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Wed 1 Feb 2006, 11:41 Investec Bank Limited - Variable Strike Warrants:
JSE   MTPIVARDFIVAGRYIVAPAPIVAGRTIVA
 INVS                                                                            
Investec Bank Limited - Variable Strike Warrants: Adjustment to the Exercise    
                        Price as of 01/02/2006                                  
Investec Variable Strike Warrants:  Adjustment to the Exercise Price as of      
01/02/2006                                                                      
Share    Allan Gray     Growthpoint   Martprop       Pangbourne    Redefine     
         Property       Properties    Property Fund  Properties    Income Fund  
         Trust          Limited       (ISIN Code     Limited       Limited      
(ISIN Code     (ISIN Code    ZAE000048997)  (ISIN Code    (ISIN Code   
         ZAE000049003)  ZAE000049011)                ZAE000048989) ZAE000048971)
Initial  R1.55          R3.10         R1.15          R3.65         R1.25        
Exercise                                                                        
Price                                                                           
per                                                                             
Share                                                                           
Adjusted R0.91          R1.95         R0.81          R1.63         R0.50        
Exercise                                                                        
Price                                                                           
per                                                                             
Share                                                                           
Expiry   18/09/2013     18/09/2013    18/09/2013     18/09/2013    18/09/2013   
Date                                                                            
Conv.    1:1            1:1           1:1            1:1           1:1          
Ratio                                                                           
Call/Put Call           Call          Call           Call          Call         
Style    European       European      European       European      European     
Issue    25 Million     25 Million    25 Million     25 Million    25 Million   
Size                                                                            
JSE Code GRYIVA         GRTIVA        MTPIVA         PAPIVA        RDFIVA       
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 1 February 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: 01/02/2006 11:41:11 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                
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