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Fri 27 Feb 2009, 14:45 RDF / APA / APB / AXC / MDN - Redefine / ApexHi / Madison - Renewal of
APA   MDN   RDF   APB   AXC
APA   MDN   RDF                                                                 
RDF / APA / APB / AXC / MDN - Redefine / ApexHi / Madison - Renewal of          
                                  cautionary announcement                       
Redefine Income Fund Limited                                                    
(Registration No. 1999/018591/06)                                               
Share Code: RDF                                                                 
ISIN Code: ZAE000023503                                                         
("Redefine")                                                                    
ApexHi Properties Limited                                                       
(Incorporated in the Republic of South Africa)                                  
Registration number 1999/000238/06                                              
Share codes: APA    ISIN codes:  ZAE000083598                                   
APB                 ZAE000083606                                    
            AXC                 ZAE000083580                                    
("ApexHi")                                                                      
Madison Property Fund Managers Holdings Limited                                 
Registration No. 2003/021772/06                                                 
Madison Property Fund Managers Limited                                          
Registration No. 2005/021874/06                                                 
Share Code: MDN                                                                 
ISIN: ZAE000080560                                                              
("Madison")                                                                     
RENEWAL OF CAUTIONARY ANNOUNCEMENT                                              
Linked unitholders are referred to the announcement released on SENS on         
15 January 2009 in relation to the proposed merger of Redefine, ApexHi and      
Madison.                                                                        
The financial effects of the merger are still in the process of being finalised.
The intention is to publish these during the course of next week and to post the
various circulars to Redefine, ApexHi and Madison linked unitholders during the 
course of the following week.                                                   
Pending the announcement of the financial effects, Redefine, Apexhi and Madison 
linked unitholders are advised to continue to exercise caution when dealing in  
their securities.                                                               
27 February 2009                                                                
Sponsor                                                                         
Java Capital (Proprietary) Limited                                              
Date: 27/02/2009 14:45:01 Produced by the JSE SENS Department.                  
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