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Mon 6 Mar 2006, 10:19 Investec - Adjustment to the terms and conditions
JSE   IMPIBCIMPIBQIMPIBDIMPIBP
 INVS                                                                            
Investec - Adjustment to the terms and conditions of the Impala Platinum        
           Holdings Limited Warrants                                            
INVESTEC BANK LIMITED                                                           
ADJUSTMENT TO THE TERMS AND CONDITIONS OF THE IMPALA PLATINUM HOLDINGS LIMITED  
WARRANTS                                                                        
Share                 Impala Platinum Holdings   Impala Platinum Holdings       
                      Limited                    Limited                        
(ISIN Code ZAE000072419)   (ISIN Code ZAE000076121)       
Old Strike Price      R 800.00                   R1 000.00                      
New Strike Price      R 759.38                   R 949.22                       
Expiry Date           07/06/2006                 07/09/2006                     
Old Conv. Ratio       150:1                      300:1                          
New Conv. Ratio       142.38:1                   284.77:1                       
Call/Put              Call                       Call                           
Style                 American                   American                       
Issue Size            100 Mil                    100 Mil                        
JSE Code              IMPIBC                     IMPIBD                         
Share                 Impala Platinum Holdings   Impala Platinum Holdings       
                      Limited                    Limited                        
(ISIN Code ZAE000072427)   (ISIN Code ZAE000076139)       
Old Strike Price      R 690.00                   R 900.00                       
New Strike Price      R 654.96                   R 854.30                       
Expiry Date           07/06/2006                 07/09/2006                     
Old Conv. Ratio       150:1                      350:1                          
New Conv. Ratio       142.38:1                   332.23:1                       
Call/Put              Put                        Put                            
Style                 European                   European                       
Issue Size            100 Mil                    100 Mil                        
JSE Code              IMPIBP                     IMPIBQ                         
As a result of the "Special Dividend" an adjustment will be made to ensure the  
financial position of the warrant holders is unprejudiced by this event.  This  
adjustment will be effective from 6 March 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.: 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: 06/03/2006 10:19:03 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                
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