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Fri 29 Apr 2005, 9:02 DIRECTOR DEALING IN SECURITIES
Calulo Property Fund Limited - Directors Dealing In Securities                  
Calulo Property Fund Limited                                                    
(Formerly Annuity Property Fund Limited)                                        
(Incorporated in the Republic of South Africa)                                  
(Registration no. 1987/006274/06)                                               
Share code:   CLO                  ISIN: ZAE000060711                           
(`Calulo`)                                                                      
DIRECTOR DEALING IN SECURITIES                                                  
In compliance with the requirements of rule 3.63 to 3.66 of the Listings        
Requirements of the JSE Securities Exchange South Africa the following Calulo   
linked unit transaction is disclosed:                                           
Calulo Director     :    Mr Mkhuseli Faku                                       
Office Held         :    Chairman                                               
Date of Transaction :    29 April 2005                                          
No of linked units  :    46,620                                                 
Price               :    210 cents                                              
Total amount        :    R100,000                                               
Nature              :    Purchase                                               
Extent of interest  :    Indirect, non-beneficial                               
Clearance obtained  :    Yes                                                    
Cape Town                                                                       
29 April 2005                                                                   
Sponsor                                                                         
SASFIN CORPORATE FINANCE                                                        
A division of Sasfin Bank                                                       
Date: 29/04/2005 08:50:14 AM
Produced by the JSE SENS Department                                             
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