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iFour Properties Limited - Cautionary Announcement                              
iFOUR PROPERTIES LIMITED                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 2001/016118/06)                                            
Share code:IFR & ISIN: ZAE000039236                                             
("iFour" or "the company")                                                      
CAUTIONARY ANNOUNCEMENT                                                         
iFour linked unitholders are advised that the company has entered into          
negotiations regarding the acquisition of a portfolio of properties which, if   
successfully concluded, may have a material effect on the price of the company"s
linked units.  Accordingly, linked unitholders are advised to exercise caution  
when dealing in the company"s linked units until a further announcement is made.
Craighall                                                                       
23 November 2005                                                                
Transaction Sponsor                                                             
Standard Bank                                                                   
Sponsor                                                                         
PWC                                                                             
Date: 23/11/2005 10:13:51 AM Produced by the JSE SENS Department                
                                                                                
                                                                                

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