DISTRIBUTABLE EARNINGS 9,5% to R194.2 million COMBINED DIVIDENDS PER SHARE 6,3% A-SHARE DIVIDEND 5% to 50.64892 cents per share B-SHARE DIVIDEND 7,9% to 41.83993 cents per share INTEREST RATE HEDGING IN EXCESS OF 80% IN PROGRESS ACQUISITIONS R500 million REVAMPS R200 million UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 28 FEBRUARY 2017 28 NON-CORE DISPOSALS R400 million including post period
COMMENTARY Introduction The unaudited condensed consolidated interim results for the ended 28 February 2017 ( the period ) highlights Dipula s continued growth in a challenging environment, with distributable earnings up 9.5%, resulting in an increase in combined dividends per share of 6.3%, in line with management guidance. This organic growth is the result of effective value extraction and sweating our assets. Profile Dipula owns a sectorally and geographically diversified portfolio valued at approximately R7 billion, including retail, industrial and offices in all nine provinces of South Africa. Dipula trades under JSE share codes DIA and DIB. The A-shares are entitled to a 5% preferred dividend growth while the B-shares receive the remaining net dividend declared. Distributable earnings Distributable earnings increased 9.5% over the prior period to R194.2 million (February 2016: R177.3 million). This translated into a 6.3% growth in dividends per combined share (February 2016: 7.1%). The dividend attributable to the A-shares increased 5% over the prior period to 50.64892 cents per share (February 2016: 48.23707 cents per share) in line with the dividend policy of the A-share. The dividend attributable to B-shares is 41.83993 cents per share (February 2016: 38.78144 cents per share), which equates to an increase of 7.9% over the prior period. Property portfolio At period end Dipula s portfolio consisted of 193 properties valued at approximately R7 billion with a total gross lettable area (GLA) of 789 753m² (February 2016: 201 properties valued at R6.7 billion with a GLA of 807 229m²). The net asset value per combined share increased 7% on the prior period to R10.07. Cost-to-income ratios February 2017 February 2016 Property cost to income (gross basis) 35.0% 35.7% Property cost to income (net basis) 18.0% 19.3% Total cost to income (net basis) 22.2% 23.8% Vacancies Vacancies remained at 9.2% compared to the prior period. This level of vacancy is due to challenging market conditions particularly in the office sector where vacancies had increased from 11.7% in the prior period to 15.1% at reporting date. Industrial vacancies reduced significantly to 8.8% from 11.5%. Retail vacancies increased marginally from 7.6% in February 2016 to 7.9% at period end. Acquisitions During the period, acquisitions of R21.7 million were concluded. Acquisitions of approximately R500 million at yields ranging between 9% to 10.5% are in progress. Disposals During the period eight properties valued at R72.3 million were sold and transferred. Subsequent to the period end, twenty properties worth R325.4 million were sold at an aggregate yield of 10%. These properties are at various stages of transfer. Refurbishments and redevelopments A total of R17.6 million was spent on refurbishments during the period. A further R200.8 million will be spent on refurbishments over the next 18 months at income enhancing yields. 1 DIPULA INCOME FUND Condensed Consolidated Interim Results 2017
Dipula lease expiry profile Subsequent to the period end, a further 23% of the leases expiring before 31 August 2017 were renewed. 250000 20 000 000 200000 15 000 000 GLA (m ² ) 150000 100000 10 000 000 (R) Income 50000 5 000 000 0 Vacant 31 Aug 17 31 Aug 18 31 Aug 19 31 Aug 20 After 31 Aug 20 0 GLA Average monthly gross rental income Segmental and geographic profile Dipula s portfolio as at 28 February 2017 is set out below: Sectoral profile by GLA (%) Sectoral profile by revenue (%) Geographic profile by GLA (%) Geographic profile by revenue (%) Retail 61% Offices 15% Industrial 24% Retail 70% Offices 16% Industrial 14% Gauteng 58% Limpopo 14% Eastern Cape 9% KwaZulu-Natal 6% North West 4% Free State 3% Western Cape 2% Mpumalanga 2% Northern Cape 2% Gauteng 60% Mpumalanga 2% Limpopo 13% Western Cape 2% Eastern Cape 9% Free State 2% KwaZulu-Natal 7% Northern Cape 1% North West 4% DIPULA INCOME FUND Condensed Consolidated Interim Results 2017 2
COMMENTARY continued Funding At 28 February 2017, Dipula s all-in blended rate of interest was 9.06% (2016: 8.73%). The company has total debt facilities of R3.0 billion with R2.9 billion utilised to date. The aggregate period of borrowings and hedges is two years. Approximately 70.6% of the interest on the debt had been fixed at the end of the period (2016: 48.2%). Subsequently, further swaps were contracted into, improving the hedge to 82.1% of the debt facilities. Debt maturity and hedging profile Financial Facility Fixed/Swap Floating year-end R 000 % R 000 % R 000 % 2017 125 000 4.1 125 000 4.1 2018 1 329 342 43.9 906 123 29.9 423 219 14.0 2019 821 107 27.1 473 601 15.7 347 506 11.5 2020 407 156 13.5 631 250 20.9 (224 094) (7.4) 2021 343 676 11.4 343 676 11.3 3 026 281 100 2 135 974 70.6 890 307 29.4 Swap maturity profile Maturity date R 000 Nominal rate % 27 Oct 2017 70 000 6.95 1 Dec 2017 506 667 7.10 16 Jan 2018 85 000 6.47 29 Aug 2019 150 000 7.66 29 Aug 2019 200 000 8.05 28 Oct 2019 150 000 7.67 16 Jan 2020 21 250 6.78 4 Feb 2020 100 000 8.27 4 Jul 2020 360 000 7.85 1 642 917 Prospects The current economic environment is one of almost no growth which has a significant impact on the property sector. The ability to lease new space or expand existing tenants is greatly reduced. The board of directors ( the board ) expects the current economic conditions to continue in the short to medium term. Management will continue to focus on extracting the maximum value from the portfolio and reducing the vacancy factor. Reflecting the challenging environment, the board expects growth in distributions of between 5% and 6.5% for the year ending 31 August 2017. This growth assumes that macroeconomic conditions do not deteriorate further, no major corporate failures occur and that tenants will be able to absorb rising utility and assessment rates costs. Forecast rental income is based on contractual escalations and market-related renewals. This forecast has not been reviewed or reported on by the group s auditors. Payment of interim dividend The board has approved and notice is hereby given of the interim dividend (dividend number 12) for the period 1 September 2016 to 28 February 2017 of 50.64892 cents per A-share and 41.83993 cents per B-share. Dipula shareholders will be offered an election, in respect of all or part of their shareholding, to re-invest the cash dividend of 50.64892 cents per A-share and 41.83993 cents per B-share in return for A-shares or B-shares, as the case may be (the re investment option ). By electing to participate in this re-investment option, shareholders will be able to increase their shareholding in Dipula without incurring dealing costs. In turn, Dipula will benefit from an increase in the amount of shareholders funds available to support continued growth. Further details regarding the re-investment option, including the manner in which the number of shares to which a participating shareholder is entitled will be determined and the action to be taken by A and B shareholders in order to participate in the re investment option, will be set out in a circular to shareholders to be issued on or about 17 May 2017, and will also be released on SENS. 3 DIPULA INCOME FUND Condensed Consolidated Interim Results 2017
The dividend is payable to Dipula shareholders in accordance with the timetable set out below: Last day to trade cum dividend Shares trade ex-dividend Record date Payment date 2017 Tuesday, 6 June Wednesday, 7 June Friday, 9 June Monday, 12 June Share certificates may not be dematerialised or rematerialised between Wednesday, 7 June 2017 and Friday, 9 June 2017 both days inclusive. The dividend will be transferred to dematerialised shareholders CSDP accounts/broker accounts on Monday, 12 June 2017. Certificated shareholders dividend payments will be paid to certificated shareholders bank accounts on or about Monday, 12 June 2017. An announcement relating to the tax treatment will be released separately on SENS. On behalf of the board Zanele Matlala Chairperson Izak Petersen CEO 17 May 2017 Directors: ZJ Matlala* (Chairperson), IS Petersen (CEO), BH Azizollahoff* #, R Asmal (FD), NS Gumede, E Links*, Y Waja*, SA Halliday* * Independent non-executive # British There were no changes to the board during this period. DIPULA INCOME FUND Condensed Consolidated Interim Results 2017 4
COMMENTARY continued BASIS OF PREPARATION AND ACCOUNTING POLICIES These results were prepared by the Financial Director, Mr R Asmal and the Group Financial Manager, Mrs N Kotze. The unaudited condensed consolidated financial results for the ended 28 February 2017 have been prepared in accordance with the JSE Listings Requirements and the requirements of the Companies Act of South Africa. The JSE Listings Requirements require interim reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards ( IFRS ) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and the Financial Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The accounting policies applied are consistent with those applied in the previous year s consolidated annual financial statements. The interim financial statements have not been reviewed or reported on by Dipula s independent external auditor. Subsequent events Subsequent to the reporting date, the fund acquired the additional 20% interest that it does not currently own in Jarabilla Investments Proprietary Limited and Lizinex Proprietary Limited ( Moolman transaction ) for R134 million. Basis of measurement Given the nature of its business, Dipula uses distribution per share as its key performance measure as it is considered a more relevant performance measurement than earnings or headline earnings per share. Measurement of fair value Investment property On an annual basis, properties above R12 million (at the last valuation date) and one-third of properties below R12 million are valued by independent registered valuers. The remaining two-thirds are valued internally by directors. The properties are valued using either the discounted cash flow or capitalisation of net income methods by the internal and external valuers. The valuations are done on an open-market basis with consideration given to the future earnings potential and applying an appropriate capitalisation rate to a property. The capitalisation rates used range between 7.75% and 12%. Investment properties held for sale were valued at the net sale price, which is considered to be the fair value. Financial instruments Financial instruments are measured at fair value including derivatives. The fair value of interest rate swaps is based on broker quotes. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar instrument at the reporting date. Hierarchy levels The fair value hierarchy reflects the significance of the inputs used in making fair value measurements. The level within which the fair value measurement is categorised in its entirety shall be determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. The different levels have been defined as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly Level 3: Inputs for assets or liabilities that are not based on observable market data Investment properties and derivative financial instruments have been categorised as Level 3 and 2 respectively. There has been no material change between levels during the period. 5 DIPULA INCOME FUND Condensed Consolidated Interim Results 2017
2017 Fair value measurements for investment properties categorised as Level 3: R 000 Balance at beginning of the year 6 963 015 Acquisitions/additions 45 293 Transferred to non-current assets held for sale (315 122) Tenant installation/lease commission (445) Balance at end of the period 6 692 741 Valuation technique and significant unobservable inputs Valuation technique Discounted cash flows: The valuation model considers the present value of net cash flows to be generated from the property taking into account expected rental and capitalisation rates. The expected net cash flows are discounted using riskadjusted discount rates. Among other factors, the discount rate estimation considers the quality of the property, its location and lease terms. Capitalisation model establishes the market related rental income for the property and applies an appropriate capitalisation rate. Significant unobservable inputs Expected rental growth varies between 6% to 8% per annum. Risk-adjusted discount rates varies between 14% and 16%. Capitalisation rates vary between 7.75% to 12%. Inter-relationship between key unobservable inputs and fair value measurement The estimated fair value would increase/(decrease) if: expected rentals were higher/ (lower); and risk-adjusted discount rates and capitalisation rates were lower/(higher). The group s Audit Committee determines the policies and procedures for recurring fair value measurement. At each reporting date, management analyses the movements in the values of assets and liabilities which are required to be remeasured or re-assessed as per the group s accounting policies. For this analysis, management verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to market conditions and other relevant documents. DIPULA INCOME FUND Condensed Consolidated Interim Results 2017 6
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ASSETS Audited ended ended year ended 28 February 29 February 31 August 2017 2016 2016 R 000 R 000 R 000 Non-current assets 6 742 881 6 779 046 7 017 087 Investment property 6 692 741 6 718 299 6 963 015 Fair value of property portfolio 6 541 767 6 587 553 6 822 860 Straight-line rental income accrual 150 974 130 746 140 155 Goodwill 48 482 48 482 48 482 Property, plant and equipment 1 658 1 615 1 374 Derivative financial assets 10 650 4 216 Current assets 275 398 192 896 206 704 Trade and other receivables 170 632 142 278 147 972 Cash and cash equivalents 104 766 50 618 58 732 Non-current assets held for sale Investment property held for sale 336 722 27 716 93 850 Total assets 7 355 001 6 999 658 7 317 641 EQUITY AND LIABILITIES Equity 4 356 792 3 972 851 4 325 604 Stated capital 3 132 915 3 032 696 3 073 687 Fair value reserve 978 810 716 248 992 884 Retained income 115 711 87 984 127 843 Non-controlling interest 129 356 135 923 131 190 Non-current liabilities 1 881 495 2 104 322 2 631 664 Interest-bearing liabilities 1 881 495 2 104 322 2 631 664 Current liabilities 1 116 714 922 485 360 373 Interest-bearing liabilities 979 667 780 864 255 000 Derivative financial liability 9 037 Trade and other payables 128 010 141 621 105 373 Total equity and liabilities 7 355 001 6 999 658 7 317 641 7 DIPULA INCOME FUND Condensed Consolidated Interim Results 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Audited ended ended year ended 28 February 29 February 31 August 2017 2016 2016 R 000 R 000 R 000 Revenue 537 439 525 302 1 065 387 Contractual rental income 411 367 385 333 797 557 Recoveries and other income 115 253 106 505 225 918 Straight-line rental income accrual 10 819 33 464 41 912 Property expenses (184 434) (175 762) (349 646) Net property income 353 005 349 540 715 741 Administration and corporate costs (17 559) (17 766) (32 013) Net operating profit 335 446 331 774 683 728 Net finance cost (125 713) (114 413) (242 002) Finance income 3 801 5 302 8 540 Finance cost (129 514) (119 715) (250 542) Net profit after finance cost 209 733 217 361 441 726 Transaction costs on business combination (2 943) (3 032) Fair value adjustments (24 893) (23 163) 245 025 Investment properties and held for sale (821) 1 054 284 124 Straight-line rental income accrual (10 819) (33 464) (41 912) Interest rate swaps (13 253) 9 247 2 813 Profit before taxation 184 840 191 255 683 719 Taxation Profit for the period after taxation 184 840 191 255 683 719 Other comprehensive income Total comprehensive income for the period 184 840 191 255 683 719 Total profit and comprehensive income for the period attributable to: Shareholders of the company 178 474 183 563 666 049 Non-controlling interests 6 366 7 692 17 670 Earnings and diluted earnings per share 184 840 191 255 683 719 A-share (cents) 42.87 45.27 163.18 B-share (cents) 42.87 45.27 163.18 DIPULA INCOME FUND Condensed Consolidated Interim Results 2017 8
RECONCILIATION BETWEEN PROFIT, EARNINGS AND HEADLINE EARNINGS Audited ended ended year ended 28 February 29 February 31 August 2017 2016 2016 R 000 R 000 R 000 Earnings 178 474 183 563 666 049 Adjustments: 11 640 32 410 (242 212) Fair value investment properties revaluation 821 (1 054) (284 124) Fair value straight-line rental income 10 819 33 464 41 912 Headline earnings 190 114 215 973 423 837 Weighted average number of A-shares in issue* 208 160 748 201 650 386 203 078 454 Weighted average number of B-shares in issue* 208 160 748 203 878 376 205 098 372 Basic earnings per A-share (cents) 42.87 45.27 163.18 Basic earnings per B-share (cents) 42.87 45.27 163.18 Headline earnings per A-share (cents) 45.67 53.26 103.84 Headline earnings per B-share (cents) 45.67 53.26 103.84 Dividend per A-share (cents) 50.64892 48.23707 96.47414 Interim 50.64892 48.23707 48.23707 Final 48.23707 Dividend per B-share (cents) 41.83993 38.78144 89.49361 Interim 41.83993 38.78144 38.78144 Final 50.71217 Combined dividend per share (cents) 92.48885 87.01851 185.96775 Interim 92.48885 87.01851 87.01851 Final 98.94924 Total number of shares in issue* 419 921 746 407 936 286 413 655 926 Number of A-shares in issue 209 960 873 202 154 037 206 827 963 Number of B-shares in issue 209 960 873 205 782 249 206 827 963 Net asset value per A-share (cents) 1 006.72 940.57 1013.99 Net asset value per B-share (cents) 1 006.72 940.57 1013.99 Loan to Value (LTV) 39.2% 42.0% 40.1% * Net of treasury shares Basic and headline earnings per share are based on the weighted average number of shares in issue during the period. The company does not have any dilutionary instruments in issue. 9 DIPULA INCOME FUND Condensed Consolidated Interim Results 2017
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Stated capital Fair value reserve Retained Income Noncontrolling interest Total equity R 000 R 000 R 000 R 000 R 000 Balance at 31 August 2015 (Audited) 2 799 016 705 947 99 008 3 603 971 Total comprehensive income for the period 183 563 7 692 191 255 Dividends declared (184 286) (184 286) Issue of shares 233 680 233 680 Equity contributed by non controlling shareholders 128 231 128 231 Transfer to fair value reserve investment properties 1 054 (1 054) Transfer to fair value reserve interest rate swaps 9 247 (9 247) Balance at 29 February 2016 () 3 032 696 716 248 87 984 135 923 3 972 851 Balance at 31 August 2016 (Audited) 3 073 687 992 884 127 843 131 190 4 325 604 Total comprehensive income for the period 178 474 6 366 184 840 Dividends declared (204 680) (8 200) (212 880) Issue of shares 59 228 59 228 Transfer to fair value reserve investment properties (821) 821 Transfer to fair value reserve interest rate swaps (13 253) 13 253 Balance at 28 February 2017 () 3 132 915 978 810 115 711 129 356 4 356 792 DIPULA INCOME FUND Condensed Consolidated Interim Results 2017 10
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW CASH FLOWS FROM OPERATING ACTIVITIES Audited ended ended year ended 28 February 29 February 31 August 2017 2016 2016 R 000 R 000 R 000 Cash generated from operations 329 801 270 093 577 007 Net finance cost (125 713) (114 413) (242 002) Net cash generated from operating activities 204 088 155 680 335 005 CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of investment properties and capital expenditure (50 006) (1 250 255) (1 282 882) Acquisition of property, plant and equipment (324) (384) (474) Proceeds on disposal of investment properties 71 430 60 965 60 703 Contribution from non-controlling interest 128 231 128 212 Net cash generated from/(utilised in) investment activities 21 100 (1 061 443) (1 094 441) CASH FLOWS FROM FINANCING ACTIVITIES Issue of shares 59 228 233 680 274 671 Interest-bearing liabilities (repaid)/raised (25 502) 843 941 845 420 Dividend paid (212 880) (184 286) (364 969) Net cash (utilised in)/generated from financing activities (179 154) 893 335 755 122 Net increase/(decrease) in cash and cash equivalents 46 034 (12 428) (4 314) Cash and cash equivalents at the beginning of the year 58 732 63 046 63 046 CASH AND CASH EQUIVALENTS AT END OF PERIOD 104 766 50 618 58 732 11 DIPULA INCOME FUND Condensed Consolidated Interim Results 2017
CONDENSED CONSOLIDATED SEGMENTAL INFORMATION Retail Offices Industrial Land Segment total R 000 R 000 R 000 R 000 R 000 SIX MONTHS ENDED 28 FEBRUARY 2017 Revenue from property portfolio* 373 139 83 174 70 307 526 620 Property expenses (132 646) (30 774) (21 006) (8) (184 434) Net property income 240 493 52 400 49 301 (8) 342 186 Investment property at fair value 4 455 800 1 223 936 987 091 25 914 6 692 741 Investment property held for sale 313 022 10 600 11 700 1 400 336 722 4 768 822 1 234 536 998 791 27 314 7 029 463 SIX MONTHS ENDED 29 FEBRUARY 2016 Revenue from property portfolio* 342 015 83 978 65 845 491 838 Property expenses (125 477) (28 873) (21 405) (7) (175 762) Net property income 216 538 55 105 44 440 (7) 316 076 Investment property at fair value 4 569 697 1 188 777 947 075 12 750 6 718 299 Investment property held for sale 1 116 25 200 1 400 27 716 * Excluding straight-line rental income 4 570 813 1 213 977 947 075 14 150 6 746 015 The entity has four reportable segments based on the sectorial nature these are the entity s strategic business segments. For each strategic business segment, the entity s executive directors review internal management reports on a monthly basis. Reconciliation of reportable segment revenues and profit Revenue Audited ended ended year ended 28 February 29 February 31 August 2017 2016 2016 R 000 R 000 R 000 Total revenue for reportable segments 526 620 491 838 1 023 475 Straight-line rental income accrual 10 819 33 464 41 912 Consolidated revenue 537 439 525 302 1 065 387 Profit Total profit for reportable segments 342 186 316 076 673 829 Straight-line rental income accrual 10 819 33 464 41 912 Administration and corporate costs (17 559) (17 766) (32 013) Net finance cost (125 713) (114 413) (242 002) Transaction costs on business combination (2 943) (3 032) Fair value adjustments (24 893) (23 163) 245 025 Profit before taxation 184 840 191 255 683 719 DIPULA INCOME FUND Condensed Consolidated Interim Results 2017 12
DISTRIBUTABLE EARNINGS Reconciliation of profit for the period to distributable earnings Audited ended ended year ended 28 February 29 February 31 August 2017 2016 2016 R 000 R 000 R 000 Profit attributable to shareholders of the company 178 474 183 563 666 049 Fair value investment properties revaluation 821 (1 054) (284 124) Fair value straight-line rental income 10 819 33 464 41 912 Fair value Interest rate swaps 13 253 (9 247) (2 813) Antecedent dividend 1 642 1 113 2 492 Transaction costs on business combination 2 943 3 032 Straight-line rental income accrual (10 819) (33 464) (41 912) Distributable earnings and dividends declared 194 190 177 318 384 636 Dividend statement Revenue 526 620 491 838 1 023 475 Contractual rental income 411 367 385 333 797 557 Recoveries and other income 115 253 106 505 225 918 Property expenses (184 434) (175 762) (349 646) Net property income 342 186 316 076 673 829 Administration and corporate costs (17 559) (17 766) (32 013) Net operating profit 324 627 298 310 641 816 Net finance cost (125 713) (114 413) (242 002) Antecedent dividend 1 642 1 113 2 492 Non-controlling interests (6 366) (7 692) (17 670) Dividend 194 190 177 318 384 636 13 DIPULA INCOME FUND Condensed Consolidated Interim Results 2017
CORPORATE INFORMATION 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 or the fund, and together with its subsidiaries, the group ) Registered office and business address Block B, Dunkeld Park 6 North Road, Dunkeld West Johannesburg, 2196 Corporate advisor and Sponsor Java Capital 6A Sandown Valley Crescent Sandton, 2196 Company secretary CIS Company Secretaries Proprietary Limited (Registration number 2006/024994/07) Rosebank Towers 15 Biermann Avenue Rosebank, 2196 Independent auditors Deloitte & Touche Practice number: 902276 Registered Auditors Deloitte Place The Woodlands 20 Woodlands Drive Woodmead Sandton Transfer secretaries Link Market Services South Africa Proprietary Limited (Registration number 2000/007239/07) 13th Floor, Rennie House 19 Ameshoff Street Braamfontein, 2001 Bankers The Standard Bank of South Africa Limited (Registration number 1962/000738/06) 3rd Floor, East Wing, 30 Baker Street Rosebank, 2196
www.dipula.co.za 15 DIPULA INCOME FUND Condensed Consolidated Interim Results 2017