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Arnold Property Fund Limited - Cautionary Announcement                          
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")                                                     
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are advised that negotiations are currently taking place which, if 
successfully concluded, may have a material effect on the price of the company`s
securities.  Accordingly, shareholders are advised to exercise caution when     
dealing in the company`s securities until a further announcement is made.       
Johannesburg             14 October 2002                                        
Transaction Advisor                                                             
Fusion Corporate Finance (Proprietary) Limited                                  
Registration Number 1951/000847/06                                              
Sponsor                                                                         
BOE Securities (Pty) Limited                                                    
Registration Number 1996/012154/07                                              
Date: 16/10/2002 03:40:00 PM Produced by the JSE SENS Department                

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