DIPULA INCOME FUND LIMITED - Reviewed provisional condensed consolidated financial results for the year ended 31 August 2019

Reviewed provisional condensed consolidated financial results for the year ended 31 August 2019

Dipula Income Fund
(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")

Short-form announcement:
Reviewed provisional condensed consolidated financial results* for the year ended 31 August 2019

SALIENT FEATURES
Revenue up 17.3% to R1 338.4 million (2018: R1 141.3 million)
Net operating profit up 18.6% to R894.1 million (2018: R754.1 million)
NAV per share up 2.2% to R10.25 (2018: R10.03)
Earnings up 44.5% to R681.6 million (2018: R471.5 million)
Earnings per share up 30.0% to 128.77 cents (2018: 99.09 cents)
Headline earnings per share down 8.4% to 102.19 cents (2018: 111.51 cents)
A-share dividend up 4.2% to 110.24989 cents per share (2018: 105.80560 cents)
B-share dividend down 17.03% to 82.70673 cents per share (2018: 99.67872 cents)

Dipula is an internally managed, South African focused Real Estate Investment Trust ("REIT") with
a R8.9 billion diversified portfolio of primarily retail, office and industrial assets located across all
provinces in South Africa. The majority are in Gauteng. Dipula also selectively invests in the residential
rental sector. Dipula trades under the JSE share codes DIA and DIB.

DIA shares are entitled to a preferred dividend growth of the lower of 5% or consumer price index
whilst DIB shares receive the remaining net distributable income.

Dipula performed well despite sustained economic headwinds, producing solid results for the financial
year ended 31 August 2019. The company's diversified portfolio with a defensive retail underpin,
combined with management's focus on improving the portfolio through strategic interventions, superior
management and cost containment, has proven successful, achieving an 18.6% increase in net
operating profit.

Payment of dividend
The board has approved the payment of a dividend. Notice is hereby given of the final gross dividend
(dividend number 17) for the period 1 March 2019 to 31 August 2019 of 55.41534 cents per A-share
and 40.20377 cents per B-share ("the dividends").

The dividends are payable to Dipula shareholders in accordance with the timetable set out below:

Last day to trade cum dividend                       Tuesday,   10   December   2019
Shares trade ex-dividend                           Wednesday,   11   December   2019
Record date                                           Friday,   13   December   2019
Payment date                                         Tuesday,   17   December   2019

Share certificates may not be dematerialised or rematerialised between Wednesday, 11 December
2019 and Friday, 13 December 2019, both days inclusive. The dividend will be transferred to
dematerialised shareholders' CSDP accounts/broker accounts on Tuesday, 17 December 2019.
Certificated shareholders' dividend payments will be paid to certificated shareholders' bank
accounts on or about Tuesday, 17 December 2019.

An announcement relating to the tax treatment of distributions to shareholders will be
released on SENS seperately.

The contents of this short-form announcement are the responsibility of the board of directors of
Dipula.
* These are extracts from the reviewed provisional group results for the year ended 31 August 2019
  and in itself has not been reviewed by the auditors and do not contain full or complete details of the
  financial results. Any investment decisions made by investors should be based on consideration
  of the full announcement as a whole and shareholders are encouraged to review the full
  announcement which is available on the JSE website at
  https://senspdf.jse.co.za/documents/2019/jse/isse/DPL/F2019.pdf

The full announcement has been released on SENS and is available for viewing on the issuers
website.

Copies of the full announcement may also be requested at the company's registered office and at
the office of the sponsor at 6A Sandown Valley Crescent, Sandton, 2196 at no charge, during
office hours from Wednesday, 20 November 2019 to Wednesday, 27 November 2019.

Johannesburg
20 November 2019

Directors
ZJ Matlala** (Chairperson)
IS Petersen (CEO)
BH Azizollahoff**#
R Asmal (FD)
E Links**
Y Waja**
SA Halliday**
** Independent non-executive
# British

Registered office
12th Floor
Firestation Rosebank
16 Baker Street
Rosebank
2196

Transfer secretaries
Link Market Services South Africa Proprietary Limited

Sponsor
Java Capital

Company secretary
CIS Company Secretaries Proprietary Limited

Investor relations
Articulate Capital Partners

Date: 20/11/2019 09:00:00
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