ADJUSTMENT TO STRIKE PRICES ANNOUNCEMENT ON VARIABLE STRIKE WARRANTS INVESTEC WARRANTS ADJUSTMENT TO STRIKE PRICES ANNOUNCEMENT ON VARIABLE STRIKE WARRANTS Investec Variable Strike Warrants: Adjustment to the Exercise Price as of 1 September 2015 Share Adjusted Expiry Date Cover Call/Put Style JSE Code Exercise Ratio Price per Share (cents) Growthpoint Properties GRTIVC Limited 211.7525 24/07/2019 1:1 Call European ZAE000138194 Growthpoint Properties GRTIVD Limited 946.3909 01/04/2022 1:1 Call European ZAE000166419 Growthpoint Properties GRTIVE Limited 1818.7464 15/03/2028 1:1 Call European ZAE000179065 Hyprop Investments HYPIVC Limited 434.8405 24/07/2019 1:1 Call European ZAE000138202 Investec Property Fund IPFIVA Limited 310.5849 24/07/2019 1:1 Call European ZAE000162939 Investec Property Fund IPFIVB Limited 560.2234 01/04/2022 1:1 Call European ZAE000166427 Redefine Properties RDFIVD Limited 682.0891 21/05/2024 1:1 Call European ZAE000179073 Vukile Property Fund Ltd VKEIVA 708.2265 21/05/2024 1:1 Call European ZAE000182952 As a result of the Recalculation based on the Dividend Distributions an adjustment has been made to the exercise prices of the above-mentioned Variable Strike warrants. These adjustments are effective from 1 September 2015. The warrants are exercisable only in accordance with the terms and conditions as set out in the relevant offering circular. 1 September 2015 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: firstname.lastname@example.org Internet: www.investecwarrants.com Sponsor Investec Securities (Pty) Limited Member of the JSE Registration number. 1972/008905/07) Date: 01/09/2015 05:46:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.