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ACUCAP PROPERTIES LIMITED - CAUTIONARY ANNOUNCEMENT                             
  ACUCAP PROPERTIES LIMITED                                                       
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 2001/021725/06)                                            
  Share code:  ACP      ISIN:  ZAE000037651                                       
  (`Acucap`)                                                                      
  CAUTIONARY ANNOUNCEMENT                                                         
  Linked unitholders are advised that Acucap has entered into negotiations which, 
  if successfully concluded, may have a material effect on the price of the       
  Company`s securities. Accordingly, linked unitholders are advised to exercise   
  caution when dealing in the Company`s securities until a further announcement is
  made.                                                                           
  Johannesburg                                                                    
  10 August 2004                                                                  
  Sponsor                                                                         
  Nedbank Capital                                                                 
  Date: 10/08/2004 05:41:43 PM Produced by the JSE SENS Department

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