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Mon 17 Oct 2005, 12:54 Investec Bank Limited - Terms And Conditions Of Th
Investec Bank Limited - Terms And Conditions Of The Sanlam Limited Warrants     
Investec Bank Limited                                                           
JSE SHARE CODE: SLMIBB                                                          
JSE ISIN CODE:  ZAE000066544                                                    
JSE SHARE CODE: SLMIBC                                                          
JSE ISIN CODE:  ZAE000071551                                                    
JSE SHARE CODE: SLMIDA                                                          
JSE ISIN CODE:  ZAE000066650                                                    
TERMS AND CONDITIONS OF THE SANLAM LIMITED WARRANTS                             
As a result of the "Scheme of Arrangement", Sanlam Limited (SLM) will be trading
Ex-Scheme of Arrangement on Monday, 17 October 2005, Warrant holders are advised
that under the Scheme of Arrangement, Sanlam Limited has acquired 10 (SLM)      
shares for every 100 (SLM) shares held in return for a consideration of R12.00  
per (SLM) share acquired.  Investec Bank Limited, in its capacity as Calculation
Agent, has determined the impact of this event on its warrant terms, but since  
the adjustment amount is 1 cent or less, Investec Bank Limited has decided that 
no adjustment is required.                                                      
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.: 0860 103 343                                                              
E-mail: warrants@investec.co.za                                                 
Internet: www.investecwarrants.com                                              
Sponsor                                                                         
Investec Securities Limited                                                     
Member of the JSE                                                               
Registration number. 1972/008905/06)                                            
Date: 17/10/2005 12:54:06 PM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                
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