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Thu 2 Dec 2004, 10:26 DEALING IN SECURITIES BY A DIRECTOR
PANGBOURNE PROPERTIES LIMITED - DEALING IN SECURITIES BY A DIRECTOR             
PANGBOURNE PROPERTIES LIMITED                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1987/002352/06)                                            
Share code: PAP                                                                 
ISIN: ZAE000005252                                                              
(`Pangbourne`)                                                                  
In compliance with paragraphs 3.63 to 3.74 of the Listing Requirements of the   
JSE Securities Exchange South Africa (`the JSE`), the following information is  
disclosed.                                                                      
DEALING IN SECURITIES BY A DIRECTOR                                             
Name of director              :   A M A Campbell                                
Date of transaction           :   30 November 2004                              
Class of security             :   Combined unit                                 
Number of combined units      :   153 262                                       
Price per combined unit       :   R8.60                                         
Aggregate consideration       :   R1 318 053                                    
Nature of the transaction     :   Sale of units to                              
                                  repay executive                               
unit purchase                                 
                                  share trust loan                              
Director`s interest           :   Direct, beneficial                            
Name of director              :   A M A Campbell                                
Date of transaction           :   30 November 2004                              
Class of security             :   Combined unit                                 
Number of combined units      :   77 000                                        
Price per combined unit       :   R8.50                                         
Aggregate consideration       :   R654 500                                      
Nature of the transaction     :   Sale of units to                              
                                  repay executive                               
                                  unit purchase                                 
share trust loan                              
Director`s interest           :   Direct, beneficial                            
Prior clearance to deal in these combined units has been obtained in accordance 
with Pangbourne`s policy with regard to directors` dealings as well as the      
Listings Requirements of the JSE.                                               
Johannesburg                                                                    
2 December 2004                                                                 
Sponsor                                                                         
Standard Bank                                                                   
Date: 02/12/2004 10:11:24 AM                  
Produced by the JSE SENS Department                                             
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