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Mon 24 Mar 2003, 16:32 Arnold Property Fund Limited - Dealings In Securit
Arnold Property Fund Limited                                                    
Incorporated in the Republic of South Africa)                                   
(Registration number 2001/011887/06)                                            
Share code ARP   ISIN ZAE000031720                                              
("A-Prop" or "the Company")                                                     
DEALINGS IN SECURITIES BY DIRECTORS                                             
In compliance with rule 3.72 - 3.75 of the JSE Listings Requirements, the       
following is disclosed:                                                         
Director"s name:                     C Roberts                                  
Position:                            Alternate Director                         
No. of shares:                       198 098                                    
Price:                               162 cents                                  
Class of shares:                     Linked units                               
Nature of transaction:               Sold                                       
Date:                                24 March 2003                              
Name of entity which traded the                                                 
shares:                              C Roberts                                  
His relationship with the entity:    Alternate Director                         
Extent of interest:                  Direct Beneficial                          
Johannesburg                                                                    
24 March 2003                                                                   

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