Unaudited condensed consolidated interim financial results for the six months ended 28 February 2022 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") Short-form announcement: Unaudited condensed consolidated interim financial results for the six months ended 28 February 2022 SALIENT FEATURES - A-share distributable earnings per share up 5.0% to 61.97130 cents (2021: 59.02029 cents) - B-share distributable earnings per share down 6.4% to 42.21706 cents (2021: 45.09965 cents) - Basic earnings per share up 5.1% to 61.38 cents (2021: 58.38 cents) - Headline earnings per share up 1.0% to 60.58 cents (2021: 60.01 cents) - NAV per combined share down 1.9% to R20.78 (2021: R21.18) - Revenue down 0.1% to R677.4 million (2021: R678.4 million) - Net operating profit down 4.2% to R414.8 million (2021: R432.8 million) - Attributable comprehensive income up 5.1% to R324.9 million (2021: R309.0 million) BUSINESS OVERVIEW Dipula is an internally managed, South African focused Real Estate Investment Trust ("REIT") that owns a sectoral and geographically diversified portfolio of retail, office, industrial and residential rental assets in all provinces of South Africa, with the majority of its assets located in Gauteng. The Company's strategy is to own a defensive and diversified portfolio with a retail bias. Dipula's portfolio has yielded a solid performance since listing. PAYMENT OF DIVIDEND The board has approved, and notice is hereby given of the interim gross dividend (dividend number 20) for the period 1 September 2021 to 28 February 2022 of 61.97130 cents per A-share and 42.21706 per B-share. The dividend is payable to Dipula shareholders in accordance with the timetable set out below: Last day to trade cum dividend Tuesday, 31 May 2022 Shares trade ex-dividend Wednesday, 1 June 2022 Record date Friday, 3 June 2022 Payment date Monday, 6 June 2022 Share certificates may not be dematerialised or rematerialised between Wednesday, 1 June 2022 and Friday, 3 June 2022, both days Inclusive. The dividend will be transferred to dematerialised shareholders' CSDP accounts/broker accounts on Monday, 6 June 2022. Certificated shareholders' divided payments will be paid to certificated shareholders' bank accounts on or about Monday, 6 June 2022. TAX TREATMENT An announcement relating to the tax treatment of distributions to shareholders will be released on SENS separately. SHORT-FORM ANNOUNCEMENT The contents of this short-form announcement are the responsibility of the board of directors of Dipula. The information above is extracted from the unaudited condensed consolidated interim results for the six months ended 28 February 2022 and does not contain full or complete details of the financial results. Any investment decisions made by investors should be based on consideration of the full announcement as a whole and shareholders are encouraged to review the full announcement, which has been released on SENS and is available for viewing on Dipula's website at https://dipula.co.za/content/uploads/2022/05/interim-results-feb-2022.pdf and on the JSE website at https://senspdf.jse.co.za/documents/2022/JSE/ISSE/DPL/HY2022.pdf. Copies of the full announcement may also be requested at the Company's registered office at no charge, during office hours from Thursday, 5 May 2022 to Thursday, 12 May 2022. Johannesburg 5 May 2022 Directors ZJ Matlala* (Chairperson) IS Petersen (CEO) R Asmal (FD) BH Azizollahoff*# E Links* Y Waja* SA Halliday* * Independent non-executive # British Registered office 12th Floor Firestation Rosebank 16 Baker Street Rosebank 2196 Transfer secretaries JSE Investor Services Sponsor Java Capital Company secretary Acorim Investor relations Articulate Capital Partners Independent auditors Mazars Gauteng Date: 05-05-2022 08:00:00 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.