Financial effects relating to the acquisition of the Plaza Shopping Centre, Randfontein Shopping Centre and Bushbuck DIPULA INCOME FUND LIMITED (formerly Dipula Property Fund (Pty) Ltd) Registration number 2005/013963/06 JSE code for A-linked units: DIA ISIN for A-linked units: ZAE000158317 JSE code for B-linked units: DIB ISIN for B-linked units: ZAE000158325 (“Dipula” or the “company”) FINANCIAL EFFECTS RELATING TO THE ACQUISITION OF THE PLAZA SHOPPING CENTRE, RANDFONTEIN SHOPPING CENTRE AND BUSHBUCKRIDGE SHOPPING CENTRE AND WITHDRAWAL OF CAUTIONARY INTRODUCTION Linked unitholders are referred to the announcement released on SENS on 29 May 2012 in which it was announced that Dipula had concluded agreements for the acquisition of The Plaza Shopping Centre, Randfontein Station Shopping Centre and Bushbuckridge Shopping Centre (together "the acquisitions") for R329.9 million. The purpose of this announcement is to present the financial effects of the acquisition. UNAUDITED PRO FORMA FINANCIAL EFFECTS OF THE ACQUISITION The financial effects set out below are the responsibility of the directors of Dipula and have been prepared for illustrative purposes only, in order to provide information about the results of Dipula only. Due to their nature, the unaudited pro forma financial effects do not fairly present Dipula’s results subsequent to the acquisitions. The unaudited pro forma financial effects have not been reviewed or reported on by independent reporting accountants. The unaudited pro forma financial effects have been prepared in accordance with the accounting policies of Dipula that were used in the preparation of the interim results for the six months ended 29 February 2012. The effect of the acquisition on Dipula’s net asset value is not significant (less than 3%) and therefore has not been disclosed. Before After % change Basic loss per share (cents) (4.88) (4.37) 10.4% Headline loss per share (cents) (2.16) (1.94) 10.4% Basic loss per A-linked unit (cents) 34.81 35.31 1.5% Basic loss per B-linked unit (cents) 22.86 20.55 -10.1% Headline loss per A-linked unit (cents) 37.52 37.75 0.6% Headline loss per B-linked unit (cents) 25.57 22.98 -10.1% Notes and assumptions: 1. The figures set out in the “Before” column above have been extracted, without adjustment, from Dipula’s interim results for the six months ended 29 February 2012. 2. The financial information relating to the acquisitions has been extracted from management accounts for the six month period ended 29 February 2012. The management of Dipula are satisfied with the quality of the information contained in these management accounts. 3. The acquisition is assumed to have been implemented on 1 September 2011 for purposes of statement of comprehensive income. 4. The purchase consideration is to be funded through approximately R132 million of new debt facilities while the balance will be settled through the issue of approximately 12.2 million Dipula A and B linked units. 5. Transaction costs are assumed to be approximately R2.5 million. CONDITIONS PRECEDENT The acquisitions remain subject to the following conditions precedent: - approval of the acquisitions by the Competition Authorities; - the owners of the properties consenting in writing to the cession by the vendors of their leasehold rights and obligations; and - Dipula securing equity finance for 60% (sixty percent) of the total purchase consideration. In addition the acquisition of Randfontein Station Shopping Centre is conditional on the acquisition of each of The Plaza Shopping Centre and Bushbuckridge Shopping Centre. WITHDRAWAL OF CAUTIONARY Dipula linked unitholders are referred to the cautionary announcement dated 29 May 2012 and are advised that following the release of the financial effects of the acquisitions, caution is no longer required to be exercised by linked unitholders when dealing in their linked units. 22 August 2012 Corporate advisor and Sponsor Javacapital Date: 22/08/2012 12:35:00 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.