Operational structure

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During July 2002 Investec Group Limited (since renamed Investec Limited), implemented a Dual Listed Companies (DLC) structure and listed its offshore business on the London Stock Exchange. A circular on the establishment of our DLC structure was issued on 20 June 2002 and is available on our website.

Our DLC structure and main operating subsidiaries

All shareholdings in the ordinary share capital of the subsidiaries are 100%, unless otherwise stated. The directorate of the main operating entities and subsidiaries are indicated on the pages that follow.

Salient features

•	Investec plc and Investec Limited are separate legal entities and listings, but are bound together by contractual agreements and mechanisms
•	Investec operates as if it is a single unified economic enterprise
•	Shareholders have common economic and voting interests as if Investec plc and Investec Limited were a single company
•	Creditors, however, are ring-fenced to either Investec plc or Investec Limited as there are no cross guarantees between the companies.

Investec Limited, which houses our Southern African and Mauritius operations, has been listed in South Africa since 1986