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Wed 10 Nov 2004, 16:10 REVISED OFFER FROM VUKILE AND FURTHER
MICC PROPERTY INCOME FUND LIMITED - REVISED OFFER FROM VUKILE AND FURTHER       
CAUTIONARY                                                                      
MICC Property Income Fund Limited                                               
(formerly Clidet No.455 (Proprietary) Limited)                                  
(Incorporated in the Republic of South Africa)                                  
(Registration number 2003/013404/06)                                            
(`MICC`)                                                                        
JSE Share code: MCP    NSX Share code: MCO                                      
ISIN: ZAE000050175                                                              
REVISED OFFER FROM VUKILE AND FURTHER CAUTIONARY                                
On 9 November 2004, Vukile Property Fund Limited (`Vukile`)gave notice of       
revisions to its intended offer described in MICC`s announcement of 7 October   
2004.                                                                           
Vukile now intends to offer to acquire all MICC units for a consideration of 126
Vukile units for every 100 MICC units.                                          
Pending further announcements, MICC unitholders are advised to continue to      
exercise caution when dealing in their linked units.                            
Johannesburg                                                                    
10 November 2004                                                                
South African sponsor and independent advisor                                   
Java Capital (Pty) Limited                                                      
Namibian sponsor                                                                
Irwin, Jacobs, Greene (Pty) Ltd                                                 
Member of the NSX
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