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INVESTEC LIMITED - Unaudited combined consolidated financial results for the six months ended 30 September 2017

Release Date: 16/11/2017 09:00
Code(s): INL INP INPR INPP INPPR     PDF:  
 
Wrap Text
Unaudited combined consolidated financial results for the six months ended 30 September 2017

Investec Limited 
Incorporated in the Republic of South Africa
Registration number: 1925/002833/06
JSE ordinary share code: INL
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000081949

Investec plc
Incorporated in England and Wales
Registration number 3633621
LSE ordinary share code: INVP
JSE ordinary share code: INP
ISIN: GB00B17BBQ50

Unaudited combined consolidated financial results for the six months ended 30 September 2017
This announcement covers the results of the Investec group for the six months ended 30 September 2017.

Basis of presentation

Statutory basis
Statutory information is set out in a separate section in this
announcement. In order to present a more meaningful view of the group's
performance the results continue to be presented on an ongoing basis as
explained further below.

Ongoing basis
The results presented on an ongoing basis exclude items that in
management's view could distort the comparison of performance
between periods. Based on this principle, the remaining legacy business
in the UK continues to be excluded from underlying profit.

This basis of presentation is consistent with the approach adopted for
the year ended 31 March 2017. A reconciliation between the statutory
and ongoing income statement is provided.

Unless the context indicates otherwise, all comparatives included in
the commentary relate to the six months ended 30 September 2016.

Group results have benefited from a 14.7% appreciation of the average
Rand: Pounds Sterling exchange rate over the period. Amounts
represented on a currency neutral basis for income statement items
assume that the relevant average exchange rates for the six month
period to 30 September 2017 remain the same as those in the prior
period. Balance sheet items have been negatively impacted by a 7.9%
depreciation of the closing Rand:Pounds Sterling exchange rate since
31 March 2017. Amounts represented on a currency neutral basis for
balance sheet items assume that the relevant closing exchange rates at
30 September 2017 remain the same as those at 31 March 2017.

Overview of results
Sound growth in key earnings drivers

- The Asset Management and Wealth & Investment businesses have
  benefited from higher funds under management supported by
  favourable equity markets and combined net inflows of GBP3.6 billion.

- The Specialist Banking businesses have continued to see good growth
  in loan portfolios and client activity, notwithstanding the persistent
  macro uncertainty in both geographies.

- The group has continued to invest for growth with the increase in
  costs largely reflecting planned spend in growing the client franchise
  businesses.

- Digital and online innovation and enhancements across the group,
  coupled with a high touch client centric service model has further
  entrenched the strength of our franchises particularly in the private
  banking and wealth management businesses.

- Geographical and operational diversity continues to support a
  sustainable recurring income base and earnings through varying market
  conditions.

Statutory operating profit salient features
- Statutory operating profit before goodwill, acquired intangibles,
  non-operating items and taxation and after other non-controlling
  interests ("operating profit") increased 11.8% to GBP314.6 million
  (2016: GBP281.4 million) - an increase of 1.1% on a currency
  neutral basis.

- Statutory adjusted earnings per share (EPS) before goodwill,
  acquired intangibles and non-operating items increased 17.2% from
  22.7 pence to 26.6 pence - an increase of 5.7% on a currency
  neutral basis.

Satisfactory performance from the ongoing business

- Ongoing operating profit increased 10.5% to GBP347.5 million
  (2016: GBP314.5 million) - an increase of 0.9% on a currency
  neutral basis.

- Ongoing adjusted EPS before goodwill, acquired intangibles
  and non-operating items increased 14.8% from 25.7 pence to
  29.5 pence - an increase of 4.7% on a currency neutral basis.

- Recurring income as a percentage of total operating income
  amounted to 76.4% (2016: 72.4%).

- The annualised credit loss charge as a percentage of average
  gross core loans and advances amounted to 0.28% (2016: 0.19%),
  remaining at the lower end of the group's long term range despite an
  increase in impairments.

- Third party assets under management increased 2.4% to
  GBP154.3 billion (31 March 2017: GBP150.7 billion) - an increase
  of 5.1% on a currency neutral basis.

- Customer accounts (deposits) decreased 3.9% to GBP28.0 billion
  (31 March 2017: GBP29.1 billion) - an increase of 0.7% on a
  currency neutral basis.

- Core loans and advances increased 0.6% to GBP22.4 billion
  (31 March 2017: GBP22.2 billion) - an increase of 5.6% on a
  currency neutral basis.

The UK legacy portfolio continues to be actively managed down

- The legacy portfolio reduced from GBP476 million at 31 March 2017
  to GBP425 million largely through asset sales, redemptions and
  write-offs.

- The legacy business reported a loss before taxation of
  GBP32.9 million (2016: GBP33.0 million).

Maintained a sound balance sheet

- Capital remained comfortably in excess of current regulatory
  requirements. Investec Limited ended the period in line with the
  group's common equity tier 1 ratio target, while Investec plc
  continued to report a ratio ahead of this target. The group is
  comfortable with its common equity tier 1 ratio target at a 10% level,
  as its current leverage ratios for both Investec Limited and Investec
  plc are above 7%.

-  Liquidity remained strong with cash and near cash balances
   amounting to GBP10.7 billion.

Dividend increase of 5.0%

- The board declared a dividend of 10.5 pence per ordinary share
  (2016: 10.0 pence) resulting in a dividend cover based on the
  group's adjusted EPS before goodwill and non-operating items
  of 2.5 times (2016: 2.3 times), consistent with the group's
  dividend policy.

Stephen Koseff, Chief Executive Officer of Investec said:
"We have continued to invest to grow our client franchise businesses.
We have improved and enhanced our digital and online services to
complement our strong client centric service model. This spending
has further strengthened our franchises in private banking and wealth
management. Our geographical and operational diversity supports a
strong recurring income base and earnings which will help us weather
an uncertain world."

Bernard Kantor, Managing Director of Investec said:
"Investec achieved a satisfactory operating performance in all its
businesses despite macro-economic and political uncertainty in
both South Africa and the UK. In particular, Asset Management and
Wealth & Investment benefited from higher funds under management
and favourable equity markets while the Specialist Banking businesses
continued to see good growth in loan portfolios and client activity."

For further information please contact:
Investec +27 (0) 11 286 7070 or +44 (0) 20 7597 5546
Stephen Koseff, Chief Executive Officer
Bernard Kantor, Managing Director
Ursula Nobrega, Investor Relations (mobile: +27 (0) 82 552 8808)
Carly Newton, Investor Relations (+44 (0) 20 7597 4493)

Brunswick (SA PR advisers)
Marina Bidoli
Tel: +27 (0) 11 502 7405/+27 (0) 83 253 0478

Newgate (UK PR advisers)
Jonathan Clare/Alistair Kellie/Zoe Pocock/Charlotte Coulson
Tel: +44 (0) 20 7680 6550

Presentation/conference call details
A presentation on the results will commence at 9:00 UK time/11:00 SA
time. Viewing options as below:

- Live on South African TV (Business day TV channel 412 DSTV)
- A live and delayed video webcast at www.investec.com
- Toll free numbers for the telephone conference facilities
  - SA participants: 0800 200 648
  - UK participants: 0808 162 4061
  - rest of Europe and other participants: +800 246 78 700
  - Australian participants: 1800 350 100
  - USA participants: 1855 481 6362

About Investec
Investec is an international specialist bank and asset manager that
provides a diverse range of financial products and services to a select
client base in three principal markets - the UK and Europe, South Africa
and Asia/Australia as well as certain other countries. The group was
established in 1974 and currently has approximately 9 900 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 GBP5.0 billion.

The commentary below largely focuses on the results of the ongoing
business.

OVERALL GROUP PERFORMANCE - ONGOING BASIS
Operating profit before goodwill, acquired intangibles, non-operating
items and taxation and after other non-controlling interests ("operating
profit") increased 10.5% to GBP347.5 million (2016: GBP314.5 million) -
an increase of 0.9% on a currency neutral basis.

The combined South African businesses reported operating profit 7.9%
ahead of the prior period (in Rands), whilst the combined UK and Other
businesses posted a 5.0% decrease in operating profit in Pounds
Sterling.

Business unit review - ongoing basis

Asset Management
Asset Management operating profit increased 1.2% to GBP83.2 million 
(2016: GBP82.3 million). The business benefited from
higher average funds under management supported by positive
market movements and solid net inflows of GBP2.1 billion.
Earnings were negatively impacted by lower performance fees
in South Africa. Total funds under management amount to
GBP98.2 billion (31 March 2017: GBP95.3 billion).

Wealth & Investment
Wealth & Investment operating profit increased by 14.7%
to GBP49.5 million (2016: GBP43.2 million) supported by
higher average funds under management and net inflows of
GBP1.5 billion. The UK business had a strong performance while
earnings in South Africa have been impacted by lower brokerage
volumes. Total funds under management amount to 
GBP55.5 billion/(31 March 2017: GBP54.8 billion).

Specialist Banking
Specialist Banking operating profit increased by 12.5% to
GBP239.4 million (2016: GBP212.8million).

The South African business reported an increase in operating
profit in Rands of 21.6%. Earnings were supported by a strong
performance from the investment portfolio. Growth in the private
banking franchise as well as a good performance from the corporate
treasury and corporate advisory businesses resulted in an increase
in fees. Core loans and advances increased 6.5% to R251.5 billion
(31 March 2017: R236.2 billion). The credit loss ratio on average core
loans and advances amounted to 0.30% (2016: 0.29%), remaining at
the lower end of its long term average, despite the business reporting an
increase in impairments.

The UK and Other businesses reported a 22.1% decrease in operating
profit. Strong growth in net interest income was supported by loan
book growth of 4.1% to GBP8.5 billion (31 March 2017: GBP8.1 billion)
and a reduction in the cost of funding. This was offset by a decrease
in non interest revenue following particularly strong investment banking
and client flow trading activity levels in the prior period. In line with the
division's current investment strategy to support franchise growth, IT
infrastructure costs and headcount increased, notably for the continued
build out of the private client banking offering. Costs are also impacted
by the additional premises expenses relating to the London office move
scheduled for the end of the 2018 calendar year. The credit loss ratio
amounted to 0.22% (2016: 0.04%) as impairments increased off a
particularly low base.

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

Group costs
These largely relate to group brand and marketing costs and a portion of
executive and support functions which are associated with group level
activities. These costs are not incurred by the operating divisions and
are necessary to support the operational functioning of the group. These
costs amounted to GBP24.7 million (2016: GBP23.8 million).

FINANCIAL STATEMENT ANALYSIS - ONGOING BASIS

Total operating income
Total operating income before impairment losses on loans and advances
increased by 13.2% to GBP1,190.9 million (2016: GBP1,052.3 million).

Net interest income increased by 16.0% to GBP364.4 million
(2016:GBP314.2 million) driven by sound levels of lending activity
across the banking businesses and a reduction in the UK's cost
of funding.

Net fee and commission income increased by 9.4% to GBP666.0 million
(2016: GBP608.6 million) as a result of higher average funds under
management over the period and net inflows in the Asset Management
and Wealth Management businesses. In addition, the Specialist Banking
business in South Africa benefited from growth in the private banking
franchise and a good performance from the corporate treasury and
corporate advisory businesses.

Investment income increased significantly to GBP61.9 million
(2016:GBP28.8 million) driven by a strong performance from the
South African investment portfolio partially offset by less realisations
in the UK investment portfolios.

Share of post taxation operating profit of associates of GBP23.7 million
(2016: GBP9.6 million) primarily reflects earnings in relation to the
group's investment in the IEP Group.

Trading income arising from customer flow decreased by 12.7% to
GBP64.2 million (2016: GBP73.5 million) as a consequence of lower
volatility relative to the elevated levels experienced in the prior period
following the Brexit vote. Trading income from other trading activities
reflected a profit of GBP5.1 million (2016: GBP12.4 million).

Impairment losses on loans and advances
Impairments on loans and advances increased from GBP18.0 million
to GBP31.1 million; however the group's annualised credit loss
ratio remains at the lower end of its long term average at 0.28%
(2016: 0.19%). Since 31 March 2017 gross defaults have reduced
from GBP249.8 million to GBP218.9 million. The percentage of default
loans (net of impairments but before taking collateral into account) to
core loans and advances amounted to 0.56% (31 March 2017: 0.69%).

Operating costs
The ratio of total operating costs to total operating income improved
marginally amounting to 66.5% (2016: 66.7%). Total operating costs
grew by 12.9% to GBP792.5 million (2016: GBP701.8 million) reflecting
continued planned spend on IT infrastructure and higher headcount
across divisions to support increased activity and growth initiatives;
notably the build out of the UK private client offering. Costs are also
impacted by additional premises expenses relating to the London office's
future premises move.

Taxation
The effective tax rate amounts to 14.5% (2016: 19.4%) mainly impacted
by the lower rate in South Africa following the release of provisions no
longer required.

Profit attributable to non-controlling interests
Profit attributable to non-controlling interests mainly comprises:

- GBP10.7 million profit attributable to non-controlling interests
  in the Asset Management business.

- GBP19.9 million profit attributable to non-controlling interests
  in the Investec Property Fund Limited.

BALANCE SHEET ANALYSIS
Since 31 March 2017:

- Total shareholders' equity (including non-controlling interests)
  remained in line at GBP4.8 billion - an increase of 3.7% 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 GBP221 million.

- Net asset value per share decreased 2.1% to 421.8 pence
  and net tangible asset value per share (which excludes
  goodwill and intangible assets) decreased 1.8% to 370.2 pence
  largely as a result of the depreciation of the Rand as described
  above. On a currency neutral basis net asset value per share
  and net tangible asset value per share increased by 1.8% and
  2.5%, respectively.

- The annualised return on adjusted average shareholders' equity
  remained at 12.5%.

- The annualised return on adjusted average shareholders' equity
  of the ongoing business reduced marginally from 14.2% to 14.1%.

Liquidity and funding
As at 30 September 2017 the group held GBP10.7 billion in cash and
near cash balances (GBP5.0 billion in Investec plc and R102.6 billion
in Investec Limited) which amounted to 38.2% of customer deposits.

Loans and advances to customers as a percentage of customer
deposits amounted to 79.9% (31 March 2017: 76.2%). The cost of
funding in the UK has continued to be managed down. The group will
continue to focus on maintaining an optimal overall liquidity and funding
profile. Based on the group's own interpretations of the EU Delegated
Act and in line with the BCBS' final recommendations, Investec plc
and Investec Bank plc (solo basis) comfortably exceed the relevant
regulatory liquidity requirements for the Liquidity Coverage Ratio
(LCR) and Net Stable Funding Ratio (NSFR). The LCR reported to the
Prudential Regulatory Authority at 30 September 2017 was 610% for
Investec plc and 520% for Investec Bank plc (solo basis). Investec Bank
Limited (solo basis) ended the period to 30 September 2017 with the
three-month average of its LCR at 127.0%, which is well ahead of the
minimum levels required. Further detail with respect to the bank's LCR
ratio in the UK and South Africa is provided on the website.

Capital adequacy and leverage ratios
The group is targeting a minimum common equity tier 1 capital ratio
above 10% and a total capital adequacy ratio range of 14% to 17%
on a consolidated basis for each of Investec plc and Investec Limited.
The group's anticipated fully loaded Basel III common equity tier 1
capital adequacy ratios in both Investec plc and Investec Limited are
reflected in the table below.
                                                   30 Sept    31 March
                                                      2017        2017
Investec plc^
Capital adequacy ratio                               14.5%       15.1%
Tier 1 ratio                                         11.4%       11.5%
Common equity tier 1 ratio                           11.2%       11.3%
Common equity tier 1 ratio (anticipated
Basel III 'fully loaded'*)                           11.2%       11.3%
Leverage ratio (current)                              8.0%        7.8%
Leverage ratio (anticipated Basel III
'fully loaded'*)                                      7.9%        7.7%
Investec Limited**
Capital adequacy ratio                               14.3%       14.1%
Tier 1 ratio                                         10.8%       10.7%
Common equity tier 1 ratio                           10.0%        9.9%
Common equity tier 1 ratio (anticipated
Basel III 'fully loaded'*)                           10.0%        9.9%
Leverage ratio (current)                              7.6%        7.3%
Leverage ratio (anticipated Basel III
'fully loaded'*)                                      7.2%        6.8%

*  Based on the group's understanding of current and draft regulations, 'fully loaded' is
   based on Basel III capital requirements as fully phased in by 2022.

^  The capital adequacy disclosures follow Investec's normal basis of presentation
   so as to show a consistent basis of calculation across the jurisdictions in which
   the group operates. For Investec plc this does not include the deduction of
   foreseeable dividends when calculating CET1 capital as now required under the
   CRR and EBA technical standards. The impact of the final proposed ordinary
   and preference dividends totalling GBP43 million for Investec plc would be 31bps
   (31 March 2017: 45bps) lower on this basis.

** Investec Limited's capital information includes unappropriated profits.
   If unappropriated profits are excluded from the capital information, Investec Limited's
   common equity tier 1 ratio would be 15bps (31 March 2017: 24bps) lower.

LEGACY BUSINESS - OVERVIEW OF RESULTS
Since 31 March 2017 the group's legacy portfolio in the UK has
continued to be actively managed down from GBP476 million to
GBP425 million largely through asset sales, redemptions and
write-offs. The total legacy business over the period reported a loss
before taxation of GBP32.9 million (2016: GBP33.0 million).
The remaining legacy portfolio will continue to be managed down.
Total net defaults in the legacy book amount to GBP106 million
(31 March 2017: GBP125 million).

OUTLOOK
Whilst the global economy has improved our two key geographies
suffer from continued political uncertainty.

Notwithstanding this, the group has continued to improve in shape
and capability. Further progress has been made in dealing with the
UK legacy book and the development of the private bank in the UK
is gaining traction, as are the various digital initiatives. The continued
investment in infrastructure and people across the group is indicative of
the group's confidence in the franchise and will position the businesses
appropriately for future growth and development.

On behalf of the boards of Investec plc and Investec Limited

Fani Titi    Stephen Koseff             Bernard Kantor
Chairman     Chief Executive Officer    Managing Director

15 November 2017

Notes to the commentary section above
Presentation of financial information

Investec operates under a Dual Listed Companies (DLC) structure with
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.

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 position 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:

                     Six months            Year        Six months
                          to                to              to
Currency per         30 Sep 2017       31 March 2017   30 Sep 2016
                    Period          Period            Period
GBP1.00                end  Average    end   Average     end   Average

South African
Rand                 18.10   17.06   16.77     18.42   17.88    19.99
Australian Dollar     1.71    1.69    1.64      1.75    1.70     1.83
Euro                  1.13    1.14    1.17      1.19    1.16     1.23
US Dollar             1.34    1.30    1.25      1.31    1.30     1.38

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
appreciated by 14.7% and the closing rate has depreciated by 7.9%
since 31 March 2017.

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 period to 30 September 2017 are consistent with those adopted in
the financial statements for the year ended 31 March 2017.

STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET
EFFECTIVE

The following significant standards and interpretations, which have
been issued but are not yet effective, are applicable to the group.

IFRS 9 Financial Instruments
The group will adopt IFRS 9 Financial Instruments on 1 April 2018.
The group expects that the recognition and measurement basis of the
majority of the group's financial assets will be largely unchanged on
application of IFRS 9, based on the analysis performed to date.

The impairment requirements will lead to significant changes in the
accounting treatment for certain financial instruments as a result
of a shift from an incurred loss to an expected loss impairment
methodology. Credit risk methodologies have been defined and model
build has significantly been completed. Approval, testing and validation
of the models is ongoing.

IFRS 9 includes an accounting policy choice to remain with
IAS 39 hedge accounting. The group intends to continue
applying IAS 39's hedge accounting.

The classification and measurement and impairment requirements are
applied retrospectively by adjusting the opening balance sheet at the
date of initial application, with no requirement to restate comparative
periods. The group does not intend to restate comparatives.

The regulatory capital impact of IFRS 9 has been proposed by
regulatory bodies with transitional capital arrangements being
announced for 1 January 2018 which would allow a phase in of the
Day 1 capital impact over a number of years.

It will not be practical to disclose reliable financial impact estimates until
the implementation programme and validation and testing is further
advanced.

IFRS 15 Revenue from contracts with customers
The group's current measurement and recognition principles are
aligned to the standard and the group does not expect an impact to
measurement principles currently applied. The impact of the disclosure
requirements of the standard is currently being assessed.

The financial results have been prepared under the supervision of
Glynn Burger, the Group Risk and Finance Director. The financial
statements for the six months to 30 September 2017 will be posted to
stakeholders on 30 November 2017. These accounts will be available
on the group's website on the same date.

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 15 November 2017.

-  The information in the announcement for the six months ended
   30 September 2017, which was approved by the board of
   directors on 15 November 2017, does not constitute statutory
   accounts as defined in Section 435 of the UK Companies Act 2006.
   The 31 March 2017 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.

-  This announcement is available on the group's website:
   www.investec.com

Financial assistance
Shareholders are referred to the Special Resolution number 3, which
was approved at the annual general meeting held on 10 August 2017,
relating to the provision of direct or indirect financial assistance in
terms of Section 45 of the South African Companies Act, No 71 of
2008 to related or inter-related companies. Shareholders are hereby
notified that in terms of S45(5)(a) of the South African Companies
Act, the board of directors of Investec Limited provided such financial
assistance during the period 1 April 2017 to 30 September 2017.

Ongoing financial information
Ongoing summarised income statement
                                                                                     Six months to   Six months to       Year to
                                                                                      30 September    30 September      31 March
GBP'000                                                                                       2017            2016          2017

Net interest income                                                                        364 374         314 151       680 539
Net fee and commission income                                                              666 010         608 564     1 271 591
Investment income                                                                           61 899          28 800       135 631
Share of post taxation operating profit of associates                                       23 677           9 639        18 890
Trading income arising from
- customer flow                                                                             64 163          73 479       158 006
- balance sheet management and other trading activities                                      5 143          12 370         8 078
Other operating income                                                                       5 671           5 298        13 158
Total operating income before impairment losses on loans and advances                    1 190 937       1 052 301     2 285 893
Impairment losses on loans and advances                                                   (31 101)        (18 004)      (57 149)
Operating income                                                                         1 159 836       1 034 297     2 228 744
Operating costs                                                                          (791 330)       (701 801)   (1 502 623)
Depreciation on operating leased assets                                                    (1 177)               -       (2 169)
Operating profit before goodwill, acquired intangibles and non-operating items             367 329         332 496       723 952
Profit attributable to other non-controlling interests                                    (19 800)        (18 033)      (60 239)
Profit attributable to Asset Management non-controlling interests                         (10 663)         (9 924)      (20 291)
Operating profit before taxation                                                           336 866         304 539       643 422
Taxation on operating profit before goodwill and acquired intangibles                     (50 960)        (62 696)     (130 438)
Preference dividends accrued                                                              (13 665)        (11 925)      (25 838)
Adjusted attributable earnings to ordinary shareholders                                    272 241         229 918       487 146
Adjusted earnings per share (pence)                                                           29.5            25.7          54.1
Number of weighted average shares (million)                                                  922.9           895.7         900.4
Cost to income ratio                                                                         66.5%           66.7%         65.8%

Segmental geographical and business analysis of operating profit before goodwill, acquired
intangibles, non-operating items, taxation and after other non-controlling interests - ongoing
business

For the six months to 30 September                                                              UK        Southern         Total
GBP'000                                                                                  and Other          Africa         group

2017
Asset Management                                                                            49 949          33 284        83 233
Wealth & Investment                                                                         35 441          14 087        49 528
Specialist Banking                                                                          74 133         165 291       239 424
                                                                                           159 523         212 662       372 185
Group costs                                                                               (17 295)         (7 361)      (24 656)
Total group                                                                                142 228         205 301       347 529
Other non-controlling interest - equity                                                                                   19 800
Operating profit                                                                                                         367 329

2016
Asset Management                                                                            43 116          39 138        82 254
Wealth & Investment                                                                         29 192          14 005        43 197
Specialist Banking                                                                          95 211         117 623       212 834
                                                                                           167 519         170 766       338 285
Group costs                                                                               (17 758)         (6 064)      (23 822)
Total group                                                                                149 761         164 702       314 463
Other non-controlling interest - equity                                                                                   18 033
Operating profit                                                                                                         332 496

Reconciliation from statutory summarised income statement to
ongoing summarised income statement
                                                                                         Statutory
For the six months to 30 September 2017                                                         as       UK legacy       Ongoing
GBP'000                                                                                  disclosed        business      business

Net interest income                                                                        364 321            (53)       364 374
Net fee and commission income                                                              666 010               -       666 010
Investment income                                                                           62 074             175        61 899
Share of post taxation operating profit of associates                                       23 677               -        23 677
Trading income arising from
- customer flow                                                                             64 160             (3)        64 163
- balance sheet management and other trading activities                                      5 146               3         5 143
Other operating income                                                                       5 669             (2)         5 671
Total operating income before impairment losses on loans and advances                    1 191 057             120     1 190 937
Impairment losses on loans and advances                                                   (59 593)        (28 492)      (31 101)
Operating income/(loss)                                                                  1 131 464        (28 372)     1 159 836
Operating costs                                                                          (795 883)         (4 553)     (791 330)
Depreciation on operating leased assets                                                    (1 177)               -       (1 177)
Operating profit/(loss) before goodwill, acquired intangibles
and non-operating items                                                                    334 404        (32 925)       367 329
Profit attributable to other non-controlling interests                                    (19 800)               -      (19 800)
Profit attributable to Asset Management non-controlling interests                         (10 663)               -      (10 663)
Operating profit/(loss) before taxation                                                    303 941        (32 925)       336 866
Taxation on operating profit before goodwill and acquired intangibles                     (44 996)          5 964^      (50 960)
Preference dividends accrued                                                              (13 665)               -      (13 665)
Adjusted attributable earnings to ordinary shareholders                                    245 280        (26 961)       272 241
Adjusted earnings per share (pence)                                                           26.6                          29.5
Number of weighted average shares (million)                                                  922.9                         922.9
Cost to income ratio                                                                         66.9%                         66.5%

^ Applying the UK's effective statutory taxation rate of 18.1%.

For the six months to 30 September 2016                                                   Statutory      UK legacy       Ongoing
GBP'000                                                                                as disclosed       business      business

Net interest income                                                                         313 465          (686)       314 151
Net fee and commission income                                                               608 488           (76)       608 564
Investment income                                                                            29 024            224        28 800
Share of post taxation operating profit of associates                                         9 639              -         9 639
Trading income arising from
- customer flow                                                                              73 438           (41)        73 479
- balance sheet management and other trading activities                                      12 370              -        12 370
Other operating income                                                                        5 298              -         5 298
Total operating income/(loss) before impairment losses on loans and advances              1 051 722          (579)     1 052 301
Impairment losses on loans and advances                                                    (46 591)       (28 587)      (18 004)
Operating income/(loss)                                                                   1 005 131       (29 166)     1 034 297
Operating costs                                                                           (705 680)        (3 879)     (701 801)
Operating profit/(loss) before goodwill, acquired intangibles and non-operating items       299 451       (33 045)       332 496
Profit attributable to other non-controlling interests                                     (18 033)              -      (18 033)
Profit attributable to Asset Management non-controlling interests                           (9 924)              -       (9 924)
Operating profit/(loss) before taxation                                                     271 494       (33 045)       304 539
Taxation on operating profit before goodwill and acquired intangibles                      (56 279)         6 417*      (62 696)
Preference dividends accrued                                                               (11 925)              -      (11 925)
Adjusted attributable earnings to ordinary shareholders                                     203 290       (26 628)       229 918
Adjusted earnings per share (pence)                                                            22.7                         25.7
Number of weighted average shares (million)                                                   895.7                        895.7
Cost to income ratio                                                                          67.1%                        66.7%

* Applying the group's effective statutory taxation rate of 19.4%.

Statutory financial information
Salient financial features
                                                Results in Pounds Sterling                                      Results in Rand

                                                                           Neutral
                                                                         currency^     Neutral
                          Six months to   Six months to              Six months to    currency    Six months to    Six months to
                           30 September    30 September           %   30 September           %     30 September     30 September          %
                                   2017            2016      change           2017      change             2017             2016     change

Operating profit before
taxation* (million)               314.6           281.4       11.8%          284.5        1.1%            5 378            5 592     (3.8%)
Earnings attributable to
shareholders (million)            252.4           208.6       21.0%          227.1        8.8%            4 321            4 132       4.6%
Adjusted earnings
attributable to
shareholders** (million)          245.3           203.3       20.7%          221.7        9.1%            4 199            4 027       4.3%
Adjusted earnings
per share**                       26.6p           22.7p       17.2%          24.0p        5.7%             455c             450c       1.1%
Basic earnings per share          25.8p           26.5p      (2.6%)          23.3p     (12.1%)             443c             524c    (15.5%)
Headline earnings
per share                         24.6p           24.8p        0.8%          22.3p     (10.1%)             422c             490c      13.9%
Dividends per share               10.5p           10.0p        5.0%            n/a         n/a             200c             178c      12.4%

*  Before goodwill, acquired intangibles, non-operating items and after other non-controlling interests
** Before goodwill, acquired intangibles, non-operating items and after non-controlling interests.
^  For income statement items we have used the average Rand:Pound Sterling exchange rate that was applied in the prior year, i.e. 19.99.

                                                  Results in Pounds Sterling                                        Results in Rand

                                Actual as   Actual as                        Neutral
                                 reported    reported     Actual as         currency   Neutral
                                       At          At      reported               At  currency               At               At
                             30 September    31 March             %     30 September         %     30 September         31 March         %
                                     2017        2017        change             2017    change             2017             2017    change

Net asset value per share          421.8p      431.0p        (2.1%)           438.6p      1.8%           7 635c           7 228c      5.6%
Net tangible asset value
per share                          370.2p      377.0p        (1.8%)           386.6p      2.5%           6 701c           6 322c      6.0%
Total equity (million)              4 766       4 809        (0.9%)            4 987      3.7%           86 271           80 638      7.0%
Total assets (million)             51 818      53 535        (3.2%)           54 442      1.7%          937 939          897 749      4.5%
Core loans and advances
(million)                          22 797      22 707         0.4%            23 900      5.3%          412 624          380 786      8.4%
Cash and near cash
balances (million)                 10 683      12 038       (11.3%)           11 133    (7.5%)          193 360          201 877    (4.2%)
Customer deposits
(million)                          27 966      29 109        (3.9%)           29 325      0.7%          506 201          488 149      3.7%
Third party assets under
management (million)              154 338     150 735          2.4%          158 475      5.1%        2 793 517        2 527 826     10.5%
Return on average
adjusted shareholders'
equity                              12.5%       12.5%
Return on average risk-
weighted assets                     1.50%       1.45%
Defaults (net of
impairments and before
collateral) as a percentage
of net core loans                   1.01%       1.22%
Loans and advances
to customers as a
percentage of customer
deposits                            79.9%       76.2%
Credit loss ratio (income
statement impairment
charge as a % of average
gross core loans and
advances)                           0.52%       0.54%

For balance sheet items we have assumed that the Rand:Pound Sterling exchange rate has remained neutral since March 2017.

Combined consolidated income statement
                                                                                                 Six months to    Six months to         Year to
                                                                                                  30 September     30 September        31 March
GBP'000                                                                                                   2017             2016            2017

Interest income                                                                                      1 225 130        1 037 756       2 230 765
Interest expense                                                                                     (860 809)        (724 291)     (1 550 870)
Net interest income                                                                                    364 321          313 465         679 895
Fee and commission income                                                                              753 835          670 816       1 429 588
Fee and commission expense                                                                            (87 825)         (62 328)       (158 064)
Investment income                                                                                       62 074           29 024         136 203
Share of post taxation operating profit of associates                                                   23 677            9 639          18 890
Trading income arising from
- customer flow                                                                                        64 160           73 438         158 001
- balance sheet management and other trading activities                                                 5 146           12 370           8 218
Other operating income                                                                                   5 669            5 298          13 483
Total operating income before impairment losses on loans and advances                                1 191 057        1 051 722       2 286 214
Impairment losses on loans and advances                                                               (59 593)         (46 591)       (111 454)
Operating income                                                                                     1 131 464        1 005 131       2 174 760
Operating costs                                                                                      (795 883)        (705 680)     (1 513 231)
Depreciation on operating leased assets                                                                (1 177)                -         (2 169)
Operating profit before goodwill and acquired intangibles                                              334 404          299 451         659 360
Impairment of goodwill                                                                                       -            (270)         (4 749)
Amortisation of acquired intangibles                                                                   (8 142)          (8 469)        (17 197)
Profit before taxation                                                                                 326 262          290 712         637 414
Taxation on operating profit before goodwill and acquired intangibles                                 (44 996)         (56 279)       (118 488)
Taxation on acquired intangibles and acquisition/disposal/integration of subsidiaries                    1 631            2 122           4 070
Profit after taxation                                                                                  282 897          236 555         522 996
Profit attributable to other non-controlling interests                                                (19 800)         (18 033)        (60 239)
Profit attributable to Asset Management non-controlling interests                                     (10 663)          (9 924)        (20 291)
Earnings attributable to shareholders                                                                  252 434          208 598         442 466
Impairment of goodwill                                                                                       -              270           4 749
Amortisation of acquired intangibles                                                                     8 142            8 469          17 197
Taxation on acquired intangibles and acquisition/disposal/integration of subsidiaries                  (1 631)          (2 122)         (4 070)
Preference dividends paid                                                                             (14 101)         (11 979)        (25 658)
Accrual adjustment on earnings attributable to other equity holders                                        436               54           (180)
Adjusted earnings                                                                                      245 280          203 290         434 504
Headline adjustments**                                                                                (18 010)           18 627            (79)
Headline earnings                                                                                      227 270          221 917         434 425
Earnings per share (pence)
- Basic                                                                                                   25.8             26.5            50.8
- Diluted                                                                                                 24.9             25.4            48.8
Adjusted earnings per share (pence)
- Basic                                                                                                   26.6             22.7            48.3
- Diluted                                                                                                 25.7             21.8            46.4
Dividends per share (pence)
- Interim                                                                                                 10.5             10.0            10.0
- Final                                                                                                    n/a              n/a            13.0
Headline earnings per share (pence)
- Basic                                                                                                   24.6             24.8            48.2
- Diluted                                                                                                 23.8             23.8            46.3
Number of weighted average shares (million)                                                              922.9            895.7           900.4

**  The headline earnings adjustments are made up of property revaluations of GBP5.5 million (2016: GBP7.3 million), amortisation of acquired 
    intangibles of GBP8.1 million (2016: GBP8.5 million), gains on available for sale instruments recycled through the income statement 
    GBP4.8 million (2016: GBP8.1 million), other gains on preference shares recognised directly in equity GBPnil (2016: GBP40.4 million), 
    profit on realisation of associate company of GBP0.8 million (2016: GBPnil), taxation on acquired intangibles and acquisition/disposal/integration 
    of subsidiaries GBP1.6 million (2016: GBP2.1 million) and accrual adjustment on earnings attributable to other equity holders of GBP0.4 million
    (2016: GBP0.05 million). This line represents the reconciling items from adjusted earnings to headline earnings.

Summarised combined consolidated statement of comprehensive income
                                                                                                 Six months to    Six months to         Year to
                                                                                                  30 September     30 September        31 March
GBP'000                                                                                                   2017             2016            2017

Profit after taxation                                                                                  282 897          236 555         522 996
Other comprehensive income:
Items that may be reclassified to the income statement
Fair value movements on cash flow hedges taken directly to other comprehensive income*                 (1 824)           19 912          53 324
Gains on realisation of available-for-sale assets recycled to the income statement*                    (4 760)          (8 132)         (7 781)
Fair value movements on available-for-sale assets taken directly to other comprehensive income*         13 816           52 980          54 863
Foreign currency adjustments on translating foreign operations                                       (220 844)          375 148         540 534
Items that will never be reclassified to the income statement
Remeasurement of net defined pension liability                                                               -                -        (43 580)
Total comprehensive income                                                                              69 285          676 463       1 120 356
Total comprehensive income attributable to ordinary shareholders                                        72 485          551 216         892 201
Total comprehensive (loss)/income attributable to non-controlling interests                           (17 301)          113 268         202 497
Total comprehensive income attributable to perpetual preferred securities                               14 101           11 979          25 658
Total comprehensive income                                                                              69 285          676 463       1 120 356

* Net of taxation of GBP3.0 million [Six months to 30 September 2016: GBP19.5 million, year to 31 March 2017: GBP16.8 million].

Summarised combined consolidated cash flow statement
                                                                                                 Six months to    Six months to         Year to
                                                                                                  30 September     30 September        31 March
GBP'000                                                                                                   2017             2016            2017

Cash inflows from operations                                                                           357 998          370 866         708 810
Increase in operating assets                                                                       (1 009 683)        (652 118)       (445 528)
Increase in operating liabilities                                                                      705 103        1 829 100         498 146
Net cash inflow from operating activities                                                               53 418        1 547 848         761 428
Net cash inflow/(outflow) from investing activities                                                      5 292         (30 229)        (59 615)
Net cash (outflow)/inflow from financing activities                                                  (121 852)         (32 265)          37 523
Effects of exchange rates on cash and cash equivalents                                               (144 595)          234 127         332 092
Net (decrease)/increase in cash and cash equivalents                                                 (207 737)        1 719 481       1 071 428
Cash and cash equivalents at the beginning of the period                                             5 721 728        4 650 300       4 650 300
Cash and cash equivalents at the end of the period                                                   5 513 991        6 369 781       5 721 728

Cash and cash equivalents is defined as including; cash and balances at central banks, on demand loans and advances to banks and cash equivalent 
loans and advances to customers (all of which have a maturity profile of less than three months).

Combined consolidated balance sheet
At                                                                                                30 September         31 March    30 September
GBP'000                                                                                                   2017             2017            2016

Assets
Cash and balances at central banks                                                                   3 356 259        3 351 702       4 233 278
Loans and advances to banks                                                                          2 308 618        3 191 041       3 154 517
Non-sovereign and non-bank cash placements                                                             574 521          536 259         571 405
Reverse repurchase agreements and cash collateral on securities borrowed                             1 690 036        2 358 970       2 424 849
Sovereign debt securities                                                                            3 608 316        3 804 627       3 639 215
Bank debt securities                                                                                   604 511          639 189         641 542
Other debt securities                                                                                  968 597        1 115 558       1 079 256
Derivative financial instruments                                                                     1 201 602        1 185 848       1 636 619
Securities arising from trading activities                                                           1 395 766        1 376 668       1 215 293
Investment portfolio                                                                                   911 480          835 899         806 696
Loans and advances to customers                                                                     22 351 228       22 189 975      20 376 991
Own originated loans and advances to customers securitised                                             445 672          517 162         521 063
Other loans and advances                                                                               367 401          355 248         371 111
Other securitised assets                                                                               153 786          148 964         153 133
Interests in associated undertakings                                                                   371 294          392 213         331 294
Deferred taxation assets                                                                               123 435          133 972          98 641
Other assets                                                                                         2 016 057        1 900 480       2 306 954
Property and equipment                                                                                 100 910          105 939          98 632
Investment properties                                                                                1 063 771        1 128 930       1 013 204
Goodwill                                                                                               366 969          367 579         370 969
Intangible assets                                                                                      132 692          143 261         146 845
Non-current assets held for sale                                                                             -           27 218          27 818
                                                                                                    44 112 921       45 806 702      45 219 325
Other financial instruments at fair value through profit or loss in 
respect of liabilities to customers                                                                  7 705 206        7 728 130       7 259 638
                                                                                                    51 818 127       53 534 832      52 478 963
Liabilities
Deposits by banks                                                                                    2 246 115        2 736 066       2 536 285
Derivative financial instruments                                                                     1 169 314        1 296 206       1 757 081
Other trading liabilities                                                                              968 917          978 911         983 407
Repurchase agreements and cash collateral on securities lent                                           730 170          690 615       1 048 993
Customer accounts (deposits)                                                                        27 966 006       29 109 428      28 304 921
Debt securities in issue                                                                             2 549 264        2 386 180       2 354 568
Liabilities arising on securitisation of own originated loans and advances                             133 307           90 125          91 611
Liabilities arising on securitisation of other assets                                                  131 740          128 838         112 754
Current taxation liabilities                                                                           197 244          227 828         200 390
Deferred taxation liabilities                                                                           38 304           40 408          63 586
Other liabilities                                                                                    1 827 251        1 910 830       1 926 943
                                                                                                    37 957 632       39 595 435      39 380 539
Liabilities to customers under investment contracts                                                  7 702 724        7 725 604       7 257 222
Insurance liabilities, including unit-linked liabilities                                                 2 482            2 526           2 416
                                                                                                    45 662 838       47 323 565      46 640 177
Subordinated liabilities                                                                             1 389 091        1 402 638       1 353 958
                                                                                                    47 051 929       48 726 203      47 994 135
Equity
Ordinary share capital                                                                                     240              237             237
Perpetual preference share capital                                                                          31               31              38
Share premium                                                                                        2 404 171        2 341 228       2 327 189
Treasury shares                                                                                      (196 198)        (126 879)       (138 609)
Other reserves                                                                                       (460 907)        (310 275)       (465 030)
Retained income                                                                                      2 385 707        2 226 751       2 162 199
Shareholders' equity excluding non-controlling interests                                             4 133 044        4 131 093       3 886 024
Other Additional Tier 1 securities in issue                                                             30 386           32 798          30 757
Non-controlling interests                                                                              602 768          644 738         568 047
- Perpetual preferred securities issued by subsidiaries                                                 84 763           91 492          85 798
- Non-controlling interests in partially held subsidiaries                                             518 005          553 246         482 249
Total equity                                                                                         4 766 198        4 808 629       4 484 828
Total liabilities and equity                                                                        51 818 127       53 534 832      52 478 963

Summarised combined consolidated statement of changes in equity
                                                                                                 Six months to          Year to   Six months to
                                                                                                  30 September         31 March    30 September
GBP'000                                                                                                   2017             2017            2016

Balance at the beginning of the period                                                               4 808 629        3 859 307       3 859 307
Total comprehensive income for the period                                                               69 285        1 120 356         676 463
Share-based payments adjustments                                                                        34 688           55 961          24 954
Dividends paid to ordinary shareholders                                                              (123 230)        (216 602)       (123 344)
Dividends declared to perpetual preference shareholders                                                (8 160)         (15 279)         (7 425)
Dividends paid to perpetual preference shareholders included in non-controlling interests              (5 941)         (10 379)         (4 554)
Dividends paid to non-controlling interests                                                           (29 272)         (48 195)        (18 189)
Issue of ordinary shares                                                                               105 206          228 086         211 063
Redemption of perpetual preference shares                                                                    -         (81 743)        (81 736)
Net equity impact of non-controlling interest movements                                                  4 518           29 542              27
Other equity movements                                                                                       -             (80)               -
Movement of treasury shares                                                                           (89 525)        (112 345)        (51 738)
Balance at the end of the period                                                                     4 766 198        4 808 629       4 484 828

Combined consolidated segmental analysis

For the six months to 30 September                                                                      UK and         Southern           Total
GBP'000                                                                                                  Other           Africa           group

Segmental geographical and business analysis of operating profit before goodwill, acquired
intangibles, non-operating items, taxation and after other non-controlling interests
2017
Asset Management                                                                                        49 949           33 284          83 233
Wealth & Investment                                                                                     35 441           14 087          49 528
Specialist Banking                                                                                      41 208          165 291         206 499
                                                                                                       126 598          212 662         339 260
Group costs                                                                                           (17 295)          (7 361)        (24 656)
Total group                                                                                            109 303          205 301         314 604
Other non-controlling interest - equity                                                                                                  19 800
Operating profit                                                                                                                        334 404
2016
Asset Management                                                                                        43 116           39 138          82 254
Wealth & Investment                                                                                     29 192           14 005          43 197
Specialist Banking                                                                                      62 166          117 623         179 789
                                                                                                       134 474          170 766         305 240
Group costs                                                                                           (17 758)          (6 064)        (23 822)
Total group                                                                                            116 716          164 702         281 418
Other non-controlling interest - equity                                                                                                  18 033
Operating profit                                                                                                                        299 451

Analysis of financial assets and liabilities by category of financial instrument
                                                                                                                Insurance
                                                                                                     Total        related  Non-financial
                                                                                       Total   instruments         linked    instruments
At 30 September 2017                                                             instruments  at amortised    instruments      or scoped
GBP'000                                                                        at fair value          cost  at fair value  out of IAS 39        Total

Assets
Cash and balances at central banks                                                     1 325     3 354 934              -              -    3 356 259
Loans and advances to banks                                                          121 318     2 187 300              -              -    2 308 618
Non-sovereign and non-bank cash placements                                             2 842       571 679              -              -      574 521
Reverse repurchase agreements and cash collateral on securities borrowed             698 118       991 918              -              -    1 690 036
Sovereign debt securities                                                          3 419 214       189 102              -              -    3 608 316
Bank debt securities                                                                 334 722       269 789              -              -      604 511
Other debt securities                                                                674 651       293 946              -              -      968 597
Derivative financial instruments                                                   1 201 602             -              -              -    1 201 602
Securities arising from trading activities                                         1 395 766             -              -              -    1 395 766
Investment portfolio                                                                 911 480             -              -              -      911 480
Loans and advances to customers                                                    1 057 465    21 293 763              -              -   22 351 228
Own originated loans and advances to customers securitised                                 -       445 672              -              -      445 672
Other loans and advances                                                                   -       367 401              -              -      367 401
Other securitised assets                                                             135 580        18 206              -              -      153 786
Interests in associated undertakings                                                       -             -              -        371 294      371 294
Deferred taxation assets                                                                   -             -              -        123 435      123 435
Other assets                                                                         266 935     1 256 123              -        492 999    2 016 057
Property and equipment                                                                     -             -              -        100 910      100 910
Investment properties                                                                      -             -              -      1 063 771    1 063 771
Goodwill                                                                                   -             -              -        366 969      366 969
Intangible assets                                                                          -             -              -        132 692      132 692
                                                                                  10 221 018    31 239 833              -      2 652 070   44 112 921
Other financial instruments at fair value through profit or loss in respect of
liabilities to customers                                                                   -             -      7 705 206              -    7 705 206
                                                                                  10 221 018    31 239 833      7 705 206      2 652 070   51 818 127

Liabilities
Deposits by banks                                                                          -     2 246 115              -              -    2 246 115
Derivative financial instruments                                                   1 169 314             -              -              -    1 169 314
Other trading liabilities                                                            968 917             -              -              -      968 917
Repurchase agreements and cash collateral on securities lent                          69 117       661 053              -              -      730 170
Customer accounts (deposits)                                                       1 704 590    26 261 416              -              -   27 966 006
Debt securities in issue                                                             494 137     2 055 127              -              -    2 549 264
Liabilities arising on securitisation of own originated loans and advances                 -       133 307              -              -      133 307
Liabilities arising on securitisation of other assets                                131 740             -              -              -      131 740
Current taxation liabilities                                                               -             -              -        197 244      197 244
Deferred taxation liabilities                                                              -             -              -         38 304       38 304
Other liabilities                                                                     22 309     1 185 869              -        619 073    1 827 251
                                                                                   4 560 124    32 542 887              -        854 621   37 957 632
Liabilities to customers under investment contracts                                        -             -      7 702 724              -    7 702 724
Insurance liabilities, including unit-linked liabilities                                   -             -          2 482              -        2 482
                                                                                   4 560 124    32 542 887      7 705 206        854 621   45 662 838
Subordinated liabilities                                                                   -     1 389 091              -              -    1 389 091
                                                                                   4 560 124    33 931 978      7 705 206        854 621   47 051 929
Financial instruments carried at fair value
The table below analyses recurring fair value measurements for financial assets and financial liabilities. These fair value measurements are 
categorised into different levels in the fair value hierarchy based on the inputs to the valuation technique used. The different levels are identified 
as follows:

Level 1 - quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or 
          indirectly (i.e. derived from prices)

Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs)

Assets and liabilities related to the long-term assurance business attributable to policyholders have been excluded from the analysis as the change 
in fair value of related assets is attributable to policyholders. These are all classified as level 1.

                                                                                                    Fair value category
                                                                                  Total
At 30 September 2017                                                        instruments
GBP'000                                                                   at fair value       Level 1       Level 2       Level 3

Assets
Cash and balances at central banks                                                1 325         1 325             -             -
Loans and advances to banks                                                     121 318       121 318             -             -
Non-sovereign and non-bank cash placements                                        2 842             -         2 842             -
Reverse repurchase agreements and cash collateral on securities borrowed        698 118             -       698 118             -
Sovereign debt securities                                                     3 419 214     3 419 214             -             -
Bank debt securities                                                            334 722       263 275        71 447             -
Other debt securities                                                           674 651       370 063       295 093         9 495
Derivative financial instruments                                              1 201 602             -     1 146 705        54 897
Securities arising from trading activities                                    1 395 766     1 357 063        38 703             -
Investment portfolio                                                            911 480       226 617        42 254       642 609
Loans and advances to customers                                               1 057 465             -       960 785        96 680
Other securitised assets                                                        135 580             -             -       135 580
Other assets                                                                    266 935       266 935             -             -
                                                                             10 221 018     6 025 810     3 255 947       939 261
Liabilities
Derivative financial instruments                                              1 169 314             -     1 168 031         1 283
Other trading liabilities                                                       968 917       887 834        81 083             -
Repurchase agreements and cash collateral on securities lent                     69 117             -        69 117             -
Customer accounts (deposits)                                                  1 704 590             -     1 704 590             -
Debt securities in issue                                                        494 137             -       479 361        14 776
Liabilities arising on securitisation of other assets                           131 740             -             -       131 740
Other liabilities                                                                22 309             -        22 309             -
                                                                              4 560 124       887 834     3 524 491       147 799
Net financial assets/(liabilities) at fair value                              5 660 894     5 137 976     (268 544)       791 462

Transfers between level 1 and level 2
There were no transfers between level 1 and level 2 in the current period.

The group transfers between levels within the fair value hierarchy when the significance of the unobservable inputs change or if the 
valuation methods change.

Level 2 financial assets and financial liabilities

The following table sets out the group's principal valuation techniques as at 30 September 2017 used in determining the fair value 
of its financial as sets and financial liabilities that are classified within level 2 of the fair value hierarchy.

                                             Valuation basis/techniques                              Main assumptions

Assets
Non-sovereign and non-bank cash              Discounted cash flow model                              Yield curves
placements
Reverse repurchase agreements and            Discounted cash flow model, Hermite interpolation       Yield curves
cash collateral on securities borrowed       Black-Scholes                                           Volatilities
Bank debt securities                         Discounted cash flow model                              Yield curves
                                                                                                     NCD curves
Other debt securities                        Discounted cash flow model                              Yield curves and NCD curves, external prices, broker
                                                                                                     quotes
Derivative financial instruments             Discounted cash flow model, Hermite interpolation,      Yield curves, risk free rate, volatilities, forex forward
                                             industry standard derivative pricing models including   points and spot rates, interest rate swap curves and
                                             Black-Scholes                                           credit curves
Securities arising from trading activities                                                           Interest rate curves, implied bond spreads, equity
                                             Standard industry derivative pricing model              volatilities
                                             Adjusted quoted price                                   Liquidity adjustments
Investment portfolio                         Discounted cash flow model, relative valuation model    Discount rate and fund unit price, net assets
                                             Comparable quoted inputs
Loans and advances to customers              Discounted cash flow model                              Yield curves
Liabilities
Derivative financial instruments             Discounted cash flow model, Hermite interpolation,      Yield curves, risk-free rate, volatilities, forex forward
                                             industry standard derivative pricing models including   points and spot rates, interest rate swap curves and
                                             Black-Scholes                                           credit curves
Other trading liabilities                    Discounted cash flow model                              Yield curves
Repurchase agreements and cash               Discounted cash flow model, Hermite interpolation       Yield curves
collateral on securities lent
Customer accounts (deposits)                 Discounted cash flow model                              Yield curves
Debt securities in issue                     Discounted cash flow model                              Yield curves
Other liabilities                            Discounted cash flow model                              Yield curves
                                                                                                                          Net level
For the six months to 30 September 2017                                                                                 3 financial
GBP'000                                                                                                                 instruments

The following table is a reconciliation of the opening balances to the closing 
balances for fair value measurements in level 3 of
the fair value hierarchy:
Balance as at 1 April 2017                                                                                                  770 686
Total gains or losses                                                                                                        25 458
  In the income statement                                                                                                    23 350
  In the statement of comprehensive income                                                                                    2 108
Purchases                                                                                                                    82 881
Sales                                                                                                                      (41 381)
Settlements                                                                                                                (14 865)
Transfers out of level 3                                                                                                    (6 189)
Foreign exchange adjustments                                                                                               (25 127)
Balance as at 30 September 2017                                                                                             791 462

For the period ended 30 September 2017, GBP6.2 million has been transferred out of level 3 into level 2 as a result of the inputs to the 
valuation method becoming observable in the market as a selling price became available.
                                                                                                    Total
For the six months to 30 September 2017                                                          gains or
GBP'000                                                                                            losses     Realised   Unrealised

Total gains/(losses) included in the income statement for the period
Net interest income                                                                                    60           60            -
Fee and commission income                                                                           1 000            -        1 000
Investment income                                                                                  24 188        4 574       19 614
Trading loss arising from customer flow                                                           (1 898)          919      (2 817)
                                                                                                   23 350        5 553       17 797
Total gains/(losses) recognised in other comprehensive income for the period
Gains on realisation of available-for-sale assets recycled through the income statement             2 418        2 418            -
Fair value movements on available-for-sale assets taken directly to other comprehensive income      2 108            -        2 108
                                                                                                    4 526        2 418        2 018

Sensitivity of fair values to reasonably possible alternative assumptions by level 3 instrument type

The fair value of financial instruments in level 3 are measured using valuation techniques that incorporate assumptions that are not 
evidenced by prices from observable market data. The following table shows the sensitivity of these fair values to reasonably possible 
alternative assumptions, determined at a transactional level:

                                                 Balance
                                                   sheet   Significant                            Range of          Favourable  Unfavourable
                                                   value   unobservable                           unobservable         changes       changes
                                                 GBP'000   input                                  input used           GBP'000       GBP'000

30 September 2017
Assets
Other debt securities                              9 495   Potential impact on income statement                          1 316         (460)
                                                           Price earnings multiple                (10%)/10%                925         (123)
                                                           Cash flow adjustments                  CPR 7.5% - 8.5%          391         (337)

Derivative financial instruments                  54 897   Potential impact on income statement                          4 844       (5 889)
                                                           Volatilities                           4% - 10.5%             1 180       (2 483)
                                                           Property value                         (10%)/10%                 55          (55)
                                                           Cash flow adjustments                  CPR 7.5% - 8.5%          614       (1 347)
                                                           Other                                  ^                      2 995       (2 004)

Investment portfolio                             642 609   Potential impact on income statement                        108 474     (120 628)
                                                           EBITDA                                 3%                       437         (437)
                                                           EBITDA                                 ^^                    51 361      (48 770)
                                                           Precious and industrial metal prices   (10%)/6%               7 050      (18 763)
                                                           Price earnings multiple                4x - 10.3x             5 133       (5 254)
                                                           Other                                  ^                     44 493      (47 404)
                                                           Potential impact on other
                                                           comprehensive income                                          5 003       (1 576)
                                                           Price earnings multiple                4x                        79         (167)
                                                           Other                                  ^                      4 924       (1 409)

Loans and advances to customers                   96 680   Potential impact on income statement
                                                           Other                                  ^                     10 292      (10 187)

Other securitised assets*                        135 580   Potential impact on income statement
                                                           Cash flow adjustments                  CPR 7.5%                 493         (649)
Total level 3 assets                             939 261                                                               130 422     (139 389)

Liabilities
Derivative financial instruments                   1 283   Potential impact on income statement                        (1 325)           591
                                                           Cash flow adjustments                  CPR 7.5% - 8.5%      (1 321)           587
                                                           Volatilities                           8.5%                     (4)             4

Debt securities in issue                          14 776   Potential impact on income statement
                                                           Volatilities                           7%                     (617)           229

Liabilities arising on securitisation of other
assets*                                          131 740   Potential impact on income statement
                                                           Cash flow adjustments                  CPR 6.25%              (350)           325

Total level 3 liabilities                        147 799                                                               (2 292)         1 145
Net level 3 assets                               791 462

*  The sensitivity of the fair value of liabilities arising on securitisation of other assets has been considered together with other 
   securitised assets.
^  Other - The valuation sensitivity for the private equity and embedded derivatives (profit share) portfolios has been assessed by adjusting 
   various inputs such as expected cash flows, discount rates, earnings multiples rather than a single input. It is deemed appropriate to reflect 
   the outcome on a portfolio basis for the purposes of this analysis as the sensitivity of the investments cannot be determined through the 
   adjustment  of a single input.
^^ The EBITDA has been stressed on an investment by investment basis to obtain a favourable and unfavourable valuation.

In determining the value of level 3 financial instruments, the following are the
principal inputs that do require judgement:

Credit spreads
Credit spreads reflect the additional yield that a market participant would
demand for taking exposure to the credit risk of an instrument. The credit
spread for an instrument forms part of the yield used in a discounted cash
flow calculation. In general a significant increase in a credit spread in isolation
will result in a movement in fair value that is unfavourable for the holder of a
financial instrument.

Discount rates
Discount rates are the interest rates used to discount future cash flows in a
discounted cash flow valuation method. The discount rate takes into account
time value of money and uncertainty of cash flows.

Volatilities
Volatility is a key input in the valuation of derivative products containing
optionality. Volatility is a measure of the variability or uncertainty in returns
for a given derivative underlying. It represents an estimate of how much a
particular underlying instrument, parameter or index will change in value
over time.

Cash flows
Cash flows relate to the future cash flows which can be expected from the
instrument and requires judgement.

EBITDA
The group's earnings before interest, taxes, depreciation and amortisation.
This is the main input into a price earnings multiple valuation method.

Price earnings multiple
The price-to-earnings ratio is an equity valuation multiple. It is a key driver in
the valuation of unlisted investments.

Precious and industrial metals and Property value
The price of precious and industrial metals and property value is a key driver
of future cash flows on certain investments.

Fair value of financial assets and liabilities at amortised cost
The following table sets out the fair value of financial instruments held at amortised cost where the carrying value is not a 
reasonable approximation of fair value.

At 30 September 2017                                                        Carrying         Fair
GBP'000                                                                       amount        value

Assets
Reverse repurchase agreements and cash collateral on securities borrowed     991 918      991 804
Sovereign debt securities                                                    189 102      184 518
Bank debt securities                                                         269 789      289 694
Other debt securities                                                        293 946      293 586
Loans and advances to customers                                           21 293 763   21 290 251
Other loans and advances                                                     367 401      361 021
Liabilities
Deposits by banks                                                          2 246 115    2 250 180
Repurchase agreements and cash collateral on securities lent                 661 053      683 669
Customer accounts (deposits)                                              26 261 416   26 267 846
Debt securities in issue                                                   2 055 127    2 102 130
Other liabilities                                                          1 185 869    1 185 559
Subordinated liabilities                                                   1 389 091    1 561 706

Investec Limited
Incorporated in the Republic of South Africa
Registration number: 1925/002833/06
JSE ordinary share code: INL
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000081949

Ordinary share dividend announcement

Declaration of dividend number 124
Notice is hereby given an interim dividend number 124, being a gross
dividend of 200.00000 cents (2016: 178.00000 cents) per ordinary share
has been declared by the Board from income reserves in respect of the
six months ended 30 September 2017 payable to shareholders recorded
in the shareholders' register of the company at the close of business on
Friday, 08 December 2017.

The relevant dates for the payment of dividend number 124 are as
follows:

Last day to trade cum-dividend          Tuesday, 05 December 2017
Shares commence trading ex-dividend   Wednesday, 06 December 2017
Record date                              Friday, 08 December 2017
Payment date                          Wednesday, 20 December 2017

The interim gross dividend of 200.00000 cents per ordinary share has been
determined by converting the Investec plc distribution of 10.5 pence per
ordinary share into Rands using the Rand/Pounds Sterling average buy/sell
forward rate at 11:00 (SA time) on Wednesday, 15 November 2017.

Share certificates may not be dematerialised or rematerialised between
Wednesday, 06 December 2017 and Friday, 08 December 2017, both
dates inclusive.

Additional information to take note of:

- Investec Limited South African tax reference number: 9800/181/71/2
- The issued ordinary share capital of Investec Limited is 308 172 606
  ordinary shares
- The dividend paid by Investec Limited is subject to South African
  Dividend Tax (Dividend Tax) of 20% (subject to any available exemptions
  as legislated)
- Shareholders who are exempt from paying the Dividend Tax will receive a
  net dividend of 200.00000 cents per ordinary share
- Shareholders who are not exempt from paying the Dividend Tax will
  receive a net dividend of 160.00000 cents per ordinary share (gross
  dividend of 200.00000 cents per ordinary share less Dividend Tax of
  40.00000 cents per ordinary share).

By order of the board
N van Wyk
Company Secretary

15 November 2017

Investec Limited
Incorporated in the Republic of South Africa
Registration number: 1925/002833/06
JSE share Code: INPR
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000063814

Preference share dividend announcement
Non-redeemable non-cumulative non-participating preference shares
("preference shares")

Declaration of dividend number 26
Notice is hereby given that preference dividend number 26 has been
declared from income reserves for the period 01 April 2017 to 30 September
2017 amounting to a gross preference dividend of 405.57588 cents per
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, 08 December 2017.

The relevant dates for the payment of dividend number 26 are as
follows:

Last day to trade cum-dividend               Tuesday, 05 December 2017
Shares commence trading ex-dividend        Wednesday, 06 December 2017
Record date                                   Friday, 08 December 2017
Payment date                                  Monday, 11 December 2017

Share certificates may not be dematerialised or rematerialised between
Wednesday, 06 December 2017 and Friday, 08 December 2017, both dates
inclusive.

Additional information to take note of:

- Investec Limited South African tax reference number: 9800/181/71/2
- The issued preference share capital of Investec Limited is 32 214 499
  preference shares in this specific class
- The dividend paid by Investec Limited is subject to South African
  Dividend Tax (Dividend Tax) of 20% (subject to any available exemptions
  as legislated)
- The net dividend amounts to 324.46070 cents per preference share for
  shareholders liable to pay the Dividend Tax and 405.57588 cents per
  preference share for preference shareholders exempt from paying the
  Dividend Tax.

By order of the board
N van Wyk
Company Secretary

15 November 2017

Investec plc
Incorporated in England and Wales
Registration number 3633621
LSE ordinary share code: INVP
JSE ordinary share code: INP
ISIN: GB00B17BBQ50

Ordinary share dividend announcement

In terms of the DLC structure, Investec plc shareholders registered on the
United Kingdom share register 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 registered on the South African branch register 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.

Declaration of dividend number 31
Notice is hereby given that an interim dividend number 31, being a
gross dividend of 10.5 pence (2016: 10 pence) per ordinary share has
been declared by the Board from income reserves in respect of the six
months ended 30 September 2017 payable to shareholders recorded
in the shareholders' register of the company at the close of business on
Friday, 08 December 2017.

- for Investec plc shareholders, registered on the United Kingdom share
  register, through a dividend payment by Investec plc from income
  reserves of 10.5 pence per ordinary share
- for Investec plc shareholders, registered on the South African branch
  register, through a dividend payment by Investec plc from income
  reserves of 2.5 pence per ordinary share and through a dividend paid by
  Investec Limited, on the SA DAS share, payable from income reserves,
  equivalent to 8.0 pence per ordinary share

The relevant dates for the payment of dividend number 31 are as
follows:

Last day to trade cum-dividend
On the Johannesburg
Stock Exchange (JSE)                             Tuesday, 05 December 2017

On the London Stock Exchange (LSE)             Wednesday, 06 December 2017
Shares commence trading ex-dividend
On the Johannesburg
Stock Exchange (JSE)                           Wednesday, 06 December 2017

On the London Stock Exchange (LSE)              Thursday, 07 December 2017
Record date (on the JSE and LSE)                  Friday, 08 December 2017
Payment date (on the JSE and LSE)              Wednesday, 20 December 2017

Share certificates on the South African branch register may not be
dematerialised or rematerialised between Wednesday, 06 December 2017
and Friday, 08 December 2017, both dates inclusive, nor may transfers
between the United Kingdom share register and the South African branch
register take place between Wednesday, 06 December 2017 and Friday,
08 December 2017, both dates inclusive.

Additional information for South African resident shareholders of
Investec plc

- Shareholders registered on the South African branch register are advised
  that the distribution of 10.5 pence, equivalent to a gross dividend of
  200.00000 cents per share, has been arrived at using the Rand/Pound
  Sterling average buy/sell forward rate, as determined at 11:00 (SA time)
  on Wednesday, 15 November 2017
- Investec plc United Kingdom tax reference number: 2683967322360
- The issued ordinary share capital of Investec plc is 668 441 206 ordinary
  shares
- The dividend paid by Investec plc to South African resident shareholders
  registered on the South African branch register and the dividend paid by
  Investec Limited to Investec plc shareholders on the SA DAS share are
  subject to South African Dividend Tax (Dividend Tax) of 20% (subject to
  any available exemptions as legislated)
- Shareholders registered on the South African branch register who are
  exempt from paying the Dividend Tax will receive a net dividend of
  200.00000 cents per share, comprising 152.38095 cents per share
  paid by Investec Limited on the SA DAS share and 47.61905 cents per
  ordinary share paid by Investec plc
- Shareholders registered on the South African branch register who are
  not exempt from paying the Dividend Tax will receive a net dividend
  of 160.00000 cents per share (gross dividend of 200.00000 cents
  per share less Dividend Tax of 40.00000 cents per share) comprising
  121.90476 cents per share paid by Investec Limited on the SA DAS
  share and 38.09524 cents per ordinary share paid by Investec plc.

By order of the board
D Miller
Company Secretary

15 November 2017

Investec plc
Incorporated in England and Wales
Registration number: 3633621
Share code: INPP
ISIN: GB00B19RX541

Preference share dividend announcement
Non-redeemable non-cumulative non-participating preference shares
("preference shares")

Declaration of dividend number 23
Notice is hereby given that preference dividend number 23 has
been declared from income reserves for the period 01 April 2017 to
30 September 2017 amounting to a gross preference dividend of 6.26712
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, 01 December 2017.

For shares trading on the Johannesburg Stock Exchange (JSE), the dividend
of 6.26712 pence per preference share is equivalent to a gross dividend of
119.21629 cents per share, which has been determined using the Rand/
Pound Sterling average buy/sell forward rate as at 11:00 (SA Time) on
Wednesday, 15 November 2017.

The relevant dates relating to the payment of dividend number 23 are
as follows:

Last day to trade cum-dividend
On the Johannesburg
Stock Exchange (JSE)                          Tuesday, 28 November 2017
On The International
Stock Exchange (TISE)                       Wednesday, 29 November 2017

Shares commence trading ex-dividend
On the Johannesburg
Stock Exchange (JSE)                        Wednesday, 29 November 2017
On The International
Stock Exchange (TISE)                        Thursday, 30 November 2017

Record date (on the JSE and TISE)              Friday, 01 December 2017
Payment date (on the JSE and TISE)             Monday, 11 December 2017

Share certificates may not be dematerialised or rematerialised between
Wednesday, 29 November 2017 and Friday, 01 December 2017, both dates
inclusive, nor may transfers between the United Kingdom share register
and the South African branch register take place between Wednesday,
29 November 2017 and Friday, 01 December 2017, both dates inclusive.

Additional information for South African resident shareholders of
Investec plc

- Investec plc United Kingdom tax reference number: 2683967322360
- The issued preference share capital of Investec plc is 2 754 587
  preference shares
- The dividend paid by Investec plc to shareholders recorded on the
  South African branch register is subject to South African Dividend Tax
  (Dividend Tax) of 20% (subject to any available exemptions as legislated)
- The net dividend amounts to 95.37303 cents per preference share for
  preference shareholders liable to pay the Dividend Tax and 119.21629
  cents per preference share for preference shareholders exempt from
  paying the Dividend Tax.

By order of the board
D Miller
Company Secretary

15 November 2017

Investec plc
Incorporated in England and Wales
Registration number: 3633621
JSE share code: INPPR
ISIN: GB00B4B0Q974

Rand-denominated preference share dividend announcement
Rand-denominated non-redeemable non-cumulative non-
participating perpetual preference shares ("preference shares")

Declaration of dividend number 13
Notice is hereby given that preference dividend number 13 has been declared
from income reserves for the period 01 April 2017 to 30 September 2017
amounting to a gross preference dividend of 495.43151 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, 01 December 2017.

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

Last day to trade cum-dividend              Tuesday, 28 November 2017
Shares commence trading ex-dividend       Wednesday, 29 November 2017
Record date                                  Friday, 01 December 2017
Payment date                                 Monday, 11 December 2017

Share certificates may not be dematerialised or rematerialised between
Wednesday, 29 November 2017 and Friday, 01 December 2017, both dates
inclusive.

Additional information for South African resident shareholders of
Investec plc

- Investec plc United Kingdom tax reference number: 2683967322360
- The issued rand denominated preference share capital of Investec plc is
  131 447 preference shares
- The dividend paid by Investec plc to shareholders recorded on the South
  African register is subject to South African Dividend Tax (Dividend Tax) of
  20% (subject to any available exemptions as legislated)
- The net dividend amounts to 396.34521 cents per preference share for
  preference shareholders liable to pay the Dividend Tax and 495.43151
  cents per preference share for preference shareholders exempt from
  paying the Dividend Tax.

By order of the board
D Miller
Company Secretary

15 November 2017

Investec plc
Incorporated in England and Wales
(Registration number: 3633621)
JSE ordinary share code: INP
LSE ordinary share code: INVP
ISIN: GB00B17BBQ50

Registered office:
2 Gresham Street, London
EC2V 7QP, United Kingdom

Transfer secretaries:
Computershare Investor Services (Pty) Ltd
Rosebank Towers
15 Biermann Avenue
Rosebank, 2196

Company Secretary:
D Miller*#

Investec Limited
Incorporated in the Republic of South Africa
(Registration number 1925/002833/06)
JSE ordinary share code: INL
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000081949

Registered office:
100 Grayston Drive
Sandown, Sandton, 2196

Transfer secretaries:
Computershare Investor Services (Pty) Ltd
Rosebank Towers
15 Biermann Avenue
Rosebank, 2196

Company Secretary:
N van Wyk

Directors:
F Titi (Chairman),
S Koseff* (Chief Executive),
B Kantor* (Managing Director),
G R Burger*, Z B M Bassa,
L C Bowden*#, C A Carolus,
P K O Crosthwaite*#, H J du Toit*,
D Friedland, P A Hourquebie**
C R Jacobs^, I R Kantor#,
Lord Malloch - Brown*#,
K L Shuenyane
*Executive *#British #Dutch ^Irish **Appointed on 14 August 2017.
PRS Thomas resigned effective 10 August 2017.

Sponsor:
Investec Bank Limited

www.investec.com
Date: 16/11/2017 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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