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Mon 6 Dec 2004, 15:50 Dealing in securities by a director
Pangbourne - 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`)                                                                  
Dealing in securities by a director                                             
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:                                                                      
Name of director                   :    A M A Campbell                          
Date of transaction                :    3 December 2004                         
Number of combined units           :    32 011                                  
Class of security                  :    Combined unit                           
Price per combined unit            :    R8.60                                   
Nature of the transaction          :    Sale of combined units to repay         
                                        executive unit purchase share trust loan
Aggregate consideration            :    R275 295                                
Director`s interest                :    Direct, beneficial                      
Name of director                   :    A M A Campbell                          
Date of transaction                :    3 December 2004                         
Number of combined units           :    3 550                                   
Class of security                  :    Combined unit                           
Price per combined unit            :    R8.58                                   
Nature of the transaction          :    Sale of combined units to repay         
                                        executive unit purchase share trust loan
Aggregate consideration            :    R30 459                                 
Director`s interest                :    Direct, beneficial                      
Name of director                   :    A M A Campbell                          
Date of transaction                :    3 December 2004                         
Number of combined units           :    17 750                                  
Class of security                  :    Combined unit                           
Price per combined unit            :    R8.55                                   
Nature of the transaction          :    Sale of combined units to repay         
executive unit purchase share trust loan
Aggregate consideration            :    R151 763                                
Director`s interest                :    Direct, beneficial                      
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                                                                    
6 December 2004                                                                 
Sponsor                                                                         
Standard Bank
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