Redefine results

Redefine results                                                                
Redefine Income Fund Limited                                                    
(Registration No. 1999/018591/06)                                               
Share Code: RDF    ISIN Code: ZAE000023503                                      
("Redefine")                                                                    
Redefine results                                                                
Redefine announced a total interest distribution for its financial year ended 31
August 2003 of 29,75 cents per linked unit.                                     
For the quarter ended 31st August 2003, Redefine has declared a distribution of 
6,5 cents per linked unit, which exceeded the forecast of 6,25 cents made after 
the May 2003 quarter reflected a decline to 6.25 cents per linked unit.         
Redefine expects to achieve its forecast of no less than 31 cents per linked    
unit for the financial year ending August 2004.                                 
While the total distribution for this financial year is below last year"s       
distribution of                                                                 
37 cents per linked unit, Redefine reflected a positive net current asset       
position for this financial year compared to a net current liability position   
for the previous year.                                                          
Redefine"s listed securities portfolio was valued at R1,31-billion at the close 
of the financial year having increased by R223-million as a result of net       
acquisitions of R129-million and an increase in market value of R84-million .   
Redefine"s operating profit for the year under review increased by 38% to R 292 
million. Non-current assets reflected an increase of 29% to R 2,45 billion, with
net asset value per linked unit rising to R 2.41 from R2.35 in 2002.            
Redefine has one of the highest liquidity levels in the sector with over 79% of 
Redefine"s free float units traded during the financial year. In addition       
Redefine became the first South African property company to receive a rating    
from Fitch Ratings which, based on Redefine"s superior ability to both service  
and repay debt, rated Redefine an impressive "A-minus".                         
Aggressive leasing initiatives ensured that approximately 39 000m2 of vacant    
space was let during the year and approximately 24 800m2 of leases were renewed.
Redefine now enjoys a lease expiry profile better than the sector average with  
more than 37% of leases expiring in 2008 and beyond. Redefine"s directly-owned  
portfolio is 94.3% let, representing a 3% reduction in vacancy over the past    
year.                                                                           
"Redefine"s responsible forward-looking focus, which involves actively seeking  
yield-enhancing acquisitions and growing the fund in both the listed and direct 
property sectors without compromising the quality of the portfolio or diluting  
existing shareholders" interest, forms a solid basis for increased future       
performance," said CEO Brian Azizollahoff.                                      
Redefine"s yield-enhancing purchase of the Cape Town foreshore Standard Bank    
building, which was approved in September 2003 by the Competitions Commission,  
is representative of the growth of Redefine"s directly-owned property portfolio 
by including A-grade properties with A-grade tenants.                           
This R218-million deal will add value to the fund with a forward yield of 13.3%.
Almost 90% of the Standard Bank building"s lettable area is occupied by blue-   
chip major tenants including Standard Bank, Telkom, P & O Nedloyd and Santam.   
"A clear investment strategy, positive outlook, responsible management and well-
defined action plan positions Redefine to enjoy strong performance into the     
future with attractive forward yields, a high level of interest and better-than-
ever liquidity," concluded Azizollahoff.                                        
Ends:                                                                           
For further information contact:                                                
Redefine Income Fund                                                            
Brian Azizollahoff                                                              
Tel: 011 283 0000                                                               
Marketing Concepts                                                              
Sandy Davey                                                                     
Tel: 011 880 2213                                                               
Date: 30/09/2003 04:01:03 PM Supplied by www.sharenet.co.za                     
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