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Thu 29 Apr 2004, 18:47 FURTHER CAUTIONARY ANNOUNCEMENT
CAPITAL PROPERTY FUND - FURTHER CAUTIONARY ANNOUNCEMENT                         
  Capital Property Fund                                                           
  ("Capital")                                                                     
  Share Code:  CPL                                                                
  ISIN: ZAE000001731                                                              
  (Collective Investment Scheme in Property in terms of the Collective Investment 
  Schemes Control Act, No 45 of 2002)                                             
  Managed by Property Fund Managers Limited                                       
  (Registration No. 1980/009531/06)                                               
  FURTHER CAUTIONARY ANNOUNCEMENT                                                 
  Unitholders are referred to the further cautionary announcement published on 5  
  March 2004. The negotiations referred to are progressing satisfactorily. If     
  successfully concluded, these negotiations could affect the price at which      
  Capital"s units trade on the JSE Securities Exchange South Africa.              
  Unitholders are accordingly advised to continue to exercise caution when dealing
  in their Capital units until a further announcement is made.                    
  Johannesburg                                                                    
  29 April 2004                                                                   
  Sponsor                                                                         
  Sasfin Corporate Finance                                                        
  A division of Sasfin Bank Limited                                               
  Corporate Legal Advisers and Consultants                                        
  Edward Nathan & Friedland (Proprietary) Limited                                 
  Reporting Accountants and Auditors                                              
  KPMG Inc.                                                                       
  Date: 29/04/2004 05:30:04 PM Produced by the JSE SENS Department                
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