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Mon 10 May 2004, 16:51 ADDITIONAL LINKED UNITS ACQUIRED BY DIRECTORS
ARNOLD PROPERTY FUND LIMITED - ADDITIONAL LINKED UNITS ACQUIRED BY DIRECTORS    
  ARNOLD PROPERTY FUND LIMITED                                                    
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 2001/011887/06)                                            
  Share code: ARP   ISIN: ZAE000031720                                            
  ("A-Prop")                                                                      
  ADDITIONAL LINKED UNITS ACQUIRED BY DIRECTORS                                   
  We advise that the following directors acquired additional linked units in A-   
  Prop as a consequence of the Claw-back offer to Unitholders. Their holdings have
  increased as follows:                                                           
  Director:                              M S Aitken                               
  Date of transaction:                   23 April 2004                            
  Type of Securities:                    Linked units                             
  Number of linked units:                205 223                                  
  Cents per linked unit:                 51,70                                    
  Total rand value of securities:        R106 100,29                              
  Nature and extent of interest                                                   
  in transaction:                        Indirect, beneficial                     
                                         acquired by a private                    
  mutual fund in which                     
                                         M S Aitken has an                        
                                         interest                                 
  Director:                              P J A Cunningham                         
  Date of transaction:                   23 April 2004                            
  Type of Securities:                    Linked units                             
  Number of linked units:                8 715                                    
  Cents per linked unit:                 51,70                                    
  Total rand value of securities:        R4 505,66                                
  Nature and extent of interest                                                   
  in transaction:                        Direct, beneficial                       
  Director:                              B H Kent                                 
  Date of transaction:                   23 April 2004                            
  Type of Securities:                    Linked units                             
  Number of linked units:                314 321                                  
  Cents per linked unit:                 51,70                                    
  Total rand value of securities:        R162 503,96                              
  Nature and extent of interest                                                   
  in transaction:                        Indirect, beneficial                     
  Director:                              G A Nelson                               
  Date of transaction:                   23 April 2004                            
  Type of Securities:                    Linked units                             
  Number of linked units:                82 355                                   
  Cents per linked unit:                 51,70                                    
  Total rand value of securities:        R42 577,54                               
  Nature and extent of interest                                                   
  in transaction:                        Indirect, beneficial -                   
                                         acquired by an entity                    
  in which G A Nelson has                  
                                         an interest                              
  Director:                              P J Thurling                             
  Date of transaction:                   23 April 2004                            
  Type of Securities:                    Linked units                             
  Number of linked units:                76 091                                   
  Cents per linked unit:                 51,70                                    
  Total rand value of securities:        R39 339,05                               
  Nature and extent of interest                                                   
  in transaction:                        Indirect, beneficial -                   
                                         acquired by a private                    
                                         mutual fund in which                     
  P J Thurling has an                      
                                         interest                                 
  Clearance was given in terms of paragraph 3.66                                  
  Johannesburg                                                                    
  10 May 2004                                                                     
  Sponsor:                                                                        
  Java Capital (Pty) Limited                                                      
  Date: 10/05/2004 04:30:03 PM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
                                                                                  
  



 
 
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