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Tue 3 Jan 2006, 10:50 Investec Bank Limited - Variable Strike Warrants:
JSE
 INVS                                                                            
Investec Bank Limited - Variable Strike Warrants:  Adjustment to the Exercise   
Price as of 03/01/2006                                                          
Investec Variable Strike Warrants:  Adjustment to the Exercise Price as of      
03/01/2006                                                                      
Share     Initial   Adjusted  Expiry  Conv.   Call  Style     Issue    JSE      
          Exercise  Exercise  Date    Ratio   /Put            Size     Code     
          Price     Price                                                       
per       per                                                         
          Share     Share                                                       
Allan     R1.55     R0.90     18/09/  1:1     Call  European  25       GRYIVA   
Gray                          2013                            Million           
Property                                                                        
Trust                                                                           
(ISIN                                                                           
Code                                                                            
ZAE00004                                                                        
9003)                                                                           
Growth-   R3.10     R1.94     18/09/  1:1     Call  European  25       GRTIVA   
point                         2013                            Million           
Proper-                                                                         
ties                                                                            
Limited                                                                         
(ISIN                                                                           
Code                                                                            
ZAE00004                                                                        
9011)                                                                           
Martprop  R1.15     R0.81     18/09/  1:1     Call  European  25       MTPIVA   
Property                      2013                            Million           
Fund                                                                            
(ISIN                                                                           
Code                                                                            
ZAE00004                                                                        
8997)                                                                           
Pangbour  R3.65     R1.62     18/09/  1:1     Call  European  25       PAPIVA   
ne                            2013                            Million           
Properti                                                                        
es                                                                              
Limited                                                                         
(ISIN                                                                           
Code                                                                            
ZAE00004                                                                        
8989)                                                                           
Redefine  R1.25     R0.62     18/09/  1:1     Call  European  25       RDFIVA   
Income                        2013                            Million           
Fund                                                                            
Limited                                                                         
(ISIN                                                                           
Code                                                                            
ZAE00004                                                                        
8971)                                                                           
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.  
This adjustment will be effective from 3 January 2006.  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: 03/01/2006 10:50:07 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                
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