Dealing in securities by an associate of a director of the Company 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”) DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR OF THE COMPANY The Dipula BEE Trust (“BEE Trust”) is an associate of Izak Petersen, in that Izak is a trustee and is directly and indirectly a beneficiary of the BEE Trust. Dipula BEE Trust Holdings (RF) Proprietary Limited (“BEE Trust Co”) is a wholly-owned subsidiary of the BEE Trust. The Company does not provide any financial assistance to the BEE Trust or BEE Trust Co (the “BEE Structure”). BEE Trust Co entered into loan and security agreements dated 30 May 2018 with The Standard Bank of South Africa Limited (“Standard Bank”) in terms of which Standard Bank advanced loans to refinance a previous debt facility (which was originally used to acquire the below mentioned Company shares) as well as to fund the exit of a beneficiary of the BEE Trust. Under this agreement, in the event of a breach of financial covenants linked to the Dipula A and Dipula B share prices, Standard Bank has an embedded option to subscribe for debentures in BEE Trust Co that effectively affords it the full economic interest to all the Dipula shares held by the BEE Structure, being 5 000 Dipula A shares and 58 017 520 Dipula B shares (collectively, the “Dipula BEE Trust shares”). On 12 August 2020, Standard Bank gave notice of its intention to exercise its debenture option, which was exercised on 26 August 2020 after the BEE Trust Co was unable to remedy the situation. Accordingly, through what is in effect an off-market transaction, on 26 August 2020 the Dipula BEE Trust ceased to have any effective interest in the Dipula BEE Trust shares, with a deemed value of R5.89 per Dipula A share and R1.20 per Dipula B share. 1 September 2020 Sponsor Java Capital Date: 01-09-2020 05:00:00 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.