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 executive director: G Jennett Date of acceptance: 7 October 2019 Number of shares accepted: 459 250 Issue price: Rnil Notional value of transaction (based R5 506 407.50 on an implied price of R11.99 per Emira 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 performance conditions as set out in the Emira FSP Vesting dates: The shares will vest in equal tranches on 15 September 2022, 15 September 2023 and 15 September 2024, respectively Class of securities: Ordinary shares Type of interest: Direct beneficial Clearance to deal obtained: Yes Name of executive director: G Booyens Date of acceptance: 7 October 2019 Number of shares accepted: 246 399 Issue price: Rnil Notional value of transaction (based R2 954 324.01 on an implied price of R11.99 per Emira 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 performance conditions as set out in the Emira FSP Vesting dates: The shares will vest in equal tranches on 15 September 2022, 15 September 2023 and 15 September 2024, respectively Class of securities: Ordinary shares Type of interest: Direct beneficial Clearance to deal obtained: Yes Name of executive director: U van Biljon Date of acceptance: 7 October 2019 Number of shares accepted: 235 326 Issue price: Rnil Notional value of transaction (based R 2 821 558.74 on an implied price of R11.99 per Emira 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 performance conditions as set out in the Emira FSP Vesting dates: The shares will vest in equal tranches on 15 September 2022, 15 September 2023 and 15 September 2024, respectively Class of securities: Ordinary shares Type of interest: Direct beneficial Clearance to deal obtained: Yes Bryanston 7 October 2019 Sponsor Questco Corporate Advisory Proprietary Limited Date: 07/10/2019 05:29:00 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.