Dipula Income Fund Limited A (JSE:DIA) News - Update on scheme of arrangement DIPULA INCOME FUND LIMITED Incorporated in the Republic of South Africa Registration number: 2005/013963/06 JSE share code: DIA ISIN: ZAE000203378 JSE share code: DIB ISIN: ZAE000203394 (Approved as a REIT by the JSE) (“Dipula” or the “Company”) UPDATE ON SCHEME OF ARRANGEMENT Shareholders are referred to the revised firm intention announcement published on SENS on 23 December 2021 (the “Revised FIA”). Capitalised terms in this announcement bear the same meaning as in the Revised FIA. Shareholders are advised that the JSE and TRP regulatory approval process of the circular setting out the full terms and conditions of the Scheme and including the notices convening the Dipula shareholder meetings (the “Scheme Circular”) is underway and that the Scheme Circular will be posted to shareholders in due course. The Scheme is expected to proceed according to the following estimated salient dates: 2022 Scheme Circular to be posted to Dipula shareholders on or about Tuesday, 8 March Dipula shareholder meetings to be held on or about Thursday, 7 April Expected scheme record date on which DIA shareholders must be recorded in the register Friday, 20 May to receive the Scheme Consideration by close of trade on or about (1) Expected scheme operative date on or about (1) Monday, 23 May Expected termination of listing of DIA shares on the JSE at the commencement of trade Tuesday, 24 May on or about (1) Note 1. These dates assume that no Dipula shareholders exercise their rights in terms of section 115(3)(a) or section 115(3)(b) of the Companies Act. Responsibility statement The Independent Board accepts responsibility for the information contained in this announcement and certifies that, to the best of its knowledge and belief, the information contained in this announcement relating to Dipula is true and this announcement does not omit anything that is likely to affect the import of such information. 16 February 2022 Corporate advisor and sponsor Java Capital Date: 16-02-2022 01:32:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.