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Tue 14 Sep 2004, 12:13 DEALING IN SECURITIES BY DIRECTORS
PARAMOUNT PROPERTY FUND LIMITED - DEALING IN SECURITIES BY DIRECTORS            
  Paramount Property Fund Limited                                                 
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1945/019928/06)                                            
  Share code: PRA ISIN: ZAE000028577                                              
  (`Paraprop`)                                                                    
  DEALING IN SECURITIES BY DIRECTORS                                              
  In compliance with 3.63 to 3.65 of the JSE Listings Requirements, the following 
  information is disclosed:                                                       
  Executive director               B H Kerswill                                   
  Director of                      Paraprop                                       
  Transaction date                 13 September 2004                              
  Class of securities              Linked units                                   
  Price                            R3.44 per linked unit, being the weighted      
                                   average traded price for 30 days prior to 13   
  May 2004                                       
  Number of securities             125 000                                        
  Total value                      R430 000                                       
  Nature of transaction            Linked units obtained in terms of a vendor     
  placing of 15 000 000 Paraprop linked units    
                                   relating to the acquisition of the Claremont   
                                   Pick `n Pay Centre, details of which have been 
                                   included in the circular to Paraprop           
  shareholders dated 13 August 2004.             
  Extent of interest               Indirect beneficial                            
  Clearance to deal obtained       Yes                                            
  Executive director               R C Squire-Howe                                
  Director of                      Paraprop                                       
  Transaction date                 13 September 2004                              
  Class of securities              Linked units                                   
  Price                            R3.44 per linked unit, being the weighted      
  average traded price for 30 days prior to 13   
                                   May 2004                                       
  Number of securities             125 000                                        
  Total value                      R430 000                                       
  Nature of transaction            Linked units obtained in terms of a vendor     
                                   placing of 15 000 000 Paraprop linked units    
                                   relating to the acquisition of the Claremont   
                                   Pick `n Pay Centre, details of which have been 
  included in the circular to Paraprop           
                                   shareholders dated 13 August 2004.             
  Extent of interest               Indirect beneficial                            
  Clearance to deal obtained       Yes                                            
  Non-executive director           A D P Ovenstone                                
  Director of                      Paraprop                                       
  Transaction date                 13 September 2004                              
  Class of securities              Linked units                                   
  Price                            R3.44 per linked unit, being the weighted      
                                   average traded price for 30 days prior to 13   
                                   May 2004                                       
  Number of securities             1 250 000                                      
  Total value                      R4 300 000                                     
  Nature of transaction            Linked units obtained in terms of a vendor     
                                   placing of 15 000 000 Paraprop linked units    
                                   relating to the acquisition of the Claremont   
  Pick `n Pay Centre, details of which have been 
                                   included in the circular to Paraprop           
                                   shareholders dated 13 August 2004.             
  Extent of interest               Indirect non-beneficial                        
  Clearance to deal obtained       Yes                                            
  Cape Town                                                                       
  14 September 2004                                                               
  Sponsor                                                                         
  Nedbank Capital                                                                 
  Date: 14/09/2004 09:38:22 AM Produced by the JSE SENS Department
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