REDEFINE INCOME FUND LIMITED - CAUTIONARY ANNOUNCEMENT REGARDING AN OFFER TO

REDEFINE INCOME FUND LIMITED - CAUTIONARY ANNOUNCEMENT REGARDING AN OFFER TO    
ACQUIRE THE PROPERTY PORTFOLIO OF BONATLA PROPERTY HOLDINGS LIMITED ("BONATLA") 
Redefine Income Fund Limited                                                    
(Registration No. 1999/018591/06)                                               
Share Code: RDF                                                                 
ISIN Code: ZAE000023503                                                         
("Redefine")                                                                    
CAUTIONARY ANNOUNCEMENT REGARDING AN OFFER TO ACQUIRE THE PROPERTY PORTFOLIO OF 
BONATLA PROPERTY HOLDINGS LIMITED ("BONATLA")                                   
Corpcapital Corporate Finance is authorised to announce that Redefine has made a
written offer to acquire, with effect from 1 April 2003 (the "effective date"), 
the entire property portfolio ("the portfolio") of Bonatla and its subsidiaries 
for a purchase consideration which the board of directors of Bonatla ("Bonatla  
Board") may elect to take either in Redefine linked units or cash as further    
detailed below.                                                                 
If the Bonatla Board elects to receive the purchase consideration in Redefine   
linked units ("the linked unit alternative"), the purchase consideration will   
amount to R 564 million as follows:                                             
by the assumption of mortgage finance in place in respect of the portfolio as at
the effective date, in an amount not exceeding R 456 million; and               
R108 million by the assumption of other liabilities as at the effective date in 
an amount not exceeding R20 million and the remainder by issue of Redefine      
linked units at the volume weighted average price of Redefine Linked units      
during the 10 trading days prior to the effective date.                         
If the Bonatla Board elects to receive the purchase consideration in cash ("the 
cash alternative"), the purchase consideration will amount to R 556 million as  
follows:                                                                        
by the assumption of mortgage finance in place in respect of the portfolio as at
the effective date, in an amount not exceeding R 456 million; and               
by payment of R100 million in cash.                                             
On the assumption of no more than 185 096 954 Bonatla shares being in issue and 
in the absence of any further liabilities (including tax liabilities) of        
Bonatla, the purchase consideration net of mortgage finance will equate to 58,35
cents per Bonatla share if the linked unit alternative is selected and 54,03    
cents per Bonatla share if the cash alternative is selected. Bonatla`s closing  
share price on Tuesday, 5 February 2003 was 40 cents per share.                 
The only conditions to the offer are:                                           
receipt of requisite regulatory approvals;                                      
receipt of approval of Bonatla shareholders;                                    
receipt of the approval of Redefine linked unitholders;                         
a 10 day limited due diligence investigation.                                   
Redefine currently owns 15 167 473 Bonatla shares.                              
If the offer is accepted, the resultant acquisition may have a material effect  
on the price of Redefine`s linked units. Redefine linked unitholders are        
accordingly advised to exercise caution in dealing in their linked units until a
further announcement is made.                                                   
5 February 2003                                                                 
Rosebank                                                                        
Corporate Advisor and Sponsor                                                   
Corpcapital Corporate Finance                                                   
(a sponsor registered with the JSE Securities Exchange South                    
Africa)                                                                         
Date: 05/02/2003 05:24:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department