading activities increased 44.3% to GBP25.0 million (2011: GBP17.3 million) due to effective balance sheet management.

Other operating income includes associate income, assurance income and income earned on an operating lease portfolio acquired during December 2010.

Impairment losses on loans and advances

Impairments on loans and advances decreased from GBP143.3 million to GBP115.6 million, with impairments in South Africa and the UK remaining in line with the prior period, whilst impairments in Australia decreased from GBP32.9 million to GBP6.4 million. This current impairment charge is 36.5% lower than that recorded in the second half of the group's 2012 financial year.

Since 31 March 2012 the level of defaults has improved marginally with the percentage of default loans (net of impairments but before taking collateral into account) to core loans and advances amounting to 3.07% (31 March 2012: 3.31%). The ratio of collateral to default loans (net of impairments) remains satisfactory at 1.29 times (31 March 2012: 1.39 times). The credit loss charge as a percentage of average gross core loans and advances has improved from 1.12% at 31 March 2012 to 0.85%.

Operating costs and depreciation

The ratio of total operating costs to total operating income amounted to 64.7% (2011:62.6%).

Total operating expenses grew by 1.9% to GBP619.6 million (2011: GBP607.9 million) largely as a result of the acquisitions of the Evolution Group plc and the NCB Group. Excluding these acquisitions, costs in the UK business were marginally lower than the prior period, whilst costs in the South African business increased by 4.8% in Rands.

Impairment of goodwill

The current year's goodwill impairment relates to Asset Management businesses acquired in prior years and the Swiss Trust business.

Amortisation of acquired intangibles

Amortisation of acquired intangibles relates to the Wealth & Investment business and mainly comprises amortisation of amounts attributable to client relationships.

Costs arising from acquisitions

As anticipated in the 2012 financial year a further cost of GBP9.5 million (before tax) arose on the integration of the Evolution Group plc, and GBP1.9 million arose on the acquisition of the NCB Group.

Taxation

The effective tax rate amounts to 19.0% (2011:19.2%)

Losses attributable to non-controlling interests

Losses attributable to non-controlling interests largely comprise GBP7.4 million relating to Euro denominated preferred securities issued by a subsidiary of Investec plc which are reflected on the balance sheet as part of non-controlling interests. (The transaction is hedged and a forex transaction loss arising on the hedge is reflected in operating profit before goodwill with the equal and opposite impact reflected in earnings attributable to non-controlling interests).

Balance sheet analysis

Since 31 March 2012:

·; Total shareholders' equity (including non-controlling interests) decreased by 0.9% to GBP4.0 billion - an increase of 2.8% on a currency neutral basis. The weakening of the closing Rand exchange rate relative to Pounds Sterling has resulted in a reduction in total equity of GBP149.2 million.

·; Net asset value per share decreased 1.6% to 385.8 pence and net tangible asset value per share (which excludes goodwill and intangible assets) decreased by 1.7% to 311.6 pence largely as a result of the depreciation of the Rand as described above.

·; The return on adjusted average shareholders' equity increased from 7.8% to 10.1%, however, this percentage was in line with that reported at 30 September 2011.

The group's gearing ratios remain low with core loans and advances to equity at 4.5 times (2011:4.6 times) and total assets (excluding assurance assets) to equity at 11.1 times (2011:11.5 times).

Liquidity and funding

Diversifying Investec's funding sources has been a key element in improving the quality of the group's balance sheet and reducing its reliance on wholesale funding. As at 30 September 2012 the group held GBP10.4 billion in cash and near cash balances (GBP5.7 billion in Investec Limited and GBP4.7 billion in Investec plc) which amounted to 33% of its liability base. Loans and advances to customers as a percentage of customer deposits amounted to 68.2% (31 March 2012: 67.8%).

Capital adequacy

The group met its capital adequacy targets of a minimum tier one capital ratio range of 11% to 12% and a total capital adequacy ratio range of 15% to 18% on a consolidated basis for each of Investec plc and Investec Limited respectively. Capital adequacy ratios remain sound in both Investec plc and Investec Limited, as reflected in the table below.

Credit and counterparty exposures

The group lends mainly to high net worth and high income individuals, mid to large sized corporates, public sector bodies and institutions. The majority of the group's credit and counterparty exposures reside within its three core geographies. Net defaults on core loans and advances have decreased and are fully covered by collateral, as detailed in the "Financial statement analysis" above.

Outlook

The financial system has started to show signs of increased stability, as the process of deleveraging slows down and the capital and liquidity structures of the major global banks continue to improve. However, the volatile global economic environment and some unresolved macro risks remain a significant feature. Investec's business model has been substantially realigned and the focus going forward is to consolidate the gains made in its asset management business and broaden the distribution of the wealth management offering. The group will continue its focus on building on the progress made in clearing legacy issues and improving returns in its specialist banking business. Overall, Investec's balanced business model positions the group to adapt to an uncertain and changing environment and ensures it is well placed to benefit from an improvement in market conditions.

On behalf of the boards of Investec plc and Investec Limited

14 November 2012

Notes to the commentary section above

·; Presentation of financial information

Investec operates under a Dual Listed Companies (DLC) structure with premium/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 International Financial Reporting Standards (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 2011.

Amounts represented on a currency neutral basis for balance sheet items assume that the closing exchange rates of the group's relevant exchange rates, as reflected below, remain the same as at 30 September 2012 when compared to 31 March 2012. Whilst, amounts represented on a currency neutral basis for income statement items assume that the average exchange rates of the group's relevant exchange rates, as reflected below, remain the same as at 30 September 2012 when compared to 30 September 2011.

·; Additional information

Acquisitions

On 11 June 2012, Investec completed the acquisition of 100% of the issued share capital of Neontar Limited (parent of the NCB group). The assets and liabilities at the date of acquisition, goodwill arising on the above (and other minor transactions) and total consideration paid are disclosed in the table below:

The goodwill arising from the acquisition of the NCB Group is GBP6.0 million, and consists largely of the benefits expected to arise from the enhancement of Investec's business in Ireland with particular reference to Investec's wealth and investment offering. The remaining goodwill arises from non material acquisitions.

·; Foreign currency impact

The group's reporting currency is Pounds Sterling. Certain of the group's operations are conducted by entities outside the UK. The results of operations and the financial condition of the 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 the group's 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:

Exchange rates between local currencies and Pounds Sterling have fluctuated over the period. The most significant impact arises from the volatility of the Rand. The average exchange rate over the period has depreciated by 15.2% and the closing rate has depreciated by 9.1% since 31 March 2012.

* As restated for reclassifications detailed in the commentary section of this report.

† Net of taxation of £3.1 million (six months to 30 September 2011: £5.7 million, year to 31 March 2012: (£8.4 million)).

* As restated for reclassifications detailed in the commentary section of this report

Cash and cash equivalents are defined as including cash and balances at central banks, on demand loans and non-sovereign and non-bank cash placements (all of which have a maturity profile of less than three months).

·; Accounting policies and disclosures

These unaudited summarised combined consolidated financial results have been prepared in terms of the recognition and measurement criteria of International Financial Reporting Standards, and the presentation and disclosure requirements of IAS 34, (Interim Financial Reporting).

The accounting policies applied in the preparation of the results for the six months ended 30 September 2012 are consistent with those adopted in the financial statements for the year ended 31 March 2012. The financial results have been prepared under the supervision of Glynn Burger the Group Risk and Finance Director.

·; Restatements and presentation of information

Consistent with the year ended 31 March 2012, the Investec group has positioned its strategic disclosures around three core business areas namely, Asset Management, Wealth & Investment and Specialist Banking. In some respects the group believes that it has historically overcomplicated its external disclosures by elaborating on six core areas of business. As you would have already seen in the group's recent presentations all the banking businesses have been combined under one broader umbrella of Specialist Banking. As a result the group has chosen to refine some of its disclosures which are explained further below. The group believes that these refinements provide greater clarity on the key income and balance sheet drivers of its business.

Commentary on combined consolidated income statement reclassifications

·; Consistent with the year ended 31 March 2012, the previously reported principal transaction income line item has been split into the following line items:

o Investment income: income, other than net interest, from securities held for the purpose of generating interest yield, dividends and capital appreciation

o Customer flow trading income: income from trading activities arising from facilitating customer activities

o Income from balance sheet management and other trading activities: includes proprietary trading income and other gains and losses as well as income earned from the balance sheet management desk

·; With the continued reduction in insurance activity, it is deemed appropriate to move the associated line items to other operating income

Commentary on combined consolidated balance sheet reclassifications

The main driver behind the revision to the balance sheet is to enable a better understanding of Investec's exposures and to minimise the number of reconciliation items to the detailed risk disclosures. It is noted that there are no measurement changes nor are there any changes to total assets, liabilities and equity and the cash flow statement.

Each category of reclassification is noted below and is consistent with those made at 31 March 2012:

·; Cash equivalent corporate paper

o Cash equivalent advances to customers has been renamed to "non-sovereign and non-bank cash placements". These balances represent short term placements in corporates that run an in-house treasury function.

·; Loans and securitisation

o To better align the balance sheet with the group's risk management disclosures, loans and advances and securitised assets that form part of our "core" lending activities has been separated from assets that are in warehoused facilities and structured credit investments arising out of our securitisation and principal finance activities. This has resulted in a need to split loans and advances and securitised assets into two balance sheet categories for each. Securitised liabilities has been split into two line items to enable the relationship with securitised assets to be clearly identified.

·; Securities reclassification

o The group's previous balance sheet split securities (other than lending related) into two key line items being trading and investment securities. This classification was driven by the accounting rule sets that mainly distinguish between instruments fair valued through profit and loss, those carried at amortised cost (held to maturity) and those fair valued through equity (available for sale). The group is of the view that disclosure of the nature of exposures on the balance sheet, distinguishing between instruments held to manage balance sheet liquidity, as principal exposure and balance sheet instruments arising from trading desk activities provides more meaningful disclosure on the face of the balance sheet. The line item "securities arising from trading securities" includes all instruments (other than derivative instruments) that are held on balance sheet in relation to trading activities.

* Refer to further reclassification note below.

Other balance sheet reclassifications

In the current period, the group has moved warehoused assets and liabilities into other loans and advances and deposits by banks respectively. This change arises from simplifying the face of the balance sheet with the relevant information more appropriately detailed in the notes to the financial statements.

Commentary on line of business segmental reclassifications

The group previously reported segmental disclosures by six core business lines as well as including a segment for the group's central functions. The group is now disclosing its segmental disclosures in three core business lines, namely, Asset Management, Wealth & Investment and Specialist Banking. In this regard:

·; The income statement format has been revised as discussed above

·; The numbers as reported previously for Asset Management and Wealth & Investment have not changed (barring the income statement reclassifications as referred to above)

·; To align with the information provided to the Chief Operating Decision Maker the Property Activities, Private Banking, Investment Banking, Capital Markets and Group Services and Other divisions have now been grouped under one banner and collectively referred to as Specialist Banking. The total operating profit has however, not changed from that which was previously reported

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 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 14 November 2012.

·; The information in the announcement for the six months ended 30 September 2012, which was approved by the board of directors on 14 November 2012, does not constitute statutory accounts as defined in Section 435 of the UK Companies Act 2006. The 31 March 2012 financial statements were filed with the registrar and were unqualified with the audit report containing no statements in respect of sections 498(2) or 498(3) of the UK Companies Act.

·; The interim financial statements for the six months ended 30 September 2012 will be posted to shareholders on 30 November 2012.

Investec plc

Ordinary dividend announcement

Registration number: 3633621

Share code: INP

ISIN: GB00BI7BBQ50

In terms of the DLC structure, Investec plc shareholders who are not South African resident shareholders may receive all or part of their dividend entitlements through dividends declared and paid by Investec plc on their ordinary shares and/or through dividends declared and paid on the SA DAN share issued by Investec Limited.

Investec plc shareholders who are South African residents, may receive all or part of their dividend entitlements through dividends declared and paid by Investec plc on their ordinary shares and/or through dividends declared and paid on the SA DAS share issued by Investec Limited.

Notice is hereby given that an interim dividend number 21 of 8 pence (2011: 8 pence) per ordinary share has been declared by the board in respect of the six months ended 30 September 2012 payable to shareholders recorded in the members' register of the company at the close of business on Friday, 14 December 2012, which will be paid as follows:

·; for non-South African resident Investec plc shareholders, through a dividend payment by Investec plc of 8 pence per ordinary share

·; for South African resident shareholders of Investec plc, through a dividend payment by Investec plc of 1 pence per ordinary share and through a dividend paid by Investec Limited, on the SA DAS share equivalent to 7 pence per ordinary share

The relevant dates for the payment of dividend number 21 are as follows:

Last day to trade cum-dividend

On the London Stock Exchange (LSE) Tuesday, 11 December 2012

On the Johannesburg Stock Exchange (JSE) Friday, 07 December 2012

Shares commence trading ex-dividend

On the London Stock Exchange (LSE) Wednesday, 12 December 2012

On the Johannesburg Stock Exchange (JSE) Monday, 10 December 2012

Record date (on the JSE and LSE) Friday, 14 December 2012

Payment date (on the JSE and LSE) Friday, 28 December 2012

Share certificates on the South African branch register may not be dematerialised or rematerialised between Monday, 10 December 2012 and Friday, 14 December 2012, both dates inclusive, nor may transfers between the UK and SA registers take place between Monday, 10 December 2012 and Friday, 14 December 2012, both dates inclusive.

Additional information for South African resident shareholders of Investec plc

·; Shareholders registered on the South African register are advised that the distribution of 8 pence, equivalent to a gross dividend of 112 cents per share, has been arrived at using the Rand/Pound Sterling average buy/sell forward rate, as determined at 11h00 (SA time) on Wednesday, 14 November 2012. 

·; Investec plc UK tax reference number: 2683967322360

·; The issued ordinary share capital of Investec plc is 605 196 771 ordinary shares.

·; The dividend paid by Investec plc to South African resident shareholders and the dividend paid by Investec Limited on the SA DAS share are subject to South African Dividend Tax of 15% (subject to any available exemptions as legislated).

·; Shareholders registered on the South African register who are exempt from paying the Dividend Tax will receive a net dividend of 112 cents per share, comprising 98 cents per share paid by Investec Limited on the SA DAS share and 14 cents per ordinary share paid by Investec plc.

·; Shareholders registered on the South African register who are not exempt from paying the Dividend Tax will receive a net dividend of 99.44885 cents per share, comprising:

o 87.54885 cents per share paid by Investec Limited on the SA DAS share (gross dividend of 98 cents per share less Dividend Tax of 10.45115 cents per share, having utilized Secondary Tax on Companies credits as part of the dividend by Investec Limited on the SA DAS share equivalent to 28.32564 cents per share), and

o 11.9 cents per share paid by Investec plc (gross dividend of 14 cents per share less Dividend Tax of 2.1 cents per share).

By order of the board

D Miller

Company Secretary

14 November 2012

Investec plc

Preference share dividend announcement

Registration number: 3633621

Share code: INPP

ISIN: GB00B19RX541

Non-redeemable non-cumulative non-participating preference shares ("preference shares")

Declaration of dividend number 13

Notice is hereby given that preference dividend number 13 has been declared for the period 01 April 2012 to 30 September 2012 amounting to 7.521 pence per preference share payable to holders of the non-redeemable non-cumulative non-participating preference shares as recorded in the books of the company at the close of business on Friday, 07 December 2012.

For shares trading on the Johannesburg Stock Exchange (JSE), the dividend of 7.521 pence per preference share is equivalent to a gross dividend of 105.42 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 2012.

The relevant dates relating to the payment of dividend number 13 are as follows:

Last day to trade cum-dividend

On the Channel Islands Stock Exchange (CISX) Tuesday, 04 December 2012

On the Johannesburg Stock Exchange (JSE) Friday, 30 November 2012

Shares commence trading ex-dividend

On the Channel Islands Stock Exchange (CISX) Wednesday, 05 December 2012

On the Johannesburg Stock Exchange (JSE) Monday, 03 December 2012

Record date (on the JSE and CISX) Friday, 07 December 2012

Payment date (on the JSE and CISX) Tuesday, 18 December 2012

Share certificates may not be dematerialised or rematerialised between Monday, 03 December 2012 and Friday, 07 December 2012 both dates inclusive, nor may transfers between the UK and SA registers may take place between Monday, 03 December 2012 and Friday, 07 December 2012 both dates inclusive.

For SA resident preference shareholders, additional information to take note of:

·; Investec plc tax reference number: 2683967322360

·; The issued preference share capital of Investec plc is 15 081 149 preference shares.

·; The dividend paid by Investec plc to South African resident shareholders is subject to South African Dividend Tax (Dividend Tax) of 15% (subject to any available exemptions as legislated).

·; No Secondary Tax on Companies ("STC") Credits has been utilized in respect of this preference share dividend declaration.

·; The net dividend amounts to 89.61 cents per preference share for preference shareholders liable to pay the Dividend Tax and 105.42 cents per preference share for preference shareholders exempt from paying the Dividend Tax.

By order of the board

D Miller

Company Secretary

14 November 2012

Investec plc

Rand denominated preference share dividend announcement

Registration number: 3633621

Share code: INPPR

ISIN: GB00B4B0Q974

Rand denominated non-redeemable, non-cumulative, non-participating perpetual preference shares ("preference shares")

Declaration of dividend number 3

Notice is hereby given that preference dividend number 3 has been declared for the period 01 April 2012 to 30 September 2012 amounting to 419.17123 cents per preference share payable to holders of the Rand denominated non-redeemable non-cumulative non-participating perpetual preference shares as recorded in the books of the company at the close of business on Friday, 07 December 2012.

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

Share certificates may not be dematerialised or rematerialised between Monday, 03 December 2012 and Friday, 07 December 2012, both dates inclusive.

For SA resident preference shareholders, additional information to take note of:

·; Investec plc tax reference number: 2683967322360

·; The issued preference share capital of Investec plc is 2 275 940 preference shares.

·; The dividend paid by Investec plc to South African resident shareholders is subject to South African Dividend Tax (Dividend Tax) of 15% (subject to any available exemptions as legislated).

·; No Secondary Tax on Companies ("STC") Credits has been utilized in respect of this preference share dividend declaration.

·; The net dividend amounts to 356.29573 cents per preference share for preference shareholders liable to pay the Dividend Tax and 419.17123 cents per preference share for preference shareholders exempt from paying the Dividend Tax.

By order of the board

D Miller

Company Secretary

14 November 2012