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Mission Statement Mission statement “We aspire to be one of the world’s great specialist banking groups, driven by commitment to our core philosophies and values” PHILOSOPHIES • Single organisation • Meritocracy • Focused businesses • Differentiated, yet integrated • Material employee ownership • Creating an environment that stimulates extraordinary performance VALUES • We demand cast-iron integrity in all internal and external dealings, consistently and uncompromisingly displaying moral strength and behaviour which promotes trust • We will break china for the client, having the tenacity and confidence to challenge convention • We show concern for people, support our colleagues and encourage growth and development • We thrive on change, continually challenging the status quo and recognising that success depends on flexibility, innovation and enthusiasm in meeting the needs of our changing environment • We believe that open and honest debate is the appropriate process to test decisions, seek consensus and accept responsibility • We are creative individuals who co-operate and collaborate unselfishly in pursuit of Group performance • We respect the dignity and worth of the individual through openness and tolerance of difference and by the sincere, consistent and considerate manner in which we interact • We require talented people with passion, energy and stamina, who exercise common sense in achieving effective performance in a high pressure, multitask environment • We promote entrepreneurial flair and the freedom to operate within the context of risk consciousness, sound judgement and the obligation to do things properly INVESTEC GROUP LIMITED History BASISSINCE INCEPTION OF PRESENTATION AS a small finance company in 1974, the development of Investec has followed a carefully charted course. Based on the core philosophy of building well-defined businesses focused on serving the needs of select market niches, Investec’s steady expansion in the years since then has been firmly rooted in the recognition of a clearly defined strategy for the Group. 1980 in the capital of both groups and facilitates an extension of the range of financial products and Investec acquires a banking licence. This enables it services which both groups can offer. to expand its activities beyond leasing and instalment finance into such areas as corporate and professional banking, treasury, corporate 1992 finance and project finance. Regional offices are opened in Durban and Cape Town and a network of Investec acquires London-based Allied Trust Bank international contacts is established. Limited (ATB). This represents the first international expansion by the Group. 1986 1993 Having enjoyed a close relationship with Metboard Limited, a trust company established in 1937, Investec acquires South Africa’s oldest confirming Investec and Metboard are merged. This house, Gerber Goldschmidt Finance (Pty) Limited. development adds portfolio management, a participating mortgage bond scheme and an in- house unit trust to the growing range of products 1994 and services offered by Investec. Investec acquires control of the listed securities trading group, Sechold Limited (Sechold). Investec Holdings Limited is listed on the Johannesburg Stock Exchange. 1995 1988 Investec acquires fleet management company APA Network Consultants (Pty) Limited, since renamed In a major restructure, Investec Bank Limited (now Investec Fleet Management. Investec’s wholly- Investec Group Limited) is listed separately. An owned subsidiary Reichmans acquires GDM Finance important consequence of this listing is to place Limited. control in the hands of Investec management and staff, a factor which continues to be integral to Sechold is delisted. the success of the Group. Investec acquires London-based Clive Discount Company Limited (Clive), a development which 1990 further enhances Investec’s capability as a niche player within the UK securities market and Investec acquisitions include property management supports its ability to distribute South African company I Kuper & Company (Pty) Limited, financial instruments internationally. Corporate Merchant Bank Limited (formerly Hill Samuel Merchant Bank Limited) and leading trade Investec acquires the money broking operations of finance company Reichmans Limited. Cazenove & Company, subsequently merged into Clive. 1991 At this point all of the Group’s UK trading activities fall under Clive. Investec forges a strategic alliance with life assurance company Fedsure Holdings Limited, Investec acquires stockbroking company Solms & through the creation of significant cross Company Inc. and becomes an active member of shareholdings. This alliance results in an increase the Johannesburg Stock Exchange. 1 INVESTEC GROUP LIMITED 1996 NDH Bank Limited, one of the Sechold Banks, is sold to Capital Alliance Group. Investec acquires local stockbroker, Fergusson Bros. Limited. This is then integrated with other trading activities to form Investec Securities Limited. 1998 Investec acquires New York-based registered Investec Bank (Jersey) Limited, a private bank broker-dealer Ernst & Company. based in Jersey, is established, a development motivated by the need to give clients even greater All Clive trading operations are merged into offshore advantages. Investec Bank (UK) Limited. Investec acquires a controlling interest in Israel Investec acquires, from the Bank of Yokohama, General Bank Limited (IGB), the eighth largest bank Guinness Mahon Holdings PLC (“Guinness Mahon”). in Israel. The acquisition is motivated by a desire The purchase includes 42% of Guinness Flight to cement the already strong relationship between Hambro Asset Management Limited (GFH). South Africa and Israel and to develop some of the obvious synergies between the two countries. Investec acquires Hambros PLC which includes a further 42% of GFH. Investec acquires London-based stockbroker and private client portfolio management company, Carr Investec sells Fleet Management to ABN Amro Sheppards Limited. Lease Holding N.V. Investec acquires management’s stake in Guinness 1997 Flight Hambro ATB is renamed Investec Bank (UK) Limited. Investec sells District Securities Bank Limited, one of the trading banks acquired under Sechold, to R. Cadiz & Company. Investec and Credit Suisse First Boston enter into an agreement relating to corporate finance Investec Australia acquires local fund managers activities, the stated intention of which is for the the ACSIS Group of Companies. two banks to work together on cross-border mergers and acquisitions, corporate restructuring Guinness Flight Hambro Asset Management merges and privatisations. with Investec Asset Management and is renamed Investec Guinness Flight Limited. The Group engages in an internal restructure whereby all banking operations fall under Investec Ernst & Company acquires New York retail broker Merchant Bank Limited. Investec Bank Limited Stuart Coleman & Company. changes its name to Investec Group Limited and simultaneously, Investec Merchant Bank Limited changes its name to Investec Bank Limited. 1999 Investec establishes a grass roots operation in Investec Bank (UK) Limited and the banking Australia. business of Guinness Mahon merge. Investec Bank (UK) Limited now also incorporates Investec Investec acquires the Mauritian-based bank, Henderson Crosthwaite, Investec Private Equity and Investec Insurance. Banque Privée Edmond de Rothschild (Ocean Indien) Ltée. The private client portfolio management and stockbroking activities of Henderson Crosthwaite Investec opens representative offices in Hong Kong merge with Carr Sheppards and the company is and establishes an effective gateway into South renamed Carr Sheppards Crosthwaite Limited. East Asia. Investec sells Securities Investment Bank Limited The Group establishes asset management into Saflife Limited. operations in Botswana and Namibia. Listings on the Namibian and Botswana Stock Exchanges Investec acquires the Johannesburg Retail follow. Investec Securities (Botswana) (Pty) Limited Stockbroking division of HSBC Simpson McKie (Pty) is registered and a licence to trade is approved. Limited. 2 INVESTEC GROUP LIMITED • INVESTEC HOLDINGS LIMITED Financial Highlights % INVESTEC GROUP LIMITED 1999 1998 Increase Headline earnings attributable to ordinary shareholders (R’millions) 857,0 572,0 49,8 Headline earnings per share (cents) 1077,5 790,1 36,4 Diluted headline earnings per share (cents) 1089,9 782,4 39,3 Dividends per share (cents) 475,0 350,0 35,7 Net tangible asset value per share (R) 65,7 76,5 (14,1) Total assets (R’billions) 113,0 83,0 36,1 Assets under management (R’billions) 361,0 196,0 84,2 Capital and reserves to total assets 7,8% 8,7% Capital adequacy ratios Capital and reserves to risk-weighted assets 15,2% 19,8% Tier one 14,4% 15,8% Tier two 0,8% 4,0% INVESTEC HOLDINGS LIMITED Headline earnings attributable to ordinary shareholders (R’millions) 377,0 266,0 41,7 Headline earnings per share (cents) 927,2 699,6 32,5 Diluted headline earnings per share (cents) 994,5 677,0 46,9 Dividends per share (cents) 425,0 300,0 41,7 Net tangible asset value per share (R) 47,5 61,7 (23,0) Total assets (R’billions) 113,0 83,0 36,1 Assets under management (R’billions) 361,0 196,0 84,2 Investec Group Limited Investec Group Limited Investec Holdings Limited Diluted headline earnings per share Dividends per share Diluted headline earnings per share (cents) (cents) (cents) 1200 500 1000 450 900 1000 400 800 350 700 800 300 600 600 250 500 200 400 400 150 300 100 200 200 50 100 0 0 0 90 91 92 93 94 95 96 97 98 99 90
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