CAPITAL PROPERTY FUND - FURTHER CAUTIONARY ANNOUNCEMENT

CAPITAL PROPERTY FUND - FURTHER 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")                                                                         
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcement published on 9 December 2003, unitholders
are advised that 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.              
Accordingly, unitholders are advised to continue to exercise caution when       
dealing in their Capital units until a further announcement is made.            
Johannesburg                                                                    
19 January 2004                                                                 
Sponsor                                                                         
Sasfin Corporate Finance                                                        
A division of Sasfin Bank Limited                                               
Date: 19/01/2004 08:53:03 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department