Dipula Income Fund Ltd

Dipula is an internally managed, South African focused Real Estate Investment Trust (“REIT”) that owns a sectoral and geographically diversified portfolio of retail, office, industrial and residential rental assets in all provinces of South Africa, with most assets located in Gauteng. Dipula is listed on the Johannesburg Stock Exchange (“JSE”) and has A-shares and B-shares in issue, trading under the codes DIA and DIB. In compliance with Dipula's MOI, A-shares are entitled to a preferred dividend growth of the lower of 5% or the consumer price inflation (“CPI”), while B-shares receive the remaining distributable income to the extent distributed. A-shares and B-shares rank equally in all other respects. With effect from June 2022 all A-shares will be repurchased by the company at a swop ratio of 2.4 B-shares for each A-share, resulting in a single ordinary share capital structure. The company's strategy is to own a defensive and diversified portfolio with a retail bias.