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					Investec a distinctive specialist banking group

Interim results For the six months ended 30 September 2004

Summary of results
UK GAAP Attributable earnings* (£’000) EPS* (pence) - restated EPS* (pence) – as previously reported DPS (pence) Dividend cover (times) Total assets under admin (£’mn) % 30 Sep 30 Sep 2004 Change 2003 66 208 61.7 61.7 30.0 2.06 52 305 31 Mar 2004

40.9 47 003 106 203 31.3 25.4 7.1 47.0 49.2 28.0 1.68 19.4 43 817 58.0 1.79 47 763 103.8

*Before exceptional items and amortisation of goodwill

Financial objectives
EPS* growth target: RPI +10%
pence 120
100 80 60 40 20 0 Mar-95 Mar-97 Mar-99 Mar-01 Mar-03 1H05

Result:

31.3%
Annualised Actual

*Before exceptional items and amortisation of goodwill

Financial objectives
ROE* target: 20%
%

Result: 18.7%

25 20 15 10 5 0 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 1H05

target

*Return on adjusted equity shareholders’ funds (inclusive of compulsorily convertible instruments).

Financial objectives
Cost ratio target: 65%
%

Result: 68.6%

90 80 70 60 50 40 30 20 10 0 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 1H05

target

Financial objectives
Annuity income target: 70 -75%
%

Result: 69.2%

100 80 60 40 20 0 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04
Net interest income

min target

1H05

Net annuity fees and commissions

Financial objectives
CAR target: 13 -16%
• Maintain CAR ratio AND • Deliver required ROE • Across all businesses and geographies

Result: Ltd 15.0% plc 17.0%

Operational review

Private Client Activities
Partner of choice – from wealth creation to wealth management • Operating profit* • Loan book • Retail deposit book • FUM • Non-interest income 63.1% to £40.9 million 19.5% to £3.8 billion 17.5% to £3.0 billion 1.8% to £8.6 billion 30.8%

*Before exceptional items and amortisation of goodwill

Treasury and Specialised Finance
Specialist service, advisory focused • Operating profit* • Net interest income • Non-interest income 39.5% to £21.5 million 16.8% 16.0%

*Before exceptional items and amortisation of goodwill

Investment Banking
Super-boutique strategy targeting specific clients and market niches

• Operating profit* • Agency and advisory profit • DI and PE profit

10.4% to £18.0 million 51.6% to £9.6 million 38.8% to £8.4 million

*Before exceptional items and amortisation of goodwill NOTE: DI and PE refers to the group’s Direct Investment and Private Equity businesses

Asset Management
Investment specialist focused on performance and client needs

• Operating profit* • FUM • Net inflows • Investment performance

37.0% to £14.9 million 7.2% to £22.1 billion £302 million

*Before exceptional items and amortisation of goodwill

Other Activities
• Assurance profit* • Property Activities profit* • Central Funding* 60.3% to £3.5 million 68.9% to £6.7 million 35.3% to -£4.6 million

*Before exceptional items and amortisation of goodwill

General
• Exceptional items • Effective tax rate • Weighted shares -£14.7 million From 21.8% to 26.3% From 100.1 to 107.4

Divisional performance
Operating profit*
£’mn

50 40 30 20 10 0 -10 -20 25.1

40.9 21.5 15.4

20.0 18.0 10.9

14.9

PC

TSF

IB

AM

Other** -6.6 -13.5

Sep-03

Sep-04

*Before taxation, exceptional items and amortisation of goodwill **Includes Group Services and Other Activities and Assurance Activities. PC=Private Client Activities; TSF=Treasury and Specialised Finance; IB= Investment Banking; AM = Asset Management

Diversified portfolio
%

Contribution to operating profit

100 80 60 40 20 0 2000

2001

2002

2003

2004

1H05

Investment Banking Treasury and Specialised Finance Asset Management Private Client Activities

Outlook

Outlook
Key growth drivers Third party assets under management
£’bn

UK

Aus

SA

30 20 10 0 1995 1997 1999 2001 2003 1H05

Outlook
Key growth drivers Loans and advances
£’mn

UK

Aus

SA

5000 4000 3000 2000 1000 0 1995 1997 1999 2001 2003 1H05

Outlook
Key growth drivers Transactional activity UK Aus SA

Outlook
Key growth drivers Stock market activity UK Aus SA

Outlook
Key growth drivers General economic conditions UK Aus SA

Outlook


				
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