Redefine / Spearhead - Approval of the scheme

Redefine / Spearhead - Approval of the scheme                                   
Redefine Income Fund Limited                                                    
(Registration No. 1999/018591/06)                                               
Share Code: RDF & ISIN Code: ZAE000023503                                       
("Redefine")                                                                    
Spearhead Property Holdings Limited                                             
(Registration No. 1996/005827/06)                                               
Share Code: SPE & ISIN Code: ZAE000019162                                       
("Spearhead")                                                                   
APPROVAL OF THE SCHEME                                                          
The scheme of arrangement in terms of section 311 of the Companies Act (Act 61  
of 1973, as amended) ("the Act") proposed by Redefine between Spearhead and its 
linked unitholders ("the scheme") was sanctioned by the High Court of South     
Africa (Cape of Good Hope Provincial Division) on 17 November 2006 and a        
certified copy of the Order of Court sanctioning the scheme was lodged with the 
Registrar in terms of the Act on 20 November 2006.                              
All the conditions precedent to the scheme will be fulfilled when the Order of  
Court is registered. The anticipated date for registration is Tuesday, 21       
November 2006. An announcement confirming the registration of the Order of Court
will be released on SENS as soon as possible after such registration occurs.    
The operative date of the scheme will be at the commencement of trading on      
Friday, 4 December 2006. The rest of the salient dates are as released on SENS  
on 9 November 2006 and published in the press on 10 November 2006.              
Rosebank                                                                        
20 November 2006                                                                
Corporate advisor, legal advisor and sponsor to Redefine                        
Java Capital (Proprietary) Limited                                              
Corporate advisor and sponsor to Spearhead                                      
Bridge Capital Advisors (Proprietary) Limited                                   
Legal advisor to Spearhead and attorneys to the scheme                          
Hofmeyr Herbstein & Gihwala Inc.                                                
Legal advisor to Spearhead                                                      
Werksmans Inc.                                                                  
Spearhead"s auditors and independent advisor                                    
PKF (Newlands) Inc.                                                             
Date: 20/11/2006 04:36:09 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department