Change statement, posting notice of annual general meeting and update on B-BBEE compliance report 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") CHANGE STATEMENT, POSTING NOTICE OF ANNUAL GENERAL MEETING AND UPDATE ON BROAD-BASED BLACK ECONOMIC EMPOWERMENT COMPLIANCE REPORT Shareholders are advised that Dipula's integrated annual report, incorporating the audited annual financial statements for the year ended 31 August 2018, (on which the company's auditors expressed an unmodified audit opinion) is available on the company's website http://www.dipula.co.za/wp-content/uploads/2018/12/Dipula-IAR-2018_WEB- FA.pdf. The audited financial statements contain changes from the reviewed provisional condensed consolidated financial results for the year ended 31 August 2018. Cash flow statement In the cash flow statement, cash raised through the issue of shares to non-controlling interests was reallocated from "cash flows from investing activities" to "cash flows from financing activities". The table below contains the cash flow statement from the reviewed provisional condensed consolidated financial results for the year ended 31 August 2018, together with the audited cash flow statement for the year ended 31 August 2018: Reviewed Results for the year ended 31 August Audited Results for the 2018 year ended 31 August 2018 Consolidated Statement of Cash flows R'000 R'000 Cash flows from operating activities Cash generated from operations 713 649 713 649 Net finance cost (237 337) (237 337) Dividends paid (491 103) (491 103) Net cash (utilised in)/generated from operating activities (14 791) (14 791) Cash flows from investing activities Acquisition of investment properties and capital expenditure (1 982 997) (1 982 997) Acquisition of business combination (47 382) (47 382) Contribution by/(acquisition of) non-controlling interests 151 549 - Net acquisition of property, plant and equipment (3 344) (3 344) Proceeds on disposal of investment properties 201 416 201 416 Repayment of loans advanced 89 936 89 936 Net Cash utilised in investment activities (1 590 822) (1 742 371) Cash flows from financing activities Issue of shares net of share issue expenses 796 471 796 471 Shares issued to non-controlling interests - 151 549 Non-interest-bearing liabilities raised 51 124 51 124 Interest-bearing liabilities raised/(repaid) 696 808 696 808 Net cash generated from financing actives 1 544 403 1 695 952 Net decrease in cash and cash equivalents (61 210) (61 210) Cash and cash equivalents at the beginning of the year 130 226 130 226 Cash and cash equivalents at the end of the year 69 016 69 016 Headline earnings reconciliation: The change in headline earnings calculation is due to the amortisation of the intangible assets of R37.5 million which was incorrectly included in the headline earnings reconciliation. Reconciliation between profit, earnings and headline earnings Reviewed Results for the Audited Results for the year ended 31 August 2018 year ended 31 August 2018 R'000 R'000 Earnings 471 540 471 540 Adjustments: 96 595 59 095 Amortisation of intangible asset/goodwill impaired 50 827 13 327 Non-controlling interest portion of fair value adjustment 4 247 42 47 Fair value – Investment properties and held for sale 16 507 16 507 Fair value- Straight-line rental income 25 014 25 014 Headline earnings 568 135 530 635 Total weighted average number of shares in issue 529 282 638 529 282 638 Weighted average number of A-shares in issue 264 641 319 264 641 319 Weighted average number of B-shares in issue 264 641 319 264 641 319 Headline earnings per A-share (cents) 119.39 111.51 Headline earnings per B-share (cents) 119.39 111.51 Shareholders are further advised that the integrated annual report containing a notice of annual general meeting and the relevant supporting documentation was dispatched to shareholders today, 20 December 2018. The annual general meeting of shareholders of Dipula will be held at Dipula's offices at 12th Floor, Firestation Rosebank, 16 Baker Street, Rosebank, on Tuesday, 5 February 2019 at 9h00. The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Tuesday, 22 January 2019 and the record date for voting purposes is Friday, 25 January 2019. Shareholders are advised that the company's Broad-Based Black Economic Empowerment annual compliance report for the year ended 31 August 2018 is currently being verified and a further announcement in respect of the publication thereof will be released in due course. 20 December 2018 Sponsor Java Capital Date: 20/12/2018 04:15:00 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.