Renewal of cautionary announcement and trading statement DIPULA INCOME FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2005/013963/06) JSE share code: DIA ISIN: ZAE000203378 JSE share code: DIB ISIN: ZAE000203394 (Approved as a REIT by the JSE) (“Dipula” or “the Company”) RENEWAL OF CAUTIONARY ANNOUNCEMENT AND TRADING STATEMENT Introduction Shareholders are referred to the announcement published on SENS on 27 August 2021, wherein shareholders were advised that Resilient REIT Limited (“Resilient”) proposed making a R1 billion investment in Dipula. The proposal is subject to conditions including the conclusion of formal agreements and that the dual share capital structure of Dipula is simplified so that it has a single class of ordinary shares. Dipula is engaging with key institutional shareholders regarding their views on the proposal. In order to facilitate this engagement, Dipula is providing a trading statement for its year ended 31 August 2021, the Dipula board’s view of Dipula’s prospects for the year ending 31 August 2022 and further details on the proposal. Trading statement and prospects Dipula expects to report the following distributable earnings per share for the year ended 31 August 2021: Cents per share Six months Six months % change ended ended Year ended Year ended 28 February 31 August 31 August 31 August 2021 2021 2021 2020 A share 59.02029 59.70 118.72029 114.49016 3.7% B share 45.09965 44.59 89.68965 54.45985 64.7% Aggregate A and B shares 104.11994 104.29 208.40994 168.95001 23.4% As yet, Dipula has not declared a dividend for the six months ended 31 August 2021. Distributable earnings for the year ending 31 August 2022 are expected to approximately equate to distributable earnings for the year ended 31 August 2021. This guidance is based on assumptions of no extraordinary events such as compulsory lockdowns or civil unrest, that contractual rental income will be substantially collected, no major corporate failures will occur and a stable macro-economic environment will prevail for the financial year. The financial information above has not been reviewed or reported on by the Company’s auditors. Further details on the proposed transaction with Resilient It is envisaged that Resilient’s investment in Dipula would be by a specific issue of Dipula B shares to Resilient in exchange for cash and investment property (“Resilient Subscription”) in terms of which: - Resilient will subscribe for 283 286 118 Dipula B shares for an aggregate consideration of R1 billion at an effective subscription price of R3.53 per Dipula B share; - The Resilient Subscription will be implemented post the last day to trade to be eligible to receive any Dipula B dividend for the six months ended 31 August 2021, which is expected to be on or about 7 December 2021; and - Resilient will settle the amount due by it for the Resilient Subscription through the sale to Dipula of a 50% undivided share in the rental enterprise known as Circus Triangle for R404.5 million (being 50% of the agreed property value) and the balance, being R595.5 million, in cash. Renewal of cautionary The proposed transaction is an opportunity to improve the outlook for and positioning of Dipula, providing it with a simplified capital structure (consisting of a single class of ordinary shares) and the benefit of a strategic relationship with Resilient. Discussions are ongoing and shareholders are advised to continue to exercise caution when dealing in Dipula’s shares until a further announcement is made. Responsibility statement The Dipula board accepts responsibility for the information contained in this announcement insofar as it relates to Dipula. To the best of its knowledge and belief, the information contained in this announcement is true and this announcement does not omit anything likely to affect the import of the information. 22 September 2021 Corporate advisor and sponsor Java Capital Legal advisor CDH Date: 22-09-2021 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.