Director Shareholding

Investec PLC
18 December 2003



                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


        All relevant boxes should be completed in block capital letters.

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    1.   Name of company                   2.   Name of director

         INVESTEC PLC                            BERNARD KANTOR

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    3.   Please state whether             4.   Name of the registered holder(s)
         notification indicates that it        and, if more than one holder, the
         is in respect of holding of the       number of shares held by each of
         shareholder named in 2 above or       them (if notified)
         in respect of a non-beneficial
         interest or in the case of an
         individual holder if it is a
         holding of that person's spouse
         or children under the age of 18
         or in respect of an
         non-beneficial interest
                                                 COMPASS FINANCE (PTY)LTD 
              INDIRECT BENEFICIAL                                                               
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    5.   Please state whether             6.   Please state the nature of the
         notification relates to a             transaction. For PEP transactions
         person(s) connected with the          please indicate whether general/
         director named in 2 above and         single
         identify the connected person         co PEP and if discretionary/non
         (s)                                   discretionary /non discretionary
                                                     
               N/A                               DISPOSAL
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    7.   Number of    8.   Percentage   9.   Number of shares/  10.   Percentage
         shares/           of issued         amount of stock          of issued
         amount of         class             disposed                 class (any
         stock                                                        treasury
         acquired                                                    shares held
                                                                      by company
                                                                      should not
                                                                      be taken
                                                                      into
                                               6,000                  account
                                                                      when
                                                                     calculating
                              N/A                                    percentage)
            N/A                                                        
                                                                        0.008%
                                                                               
                                                             
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11.   Class of      12.   Price per      13.   Date of        14.   Date company
      security            share                transaction          informed

      ORDINARY            ZAR 127.00
                                                17 DECEMBER         17 DECEMBER
                                                2003                2003
      ORDINARY            ZAR 127.50          
                                                             
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   15.   Total holding following this         16.   Total percentage holding of
         notification                               issued class following this
                                                    notification
                                                    
          690,115                                          0.925%

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If a director has been granted options by the company please complete the 
following boxes.
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   17.   Date of grant                 18.  Period during which or date on which
                                            exercisable


          N/A                                      N/A

   19. Total amount paid (if any) for   20.  Description of shares or debentures
       grant of the option                    involved: class, number

             N/A                                    N/A

                     
   21.   Exercise price (if fixed at    22. Total number of shares or debentures
         time of grant) or indication       over which options held following
         that price is to be fixed at       this notification
         time of exercise

                   N/A                            N/A
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   23.   Any additional information   24.   Name of contact and telephone number
                                            for queries
            N/A
                                            RICHARD JOHN VARDY - 0207 597 4485
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   25.  Name and signature of authorised company official responsible for making
        this notification



        RICHARD JOHN VARDY
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        DATE OF NOTIFICATION 18 DECEMBER 2003

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