DIPULA INCOME FUND LIMITED - Update on scheme of arrangement

Update on scheme of arrangement

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”)


UPDATE ON SCHEME OF ARRANGEMENT


Shareholders are referred to the revised firm intention announcement published on SENS on 23 December 2021 (the
“Revised FIA”). Capitalised terms in this announcement bear the same meaning as in the Revised FIA.

Shareholders are advised that the JSE and TRP regulatory approval process of the circular setting out the full terms and
conditions of the Scheme and including the notices convening the Dipula shareholder meetings (the “Scheme
Circular”) is underway and that the Scheme Circular will be posted to shareholders in due course.

The Scheme is expected to proceed according to the following estimated salient dates:

                                                                                                                      2022
 Scheme Circular to be posted to Dipula shareholders on or about                                          Tuesday, 8 March

 Dipula shareholder meetings to be held on or about                                                      Thursday, 7 April

 Expected scheme record date on which DIA shareholders must be recorded in the register                     Friday, 20 May
 to receive the Scheme Consideration by close of trade on or about (1)

 Expected scheme operative date on or about (1)                                                             Monday, 23 May

 Expected termination of listing of DIA shares on the JSE at the commencement of trade                     Tuesday, 24 May
 on or about (1)

 Note
 1.   These dates assume that no Dipula shareholders exercise their rights in terms of section 115(3)(a) or section 115(3)(b)
      of the Companies Act.

Responsibility statement

The Independent Board accepts responsibility for the information contained in this announcement and certifies that, to
the best of its knowledge and belief, the information contained in this announcement relating to Dipula is true and this
announcement does not omit anything that is likely to affect the import of such information.

16 February 2022


Corporate advisor and sponsor
Java Capital

Date: 16-02-2022 01:32:00
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