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Wed 15 Jan 2003, 10:36 Gilboa - New Appointment as Sponsor
GILBOA PROPERTIES LIMITED                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number 1986/004649/06)                                            
("Gilboa" or "the company")                                                     
ISIN Code: ZAE 000010286                                                        
Share code: GLB                                                                 
NEW APPOINTMENT                                                                 
Following the intended change in control of Gilboa as announced on SENS and in  
the press, shareholders are informed that Arcay Group Limited have been         
appointed as sponsor to Gilboa with immediate effect.                           
An announcement regarding, inter alia, the new appointments to the Gilboa board 
of directors will be made in due course.                                        
Sponsor                                                                         
Arcay Group Limited                                                             
Date: 15/01/2003 09:08:00 AM Produced by the JSE SENS Department
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