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 2016 Share Adjusted Expiry Date Cover Call/Put Style JSE Code Exercise Ratio Price per Share (cents) Growthpoint Properties GRTIVC Limited 90.9939 24/07/2019 1:1 Call European ZAE000138194 Growthpoint Properties GRTIVD Limited 900.4885 01/04/2022 1:1 Call European ZAE000166419 Growthpoint Properties GRTIVE Limited 1844.2947 15/03/2028 1:1 Call European ZAE000179065 IPFIVA Investec Property Fund 210.0011 24/07/2019 1:1 Call European ZAE000162939 Limited IPFIVB Investec Property Fund 484.9207 01/04/2022 1:1 Call European ZAE000166427 Limited RDFIVD Redefine Properties 659.3921 21/05/2024 1:1 Call European ZAE000179073 Limited VKEIVA Vukile Property Fund 627.1173 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 2016. The warrants are exercisable only in accordance with the terms and conditions as set out in the relevant offering circular. 5 September 2016 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: email@example.com Internet: www.investecwarrants.com Sponsor Investec Securities (Pty) Limited Member of the JSE Registration number. 1972/008905/07) Date: 05/09/2016 10:07:00 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.