DIPULA INCOME FUND LIMITED - GCR Ratings affirms Dipula's issuer ratings

GCR Ratings affirms Dipula's issuer ratings

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")


GCR RATINGS AFFIRMS DIPULA'S ISSUER RATINGS


Shareholders are advised that Global Credit Rating Company Limited ("GCR") has released a credit rating
announcement in which Dipula's ratings have remained unchanged and GCR has affirmed the Company's national scale
long-term and short-term issuer ratings of BBB+(ZA) and A2(ZA), respectively, with a Stable Outlook.

According to GCR, the affirmation of the Company's issuer ratings "reflects expectations that Dipula will maintain
steady profitability from its diversified portfolio of good quality assets." In addition, GCR recognises that Dipula
"maintains conservative gearing metrics, whilst the improvements to the capital structure and recent refinancing efforts
have strengthened financial flexibility and liquidity."

GCR's full credit rating announcement is available on Dipula's website at the following link:
https://www.dipula.co.za/index.php/investors/credit-rating-report

31 July 2024


Sponsor
Java Capital

Date: 31-07-2024 11:30:00
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