DIPULA INCOME FUND LIMITED - Reviewed provisional condensed consolidated financial results for the year ended 31 August 2022

Reviewed provisional condensed consolidated financial results for the year ended 31 August 2022

Dipula Income Fund
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIB
ISIN: ZAE000203394
(Approved as a REIT by the JSE)
("Dipula" or "the company")

Short-form announcement:
Reviewed provisional condensed consolidated financial results
for the year ended 31 August 2022

SALIENT FEATURES
A-share distributable earnings per share 61.97130 cents (2021: 118.95304 cents)
B-share distributable earnings per share 73.19430 cents (2021: 89.69993 cents)
Basic earnings per share 120.91 cents (2021: 48.06 cents)
Headline earnings per share 74.74 cents (2021: 49.84 cents)
NAV per share R6.63 (2021: R10.30)
Revenue R1 352 million (2021: R1 314 million)
Net profit before finance cost R1 353 million (2021: R852 million)
Attributable comprehensive income R1 081 million (2021: R429 million)

BUSINESS OVERVIEW
Dipula is an internally managed, South African-focused REIT that owns a portfolio of retail, office,
industrial and residential property assets throughout South Africa, with the majority of the portfolio located
in Gauteng. Dipula's strategy is to own a defensive portfolio with a bias towards convenience, rural and
township retail centres. The portfolio has yielded a solid performance since listing. The company focuses
on specific market segments and continuously repositions the portfolio to adapt to changing market dynamics.

CAPITAL RESTRUCTURE
On 7 April 2022, Dipula shareholders voted in favour of the repurchase of all Dipula A-shares in
consideration for the issue of 2.4 Dipula B-shares for every Dipula A-share by way of a scheme of
arrangement (the "scheme"). The scheme was implemented on 6 June 2022 and resulted in Dipula's issued
share capital at 31 August 2022 now consisting of 895 747 744 ordinary shares compared to 264 665 819
Dipula A-shares and 264 665 819 Dipula B-shares in issue in 2021. The figures reported for this period may
therefore not be comparable to prior reporting periods.

PAYMENT OF DIVIDEND
Dipula has declared 100% of its distributable earnings as dividends. The board has approved, and notice
is hereby given of a final gross dividend (dividend number 21) for the period 1 March 2022 to 31 August 2022
of 30.97724 cents per share.

The dividend is payable to Dipula shareholders in accordance with the timetable set out below:
Last day to trade cum dividend            Tuesday, 6 December 2022
Shares trade ex-dividend                Wednesday, 7 December 2022
Record date                                Friday, 9 December 2022
Payment date                              Monday, 12 December 2022

Share certificates may not be dematerialised or rematerialised between Wednesday, 7 December 2022 and
Friday, 9 December 2022, both days Inclusive. The dividend will be transferred to dematerialised shareholders'
CSDP accounts/broker accounts on Monday, 12 December 2022. Certificated shareholders' dividend
payments will be paid to certificated shareholders' bank accounts on or about Monday, 12 December 2022.

TAX TREATMENT
An announcement relating to the tax treatment of the distribution to shareholders will be released on SENS
separately.

REVIEW CONCLUSION
The auditor, Mazars Gauteng, has issued an unmodified review conclusion report on the reviewed
provisional condensed consolidated financial results for the year ended 31 August 2022. Copies of the
auditor's report will be made available for inspection at the company's registered office during office hours.

SHORT-FORM ANNOUNCEMENT
The contents of this short-form announcement are the responsibility of the board of directors of Dipula and
have not been reviewed by the auditor, Mazars Gauteng. The information above is extracted from the
reviewed provisional condensed consolidated financial results for the year ended 31 August 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://www.dipula.co.za/content/uploads/2022/11/Reviewed-annual-financial-results-31-Aug-2022.pdf
and on the JSE website at https://senspdf.jse.co.za/documents/2022/JSE/ISSE/DPL/FY2022.pdf.

Copies of the full announcement may also be requested at the Company's registered office at no charge,
during office hours from Wednesday, 16 November 2022 to Wednesday, 23 November 2022.

Johannesburg
16 November 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: 16-11-2022 09:00:00
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