Redefine - Acquisition by Redefine of Standard Bank Centre, Cape Town

Redefine - Acquisition by Redefine of Standard Bank Centre, Cape Town           
and cautionary announcement                                                     
REDEFINE INCOME FUND                                                            
(Registration number 1999/0018591/06)                                        
   Share code: RDF   ISIN: ZAE000023503                                         
   ("Redefine")                                                                 
Acquisition by Redefine of Standard Bank Centre, Cape Town                      
and cautionary announcement                                                    
1. Introduction                                                                 
   Java Capital (Proprietary) Limited is authorised to announce that Redefine,  
through its wholly-owned subsidiary, Outward Investments (Pty) Limited          
("Outward"), which owns a portfolio of commercial properties covering the       
retail, office and industrial sectors and a portfolio of listed securities      
focused exclusively on the real estate sector of the JSE Securities Exchange    
South Africa ("JSE"), has concluded an agreement ("the agreement") with The     
Standard Bank of South Africa Limited ("SBSA") for the acquisition of the       
property letting business conducted in respect of Standard Bank Centre, located 
on the Cape Town foreshore ("Standard Bank Centre").                            
2. Rationale                                                                    
Redefine has been seeking to augment its direct property holdings by the     
acquisition of good quality property assets, with particular focus on the       
Western Cape region. Standard Bank Centre is modern, efficient and comprises A- 
grade commercial offices with limited retail space and adequate on-site parking.
Rentals are market related with long leases in place from the major tenants.    
Almost 90% of the tenants are "A-grade", amongst them Telkom, SBSA, P&O Nedloyd 
and Santam.                                                                     
3. The acquisition                                                              
In terms of the agreement, Outward will, with effect from the date on which  
the immovable property comprising Standard Bank Centre is transferred in the    
relevant Deeds Registry ("transfer date"), acquire Standard Bank Centre, subject
to the approval of the Competition Commission to the acquisition being obtained.
The aggregate purchase price payable in respect of the acquisition is R218      
million. The purchase price is to be settled as follows:                        
* an amount of R109 million payable in cash on the transfer date;               
* the balance by the issue of 42 745 098 Redefine linked units at an issue price
of R2,55 per linked unit.                                                       
4. Financial effects of the acquisition                                         
   The effect of the acquisition on the historical earnings, headline earnings  
and net asset value per Redefine linked unit will be announced on SENS and in   
the press once the relevant financial information has been made available to and
the financial effects calculated by Redefine. Therefore unitholders are advised 
to exercise caution when dealing in their linked units until a further          
announcement is made.                                                           
Rosebank                                                                     
   2 July 2003                                                                  
Corporate and Legal Advisor and Sponsor                                         
  Java Capital                                                                  
Date: 03/07/2003 08:02:03 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department