CAPITAL PROPERTY FUND - CAUTIONARY ANNOUNCEMENT

CAPITAL PROPERTY FUND - CAUTIONARY ANNOUNCEMENT                                 
Capital Property Fund                                                           
("Capital")                                                                     
Share Code:  CPL                                                                
ISIN: ZAE000001731                                                              
(Unit Trust Fund in terms of the Collective Investment Schemes Control Act, No  
45 of 2002)                                                                     
Managed by Property Fund Managers Limited                                       
(Registration No. 1980/009531/06)                                               
("PFM")                                                                         
CAUTIONARY ANNOUNCEMENT                                                         
Unitholders are advised that PFM, on behalf of Capital, has entered into        
negotiations which if successfully concluded could affect the price at which    
Capital"s units trade on the JSE Securities Exchange South Africa.              
Accordingly, unitholders are advised to exercise caution when dealing in their  
Capital units until a further announcement is made.                             
Johannesburg                                                                    
9 December 2003                                                                 
Sponsor                                                                         
Sasfin Corporate Finance                                                        
A division of Sasfin Bank Limited                                               
Date: 09/12/2003 08:36:02 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department