REDEFINE - PRESS RELEASE

REDEFINE INCOME FUND

PROPERTY LOAN STOCK COMPANY REDEFINE INCOME FUND DECLARES INCREASED

QUARTERLY DISTRIBUTION NO. 5 OF 9 CENTS PER LINKED UNIT

REDEFINE Income Fund today announced an interest distribution of  9 cents
per linked unit for the operating quarter ended May 31, 2001.

It is the property loan stock (PLS) company1s fifth quarterly payout since
listing on February 23, 2000, and represents a 6 percent increase on the
previous year's quarterly payments of 8,5 cents per linked unit and overall
reflects a total growth (income and capital) in excess of 50 percent.
Redefine has led the way in the JSE Securities Exchange1s Real Estate sector
with quarterly payments to linked unit holders, the frequency of which
enhances the annual return on investment.

CEO Peter Penhall said that, given current market conditions, 3there was
every expectation of inflation-beating growth in distributions to unit
holders in the foreseeable future.}

Redefine, the only PLS listed on the JSE Securities Exchange to have a Fitch
A+ investment rating, is also the only hybrid property investment counter,
deriving income from a R1,3-billion asset base consisting of a portfolio of
R608-million invested in 57 commercial properties and R690-million in 12
listed property unit trusts and property loan stock companies.

With the price per linked unit trading in a band of R2,60-R2,70, Redefine
has a market capitalisation of about R628-million.
ends
Far Out Communication cc
Communication and Editorial

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