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Thu 6 May 2004, 12:37 Changes To The Board Of Directors Of PFM
Capital/Centrecity - Changes To The Board Of Directors Of PFM                   
  Capital Property Fund                                                           
  ("Capital")                                                                     
  Share Code:  CPL                                                                
  ISIN: ZAE000001731                                                              
  Centrecity Property Fund                                                        
  ("Centrecity")                                                                  
  Share Code:  CEN                                                                
  ISIN: ZAE000001335                                                              
  (Collective Investment Schemes 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)                                               
  ("PFM")                                                                         
  CHANGES TO THE BOARD OF DIRECTORS OF PFM                                        
  In terms of paragraph 3.59 of the Listings Requirements of the JSE Securities   
  Exchange South Africa, unitholders are advised of the following changes to the  
  Board of Directors of PFM with effect from 1 May 2004:                          
  APPOINTMENTS AS NON - EXECUTIVE DIRECTORS                                       
  Des De Beer                                                                     
  Barry Stuhler                                                                   
  RESIGNATIONS AS NON - EXECUTIVE DIRECTORS                                       
  Wolf Cesman                                                                     
  Marc Wainer                                                                     
  Johannesburg                                                                    
  6 May 2004                                                                      
  Sponsor                                                                         
  Sasfin Corporate Finance                                                        
  A division of Sasfin Bank Limited                                               
  Date: 06/05/2004 12:06:04 PM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
                                                                                  
  

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