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 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. 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