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PANGBOURNE PROPERTIES LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT                 
  Pangbourne Properties Limited                                                   
  (Registration number 1987/002352/06)                                            
  JSE Share code: PAP                                                             
  ISIN: ZAE000005252                                                              
  ("Pangbourne" or "the company")                                                 
  FURTHER CAUTIONARY ANNOUNCEMENT                                                 
  Standard Bank is authorised to announce that Pangbourne is still involved in    
  discussions that, if successfully concluded, may have an effect on the traded   
  price of the company"s combined units. Accordingly, combined unitholders are    
  advised to continue to exercise caution when dealing in the company"s combined  
  units until a further announcement is made.                                     
  Johannesburg                                                                    
  23 April 2004                                                                   
  Investment bank and sponsor:                                                    
  Standard Bank                                                                   
  Date: 23/04/2004 04:08:02 PM Produced by the JSE SENS Department

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