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Paramount Property Fund Limited - Cautionary Announcement                       
Paramount Property Fund Limited                                                 
(Incorporated in the Republic of South Africa)                                  
(Registration number 1945/019928/06)                                            
Share code:  PRA                                                                
ISIN:   ZAE000028577                                                            
(`Paraprop` or `the Company`)                                                   
CAUTIONARY ANNOUNCEMENT                                                         
Linked unit holders are advised that Paraprop has entered into negotiations     
regarding the acquisition of significant assets, which if successfully concluded
may have a material effect on the price of the Company`s securities.            
Accordingly, shareholders are advised to exercise caution when dealing with the 
Company`s securities until a further announcement is made.                      
Cape Town                                                                       
28 April 2005                                                                   
Investment Bank and Sponsor                                                     
Nedbank Capital                                                                 
Date: 28/04/2005 01:10:04 PM
Produced by the JSE SENS Department

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