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ApexHi Properties Ltd & Redefine Income Fund Ltd	Update Date: 01/21/09
Date Announced: 01/15/09
Value (million $USD): 1.01 billion U.S. Dollar 10.08 billion South African Rand

Status: Pending

TRANSACTION DETAILS
Date Announced	01/15/09
Date Originally Announced	01/15/09
Format	Merger	Acquisition techniques	Stock Swap; Scheme of Arrangement; Three-Way Merger
Attitude	Friendly	Agency	Johannesburg Stock Exchange; South African Competitions Bd.; Unspecified Regulatory Auth.
Value	1.01 billion U.S. Dollar 10.08 billion South African Rand	Advisor Fees	n/a

SYNOPSIS

SOUTH AFRICA - Redefine Income Fund Ltd (RI) planned to launch a tender offer to merge with ApexHi Properties Ltd (AP), a Johannesburg-based real estate development firm, in a stock swap transaction valued at 10.084 bil South African rands ($1.01 bil US). RI offered 5.528 ordinary share per AP share. Based on RI's closing stock price of 6.41 rands ($0.642) on January 14, the last full trading day prior to the announcement, each AP share was valued at 35.434 rands ($3.55). The transaction was to be effected via a scheme of arrangement. Concurrently, RI planned to launch a tender offer to merge with Madison Property Fund Managers Ltd. Upon completion, AP was to be delisted from the Johannesburg Stock Exchange. The transactions were subject to shareholders' and regulatory approvals.

TARGET
Name	ApexHi Properties Ltd (Johannesbu : APA)
Industries	n/a
City	Johannesburg
State	n/a
Nation	South Africa
Incorporated in	n/a
Public Status	Public
Business Description	ApexHi Properties Ltd, located in Johannesburg, South Africa, is a real estate development firm. The group manages a portfolio of commercial, retail and industrial properties. These are mainly office buildings located in the inner cities of Johannesburg, Pretoria and Durban.
Advisors	NULL
Target Sales	168.4 million U.S. Dollar 1.32 billion South African Rand

ACQUIROR
Name	Redefine Income Fund Ltd (Johannesbu : RDF)
Industries	Land subdividers and developers, except cemeteries
City	Johannesburg
State	n/a
Nation	South Africa
Incorporated in	n/a
Public Status	Public
Business Description	Redefine Income Fund Ltd is an investment company headquartered in Johannesburg, South Africa. It has investments in retail, office and industrial properties. Its subsidiaries include Outward Investments (Pty) Ltd and Spearhead Property Holdings Ltd.
Advisors	NULL
Acquiror Sales	120.2 million U.S. Dollar 922.9 million South African Rand

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