Redefine Income Fund - News Release

Thursday, January 3, 2002

PLS Redefine Income Fund declares quarterly interest distribution of 9 cents
per linked unit

PROPERTY loan stock company (PLS) Redefine Income Fund has declared an
interest distribution for the financial quarter ended November 30 of 9 cents
per linked unit which equates to an annualised forward yield of 14,7 percent
against the currently traded linked unit price of R2,45.

It is Redefine's first distribution for the financial year ending August 31,
2002, and the seventh quarterly payout since listing on the JSE Securities
Exchange South Africa in February 2000.

Redefine is the only listed hybrid PLS company deriving revenue from a
portfolio of directly-owned properties and a portfolio of listed PLS and
property unit trust companies.

CEO Peter Penhall said: "Redefine goes forward into the new financial year
having restructured the listed securities portfolio by reducing its exposure
to ApexHi and disposing of certain non-core listed securities, and

increasing the value of the property portfolio by some R202-million in 13
individual transactions.

"The acquisitions meet our criteria of single or few tenants, long leases
and secure income streams. Moreover, the timing was right: we have added
value to the property portfolio at yields that will add further growth."
Penhall said: "On their own, the acquisitions represent solid underlying
earnings growth above the prevailing inflation rate.

"Ninety percent of the new leases on average expire seven years from now.
They have also helped transform our overall lease expiry profile, with 51
percent (up from 34 percent) of rental income now expiring after 2006.
"Where leases expire in the short-to-medium term, we're paying a lot of
attention to tenant retention."

The acquisitions were paid for substantially in cash, funded through a
combination of available cash resources and borrowings at fixed interest
rates, and the fresh issue of equity.

As a result of these latest transactions, the proportion of listed stock to
property is now 56:44 whereas in November the ratio stood at 67:33.

"The adjustment thus far has been achieved fairly quickly, in line with the
commitment we made to the investment market in November to restore the
preferred 50:50 investment strategy balance with minimum delay.

"There will be a further correction through property acquisitions under
negotiation, as well as reduction in exposure to certain listed securities
where we perceive future growth may fall below levels we have set as

benchmarks. Penhall said: "Redefine has secured financing facilities which
place the group in a position to further increase the total asset base to R2-
billion by way of acquisitions.

"Notwithstanding current market conditions, we remain confident we will meet
the growth targets set for the financial year ending August 31, 2002."
ends