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INDEX

VIEWS: 6 PAGES: 20

									Not for publication, distribution or release in or into the United States, Canada, Australia or Japan




Introduction


It was announced on 22 November 2001 that Investec Group Limited ("IGL") would pursue a listing on the London
Stock Exchange and the JSE Securities Exchange South Africa using a Dual Listed Companies ("DLC") Structure.


Financial Reporting

Subsequent to the implementation of the DLC Structure, it is intended that Investec will publish consolidated
financial statements denominated in pounds sterling and prepared in accordance with UK GAAP. Furthermore,
Investec will also prepare and publish any other financial information needed to meet local requirements in the
jurisdictions in which it operates.

In this regard, this worksheet contains selected financial information for the years ended 31 March 2000, 2001 and
2002 in sterling under UK GAAP.


Contents

1. Salient Financial Information
2. Consolidated Profit and Loss Accounts
   2.1. Headline EPS
3. Consolidated Balance Sheets
4. Consolidated Cash Flow Statements
5. Segmental Information
   5.1. Geographical analysis 2002
   5.2. Geographical analysis 2001
   5.3. Geographical analysis 2000
   5.4. Business analysis 2002
   5.5. Business analysis 2001
   5.6. Business analysis 2000
   5.7. Geographic and business analysis of operating profit before tax and goodwill amortisation: 2002,2001,2000
   5.8. Further breakdowns of business line operating profit before tax and goodwill amortisation
   5.9. Further analysis of key balance sheet items by geography
   5.10. Analysis of employees by business and geography
6. Additional Information
   6.1. Analysis of administrative expenses
   6.2. Asset quality
                                                                                                                                                                     BACK TO
INVESTEC GROUP LIMITED                                                                                                                                                INDEX
Salient Financial Information

                                                                                               Year                                Year                                 Year
                                                                                               ended          % Change            ended            % Change            ended
                                                                                              31 March                          31 March                             31 March
                                                                                                2002                              2001                                 2000
Profit and Loss Account & Selected Returns
Headline earnings attributable to ordinary shareholders (£000)                                   115,777          14.7%              100,906             15.7%            87,246
Operating profit before goodwill amortisation and taxation (£000)                                158,567          19.0%              133,196              7.9%           123,474
Return on average shareholders' funds (%)                                                          16.8%                               18.2%                              16.9%**
Return on average tangible net asset value (%)                                                     33.8%                               31.6%                               29%**
Cost to income ratio (%)                                                                           67.9%                               68.2%                               65.2%
Annuity income as a percentage of operating income (%)                                             75.7%                               74.5%                               69.6%

Balance Sheet
Total assets (£000)                                                                           17,023,185           6.5%          15,983,762              -0.3%       16,030,094
Shareholder's Funds (£000)                                                                       800,555          38.2%             579,170               9.7%          527,942
Total capital resources (£000)                                                                 1,024,687          21.7%             841,758              31.8%          638,734

Salient Financial Features & Key Statistics
Headline earnings per share (pence)                                                                   126.8        0.8%                   125.9          14.5%               109.9
Dividends per share (pence)                                                                            53.8      -21.7%                    68.7          11.9%                61.4
Dividend cover (times)                                                                                  2.4                                 1.8                                1.8
Weighted number of shares in issue (million)                                                          91.3                                80.2                               79.4

Personnel
Number of employees                                                                                5,529                                4,836                               4,441


NOTE:
For calculations please follow formulae included in each cell or refer to definitions below
**The numbers for the year ended 31 March 1999 have not been audited as they are not ostensibly discernable from the short form.


DEFINITIONS

Headline earnings attributable to ordinary shareholders
Refer to calculation in worksheet 2.1.

Return on average shareholders' funds
Headline earnings attributable to ordinary shareholders expressed as a percentage of average shareholders' funds

Return on average tangible net asset value
Headline earnings attributable to ordinary shareholders expressed as a percentage of average tangible net asset value

Tangible net asset value
Ordinary shareholders' funds less intangible fixed assets (goodwill)

Cost to income ratio
Administrative expenses expressed as a percentage of operating income before deducting interest payable on convertible debt

Annuity income as a percentage of operating income
Net interest income, income from long term assurance business, and annuity commissions receivable net of commissions payable expressed as a percentage of operating income

Total capital resources
Includes shareholders' funds, subordinated liabilities and minority interests.

Dividend cover
Headline earnings per share divided by dividends per share

Weighted number of shares in issue
The number of ordinary shares in issue at the begininning of the year, increased by shares issued during the year, weighted on a time basis for the period during which they have
participated in the income of the Group
INVESTEC GROUP LIMITED
                                                                                                         BACK TO
Consolidated Profit and Loss Accounts                                                                     INDEX

                                                                         Year     Year     Year
                                                                        ended    ended    ended
                                                                       31 March 31 March 31 March
                                                                         2002     2001     2000
                                                                         £000     £000     £000

Interest receivable – interest income arising from debt securities      226,950 335,014 266,163
Interest receivable – other interest income                             713,293 792,347 619,906
Interest payable other                                                 (745,541) (941,566) (751,239)
Interest payable on convertible debt                                    (12,177) (14,437) (16,342)
Interest payable on subordinated liabilities                            (23,408) (12,271)         0

NET INTEREST INCOME                                                    159,117     159,087    118,488

Dividend income                                                          2,008       5,231      8,567
Fees and commissions receivable                                        424,889     390,577    332,044
   Annuity income                                                      352,988     302,623    263,791
   Deal income                                                          71,901      87,954     68,253
Fees and commissions payable                                           (74,671)    (51,444)   (47,388)
Dealing profits                                                         45,300      36,179     25,519
Income from long term assurance business                                31,079
Other operating income                                                  30,949      11,264     44,220


OPERATING INCOME                                                       618,671     550,894    481,450

Administrative expenses                                                (428,510) (385,758) (324,609)
Depreciation and amortisation                                          (120,113) (34,810) (27,423)
  Tangible fixed assets                                                 (16,926) (13,925) (13,142)
  Goodwill                                                             (103,187) (20,885) (14,281)
Provision for bad and doubtful debts                                    (14,668) (18,015) (20,225)

OPERATING PROFIT                                                        55,380     112,311    109,193

Share of income of associated companies                                   3,083       (143)      148
Provision for losses on termination and disposal of Group operations     (7,056)
Reorganisation and restructuring costs                                  (11,836)
Profit on disposals of subsidiary undertakings                            1,363

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                           40,934     112,168    109,341

Tax on profit on ordinary activities                                    (28,540)   (30,044)   (36,091)

PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION                            12,394      82,124     73,250

Minority interests - equity                                              (1,586)    (1,170)    (1,668)

PROFIT ATTRIBUTABLE TO SHAREHOLDERS                                     10,808      80,954     71,582

Dividends - including non-equity                                        (57,874)   (56,852)   (49,487)

RETAINED PROFIT FOR THE PERIOD                                          (47,066)    24,102     22,095

Earnings per share (pence)                                                 9.6        99.2       90.2
Headline earnings per share (pence)                                      126.8       125.9      109.9

Diluted earnings per share (pence)                                          9.6       96.4       89.6
Dividends per share (pence)                                                53.8       68.7       61.4
INVESTEC GROUP LIMITED

                                                                                                                                    BACK TO
Headline Earnings Per Share                                                                                                          INDEX

                                                                                               Year         Year         Year
                                                                                              ended        ended        ended
                                                                                             31 March     31 March     31 March
                                                                                               2002         2001         2000
                                                                                               £000         £000         £000

Headline earnings per share - pence per share

Headline earnings per share continues to have widespread acceptance and                           126.8        125.9        109.9
has been calculated in accordance with the definition in the Institute of
Investment Management Research ("IIMR") Statement of Investment Practice
No. 1, "The Definition of Headline Earnings".

Earnings attributable to ordinary shareholders                                                   8,793       79,570       71,582
Amortisation of goodwill                                                                       103,187       20,885       14,281
Profit on disposal of subsidiary undertakings                                                   (1,363)
Provision for losses on termination and disposal of Group operations (net of deferred tax)       4,339            0             0
Amortisation of associate goodwill                                                                 821          451         1,383

Headline earnings attributable to ordinary shareholders                                        115,777      100,906       87,246




Weighted average number of shares in issue during the period                                 91,281,463   80,177,936   79,375,629
INVESTEC GROUP LIMITED
Consolidated Balance Sheets
                                                                                                          BACK TO
                                                                                                           INDEX
                                                                  Year          Year          Year
                                                                 ended         ended         ended
                                                                31 March      31 March      31 March
                                                                  2002          2001          2000
                                                                  £000          £000          £000

ASSETS
Cash and balances at central banks                                 457,222       477,646       589,939
Treasury bills and other eligible bills                            340,525       254,655       247,889
Loans and advances to banks                                      2,583,205     2,341,300     3,635,295
Loans and advances to customers                                  4,780,480     4,741,682     4,853,137
Debt securities                                                  4,235,119     5,417,962     4,106,735
Equity shares                                                      204,352       265,013       168,063
Investments in associated undertakings                              45,026         3,272        15,677
Other participating interests                                            0        55,051        33,847
Intangible fixed assets                                            451,153       242,891       226,414
Tangible fixed assets                                              186,761       165,241       144,717
Own shares                                                          42,130        39,133        59,974
Other assets                                                     1,275,695       865,250     1,195,420
Long term assurance business attributable to the shareholder        67,116             0             0
                                                                14,668,784    14,869,096    15,277,107
Long term assurance assets attributable to policyhoders          2,354,401     1,114,666       752,987
                                                                17,023,185    15,983,762    16,030,094

LIABILITIES
Deposits by banks                                                3,735,349     4,063,422     4,304,382
Customer accounts                                                7,584,425     8,075,740     8,689,252
Other liabilities                                                2,106,191     1,623,913     1,387,723
Accruals and deferred Income                                       218,132       264,263       257,016
                                                                13,644,097    14,027,338    14,638,373
Long term assurance liabilities attributable to policyholders    2,354,401     1,114,666       752,987
                                                                15,998,498    15,142,004    15,391,360

CAPITAL RESOURCES
Subordinated liabilities(including convertible debt)              190,659        239,129        83,977
Minority interests – equity                                        33,473         23,459        26,815

Called up share capital                                              7,530         6,701         6,566
Share Premium account                                              814,089       563,567       515,333
Shares to be issued                                                 41,148        35,285        35,285
Revaluation reserves                                                11,202           832          (284)
Other reserves                                                    (105,828)     (110,404)      (88,928)
Profit and loss account                                             32,414        83,189        59,970
Shareholders’ funds                                                800,555       579,170       527,942
   - equity                                                        757,454       536,069       527,942
   - non equity                                                     43,101        43,101             0

                                                                 1,024,687       841,758       638,734

                                                                17,023,185    15,983,762    16,030,094


MEMORANDUM ITEMS
Contingent liabilities                                            299,316        340,291       411,669
Commitments                                                       506,330        415,138       454,049

                                                                  805,646        755,429       865,718
INVESTEC GROUP LIMITED
Consolidated Cash Flow Statements
                                                                                                                       BACK TO
                                                                                                                        INDEX
                                                                               Year          Year          Year
                                                                              ended         ended         ended
                                                                             31 March      31 March      31 March
                                                                               2002          2001          2000
                                                                               £000          £000          £000

Net cash inflow / (outflow) from operating activities                          595,588     (1,489,797)    2,385,450


Returns on investments and servicing of finance

Preference share dividend paid                                                   (2,014)       (1,385)            0
Dividends paid to minority shareholders in subsidiary undertakings               (1,716)            0            (0)
Interest paid on compulsorily convertible debentures                            (35,585)      (26,709)      (16,342)

Net cash inflow / (outflow) from return on investments and
servicing of finance                                                            (39,315)      (28,094)      (16,342)

Taxation                                                                        (19,380)      (36,308)      (15,155)

Capital expenditure and financial investment

Purchase of investment securities                                            (2,661,652)   (2,872,228)   (2,129,343)
Sale and maturity of investment securities                                    2,276,001     2,876,327     2,056,920
Net increase in own shares                                                       (2,997)       20,841         6,060
Sale / purchase of other participating interests                                      0       (23,978)            0
Purchase of tangible fixed assets                                               (78,157)      (36,457)      (25,199)
Sale of tangible fixed assets                                                     5,143             0             0

Net cash inflow / (outflow) from capital expenditure and financial
investment                                                                    (461,662)       (35,495)      (91,562)

Acquisitions and disposals

Net cash outflow from the purchase of interests in subsidiary undertakings      (58,866)      (72,232)      (41,512)
Net cash inflow from the sale of interests in subsidiary undertakings             2,153             0             0
Investment in associated undertakings                                                  0            0        (3,732)
Purchase of unconsolidated subsidiary                                           (38,942)            0      (234,990)
Proceeds from the sale of unconsolidated subsidiary's assets                          0             0       235,867


Net cash inflow / (outflow) from acquisitions and disposals                     (95,655)      (72,232)      (44,367)

Equity dividends paid

Ordinary share dividends paid                                                   (58,606)      (55,090)      (43,111)

Financing

Proceeds from the issue of subordinated liabilities                              36,433      179,735              0
Repayments of compulsorily convertible debentures                               (10,359)      (7,399)       (10,757)
Proceeds from shares to be issued                                                 5,863            0          8,990
Proceeds from issue of preference share capital                                       0       43,101              0
Proceeds from issue of ordinary share capital                                     1,086          840          1,369
Buy-back of ordinary share capital                                              (55,533)           0              0


Net cash inflow / (outflow) from financing                                      (22,510)     216,277           (398)

Increase / (decrease) in cash                                                 (101,540)    (1,500,739)    2,174,515
Cash flow reconciliation

Increase / (decrease) in cash                               (101,540)   (1,500,739)   2,174,515

Cash and demand bank balances at beginning of period       2,164,428    3,665,167     1,490,652

Cash and demand bank balances at end of period             2,062,888    2,164,428     3,665,167


Cash and demand bank balances at end of period comprise:
Cash                                                         457,222      477,646       589,939
Demand bank balances                                       1,605,666    1,686,782     3,075,228

                                                           2,062,888    2,164,428     3,665,167
INVESTEC GROUP LIMITED
Segmental Analysis

                                                                                                                                                      BACK TO
31 March 2002                                                                                                                                          INDEX
Geographical Analysis

                                                                                     Southern                               United
                                                              UK,Europe &            Africa &                              States of
                                                               Australia              Other               Israel           America        Total
                                                                 £000                  £000                £000              £000         £000

NET INTEREST INCOME                                                   64,808              67,173            13,784             13,352     159,117
Dividend income                                                          805               1,037               -                  166       2,008
Net fees and commissions receivable                                  183,871              97,206             5,973             63,168     350,218
Dealing profits                                                       29,588              13,312             3,308               (908)     45,300
Income from long term assurance business                                                  31,079               -                  -        31,079
Other operating income                                                14,940              16,266              (107)              (150)     30,949

OPERATING INCOME                                                     294,012            226,073             22,958             75,628     618,671

Administrative expenses                                             (219,379)          (124,660)           (12,404)            (72,067)   (428,510)
Depreciation - tangible fixed assets                                  (8,405)            (5,718)              (882)             (1,921)    (16,926)
Provision for bad and doubtful debts                                   2,302            (16,428)              (542)                -       (14,668)
OPERATING PROFIT BEFORE
AMORTISATION OF GOODWILL                                              68,530              79,267              9,130             1,640     158,567

Share of income of associated companies                                  -                 3,022                  (6)               67       3,083
Amortisation of goodwill                                             (28,167)            (66,609)                (29)           (8,382)   (103,187)
Other exceptional items                                                1,363             (11,836)                               (7,056)    (17,529)

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION                                                       41,726               3,844              9,095            (13,731)     40,934
Taxation                                                               9,428              21,100              3,524             (5,512)     28,540
Minorities                                                               541                 -                1,045                -         1,586

PROFIT ATTRIBUTABLE TO
SHAREHOLDERS                                                          31,757             (17,256)             4,526             (8,219)     10,808


Net intercompany interest                                              (5,453)              3,739               220             1,494             -

Total Assets (£ million)                                                8,135               7,329               932               627       17,023



The Statement of Recommended Practice on Segmental Reporting by Banks requires, inter alia, net assets to be disclosed
by geographical segment and class of business. In the view of the directors it would not be meaningful to provide this
information since the economic capital of certain significant businesses of the group is not held in, or allocated to, these
business, but is held centrally




The Statement of Recommended Practice on Segmental Reporting by Banks requires the disclosure by geographical segment
of Gross Income, consisting of interest receivable, dividend income, fees and commissions receivable, dealing profits and other
operating income. In the view of the directors, fees and commissions receivable are monitored on a net basis and aggregate split
of fees and commissions receivable and payable by geographical segment would not provide meaningful disclosure.
Consequently, Gross Income is not separately disclosed.
INVESTEC GROUP LIMITED
Segmental Analysis

                                                                                                                                                      BACK TO
31 March 2001                                                                                                                                          INDEX
Geographical Analysis

                                                                                     Southern                               United
                                                              UK,Europe &            Africa &                              States of
                                                               Australia              Other               Israel           America        Total
                                                                 £000                  £000                £000              £000         £000

NET INTEREST INCOME                                                   69,259              60,714            11,017             18,097     159,087
Dividend income                                                          241               4,990               -                  -         5,231
Net fees and commissions receivable                                  181,730              99,920            11,827             45,656     339,133
Dealing profits                                                       13,301              17,642             3,288              1,948      36,179
Income from long term assurance business                                                     -                 -                  -           -
Other operating income                                                12,790                (993)              587             (1,120)     11,264

OPERATING INCOME                                                     277,321            182,273             26,719             64,581     550,894

Administrative expenses                                             (187,096)          (126,945)           (17,065)            (54,652)   (385,758)
Depreciation - tangible fixed assets                                  (6,006)            (5,813)              (761)             (1,345)    (13,925)
Provision for bad and doubtful debts                                     588            (15,483)            (3,121)                  1     (18,015)
OPERATING PROFIT BEFORE
AMORTISATION OF GOODWILL                                              84,807              34,032              5,772             8,585     133,196

Share of income of associated companies                                  -                     35               224               (402)       (143)
Amortisation of goodwill                                             (17,655)              (1,128)              425             (2,527)    (20,885)

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION                                                       67,152              32,939              6,421             5,656     112,168
Taxation                                                               9,431              14,062              2,024             4,527      30,044
Minorities                                                               -                   -                1,170               -         1,170

PROFIT ATTRIBUTABLE TO
SHAREHOLDERS                                                          57,721              18,877              3,227             1,129       80,954


Net intercompany interest                                                   27             (1,399)           (4,914)            6,286             -

Total Assets (£ million)                                                8,449               5,781               976               778       15,984




The Statement of Recommended Practice on Segmental Reporting by Banks requires, inter alia, net assets to be disclosed
by geographical segment and class of business. In the view of the directors it would not be meaningful to provide this
information since the economic capital of certain significant businesses of the group is not held in, or allocated to, these
business, but is held centrally




The Statement of Recommended Practice on Segmental Reporting by Banks requires the disclosure by geographical segment
of Gross Income, consisting of interest receivable, dividend income, fees and commissions receivable, dealing profits and other
operating income. In the view of the directors, fees and commissions receivable are monitored on a net basis and aggregate split
of fees and commissions receivable and payable by geographical segment would not provide meaningful disclosure.
Consequently, Gross Income is not separately disclosed.
INVESTEC GROUP LIMITED
Segmental Analysis

                                                                                                                                                      BACK TO
31 March 2000                                                                                                                                          INDEX
Geographical Analysis

                                                                                     Southern                               United
                                                              UK,Europe &            Africa &                              States of
                                                               Australia              Other               Israel           America        Total
                                                                 £000                  £000                £000              £000         £000

NET INTEREST INCOME                                                   53,271              44,838             9,554             10,825     118,488
Dividend income                                                          582               7,981                 4                -         8,567
Net fees and commissions receivable                                  148,730              89,188            11,685             35,053     284,656
Dealing profits                                                       14,133               9,542               179              1,665      25,519
Income from long term assurance business                                 -                   -                 -                  -           -
Other operating income                                                24,369               6,298               414             13,139      44,220

OPERATING INCOME                                                     241,085            157,847             21,836             60,682     481,450

Administrative expenses                                             (157,963)          (114,344)           (10,866)            (41,436)   (324,609)
Depreciation - tangible fixed assets                                  (4,953)            (6,150)              (873)             (1,166)    (13,142)
Provision for bad and doubtful debts                                  (1,245)           (18,336)              (644)                -       (20,225)
OPERATING PROFIT BEFORE
AMORTISATION OF GOODWILL                                              76,924              19,017              9,453            18,080     123,474

Share of income of associated companies                                  596                  -                 139              (587)         148
Amortisation of goodwill                                             (12,973)                (664)              110              (754)     (14,281)

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION                                                       64,547              18,353              9,702            16,739     109,341
Taxation                                                              16,890               6,442              3,058             9,701      36,091
Minorities                                                               -                   -                1,668               -         1,668

PROFIT ATTRIBUTABLE TO
SHAREHOLDERS                                                          47,657              11,911              4,976             7,038       71,582


Net intercompany interest                                               3,317              (6,352)             (191)            3,226             -

Total Assets (£ million)                                                8,912               5,043               917             1,158       16,030



The Statement of Recommended Practice on Segmental Reporting by Banks requires, inter alia, net assets to be disclosed
by geographical segment and class of business. In the view of the directors it would not be meaningful to provide this
information since the economic capital of certain significant businesses of the group is not held in, or allocated to, these
business, but is held centrally




The Statement of Recommended Practice on Segmental Reporting by Banks requires the disclosure by geographical segment
of Gross Income, consisting of interest receivable, dividend income, fees and commissions receivable, dealing profits and other
operating income. In the view of the directors, fees and commissions receivable are monitored on a net basis and aggregate split
of fees and commissions receivable and payable by geographical segment would not provide meaningful disclosure.
Consequently, Gross Income is not separately disclosed.
INVESTEC GROUP LIMITED
                                                                                                                                                                      BACK TO
Segmental Analysis                                                                                                                                                     INDEX
31 March 2002
Line of Business Analysis
                                                                                                                                                        Group
                                                                                                                   Treasury &                        Services and
                                                                        Investment          Private Client         Specialised               Asset      Other
                                                                         Banking             Activities             Finance               Management   Activites       Total
                                                                           £000                 £000                  £000                   £000        £000          £000

Net interest income                                                              3,125              75,567                     67,426           4,761       8,238       159,117
Dividend income                                                                  1,382                  61                        238              68         259         2,008
Net fees and commissions receivable                                             76,978             109,250                     13,807          97,852      52,331       350,218
Dealing profits                                                                  9,045               2,526                     24,668          (1,579)     10,640        45,300
Income from long term assurance business                                           -                   -                          -            31,079         -          31,079
Other operating income                                                          24,020               3,750                      1,681            (558)      2,056        30,949

OPERATING INCOME                                                              114,550              191,154                 107,820            131,623      73,524       618,671


Administrative expenses                                                        (70,522)           (133,166)                    (52,292)       (75,027)     (97,503)    (428,510)
Depreciation - tangible fixed assets                                            (1,047)             (4,586)                     (1,612)        (1,382)      (8,299)     (16,926)
Provision for bad and doubtful debts                                              (437)             (9,262)                     (2,132)           (19)      (2,818)     (14,668)
OPERATING PROFIT BEFORE AMORTISATION
OF GOODWILL                                                                     42,544               44,140                    51,784          55,195      (35,096)     158,567

Share of income of associated companies                                             -                   -                          -                4        3,079        3,083
Amortisation of goodwill                                                         (2,673)            (10,597)                    (2,206)       (73,419)     (14,292)    (103,187)
Other exceptional items                                                             -                (7,056)                       -           (9,222)      (1,251)     (17,529)

OPERATING PROFIT BEFORE TAX AND
MINORITIES                                                                      39,871               26,487                    49,578         (27,442)     (47,560)      40,934


Net intercompany interest                                                         3,911              35,241                    (53,952)          (190)     14,990           -

Total Assets (£ million)                                                            641                2,839                    9,933           2,785         825        17,023



The Statement of Recommended Practice on Segmental Reporting by Banks requires, inter alia, net assets to be disclosed
by geographical segment and class of business. In the view of the directors it would not be meaningful to provide this
information since the economic capital of certain significant businesses of the group is not held in, or allocated to, these
business, but is held centrally
INVESTEC GROUP LIMITED
                                                                                                                                                                      BACK TO
Segmental Analysis                                                                                                                                                     INDEX
31 March 2001
Line of Business Analysis
                                                                                                                                                        Group
                                                                                                                   Treasury &                        Services and
                                                                        Investment          Private Client         Specialised               Asset      Other
                                                                         Banking             Activities             Finance               Management   Activites       Total
                                                                           £000                 £000                  £000                   £000        £000          £000

Net interest income                                                              3,472              66,775                     73,103           3,537      12,200       159,087
Dividend income                                                                  2,052                  51                      2,697              54         377         5,231
Net fees and commissions receivable                                             86,174             109,035                     16,599          82,697      44,628       339,133
Dealing profits                                                                 10,147               4,554                     17,576           2,015       1,887        36,179
Income from long term assurance business                                           -                   -                          -               -           -             -
Other operating income                                                           9,733                   (1)                   (2,500)             53       3,979        11,264

OPERATING INCOME                                                              111,578              180,414                 107,475             88,356      63,071       550,894


Administrative expenses                                                        (61,336)           (131,635)                    (49,378)       (65,646)     (77,763)    (385,758)
Depreciation - tangible fixed assets                                              (700)             (3,427)                     (1,192)        (1,364)      (7,242)     (13,925)
Provision for bad and doubtful debts                                            (1,589)             (9,106)                     (4,604)           (94)      (2,622)     (18,015)
OPERATING PROFIT BEFORE AMORTISATION
OF GOODWILL                                                                     47,953               36,246                    52,301          21,252      (24,556)     133,196

Share of income of associated companies                                             -                    122                       119            224         (608)        (143)
Amortisation of goodwill                                                          1,548               (7,994)                   (2,122)        (6,714)      (5,603)     (20,885)

OPERATING PROFIT BEFORE TAX AND
MINORITIES                                                                      49,501               28,374                    50,298          14,762      (30,767)     112,168


Net intercompany interest                                                         1,440              19,968                    (38,423)           (50)     17,065           -

Total Assets (£ million)                                                            817                3,061                   10,334           1,306         466        15,984



The Statement of Recommended Practice on Segmental Reporting by Banks requires, inter alia, net assets to be disclosed
by geographical segment and class of business. In the view of the directors it would not be meaningful to provide this
information since the economic capital of certain significant businesses of the group is not held in, or allocated to, these
business, but is held centrally
INVESTEC GROUP LIMITED
                                                                                                                                                                      BACK TO
Segmental Analysis                                                                                                                                                     INDEX
31 March 2000
Line of Business Analysis
                                                                                                                                                        Group
                                                                                                                   Treasury &                        Services and
                                                                        Investment          Private Client         Specialised               Asset      Other
                                                                         Banking             Activities             Finance               Management   Activites       Total
                                                                           £000                 £000                  £000                   £000        £000          £000

Net interest income                                                              6,077               50,239                    70,640           3,512      (11,980)     118,488
Dividend income                                                                  3,380                  545                        26              88        4,528        8,567
Net fees and commissions receivable                                             64,296               90,437                    13,113          73,766       43,044      284,656
Dealing profits                                                                  7,135                2,681                    12,207             786        2,710       25,519
Income from long term assurance business                                           -                    -                         -               -            -            -
Other operating income                                                          24,705                  139                        22              46       19,308       44,220

OPERATING INCOME                                                              105,593              144,041                     96,008          78,198      57,610       481,450


Administrative expenses                                                        (48,517)           (105,436)                    (42,873)       (58,963)     (68,820)    (324,609)
Depreciation - tangible fixed assets                                              (619)             (2,438)                     (1,176)        (1,274)      (7,635)     (13,142)
Provision for bad and doubtful debts                                              (322)             (7,035)                    (11,088)           (19)      (1,761)     (20,225)
OPERATING PROFIT BEFORE AMORTISATION
OF GOODWILL                                                                     56,135               29,132                    40,871          17,942      (20,606)     123,474

Share of income of associated companies                                              -                   -                       (586)            139         595           148
Amortisation of goodwill                                                             (21)             (6,042)                    (769)         (6,519)       (930)      (14,281)

OPERATING PROFIT BEFORE TAX AND
MINORITIES                                                                      56,114               23,090                    39,516          11,562      (20,941)     109,341


Net intercompany interest                                                         5,748              30,919                    (64,917)           45       28,205           -

Total Assets (£ million)                                                            882                3,097                   10,109            936        1,006        16,030




The Statement of Recommended Practice on Segmental Reporting by Banks requires, inter alia, net assets to be disclosed
by geographical segment and class of business. In the view of the directors it would not be meaningful to provide this
information since the economic capital of certain significant businesses of the group is not held in, or allocated to, these
business, but is held centrally
INVESTEC GROUP LIMITED
                                                                                                                              BACK TO
Segmental Analysis                                                                                                             INDEX


Geographic and Business Analysis of operating profit before tax and goodwill amortisation



Operating profit before tax and goodwill amortisation: 31 March 2002

                                                                                                                Group
                                                                               Treasury and                  Services and
                                              Investment      Private Client   Specialised        Asset         Other
£000                                           Banking         Activities        Finance       Management     Activities       Total
United Kingdom, Europe and Australia                22,977            25,830         10,999          3,878           4,846        68,530
Southern Africa and Other                           18,566            12,831         40,466         50,999         (43,595)       79,267
Israel                                               4,748             3,827             319           318             (82)        9,130
United States of America                            (3,747)            1,652             -              -            3,735         1,640
Total                                               42,544            44,140         51,784         55,195         (35,096)      158,567



Operating profit before tax and goodwill amortisation: 31 March 2001

                                                                                                                Group
                                                                               Treasury and                  Services and
                                              Investment      Private Client   Specialised        Asset         Other
£000                                           Banking         Activities        Finance       Management     Activities       Total
United Kingdom, Europe and Australia                40,284            19,071         10,922          3,031          11,499        84,807
Southern Africa and Other                            5,066            11,697         41,182         18,025         (41,938)       34,032
Israel                                               2,603             2,828             197           196             (52)        5,772
United States of America                               -               2,650             -              -            5,935         8,585
Total                                               47,953            36,246         52,301         21,252         (24,556)      133,196



Operating profit before tax and goodwill amortisation: 31 March 2000

                                                                                                                Group
                                                                               Treasury and                  Services and
                                              Investment      Private Client   Specialised        Asset         Other
£000                                           Banking         Activities        Finance       Management     Activities       Total
United Kingdom, Europe and Australia                39,575            15,895         13,081          1,250           7,123        76,924
Southern Africa and Other                           11,830             6,862         27,531         16,421         (43,627)       19,017
Israel                                               4,730             4,020             259           271             173         9,453
United States of America                               -               2,355             -              -           15,725        18,080
Total                                               56,135            29,132         40,871         17,942         (20,606)      123,474
INVESTEC GROUP LIMITED
Segmental Analysis                                                                         BACK TO INDEX

Further breakdown of operating profit before tax and goodwill amortisation

                                                       31-Mar-02         31-Mar-01           31-Mar-00
                                                         £000              £000                £000

INVESTMENT BANKING
Corporate Finance                                              12,274           29,530              16,389
Institutional research and sales and trading                    9,636            7,653              11,900
Direct Investments                                              9,222           (7,231)             22,544
Private Equity                                                 11,412           18,001               5,302
                                                               42,544           47,953              56,135


PRIVATE CLIENT ACTIVITIES
Private Banking                                                26,867           19,580              14,382
Private Client Stockbroking and Portfolio Management           17,273           16,666              14,750
                                                               44,140           36,246              29,132


TREASURY AND SPECIALISED FINANCE
Banking Activities                                             39,662           35,839              29,400
Financial Market Activities                                    12,122           16,462              11,471
                                                               51,784           52,301              40,871

ASSET MANAGEMENT
Asset Management                                               24,115           21,252              17,942
Assurance Activities                                           31,080              -                   -
                                                               55,195           21,252              17,942

GROUP SERVICES AND OTHER ACTIVITIES
International Trade Finance                                     2,424            3,466               4,719
Property Worldwide                                              5,781            6,712               3,657
US Clearing & Execution Activities                              3,855            6,183               4,476
UK Traded Endowments                                            2,531              -                   -
Other Activities                                               14,591           16,361              12,852

Central Funding                                               (10,556)           (1,702)            (3,782)
Central Costs                                                 (39,131)          (39,215)           (29,676)
                                                              (35,096)          (24,556)           (20,606)


Total                                                         158,567          133,196             123,474
INVESTEC GROUP LIMITED

                                                                                                            BACK TO
Segmental Analysis                                                                                           INDEX


Select Balance Sheet Information
Year Ended 31 March

                                                       Southern Africa & Other           UK, Europe & Australia                 USA                       Israel                     Total
£'millions                                            2002      2001      2000          2002     2001      2000         2002    2001     2000     2002     2001     2000    2002     2001     2000
Loans and Advances to Customers*** Note 1              1,948     2,068      1,727        2,090    1,614     1,830         487     710      987      255       350     309    4,780    4,742    4,853
Other interest bearing assets                            942     1,707      1,640        5,989    6,165     6,362          50        6        5     635       614     573    7,616    8,492    8,580
Ordinary Shareholders' Funds                             275       104        108          454      392        342         41      47       44       30        36      34      800      579      528
Tangible Net Asset Value                                  99       112        101          206      162        144         14      26       23       30        36      34      348      336      302
Goodwill                                                 176         (8)        7          248      230        198         27      21       21                                 451      243      226


***Note 1: These amounts include cash and cash equivalents. Core advances are as follows:

Core Advances                                          1,636       1,784      1,503      1,228        847         687     131     243      505      255      350      309    3,250    3,224    3,004



NOTE:
The numbers in this worksheet have not been audited as they are not ostensibly discernable from the short form.
INVESTEC GROUP LIMITED


                                                                                           BACK TO
Number of Employees                                                                         INDEX

                                      31 March 2002    31 March 2001     31 March 2000
Investment Banking
SA & Other                                      116                147              147
UK & Europe & Australia                         186                140               99
USA                                             111                  3
Israel                                           49                 54               45
Total                                           462                344              291


                                      31 March 2002    31 March 2001     31 March 2000
Treasury & Specialised Finance
SA & Other                                      271                300              279
UK & Europe & Australia                         177                128               93
USA                                               7
Israel                                           48                 13               12
Total                                           503                441              384


                                      31 March 2002    31 March 2001     31 March 2000
Private Banking
SA & Other                                      571                542              534
UK & Europe & Australia                         336                393              305
USA
Israel                                           51                 97               97
Total                                           958              1,032              936


                                      31 March 2002    31 March 2001     31 March 2000
Private Client Stockbroking
SA & Other                                      148                164              149
UK & Europe                                     415                402              407
USA                                             292                430              336
Israel
Total                                           855                996              892


                                      31 March 2002    31 March 2001     31 March 2000
Private Client Total
SA & Other                                       719               706               683
UK & Europe & Australia                          751               795               712
USA                                              292               430               336
Israel                                            51                97                97
Total                                          1,813             2,028             1,828


                                      31 March 2002    31 March 2001     31 March 2000
Asset Management
SA & Other                                      512                413              387
UK & Europe                                     245                252              236
USA                                               6                  5                7
Israel
Total                                           763                670              630

Assurance                                        576


                                      31 March 2002    31 March 2001     31 March 2000
Group Services and Other Activities
SA & Other                                       815               678               684
UK & Europe & Australia                          235               176               239
USA                                              272               421               318
Israel                                            90                78                67
Total                                          1,412             1,353             1,308


Total employees                                5,529             4,836             4,441




                                      31 March 2002    31 March 2001     31 March 2000
SA & Other                                                   3,009                  2,244                 2,180
UK,Europe & Australia                                        1,594                  1,491                 1,379
USA                                                            688                    859                   661
Israel                                                         238                    242                   221
Total                                                        5,529                  4,836                 4,441




NOTE:
The numbers in this worksheet have not been audited as they are not ostensibly discernable from the short form.
INVESTEC GROUP LIMITED
Administrative Expenses
                                                                                                 BACK TO
                                                                                                  INDEX

                                                                     Year     Year     Year
                                                                    ended    ended    ended
                                                                   31 March 31 March 31 March
                                                                     2002     2001     2000
                                                                     £000     £000     £000

Staff costs (including directors' remuneration)
Wages and salaries                                                 245,572   225,385   191,925
Social security costs                                               15,036    13,064     8,267
Pension and provident fund contributions                            14,623    12,342     9,942

Other administrative expenses                                      153,279   134,967   114,475
Premises (excluding depreciation)                                    9,221     8,050     6,393
Operating rental expenses                                           16,634    14,054    14,242
Equipment (excluding depreciation and operating rental expenses)    31,980    30,386    20,663
Business expenses                                                   79,717    63,723    59,206
Marketing expenses                                                  15,727    18,754    13,971

                                                                   428,510   385,758   324,609
INVESTEC GROUP LIMITED
Asset Quality
                                                                                                                BACK TO
                                                                                                                 INDEX
Some of the more pertinent details relating to the quality of Investec's
loan book to customers are shown below


Asset quality, specific and general provisions                               Year        Year        Year
                                                                            ended       ended       ended
                                                                           31 March    31 March    31 March
                                                                             2002        2001        2000
                                                                             £000        £000        £000

Total loans and advances to customers                                      4,844,707   4,817,394    4,931,522
less : cash equivalent debtors                                             1,530,257   1,518,287    1,848,509
Core loans and advances to customers                                       3,314,450   3,299,107    3,083,013
Managed book                                                                  73,587     102,777       85,646
Net loans and advances to customers                                        3,240,863   3,196,330    2,997,367

Average net loans and advances to customers                                3,306,779   3,191,060    3,101,317
Consolidated profit and loss provision charge                                 14,668      18,015       20,225

Specific provision                                                            27,252      44,496       49,989
General provision                                                             36,975      31,216       28,396
Total provision                                                               64,227      75,712       78,385

Gross non-performing loans                                                    38,124      56,477       66,852
Security                                                                      11,821      27,113       30,970
Net non-performing loans                                                      26,303      29,364       35,882

Adequacy of provisions

Consolidated profit and loss provision charge as a % of average loans
and advances to customers                                                      0.44%       0.56%       0.65%
Specific provision as a % of core loans and advances to customers              0.82%       1.35%       1.62%
General provisions as a % of net loans and advances to customers               1.14%       0.98%       0.95%
Total provisions as a % of core loans and advances to customers                1.94%       2.29%       2.54%
Total provisions as a % of gross non-performing loans                        168.47%     134.06%     117.25%
Total provisions as a % of net non-performing loans                          244.18%     257.84%     218.45%

								
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