RNS Number:6851J
Property Fund Management plc
07 April 2003


Property Fund Management plc ("PFM" or "the Company")

Change in Shareholding and Board Changes

The Company has been informed that on 4 April 2003 John B. Sunley & Sons Limited
sold its entire shareholding of 1,790,400 ordinary shares in PFM to Mountgrange
Limited ("Mountgrange"), a wholly owned subsidiary of Mountgrange Capital plc,
at 115 pence (ex dividend) per share. Mountgrange is a private company
controlled by Manish Chande, a non-executive director of PFM, and Martin Myers.


As a result, Richard Tice of John B. Sunley & Sons Limited has resigned as a
non-executive director of PFM with immediate effect. The Board of PFM wishes to
thank him for his contribution over a number of years. The Board is pleased to
announce the appointment of Martin Myers as a non-executive director.


Mountgrange is therefore now interested in 2,551,320 ordinary shares of PFM
representing 12.1 per cent. of PFM's issued ordinary share capital. Both Martin
Myers and Manish Chande have the same beneficial interest as a result of their
shareholding and ownership of Mountgrange.


7 April 2003


Enquiries:

Glyn Hirsch, Chairman                                      Tel: 020 7535 1818

Property Fund Management plc




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