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Tue 9 Dec 2003, 9:07 CAUTIONARY ANNOUNCEMENT
CAPITAL PROPERTY FUND - CAUTIONARY ANNOUNCEMENT                                 
  Capital Property Fund                                                           
  ("Capital")                                                                     
  Share Code:  CPL                                                                
  ISIN: ZAE000001731                                                              
  (Unit Trust Fund in terms of the Collective Investment Schemes Control Act, No  
  45 of 2002)                                                                     
  Managed by Property Fund Managers Limited                                       
  (Registration No. 1980/009531/06)                                               
  ("PFM")                                                                         
  CAUTIONARY ANNOUNCEMENT                                                         
  Unitholders are advised that PFM, on behalf of Capital, has entered into        
  negotiations which if successfully concluded could affect the price at which    
  Capital"s units trade on the JSE Securities Exchange South Africa.              
  Accordingly, unitholders are advised to exercise caution when dealing in their  
  Capital units until a further announcement is made.                             
  Johannesburg                                                                    
  9 December 2003                                                                 
  Sponsor                                                                         
  Sasfin Corporate Finance                                                        
  A division of Sasfin Bank Limited                                               
  Date: 09/12/2003 08:36:02 AM Produced by the JSE SENS Department
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