Change in Purchase Price for investment portfolio of Rand Leases

Change in Purchase Price for investment portfolio of Rand Leases                
Redefine Income Fund Limited              Rand Leases Properties Limited        
(Registration No. 1999/018591/06)         (Registration No. 1978/000870/06)     
(a company incorporated in South          (a company incorporated in South      
Africa)                                   Africa)                               
("Redefine")                              ("Rand Leases")                       
Share Code: RDF                           Share Code: RPR                       
ISIN: ZAE 000023503                       ISIN: ZAE 000028254                   
Change in the purchase price for the acquisition of the investment property     
portfolio of Rand Leases by Redefine                                            
1. Introduction                                                                 
Unitholders of Redefine and Rand Leases are referred to announcements dated     
10 October 2002 in which it was announced that a written agreement had been     
concluded (the "acquisition agreement") between Redefine and its wholly owned   
subsidiary, Outward Investments (Proprietary) Limited ("Outward") and Rand      
Leases in terms of which Redefine would acquire 27 property letting businesses  
("the properties") from Rand Leases` investment property portfolio ("the        
transaction").                                                                  
Redefine and Rand Leases unitholders are notified that the purchase price of the
transaction has increased by R6,888,710 from R349,500,000 to R356,388,710 as    
sections 5, 6, 7 and 8 of the sectional title on which the building known as    
Waterview Corner (the "additional Waterview Corner sections"), which had        
previously been excluded from the transaction, have now been included in the    
properties to be acquired by Outward.                                           
At the time of conclusion of the acquisition agreement it was envisaged that the
option holder would exercise an option to acquire the additional Waterview      
Corner sections from Rand Leases. Such option has not been exercised by the     
option holder. Outward has agreed to acquire the additional Waterview Corner    
sections subject to the continued operation of the option in favour of the      
option holder which is exercisable until 31 August 2003.                        
2. Financial effects                                                            
The acquisition of the additional Waterview Corner sections has no material     
effect on the financial effects of Redefine and Rand Leases published in the    
announcements dated 10 October 2002.                                            
The new financial effects of Redefine and Rand Leases will be reflected in the  
circulars, which will be distributed to the respective unitholders on or about  
7 November 2002.                                                                
Johannesburg                                                                    
4 November 2002                                                                 
Sponsor and Corporate     Independent                                           
Advisor to Redefine       Advisor to Rand      Sponsor to Rand                  
                          Leases               Leases                           
Corpcapital Corporate     BoE Merchant Bank    BoE Securities                   
Finance                                        (Pty) Ltd                        
Date: 04/11/2002 05:05:01 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department