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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                                                            
(`Paramount` or `the Company`)                                                  
CAUTIONARY ANNOUNCEMENT                                                         
Linked unitholders are advised that Paramount has entered into negotiations for 
the acquisition of properties, 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.                                
Cape Town                                                                       
22 September 2005                                                               
Investment Bank and Sponsor                                                     
Nedbank Capital                                                                 
Date: 22/09/2005 12:34:26 PM         
Produced by the JSE SENS Department

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