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Mon 3 Jan 2005, 11:47 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`)                                                                  
DEALING IN SECURITIES BY A DIRECTOR                                             
In compliance with paragraph 3.63 to 3.74 of the JSE Securities Exchange South  
Africa Listing Requirements, the following information is disclosed:            
Name of director                   :    A J W L Richards                        
Date of transaction                :    31 December 2004                        
Number of combined units           :    6 700                                   
Class of security                  :    Combined unit                           
Price per combined unit            :    R8.75                                   
Nature of the transaction          :    Sale of units to                        
                                        repay executive unit purchase share     
                                        trust loan                              
Aggregate consideration            :    R 58 625                                
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                                                                    
3 January 2005                                                                  
Sponsor                                                                         
Standard Bank                                                                   
Date: 03/01/2005 11:29:19 AM                     
Produced by the JSE SENS Department
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