Acceptance by Directors of Shares Awarded EMIRA PROPERTY FUND LIMITED Incorporated in the Republic of South Africa (Registration number 2014/130842/06) JSE share code: EMI ISIN: ZAE000203063 (Approved as a REIT by the JSE) (“Emira” or “the Company”) ACCEPTANCE BY DIRECTORS OF SHARES AWARDED In compliance with paragraph 3.63 of the Listings Requirements of the JSE Limited, the following information is disclosed in respect of the acceptance by directors of the Company of shares awarded in terms of the Emira Forfeitable Share Plan (“Emira FSP”): Name of director: G Jennett Date of acceptance: 12 October 2018 Number of shares accepted: 193 500 Issue price: Rnil (Free of charge) Notional value of transaction (based R2 883 150.00 on an implied price of R14.90 per share, being the closing price on the date immediately preceding the date of this announcement): Nature of transaction: Off-market acceptance of shares acquired by Emira in the market and awarded in terms of the Emira FSP, which shares will vest on the satisfaction of certain conditions as set out in the Emira FSP Vesting dates: The shares will vest in equal tranches on 15 September 2021, 15 September 2022 and 15 September 2023, respectively Class of securities: Ordinary shares Type of interest: Direct beneficial Clearance to deal obtained: Yes Name of director: G Booyens Date of acceptance: 12 October 2018 Number of shares accepted: 116 800 Issue price: Rnil (Free of charge) Notional value of transaction (based R1 740 320.00 on an implied price of R14.90 per share, being the closing price on the date immediately preceding the date of this announcement): Nature of transaction: Off-market acceptance of shares acquired by Emira in the market and awarded in terms of the Emira FSP, which shares will vest on the satisfaction of certain conditions as set out in the Emira FSP Vesting dates: The shares will vest in equal tranches on 15 September 2021, 15 September 2022 and 15 September 2023, respectively Class of securities: Ordinary shares Type of interest: Direct beneficial Clearance to deal obtained: Yes Name of director: U van Biljon Date of acceptance: 12 October 2018 Number of shares accepted: 137 600 Issue price: Rnil (Free of charge) Notional value of transaction (based R2 050 240.00 on an implied price of R14.90 per share, being the closing price on the date immediately preceding the date of this announcement ): Nature of transaction: Off-market acceptance of shares acquired by Emira in the market and awarded in terms of the Emira FSP, which shares will vest on the satisfaction of certain conditions as set out in the Emira FSP Vesting dates: The shares will vest in equal tranches on 15 September 2021, 15 September 2022 and 15 September 2023, respectively Class of securities: Ordinary shares Type of interest: Direct beneficial Clearance to deal obtained: Yes In compliance with paragraph 3.63 of the Listings Requirements of the JSE Limited, the following information is disclosed in respect of the acceptance by directors of the Company of shares acquired by Emira in the market and awarded as a result of the directors increasing the notice period per their employment contracts to a consistent four months: Name of director: G Jennett Date of acceptance: 12 October 2018 Number of shares accepted: 22 446 Issue price: Rnil (Free of charge) Notional value of transaction (based R334 445.40 on an implied price of R14.90 per share, being the closing price on the date immediately preceding the date of this announcement): Nature of transaction: Off-market acceptance of shares awarded in terms of a one month increased employment contract notice period Vesting dates: Subject to still being in the employ of the Company, the shares will vest on 15 September 2021 Class of securities: Ordinary shares Type of interest: Direct beneficial Clearance to deal obtained: Yes Name of director: G Booyens Date of acceptance: 12 October 2018 Number of shares accepted: 14 624 Issue price: Rnil (Free of charge) Notional value of transaction (based R217 897.60 on an implied price of R14.90 per share, being the closing price on the date immediately preceding the date of this announcement ): Nature of transaction: Off-market acceptance of shares awarded in terms of a one month increased employment contract notice period Vesting dates: Subject to still being in the employ of the Company, the shares will vest on 15 September 2021 Class of securities: Ordinary shares Type of interest: Direct beneficial Clearance to deal obtained: Yes Name of director: U van Biljon Date of acceptance: 12 October 2018 Number of shares accepted: 29 629 Issue price: Rnil (Free of charge) Notional value of transaction (based R441 472.10 on an implied price of R14.90 per share, being the closing price on the date immediately preceding the date of this announcement ): Nature of transaction: Off-market acceptance of shares awarded in terms of a two month increased employment contract notice period Vesting dates: Subject to still being in the employ of the Company, the shares will vest on 15 September 2021 Class of securities: Ordinary shares Type of interest: Direct beneficial Clearance to deal obtained: Yes Bryanston 15 October 2018 Sponsor Questco Corporate Advisory Proprietary Limited Date: 15/10/2018 03:04:00 Produced by the JSE SENS Department. 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