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Mon 22 Dec 2003, 17:23 Dealing in securities by a director
Pangbourne Properties Limited - Dealing in securities by a director             
  PANGBOURNE PROPERTIES LIMITED                                                   
  Incorporated in the Republic of South Africa                                    
  (Registration number 1987/002352/06)                                            
  Share code: PAP                                                                 
  ISIN: ZAE000005252                                                              
  ("Pangbourne")                                                                  
  Dealing in securities by a director                                             
  In compliance with paragraph 3.63 to 3.74 of the JSE Securities Exchange South  
  Africa Listings Requirements, the following information is disclosed:           
  Name of director                   :    A M A Campbell                          
  Date of transaction                :    18 December 2003                        
  Number of linked units             :    40 442                                  
  Class of security                  :    Linked unit                             
  Price per linked unit              :    R8.00                                   
  Nature of the transaction          :    Sale of units to repay executive unit   
                                          purchase share trust loan               
  Aggregate consideration            :    R323 536                                
  Director"s interest                :    Indirect, beneficial                    
  Clearance to deal in these linked units has been obtained in accordance with    
  Pangbourne"s policy with regard to directors" dealings as well as the Listings  
  Requirements of the JSE.                                                        
  Johannesburg                                                                    
  22 December 2003                                                                
  Sponsor                                                                         
  Standard Corporate and Merchant Bank                                            
  (A division of The Standard Bank of South Africa Limited)                       
  (Registration number 1962/000738/06)                                            
  Date: 22/12/2003 05:22:02 PM Produced by the JSE SENS Department                
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