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Mon 19 Dec 2005, 14:15 Calulo Property Fund Limited - Further Cautionary
Calulo Property Fund Limited - Further 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")                                                     
Further Cautionary Announcement                                                 
Further to the cautionary announcement published on SENS on 4 November 2005,    
unitholders are advised that the company is still 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 continue exercising caution in dealing in their units until a further
announcement is made.                                                           
CAPE TOWN                                                                       
19 December 2005                                                                
SPONSOR                                                                         
SASFIN CAPITAL                                                                  
(a division of Sasfin Bank Limited)                                             
Date: 19/12/2005 02:15:48 PM Produced by the JSE SENS Department                
                                                                                
                                                                                
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