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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")                                                     
WITHDRAWAL OF FURTHER CAUTIONARY ANNOUNCEMENT                                   
Shareholders are referred to the cautionary announcement dated 16 October 2002  
and further cautionary announcement dated 3 December 2002, and are advised that 
negotiations have been terminated and accordingly caution is no longer required.
Johannesburg                                                                    
20 January 2003                                                                 
Transaction Advisor                                                             
Fusion Corporate Finance (Proprietary) Limited                                  
Registration number 1951/000847/06                                              
Sponsor                                                                         
Nedbank Corporate                                                               
Date: 17/01/2003 04:14:11 PM Produced by the JSE SENS Department                

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