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Thu 23 Sep 2004, 15:45 Adoption of NAV per unit for trading statement pur
Grayprop - Adoption of NAV per unit for trading statement purposes              
Allan Gray Property Trust                                                       
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No 45 of 2002 and managed by Allan Gray Property
Trust Management Limited                                                        
(Registration number 1983/003324/06)                                            
(`Grayprop`)                                                                    
Share code: GRY                                                                 
ISIN: ZAE000013165                                                              
In terms of section 3, paragraph 3.4(b)(v) of the Listings Requirements of the  
JSE Securities Exchange South Africa, Grayprop advises unitholders that it has  
adopted net asset value per unit as the financial results measurement for       
trading statement purposes.  It is thus effective for the financial year ending 
30 September 2004.                                                              
Cape Town                                                                       
23 September 2004                                                               
Sponsor                                                                         
Standard Bank
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