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Pangbourne Properties Limited - Cautionary Announcement                         
  Pangbourne Properties Limited                                                   
  (Registration number 1987/002352/06)                                            
  Share code: PAP                                                                 
  ISIN: ZAE000005252                                                              
  ("Pangbourne" or "the company")                                                 
  CAUTIONARY ANNOUNCEMENT                                                         
  Standard Bank is authorised to announce that Pangbourne has entered into        
  discussions that, if successfully concluded, may have an effect on the price at 
  which the company"s combined units trade. Accordingly, combined unitholders are 
  advised to exercise caution when dealing in the company"s combined units until a
  further announcement is made.                                                   
  Johannesburg                                                                    
  18 March 2004                                                                   
  Investment bank and sponsor                                                     
  Standard Bank                                                                   
  Date: 18/03/2004 12:19:11 PM Produced by the JSE SENS Department

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