CAPITAL PROPERTY FUND - ACQUISITIONS AND ISSUES FOR CASH

CAPITAL PROPERTY FUND - ACQUISITIONS AND ISSUES FOR CASH                        
Capital Property Fund                                                           
("Capital")                                                                     
Share Code:  CPL                                                                
ISIN: ZAE000001731                                                              
(A Portfolio in Capital Property Trust Scheme, a Collective Investment Scheme in
Property established in terms of the Collective Investment Schemes Control Act, 
No 45 of 2002 managed by Property Fund Managers Limited ("PFM"))                
(Incorporated in the Republic of South Africa)                                  
(Registration No. 1980/009531/06)                                               
ACQUISITIONS AND ISSUES FOR CASH                                                
Unitholders are referred to the announcements published on 21 July 2004 and 2   
August 2004 in terms of which unitholders were advised that agreements had been 
concluded pursuant to which:                                                    
1. Capital would acquire property portfolios (the "properties") from:           
1.1 Resilient Property Income Fund Limited;                                  
   1.2 Old Mutual Life Assurance Company (South Africa) Limited;                
   1.3 The Standard Bank of South Africa Limited ("Standard Bank"); and         
   1.4 Acucap Properties Limited,                                               
(collectively the "acquisition agreements");                             
2. Capital would issue units to:                                                
   2.1 Shanduka Properties (Proprietary) Limited (formerly MCI Properties       
       (Proprietary) Limited) ("Shanduka Properties"); and                      
2.2 PFM,                                                                     
      (collectively the "subscription agreements"); and                         
3. the directors of PFM would be granted a general authority to issue units for 
cash,                                                                           
(collectively, the "transactions").                                             
Java Capital is authorised to announce that at the general meeting of           
unitholders of Capital convened on 23 August 2004 in order to approve the       
transactions, all resolutions were passed by the requisite majority.            
The subscription agreements are unconditional and the units to be issued to     
Shanduka Properties and PFM will be issued on or about 30 August 2004.          
The acquisition agreements are still subject to the approval of the Competition 
Commission, which it is anticipated will be obtained shortly. The acquisition   
agreement in respect of the Standard Bank properties is subject to certain      
additional conditions precedent. A further announcement will be published once  
all conditions precedent have been fulfilled.                                   
Johannesburg                                                                    
23 August 2004                                                                  
Corporate advisor                                                               
Sponsor                                                                         
Java Capital (Proprietary) Limited                                              
Date: 23/08/2004 05:48:13 PM Supplied by www.sharenet.co.za                     
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