Amrep makes announcement.

NEW YORK--(BUSINESS WIRE)--Jan. 19, 1996--AMREP Corp.(NYSE:AXR) today announced that its Board of Directors has determined that Anthony B. Gliedman, who was serving as the company's Chairman of the Board, Chief Executive Officer and President, will be unable to resume his duties with the company.

Gliedman has been on medical leave since suffering a stroke last July. Gliedman, who joined AMREP in late 1990, was instrumental in the company's turnaround since that time. The members of the Board expressed their deep appreciation for Gliedman's services to AMREP and extended to him and his family their best wishes for his continued recovery.

The company announced that its Board has elected Edward B. Cloues II, who is currently the Chairman of its Executive Committee, also to serve as the Chairman of the Board. Cloues, 48, is an outside director and a partner in the law firm of Morgan, Lewis & Bockius. AMREP's office of President and Chief Executive Officer will remain vacant for the time being. The company's two principal subsidiaries will continue under the direction of their respective chief executives, Daniel Friedman in the case of publisher services and magazine distribution and James Wall with respect to real estate operations. Messrs. Friedman and Wall are also Senior Vice Presidents of AMREP. At the direction of the Board, its Executive Committee consisting of Messrs. Cloues, Friedman, Wall, outside director Jerome Belson and Senior Vice President and Chief Financial Officer Mohan Vachani, has been and will continue to oversee company operations.

AMREP Corp. is a leading builder of affordable housing and developer of real estate and, through its Kable News Company subsidiary, distributes magazines to wholesalers and provides subscription fulfillment and other services to publishers.

CONTACT: AMREP CORP.

Valerie Ascuitto, 212/705-4700

or

KCSA 

Leslie A. Schupak/Joseph A. Mansi

212/682-6300 ext. 207/205