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Wed 4 Aug 2004, 17:45 TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
RESILIENT - TRADING STATEMENT AND 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`)                                                  
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                                   
In terms of the Listings Requirements of the JSE Securities Exchange South      
Africa (`JSE`), a listed company is required to publish a trading statement as  
soon as it becomes aware that its financial results for a reporting period will 
be materially different from those of the corresponding period of the previous  
year.                                                                           
Unitholders are advised that it is anticipated that the earnings and headline   
earnings per linked unit to 30 June 2004 are likely to be substantially lower   
(`substantially` being a difference of equal to or greater than 30%) and        
materially higher (`materially` being a difference of between 10% and 30%),     
respectively, than that of the comparative 7 month interim period to 30 June    
2003 (annualised to 6 months).                                                  
As the financial results have not been reviewed or reported on by the Company`s 
auditors, unitholders are advised to exercise caution when dealing in the       
Company`s units until the release of the results and distribution announcement, 
expected on or about 12 August 2004.                                            
Johannesburg                                                                    
4 August 2004                                                                   
Sponsor                                                                         
Nedbank Capital
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