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Thu 27 Mar 2003, 16:40 Arnold Property Fund Limited - Change In Directors
Arnold Property Fund Limited - 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:                                                       
Messrs. D Solomon and J Solomon have resigned from the board of A-Prop with     
effect from 25 March 2003.  The board thanks them for their past services.      
Johannesburg                                                                    
27 March 2003
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