Capital Property Fund - Cautionary Announcement

Capital Property Fund - Cautionary Announcement                                 
Capital Property Fund                                                           
("the Fund")                                                                    
SHARE CODE: CPL       ISIN: ZAE00001731                                         
CAUTIONARY ANNOUNCEMENT                                                         
Unitholders are advised that the Fund has entered into negotiations  which      
if successfully concluded could affect the price at which the Fund`s units      
trade on the JSE Securities Exchange South Africa.                              
Accordingly, unitholders are advised to exercise caution when dealing in        
their units until a further announcement is made.                               
Johannesburg                                                                    
22 May 2002                                                                     
MANAGEMENT COMPANY                      SPONSOR                                 
PROPERTY FUND MANAGERS LIMITED          SASFIN BANK LIMITED                     
(REGISTRATION NUMBER 1980/009531/06)    (REGISTRATION NUMBER 1951/002280/06)    
Date: 22/05/2002 12:53:40 PM Produced by the SENS Department