Results of Accelerated Bookbuild

DIPULA PROPERTIES LIMITED
(Formerly Dipula Income Fund Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
Share Code: DIB
ISIN: ZAE000203394
Approved as a REIT by the JSE
("Dipula" or "the Company")


RESULTS OF ACCELERATED BOOKBUILD


NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN
PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER
JURISDICTION IN WHICH IT IS UNLAWFUL TO DO SO.

Dipula refers shareholders to the announcement of Thursday, 4 September 2025 regarding the
Company's launch of an accelerated bookbuild ("Bookbuild") to raise approximately R500 million
("Equity Raise"). Following strong demand, the book was oversubscribed, and Company is pleased
to announce that it has agreed to accept R559 million of the bids and successfully close the
Bookbuild as a vendor consideration placing.

102,946,593 new ordinary shares ("Bookbuild Shares") were placed pursuant to the Bookbuild at
an issue price of R5.43 per Bookbuild Share. The issue price represents a discount of 4.23% to the
closing price on Thursday, 4 September 2025 of Dipula shares on the JSE Limited ("JSE") and a
discount of 4.86% to the volume weighted average traded price measured over the 30 business days
ended Thursday, 4 September 2025 (being the last business day prior to the date of closing of the
Bookbuild).

Subject to approval by the JSE, listing and trading of the Bookbuild Shares is expected to commence
at 17h00 on Friday, 12 September.

5 September 2025

Sole Bookrunner, Transaction Advisor and Transaction Sponsor
PSG Capital


The Equity Raise is not an offer to the public as defined in the South African Companies Act and only
(i) persons falling within the exemptions set out in section 96(1)(a) of the South African Companies
Act and/or (ii) persons who propose to subscribe, as principal, for shares at a total contemplated
acquisition cost equal to or greater than R1 000 000, as envisaged in section 96(1)(b), of the South
African Companies Act. Participation in the Equity Raise is reserved for invited qualifying investors
only and subject to the terms and conditions provided to the invited qualifying investors.

This announcement does not constitute or form a part of any offer or solicitation or advertisement to
purchase and/or subscribe for Bookbuild Shares in South Africa, including an offer to the public for
the sale of, or subscription for, or the solicitation of an offer to buy and/or subscribe for, shares as
defined in the South African Companies Act, and will not be distributed to any person in South Africa
in any manner that could be construed as an offer to the public in terms of the South African
Companies Act. This announcement does not, nor is it intended to constitute a "registered prospectus"
as contemplated in the South African Companies Act.

This announcement is for information purposes only and is not intended to and does not constitute, or
form part of, any offer or invitation to purchase, subscribe for or otherwise acquire or dispose of, or
any solicitation to purchase or subscribe for or otherwise acquire or dispose of, any securities in any
jurisdiction. Persons needing advice should consult an independent legal or financial adviser.

The Bookbuild Shares have not been and will not be registered under the United States Securities Act
of 1933, as amended (the "Securities Act"), and may not be offered or sold, directly or indirectly, in
the United States of America, absent registration or pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act and in compliance with applicable
state and other securities laws. The Equity Raise will be made only to qualifying institutional investors,
outside the United States in reliance on Regulation S of the Securities Act. The Equity Raise will only
be made to investors to whom the Equity Raise may be lawfully made without having to file or register
any securities or any offering or related documentation with any securities regulatory authority in any
relevant jurisdiction. This announcement is for information purposes only and shall not constitute or
form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United
States or any other jurisdiction it would be unlawful to do so.

The distribution of this announcement and the offering for subscription of the Bookbuild Shares in
certain jurisdictions may be restricted by law. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any such jurisdiction. No action has been taken by the
Company or the Sole Bookrunner or any of their respective affiliates that would permit an offering of
such securities or possession or distribution of this announcement or any other offering or publicity
material relating to such Bookbuild Shares in any jurisdiction where action for that purpose is required.
Persons into whose possession this announcement comes are required by the Company and the Sole
Bookrunner to inform themselves about, and to observe, such restrictions. To the fullest extent
permitted by applicable law, the Company and the Sole Bookrunner disclaim any responsibility or
liability for the violation of such requirements by any person. The Equity Raise is not to be regarded
as an offer or invitation to any person in any jurisdiction to the extent that any applicable legal
requirement in such jurisdiction has not been complied with or it is for any reason illegal or unlawful
to make such an offer or invitation in such jurisdiction.

This announcement is restricted and is not for publication or distribution or release, directly or
indirectly, in or into the United States including its territories and possessions, any State of the United
States and the District of Columbia, Australia, Canada, Japan or any other jurisdiction in which such
release, publication or distribution would be unlawful.

No offering document or prospectus will be made available in connection with the matters contained
or referred to in this announcement and no such offering document or prospectus is required to be
published, in accordance with Regulation (EU) 2017/1129 (the "Prospectus Regulation") or Regulation
(EU) 2017/1129, as amended and retained in UK law on 31 December 2020 by the European Union
(Withdrawal) Act 2018 (the "EUWA") (the "UK Prospectus Regulation").

This announcement is not being distributed by, nor has it been approved for the purposes of section
21 of the Financial Services and Markets Act 200 ("FSMA") by, a person authorised under FSMA. This
announcement is being distributed and communicated to persons in the United Kingdom only in
circumstances in which section 21(1) of FSMA does not require approval of the communication by an
authorised person. This announcement has been issued by, and is the sole responsibility of, the
Company.

As regards the European Economic Area (the "EEA") and the United Kingdom, this announcement is
for information purposes only and is directed only at persons whose ordinary activities involve them
in acquiring, holding, managing and disposing of investments (as principal or agent) for the purposes
of their business and who have professional experience in matters relating to investments and are:
(a) if in a member state of the European Economic Area (the "EEA"), qualified investors within the
meaning of article 2(e) of the EU Prospectus Regulation ("qualified investors"); or (b) if in the United
Kingdom, qualified investors within the meaning of article 2(e) of the UK Prospectus Regulation who
are (i) persons who fall within the definition of "investment professional" in article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "order"), or (ii)
persons who fall within article 49(2)(a) to (d) of the order, or (c) persons to whom it may otherwise be
lawfully communicated ("UK Relevant Persons").

Any investment or investment activity to which this announcement relates is available only in member
states of the EEA to qualified investors and in the United Kingdom to UK Relevant Persons and will
be engaged in only with qualified investors in member states of the EEA and UK Relevant Persons in
the United Kingdom. This announcement must not be acted on or relied on by persons in a member
state of the EEA who are not qualified investors or by persons in the United Kingdom who are not UK
Relevant Persons.

This announcement has been issued by and is the sole responsibility of the Company. No
representation or warranty, express or implied, is or will be made as to, or in relation to, and no
responsibility or liability is or will be accepted by the Sole Bookrunner or by any of its respective
directors, officers, employees, advisers, affiliates or agents as to, or in relation to, the accuracy,
completeness or sufficiency of this announcement or any other written or oral information made
available to or publicly available to any interested party or its advisers, and any liability therefore is
expressly disclaimed. Nothing contained in this announcement is, or shall be relied upon as, a promise
or representation in this respect, whether as to the past or the future. Neither the Sole Bookrunner nor
any of its directors, officers, employees, advisers, affiliates or agents accepts any responsibility for its
accuracy, completeness or verification and, accordingly, the Sole Bookrunner and its directors,
officers, employees, advisers, affiliates or agents disclaim, to the fullest extent permitted by applicable
law, any and all liability which they might otherwise be found to have in respect of this announcement
or any such statement.

This announcement does not purport to identify or suggest the risks (direct or indirect) which may be
associated with an investment in the Bookbuild Shares. No representation or warranty is made by the
Company or the Sole Bookrunner in connection with the Equity Raise nor the Bookbuild Shares, and
any investment decision to buy Bookbuild Shares in terms of the Equity Raise must be made solely
on the basis of publicly available information which has not been independently verified by the Sole
Bookrunner.

The Sole Bookrunner is acting for the Company, and no one else, in connection with the Equity Raise
and will not be responsible to anyone other than the Company for providing the protections offered to
its clients, nor for providing advice in relation to the Equity Raise.

Persons who are invited to and who choose to participate in the Equity Raise by making an offer to
take up Bookbuild Shares, will be deemed to have read and understood this announcement in its
entirety and to be making such offer on the terms and conditions, and to be providing the
representations, warranties, acknowledgements and undertakings, contained herein. Each such
person represents, warrants and acknowledges and undertakes that it is a person eligible to subscribe
for the Bookbuild Shares in compliance with the restrictions set forth herein and the applicable laws
and regulations in its home jurisdiction and in the jurisdiction (if different) in which it is physically
resident. The Equity Raise is not an offer to the public as defined in the South African Companies Act
and only (i) persons falling within the exemptions set out in section 96(1)(a) of the South African
Companies Act and/or (ii) persons who propose to subscribe, as principal, for shares at a total
contemplated acquisition cost equal to or greater than R1 000 000, as envisaged in section 96(1)(b),
of the South African Companies Act. Participation in the Equity Raise is reserved for invited qualifying
investors only and subject to the terms and conditions provided to the invited qualifying investors.

This announcement does not constitute or form a part of any offer or solicitation or advertisement to
purchase and/or subscribe for Bookbuild Shares in South Africa, including an offer to the public for
the sale of, or subscription for, or the solicitation of an offer to buy and/or subscribe for, shares as
defined in the South African Companies Act, and will not be distributed to any person in South Africa
in any manner that could be construed as an offer to the public in terms of the South African
Companies Act. This announcement does not, nor is it intended to constitute a "registered prospectus"
as contemplated in the South African Companies Act.

This announcement is for information purposes only and is not intended to and does not constitute, or
form part of, any offer or invitation to purchase, subscribe for or otherwise acquire or dispose of, or
any solicitation to purchase or subscribe for or otherwise acquire or dispose of, any securities in any
jurisdiction. Persons needing advice should consult an independent legal or financial adviser.

The Bookbuild Shares have not been and will not be registered under the United States Securities Act
of 1933, as amended (the "Securities Act"), and may not be offered or sold, directly or indirectly, in
the United States of America, absent registration or pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act and in compliance with applicable
state and other securities laws. The Equity Raise will be made only to qualifying institutional investors,
outside the United States in reliance on Regulation S of the Securities Act. The Equity Raise will only
be made to investors to whom the Equity Raise may be lawfully made without having to file or register
any securities or any offering or related documentation with any securities regulatory authority in any
relevant jurisdiction. This announcement is for information purposes only and shall not constitute or
form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United
States or any other jurisdiction it would be unlawful to do so.

The distribution of this announcement and the offering for subscription of the Bookbuild Shares in
certain jurisdictions may be restricted by law. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any such jurisdiction. No action has been taken by the
Company or the Sole Bookrunner or any of their respective affiliates that would permit an offering of
such securities or possession or distribution of this announcement or any other offering or publicity
material relating to such Bookbuild Shares in any jurisdiction where action for that purpose is required.
Persons into whose possession this announcement comes are required by the Company and the Sole
Bookrunner to inform themselves about, and to observe, such restrictions. To the fullest extent
permitted by applicable law, the Company and the Sole Bookrunner disclaim any responsibility or
liability for the violation of such requirements by any person. The Equity Raise is not to be regarded
as an offer or invitation to any person in any jurisdiction to the extent that any applicable legal
requirement in such jurisdiction has not been complied with or it is for any reason illegal or unlawful
to make such an offer or invitation in such jurisdiction.

This announcement is restricted and is not for publication or distribution or release, directly or
indirectly, in or into the United States including its territories and possessions, any State of the United
States and the District of Columbia, Australia, Canada, Japan or any other jurisdiction in which such
release, publication or distribution would be unlawful.

No offering document or prospectus will be made available in connection with the matters contained
or referred to in this announcement and no such offering document or prospectus is required to be
published, in accordance with Regulation (EU) 2017/1129 (the "Prospectus Regulation") or Regulation
(EU) 2017/1129, as amended and retained in UK law on 31 December 2020 by the European Union
(Withdrawal) Act 2018 (the "EUWA") (the "UK Prospectus Regulation").

This announcement is not being distributed by, nor has it been approved for the purposes of section
21 of the Financial Services and Markets Act 200 ("FSMA") by, a person authorised under FSMA. This
announcement is being distributed and communicated to persons in the United Kingdom only in
circumstances in which section 21(1) of FSMA does not require approval of the communication by an
authorised person. This announcement has been issued by, and is the sole responsibility of, the
Company.

As regards the European Economic Area (the "EEA") and the United Kingdom, this announcement is
for information purposes only and is directed only at persons whose ordinary activities involve them
in acquiring, holding, managing and disposing of investments (as principal or agent) for the purposes
of their business and who have professional experience in matters relating to investments and are:
(a) if in a member state of the European Economic Area (the "EEA"), qualified investors within the
meaning of article 2(e) of the EU Prospectus Regulation ("qualified investors"); or (b) if in the United
Kingdom, qualified investors within the meaning of article 2(e) of the UK Prospectus Regulation who
are (i) persons who fall within the definition of "investment professional" in article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "order"), or (ii)
persons who fall within article 49(2)(a) to (d) of the order, or (c) persons to whom it may otherwise be
lawfully communicated ("UK Relevant Persons").

Any investment or investment activity to which this announcement relates is available only in member
states of the EEA to qualified investors and in the United Kingdom to UK Relevant Persons and will
be engaged in only with qualified investors in member states of the EEA and UK Relevant Persons in
the United Kingdom. This announcement must not be acted on or relied on by persons in a member
state of the EEA who are not qualified investors or by persons in the United Kingdom who are not UK
Relevant Persons.

This announcement has been issued by and is the sole responsibility of the Company. No
representation or warranty, express or implied, is or will be made as to, or in relation to, and no
responsibility or liability is or will be accepted by the Sole Bookrunner or by any of its respective
directors, officers, employees, advisers, affiliates or agents as to, or in relation to, the accuracy,
completeness or sufficiency of this announcement or any other written or oral information made
available to or publicly available to any interested party or its advisers, and any liability therefore is
expressly disclaimed. Nothing contained in this announcement is, or shall be relied upon as, a promise
or representation in this respect, whether as to the past or the future. Neither the Sole Bookrunner nor
any of its directors, officers, employees, advisers, affiliates or agents accepts any responsibility for its
accuracy, completeness or verification and, accordingly, the Sole Bookrunner and its directors,
officers, employees, advisers, affiliates or agents disclaim, to the fullest extent permitted by applicable
law, any and all liability which they might otherwise be found to have in respect of this announcement
or any such statement.

This announcement does not purport to identify or suggest the risks (direct or indirect) which may be
associated with an investment in the Bookbuild Shares. No representation or warranty is made by the
Company or the Sole Bookrunner in connection with the Equity Raise nor the Bookbuild Shares, and
any investment decision to buy Bookbuild Shares in terms of the Equity Raise must be made solely
on the basis of publicly available information which has not been independently verified by the Sole
Bookrunner.

The Sole Bookrunner is acting for the Company, and no one else, in connection with the Equity Raise
and will not be responsible to anyone other than the Company for providing the protections offered to
its clients, nor for providing advice in relation to the Equity Raise.

Persons who are invited to and who choose to participate in the Equity Raise by making an offer to
take up Bookbuild Shares, will be deemed to have read and understood this announcement in its
entirety and to be making such offer on the terms and conditions, and to be providing the
representations, warranties, acknowledgements and undertakings, contained herein. Each such
person represents, warrants and acknowledges and undertakes that it is a person eligible to
subscribe for the Bookbuild Shares in compliance with the restrictions set forth herein and the
applicable laws and regulations in its home jurisdiction and in the jurisdiction (if different) in which it
is physically resident.

Date: 05-09-2025 09:10:00
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