Participation in Cromwell Capital Raising

11 December 2012

REDEFINE INTERNATIONAL P.L.C.

("Redefine International", the "Company" or the "Group")

Participation in the Cromwell Capital Raising

Redefine International, the diversified income focused property company, is pleased to announce that it has concluded agreements to participate in and sub-underwrite a capital raising by the Cromwell Property Group ("Cromwell"). Cromwell is an Australian Property Trust listed on the Australian Stock Exchange ("ASX"), in which the Group currently has a 22.08% interest held through its subsidiary, Redefine Australian Investments Limited ("RAIL").

Cromwell announced on the ASX on 7 December 2012 that it was undertaking an equity capital raising of up to AUD163 million ("Cromwell Capital Raising") to seed a new unlisted property trust, reduce debt and provide additional working capital. The Cromwell Capital Raising is being undertaken by way of underwritten institutional placements of new Cromwell stapled securities ("New Securities") at an issue price of AUD0.785 per New Security to raise up to AUD143 million (GBP93 million) (the "Placements") and a non-underwritten security purchase plan (in terms of the rules of the Australian Investments and Securities Commission) to eligible Cromwell security holders to raise up to AUD20 million (GBP13 million) ("SPP").

RAIL agreed to subscribe for AUD40 million (GBP26 million) worth of New Securities (the "RAIL Placement"). The RAIL Placement was subject to a sub-underwriting commitment from RAIL for which it is entitled to a fee of AUD800 000 (GBP523 000).

The RAIL Placement will be funded from the proceeds from the Company's capital raising which completed in October 2012.

Cromwell announced on 10 December 2012 that it had successfully completed the Placements. The Placements were exceptionally well supported by a number of new and existing institutional investors. The Placements were materially oversubscribed and required significant scale back.

The Placements are expected to settle on Thursday, 13 December 2012, with allotment and trading on the ASX occurring on Friday, 14 December 2012.

Following the Placements, the Group's interest will be 22.84% which will reduce to 22.44% should the SPP be fully subscribed.

The New Securities will rank pari passu with existing Cromwell stapled securities in issue except that they will only entitle holders to a pro-rata share (based on their issue date) of the distributions from Cromwell for the quarter ending 31 December 2012.

RATIONALE FOR THE TRANSACTION

The net proceeds of the Cromwell Capital Raising, have been earmarked for a number of potential acquisitions. Approximately AUD16 million (£10.5 million) has been advanced to the Box Hill Trust to enable it to acquire a proposed development site for a new 20 level Australian Tax Office tower in Melbourne. Further information in relation to the acquisition and Cromwell capital raise can be found in the announcements by Cromwell to the ASX, which can be downloaded from www.cromwell.com.au.

The transaction is in line with Redefine International's objective of increasing its presence in the Australian property market and is expected to be earnings enhancing for shareholders in the medium to long-term.

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