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Fri 18 Jun 2004, 12:44 CHANGES TO THE BOARD OF DIRECTORS
PARAMOUNT PROPERTY FUND LIMITED - CHANGES TO THE BOARD OF DIRECTORS             
  Paramount Property Fund Limited                                                 
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1945/019928/06)                                            
  Share code: PRA ISIN: ZAE000028577                                              
  (`Paramount`)                                                                   
  CHANGES TO THE BOARD OF DIRECTORS                                               
  In compliance with section 3.59 of the Listings Requirements of the JSE         
  Securities Exchange South Africa, the Board of Paramount wish to advise that, as
  part of a strategic restructure, the size of the Board has been reduced from 15 
  members to 11 members.  The resignation of Mr R J Whiteford was announced on 11 
  June 2004 and, in terms of this restructure, Messrs H C Coertze, J R Millar and 
  E G Raubenheimer have retired from the Board with immediate effect.             
  Cape Town                                                                       
  18 June 2004                                                                    
  Sponsor                                                                         
  Nedbank Capital                                                                 
  Date: 18/06/2004 11:42:01 AM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
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