INVESTEC LIMITED - Investec (comprising Investec plc and Investec Limited) Interim Management Statement released on 31 January 2013

Investec (comprising Investec plc and Investec Limited) – Interim Management Statement released on 31 January 2013

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


Investec (comprising Investec plc and Investec Limited) – Interim Management Statement released
on 31 January 2013

This Interim Management Statement is issued by Investec in accordance with the UK Listing Authority's
Disclosure and Transparency Rules. Unless stated otherwise, key trends and figures highlighted below refer
to the nine months ended 31 December 2012 and the corresponding period in the previous year.

Performance overview
The Asset Management business has continued to see net inflows, recording results ahead of the prior year.
The Wealth & Investment division reported net inflows and profits ahead of the prior year, and has continued
to make good progress with the integration of Williams de Broë. The South African Specialist Banking
business reported a solid increase in operating profit in Rand terms benefiting from growth in revenue and
cost containment. The Australian Specialist Banking business is performing significantly ahead of the prior
period mainly as a result of a substantial decrease in impairments. The UK Specialist Banking business
reported results behind the prior period largely due to lower investment income earned. Overall results have
been impacted by the depreciation of the average Rand: Pounds Sterling exchange rate of approximately
13%.

Salient features of the nine month period to 31 December 2012 compared to the nine month period to
31 December 2011:

    - Total operating income (net of depreciation on operating leased assets) is 1% ahead of the prior
        year.
    - Impairment losses on loans and advances decreased by 20% and the credit loss charge as a
        percentage of average gross loans and advances annualised for the period amounted to 0.83% (31
        March 2012: 1.12%).
    - Operating costs increased by 4% compared to the prior year, but are flat excluding the impact of
        acquisitions.
    - Operating profit before goodwill, acquired intangibles, non-operating items and taxation and after
        non-controlling interests is 5% ahead of the prior year.
    - Recurring income as a percentage of total operating income amounted to approximately 71% (2011:
        69%), supported by higher average funds under management.
    - As at 31 December 2012 the capital adequacy ratio of Investec plc (applying UK Financial Services
        Authority rules to its capital base) was 17.0% and the capital adequacy ratio of Investec Limited
        (applying South African Reserve Bank rules to its capital base) was 16.8%.
    - The group had approximately GBP8.9 billion of cash and near cash available to support its activities.
    - Since 31 March 2012 (the end of the group’s financial year):
            o Third party assets under management increased by 7% to GBP103.3 billion - an increase of
                 12% on a currency neutral basis. The group recorded net inflows of GBP2.8 billion.
            o Customer accounts (deposits) decreased by 4% to GBP24.4 billion – an increase of 3% on a
                 currency neutral basis.
            o Core loans and advances remained flat at GBP18.1 billion - an increase of 7% on a currency
                 neutral basis.
    - Loans and advances as a percentage of customer deposits were 70.9% (31 March 2012:67.8%).

The group will be holding a pre-close briefing on 14 March 2013.

On behalf of the board

Fani Titi (Joint Chairman), Sir David Prosser (Joint Chairman), Stephen Koseff (Chief Executive Officer) and
Bernard Kantor (Managing Director)

Notes:

1. The financial information on which this statement is based has not been reviewed and reported on by the
   group’s auditors.

2. Please note that matters 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 30 January 2012.

3. 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 group’s individual
   companies are reported in the local currencies in which they are domiciled, including Rands, Australian
   Dollars, Euros and Dollars. 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:

                         Nine months to              Year to             Nine months to
                            31-Dec-12               31-Mar-12               31-Dec-11

 Currency               Period    Average       Period      Average       Period    Average
                         end                     end                     end
 per GBP1.00

 South African Rand       13.77     13.29           12.27      11.85        12.49      11.74


 Australian Dollar         1.56      1.54             1.54      1.52         1.52       1.53

 Euro                      1.23      1.24              1.2      1.16         1.19       1.14

 US Dollar                 1.62      1.59             1.60      1.60         1.55       1.61




4. The following disclosures are made with respect to Basel quarterly disclosure requirements:
   The group holds capital in excess of regulatory requirements targeting 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. As per the table below, all regulated entities met these targets
   at the reporting date.

                                      Investec                                 Investec
 Basel 2.5                              plc^         IBP*^         IBAL*       Limited^          IBL*
 As at 31 Dec 2012                    GBP 'mn       GBP 'mn        A$'mn       ZAR 'mn         ZAR 'mn

 Primary capital (Tier 1) net of
 deductions                               1,459         1,347          430        23,393        22,654

 Other capital (Tier 2) net of
 deductions                                 824           670          150        11,292        11,363

                                          2,283         2,017          580        34,685        34,017
 Less: other deductions                     (23)          (18)           -             -             -

 Net qualifying capital                   2,260         1,999          580        34,685        34,017


 Risk-weighted assets (banking
 and trading)                            13,312        12,104         3,299      206,981      204,826



 Capital requirements                     1,065           968          428        19,663        19,458

 Credit risk                                815           759          370        14,635        14,361

 Securitisation exposures                    14            14                        426           426

 Equity risk                                 41            41            5         2,414         3,033

 Market risk                                 57            57            3           421           403

 Operational risk                           138            97           50         1,767         1,235



  Capital adequacy ratio                 17.0%         16.5%         17.6%        16.8%         16.6%
  Tier 1 ratio                           11.0%         11.1%         13.0%        11.3%         11.1%

*IBP is Investec Bank plc; IBAL is Investec Bank (Australia) Limited and IBL is Investec Bank Limited. ^Investec plc includes IBP. IBP
includes IBAL. Investec Limited includes IBL.



Timetable:

Pre-close briefing:          14 March 2013
Year-end:                    31 March 2013
Release of year-end results: 23 May 2013

For further information please contact:

Investec Investor Relations
UK: +44 (0) 207 597 5546
South Africa: +27 (0) 11 286 7070
investorrelations@investec.com

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
GBP4.1 billion.

Sandton
31 January 2013
Sponsor: Investec Bank Limited

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