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Thu 1 Jun 2006, 11:39 Investec - Adjustment to the Exercise Price as of
JSE
 INVS                                                                            
Investec - Adjustment to the Exercise Price as of 01/06/2006                    
Investec Variable Strike Warrants:  Adjustment to the Exercise Price as of      
01/06/2006                                                                      
Share        Initial  Adjust  Expiry    Conv.  Call  Style     Issue    JSE     
             Exercis  ed      Date      Ratio  /Put            Size     Code    
             e Price  Exerci                                                    
             per      se                                                        
Share    Price                                                     
                      per                                                       
                      Share                                                     
Allan Gray   R1.55    R0.57   18/09/    1:1    Call  European  25       GRYIVA  
Property                      2013                             Million          
Trust                                                                           
(ISIN Code                                                                      
ZAE0000                                                                         
49003)                                                                          
Growthpoint  R3.10    R1.25   18/09/    1:1    Call  European  25       GRTIVA  
Properties                    2013                             Million          
Limited                                                                         
(ISIN Code                                                                      
ZAE0000                                                                         
49011)                                                                          
Martprop     R1.15    R0.56   18/09/    1:1    Call  European  25       MTPIVA  
Property                      2013                             Million          
Fund                                                                            
(ISIN Code                                                                      
ZAE0000                                                                         
48997)                                                                          
Pangbourne   R3.65    R0.89   18/09/    1:1    Call  European  25       PAPIVA  
Properties                    2013                             Million          
Limited                                                                         
(ISIN Code                                                                      
ZAE0000                                                                         
48989)                                                                          
Redefine     R1.25    R0.31   18/09/    1:1    Call  European  25       RDFIVA  
Income Fund                   2013                             Million          
Limited                                                                         
(ISIN Code                                                                      
ZAE0000                                                                         
48971)                                                                          
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 June 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: 01/06/2006 11:39:17 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                
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