Unaudited condensed consolidated interim results for the six months ended 29 February 2020 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”) SHORT-FORM ANNOUNCEMENT: UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 29 FEBRUARY 2020 SALIENT FEATURES - Revenue down 1.1% to R680.1 million (2019: R687.7 million) - Net operating profit down 4.0% to R439.7 million (2019: R457.9 million) - NAV per share up 3.0% to R10.18 (2019: R9.89) - Earnings up 1.7% to R214.7 million (2019: R211.1 million) - Earnings per share up 1.7% to 40.57 cents (2019: 39.88 cents) - Headline earnings per share down 5.6% to 44.15 cents (2019: 46.78 cents) - A-share dividend per share NIL (2019: 54.83455 cents) - B-share dividend per share NIL (2019: 42.50296 cents) BUSINESS OVERVIEW Dipula is an internally managed, South African focused Real Estate Investment Trust (“REIT”) that owns an R8.9 billion diversified portfolio of primarily retail, office and industrial assets located across all nine provinces of South Africa, the majority of which are located in Gauteng. Dipula also selectively invests in the residential rental sector. DEFERRAL OF DIVIDEND DECLARATION The board decided to defer its decision regarding the declaration of a dividend in respect of the interim six month period ended 29 February 2020 (the “interim dividend”), pending further evaluation of the impact on the company of the COVID-19 pandemic and resultant national lockdown. A decision on whether or not to declare an interim dividend and, if one is declared, the quantum of the interim dividend, will be made by no later than the publication of the financial results for the year ending 31 August 2020. The company anticipates that, over the ensuing months, the impact of the pandemic and the associated lockdown will become more determinable, which in turn will inform the decision relating to the consideration in respect of dividends. SHORT-FORM ANNOUNCEMENT The contents of this short-form announcement are the responsibility of the board of directors of Dipula. The information above is extracted from the unaudited condensed consolidated interim results for the six months ended 29 February 2020 and does 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 has been released on SENS and is available for viewing on Dipula’s website at http://www.dipula.co.za/downloads/2020/unaudited-condensed-consolidated-interim-results-for-the-six-months- ended-29-February.pdf and on the JSE website at https://senspdf.jse.co.za/documents/2020/JSE/ISSE/DPL/HY2020.pdf. Due to the lockdown restrictions imposed as a result of the COVID-19 pandemic, shareholders will not be able to obtain any copies of the full announcement from the offices of Dipula. As such, copies of the full announcement may be requested via email from Dipula (taryn@dipula.co.za) or Dipula’s JSE sponsor (sponsor@javacapital.co.za). Johannesburg 18 May 2020 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 Independent auditors Mazars Gauteng Date: 18-05-2020 10:00:00 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. 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.