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Pangbourne Properties Limited - Cautionary Announcement                         
PANGBOURNE PROPERTIES LIMITED                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1987/002352/06)                                            
Share code:PAP   ISIN:ZAE000005252                                              
("Pangbourne" or "the company")                                                 
CAUTIONARY ANNOUNCEMENT                                                         
Pangbourne combined unitholders are advised that the company has entered into   
negotiations regarding the acquisition of a portfolio of properties which, if   
successfully concluded, may have a material effect on the price of the company"s
combined units. Accordingly, combined unitholders are advised to exercise       
caution when dealing in the company"s combined units until a further            
announcement is made.                                                           
Craighall                                                                       
23 November 2005                                                                
Sponsor                                                                         
Standard Bank                                                                   
Date: 23/11/2005 10:10:29 AM Produced by the JSE SENS Department                
                                                                                
                                                                                

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