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Thu 20 May 2004, 17:20 DEALING IN LINKED UNITS BY A DIRECTOR
ACUCAP PROPERTIES LIMITED - DEALING IN LINKED UNITS BY A DIRECTOR               
  ACUCAP PROPERTIES LIMITED                                                       
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 2001/021725/06)                                            
  Share code:  ACP      ISIN:  ZAE000037651                                       
  (`Acucap`)                                                                      
  DEALING IN LINKED UNITS BY A DIRECTOR                                           
  In compliance with rule 3.63 of the JSE Listings Requirements, the following    
  information is disclosed:                                                       
  Executive director:                     P A Theodosiou                          
  Date of transaction:                    20 May 2004                             
  Number of linked units purchased:       40 000                                  
  Price purchased at:                     R12.40 per linked unit                  
  Value of transaction:                   R496 000                                
  Extent of interest:                     Direct beneficial                       
  Share class:                            Linked units                            
  Nature of transaction:                  Purchase on the open market             
  Written clearance to deal:              Yes                                     
  Cape Town                                                                       
  20 May 2004                                                                     
  Sponsor                                                                         
  Nedbank Capital                                                                 
  Date: 20/05/2004 04:07:02 PM Produced by the JSE SENS Department
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