Valuation information and renewal of cautionary announcement DIPULA INCOME FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2005/013963/06) JSE share code: DIA ISIN: ZAE000158317 JSE share code: DIB ISIN: ZAE000158325 (Approved as a REIT by the JSE) (“Dipula” or the “company”) VALUATION INFORMATION AND RENEWAL OF CAUTIONARY ANNOUNCEMENT 1. INTRODUCTION Linked unitholders are referred to the announcement released on SENS on 21 August 2014 (the “SENS announcement”) wherein unitholders were advised that Mergence Africa Property Investment Trust (the “purchaser” or “Mergence”) and Dipula, being the sole capital and income beneficiary of Mergence, had concluded an agreement with Redefine Properties Limited (“Redefine” or the “seller”) for the acquisition of the rental enterprises conducted in respect of and including certain properties and buildings of the seller (collectively, the “property portfolio”) (the “acquisition”). The purpose of this announcement is to present the valuation information of the acquisition and to renew the cautionary announcement. 2. VALUATION Linked unitholders are referred to the SENS announcement and are advised that the board of directors of Dipula is satisfied that the aggregate value attributed to the property portfolio is in line with the aggregate purchase consideration being paid by the company and the individual values attributed to each property in the property portfolio are in line with the individual purchase considerations. The directors of the company are not independent and are not registered as professional valuers or as professional associate valuers in terms of the Property Valuers Profession Act, No 47 of 2000. 3. RENEWAL OF CAUTIONARY ANNOUNCEMENT Dipula linked unitholders are advised that the financial effects of the acquisition are still in the process of being finalised. Accordingly, linked unitholders are advised to continue to exercise caution when dealing in their linked units until a further announcement is made in this regard. 3 October 2014 Sponsor Java Capital Date: 03/10/2014 02:09:00 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.