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Mon 18 Sep 2006, 12:28 Investec - Adjustment to the Terms and Conditions
JSE   RCHIBERCHIBFRCHIBR
 INVS                                                                            
Investec - Adjustment to the Terms and Conditions of the Richemont Securities AG
           Warrants                                                             
Investec Bank Limited                                                           
ADJUSTMENT TO THE TERMS AND CONDITIONS OF THE RICHEMONT SECURITIES AG WARRANTS  
Share               Richemont         Richemont        Richemont                
                    Securities AG     Securities AG    Securities AG            
                    (JSE ISIN Code    (JSE ISIN Code   (JSE ISIN Code           
ZAE000080446)     ZAE000083770)    ZAE000082673)            
JSE Code            RCHIBE            RCHIBF           RCHIBR                   
Old Strike Price    R35.00            R33.00           R28.50                   
New Strike Price    R34.54            R32.57           R28.13                   
Expiry Date         08/11/2006        10/01/2007       09/11/2006               
Old Conv. Ratio     5:1               8:1              5:1                      
New Conv. Ratio     5.067:1           8.107:1          5.067:1                  
Call/Put            Call              Call             Put                      
Style               American          American         European                 
Issue Size          100 Mil           100 Mil          100 Mil                  
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 18 September 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: 18/09/2006 12:28:03 PM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                
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