Trading statement

DIPULA INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIB     ISIN: ZAE000203394
(Approved as a REIT by the JSE)
("Dipula" or "the Company")


TRADING STATEMENT


Shareholders are reminded that Dipula implemented a scheme of arrangement (the "Scheme") on 6 June 2022,
repurchasing all of the Dipula A shares in issue in consideration for the issue of 2.4 Dipula B shares for every Dipula
A share held. Dipula's issued share capital on 31 August 2023 consisted of 911 918 399 ordinary shares(1) (previously
Dipula B shares) compared to 893 664 473 Dipula ordinary shares(2) on 31 August 2022 and 264 641 319 Dipula B shares
on 28 February 2022.

Dipula advises that as a result of the significant increase in interest rates, distributable earnings for the year ended
31 August 2023 ("FY 2023") is expected to decrease to R514.2 million. The Company expects to declare 90% of
distributable earnings for FY 2023 as a dividend to shareholders.

In addition, following the substantial increase in the number of shares when compared to the six months ended
28 February 2022 ("HY 2022"), Dipula expects the full year distributable earnings per Dipula ordinary share and
dividend per Dipula ordinary share to be 56.96098 cents and 51.26488 cents respectively, representing a decrease when
compared to the prior comparative period, as illustrated in the table below:

                                                                 FY 2023              FY 2022 (prior         % change
                                                                                 comparative period)
 Distributable earnings (R'000)                                  514 196                    552 558            (6.94)
 Number of Dipula ordinary shares in issue                   911 918 399                893 664 473              2.04

 Full year distributable earnings (cents per share)             56.96098                   73.19430           (22.18)
 - Interim distributable earnings (cents per share)             28.71883                   42.21706(3)        (31.97)
 - Final distributable earnings (cents per share)               28.24215                   30.97724            (8.83)

 Full year dividend (cents per share)                           51.26488                   73.19430           (29.96)
 - Interim dividend (cents per share)                           25.84695                   42.21706(3)        (38.78)
 - Final dividend (cents per share)                             25.41793                   30.97724           (17.95)

Notes:
1.    Net of treasury shares.
2.    Net of treasury shares and appraisal rights shares in terms of the Scheme.
3.    The interim dividend for HY 2022 was paid before the implementation of the Scheme and was calculated based
      on 264 641 319 Dipula B shares in issue at the time of declaration.

The financial information above has not been reviewed and reported on by the Company's auditors.

14 November 2023


Sponsor
Java Capital

Date: 14-11-2023 04:00:00
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