CEO Stephen Koseff said “Over the past year, we continued to seek opportunities to enhance our market penetration by developing distinctive solutions for our clients. Our refined strategy has paid off and we’ve delivered adjusted earnings per share* of 209.5 pence, up 55.6% from 134.6 pence the previous year. “We continued to build scale this year and thanks to innovate thinking and enthusiastic contributions from our employees, our operating profit* before tax grew 73.5% to GBP 388.8 million (R4.4 billion) from GBP 224.1 million (R2.6 billion) and earnings attributable to ordinary shareholders* increased by 53.8% from GBP149.5 million to GBP230.0 million (or from R1.7 billion to R2.6 billion).” (*The above figures are before goodwill impairment and non-operating items.) Operating profit before tax, after goodwill impairment and non-operating items increased by 155.7% to GBP 441 million (R5 billion). “We are particularly pleased to be able to report that we have met all financial targets we set for ourselves, which include earnings per share, return on equity, and a lower cost-to-income ratio,” said MD Bernard Kantor. We achieved a return on adjusted shareholders’ equity of 25.5% up from 20.0% in the previous year, surpassing once again our 20% target. An improvement of overall cost-to-income ratio from 67.4% to 58.7% linked to the 31.1% growth in operating income demonstrates our on-going commitment to reducing fixed costs and driving revenues and beats our target to be under 65%,” said Kantor. Contributions to total operating profit was as follows: Private Client Activities 32.5%; Treasury and Specialised Finance 18.4%; Investment Banking 27.7%;  Asset Management 16.3%; and Property Activities 5.1%, reflecting Investec’s ongoing initiatives to deliver and sustain earnings across its core business units. The increase in each business unit’s operating profit before goodwill impairment, non-operating items and taxation is listed below: Private Client Activities – 47.2% to GBP 118.1 million (R1.4 billion) Private Banking – 52.7% to GBP 101.5 million (R1.2 billion) Private Client Portfolio Management and Stockbroking – 20.6% to GBP 16.6 million (R190 million) Treasury and Specialised Finance – 44.3% to GBP 66.9 million (R765 million) Investment Banking – operating profit doubled during the year under review from GBP 49.3 million to GBP 100.9 million (R1.2 billion) Asset Management – 63.6% to GBP 59.4 million (R679 million) Property Activities – up marginally, with South Africa’s solid results offset by a somewhat weaker performance in the UK. The business unit posted an operating profit of GBP 18.6 million (R213 million) Group Services and Other Activities – earnings of GBP 24.8 million (R283 million) following a loss of GBP 6.3 million for the year ending 31 March 2005. The Investec board has proposed a final dividend of 53 pence (627 cents) per share. The full-year dividend equates to 91 pence (1 073 cents), up 35.8% from 67 pence (772 cents) for the year ended 31 March 2005. This year’s dividend declaration results in a dividend cover of 2.3 times, in line with Investec’s policy. Investec’s management team said that whilst levels of activity and momentum have continued into the new financial year, they are mindful of the volatile operating environment to which some of their businesses are exposed. “We are well placed to leverage off our niche focus and distinctive offering to compete successfully,” said Koseff. “The quality of our businesses promises a platform to deliver sustainable earnings growth for all of our stakeholders.” Summary of additional salient financial information: • Total operating income grew 31.1% to GBP 964.6 million from GPB 735.5 million. The group’s net interest income rose by 51.9% to GBP 259.2 million. This is as a result of the robust growth in loans and advances of 49.9% to GBP 9.6 billion, up from GBP 6.4 billion and larger cash holdings in the Central Funding Division. Other income increased by 24.9% to GBP 705.4 million from GPB 565 million, reflecting strong transactional activity and momentum across all businesses. • Third party assets under management grew from GBP 33.9 billion to GBP 54.4 billion, an increase of 60.8%. Assets on Investec’s balance sheet increased 20% to GBP 23.9 billion. • Total capital resources increased by 29.3% to GBP 2 billion. Investec’s capital adequacy ratio exceeds minimum regulatory requirements. Applying South African Reserve Bank rules to Investec Limited’s capital base, the ratio is 16.3%, surpassing the required 10%. The capital adequacy in the UK (applying Financial Services Authority rules to Investec plc’s capital base) is 17.7%. • Total shareholders’ equity grew by 40.5% from GBP 1 076 million to GBP 1 512 million, or R16.2 billion. • The group’s effective tax rate grew from 28.2% to 29.2%. ENDS Prepared by: Beachhead Media & Investor Relations (Jennifer Cohen)  011 214 2401 / 082 468 6469 / jennifer@bmsa.co.za On behalf of: Investec Limited Further info: Stephen Koseff, CEO  011 286 7003  Bernard Kantor, MD  011 286 7003  Ursula Nobrega, Investor Relations  082 552 8808