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Redefine Income Fund Declares Quarterly Interest Redefine Income Fund Limited (Registration No. 1999/018591/06) (a company incorporated in South Africa) ("Redefine") Share Code: RDF ISIN: ZAE 000023503 NEWS RELEASE Thursday, January 02, 2003 Redefine Income fund declares quarterly Interest distribution no 11 of 8,5 cents per linked unit HYBRID property loan stock Redefine Income Fund, which derives revenue streams from a portfolio of directly-owned properties and a portfolio of listed property companies, has declared an interest distribution to linked unit holders of 8,5 cents per linked unit for the financial quarter ended November 30 2002. CEO Peter Penhall said the distribution was marginally lower than that of the previous quarter. This was attributable to "significant changes that took place in the composition of Redefine`s listed security portfolio. In addition, certain of the funds in which Redefine is invested have amended year-ends and distribution patterns arising from corporate activity in the Real Estate Sector of the JSE Securities Exchange. "The combined effect is a reduction in income available for distribution in the first half the financial year 2003 compared with distributions in the second half of the previous financial year. "We anticipate that Redefine will be able to maintain total distribution for the financial year to August 31, 2003, to substantially similar levels to those achieved in the financial year ended August 31, 2002." He said the acquisition of 27 investment properties from Rand Leases Properties in the closing stages of 2002 had lifted the total value of Redefine`s hybrid asset base to R2,3-billion, split almost evenly between the directly-owned property portfolio and listed securities portfolio. The R L Props acquisition takes the property portfolio from R808-million in value to R1,2-billion while the value of the listed securities stands at R1,1- billion. Penhall said: " We have already started the process of taking transfer of the properties and this should be concluded in the next few weeks. "We are also implementing measures very quickly to give effect to opportunities we perceived early in the R L Props negotiations to add value in the short term to both revenue and investment yield which could enhance net asset value at financial year end 31 August 2003." Redefine`s quoted price of its linked units increased by 15 percent since August 2002 to a peak of R2,76 in mid-December 2002. Ends Issued by Far Out Communication cc Communication and Editorial Practitioners Office: 10 Rembrandt Plaza, 286 Lister Road, Rembrandt Park, 2090 Telephone: 27 11 346-2666 Fax: 27 11 346-0290 email: manucomm@iafrica.com Home: 27-11 882-4446 286 Pasteur Road Rembrandt Park 2090 Date: 02/01/2003 05:27:00 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
