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Wed 18 Sep 2002, 16:11 A-prop - Change In Directorship
A-Prop - CHANGE IN DIRECTORSHIP                                                 
ARNOLD PROPERTY FUND LIMITED                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 2001/011887/06)                                            
Share Code: ARP ISIN Code: ZAE000031720                                         
("A-Prop" or "the Company")                                                     
CHANGE IN DIRECTORSHIP                                                          
In compliance with rule 3.67 of the JSE Listings Requirements, the              
following information is disclosed: Mr. David van der Walt has resigned         
as a director of Arnold Property Fund Limited and Mr. Christopher               
Russell Roberts has been appointed as an Executive Director, with effect        
from 17 September 2002. Mr. Roberts was previously the alternate                
director to Mr. van der Walt and has been involved in all aspects of the        
Property Industry for a period exceeding fifteen (15) years.                    
Johannesburg                                                                    
18 September 2002                                                               
Date: 18/09/2002 03:46:00 PM Produced by the JSE SENS Department
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