Voluntary Update in respect of the disposal of certain of Emira’s Office Assets and Associated Letting Enterprises EMIRA PROPERTY FUND LIMITED Incorporated in the Republic of South Africa (Registration number 2014/130842/06) JSE share code: EMI ISIN: ZAE000203063 JSE Interest Rate Issuer Code: EMII (Approved as a REIT by the JSE) (“Emira” or “the Company”) VOLUNTARY UPDATE IN RESPECT OF THE DISPOSAL OF CERTAIN OF EMIRA’S OFFICE ASSETS AND ASSOCIATED LETTING ENTERPRISES Shareholders are referred to the announcement released on SENS on 9 October 2018, wherein the Board advised that it had approved the entering into of a rental enterprise sale agreement (“the Sale Agreement”) with Shankly Property Investments Proprietary Limited (“Shankly”), in respect of the disposal of 25 office assets (“the Office Portfolio”) and associated letting enterprises, with a view of rebalancing its portfolio (“the Transaction”). Shareholders are advised that, subsequent to the signature by Emira and Shankly of an addendum to the Sale Agreement, the following suspensive condition in respect of the Transaction has been met: - by 31 October 2018, the remaining Transaction documents, which includes, inter alia, the agreements pertaining to the provision of third-party finance, having been entered into by the parties thereto. The Transaction remains conditional upon the fulfilment or, where applicable, waiver, of the following suspensive conditions: - by 31 January 2019, the Transaction having been unconditionally approved by the Competition Commission, Competition Tribunal and/or Competition Appeal Court; and - in relation to the transfer of the properties situated at 1059 Francis Baard and Tuinhof, the renewal or extension by a period of 3 years of the current lease agreements with the respective anchor tenants of those properties, by no later than the date of lodgement of the relevant transfer and bond documents with the Deeds Office. Bryanston 1 November 2018 Sponsor and Corporate Advisor to Emira Questco Corporate Advisory Proprietary Limited 1 Date: 01/11/2018 09:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.