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MICC PROPERTY INCOME FUND LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT             
MICC Property Income Fund Limited                                               
Formerly Clidet No.455 (Proprietary) Limited                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 2003/013404/06)                                            
(`MICCPROP`)                                                                    
JSE Share code: MCP    NSX Share code: MCO                                      
ISIN: ZAE000050175                                                              
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcement dated 3 June 2004, shareholders are      
advised that negotiations, which if successfully concluded, may have a material 
effect on the price of the company`s securities. Unitholders are advised to     
continue exercising caution when dealing in MICC`s securities until a further   
announcement is made.                                                           
Johannesburg                                                                    
26 July 2004                                                                    
Sponsor:                                                                        
Java Capital (Pty) Limited

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