Redefine - Directors Dealings Announcement

Redefine - Directors Dealings Announcement                                      
Redefine Income Fund Limited                                                    
(Registration No. 1999/018591/06)                                               
Share Code: RDF    ISIN Code: ZAE000023503                                      
("Redefine" or the "company")                                                   
DIRECTORS DEALINGS ANNOUNCEMENT                                                 
In compliance with section 3.63 of the Listings Requirements of the JSE, Madison
Property Fund Managers (Pty) Ltd ("Madison") disposed of 2 662 986 Redefine     
linked units on 3 May 2005 at a price per unit of 370 cents, with a total value 
of R9 853 048.20, and 307 009 Redefine linked units on 4 May 2005 at a price per
unit of 370 cents, with a total value of R1 135 933.30. Marc Wainer and Wolf    
Cesman each hold 25% and Stewart Shaw-Taylor holds 20% of the issued share      
capital of Madison.                                                             
Clearance to deal was received in terms of paragraph 3.66 of the JSE Listings   
Requirements.                                                                   
Johannesburg                                                                    
5 May 2005                                                                      
Sponsor                                                                         
Java Capital (Proprietary) Limited                                              
Date: 05/05/2005 02:05:41 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department