NEWS RELEASE: REDEFINE INCOME FUND LIMITED AND APEXHI PROPERTIES LIMITED

NEWS RELEASE

REDEFINE INCOME FUND LIMITED AND APEXHI PROPERTIES LIMITED IN R164-MILLION
PROPERTY DEAL

   In a R164-million deal between listed property loan stock (PLS)

companies, Redefine Income Fund Limited has sold 15 commercial properties to
ApexHi Properties Limited.

   The sales consideration is being settled by way of the issue of new
ApexHi linked units at a combined issue price of R10 per linked unit parcel,
comprising 60 percent  'A' and 40 percent 'B' class linked units, with the
'A' units having first call over income at 17 percent yield and the balance
(anticipated at 26 percent yield) being attributed to the 'B' units.

   Redefine, the only hybrid PLS listed on the JSE Securities Exchange
deriving income from a portfolio of commercial properties and a portfolio of
12 listed property companies, significantly increases its stake in ApexHi as
a result of this asset swap.

   And, with an anticipated return on investment exceeding 20 percent,
ApexHi becomes one of the top earners for Redefine and one of four listed
property funds in which Redefine's stake exceeds R100-million.

   Redefine CEO Peter Penhall said: "There are two principle benefits to
Redefine, being a substantial reduction in exposure to the retail property
sector, particularly the neighbourhood shopping centre category, which has
come under pressure from a realignment in consumer shopping patterns and, in
the medium to long term, enhanced income flowing from the yield differential
of the two asset classes."

   The deal cuts the size of Redefine's retail slice of the property income
pie from 38 percent to 17 percent, while boosting the listed securities
portfolio income.

   Penhall said that, in the short term, the transaction had resulted in the
company's objective  of having its asset base evenly split between direct
property and listed securities  being shifted to a 65 percent stake in
listed securities, an outcome that provides the company with an ideal
opportunity to actively increase investment in its property portfolio.
   He said: "With the decline in interest rates, and with listed property
yields generally declining across the board as listed property counters
experience a demand-driven re-rating, there is a far greater opportunity to
increase our property portfolio at appropriate yields that work for Redefine
and, in so doing, restore the balance between direct property and listed
securities without introducing dilutionary pressures."

   To this end, and to pursue its goal of raising its portfolio asset base
to R2-billion in the medium term, the PLS has earmarked R500-million for
direct property acquisitions and R150-million for listed paper investments.
   "The  listed property sector is poised for enormous growth from its
present Market cap of R9-billion, and we fully expect to share in that
growth," Penhall said.

   Taking the ApexHi deal into account, the value of Redefine's asset base
stands at R1,3-billion, with R445-million invested in 43 commercial

properties and R884-million in listed property companies.

   Market capitalisation is in the order of R630-million. With the direct
property portfolio reflected at historic cost, and the listed security
portfolio at JSE ruling prices, Redefine returns a net asset value of R2,63
per linked unit.

   Penhall said the transaction was a classic representation of the benefit
of the hybrid investment structure, through which Redefine could exercise
influence in listed companies in which it held major interests, to the
benefit of both Redefine and the listed entity.

   The effective date of the ApexHi transaction is 1 July 2001. Many of the
properties acquired by ApexHi are neighbourhood shopping centres that were
part of the portfolio acquired from Millennium Properties when Redefine was
assembling its asset base of direct properties; from the outset, these had
been earmarked for improvement in quality and income-earning capacity.
   Penhall said: "Whereas we are focusing more on properties that have few,
preferably single, tenants, long leases and a stable earnings growth

pattern, neighbourhood shopping centres fit more naturally into the ApexHi
fold and risk profile. The properties sold provide scope for growth from
initial acquisition yields. Vacancies were largely introduced at zero value
in the current deal."

   Redefine has seen its initial listing price of 200 cents per linked unit
(at February 23, 2000) increase to a peak of 270 cents: from a liquidity
point of view, it is one of the most traded PLS stocks in the JSE Securities
Exchange Real Estate Sector.
NOTE:

   Redefine Income Fund makes quarterly distributions: On June 18, in it its
fifth quarterly linked unit payout, its distribution of 9 cents represented
a 6 percent increase on each of the previous year's quarterly payments of
8,5 cents and, overall, reflected a total yield (income and capital) in
excess of 50 percent since listing. Given current market conditions, the
company said it anticipated inflation-beating growth in distributions to
unit holders into the foreseeable future.
Ends