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Thu 11 Mar 2004, 13:09 DISTRIBUTION ANNOUNCEMENT
PARAMOUNT PROPERTY FUND LIMITED - DISTRIBUTION ANNOUNCEMENT                     
  PARAMOUNT PROPERTY FUND LIMITED                                                 
  (incorporated in the republic of South Africa)                                  
  (Registration number 1945/019928/06)                                            
  Share code: PRA                                                                 
  ISIN: ZAE000028577                                                              
  DISTRIBUTION ANNOUNCEMENT                                                       
  Notice is hereby given that the board has declared a quarterly interest         
  distribution of 12,5 cents per linked unit, in respect of the quarter ended 31  
  January 2004. The last day to trade cum distribution will be Friday, 26 March   
  2004. The linked units will commence trading ex distribution as from Monday, 29 
  March 2004 and the record date will be Friday, 2 April 2004.  The distribution  
  will be paid on Monday, 5 April 2004.                                           
  Linked unit certificates may not be dematerialised or rematerialised between    
  Monday, 29 March 2004 and Friday, 2 April 2004, both days inclusive.            
  Cape Town                                                                       
  11 March 2004                                                                   
  Sponsor                                                                         
  Nedbank Corporate                                                               
  Date: 11/03/2004 12:54:44 PM Produced by the JSE SENS Department                
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