Pre-close Briefing

Investec PLC
20 September 2007



Investec Limited                              Investec plc
Incorporated in the Republic of South Africa  Incorporated in England and Wales
Registration number 1925/002833/06            Registration number 3633621
JSE share code: INL                           JSE share code: INP
ISIN: ZAE000081949                            ISIN: GB00B17BBQ50


20 September 2007

Diversified portfolio of businesses drives continued growth

As previously announced, Investec is today hosting an investor pre-close
briefing at 11h00 (UK time) / 12h00 (South African time) which will focus on
developments within the group's core business areas in the first half of the
current financial year.


Overall group performance

Operating fundamentals in the majority of our businesses have remained strong
into the first half of the 2008 financial year, despite heightened credit market
volatility across the globe.


As we have outlined previously, our strategy of maintaining a balanced business
model and diversified portfolio of businesses remains an important focus and
should enable the group to show continued growth over the reporting period. We
expect a very strong performance from South Africa and Australia and a
reasonable performance from the UK which has been marginally impacted by the
turmoil in the credit markets.


Stephen Koseff, Group Chief Executive, commented:

'Our focus on balancing revenue streams and achieving diversity of earnings,
both geographically and operationally, has stood the group in good stead over
the period. Furthermore, the group's asset quality remains sound as a result of
disciplined risk management. Notwithstanding the adverse impacts of difficult
global credit markets in recent months, we have seen solid business activity
across the group in the first half of this financial year and are well placed to
deliver on our financial targets and objectives.'


Bernard Kantor, Group Managing Director, commented:

'The growth momentum experienced in our markets over the last four to five years
is likely to be tempered over the short term as the global financial services
industry takes time to adjust to recent adversity. Our strategy will be to
consolidate our position and create additional operational efficiencies while
continuing to grow in areas where opportunities present themselves.'


Divisional performance

Salient features of the operating performance of our core business areas are
listed below. Further details will be provided in the briefing presentation
which can be viewed on our website.


Private Banking

   • Strong lending turnover and transactional activity continue to drive
     momentum across all geographies
   • Very strong performance in South Africa
   • UK consolidating around previously reported levels after exceptional
     growth in the prior year
   • Solid performance from Australia
   • Since 31 March 2007:

    o        The loan portfolio has increased 11.8% to £7.7bn

    o        Total deposits have increased 12.9% to £6.3bn

    o        Total funds under advice have increased 18.6% to £3bn


Private Client Portfolio Management and Stockbroking

• Strong performance benefiting from:

    o        higher asset levels and volumes over the period

    o        launch of products generating additional revenue streams

• Since 31 March 2007:

    o        Total funds under management (South African and UK) have increased 0.6%
             to £22bn. (Including £14.4bn relating to Rensburg Sheppards plc - this
             information has not been updated since the last reporting period)

    o        Total South African funds under management have increased 3.7% to
             R109.5bn


Capital Markets

   • Total loans and advances have increased 23.4% to £3.8bn since 31 March
     2007
   • Pipeline and levels of activity have been good across the advisory and
     lending areas supporting a solid performance in South Africa
   • Very good performance from Australia which has benefited from the
     integration of the Rothschild's business
   • The results of the UK operations are expected to be down as the recent
     turmoil in the credit markets has impacted the Principal Finance business
   • Principal Finance

    o        Low exposure to US sub-prime representing 0.4% of group's loan
             portfolio:

             • £29mn rated BBB and below (net of fair value adjustments)
             • £24mn rated A to AAA - bulk in AAA and AA (net of fair value
               adjustments)
             • Additional provisions which may not crystallise: £7mn

    o        All instruments are performing and no tranches have been downgraded

    o        Assets held for securitisation: £470mn of which £350mn has been sold
             for settlement at the end of September 2007. No fair value losses 
             expected

    • Kensington

    o        Reshaping the business as result of current markets:

            • Altering the mix of the product offering
            • Tightening lending criteria
            • Increasing pricing

    o        Consequence of this strategy will be lower volumes, an alignment of
             infrastructure and an improvement in margin

    o        We would expect lower profitability from our initial projections for
             Kensington until market conditions normalise

    o        Lines and facilities in place to support this strategy which includes
             non-recourse warehousing lines from third party banks and committed 
             forward flow agreements with other financial institutions

    o        Mortgages under management down from £7bn to £6.6bn and weighted
             average current LTV improving from 71% to 69% since 31 March 2007

    o        Improving asset quality with % accounts > 90 days in arrears decreasing
             to 8.96% from 9.4% since 31 March 2007


Investment Banking

    •  Agency and Advisory

    o        Good performance from South Africa - strong deal pipeline in place

    o        UK and Australia - stable corporate finance pipeline in place


    •  Direct Investments and Private Equity

    o        South African Private Equity portfolio has performed very well
             underpinned by a strong performance from the underlying investments

    o        South African Direct Investments has benefited from a good performance
             from our empowerment platforms marginally offset by a weaker performance 
             from some of the listed and other unlisted investments

    o        The UK Direct Investments and Private Equity divisions should show an
             improvement on prior year's performance


Asset Management

   • Earnings growth continues to be enhanced by the momentum of UK and
     international business
   • Solid long term investment performance
   • Significantly widened distribution reach
   • Since 31 March 2007 assets under management have increased 1.5% to
     £30.3bn


Property Activities

   • South African Property Activities have performed strongly
   • Sale of business to Growthpoint (as previously announced) still requires
     Competition Tribunal approval
   • Launched African Property Fund jointly with Investec Asset Management
   • Europe: Fund established to invest in real estate opportunities around
     the world
   • Australia: Newly created Property Private Equity business which will
     focus on property funds management
   • Since 31 March 2007:

    o        Assets under administration have increased 9.3% to R28.3bn (including
             Growthpoint)


Other Activities

   • Central Funding

    o        higher cash balances underpin stronger performance across all
             geographies

   • Central Costs

    o        in line with the prior year


Other information

   • Effective tax rate: expected to be between 26% to 27%
   • Increase in earnings attributable to minorities:

    o        Largely due to improved performance of partially owned investments 
             that have been consolidated

   • Weighted number of shares in issue for the six months to 30 September
     2007 expected to be approximately 582.5 million


Capital

   • We remain well capitalised (excluding impact of Growthpoint):

                                     Capital adequacy ratio (as at 31 August 2007)
Investec plc                                                              18.3%
Investec Bank UK Limited                                                  19.2%
Investec Limited                                                            14%
Investec Bank Limited                                                     13.5%


   • As at 14 September 2007 we held substantial cash and near cash around
     the world

    o        South Africa: R34bn

    o        UK and Europe: £2.2bn

    o        Australia: A$1.1bn


Asset quality

   • Remains sound - no change in strategy regarding our target market
   • Net defaults remain largely unchanged since March


Notes:

1.       Key trends set out above, unless stated otherwise, relate to the five
         months ended 31August 2007, and compare the first half of the 2007 financial
         year (1H07) to the first half of the 2008 financial year (1H08)

2.       Please note that matters discussed in the briefing and highlighted
         above 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
          International Financial Reporting Standards (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 today's date.
                                       
3.       Our reporting currency is Pounds Sterling. Certain of our operations
         are conducted by entities outside the UK. The results of operations and 
         the financial condition of our individual companies are reported in the 
         local currencies in which they are domiciled, including Rands, Australian 
         Dollars and Euros. These results are then translated into Pounds Sterling 
         at the applicable foreign currency exchange rates for inclusion in our 
         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:

                       31 Aug 2007         31 Mar 2007        30 Sept 2006
Currency per £1.00  Period end Average  Period end Average  Period end Average
South African
Rand                  14.48    14.20      14.20    13.38      14.49    12.66
Australian
Dollar                 2.47     2.39       2.42     2.47       2.50     2.46
Euro                   1.48     1.47       1.47     1.47       1.47     1.46


Presentation details:

The briefing starts at 11h00 (UK times) / 12h00 (South African time) and will be
broadcast live via video conference from the group's offices in Johannesburg to
London. The briefing will also be available via a live and recorded telephone
conference call, a live and delayed video webcast, a delayed podcast and a
delayed Mp3. Further details in this regard can be found on the website at:
www.investec.com

Timetable:

Interim period end: 30 September 2007

Release of interim results: 15 November 2007

Financial year end: 31 March 2008


For further information please contact:

Investec Investor Relations

UK: [phone]

South Africa: [phone]

[e-mail]


About Investec

Investec is an international specialist banking group 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 5 000 permanent employees.

Investec focuses on delivering distinctive profitable solutions for its clients
in five core areas of activity namely, Private Client Activities, Capital
Markets, Investment Banking, Asset Management and Property Activities.

In July 2002 the Investec group implemented a dual listed company structure with
listings on the London and Johannesburg Stock Exchanges. Management and staff
own approximately 15% of the equity share capital of the group. The combined
group's current market capitalisation is currently approximately £3.2bn.




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