DIPULA INCOME FUND LIMITED - Trading Statement

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 28 February 2023 consisted of 893 664 473 ordinary B shares(1) (previously
Dipula B shares) compared to 264 641 319 Dipula A shares and 264 641 319 Dipula B shares on 28 February 2022.

Dipula advises that distributable earnings for the six months ended 28 February 2023 ("HY 2023") are expected to be
R256.65 million, representing a 6.9% decrease in comparison to the distributable earnings of R275.73 million for the
six months ended 28 February 2022 ("HY 2022"). The Company expects to declare 90% of distributable earnings for
HY 2023 as a dividend to shareholders.

As a result of the expected decrease in distributable earnings and the significant increase in the number of shares in
issue, Dipula expects the interim distributable earnings per Dipula ordinary B share and dividend per Dipula ordinary B
share to be 28.71883 cents and 25.84695 respectively, representing a decrease when compared to the distributable
earnings per Dipula ordinary B share declared in the prior comparative period, as illustrated in the table below:

                                                                  HY 2023             HY 2022 (prior        % change
                                                                                 comparative period)
 Distributable earnings (R'000)                                   256 650                    275 725          (6.92)
 Number of Dipula ordinary shares in issue                    893 664 473                          -               -
 Number of Dipula B shares in issue (net of                             -                264 641 319               -
 treasury shares)(1)
 Interim distributable earnings (cents per                       28.71883                   42.21706(2)       (31.97)
 share)
 Interim dividend (cents per share)                              25.84695                   42.21706(2)       (38.78)

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

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

15 May 2023


Sponsor
Java Capital

Date: 15-05-2023 05:41:00
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