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Mon 20 Nov 2006, 11:06 Investec Bank Limited - Variable Strike Warrants
JSE   GRYIVAGRYIVB
 INVS                                                                            
Investec Bank Limited - Variable Strike Warrants                                
Investec Bank Limited                                                           
Investec Variable Strike Warrants:  Adjustment to the Exercise Price as of      
20/11/2006                                                                      
Share                  Allan Gray Property Trust    Allan Gray Property Trust   
                       (ISIN Code ZAE000049003)     (ISIN Code ZAE000081766)    
Initial Exercise       R1.55                        R2.50                       
Price per Share                                                                 
Adjusted Exercise      R0.54                        R 2.56                      
Price per Share                                                                 
New Adjusted Exercise  R0.34                        R2.37                       
Price per Share                                                                 
Expiry Date            18/09/2013                   19/07/2016                  
Conv. Ratio            1:1                          1:1                         
Call/Put               Call                         Call                        
Style                  European                     European                    
Issue Size             25 Million                   10 Million                  
JSE Code               GRYIVA                       GRYIVB                      
As a result of the "Interest Distribution" an adjustment was made to the        
exercise price to ensure the financial position of the warrant holders is       
unprejudiced.  This adjustment was effective from 20 November 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: 20/11/2006 11:06:07 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                
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