DIPULA PROPERTIES LIMITED - Festive season trading and acquisitions update

Festive season trading and acquisitions update

DIPULA PROPERTIES LIMITED
(Formerly 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")


FESTIVE SEASON TRADING AND ACQUISITIONS UPDATE


Q4 2025 TRADING UPDATE

Dipula derives approximately 70% of its income from defensively positioned retail properties, comprising centres
located in township, rural and urban convenience nodes. The retail portfolio delivered a robust performance during the
2025 festive season, recording a 5% increase in turnover over the quarter ended 31 December 2024.

All retail categories, except for services and hardware, reported above-inflation turnover growth ranging from 3% to
11%. The strongest growth was recorded in the cellular and electronics categories, while services turnover declined
slightly by 2%.

On a provincial basis, the highest turnover growth was achieved in KwaZulu-Natal and the Eastern Cape, at 10% and
8%, respectively. Limpopo recorded turnover growth of 6%. The North-West recorded growth of 4%, while Gauteng
and the Free State each reported turnover growth of 3% and Mpumalanga experienced a marginal decline of 1.5%.

Turnover at Dipula's urban convenience and rural centres increased by 6%, while urban township centres recorded
growth of 3%.

The strongest sales performance for the quarter was recorded in November 2025 as customers appear to be doing earlier
festive season shopping than was previously the norm.

ACQUISITIONS UPDATE

In August 2025, Dipula announced a number of acquisitions in line with its strategic objective of expanding its portfolio
through the addition of well-located, high-quality industrial and convenience, township and rural retail assets. Dipula is
pleased to advise that transfer of these properties was effected on the dates set out below:

                                                          Purchase                            Purchase
                                   Geographical      consideration       GLA      consideration per m2
 Property             Sector       location                    (R)       (m2)                   (R/m2)    Transfer date
 Airborne Business    Industrial   Boksburg,            63 000 000      6 964                    9 047    27 August 2025
 Park                              Gauteng
 Bayer Distribution   Industrial   Klerksdorp,         156 000 000     16 364                    9 533    8 December 2025
 Centre                            North West
 Woolworths           Retail       Gezina, Gauteng      16 200 000      4 630                    3 499    19 December 2025
 Gezina
 Protea Gardens       Retail       Soweto,             478 100 000     24 141                   19 804    8 January 2026
 Mall                              Gauteng
 Total                                                 713 300 000     52 099

29 January 2026


Sponsor
Java Capital

Date: 29-01-2026 12:00:00
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