Results of election to reinvest cash dividend in return for shares 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” or “the company”) RESULTS OF ELECTION TO REINVEST CASH DIVIDEND IN RETURN FOR SHARES Shareholders are referred to recent announcements relating to the election being offered to re-invest the cash dividend for the year ended 31 August 2016 of 48.23707 cents per A ordinary share and 50.71217 cents per B ordinary share (the “cash dividend”) in return for either A or B ordinary shares, as applicable (the “re-investment option”), the latest of which was released on SENS on 29 November 2016. The company is pleased to announce that a total of 3 132 910 new A ordinary shares and 3 132 910 new B ordinary shares will be issued pursuant to the re-investment option, resulting in the retention (based on the issue price of R10.04714 per new A ordinary share and R8.94791 per new B ordinary share) of R59 509 781 in new equity for Dipula. Shareholders holding 39.72% of the total issued A ordinary shares elected to participate in the re-investment option, as opposed to shareholders holding 26.72% of the total issued B ordinary shares, such that the issue of A ordinary shareholders’ full election of shares would have resulted in more A ordinary shares being issued than B ordinary shares, in contravention of clause 7.4 of the company’s memorandum of incorporation. Dipula has accordingly reduced the number of new A ordinary shares to be issued to electing A ordinary shareholders in terms of the re-investment option, on a pro rata basis. A ordinary shareholders will receive the balance of their dividend (net of withholding tax) in cash. The total number of both A ordinary shares and B ordinary shares in issue post the re-investment option will be 209 985 373. The CSDP or broker accounts of those shareholders who elected the re-investment option will be credited with new ordinary shares on Wednesday, 14 December 2016. The cash dividend will be credited to shareholders’ accounts held at their CSDP or broker on Monday, 12 December 2016. 12 December 2016 Corporate advisor and sponsor Java Capital Date: 12/12/2016 12:33:00 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.