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Wed 24 Nov 2004, 16:52 DISTRIBUTION OF ANNUAL FINANCIAL STATEMENTS
GRAYPROP - DISTRIBUTION OF ANNUAL FINANCIAL STATEMENTS AND NON-PUBLICATION OF   
           ABRIDGED REPORT                                                      
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 Trust   
Management Limited (registration number 1983/003324/06)                         
(`Grayprop`)                                                                    
JSE Code:      GRY                                                              
ISIN:          ZAE000013165                                                     
DISTRIBUTION OF ANNUAL FINANCIAL STATEMENTS AND NON-PUBLICATION OF ABRIDGED     
REPORT                                                                          
Further to the publication on 28 October 2004 of Grayprop`s audited results for 
the year ended 30 September 2004, Grayprop advises that its 2004 annual report, 
which incorporates the annual financial statements for the said period is today 
being dispatched to its unitholders.                                            
As there have not been any changes to the previously published results, Grayprop
is not required to publish an abridged report as contemplated in paragraph 3.21 
of the JSE`s Listings Requirements.                                             
The published results and the annual financial statements were audited by       
Grayprop`s independent auditors, KPMG Incorporated, whose audit report is       
available for inspection at Grayprop`s registered office.                       
John Rainier                                                                    
Managing Director                                                               
Cape Town                                                                       
24 November 2004                                                                
Sponsor: Standard Bank
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