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Fri 5 Nov 2004, 14:23 DEALINGS IN SECURITIES BY A DIRECTOR
ALLAN GRAY PROPERTY TRUST - DEALINGS IN SECURITIES BY A DIRECTOR                
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                                                              
DEALINGS IN SECURITIES BY A DIRECTOR                                            
In compliance with rules 3.63 - 3.74 of the Listings Requirements of the JSE    
Securities Exchange South Africa, the following information is disclosed:       
Director               : John Rainier                                           
Date of transaction    : 4 November 2004                                        
Price                  : R3.65 per unit                                         
Number of units        : 12 000                                                 
Class of security      : Units                                                  
Nature of transaction  : Purchase                                               
Extent of interest     : Direct beneficial                                      
Director               : John Rainier                                           
Date of transaction    : 5 November 2004                                        
Price                  : R3.65 per unit                                         
Number of units        : 28 000                                                 
Class of security      : Units                                                  
Nature of transaction  : Purchase                                               
Extent of interest     : Direct beneficial                                      
Clearance to deal in these shares was obtained in accordance with Grayprop`s    
policy with regard to Director`s Dealings as well as the Listings Requirements  
of the JSE.                                                                     
Cape Town                                                                       
5 November 2004                                                                 
Sponsor                                                                         
Standard Bank
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