Further Cautionary Announcement 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”) FURTHER CAUTIONARY ANNOUNCEMENT Linked unitholders are referred to the announcement released on SENS on 22 March 2013 wherein linked unitholders were advised that Dipula’s subsidiary, Mergence Africa Property Fund Investment Trust had concluded agreements for the acquisition of: - Shoprite Pretoria North; - Ziyabuya Shopping Centre and Gezina Galleries; - Blackheath Pavilion; and - Woodmead Square and Woodmead Super Value Mall, (collectively the “Capital acquisitions”) from Capital Property Fund, Pangbourne Properties Limited, Monyetla Property Holdings Proprietary Limited and iFour Properties SA Proprietary Limited. Linked unitholders are advised that Dipula is still in the process of finalising the financial effects of the Capital acquisitions which will be published in due course. Linked unitholders are advised to continue exercising caution when dealing in the company’s linked units until further announcements are made. 8 May 2013 Sponsor Java Capital Date: 08/05/2013 12:09:00 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.