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VUKILE PROPERTY FUND LIMITED - CAUTIONARY ANNOUNCEMENT                          
Vukile Property Fund Limited                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 2002/027194/06)                                            
(`the company`)                                                                 
Share code: VKE ISIN: ZAE000056370                                              
CAUTIONARY ANNOUNCEMENT                                                         
Unitholders are advised that the company has entered into negotiations which    
may, if successfully concluded, have a material effect on the price at which the
company`s linked units trade on the JSE Securities Exchange South Africa.       
Accordingly, unitholders are advised to exercise caution when dealing in the    
company`s linked units until a further announcement is made.                    
Johannesburg                                                                    
31 August 2004                                                                  
Sponsor: Bridge Capital Services (Proprietary) Limited

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