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Fri 1 Dec 2006, 11:16 Investec - Variable Strike Warrants: Adjustment t
JSE
 INVS                                                                            
Investec - Variable Strike Warrants:  Adjustment to the Exercise Price as of    
01/12/2006                                                                      
Investec Warrants                                                               
Share        Initial  Adjus-  Expiry   Conv.   Call  Style     Issue    JSE     
             Exer-    ted     Date     Ratio   /Put            Size     Code    
             cise     Exer-                                                     
             Price    cise                                                      
per      Price                                                     
             Share    per                                                       
                      Share                                                     
Allan Gray   R 1.55   R0.34   18/09/   1:1     Call  European  25       GRYIVA  
Property                      2013                             Million          
Trust                                                                           
(ISIN Code                                                                      
ZAE0000                                                                         
49003)                                                                          
Allan Gray   R  2.50  R 2.37  19/07/   1:1     Call  European  10       GRYIVB  
Property                      2016                             Million          
Trust (ISIN                                                                     
Code                                                                            
ZAE0000                                                                         
81766)                                                                          
Growthpoint  R 3.10   R0.76   18/09/   1:1     Call  European  25       GRTIVA  
Properties                    2013                             Million          
Limited                                                                         
(ISIN Code                                                                      
ZAE0000                                                                         
49011)                                                                          
Growthpoint  R  5.00  R4.72   19/07/   1:1     Call  European  10       GRTIVB  
Properties                    2016                             Million          
Limited                                                                         
(ISIN Code                                                                      
ZAE0000                                                                         
81774)                                                                          
Hyprop       R14.00   R13.29  19/07/   1:1     Call  European    5      HYPIVB  
Investments                   2016                             Million          
Limited                                                                         
(ISIN Code                                                                      
ZAE0000                                                                         
81782)                                                                          
Martprop     R 1.15   R0.40   18/09/   1:1     Call  European  25       MTPIVA  
Property                      2013                             Million          
Fund                                                                            
(ISIN Code                                                                      
ZAE0000                                                                         
48997)                                                                          
Pangbourne   R 3.65   R0.27   18/09/   1:1     Call  European  25       PAPIVA  
Properties                    2013                             Million          
Limited                                                                         
(ISIN Code                                                                      
ZAE0000                                                                         
48989)                                                                          
Redefine     R 1.25   R0.08   18/09/   1:1     Call  European  25       RDFIVA  
Income Fund                   2013                             Million          
Limited                                                                         
(ISIN Code                                                                      
ZAE0000                                                                         
48971)                                                                          
Redefine     R 2.50   R2.35   19/07/   1:1     Call  European  10       RDFIVB  
Income Fund                   2016                             Million          
Limited                                                                         
(ISIN Code                                                                      
ZAE0000                                                                         
81816)                                                                          
Redefine     R  2.80  R2.74   10/09/   1:1     Call  European  5        RDFIVC  
Income Fund                   2016                             Million          
Limited                                                                         
(ISIN Code                                                                      
ZAE0000                                                                         
84489)                                                                          
Sycom        R 8.00   R8.25   19/07/   1:1     Call  European   5       SYCIVB  
Property                      2016                             Million          
Fund (ISIN                                                                      
Code                                                                            
ZAE0000                                                                         
81824                                                                           
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 December 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: 01/12/2006 11:17:01 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                
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