Investec is proposing to acquire Kensington Group PLC, a specialist banking group. The terms include exchanging 0.7 Investec shares for each Kensington share plus a special dividend. The acquisition is unanimously recommended by Kensington's board and is strategically aligned with Investec's focus on expanding its principal finance and securitization activities. The combination is expected to be financially beneficial despite representing only a small portion of Investec's assets, with earnings expected to increase in the first year.

1. A distinctive specialist banking group
Proposed acquisition of Kensington Group PLC
Presentation 30 May 2007
A distinctive specialist banking group
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2. A distinctive specialist banking group
Overview - transaction highlights
and strategic rationale
A distinctive specialist banking group
Transaction highlights
• 0.7 Investec shares for each Kensington share – represents 5.8%
of Investec’s aggregate issued share capital post the deal
Terms
• Plus special dividend declared by Kensington of 26p per share
• Unanimously recommended by the Board of Kensington
• 519.5p per Kensington share based on closing price the day before
announcement, representing a premium of 6.0%
Value
• Values Kensington’s fully diluted share capital at £283mn
• Class 2 transaction for Investec in terms of UK listing rules
Structure and
• Scheme of arrangement
timing
• Expected closing end August 2007
• Regulatory approvals
Conditions
• Kensington shareholder approval
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3. A distinctive specialist banking group
Strategic rationale – key messages
Thorough understanding of Kensington assets
• Market is well known to Investec
• Undertaken a thorough due diligence of the risks implicit in the Kensington business
Consistent with our stated strategic growth objectives
• “Bolt-on” acquisition – expanding our existing principal finance and securitisation activities
• Kensington represents 9% of the group’s assets*
• Will be earnings enhancing in the first year – pre synergies**
Compelling strategic rationale
• Kensington will be an attractive platform for growth with the right capital and funding structure
• Investec has the ability to leverage Kensington’s existing origination and distribution platform and
take advantage of the potential securitisation opportunities that arise
*Based on last reported numbers: year to 31 Mar 07 for Investec, year to 30 Nov 06 for Kensington. Assets exclude securitised assets.
**This statement should not be interpreted to mean that earnings per Investec share for the current or future financial years, or those of the
combined group, will necessarily match or exceed the historical published earnings per Investec share.
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A distinctive specialist banking group
An overview of Kensington
Kensington Group
Assets under management: £7.1 bn
Group Chief Executive: Alison Hutchinson
Pioneer in non-standard specialist lending with longstanding presence
• Recognised brand, innovative products and broad distribution
• Rigorous focus on underwriting and arrears management
• Highest rated specialist residential mortgage servicer by Fitch
100% 57% 65% 15%
Kensington Money Partners Ltd Start Mortgages BlueStep
Ireland Sweden
Mortgages (MPL)
Intermediaries / Direct Direct to consumer
Intermediaries Intermediaries / Direct
Brokers Specialist mortgages in
1st / 2nd Charge Brokers
Broad range of underdeveloped
1st / 2nd Charge
Mortgages
specialist mortgage market
Mortgages
product
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4. A distinctive specialist banking group
Investec’s stated strategic positioning
Mission: to be a distinctive specialist Pursue a long-term sustainable growth
banking group strategy
• Build well-defined, value-added businesses • Deliver on financial targets
• Serve the needs of select market niches where • Organic growth in areas where we have
we can compete effectively significant scale
• Entrepreneurial culture, balanced by a strong • Actively seek “bolt-on” acquisitions that
risk management discipline expand our position in our core businesses and
deliver competitive advantages quickly and
• Client-centric approach and ability to be
efficiently
nimble, flexible and innovative
Kensington is in line with our strategic
growth objectives
Enhances our existing capabilities within our Capital Markets division
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A distinctive specialist banking group
Investec Capital Market Activities
• Successfully leveraged its platforms and enhanced its capabilities
• Recorded a 55% compound annual growth rate in PBT* over the past four years
• Core area of focus over past few years – develop specialist principal finance and
securitisation activities
• UK and Europe business has to date completed £3 billion of securitisations (including
securitisations of non-conforming mortgages totalling £550 million)
* Where PBT is operating profit before taxation, goodwill and non-operating items.
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5. A distinctive specialist banking group
Financial impact and risk
analysis
A distinctive specialist banking group
Summary
Kensington Investec
Is an attractive franchise Compelling strategic fit
• Strong market position and recognised brand • Existing market presence
• Established distribution • Increased scale
• Innovative product range • “Bolt-on” acquisition
• Prudent risk management
• Track record of service excellence Benefits Investec provides to Kensington
• Stronger balance sheet, subject to strict
capital allocation criteria
However, has been under pressure
• Access to lower funding costs
• Higher funding costs in the face of declining
margins – income from future cash flows has • Capital markets expertise
reduced
• Changing customer redemption behaviour
reducing early redemption income
• Lack of capital to fund growth
Enhanced competitive positioning
Increased flexibility
Tangible synergies
Well placed to take advantage of growing market
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6. A distinctive specialist banking group
Financial impact analysis
• Operationally, the acquisition is relatively small and does not change group drivers
• Kensington represents 9% of the group’s assets*
• Increase in tangible NAV per share of 10%*
• Will be earnings enhancing in first year – pre synergies**
• We expect the acquisition to have the following impact on our performance against our
financial targets
Target Actual Impact
31 March 2007
ROE above 20% 26.1% Marginal decline
Cost: income ratio below 65% 59.0% Improvement
Capital adequacy ratio 13-16% Investec plc: Marginal decline
24.7%
Source: Company report and accounts: year to 31 Mar 07 for Investec, year to 30 Nov 06 for Kensington.
*Based on last reported numbers. Assets exclude securitised assets. Number of shares used in NAV calculation includes proposed new shares to
be issued.
**This statement should not be interpreted to mean that earnings per Investec share for the current or future financial years, or those of the
combined group, will necessarily match or exceed the historical published earnings per Investec share. 11
A distinctive specialist banking group
Risk analysis
• One of Kensington’s underlying capabilities remains prudent risk management
Risk factor Kensington position
• Low LTVs – 67% on a weighted average indexed* basis
Borrower risk
• High affordability – 59% of portfolio with debt service ratio of less than 25%*
• Rigorous checking of valuations
Asset risk
• Avoid property concentration
• Non-recourse financing throughout
Funding risk
• Exposure limited to reserve funds - £186mn
Collection
• Direct debits only
risk
Unexpected
• Net margin covers expected loss by 6x**
losses
Prepayment
• High redemption charges during fixed rate teaser periods
risk
Source: Kensington
*UK portfolio. **KM first charge mortgages. 12

7. A distinctive specialist banking group
Value creation opportunities
A distinctive specialist banking group
Tangible opportunities for value creation
Cost reductions Capital
• Option to write higher quality business
• Planned cost reduction programme
• Opportunity to reduce proportion of
• Invest in infrastructure to enhance
originations sold
efficiencies
• Subject to strict capital allocation and
• Properties return criteria
• Head office costs
• Eliminate duplicated functions
Funding benefits Integration
• Existing term loans • Straightforward process, leveraging
extensive integration experience of
• Enhanced securitisation structuring
Investec
benefits
14

8. A distinctive specialist banking group
Significant under penetration in new growth markets
Industry gross Kensington
Industry year-on-
advances Group
Market sector
year growth (%)
2006 (UK only)
Prime Self-
£20.0bn 11.1% New entrant
Certified
Prime buy-to-let £34.3bn 40.0% New entrant
Source: Kensington 2006 preliminary results presentation: table was extracted from a variety of sources,
including CML, Datamonitor and industry references
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A distinctive specialist banking group
Conclusion

9. A distinctive specialist banking group
Conclusion
The combination of Investec’s stronger balance sheet, access to
lower cost of funding, and capital markets expertise, together with
Kensington’s established distribution, innovative product range,
and prudent risk management, create a strong combination for the
growing non-standard mortgage marketplace
• Compelling strategic rationale - aligned with Investec strategy
• Risks are well understood and a thorough due diligence has been undertaken -
small in the overall context of the group
• Offers attractive financial benefits
17
A distinctive specialist banking group
South Africa: Investec sale of property fund
management and property administration business to
Growthpoint

10. A distinctive specialist banking group
Summary
Transaction Rationale
• Investec infrastructure geared largely
• Sale of fund management and property
towards supporting Growthpoint
admin businesses by Investec to
• Growthpoint significant increase in
Growthpoint
scale – appropriate for them to manage
• Effective date: 1 July 2007 own assets
• Purchase consideration: R1.4 bn –
settled through issue of 87 mn
Growthpoint units
Financial impacts Outlook
• Maintain relationship with Growthpoint
• Earnings* – no significant impact
• Investec will focus on:
• NAV per share* – approx 8% increase
- Trading and development opportunities
- Increase FUM in listed property business
- Create, manage and distribute specialist
funds to clients
*As reported 31 March 2007
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A distinctive specialist banking group
Further information
• Contact the Investec investor relations team:
• Telephone
– UK: +44 (0) 207 597 5546
– SA: +27 (0)11 286 7070
• Fax: +27 11 (0) 291 1597
• E-mail: investorrelations@investec.com
• Useful links:
• Investec’s website: http://www.investec.com
• Kensington’s website: http://www.kensingtongroup.co.uk
• Growthpoint’s website: http://www.growthpoint.co.za
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