Director Dealing Investec Ltd

Investec PLC
15 December 2003

Investec Limited

(Incorporated in the Republic of South Africa)

(Registration number 1925/002833/06)

Share code: INL ISIN: ZAE000040531

Pursuant to the black economic empowerment transaction announced on the 15th May
2003, Peu Investment Group (Proprietary) Limited ('Peu') has concluded the
acquisition of 2,611,111 ordinary shares of ZAR0.001 each in Investec Limited on
the 12th December 2003.

As a consequence of the transaction Mr. Peter Malungani, a director of Investec
Limited and Investec plc has, by virtue of his shareholding in Peu become
indirectly beneficially interested in 2,611,111 Investec Limited ordinary shares
of ZAR0.001 each as laid out in the table below.

Accordingly, the following should be noted in accordance with the requirements
of paragraph 3.63 and 3.74 of the JSE Securities Exchange South Africa Listings
Requirements:

Non-executive director:  MP Malungani

Nature of transaction:     Purchase of Investec Limited shares pursuant 
                           to the Investec Limited black economic empowerment
                           transaction

Nature of interest:        Indirect beneficial
Date:                      12 December 2003
Price:                     ZAR90.00
Amount:                    2,611,111



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