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Tue 11 Oct 2005, 10:41 Investec Bank - Variable Strike Warrants: Adjustme
Investec Bank - Variable Strike Warrants: Adjustment to the Exercise Price      
Investec Bank Limited                                                           
Investec Variable Strike Warrants:  Adjustment to the Exercise Price as of      
11/10/2005                                                                      
Share        Initial   Adjusted  Expiry  Conv.  Call  Style      Issue    JSE   
             Exercise  Exercise  Date    Ratio  /Put             Size     Code  
             Price     Price                                                    
per       per                                                      
             Share     Share                                                    
Allan Gray   R1.55     R1.09     18/09/  1:1    Call  European   25       GRYIVA
Property                         2013                            Million        
Trust                                                                           
Growthpoint  R3.10     R1.90     18/09/  1:1    Call  European   25       GRTIVA
Properties                       2013                            Million        
Limited                                                                         
Martprop     R1.15     R0.79     18/09/  1:1    Call  European   25       MTPIVA
Property                         2013                            Million        
Fund                                                                            
Pangbourne   R3.65     R1.58     18/09/  1:1    Call  European   25       PAPIVA
Properties                       2013                            Million        
Limited                                                                         
Redefine     R1.25     R0.73     18/09/  1:1    Call  European   25       RDFIVA
Income Fund                      2013                            Million        
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 11 October 2005.  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)                                            
Date: 11/10/2005 10:41:04 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                
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