RNS Number:2517K
Property Fund Management plc
22 April 2003


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

On 17 April 2003, a subscription option was granted by Property Fund Management
plc to the trustee of the Company's Employee Benefit Trust, Capita Trust Company
(Jersey) Limited, over a total of 553,906 ordinary shares of 5p each in the
share capital of the Company. The price at which the shares may be acquired
pursuant to such subscription option is 128p per share. The directors of the
Company have an interest in the shares subject to this option as they are
potential beneficiaries of the Employee Benefit Trust.

In accordance with section 324 of the Companies Act 1985 (as amended) Property
Fund Management plc has been notified today of the directors' interest in such
shares.

22 April 2003


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