This brings the total distributions for the first six months of Redefine's financial year beginning 1 September 2003 to 15,5 cents per linked unit. Payment of the interest distribution will be made on Monday, 26 April 2004.

This positive performance is set to continue. "The Redefine Board anticipates that the distribution per linked unit for the quarter ended 29 February 2004 will at least be maintained for each quarter in the remainder of the current financial year," said Brian Azizollahoff, CEO of Redefine.

Redefine's non-current assets have increased to R2,78 billion and the Net Asset Value per linked unit stood at R2.65 at the end of February 2004.

During the period under review the Standard Bank Centre Cape Town, which Redefine acquired for R218 million and Motown Durban, which it acquired for R39,5 million were transferred. In addition, the 16 properties that Redefine sold to Prima Property Trust were also transferred. These acquisitions and sales resulted in the number of properties owned by Redefine being reduced to 72.

"The property portfolio comprises 45% of Redefine's total assets. Current yield differentials favour fixed property and therefore Redefine intends to increase its fixed property holdings," said Azizollahoff.

In addition, the sectoral spread of Redefine's property portfolio will be strategically adjusted. The sectoral spread by revenue comprises 64% commercial, 22% retail, and 1 % industrial.

"As a result of the strong performance which retail property continues to experience, it is our intention to increase retail assets to approximately 35% of the portfolio," explained Azizollahoff.

Leasing activity had a strong impact on Redefine's increased distribution with 20 045m2 of vacant space leased and 33 411m2 of renewals achieved during the period. At 29 February 2004, 93.4% of its portfolio was leased.

Redefine's lease expiry profile is better than the sector average with 41.7% of leases expiring in 2008 and beyond.

Redefine's listed securities portfolio increased by 14.4% as a result of acquisitions and increases in market value during the period under review. The market value of the listed securities portfolio at 29 February 2004 was R1,498 billion.

Transactions with significant impact on Redefine's listed securities portfolio include the sale of 50 million A-Prop units to Corovest. This, combined with the pending A-Prop clawback offer, will reduce Redefine's investment in A-Prop from 31.3% to 9.7%. Redefine's acquired 120 million shares in Prima Property Trust as a result of the sale of 16 properties to Prima. Shops for Africa has disposed of its properties to ApexHi in exchange for cash and ApexHi A and B linked units which will be distributed to Shops unit holders. As a result, Redefine will receive approximately 4 million ApexHi A and B linked units in exchange for its Shops units.

Redefine's borrowings of R1,54 billion represents gearing of 55%, a reduction from 58% at the end of its financial year in August 2003. "This is consistent with Redefine's long-term strategy to reduce gearing below 45%," explained Azizollahoff.

Redefine's current average all-in interest rate is 11.96% with 72% of the borrowings fixed for periods of five and seven years.

"Redefine has clear and strong strategic direction and we are confident of continued positive performance for the remainder of this financial year and beyond," said Azizollahoff.

For further information contact:

Redefine Income Fund

Brian Azizollahoff

Tel: 011 283 0110

Cell 083 255 2351

or

Marketing Concepts

Sandy Davey Tel: 011 880 2213

Cell 083 453 6668