Investec Announces Investment Opinion: Investec Initiates Coverage of the Electronics Manufacturing Services Sector

Business Wire, August 9, 2002

Business Editors

NOTE TO EDITORS: The following is an investment opinion issued

by Investec

NEW YORK--(BUSINESS WIRE)--Aug. 9, 2002

Initiating Coverage on Benchmark Electronics,

Celestica, Jabil Circuit, and Plexus

Scot Robertson, Electronics Manufacturing Services (EMS) analyst at Investec Inc., has initiated coverage of the EMS sector. EMS companies provide outsourced manufacturing and design services for electronic systems.

"We firmly believe that the industry is poised to return to a healthy growth rate in the 15%-20% range in calendar 2003, and that now is the time for investors to step into selected companies," Robertson said. Within the context of that favorable, long-term backdrop, Investec has identified key investment opportunities for the near term:

Celestica, Inc. (CLS--STRONG BUY - $20.05). Given Celestica's strong position in the enterprise hardware market, in addition to a solid balance sheet and profitability record, we believe the company remains an excellent way to play growth in the electronics market as demand accelerates in calendar 2003.

Benchmark Electronics, Inc. (BHE--STRONG BUY - $26.40). Benchmark has managed the current downturn better than the bulk of its peers and with a growing systems integration business, 31 new programs slated to ramp over the next 18 months, and no apparent restructurings on the horizon, we believe the company remains an excellent way to play growth in the electronics market as demand accelerates in calendar 2003.

Investec also initiated coverage of Jabil Circuit, Inc. (JBL - $18.31) and Plexus Corp. (PLXS - $13.45) with BUY recommendations.

Investec maintains its STRONG BUY rating on TTM Technologies (TTMI - $3.95), and maintains BUY ratings on Merix Corporation (MERX - $7.98) and DDi Corp. (DDIC - $0.48).

Investec's Electronics Research Group employs a food chain approach to coverage of the electronics sector, which spans Semiconductor Capital Equipment, Electronic Design Automation Software, Semiconductor Devices, Electronics Manufacturing Services, Embedded Systems, and Consumer Electronics.

Investec Inc. makes a market in the shares of: PLXS, DDIC, MERX, and TTMI.

Editor's note: Interviews are available upon request.

About Investec Group

The Investec Group (JSE Securities Exchange: INT) is an international specialist-banking group which provides a wide range of specialized products and services to a select client base in 15 countries worldwide. The Group is organized in four principal businesses: investment banking, treasury and finance activities, private client activities and asset management. Investec Group employs over 5,000 individuals worldwide. It is one of the Top 25 largest companies listed on the Johannesburg Stock Exchange and ranks among the world's top 350 banks with total assets under management exceeding $70 billion.

About Investec Inc.

Investec Inc. is the United States investment banking arm of Investec Group. The firm is a full service, research-oriented investment bank focusing on companies in the technology, healthcare, and consumer products industries. Investec provides a full range of investment banking services, including public and private equity financings, private placements, mergers and acquisitions, and financial advisory services. Clients also benefit from its wealth management and asset management services.

This communication is neither an offer to sell nor a solicitation of an offer to buy any securities mentioned herein. The information contained herein has been obtained from sources that we believe to be reliable but we do not guarantee its accuracy or completeness. Investec Inc. and/or its affiliates may have a position in the securities described herein. Available information supporting this recommendation will be furnished upon request. This report is not directed to, nor intended for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Investec Inc. or its affiliates to any registration or licensing requirement within such jurisdiction. Investec may seek to provide investment banking services for the companies mentioned herein. As is the case with all employees, analyst's compensation is impacted by overall firm profitability, including revenues from Retail Sales, Institutional Sales and Investment Banking. Note that analyst compensation is determined based upon services intended to benefit the investor clients of Investec Inc. and its related companies. Investec Inc. and/or its affiliates usually make a market in DDIC, MERX and TTMI. Investec Inc. and or its employees may sell or buy DDIC, MERX and TTMI from customers on a principal basis. All prices contained in this Press Release are current as of the date of the release.