REDEFINE INCOME FUND LIMITED - ACQUISITION OF PROPERTY LETTING ENTERPRISES

REDEFINE INCOME FUND LIMITED - ACQUISITION OF PROPERTY LETTING ENTERPRISES      
Redefine Income Fund Limited                                                    
(Registration No. 1999/018591/06)                                               
Share code: RDF    ISIN code: ZAE000023503                                      
("Redefine" or "the company")                                                   
ACQUISITION OF PROPERTY LETTING ENTERPRISES                                     
Java Capital is authorised to announce that Redefine (through its whollyowned   
subsidiary Outward Investments (Proprietary) Limited) has concluded an agreement
with various entities comprising the Collins Property Group for the acquisition 
of property letting enterprises conducted by the Collins Property Group in      
respect of nine immovable properties known as the Accenture Building, Woodmead; 
the BMW Northcliff building; the Avroy Schlain building in Midrand; the Mauff   
Zail buildings  in Pretoria, Richmond and Durban and the Africa Glass buildings 
in Centurion, Alrode and Denver (the "property portfolio"). The property        
portfolio is to be acquired, with effect from the date on which the properties  
are registered in the name of Redefine ("transfer date") for an aggregate       
purchase consideration of R252,5 million, to be settled entirely in cash on the 
transfer date (the "acquisition").                                              
The purchase consideration is to be funded via existing cash resources and      
mortgage finance.                                                               
The property portfolio comprises one retail, four commercial and four industrial
properties with a combined gross rentable area of approximately 69 100mSquared. 
The acquisition is in line with Redefine"s strategy of acquiring properties in  
prime locations with A-grade tenants, long leases and good escalations.         
The acquisition is conditional upon the parties securing all approvals and      
consents required to be secured in terms of the Competition Act, 89 of 1998.    
Utilising historical information and on the assumption that the acquisition was 
effective for the year ended 31 August 2004, the acquisition would have had no  
material effect on historical headline earnings, earnings, asset value and net  
asset value per Redefine linked unit. The financial effects of the acquisition  
are therefore not included.                                                     
Rosebank                                                                        
11 October 2004                                                                 
Corporate advisor                                                               
Legal advisor                                                                   
Sponsor                                                                         
Java Capital (Pty) Limited                                                      
Date: 12/10/2004 09:40:10 AM Supplied by www.sharenet.co.za                     
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