DIPULA INCOME FUND LIMITED - Share re-investment alternative: Dividend reinvestment price and confirmation of finalisation information

Share re-investment alternative: Dividend reinvestment price and confirmation of finalisation information

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”)


SHARE RE-INVESTMENT ALTERNATIVE: ANNOUNCEMENT OF DIVIDEND REINVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION


Dipula B ordinary shareholders are referred to the announcement released on SENS on 12 November 2015 in respect of the
election being offered to B ordinary shareholders to re-invest the cash dividend for the year ended 31 August 2015 of
44.95016 cents per B ordinary share (the “cash dividend”) in return for B ordinary shares (the “share re-investment
alternative”), failing which they will receive the cash dividend (the “declaration announcement”).

B ordinary shareholders are advised that the share re-investment price is R10.53049 (1 053.04859 cents) per B ordinary share,
representing a 2.5% discount to the spot price (less the cash dividend) of a B ordinary share on the JSE prior to the finalisation
date.

The ratio that the cash dividend bears to the share reinvestment price is 0.04269. Accordingly, B ordinary shareholders electing to
participate in the share re-investment alternative will receive 4.26857 B ordinary shares for every 100 B ordinary shares held on
the record date. Where a B ordinary shareholder’s entitlement to B ordinary shares calculated in accordance with the above ratio
gives rise to a fraction of a B ordinary share, such fraction will be rounded up to the nearest whole number where the fraction is
greater than or equal to 0.5 and rounded down to the nearest whole number where the fraction is less than 0.5.

Tax implications

B ordinary shareholders are referred to the announcement released on SENS on 11 November 2015 for details as to the tax
implications of the cash dividend and share re-investment alternative. The impact of dividend withholding tax on B shareholders
has been illustrated by way of the example below:

                                                              South Africa resident         Non-resident shareholders subject to
                                                          shareholders exempt from                          dividend tax at 15%
                                                                       dividend tax
Dividend per B ordinary share (cents)                                      44.95016                                     44.95016
Dividend tax per B ordinary share (cents)                                 (0.00000)                                    (6.74252)
Total net dividend per B ordinary share                                    44.95016                                      38.20764
(cents)
Share re-investment price (R)                                           1 053.04859                                   1 053.04859
Number of new shares issued per 100                                         4.26857                                       3.62829
shares

Salient dates and times

The salient dates and all other information relating to the cash dividend and share re-investment alternative (including the tax
implications), as disclosed in the declaration announcement, remain unchanged. B ordinary shareholders are reminded that the
last day to trade in order to participate in the share re-investment alternative is Friday, 27 November and that the last day to elect
to receive the share re-investment alternative is Friday, 4 December 2015 (by 12:00 South African time). No action is required if
you wish to receive the cash dividend.

B ordinary shareholders electing to participate in the share re-investment alternative are alerted to the fact that the new B ordinary
shares will be listed on LDT + 3 and can therefore only be traded on LDT + 3. This is due to the fact that settlement of the B
ordinary shares will be two days after the record date, which differs from the conventional one day after record date settlement
process.

20 November 2015


Corporate advisor and sponsor
Java Capital

Date: 20/11/2015 11:26:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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