Capital Property Fund - Appointment Of Directors

Capital Property Fund - Appointment Of Directors                                
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)                                               
APPOINTMENT OF DIRECTORS                                                        
In compliance with section 3.59 of the Listings Requirements of the JSE         
Securities Exchange South Africa, PFM is pleased to announce that Mr Wilhelm    
Christian Ross and Mr Jonathan Henri Rens have been appointed as non-executive  
directors of PFM with effect from 24 August 2004.                               
MR Ross has 29 years experience in Investment Banking during which period he was
involved in some of the largest investment banking transactions in South Africa.
During the last few years he was an executive director at Nedcor Investment Bank
and the Head of Finance, Strategy and Special Projects at Nedbank.              
Mr Rens has been an executive director of Acucap Limited for the last three     
years and has spent the last fourteen years in the property industry.  His      
experience includes exposure to asset management, valuations, development,      
refurbishment and Quantity Surveying.                                           
Johannesburg                                                                    
24 August 2004                                                                  
Sponsor                                                                         
Java Capital (Pty) Ltd                                                          
Date: 24/08/2004 12:24:01 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department