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CLO
 CLO                                                                             
Calulo Property Fund Limited - Cautionary Announcement                          
CALULO PROPERTY FUND LIMITED                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 1987/006274/06)                                            
Share code:CLO & ISIN:ZAE000060711                                              
("CALULO" or "the company")                                                     
CAUTIONARY ANNOUNCEMENT                                                         
Calulo unitholders are advised that the company is aware that one of Calulo"s   
major unitholders has entered into negotiations regarding the disposal of its   
linked units which, if successfully concluded, may have a material effect on the
price of the company"s linked units. Accordingly, unitholders are advised to    
exercise caution when dealing in the company"s linked units until a further     
announcement is made.                                                           
Sandton                                                                         
22 June 2006                                                                    
Sponsor                                                                         
SASFIN CAPITAL                                                                  
A division of Sasfin Bank Limited                                               
Date: 22/06/2006 11:00:09 AM Produced by the JSE SENS Department                
                                                                                
                                                                                

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