Redefine - Resignation of Executive Director

Redefine - Resignation of Executive Director                                    
Redefine Income Fund Limited                                                    
("Redefine")                                                                    
(Registration No. 1999/018591/06)                                               
Share Code: RDF                                                                 
ISIN Code: ZAE000023503                                                         
Resignation of Executive Director                                               
In compliance with section 3.67 of the Listing Requirements of the JSE          
Securities Exchange South Africa, notification is hereby given that Mr Peter    
Penhall, Chief Executive Officer and director of Redefine, has accepted an      
appointment abroad and accordingly has tendered his resignation with effect from
end March 2003.                                                                 
The board of Redefine extends its appreciation to Peter Penhall for his valuable
contribution and wishes him well in his future endeavours.                      
Rosebank                                                                        
19 February 2003                                                                
Date: 19/02/2003 10:15:01 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department