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Thu 24 Feb 2005, 13:25 Directors Dealings In Securities
Freestone Property Holdings Limited - Directors Dealings In Securities          
FREESTONE PROPERTY HOLDINGS LIMITED                                             
(Previously Arnold Property Fund Limited)                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number 2001/011887/06)                                            
Share code: FSP ISIN: ZAE000060299                                              
(`Freestone` or `the company`)                                                  
DIRECTORS DEALINGS IN SECURITIES                                                
In compliance with section 3.63 to 3.65 of the JSE Securities Exchange South    
Africa Listings Requirements, the following information is disclosed:           
Name of director:                           Colin Brayshaw                      
Date of transaction:                        24 February 2005                    
Number of securities:                       10 000                              
Price per securities:                       505 cents                           
Total value:                                R50 500                             
Class of securities:                        Linked units                        
Nature of transaction:                      Purchase                            
Nature and extent of director`s interest:   Direct beneficial                   
Clearance to deal was received in terms of paragraph 3.66 of the JSE Listings   
Requirements.                                                                   
Rosebank                                                                        
24 February 2005                                                                
Sponsor                                                                         
Java Capital (Pty) Limited
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