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Annuity Property Fund Limited - Cautionary Announcement                         
  ANNUITY PROPERTY FUND LIMITED                                                   
  (formerly GOOD CAPE LIMITED)                                                    
  (Incorporated in the Republic of South Africa)                                  
  (Reg No. 1987/006274/06)                                                        
  Share code: AUY          ISIN: ZAE000052551                                     
  (`the company`)                                                                 
  Cautionary Announcement                                                         
  Unitholders are advised that the company and its controlling shareholder have   
  entered into negotiations which could result in a change of control of the      
  company.                                                                        
  If successfully concluded, they could have a material effect on the price at    
  which the company`s units trade on the JSE Securities Exchange South Africa.    
  Unitholders are accordingly advised to exercise caution in dealing in their     
  units until a further announcement is made.                                     
  CAPE TOWN                                                                       
  26 July 2004                                                                    
  SPONSOR                                                                         
  SASFIN CORPORATE FINANCE                                                        
  A division of Sasfin Bank Limited                                               
  Date: 26/07/2004 10:08:51 AM Produced by the JSE SENS Department                
                                                                                  
                                                                                  

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