Dipula Properties Limited 

Dipula is an internally managed, South African focused Real Estate Investment Trust (“REIT”) with a sectorally and geographically diversified portfolio of primarily retail, office and industrial assets in all nine provinces of South Africa. The majority of assets are located in Gauteng. The fund further selectively invests in the residential rental sector. Dipula is listed on the Johannesburg Stock Exchange (“JSE”) and has A and B shares in issue, trading under the codes DIA and DIB. DIAs are entitled to a preferred dividend growth of the lower of 5% or the consumer price inflation (“CPI”), while DIBs receive the remaining distributable income. DIAs and DIBs rank equally in all other respects.