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Calulo Property Fund Limited - Cautionary Announcement                          
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" or "the company")                                                     
Cautionary Announcement                                                         
Unitholders are advised that the company is engaged in discussions relating to  
the acquisition of a number of property letting enterprises. If successfully    
concluded, they could have a material effect on the price at which the company"s
linked units trade on the JSE Limited. Unitholders are accordingly advised to   
exercise caution in dealing in their units until a further announcement is made.
CAPE TOWN                                                                       
4 November 2005                                                                 
SPONSOR                                                                         
SASFIN CORPORATE FINANCE                                                        
A division of Sasfin Bank Limited                                               
Date: 04/11/2005 03:50:02 PM Produced by the JSE SENS Department                
                                                                                
                                                                                

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