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Paraprop - Fulfillment of the condition precedent regarding the Claremont Pick  
  `n Pay Centre acquisition                                                       
  PARAMOUNT PROPERTY FUND LIMITED                                                 
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1945/019928/06)                                            
  Share code:  PRA                                                                
  ISIN:        ZAE000028577                                                       
  (`Paraprop`)                                                                    
  FULFILLMENT OF THE CONDITION PRECEDENT REGARDING THE CLAREMONT PICK `N PAY      
  CENTRE ACQUISITION                                                              
  Linked unit holders are referred to the announcement dated 1 July 2004 regarding
  the Claremont Pick `n Pay Centre acquisition (`the acquisition`) and are hereby 
  advised that Competition Commission approval, being the last outstanding        
  condition precedent pertaining to the acquisition, has been obtained.           
  Cape Town                                                                       
  12 July 2004                                                                    
  Investment bank and sponsor                                                     
  Nedbank Capital                                                                 
  Date: 12/07/2004 05:06:18 PM Produced by the JSE SENS Department                
                                                                                  

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