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Mon 2 Sep 2002, 0:00 Rand Leases/ Redefine - Joint Further Cautionary A
Rand Leases/ Redefine - Joint Further Cautionary Announcement                   
RAND LEASES PROPERTIES LIMITED        REDEFINE INCOME FUND                      
                                      LIMITED                                   
(Incorporated in the Republic of      (Incorporated in Republic                 
South Africa)                         of South Africa)                          
(Registration number 1978/000870/06)  (Registration number                      
Share Code: RPR ISIN Code:            1999/018591/06)                           
ZAE000028254                          Share Code: RDF ISIN Code:                
("Rand Leases")                       ZAE000023503                              
                                      ("Redefine")                              
JOINT FURTHER CAUTIONARY ANNOUNCEMENT                                           
Further to the cautionary announcement published by Rand Leases on 12 July 2002 
and the renewal of the cautionary announcement of Redefine published on the same
day, linked unitholders are advised that Rand Leases and Redefine are at an     
advanced stage of negotiations to conclude an agreement for the disposal of 27  
of Rand Leases` property letting enterprises in its investment portfolio to     
Redefine at fair value.                                                         
A further announcement will be released as soon as practicably possible, once   
agreement has been reached or negotiations have been terminated. Rand Leases`   
and Redefine`s linked unitholders are therefore advised to exercise caution when
dealing in the linked units of both companies.                                  
RAND LEASES PROPERTIES LIMITED     REDEFINE INCOME FUND LIMITED                 
Johannesburg                       Johannesburg                                 
2 September 2002                   2 September 2002                             
Sponsor to Rand Leases     Sponsor to Redefine                                  
BoE Securities             Corpcapital Corporate Finance                        
(Proprietary) Limited                                                           
Date: 02/09/2002 07:10:00 AM Produced by the JSE SENS Department                


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