Redefine Income Fund Limited - Renewal of Cautionary Announcement

Redefine Income Fund Limited - Renewal of Cautionary Announcement               
Redefine Income Fund Limited                                                    
(Registration No. 1999/018591/06)                                               
Share Code: RDF                                                                 
ISIN Code: ZAE000023503                                                         
("Redefine")                                                                    
RENEWAL OF CAUTIONARY ANNOUNCEMENT                                              
Corpcapital Corporate Finance is authorised to announce that, further to the    
cautionary announcement published on 5 February 2003 in which Redefine announced
it had made an offer to purchase the property portfolio of Bonatla Property     
Holdings Limited, Redefine is still involved in negotiations which, if          
successfully concluded, may have a material effect on the price of the company"s
linked units. Redefine linked unit holders are accordingly advised to continue  
to exercise caution when dealing in their linked units until a further          
announcement is made.                                                           
Rosebank                                                                        
20 March 2003                                                                   
Corporate Advisor and Sponsor                                                   
Corpcapital Corporate Finance                                                   
(a sponsor registered with the JSE Securities Exchange South Africa)