Dealing in securities by an associate of directors of Dipula DIPULA INCOME FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2005/013963/06) JSE share code: DIA ISIN: ZAE000203378 JSE share code: DIB ISIN: ZAE000203394 (Approved as a REIT by the JSE) (“Dipula”) DEALINGS IN SECURITIES BY AN ASSOCIATE OF DIRECTORS OF DIPULA Shareholders are advised of the following information relating to dealings in securities by an associate of directors of Dipula pursuant to the election offered to B ordinary shareholders to re-invest the final distribution for the year ended 30 June 2015 in return for additional B ordinary shares, at a price of R10.53049 per B ordinary share, as announced on 7 December 2015 (“the share re-investment alternative): Name of associate: Dipula BEE Trust Names of directors and relationship to directors: Saul Gumede, who is a trustee of the Dipula BEE Trust (“the Trust”) and who has a 39.8% beneficial interest in Dijalo Property Services (Pty) Ltd, a beneficiary of the Trust and Izak Petersen, who is a trustee of the Trust and who has a 38% beneficial interest in Mergence Africa Properties (Pty) Ltd, a beneficiary of the Trust. Transaction date: 7 December 2015 Class of securities: B ordinary shares Number of securities: 1 290 370 Total value: R13 588 226.60 Nature of transaction: Receipt of shares in terms of the election to participate in the share re-investment alternative Nature and extent of directors’ interests: Indirect beneficial 8 December 2015 Sponsor Java Capital Date: 08/12/2015 04:23:00 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.