DIPULA INCOME FUND LIMITED - GCR Ratings upgrades Dipulas issuer ratings

GCR Ratings upgrades Dipula’s issuer ratings

DIPULA INCOME FUND LIMITED
(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")


GCR RATINGS UPGRADES DIPULA'S ISSUER RATINGS


Dipula shareholders are advised that Global Credit Rating Company Limited ("GCR") has released a credit rating
announcement in which Dipula's national scale long-term and short-term issuer ratings have been upgraded to BBB+(ZA)
and A2(ZA), respectively, with a Stable Outlook.

According to GCR, the upgrade to Dipula's issuer ratings reflects the Company's "continued resilient performance,
which has allowed it to maintain solid credit protection metrics, whilst financial flexibility has been improved through
the restructuring of the dual shareholding and the easing of financial covenants."

GCR's full credit rating announcement is available on Dipula's website at the following link:
https://www.dipula.co.za/index.php/investors/credit-rating-report

12 August 2022


Sponsor
Java Capital

Date: 12-08-2022 01:15:00
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