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Thu 20 Mar 2003, 15:51 Distribution Announcement
Paramount Property Fund Limited -                     
Paramount Property Fund Limited                                                 
(Incorporated in the Republic of South Africa)                                  
(Registration number 1945/019928/06)                                            
Share code: PRA                                                                 
ISIN: ZAE000028577                                                              
Notice is hereby given that the board has declared a quarterly distribution of  
12 cents per linked unit, in respect of the quarter ended 31 January 2003. The  
last day to trade cum distribution will be Friday, 4 April 2003. The linked     
units will commence trading ex distribution as from Monday, 7 April 2003 and the
record date will be Friday, 11 April 2003.  The distribution will be paid on    
Monday, 14 April 2003.                                                          
Linked unit certificates may not be dematerialised or rematerialised between    
Monday, 7 April 2003 and Friday, 11 April 2003, both days inclusive.            
Cape Town                                                                       
20 March 2003                                                                   
Sponsor                                                                         
NEDBANK CORPORATE                                                               


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