This odd-lot offer comes as a direct result of Corpcapital Limited distributing 50,000,000 Redefine linked units to Corpcapital shareholders in February 2004 which resulted in the number of Redefine linked unitholders increasing from 2,795 (as at the end of January 2004) to 8,886 (as at 12 August 2004).

This represents an increase of 6,091 Redefine linked unitholders (218%), most of which received less than 100 linked units.

The number of Redefine linked unitholders, as at 12 August 2004, holding 99 linked units and less, and holding between 100 and 1,000 linked units, are 3,870 and 1,820 respectively.

"The odd-lot offer will enable Redefine to decrease the substantial recurring costs of administration, estimated at R621,000 per annum, resulting from having a large number of odd-lot linked unitholders on the register," said Redefine Income Fund CEO, Brian Azizollahoff.

"Further, it will enable linked unitholders in respect of both the compulsory and voluntary odd-lot offer either an affordable exit strategy or a means of increasing their unitholding," explained Azizollahoff.

Those with less than 99 linked units have three options. They may elect to subscribe for additional linked units from Redefine at the offer price in order to increase their odd-lot unitholdings to either 100 linked units or 1 000 linked units or sell their unitholdings to Redefine at the offer price or retain their odd-lot unitholdings.

If a unitholder for whom this compulsory offer applies does not respond to this offer, it will be considered that they have agreed to sell their odd-lot unitholdings to Redefine at the offer price.

The offer price will be at a 10% premium to the five day weighted average price of a Redefine linked unit prior to the opening of the election period of the odd-lot offer.

"In addition, we decided to afford linked unitholders holding between 100 and 1,000 linked units the opportunity to participate in the odd-lot offer in order to further incentivise the smaller linked unitholders to trade on a cost free basis," said Azizollahoff.

Voluntary odd-lot holders may either elect to increase their odd-lot holdings to 1,000 linked units, sell their odd-lot holdings to Redefine at the offer price or retain their odd-lot holdings.

Voluntary odd-lot holders, who do not elect any of the alternatives, shall be deemed to have retained their odd-lot holdings.

A salient price and dates announcement will be made on SENS and in the press once such dates have been finalised.

This offer is not relevant to holders of 1,000 Redefine linked units or more.

For further information, please contact:

Redefine Income Fund

Brian Azizollahoff

Tel: 011 283 0000

Cell: 083 255 2351

Or

Marketing Concepts

Sandy Davey

Tel: 011 880 2213

Cell 083 453 6668