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RESILIENT PROPERTY INCOME FUND LIMITED - CAUTIONARY ANNOUNCEMENT                
  RESILIENT PROPERTY INCOME FUND LIMITED                                          
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 2002/016851/06)                                            
  Share code:  RES                                                                
  ISIN:   ZAE000043642                                                            
  ("Resilient" or "the Company")                                                  
  CAUTIONARY ANNOUNCEMENT                                                         
  Linked unitholders are advised that Resilient has entered into negotiations     
  which, if successfully concluded, may have a material effect on the price of the
  Company"s securities. Accordingly, linked unitholders are advised to exercise   
  caution when dealing with the Company"s securities until a further announcement 
  is made.                                                                        
  Johannesburg                                                                    
  29 March 2004                                                                   
  Sponsor                                                                         
  Nedbank Capital                                                                 
  Date: 29/03/2004 09:31:03 AM Produced by the JSE SENS Department                
                                                                                  
                                                                                  

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