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INVESTEC LIMITED - Investec plc and Investec Limited unaudited combined consolidated financial results for the year ended 31 March 2019

Release Date: 16/05/2019 08:00
Code(s): INL INP INPR INPP INPPR     PDF:  
 
Wrap Text
Investec plc and Investec Limited unaudited combined consolidated financial results for the year ended 31 March 2019

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)
JSE ordinary share code: INP
LSE ordinary share code: INVP
ISIN: GB00B17BBQ50

(combined results) Unaudited combined
consolidated financial results
for the year ended 31 March 2019

This announcement covers the statutory results of Investec plc and Investec Limited
(together "the Investec group" or "the group") for the year ended 31 March 2019.

Group operational performance supported by our client franchises
-  The group has delivered a sound operational performance supported by
   substantial net inflows, good loan book growth in home currency, and
   a significantly improved performance from the UK Specialist Banking
   business.

-  This is against a challenging operating environment with weak economic
   growth in both South Africa and the UK, the group's two core banking
   markets, as well as mixed equity market performance over the year.

-  The Asset Management business generated substantial net inflows
   supporting higher average funds under management and annuity fees.

-  The Bank and Wealth business benefitted from client acquisition and
   growth in key earnings drivers.

-  The Specialist Banking business performance was supported by loan
   book growth. A reduction in impairments was partly offset by a weak
   performance from the investment portfolio.

-  The Wealth & Investment business generated positive discretionary net
   inflows. Reported results were affected by certain non-recurring items.

-  Operating costs grew faster than revenue. Revenue growth and cost
   containment remain priorities as outlined over the past year.

-  ROE improved from 12.1% to 12.9%.

Overview of results
Group adjusted operating profit increased 9.4% year-on-year to
GBP664.5 million. The combined South African businesses reported
adjusted operating profit 1.8% ahead of the prior period in Rands, whilst
the combined UK and Other businesses posted a 36.1% increase in
adjusted operating profit in Pounds Sterling. Overall group results have
been negatively impacted by the depreciation of the average Rand: Pound
Sterling exchange rate of 4.8% over the year. Key earnings drivers have been
negatively impacted by the depreciation of the closing Rand: Pound Sterling
exchange rate of 13.1% over the year.


                                                                                                                                          Neutral   
                                                                                            31 March        31 March            %        Currency   
Salient features(1)                                                                             2019            2018       change        % change   
Adjusted operating profit                                                                                                                           
(GBP'm)                                                                                        664.5           607.5         9.4%           12.6%   
Adjusted earnings attributable                                                                                                                      
to shareholders (GBP'm)                                                                        519.3           491.1         5.8%            9.2%   
Adjusted basic earnings per                                                                                                                         
share (pence)                                                                                   55.1            53.2         3.6%            7.0%   
Basic earnings per share                                                                                                                            
(pence)                                                                                         52.0            51.2         1.6%            4.9%   
Dividend per share (pence)                                                                      24.5            24.0         2.1%                   
Dividend cover (times)                                                                           2.2             2.2                                
Dividend payout ratio                                                                          44.5%           45.1%                                
Annuity income as a % of total                                                                                                                      
operating income                                                                               76.9%           76.2%                                
Credit loss ratio                                                                              0.31%           0.61%                                
Cost to income ratio (net of                                                                                                                        
non-controlling interests)2                                                                    69.9%           68.3%                                
Return on adjusted average                                                                                                                          
shareholders' equity                                                                           12.9%           12.1%                                
Third party assets under                                                                                                                            
management (GBP'bn)                                                                            167.2           160.6         4.1%            8.3%   
Customer accounts (deposits)                                                                                                                        
(GBP'bn)                                                                                        31.3            31.0         1.0%            8.7%   
Core loans and advances                                                                                                                             
(GBP'bn)                                                                                        24.9            25.1       (0.8%)            6.8%   
Cash and near cash (GBP'bn)                                                                     13.3            12.8         3.6%           10.0%   

(1)  Refer to definitions in the Notes.
(2)  The group has changed its cost to income ratio definition to exclude operating
     profits or losses attributable to other non-controlling interests. Refer to definitions in
     the Notes for further detail.

-  The group maintained a sound capital position with common equity
   tier one (CET1) ratios of 10.8% for Investec plc and 10.5% for Investec
   Limited. Investec Limited has received regulatory permission to adopt
   the Foundation Internal Ratings Based (FIRB) approach, effective
   1 April 2019, resulting in a pro-forma CET1 ratio of 11.6% had the FIRB
   approach been applied as of 31 March 2019. Leverage ratios are robust
   and remain comfortably ahead of the group's target of 6%.

-  The proposed demerger and separate listing of Investec Asset
   Management (still subject to regulatory and shareholder approvals) is
   progressing well.

Fani Titi and Hendrik du Toit, Joint Chief Executive Officers of Investec said:
"We are implementing our strategy to simplify, focus and grow with discipline.
We are committed to the demerger and listing of the Asset Management
business and the positioning of the Bank and Wealth business for long-term
growth. In spite of a challenging operating environment, these results speak
to strong support from our clients."

Enquiries
Investec Investor Relations
Results: Carly Newton: +44 (0) 20 7597 4493 / +44 (0) 77 3046 4908 (mobile)
General enquiries: +27 (0) 11 286 7070 or +44 (0) 20 7597 5546

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

Lansons (UK PR advisers)
Tom Baldock
Tel: +44 (0) 20 7566 9716 / +44 (0) 78 6010 1715 (mobile)

Presentation/conference call details
A presentation on the results will commence at 9:00 UK time/10:00 SA time
on 16 May 2019. Viewing and telephone conference 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: 011 535 3500
   -  UK participants: 0808 143 3720
   -  rest of Europe and other participants: +27 11 535 3500
   -  Australian participants: 0 280 152 168
   -  USA participants: 1 855 242 3083 

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 10 500 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.

-  IAM: A leading global asset manager with GBP111 billion in assets under
   management (as at 31 March 2019), well diversified by asset class and
   region.

-  Wealth & Investment Business: One of the leading UK and South
   African private client investment managers with over GBP55 billion in
   assets under management as at 31 March 2019.

-  Specialist Banking Business: Market-leading specialist corporate and
   institutional banking, investment and private banking activities in South
   Africa and the UK with GBP25 billion in core loans and advances and
   GBP31 billion in customer deposits as at 31 March 2019.

In July 2002 the Investec group implemented a dual listed company structure
with listings on the London and Johannesburg Stock Exchanges. On
14 September 2018, the board of directors of the Investec group announced
the proposed demerger and separate listing of the Investec Asset
Management business subject to regulatory and shareholder approvals.
The combined group's current market capitalisation is approximately
GBP4.9 billion.

Investec plc and Investec Limited (combined results)
Unaudited combined consolidated financial results for
the year ended 31 March 2019
Business unit review
Asset Management
Assets under management have increased by 7.3% to GBP111.4 billion
as at 31 March 2019. Substantial net inflows of GBP6.1 billion supported
higher average assets under management, together with favourable market
and currency movements. Asset Management adjusted operating profit

increased by 0.7% to GBP179.4 million (2018: GBP178.0 million). Earnings
were impacted by lower performance fees in South Africa and higher costs
in the UK, including ongoing investment in the business, Markets in Financial
Instruments Directive II (MiFID II) and new premises costs.

Bank and Wealth
Adjusted operating profit from the combined Bank and Wealth business
increased by 13.0% to GBP485.2 million (2018: GBP429.5 million).

Specialist Banking - adjusted operating profit increased by 18.0% to
GBP448.9 million (2018: GBP380.5 million).

The South African business reported an increase in adjusted operating
profit in Rands of 2.3%. Earnings were supported by growth in private
client interest and fee income and an increase in associate earnings from a
realisation in the IEP Group. This was partially offset by subdued corporate
activity levels and a weaker performance from the equity and investment
property portfolios; impacted by a weak domestic economy. Overall net core
loans grew 5.6% to R271.2 billion at 31 March 2019. Costs increased ahead
of revenue, impacted by the prior-year rental provision release. The credit
loss ratio amounted to 0.28%, remaining flat at the lower end of its long term
average, despite the business reporting an increase in impairments.

The UK and Other businesses reported a significant increase in adjusted
operating profit. A strong increase in net interest income was supported
by loan book growth of 8.5% (to GBP10.5 billion) driven by both corporate
client lending and Private Bank mortgage origination. This was largely offset
by a decrease in non-interest revenue with a weaker performance from
the investment portfolio and subdued levels of client trading. Impairments
decreased with no repeat of substantial legacy portfolio losses. The credit
loss ratio amounted to 0.38% (2018: 1.14% under the IAS 39 incurred
impairment loss model). Costs increased 2.0%, broadly in line with inflation,
as the investment phase in the Private Bank is now largely complete. Taken
together, the bank's cost to income ratio was 77.4% (2018: 76.7%).

Wealth & Investment - adjusted operating profit decreased by 16.2% to
GBP82.6 million (2018: GBP98.6 million).

The core global Wealth & Investment business performed in line with the prior
year. However, overall reported earnings were impacted by a non-recurring
investment gain realised in the prior year and the current year write-off of
capitalised software in the Click & Invest business as detailed below. The
underlying business generated annuity revenue growth, but lower transaction
based fees. Positive discretionary net inflows were partly offset by non-
discretionary outflows resulting in net inflows of GBP0.4 billion. Assets under
management decreased by 1.7% to GBP55.1 billion as at 31 March 2019,
primarily impacted by currency and market movements.

We have reviewed the Click & Invest online investment platform and decided
to discontinue the service in line with the group's commitment to manage
costs and allocate capital effectively. The underlying operating loss of Click &
Invest was circa GBP12.8 million (2018: GBP13.5 million). In addition a circa
GBP6 million write-off of capitalised software was taken in the current year.
The group remains committed to developing its digital initiatives and will look
to incorporate the technology into its offering.

Further information on key developments within each of the business units
is provided in the group results analyst booklet published on the group's
website: http://www.investec.com

Group costs
These largely relate to a portion of executive and support functions costs
associated with group level activities, group brand, marketing, and corporate
social responsibility initiatives. These costs are not incurred by the operating
divisions and are necessary to support the operational functioning of the
group. These costs decreased to GBP46.3 million (2018: GBP49.6 million).
Management is committed to bringing these costs down further over time.

Financial statement analysis
Total operating income
Total operating income before expected credit loss impairment charges
increased by 1.8% to GBP2,486.3 million (2018: GBP2,443.5 million).

Net interest income increased by 7.2% to GBP815.4 million
(2018: GBP760.4 million) driven by lending activity and endowment impact
from rate rises in the UK.

Net fee and commission income increased by 0.9% to GBP1,373.6 million
(2018: GBP1,361.2 million). Strong annuity fees from the asset and wealth
management businesses, as well as a good performance from the UK
investment banking business was offset by lower performance, brokerage
and deal fees in the South African businesses.

Investment income decreased to GBP50.0 million (2018: GBP130.0 million)
reflecting a weak performance from the group's listed and unlisted
investment portfolio, as well as from the investment property portfolio in
South Africa.

Share of post taxation profit of associates of GBP68.3 million (2018:
GBP46.8 million) reflects earnings in relation to the group's investment in
the IEP Group. The increase is largely driven by a realisation within the IEP
Group.

Trading income arising from customer flow decreased by 12.7% to
GBP120.7 million (2018: GBP138.2 million) reflecting subdued client flow
trading levels given the uncertainty in both geographies.

Trading income from balance sheet management and other trading activities
increased to GBP42.0 million (2018: GBP4.3 million loss). The increase is
largely reflective of translation gains on foreign currency equity investments
in South Africa (partially offsetting the related weaker investment income
performance) as well as the unwind of the UK subordinated debt fair value
adjustment (recognised on the adoption of IFRS 9) as the instrument pulls to
par over its remaining term.

Expected credit loss (ECL) impairment charges
The total ECL impairment charges amounted to GBP66.5 million, a
substantial reduction from GBP148.6 million (under the IAS 39 incurred loss
model) in the prior year, primarily reflecting a reduction in legacy impairments.
The group's credit loss ratio is within its long term average range at 0.31%
(2018: 0.61%). Since 1 April 2018 gross core loan Stage 3 exposures
have reduced by 29% to GBP521 million driven by a reduction of legacy
exposures. Net Stage 3 exposures as a percentage of net core loans subject
to ECL was 1.3% (1 April 2018: 2.0%).

Total operating costs
Operating costs increased 3.8% to GBP1,695.0 million
(2018: GBP1,632.7 million) primarily driven by higher premises costs given
the prior-year rental provision release in South Africa and headcount growth
to support business activity, regulatory requirements and information
technology development. The cost to income ratio (net of non-controlling
interests) amounted to 69.9% (2018: 68.3%).

Taxation
The effective tax rate amounted to 12.0% (2018: 9.6%) which remains below
the group's historical effective tax rate impacted by the utilisation of tax
losses and the release of provisions no longer required.

Non-operational costs
Non-operational costs amounted to GBP19.5 million (2018: GBP6.0 million)
and relate primarily to the restructure of the Irish branch as a consequence
of Brexit and costs incurred as part of the proposed demerger and separate
listing of the Investec Asset Management business.

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

-  GBP25.7 million (2018: GBP23.8 million) profit attributable to non-
   controlling interests in the Asset Management business.

-  GBP58.0 million (2018: GBP52.6 million) profit attributable to non-
   controlling interests in the Investec Property Fund.

Balance sheet analysis
Since 31 March 2018:

-  Shareholders' equity decreased by 2.8% to GBP4.3 billion primarily as
   a result of the adoption of IFRS 9 on 1 April 2018 as well as from the
   depreciation of the closing Rand: Pounds Sterling exchange rate.

-  Net asset value per share decreased 4.1% to 434.1 pence and net
   tangible asset value per share (which excludes goodwill and intangible
   assets) decreased 3.9% to 386.0 pence, primarily as a result of the
   adoption of IFRS 9 as well as from the depreciation of the closing Rand:
   Pound Sterling exchange rate.

-  The return on adjusted average shareholders' equity increased from
   12.1% to 12.9%.

Liquidity and funding
As at 31 March 2019 the group held GBP13.3 billion in cash and near
cash balances (GBP7.0 billion in Investec plc and R118.4 billion in Investec
Limited) which amounted to 42.4% of customer deposits. Cash balances
increased in the UK largely driven by prefunding ahead of the restructure of
the Irish branch. As a result of Brexit, deposit raising in our Irish business
will no longer be undertaken and existing deposits are being unwound.
The group continues to focus on maintaining an optimal overall liquidity
and funding profile. Loans and advances to customers as a percentage
of customer deposits amounted to 78.4% (31 March 2018: 79.6%). The
group comfortably exceeds regulatory liquidity requirements for the Liquidity
Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR). Investec Bank
Limited (solo basis) ended the period to 31 March 2019 with the three-
month average of its LCR at 135.6% and an NSFR of 115.6%. Further detail
with respect to the bank's LCR and NSFR in South Africa is provided on
the website. For Investec plc and Investec Bank plc (solo basis) the LCR
is calculated using our own interpretations of the EU Delegated Act. The
LCR reported to the PRA at 31 March 2019 was 313% for Investec plc and
291% for Investec Bank plc (solo basis). Ahead of the implementation of the
final NSFR rules, the group has applied its own interpretations of regulatory
guidance and definitions from the BCBS final guidelines to calculate the
NSFR which was 128% for Investec plc and 126% for Investec Bank plc
(solo basis). The reported NSFR and LCR may change over time with
regulatory developments and guidance.

Capital adequacy and leverage ratios
The group maintained a sound capital position with a CET1 ratio of 10.8% for
Investec plc and 10.5% for Investec Limited. Investec Limited has received
regulatory permission to adopt the FIRB approach, effective 1 April 2019,
resulting in a pro-forma CET1 ratio of 11.6% had the FIRB approach
been applied as of 31 March 2019. Leverage ratios are robust and remain
comfortably ahead of the group's target of 6%.

                                                                                                              31 March       1 April     31 March
                                                                                                                  2019         2018          2018
Investec plc(1)
Capital adequacy ratio                                                                                           15.7%        15.0%         15.4%
Tier 1 ratio                                                                                                     12.6%        12.4%         12.9%
Common equity tier 1 ratio                                                                                       10.8%        10.5%         11.0%
Common equity tier 1 ratio ('fully loaded'(3))                                                                   10.4%        10.3%         11.0%
Leverage ratio (current)                                                                                          7.9%         8.3%          8.5%
Leverage ratio ('fully loaded'(3))                                                                                7.5%         8.0%          8.4%
Investec Limited(2)
Capital adequacy ratio                                                                                           14.9%        14.5%         14.6%
Tier 1 ratio                                                                                                     11.2%        10.8%         11.0%
Common equity tier 1 ratio                                                                                       10.5%        10.0%         10.2%
Common equity tier 1 ratio ('fully loaded'(3))                                                                   10.5%         9.8%         10.2%
Leverage ratio (current)                                                                                          7.6%         7.4%          7.5%
Leverage ratio ('fully loaded'(3))                                                                                7.3%         6.9%          7.1%

(1)  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
     charges and dividends when calculating CET1 capital as required under the Capital
     Requirements Regulation and European Banking Authority technical standards. The
     impact of this deduction totalling GBP63 million for Investec plc would lower the
     CET1 ratio by 41bps (31 March 2018: 45bps).
(2)  Investec Limited's capital information includes unappropriated profits. If
     unappropriated profits are excluded from the capital information, Investec Limited's
     CET1 ratio would be 27bps (31 March 2018: 25bps) lower.
(3)  The CET 1 fully loaded ratio and the fully loaded leverage ratio assume full adoption
     of IFRS 9 and full adoption of all CRD IV rules or South African Prudential Authority
     regulations, as applicable in the relevant jurisdictions. As a result of the adoption
     of IFRS 9 Investec plc elected to designate its subordinated fixed rate medium-
     term notes due in 2022 at fair value. By the time of full adoption of IFRS 9 in 2023,
     these subordinated liabilities will have reached final maturity and will be redeemed
     at par value. The remaining interest rate portion of the fair value adjustment at
     31 March 2019 of GBP18 million (post-taxation), has therefore been excluded from
     the fully loaded ratios as it will be released into profit and loss over the remaining life
     of the instrument.

Additional information - proposed demerger and listing
of Investec Asset Management business
On 14 September 2018, the board of directors of Investec plc and Investec
Limited announced that the Investec Asset Management business would
become a separately listed entity. The demerger and the listing of Investec
Asset Management is subject to regulatory and shareholder approvals, and is
expected to be completed during the second half of 2019.

Outlook
The past year has seen a smooth leadership transition combined with a
strategic review of the group. We are on track with the proposed demerger
and separate listing of Investec Asset Management which should enhance
the long-term prospects of both businesses. We are confident that we have
positioned the businesses to ensure they meet their growth objectives and
deliver long-term shareholder returns.

On behalf of the boards of Investec plc and Investec Limited

Perry Crosthwaite         Fani Titi                 Hendrik du Toit
Chairman                  Joint Chief Executive     Joint Chief Executive
                          Officer                   Officer

15 May 2019

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 year-end 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.

Unless the context indicates otherwise, all comparatives included in the
commentary above relate to the year ended 31 March 2018.

Amounts represented on a neutral currency basis for income statement
items assume that the relevant average exchange rates for the year to
31 March 2019 remain the same as those in the prior year. Amounts
represented on a neutral currency basis for balance sheet items assume that
the relevant closing exchange rates at 31 March 2019 remain the same as
those at 31 March 2018.

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:

                                                                                                       Year to                    Year to
                                                                                                    31 March 2019              31 March 2018
                                                  
Currency per                                                                                        Period                     Period
GBP1.00                                                                                                end   Average              end   Average
                                                  
South African Rand                                                                                   18.80     18.04            16.62     17.21
Australian Dollar                                                                                     1.83      1.80             1.83      1.72
Euro                                                                                                  1.16      1.13             1.14      1.14
US Dollar                                                                                             1.30      1.31             1.40      1.33

Exchange rates between local currencies and Pounds Sterling have
fluctuated over the year. The most significant impact arises from the volatility
of the Rand. The average exchange rate over the period has depreciated by
4.8% and the closing rate has depreciated by 13.1% since 31 March 2018.

Accounting policies and disclosures
These unaudited condensed 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 year
ended 31 March 2019 are consistent with those adopted in the financial
statements for the year ended 31 March 2018 except as noted below.

On 1 April 2018 the group adopted IFRS 9 'Financial Instruments' which
replaced IAS 39 'Financial Instruments: Recognition and Measurement'
and sets out the new requirements for the recognition and measurement of
financial instruments. These requirements focus primarily on the classification
and measurement of financial instruments and measurement of impairment
losses based on an ECL model as opposed to an incurred loss methodology
under IAS 39. Disclosure related to the initial application and the impact of
the transition from IAS 39 to IFRS 9 were included in the group's transition
disclosures published on 15 June 2018 which can be accessed via the
Investec website at www.investec.com.

Additionally, on 1 April 2018 the group adopted IFRS 15 'Revenue from
contracts with customers' which replaced IAS 18 'Revenue'. IFRS 15
provides a principles-based approach for revenue recognition and introduces
the concept of recognising revenue for obligations as they are satisfied.
It applies to all contracts with customers except leases, financial instruments
and insurance contracts. The group's measurement and recognition
principles were aligned to the new standard and hence there has been no
material impact on measurement and recognition principles or on disclosure
requirements from the adoption of IFRS 15.

The financial results have been prepared under the supervision of
Nishlan Samujh, the Group Finance Director. The financial statements for the
year ended 31 March 2019 will be posted to stakeholders on 28 June 2019.
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:

   -  changes in the political and/or economic environment that would
      materially affect the Investec group
   -  changes in legislation or regulation impacting on the Investec group's
      operations or its accounting policies
   -  changes in business conditions that will have a significant impact on
      the Investec group's operations
   -  changes in exchange rates and/or tax rates from the prevailing rates
      outlined in this announcement
   -  changes in the structure of the markets, client demand or the
      competitive environment.

-  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 May 2019.

-  The information in the announcement for the year ended 31 March 2019,
   which was approved by the board of directors on 15 May 2019, does
   not constitute statutory accounts as defined in Section 435 of the
   UK Companies Act 2006. The 31 March 2018 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

Definitions
-  Adjusted operating profit refers to net profit before tax, goodwill, acquired
   intangibles and non-operating items but after adjusting for earnings
   attributable to other non-controlling interests and before non-controlling
   interests relating to Asset Management. Trends within the divisional
   sections relate to adjusted operating profit before group costs. Adjusted
   operating profit is considered an important measure by Investec of
   the profit realised by the group in the ordinary course of operations. In
   addition, it forms the basis of the dividend pay-out policy. Non-IFRS
   measures such as adjusted operating profit are considered as pro forma
   financial information as per the JSE Listing Requirements. The pro forma
   financial information is the responsibility of the group's Board of Directors.
   
-  Adjusted earnings attributable to shareholders is defined as earnings
   attributable to shareholders before goodwill, acquired intangibles and
   non-operating items but after non-controlling interests and the deduction
   of preference dividends.

-  Adjusted basic earnings per share is calculated as adjusted earnings
   attributable to shareholders divided by the weighted average number of
   ordinary shares in issue during the year

-  Dividend cover is calculated as adjusted earnings per share divided by
   the dividend per share

-  Annuity income is defined as net interest income plus net annuity fees
   and commissions expressed as a percentage of total operating income.

-  The credit loss ratio is calculated as expected credit loss (ECL)
   impairment charges on gross core loans and advances as a percentage
   of average gross core loans and advances subject to ECL.

-  The group has changed its cost to income ratio definition to exclude
   operating profits or losses attributable to other non-controlling interests.
   As such, the cost to income ratio is calculated as: operating costs divided
   by operating income (net of depreciation on operating leased assets and
   net of operating profits or losses attributable to other non-controlling
   interests).

-  Return on adjusted average shareholders' equity is calculated as
   adjusted earnings attributable to shareholders divided by average
   adjusted shareholders' equity; where average adjusted shareholders'
   equity is ordinary shareholders' equity less goodwill and intangible assets
   (excluding software).

-  Core loans and advances is defined as net loans and advances to
   customers plus net own originated securitised assets.

Financial assistance
Shareholders are referred to Special Resolution number 3, which was
approved at the annual general meeting held on 8 August 2018, 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 boards of directors of Investec Limited
and Investec Bank Limited provided such financial assistance during the
period 1 October 2018 to 31 March 2019 to various group subsidiaries.

Johannesburg and London
Sponsor: Investec Bank Limited


Statutory financial information
Salient financial features

                                                                                                    Results in Pounds Sterling
                                                                               Actual as      Actual as                     Neutral  
                                                                                reported       reported     Actual as     currency^       Neutral
                                                                                 Year to        Year to      reported       Year to      currency
                                                                                31 March       31 March             %      31 March             %
                                                                                    2019           2018        change          2019        change

Operating profit before taxation* (million)                                          665            608          9.4%           684         12.6%
Earnings attributable to shareholders (million)                                      531            506          5.1%           549          8.6%
Adjusted earnings attributable to shareholders** (million)                           519            491          5.8%           536          9.2%
Adjusted earnings per share**                                                      55.1p          53.2p          3.6%         56.9p          7.0%
Basic earnings per share                                                           52.0p          51.2p          1.6%         53.7p          4.9%
Dividends per share                                                                24.5p          24.0p          2.1%           n/a           n/a

*   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: Pounds Sterling exchange rate that was applied in the prior year, i.e. 17.21.


                                                                                                    Results in Pounds Sterling
                                                                               Actual as      Actual as                     Neutral  
                                                                                reported       reported     Actual as    currency^^       Neutral
                                                                                 Year to             at      reported            at      currency
                                                                                31 March       31 March             %      31 March             %
                                                                                    2019           2018        change          2019        change    
Net asset value per share                                                         434.1p         452.5p        (4.1%)        456.5p          1.0%   
Net tangible asset value per share                                                386.0p         401.5p        (3.9%)        408.1p          1.6%   
Total equity (million)                                                             5 251          5 428        (3.3%)         5 554          2.3%   
Total assets (million)                                                            57 724         57 617          0.2%        62 331          8.2%   
Core loans and advances (million)                                                 24 941         25 132        (0.8%)        26 833          6.8%   
Cash and near cash balances (million)                                             13 288         12 825          3.6%        14 113         10.0%   
Customer deposits (million)                                                       31 307         30 987          1.0%        33 688          8.7%   
Third party assets under management (million)                                    167 172        160 576          4.1%       173 950          8.3%   
Return on average adjusted shareholders' equity                                    12.9%          12.1%                                             
Return on average risk-weighted assets                                             1.52%          1.45%                                             
Stage 3/defaults net of ECL as a percentage of net core loans and                                                                                   
advances to customers subject to ECL                                                1.3%          1.17%                                             
Loans and advances to customers as a percentage of customer deposits               78.4%          79.6%                                             
Credit loss ratio (income statement impairment charge as a % of average                                                                             
gross core loans and advances)                                                     0.31%          0.61%                                             

^^ For balance sheet items we have assumed that the Rand: Pounds Sterling closing exchange rate has remained neutral since 31 March 2018.

Condensed combined consolidated income statement
                                                                                                                     Year to              Year to
                                                                                                                    31 March             31 March
GBP'000                                                                                                                 2019                 2018        
Interest income                                                                                                    2 641 920            2 491 009   
Interest expense                                                                                                 (1 826 493)          (1 730 611)   
Net interest income                                                                                                  815 427              760 398   
Fee and commission income                                                                                          1 590 004            1 543 447   
Fee and commission expense                                                                                         (216 452)            (182 240)   
Investment income                                                                                                     49 985              130 048   
Share of post taxation profit of associates                                                                           68 317               46 823   
Trading income/(loss) arising from                                                                                                                  
- customer flow                                                                                                      120 662              138 226   
- balance sheet management and other trading activities                                                               41 966              (4 307)   
Other operating income                                                                                                16 431               11 115   
Total operating income before expected credit losses/impairment losses                                             2 486 340            2 443 510   
Expected credit loss impairment charges*                                                                            (66 452)                    -   
Impairment losses on loans and advances*                                                                                   -            (148 556)   
Operating income                                                                                                   2 419 888            2 294 954   
Operating costs                                                                                                  (1 695 012)          (1 632 740)   
Depreciation on operating leased assets                                                                              (2 157)              (2 421)   
Operating profit before goodwill and acquired intangibles                                                            722 719              659 793   
Impairment of goodwill                                                                                                 (155)                    -   
Amortisation of acquired intangibles                                                                                (15 816)             (16 255)   
Operating profit after goodwill and acquired intangibles                                                             706 748              643 538   
Financial impact of group restructures and acquisition of subsidiaries                                              (19 543)              (6 039)   
Profit before taxation                                                                                               687 205              637 499   
Taxation on operating profit before goodwill and acquired intangibles                                               (78 210)             (59 099)   
Taxation on acquired intangibles and acquisition/disposal/integration of subsidiaries/restructurings                   5 979                3 253   
Profit after taxation                                                                                                614 974              581 653   
Profit attributable to other non-controlling interests                                                              (58 192)             (52 288)   
Profit attributable to Asset Management non-controlling interests                                                   (25 658)             (23 817)   
Earnings attributable to shareholders                                                                                531 124              505 548   
Impairment of goodwill                                                                                                   155                    -   
Amortisation of acquired intangibles                                                                                  15 816               16 255   
Financial impact of group restructures and acquisition of subsidiaries                                                19 543                6 039   
Taxation on acquired intangibles and acquisition/disposal/integration of subsidiaries/restructurings                 (5 979)              (3 253)   
Preference dividends paid                                                                                           (41 560)             (32 980)   
Accrual adjustment on earnings attributable to other equity holders                                                      243                (547)   
Adjusted earnings                                                                                                    519 342              491 062   
Headline earnings adjustments**                                                                                     (23 726)             (41 415)   
Headline earnings                                                                                                    495 616              449 647   
Earnings per share (pence)                                                                                                                          
- Basic                                                                                                                 52.0                 51.2   
- Diluted                                                                                                               50.9                 49.8   
Adjusted earnings per share (pence)                                                                                                                 
- Basic                                                                                                                 55.1                 53.2   
- Diluted                                                                                                               54.0                 51.7   
Dividends per share (pence)                                                                                                                         
- Interim                                                                                                               11.0                 10.5   
- Final                                                                                                                 13.5                 13.5   
Headline earnings per share (pence)                                                                                                                 
- Basic                                                                                                                 52.6                 48.7   
- Diluted                                                                                                               51.5                 47.4   
Number of weighted average shares (million)                                                                            942.2                923.5   

*   On adoption of IFRS 9, there is a move from an incurred loss model to an expected credit loss methodology.
**  The headline earnings adjustments are made up of property revaluations of GBP1.0 million loss (2018: GBP15.4 million gains), amortisation of 
    acquired intangibles of GBP15.8 million (2018: GBP16.2 million), gains on available-for-sale instruments recycled to the income statement 
    GBPnil (2018: GBP6.7 million), profit on realisation of associate company of GBPnil (2018: GBP0.8 million), taxation on acquired intangibles 
    on acquisition/disposal/integration of subsidiaries/restructurings of GBP6.0 million (2018: GBP3.3 million) and accrual adjustment of earnings 
    attributable to other equity holders of GBP0.2 million (2018: GBP0.5 million). This line represents the reconciling items from adjusted earnings 
    to headline earnings.


Combined consolidated statement of total comprehensive income
                                                                                                                     Year to              Year to
                                                                                                                    31 March             31 March
GBP'000                                                                                                                 2019                 2018  
Profit after taxation                                                                                                614 974              581 653   
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*                                 1 797              (5 746)   
Fair value movements on debt instruments at FVOCI taken directly to other comprehensive income^*                    (12 918)                    -   
Gains on realisation of debt instruments at FVOCI recycled to the income statement^*                                 (7 116)                    -   
Gains on realisation of available-for-sale assets recycled to the income statement^*                                       -              (6 676)   
Fair value movements on available-for-sale assets taken directly to other comprehensive income^*                           -               20 051   
Foreign currency adjustments on translating foreign operations                                                     (302 598)             (25 300)   
Items that will never be reclassified to the income statement                                                                                       
Effect of rate change on deferred taxation relating to adjustment for IFRS 9*                                        (1 572)                    -   
Remeasurement of net defined pension asset                                                                           (1 924)                3 938   
Gains and losses attributable to own credit risk*                                                                      8 887                    -   
Total comprehensive income                                                                                           299 530              567 920   
Total comprehensive income attributable to ordinary shareholders                                                     252 677              451 913   
Total comprehensive income attributable to non-controlling interests                                                   5 293               83 027   
Total comprehensive income attributable to perpetual preferred securities                                             41 560               32 980   
Total comprehensive income                                                                                           299 530              567 920   

*  Net of taxation of GBP17.5 million (year to 31 March 2018: GBP11.7 million), except for the impact of rate changes on deferred tax as separately shown above.
^  On adoption of IFRS 9 on 1 April 2018, the fair value reserve was introduced, replacing the available-for-sale reserve.

Condensed combined consolidated cash flow statement                                                     
                                                                                                                     Year to              Year to
                                                                                                                    31 March             31 March
GBP'000                                                                                                                 2019                 2018 
Cash inflows from operations                                                                                         697 877              732 242   
Increase in operating assets                                                                                     (3 283 153)          (3 352 869)   
Increase in operating liabilities                                                                                  3 990 382            3 075 779   
Net cash inflow from operating activities                                                                          1 405 106              455 152   
Net cash outflow from investing activities                                                                          (65 425)             (37 799)   
Net cash (outflow)/inflow from financing activities                                                                (218 027)               45 383   
Effects of exchange rate changes on cash and cash equivalents                                                      (136 927)             (54 085)   
Net increase in cash and cash equivalents                                                                            984 727              408 651   
Cash and cash equivalents at the beginning of the year                                                             6 130 379            5 721 728   
Cash and cash equivalents at the end of the year                                                                   7 115 106            6 130 379   

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

Combined consolidated balance sheet                                                                                                                  
                                                                                                      At                  At                   At
                                                                                                31 March             1 April             31 March
GBP'000                                                                                             2019               2018*                 2018          
Assets                                                                                                                                                        
Cash and balances at central banks                                                             4 992 820           4 040 010            4 040 512   
Loans and advances to banks                                                                    2 322 821           2 164 598            2 165 533   
Non-sovereign and non-bank cash placements                                                       648 547             599 982              601 243   
Reverse repurchase agreements and cash collateral on securities borrowed                       1 768 748           2 207 137            2 207 477   
Sovereign debt securities                                                                      4 538 223           4 907 624            4 910 027   
Bank debt securities                                                                             717 313             591 428              587 164   
Other debt securities                                                                          1 220 651             898 122              903 603   
Derivative financial instruments                                                               1 034 166           1 345 744            1 352 408   
Securities arising from trading activities                                                     1 859 254           1 434 391            1 434 391   
Investment portfolio                                                                           1 028 976             956 560              885 499   
Loans and advances to customers                                                               24 534 753          24 410 334           24 673 009   
Own originated loans and advances to customers securitised                                       407 869             458 814              459 088   
Other loans and advances                                                                         195 693             345 742              347 809   
Other securitised assets                                                                         133 804             148 387              148 387   
Interests in associated undertakings                                                             387 750             467 852              467 852   
Deferred taxation assets                                                                         248 893             242 239              157 321   
Other assets                                                                                   1 735 956           1 875 357            1 876 116   
Property and equipment                                                                           261 650             233 340              233 340   
Investment properties                                                                            994 645           1 184 097            1 184 097   
Goodwill                                                                                         366 870             368 803              368 803   
Intangible assets                                                                                107 237             125 389              125 389   
                                                                                              49 506 639          49 005 950           49 129 068   
Other financial instruments at fair value through profit or loss in 
respect of liabilities to customers                                                            8 217 573           8 487 776            8 487 776   
                                                                                              57 724 212          57 493 726           57 616 844   
Liabilities                                                                                                                                         
Deposits by banks                                                                              3 016 306           2 931 267            2 931 267   
Derivative financial instruments                                                               1 277 233           1 471 563            1 471 563   
Other trading liabilities                                                                        672 405             960 166              960 166   
Repurchase agreements and cash collateral on securities lent                                   1 105 063             655 840              655 840   
Customer accounts (deposits)                                                                  31 307 107          30 985 251           30 987 173   
Debt securities in issue                                                                       3 073 320           2 717 187            2 717 187   
Liabilities arising on securitisation of own originated loans and advances                        91 522             136 812              136 812   
Liabilities arising on securitisation of other assets                                            113 711             127 853              127 853   
Current taxation liabilities                                                                     162 448             185 486              185 486   
Deferred taxation liabilities                                                                     23 590              32 158               32 158   
Other liabilities                                                                              1 765 649           2 019 906            2 012 268   
                                                                                              42 608 354          42 223 489           42 217 773   
Liabilities to customers under investment contracts                                            8 214 634           8 484 296            8 484 296   
Insurance liabilities, including unit-linked liabilities                                           2 939               3 480                3 480   
                                                                                              50 825 927          50 711 265           50 705 549   
Subordinated liabilities                                                                       1 647 271           1 619 878            1 482 987   
                                                                                              52 473 198          52 331 143           52 188 536   
Equity                                                                                                                                              
Ordinary share capital                                                                               245                 240                  240   
Perpetual preference share capital                                                                    31                  31                   31   
Share premium                                                                                  2 471 506           2 416 736            2 416 736   
Treasury shares                                                                                (189 134)           (160 132)            (160 132)   
Other reserves                                                                                 (577 491)           (406 718)            (345 606)   
Retained income                                                                                2 611 256           2 326 212            2 530 825   
Shareholders' equity excluding non-controlling interests                                       4 316 413           4 176 369            4 442 094   
Other Additional Tier 1 securities in issue                                                      303 728             304 150              304 150   
Non-controlling interests                                                                        630 873             682 064              682 064   
- Perpetual preferred securities issued by subsidiaries                                           81 616              92 312               92 312   
- Non-controlling interests in partially held subsidiaries                                       549 257             589 752              589 752   
Total equity                                                                                   5 251 014           5 162 583            5 428 308   
Total liabilities and equity                                                                  57 724 212          57 493 726           57 616 844   

*    The 1 April 2018 balance sheet has been presented on an IFRS 9 basis and the comparative as at 31 March 2018 on a IAS 39 basis.

Condensed combined consolidated statement of changes in equity
                                                                                                                     Year to              Year to
                                                                                                                    31 March             31 March
GBP'000                                                                                                                 2019                 2018   
Balance at the beginning of the year                                                                               5 428 308            4 808 629   
Adoption of IFRS 9                                                                                                 (265 725)                    -   
Total comprehensive income for the year                                                                              299 530              567 920   
Share-based payments adjustments                                                                                      72 714               69 218   
Dividends paid to ordinary shareholders                                                                            (238 072)            (227 908)   
Dividends declared to perpetual preference shareholders and Other Additional Tier 1 security holders                (14 742)             (15 736)   
Dividends paid to perpetual preference shareholders included in non-controlling interests and Other 
Additional Tier 1 security holders                                                                                  (26 818)             (17 244)   
Dividends paid to non-controlling interests                                                                         (63 897)             (63 688)   
Issue of ordinary shares                                                                                             108 414              125 240   
Issue of Other Additional Tier 1 security instruments                                                                  5 852              271 058   
Issue of equity by subsidiaries                                                                                        4 319               12 695   
Net equity impact of non-controlling interest movements                                                               50 643               20 057   
Movement of treasury shares                                                                                        (103 841)            (121 933)   
Net equity movements of interest in associated undertakings                                                          (5 671)                    -   
Balance at the end of the year                                                                                     5 251 014            5 428 308   


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

For the year to 31 March 2019                                                                    UK and             Southern                Total   
GBP'000                                                                                           Other               Africa                group   
Wealth & Investment                                                                              56 363               26 250               82 613   
Specialist Banking                                                                              138 566              310 329              448 895   
Group costs                                                                                    (31 518)             (14 825)             (46 343)   
Specialist Bank and Wealth                                                                      163 411              321 754              485 165   
Asset Management                                                                                107 835               71 527              179 362   
Total group                                                                                     271 246              393 281              664 527   
Other non-controlling interest - equity                                                                                                    58 192   
Operating profit                                                                                                                          722 719   

For the year to 31 March 2018                                                                    UK and             Southern                Total   
GBP'000                                                                                           Other               Africa                group   
Wealth & Investment                                                                              69 269               29 296               98 565   
Specialist Banking                                                                               59 958              320 535              380 493   
Group costs                                                                                    (33 789)             (15 809)             (49 598)   
Specialist Bank and Wealth                                                                       95 438              334 022              429 460   
Asset Management                                                                                103 918               74 127              178 045   
Total group                                                                                     199 356              408 149              607 505   
Other non-controlling interest - equity                                                                                                    52 288   
Operating profit                                                                                                                          659 793   

Fees and commission income                                                                                                                         
For the year to 31 March                                                                                                                           
GBP'000                                                                                    UK and Other      Southern Africa          Total Group   
2019                                                                                                                                                
Asset management and wealth management                                                          683 621              257 736              941 357   
Fund management fees/fees for assets under management                                           807 507              226 705            1 034 212   
Private client transactional fees                                                                47 771               36 612               84 383   
Fee and commission expense                                                                    (171 657)              (5 581)            (177 238)   
Specialist Banking                                                                              205 610              226 585              432 195   
Corporate and institutional transactional and advisory services                                 206 798              191 786              398 584   
Private client transactional fees                                                                10 691               62 134               72 825   
Fee and commission expense                                                                     (11 879)             (27 335)             (39 214)   
Net fee and commission income                                                                   889 231              484 321            1 373 552   
Annuity fees (net of fees payable)                                                              675 619              422 176            1 097 795   
Deal fees                                                                                       213 612               62 145              275 757   

Included in Specialist Banking corporate and institutional and advisory services is net fee income of GBP92 million (2018: GBP105 million) for operating lease
income which is out of the scope of IFRS 15 - Revenue from Contracts with Customers.

Analysis of financial assets and liabilities by category of financial instrument

                                                                                                               Non-financial                
                                                                                                  Total          instruments                
                                                                                  Total     instruments            or scoped                
At 31 March 2019                                                            instruments    at amortised               out of
GBP'000                                                                   at fair value            cost               IFRS 9                Total       
Assets                                                                                                                                                
Cash and balances at central banks                                                    1       4 992 819                    -            4 992 820   
Loans and advances to banks                                                           -       2 322 821                    -            2 322 821   
Non-sovereign and non-bank cash placements                                       32 471         616 076                    -              648 547   
Reverse repurchase agreements and cash collateral on securities borrowed        549 914       1 218 834                    -            1 768 748   
Sovereign debt securities                                                     4 256 811         281 412                    -            4 538 223   
Bank debt securities                                                            350 134         367 179                    -              717 313   
Other debt securities                                                           741 834         478 817                    -            1 220 651   
Derivative financial instruments                                              1 034 166               -                    -            1 034 166   
Securities arising from trading activities                                    1 859 254               -                    -            1 859 254   
Investment portfolio                                                          1 028 976               -                    -            1 026 976   
Loans and advances to customers                                               2 025 679      22 509 074                    -           24 534 753   
Own originated loans and advances to customers securitised                            -         407 869                    -              407 869   
Other loans and advances                                                              -         195 693                    -              195 693   
Other securitised assets                                                        118 169          15 635                    -              133 804   
Interests in associated undertakings                                                  -               -              387 750              387 750   
Deferred taxation assets                                                              -               -              248 893              248 893   
Other assets                                                                    131 853       1 041 116              562 987            1 735 956   
Property and equipment                                                                -               -              261 650              261 650   
Investment properties                                                                 -               -              994 645              994 645   
Goodwill                                                                              -               -              366 870              366 870   
Intangible assets                                                                     -               -              107 237              107 237   
                                                                             12 129 262      34 447 345            2 930 032           49 506 639   
Other financial instruments at fair value through profit or 
loss in respect of liabilities to customers                                   8 217 573               -                    -            8 217 573   
                                                                             20 346 835      34 447 345            2 930 032           57 724 212   
Liabilities                                                                                                                                         
Deposits by banks                                                                     -       3 016 306                    -            3 016 306   
Derivative financial instruments                                              1 277 233               -                    -            1 277 233   
Other trading liabilities                                                       672 405               -                    -              672 405   
Repurchase agreements and cash collateral on securities lent                    433 790         671 273                    -            1 105 063   
Customer accounts (deposits)                                                  2 372 841      28 934 266                    -           31 307 107   
Debt securities in issue                                                        520 806       2 552 514                    -            3 073 320   
Liabilities arising on securitisation of own originated loans and advances            -          91 522                    -               91 522   
Liabilities arising on securitisation of other assets                           113 711               -                    -              113 711   
Current taxation liabilities                                                          -               -              162 448              162 448   
Deferred taxation liabilities                                                         -               -               23 590               23 590   
Other liabilities                                                                47 676       1 029 239              688 734            1 765 649   
                                                                              5 438 462      36 295 120              874 772           42 608 354   
Liabilities to customers under investment contracts                           8 214 634               -                    -            8 214 634   
Insurance liabilities, including unit-linked liabilities                          2 939               -                    -                2 939   
                                                                             13 656 035      36 295 120              874 772           50 825 927   
Subordinated liabilities                                                        367 707       1 279 564                    -            1 647 271   
                                                                             14 023 742      37 574 684              874 772           52 473 198   

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)
                                                                                                               Fair value category
                                                                                  Total
At 31 March 2019                                                            instruments                                          
GBP'000                                                                   at fair value         Level 1              Level 2              Level 3   
Assets                                                                                                                                              
Cash and balances at central banks                                                    1               1                    -                    -   
Non-sovereign and non-bank cash placements                                       32 471               -               32 471                    -   
Reverse repurchase agreements and cash collateral on securities borrowed        549 914               -              549 914                    -   
Sovereign debt securities                                                     4 256 811       4 256 811                    -                    -   
Bank debt securities                                                            350 134         148 918              201 216                    -   
Other debt securities                                                           741 834         222 689              429 850               89 295   
Derivative financial instruments                                              1 034 166               -              995 531               38 635   
Securities arising from trading activities                                    1 859 254       1 827 306               24 830                7 118   
Investment portfolio                                                          1 028 976         173 587               25 418              829 971   
Loans and advances to customers                                               2 025 679               -              816 099            1 209 580   
Other securitised assets                                                        118 169               -                    -              118 169   
Other assets                                                                    131 853         131 853                    -                    -   
Other financial instruments at fair value through profit or loss in 
respect of liabilities to customers                                           8 217 573       8 217 573                    -                    -   
                                                                             20 346 835      14 978 738            3 075 329            2 292 768   
Liabilities                                                                                                                                         
Derivative financial instruments                                              1 277 233           5 857            1 254 750               16 626   
Other trading liabilities                                                       672 405         556 125              116 280                    -   
Repurchase agreements and cash collateral on securities lent                    433 790               -              433 790                    -   
Customer accounts (deposits)                                                  2 372 841               -            2 372 841                    -   
Debt securities in issue                                                        520 806               -              520 806                    -   
Liabilities arising on securitisation of other assets                           113 711               -                    -              113 711   
Other liabilities                                                                47 676               -               44 071                3 605   
Liabilities to customers under investment contracts                           8 214 634               -            8 214 634                    -   
Insurance liabilities, including unit-linked liabilities                          2 939               -                2 939                    -   
Subordinated liabilities                                                        367 707         367 707                    -                    -   
                                                                             14 023 742         929 689           12 960 111              133 942   
Net financial assets at fair value                                            6 323 093      14 049 049          (9 884 782)            2 158 826   

Transfers between level 1 and level 2                                                                                                                      
During the current year, there were no transfers between level 1 and level 2.                                                                              


Level 2 financial assets and financial liabilities
The following table sets out the group's principal valuation techniques as at 31 March 2019 used in determining the fair value of its financial assets 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 placements      Discounted cash flow model                                Yield curves
Reverse repurchase agreements and cash          Discounted cash flow model, Hermite interpolation,        Yield curves, discount rates,volatilities
collateral on securities borrowed               Black-Scholes
Bank debt securities                            Discounted cash flow model                                Yield curves
Other debt securities                           Discounted cash flow model                                Yield curves, NCD curves and swap curves,
                                                                                                          discount rates, 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, discount rates
Securities arising from trading activities      Standard industry derivative pricing model                Interest rate curves, implied bond spreads,
                                                Discounted cash flow model                                equity volatilities, yield curves
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, discount rates, risk free rate, volatilities,
                                                industry standard derivative pricing models including     forex forward points and spot rates, interest rate
                                                Black-Scholes                                             swap curves and credit curves
Other trading liabilities                       Discounted cash flow model                                Yield curves
Repurchase agreements and cash collateral on
securities lent                                 Discounted cash flow model, Hermite interpolation         Yield curves, discount rates
Customer accounts (deposits)                    Discounted cash flow model                                Yield curves, discount rates
Debt securities in issue                        Discounted cash flow model                                Yield curves
Other liabilities                               Discounted cash flow model                                Yield curves

The following is a reconciliation of the opening balances to the closing balances for fair value measurement in level 3 of the fair value hierarchy.

                                                                                     Loans and              Other            Other                  
                                                                    Investment     advances to        securitised          balance                  
GBP'000                                                              portfolio       customers             assets     sheet assets          Total   
Assets                                                                                                                                              
Balance as at 31 March 2018                                            587 819         133 740            130 388           67 723        919 670   
Adoption of IFRS 9                                                      74 768       1 203 939                  -           74 381      1 353 088   
Balance as at 1 April 2018                                             662 587       1 337 679            130 388          142 104      2 272 758   
Total gains or losses                                                    (175)          69 261            (2 834)           16 865         83 117   
In the income statement                                                  (175)          69 056            (2 834)           16 865         82 912   
In the statement of comprehensive income                                     -             205                  -                -            205   
Purchases                                                             338 782*       1 268 572                  -            6 909      1 614 263   
Sales                                                                 (95 646)       (889 145)                  -          (8 404)      (993 195)   
Settlements                                                           (60 095)       (624 061)            (9 385)         (29 456)      (722 997)   
Transfers into level 3                                                  12 211           3 499                  -                -         15 710   
Foreign exchange adjustments                                          (27 693)          43 775                  -            7 026         23 108   
Balance as at 31 March 2019                                            829 971       1 209 580            118 169          135 044      2 292 764   

* Includes investments acquired by Investec Property Fund, a subsidiary of Investec Limited.                                                          


                                                                                                      Liabilities                                   
                                                                                                       arising on                                   
                                                                                                   securitisation               Other               
For the year to 31 March 2019                                                                            of other             balance               
GBP'000                                                                                                    assets   sheet liabilities       Total   
Liabilities                                                                                                                                         
Balance as at 1 April 2018                                                                                127 853              15 641     143 494   
Total gains or losses                                                                                     (5 084)            (12 653)    (17 737)   
In the income statement                                                                                   (5 084)            (12 653)    (17 737)   
In the statement of comprehensive income                                                                        -                   -           -   
Purchases                                                                                                       -              27 561      27 561   
Sales                                                                                                           -            (11 800)    (11 800)   
Settlements                                                                                               (9 058)                   -     (9 058)   
Transfers into level 3                                                                                          -               2 854       2 854   
Foreign exchange adjustments                                                                                    -             (1 372)     (1 372)   
Balance as at 31 March 2019                                                                               113 711              20 231     133 942   

During the year GBP15.7 million of level 2 instruments have been transferred into level 3 as a result of inputs to valuation models becoming unobservable in
the market.
The group transfers between levels within the fair value hierarchy when the significance of the unobservable inputs change or if the valuation methods changes.
The following table quantifies the gains or (losses) included in the income statement and other comprehensive income recognised on level 3 financial instruments:

For the year to 31 March 2019                                                                                                       
GBP'000                                                                                                     Total         Realised     Unrealised   
Total gains or (losses) included in the income statement for the year                                                                               
Net interest income                                                                                       100 041           86 118         13 923   
Investment income                                                                                        (11 000)            9 675       (20 675)   
Trading loss arising from customer flow                                                                   (3 272)            1 348        (4 620)   
Trading income arising from balance sheet management and other trading activities                          14 880                -         14 880   
                                                                                                          100 649           97 141          3 508   
Total gains or losses recognised in other comprehensive income for the year                                                                         
Fair value movements on debt instruments at FVOCI taken directly to other comprehensive income                205                -            205   
                                                                                                              205                -            205   

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                                      Range of        Favourable      Unfavourable 
                                                          sheet value    Significant unobservable      unobservable           changes           changes
31 March 2019                                                 GBP'000                       input        input used           GBP'000           GBP'000 
Assets                                                                                                                                                      
Other debt securities                              89 295    Potential impact on income statement                               8 047           (7 849)   
                                                                                   Credit spreads              5.8%               117             (114)   
                                                                                           EBITDA           (5%)/5%               306             (306)   
                                                                                           Other^                 ^             7 624           (7 429)   
Derivative financial instruments                   38 635    Potential impact on income statement                              22 720           (5 882)   
                                                                                     Volatilities       4.0% - 9.0%               129             (129)   
                                                                                   Credit spreads              7.1%                 6               (9)   
                                                                            Cash flow adjustments  CPR 6.2% - 10.2%               134             (124)   
                                                                           Underlying asset value                ^^             7 731           (3 731)   
                                                                                           Other^                 ^            14 720           (1 889)   
Securities arising from trading activities          7 118    Potential impact on income statement                                                         
                                                                            Cash flow adjustments          CPR 9.2%             1 119           (1 480)   
Investment portfolio                              829 971    Potential impact on income statement                             158 957         (134 600)   
                                                                          Price earnings multiple     3.2 x - 9.0 x             8 852           (8 563)   
                                                                         Underlying asset value^^                ^^            17 229          (11 739)   
                                                                                           Other^                 ^            83 729          (60 072)   
                                                                                           EBITDA                 *            21 470          (21 043)   
                                                            Precious and industrial metals prices          (10%)/6%             2 186           (2 186)   
                                                                                       Cash flows         (50%)/50%            10 568           (9 552)   
                                                                                  Property values           (5%)/5%            10 151          (10 151)   
                                                                                          Various                **             4 772          (11 294)   
Loans and advances to customers                 1 209 580    Potential impact on income statement                              75 262          (91 448)   
                                                                                   Credit spreads       0.1% - 6.2%             6 327           (9 089)   
                                                                          Price earnings multiple             4.9 x               703             (493)   
                                                                         Underlying asset value^^                ^^             2 778           (2 347)   
                                                                                       Cash flows         (50%)/50%            16 053          (16 053)   
                                                                                           EBITDA                 *               335             (335)   
                                                                                  Property values           (5%)/5%               100             (100)   
                                                                                           Other^                 ^            48 966          (63 031)   
                                                                        Potential impact on other                                                         
                                                                             comprehensive income                                                         
                                                                                   Credit spreads      0.03% - 2.1%             1 673           (2 933)   
Other securitised assets                          118 169    Potential impact on income statement                                                         
                                                                            Cash flow adjustments          CPR 6.2%               496             (473)   
Total level 3 assets                            2 292 768                                                                     268 274         (244 665)   
Liabilities                                                                                                                                               
Derivative financial instruments                   16 626    Potential impact on income statement                             (8 035)             8 045   
                                                                            Cash flow adjustments  CPR 6.2% - 10.2%             (107)               116   
                                                                                     Volatilities       5.0% - 9.0%             (174)               174   
                                                                         Underlying asset value^^                ^^           (7 754)             7 755   
Liabilities arising on securitisation of          113 711    Potential impact on income statement                                                         
other assets                                                                                                                                              
                                                                            Cash flow adjustments          CPR 6.2%             (365)               344   
Other liabilities                                   3 605    Potential impact on income statement                                                         
                                                                                  Property values           (5%)/5%             (505)               505   
Total level 3 liabilities                         133 942                                                                     (8 905)             8 894   
Net level 3 assets                              2 158 826                                                                                                 


*   The EBITDA and cash flows has been stressed on an investment-by-investment basis in order to obtain favourable and unfavourable valuations
**  The valuation sensitivity for certain equity investments and fair value loans have 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 purpose of 
    this analysis as the sensitivity of the investments cannot be determined through the adjustment of a single input.
*   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 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 
    assets cannot be determined through the adjustment of a single input.
^^  Underlying asset values are calculated by reference to a tangible asset, for example property, aircraft or shares.

Within the Hong Kong portfolio there is a connected exposure across the investment portfolio, loans and advances to customers and derivatives financial
instruments lines with a balance sheet value of GBP69 million. The consideration of reasonably possible alternative assumptions with respect to the fair value of
this exposure results in a favourable change of GBP95 million and a unfavourable change of GBP69 million, included within the above table.

In determining the value of level 3 financial instruments, the following are the
principal inputs that can 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 (including WACC) are used to adjust for the time value
of money when using a discounted cash flow valuation method. Where
relevant, the discount rate also accounts for illiquidity, market conditions and
uncertainty of future 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
A company's earnings before interest, taxes, depreciation and amortisation.
This is the main input into a price earnings multiple valuation.

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

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

Underlying asset value
In instances where cash flows have links to referenced assets, the underlying
asset value is used to determine the fair value. The underlying asset valuation
is derived using observable market prices sourced from broker quotes,
specialist valuers or other reliable pricing sources.

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.

                                                                                                                   Carrying
GBP'000                                                                                                              amount           Fair value   
2019                                                                                                       
Assets                                                                                                     
Reverse repurchase agreements and cash collateral on securities borrowed                                          1 218 834            1 218 958   
Sovereign debt securities                                                                                           281 412              271 125   
Bank debt securities                                                                                                367 179              366 845   
Other debt securities                                                                                               478 817              467 820   
Loans and advances to customers                                                                                  22 509 074           22 561 179   
Other loans and advances                                                                                            195 693              197 587   
Other assets                                                                                                      1 041 116            1 041 759   
Liabilities                                                                                                                                        
Deposits by banks                                                                                                 3 016 306            3 049 306   
Repurchase agreements and cash collateral on securities lent                                                        671 273              668 870   
Customer accounts (deposits)                                                                                     28 934 266           28 934 451   
Debt securities in issue                                                                                          2 552 514            2 588 218   
Other liabilities                                                                                                 1 029 239            1 027 905   
Subordinated liabilities                                                                                          1 279 564            1 361 823   


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 127
Notice is hereby given that final dividend number 127, being a gross dividend
of 251 cents (2018: 232 cents) per ordinary share has been recommended
by the Board from income reserves in respect of the financial year ended
31 March 2019 payable to shareholders recorded in the shareholders'
register of the company at the close of business on Friday, 26 July 2019.

The relevant dates for the payment of dividend number 127 are as follows:

Last day to trade cum-dividend                                               Tuesday, 23 July 2019
Shares commence trading ex-dividend                                        Wednesday, 24 July 2019
Record date                                                                   Friday, 26 July 2019
Payment date                                                                Monday, 12 August 2019

The final gross dividend of 251 cents per ordinary share has been
determined by converting the Investec plc distribution of 13.5 pence per
ordinary share into Rands using the Rand/Pounds Sterling average buy/sell
forward rate at 11h00 (SA time) on Wednesday, 15 May 2019.

Share certificates may not be dematerialised or rematerialised between
Wednesday, 24 July 2019 and Friday, 26 July 2019, 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 318 904 709
   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 251 cents per ordinary share
-  Shareholders who are not exempt from paying the Dividend Tax will
   receive a net dividend of 200.8 cents per ordinary share (gross dividend
   of 251 cents per ordinary share less Dividend Tax of 50.2 cents per
   ordinary share).

By order of the board

N van Wyk
Company Secretary

15 May 2019

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 29
Notice is hereby given that preference dividend number 29 has been
declared by the Board from income reserves for the period 01 October 2018
to 31 March 2019 amounting to a gross preference dividend of 394.65612
cents 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, 07 June 2019.

The relevant dates for the payment of dividend number 29 are as follows:

Last day to trade cum-dividend                                                  Tuesday, 04 June 2019
Shares commence trading ex-dividend                                           Wednesday, 05 June 2019
Record date                                                                      Friday, 07 June 2019
Payment date                                                                    Tuesday, 18 June 2019

Share certificates may not be dematerialised or rematerialised between
Wednesday, 05 June 2019 and Friday, 07 June 2019, 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
-  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 315.7249 cents per preference share for
   shareholders liable to pay the Dividend Tax and 394.65612 cents per
   preference share for preference shareholders exempt from paying the
   Dividend Tax.

By order of the board

N van Wyk
Company Secretary

15 May 2019

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 34
Notice is hereby given that the final dividend number 34, being a gross dividend
of 13.5 pence (2018: 13.5 pence) per ordinary share has been recommended
by the Board from income reserves in respect of the financial year ended
31 March 2019 payable to shareholders recorded in the shareholders' register
of the company at the close of business on Friday, 26 July 2019.

-  for Investec plc shareholders, registered on the United Kingdom share
   register, through a dividend payment by Investec plc from income
   reserves of 13.5 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 5.5 pence per ordinary share and through a dividend paid by
   Investec Limited, on the SA DAS share, payable from income reserves,
   equivalent to 8 pence per ordinary share.

The relevant dates for the payment of dividend number 34 are as follows:

Last day to trade cum-dividend
On the Johannesburg Stock Exchange (JSE)                                            Tuesday, 23 July 2019
On the London Stock Exchange (LSE)                                                Wednesday, 24 July 2019
Shares commence trading ex-dividend
On the Johannesburg Stock Exchange (JSE)                                          Wednesday, 24 July 2019
On the London Stock Exchange (LSE)                                                 Thursday, 25 July 2019
Record date (on the JSE and LSE)                                                     Friday, 26 July 2019
Payment date (on the JSE and LSE)                                                  Monday, 12 August 2019

Share certificates on the South African branch register may not be dematerialised
or rematerialised between Wednesday, 24 July 2019 and Friday, 26 July 2019,
both dates inclusive, nor may transfers between the United Kingdom share
register and the South African branch register take place between Wednesday,
24 July 2019 and Friday, 26 July 2019, 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 13.5 pence, equivalent to a gross dividend of
   251 cents per share, has been arrived at using the Rand/Pound Sterling
   average buy/sell forward rate, as determined at 11h00 (SA time) on
   Wednesday, 15 May 2019
-  Investec plc United Kingdom tax reference number: 2683967322360
-  The issued ordinary share capital of Investec plc is 682 121 211 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
   251 cents per share, comprising 148.74074 cents per share paid by
   Investec Limited on the SA DAS share and 102.25926 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 200.8 cents per share (gross dividend of 251 cents per share less
   Dividend Tax of 50.2 cents per share) comprising 118.99259 cents per
   share paid by Investec Limited on the SA DAS share and 81.80741 cents
   per ordinary share paid by Investec plc.

By order of the board
D Miller
Company Secretary
15 May 2019

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 26

Notice is hereby given that preference dividend number 26 has
been declared by the Board from income reserves for the period
01 October 2018 to 31 March 2019 amounting to a gross preference
dividend of 8.72603 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,
07 June 2019.

For shares trading on the Johannesburg Stock Exchange (JSE), the dividend
of 8.72603 pence per preference share is equivalent to a gross dividend of
160.82597 cents per share, which has been determined using the Rand/
Pound Sterling average buy/sell forward rate as at 11h00 (SA time) on
Wednesday, 15 May 2019.

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

Last day to trade cum-dividend
On the Johannesburg Stock Exchange (JSE)                                    Tuesday, 04 June 2019
On The International Stock Exchange (TISE)                                Wednesday, 05 June 2019
Shares commence trading ex-dividend                        
On the Johannesburg Stock Exchange (JSE)                                  Wednesday, 05 June 2019
On The International Stock Exchange (TISE)                                 Thursday, 06 June 2019
Record date (on the JSE and TISE)                                            Friday, 07 June 2019
Payment date (on the JSE and TISE)                                          Tuesday, 18 June 2019

Share certificates may not be dematerialised or rematerialised between
Wednesday, 05 June 2019 and Friday, 07 June 2019, both dates inclusive,
nor may transfers between the United Kingdom share register and the South
African branch register take place between Wednesday, 05 June 2019 and
Friday, 07 June 2019, 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 128.66078 cents per preference
   share for preference shareholders liable to pay the Dividend Tax and
   160.82597 cents per preference share for preference shareholders
   exempt from paying the Dividend Tax.

By order of the board

D Miller
Company Secretary

15 May 2019

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 16

Notice is hereby given that preference dividend number 16 has been
declared by the Board from income reserves for the period 01 October 2018
to 31 March 2019 amounting to a gross preference dividend of 482.09247
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, 07 June 2019.

The relevant dates for the payment of dividend number 16 are as follows:

Last day to trade cum-dividend                                              Tuesday, 04 June 2019
Shares commence trading ex-dividend                                       Wednesday, 05 June 2019
Record date                                                                  Friday, 07 June 2019
Payment date                                                                 Monday, 18 June 2019
Share certificates may not be dematerialised or rematerialised between
Wednesday, 05 June 2019 and Friday, 07 June 2019, 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 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 385.67398 cents per preference share for
   preference shareholders liable to pay the Dividend Tax and 482.09247
   cents per preference share for preference shareholders exempt from
   paying the Dividend Tax.

By order of the board

D Miller
Company Secretary

15 May 2019

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

Registered office:
30 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:
PKO Crosthwaite# (Chairman)
HJ du Toit (Joint Chief Executive Officer)
F Titi (Joint Chief Executive Officer)
NA Samujh (Finance Director)
S Koseff (Executive)
B Kantor (Executive)
K McFarland (Executive)
ZBM Bassa
LC Bowden#
CA Carolus
D Friedland
PA Hourquebie
CR Jacobs^
IR Kantor*
Lord Malloch-Brown KCMG#
KL Shuenyane
#British   *Dutch     ^Irish

K McFarland appointed 01 October 2018
GR Burger retired 31 March 2019
NA Samujh appointed 01 April 2019

Sponsor:
Investec Bank Limited



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