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Pangbourne - Trading Statement Measure                                          
Pangbourne Properties Limited                                                   
(Registration Number 1987/002352/06)                                            
Share Code: PAP                                                                 
ISIN: ZAE000005252                                                              
("Pangbourne" or "the company")                                                 
ADOPTION OF DISTRIBUTABLE EARNINGS PER UNIT FOR TRADING STATEMENT PURPOSES      
In compliance with paragraph 3.4(b)(v) of the Listings Requirements of the JSE  
Limited, unitholders and debenture holders of Pangbourne are advised that the   
company has adopted distributable earnings per unit as the financial results    
measurement for trading statement purposes, effective immediately.              
Johannesburg                                                                    
2 November 2005                                                                 
Sponsor                                                                         
Standard Bank                                                                   
Date: 02/11/2005 02:12:04 PM Produced by the JSE SENS Department                
                                                                                
                                                                                

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