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Thu 30 Sep 2004, 12:32 VARIABLE STRIKE WARRANTS
INVESTEC VARIABLE STRIKE WARRANTS -  ADJUSTMENT TO THE EXERCISE PRICE AS OF     
30/09/2004                                                                      
Investec Variable Strike Warrants:  Adjustment to the Exercise Price as of      
30/09/2004                                                                      
  Share         Initi  Adjus  Expiry      Con Call  Style      Issue    JSE     
                al     ted    Date        v.  /Put             Size     Code    
                Exerc  Exerc              Rat                                   
ise    ise                io                                    
                Price  Price                                                    
                per    per                                                      
                Share  Share                                                    
Allan Gray    R1.55  R1.38  18/09/2013  1:1 Call  European   25       GRYI    
  Property                                                     Million  VA      
  Trust                                                                         
  Growthpoint   R3.10  R2.55  18/09/2013  1:1 Call  European   25       GRTI    
Properties                                                   Million  VA      
  Limited                                                                       
  Martprop      R1.15  R1.01  18/09/2013  1:1 Call  European   25       MTPI    
  Property                                                     Million  VA      
Fund                                                                          
  Pangbourne    R3.65  R3.06  18/09/2013  1:1 Call  European   25       PAPI    
  Properties                                                   Million  VA      
  Limited                                                                       
Redefine      R1.25  R1.06  18/09/2013  1:1 Call  European   25       RDFI    
  Income Fund                                                  Million  VA      
  Limited                                                                       
As a result of the `Recalculation` an adjustment will be made to the exercise   
price to ensure the financial position of the warrant holders is unprejudiced by
this event.  This adjustment will be effective from 30 September 2004.  The     
warrant is exercisable only in accordance with the terms and conditions as set  
out in the relevant offering circular.                                          
Copies of the offering circular may be obtained from:                           
Investec Bank Limited                                                           
100 Grayston Drive                                                              
Sandown                                                                         
Sandton                                                                         
2196                                                                            
For further information contact:                                                
Investec Warrants                                                               
Tel.: 286-4742                                                                  
E-mail: warrants@investec.co.za                                                 
Internet: www.investecwarrants.com                                              
Sponsor                                                                         
Investec Securities Limited                                                     
Member of the JSE                                                               
Registration number. 1972/008905/06)
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