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Tue 2 Mar 2004, 13:48 DEALING IN LINKED UNITS BY A DIRECTOR
Arnold Property Fund Limited - DEALING IN LINKED UNITS BY A DIRECTOR            
  Arnold Property Fund Limited                                                    
  Incorporated in the Republic of South Africa)                                   
  Registration number 2001/011887/06)                                             
  Share code: ARP   ISIN: ZAE000031720                                            
  ("A-Prop")                                                                      
  DEALING IN LINKED UNITS BY A DIRECTOR                                           
  In accordance with the JSE Securities Exchange South Africa Listing             
  Requirements, the following should be noted:                                    
  Director:                              MS Aitken                                
  Executive/Non-executive/Co Secretary:  Executive                                
  Date of transaction:                   1 March 2004                             
  Type of Securities:                    Linked units                             
  Nature of transaction:                 Interest in a private                    
                                         mutual fund which owns                   
  linked units in A-Prop,                  
  Number of linked units:                588 707                                  
  Cents per linked unit:                 76                                       
  Total rand value of securities:        R447 417,32                              
  Nature and extent of interest                                                   
  in transaction:                        Indirect, beneficial                     
  Confirmation that clearance has                                                 
  been given in terms of paragraph 3.66: Yes                                      
  Date of confirmation:                  1 March 2004                             
  Director:                              PJ Thurling                              
  Executive/Non-executive/Co Secretary:  Executive & Company Secretary            
  Date of transaction:                   1 March 2004                             
  Type of Securities:                    Linked units                             
  Nature of transaction:                 Interest in a private                    
                                         mutual fund which owns                   
                                         linked units in A-Prop,                  
  Number of linked units:                218 275                                  
  Cents per linked unit:                 76                                       
  Total rand value of securities:        R165 889,00                              
  Nature and extent of interest                                                   
  in transaction:                        Indirect, beneficial                     
  Confirmation that clearance has                                                 
  been given in terms of paragraph 3.66: Yes                                      
  Date of confirmation:                  1 March 2004                             
  2 March 2004                                                                    
  Date: 02/03/2004 01:04:29 PM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
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