CPL/RES - Capital/Resilient - Proposed "Economic Internalisation" of the

CPL/RES - Capital/Resilient - Proposed "Economic Internalisation" of the        
Management Of Capital                                                           
Capital Property Fund                                                           
Share Code:  CPL   ISIN: ZAE000001731                                           
("Capital")                                                                     
(A portfolio in Capital Property Trust Scheme, a Collective Investment Scheme in
Property ("PUT") established 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 or "the manager")                       
Resilient Property Income Fund Limited                                          
(Incorporated in the Republic of South Africa)                                  
Registration number 2002/016851/06                                              
Share code: RES  ISIN: ZAE000043642                                             
("Resilient")                                                                   
PROPOSED "ECONOMIC INTERNALISATION" OF THE MANAGEMENT OF CAPITAL                
Unitholders are advised that the boards of Resilient and PFM (a wholly-owned    
subsidiary of Resilient, which manages Capital in terms of the trust deed (the  
"deed") which established and governs Capital as a PUT) have resolved to propose
an amendment to the deed to change the service charge payable to PFM as         
remuneration for its services in terms of the deed from a fixed fee to a cost   
recovery fee, against payment to PFM of a cancellation payment. The amendment   
will better align the interests of the manager with those of investors in       
Capital and is considered to be consistent with investor preferences and best   
practice globally regarding management and governance for the sector.           
Resilient and PFM are in the process of determining the details of the proposed 
amendment and cancellation payment, which will be subject inter alia to the     
requisite unitholder and regulatory approvals.  It is not envisaged that        
financial effects of the proposed amendment will be material to Resilient or    
Capital.                                                                        
8 June 2012                                                                     
Sponsor                                                                         
Java Capital                                                                    
Date: 08/06/2012 13:33:01 Supplied by www.sharenet.co.za                     
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