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PAP
 PAP                                                                             
Pangbourne Properties Limited - Cautionary Announcement                         
PANGBOURNE PROPERTIES LIMITED                                                   
(Registration number 1987/002352/06)                                            
Share code: PAP                                                                 
ISIN: ZAE000005252                                                              
("Pangbourne" or "the company")                                                 
CAUTIONARY ANNOUNCEMENT                                                         
Holders of Pangbourne combined units ("combined unitholders") are advised that  
the company has entered into negotiations 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.           
Johannesburg                                                                    
22 June 2006                                                                    
Sponsor                                                                         
Standard Bank                                                                   
Date: 22/06/2006 11:00:03 AM Produced by the JSE SENS Department                
                                                                                
                                                                                

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