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Wed 17 Mar 2004, 15:57 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:                              G A Nelson, who owns                     
                                         10% of the entity                        
  which entered into the                   
                                         transaction                              
  Date of transaction:                   17 March 2004                            
  Type of Securities:                    Linked units                             
  Nature of transaction:                 Open market purchase                     
  Number of linked units:                2 362 454                                
  Cents per linked unit:                 75                                       
  Total rand value of securities:        R1 771 840,50                            
  Nature and extent of interest                                                   
  in transaction:                        Indirect, beneficial                     
  Confirmation that clearance has                                                 
  been given in terms of paragraph 3.66: Yes                                      
  17 March 2004                                                                   
  Sponsor                                                                         
  Java Capital                                                                    
  Date: 17/03/2004 03:39:45 PM Produced by the JSE SENS Department
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