Redefine - INTEREST DISTRIBUTION NUMBER 11

Redefine - INTEREST DISTRIBUTION NUMBER 11                                      
Redefine Income Fund Limited                                                    
(Registration No. 1999/018591/06)                                               
Share Code: RDF                                                                 
ISIN Code: ZAE000023503                                                         
("Redefine")                                                                    
INTEREST DISTRIBUTION NUMBER 11                                                 
Redefine, through its wholly owned subsidiary Outward Investments (Pty) Limited,
owns a portfolio of listed securities focused on the "Real Estate" sector of the
JSE Securities Exchange South Africa ("the listed security portfolio") and a    
portfolio of properties covering the retail, office and industrial sectors.     
During the year ended 31 August 2002, significant changes took place in the     
composition of Redefine`s listed security portfolio and in addition certain of  
the funds in which Redefine is invested have amended year-ends and distribution 
patterns due to corporate activity in the Real Estate sector.                   
The combined effect is a reduction in income available for distribution in the  
first half of this financial year as compared with distributions in the second  
half of the previous financial year.                                            
It is anticipated that Redefine will however be able to maintain its total      
distributions per linked unit at substantially similar levels to those of the   
previous financial year.                                                        
Interest Distribution Number 11                                                 
Unitholders are advised that interest distribution number 11 in respect of the  
period 1 September 2002 to 30 November 2002 of 8,5 cents per linked unit has    
been declared.                                                                  
The last day to trade cum       Friday, 17 January 2003                         
interest                                                                        
Linked units will trade ex      Monday, 20 January 2003                         
interest                                                                        
Record date to participate      Friday, 24 January 2003                         
Payment of interest             Monday, 27 January 2003                         
distribution                                                                    
Unitholders may not dematerialise or re-materialise their linked units between  
Monday, 20 January 2003 and Friday, 24 January 2003, both day inclusive.        
Corporate Advisor and Sponsor                                                   
Corpcapital Corporate Finance                                                   
(a sponsor registered with the JSE Securities Exchange South                    
Africa)                                                                         
Date: 02/01/2003 05:00:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department