Update to proposed internalisation and the resolutions to be proposed at the general meeting on 14 December 2017 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”) UPDATE TO PROPOSED INTERNALISATION OF ASSET MANAGEMENT FUNCTION AND WITHDRAWAL OF CERTAIN OF THE RESOLUTIONS THAT WERE TO BE PROPOSED AT A GENERAL MEETING SCHEDULED FOR 14 DECEMBER 2017 Shareholders are referred to Dipula’s notice to shareholders dated 15 November 2017 (the “notice”) regarding a general meeting of Dipula shareholders to be held on 14 December 2017 (the “general meeting”). In line with feedback from major shareholders, the company has amended the agreement pursuant to which it proposes to internalise its management through the acquisition of 100% of the beneficial interest in the Dipula Asset Management Trust (the “internalisation”) and has entered into further agreement with one of the parties in relation to the internalisation agreement, in order to be able to withdraw Special Resolutions 2 and 3 provided for in the notice to be proposed to shareholders at the general meeting. Accordingly, at the general meeting, shareholders will consider and, if deemed fit, pass with or without modification only Special Resolution 1 regarding a proposed issue of shares to directors or prescribed officers or related parties in terms of the internalisation. As a result of the withdrawal of Special Resolutions 2 and 3 from the notice, the company will not proceed to issue 792 154 Dipula B shares to Izak Peterson and Ridwaan Asmal in consideration for undertakings in respect of the contracted minimum employment periods and lock-in undertakings referred to in the notice. The relevant party to the internalisation agreement has in terms of such further agreement agreed to procure that these undertakings are provided pursuant to the internalisation rather than as separate steps comprising a composite transaction with the internalisation. Accordingly, the consideration for procuring these undertakings is provided to the relevant party to the internalisation, with the company’s overall obligations unchanged and reflected in an aggregate cost of the internalisation of R150 million. In all other respects, the internalisation, the notice and resolution to be proposed at the general meeting are unchanged. 11 December 2017 Sponsor Java Capital Date: 11/12/2017 05:33:00 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.