Capital Property Fund - DIRECTOR"S DEALINGS IN UNITS

Capital Property Fund - DIRECTOR"S DEALINGS IN UNITS                            
Capital Property Fund                                                           
("Capital" or the "Fund")                                                       
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)                                               
DIRECTOR"S DEALINGS IN UNITS                                                    
In compliance with Rules 3.63 - 3.74 of the JSE Listing Requirements, the       
following information is disclosed:                                             
1. Company secretary             : Andries De Lange                             
   Number of units               : 2 765 990                                    
Price per unit                : R2,30                                        
   Value of the transaction      : R6 361 777                                   
   Date of transaction           : 30 September 2004                            
   Nature of transaction         : Allotment in terms of Property Fund Managers 
Limited Share Incentive Scheme               

   Nature of interest            : Direct Beneficial                            
2. Director                      : Barry Lester Stuhler                         
   Number of units               : 4 056 782                                    
Price per unit                : R2,30                                        
   Value of the transaction      : R9 330 598                                   
   Date of transaction           : 30 September 2004                            
   Nature of transaction         : Allotment in terms of Property Fund Managers 
Limited Share Incentive Scheme               

   Nature of interest            : Direct Beneficial                            
3. Alternate  director           : Charles Ryan                                 
   Number of units               : 2 765 990                                    
Price per unit                : R2,30                                        
   Value of the transaction      : R6 361 777                                   
   Date of transaction           : 30 September 2004                            
   Nature of transaction         : Allotment in terms of Property Fund Managers 
Limited Share Incentive Scheme               

   Nature of interest            : Direct Beneficial                            
4. Director                      : Craig Brabazon Hallowes                      
   Number of units               : 2 765 990                                    
Price per unit                : R2,30                                        
   Value of the transaction      : R6 361 777                                   
   Date of transaction           : 30 September 2004                            
   Nature of transaction         : Allotment in terms of Property Fund Managers 
Limited Share Incentive Scheme               

   Nature of interest            : Direct Beneficial                            
5. Director                      : Thanduxolo Selby Sishuba                     
   Number of units               : 2 028 380                                    
Price per unit                : R2,30                                        
   Value of the transaction      : R4 665 274                                   
   Date of transaction           : 30 September 2004                            
   Nature of transaction         : Allotment in terms of Property Fund Managers 
Limited Share Incentive Scheme               

   Nature of interest            : Direct Beneficial                            
6. Director                      : Modise Albert Gabotlhaelwe                   
   Number of units               : 1 290 790                                    
Price per unit                : R2,30                                        
   Value of the transaction      : R2 968 817                                   
   Date of transaction           : 30 September 2004                            
   Nature of transaction         : Allotment in terms of Property Fund Managers 
Limited Share Incentive Scheme               

   Nature of interest            : Direct Beneficial                            
Clearance in compliance with paragraph 3.66 of the JSE Listings Requirements has
been obtained.                                                                  
4 October 2004                                                                  
Sponsor                                                                         
Java Capital (Pty) Ltd                                                          
Date: 04/10/2004 10:43:05 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department