Trading statement 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”) TRADING STATEMENT As advised in the SENS announcement published on 30 October 2020, Dipula will publish its reviewed provisional condensed consolidated financial results for the year ended 31 August 2020 (“FY2020”) on SENS on Wednesday, 18 November 2020. In this regard, shareholders are advised that Dipula expects to report the following distributable earnings per share for FY2020: Cents per share 6 months 6 months FY2020 Year ended % change ended ended 31 August 29 February 31 August 2019 2020 2020 A share 57.35694 57.13322 114.49016 110.24989 3.8% B share 38.61409 15.84576 54.45985 82.70673 (34.2%) Combined A and B share 95.97103 72.97898 168.95001 192.95662 (12.4%) Shareholders are referred to the market notice issued on 26 June 2020 by the Financial Services Conduct Authority (“FSCA”), wherein the FSCA granted REITs that have financial year ends of 29 February 2020 to 30 September 2020 an extension of two months within which they are required to comply with the requirements of paragraph 13.47 of the JSE Listings Requirements to distribute at least 75% of the REIT’s total distributable profits to shareholders. Shareholders are advised that Dipula will be relying on this extension granted by the FSCA and accordingly, the board of directors of Dipula (the “Board”) has deferred its decision regarding the declaration of a dividend in respect of FY2020 until no later than February 2021. Dipula uses dividend per share as its relevant measurement for trading statement purposes. Accordingly, once Dipula obtains a reasonable degree of certainty with regard to the FY2020 dividend, a further trading statement will be published. The financial information above has not been reviewed or reported on by the Company’s auditors. 16 November 2020 Sponsor Java Capital Date: 16-11-2020 04:55:00 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.