Short-form announcement: Reviewed condensed consolidated financial results for the year ended 31 August 2023

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")

SHORT-FORM ANNOUNCEMENT: REVIEWED CONDENSED CONSOLIDATED FINANCIAL RESULTS
FOR THE YEAR ENDED 31 AUGUST 2023

SALIENT FEATURES
- Revenue R1 395 million (2022: R1 352 million)
- Distributable earnings per B ordinary share 56.96098 cents (2022: 73.19430 cents)
- Dividend per B ordinary share 51.26488 cents (2022: 73.19430 cents)
- Basic earnings per B ordinary share 65.41 cents (2022: 120.68 cents#)
- Headline earnings per B ordinary share 54.82 cents (2022: 74.60 cents#)
- NAV per B ordinary share R6.64 (2022: R6.63)
- Attributable comprehensive income R588 million (2022: R1 081 million)
# Comparative figures for the year ended 31 August 2022 have been restated to account for the capital
  restructure and the dividend re-investment plan implemented during the reporting periods.

BUSINESS OVERVIEW
Dipula is an internally managed, South Africa focused Real Estate Investment Trust ("REIT") that owns a
portfolio of retail, office, industrial and residential property assets throughout South Africa, with 
the majority of the portfolio located in Gauteng. Dipula's strategy is to own a defensive portfolio 
with a bias towards convenience, rural and township retail centres.

CAPITAL RESTRUCTURE
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 (i) 893 664 473 Dipula ordinary shares(2) on
31 August 2022; and (ii) 264 641 319 Dipula A-shares and 264 641 319 Dipula B-shares on 28 February
2022. Thus, the figures reported for this period may not be comparable to prior reporting periods.

Notes:
1. Net of treasury shares.
2. Net of treasury shares and appraisal rights shares in terms of the Scheme.

DIVIDEND RE-INVESTMENT PLAN
On 17 May 2023, Dipula declared a cash dividend of 25.84695 cents per share and shareholders were
presented with the option to re-invest the cash dividend in return for new ordinary B-shares. Shareholders
holding 250 861 411 Dipula shares or 28.07% of Dipula shares (prior to the election) elected to participate
in the re-investment option, resulting in the issue of 18 253 926 new B-shares. For accounting purposes,
weighted number of shares is to be adjusted as if the event occurred at the beginning of the earliest period
being presented. Thus, the figures reported for this period may not be comparable to prior reporting periods.

PAYMENT OF DIVIDEND
The board has approved, and notice is hereby given of a final gross dividend (dividend number 23) for the
period 1 March 2023 to 31 August 2023 of 25.41793 cents per ordinary share.

The dividend is payable to Dipula shareholders in accordance with the timetable set out below:

Last day to trade cum dividend               Tuesday, 5 December 2023
Shares trade ex-dividend                   Wednesday, 6 December 2023
Record date                                   Friday, 8 December 2023
Payment date                                 Monday, 11 December 2023

Share certificates may not be dematerialised or rematerialised between Wednesday, 6 December 2023 and
Friday, 8 December 2023, both days inclusive. The dividend will be transferred to dematerialised
shareholders' CSDP accounts/broker accounts on Monday, 11 December 2023.

TAX TREATMENT
An announcement relating to the tax treatment of the distribution to shareholders will be released on SENS
separately.

REVIEW CONCLUSION
The auditor, Mazars Gauteng, has issued an unmodified review conclusion report on the reviewed
condensed consolidated financial results for the year ended 31 August 2023. Copies of the auditor's report
will be made available for inspection at the Company's registered office during office hours.

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 reviewed condensed consolidated financial results for the year
ended 31 August 2023 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:

https://www.dipula.co.za/content/uploads/2023/11/Reviewed-annual-financial-results-31-Aug-2023.pdf

and on the JSE's website at: https://senspdf.jse.co.za/documents/2023/JSE/ISSE/DPL/FY2023.pdf

Copies of the full announcement may also be inspected at the registered office of the Company and the
offices of the sponsor, at no charge, during office hours from Wednesday, 15 November 2023 to
Wednesday, 22 November 2023.

Johannesburg

15 November 2023

Directors
ZJ Matlala* (Chairperson)
IS Petersen (CEO)
S Moodley (FD)
Z Adams*
BH Azizollahoff*#
N Khoele*
K Teeroovengadum*^
* Independent non-executive
# British
^ Mauritian

Registered office
12th Floor
Firestation Rosebank
16 Baker Street
Rosebank
2196

Transfer secretaries
JSE Investor Services

Sponsor
Java Capital

Company secretary
Acorim

Independent auditors
Mazars Gauteng






Date: 15-11-2023 08:00:00
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