CAPITAL PROPERTY FUND - FURTHER CAUTIONARY ANNOUNCEMENT

CAPITAL PROPERTY FUND - FURTHER CAUTIONARY ANNOUNCEMENT                         
Capital Property Fund                                                           
("Capital")                                                                     
Share Code:  CPL                                                                
ISIN: ZAE000001731                                                              
(Collective Investment Scheme in Property in terms of the Collective Investment 
Schemes Control Act, No 45 of 2002)                                             
Managed by Property Fund Managers Limited                                       
(Registration No. 1980/009531/06)                                               
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Unitholders are referred to the further cautionary announcement published on 19 
January 2004. The negotiations referred to are progressing satisfactorily. If   
successfully concluded, these negotiations could affect the price at which      
Capital"s units trade on the JSE Securities Exchange South Africa.              
Unitholders are accordingly advised to continue to exercise caution when dealing
in their Capital units until a further announcement is made.                    
Johannesburg                                                                    
5 March 2004                                                                    
Sponsor                                                                         
Sasfin Corporate Finance                                                        
A division of Sasfin Bank Limited                                               
Corporate Legal Advisers and Consultants                                        
Edward Nathan & Friedland (Proprietary) Limited                                 
Reporting Accountants and Auditors                                              
KPMG Incorporated                                                               
Date: 05/03/2004 02:04:48 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department