This Interim Management Statement is issued by Investec in accordance with the UK Listing Authority's Disclosure and Transparency Rules. Unless stated otherwise, key trends and figures highlighted below refer to the nine months ended 31 December 2011 and the corresponding period in the previous year. Performance overview Against a backdrop of volatile markets and low levels of activity the third quarter of the group`s 2012 financial year has proven to be challenging. The asset management and wealth management businesses continued to see net inflows however overall assets under management pre the acquisition of Evolution Group plc (refer below) declined. The Specialist Banking businesses benefited from growth in both margin and fee income but earnings from principal activities decreased substantially. Salient features of the nine month period to 31 December 2011 compared to the nine month period to 31 December 2010: *The group recorded an increase in total operating income net of insurance claims and depreciation of leased assets of 4.6%. *Net interest income was 7.7% ahead of the prior year. *Net fees and commissions were 16.3% ahead of the prior year. *Income from principal transactions was 31.3% behind the prior year. * Operating costs increased by 6.8% compared to the prior year. *Operating profit before goodwill, acquired intangibles, non- operating items and taxation and after non-controlling interests is 5.6% behind the prior year. *The credit loss charge as a percentage of average gross loans and advances annualised for the period amounted to 1.00% (31 March 2011: 1.27%). *Recurring income as a percentage of total operating income amounted to approximately 69%. *As at 31 December 2011 the capital adequacy ratio of Investec plc (applying UK Financial Services Authority rules to its capital base) was 17.2% and the capital adequacy ratio of Investec Limited (applying South African Reserve Bank rules to its capital base) was 15.8%. The ratio for Investec plc takes into account the implementation of Basel 2.5 which became effective on 31 December 2011. The ratio for Investec Limited is pre Basel 2.5 which only became effective on 1 January 2012. The impact of Basel 2.5 on Investec Limited is not significant. *The group had approximately GBP9.5 billion of cash and near cash available to support its activities. * Since 31 March 2011 (the end of the group`s financial year): - Third party assets under management increased 1.9% to GBP90.6 billion - an increase of 8.2% on a currency neutral basis. These numbers include GBP6.9 billion acquired from the Evolution Group plc. *Customer accounts (deposits) decreased 0.7% to GBP24.3 billion - an increase of 5.6% on a currency neutral basis. *Core loans and advances decreased 3.2% to GBP18.2 billion - an increase of 4.7% on a currency neutral basis. *Core advances (excluding own originated securitised assets) as a percentage of customer deposits were 70.6% (31 March 2011:72.4%). Timetable: *Pre-close briefing: 15 March 2012 *Year-end: 31 March 2012 *Release of year-end results: 17 May 2012