Response to COVID-19 and withdrawal of dividend guidance 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”) RESPONSE TO COVID-19 AND WITHDRAWAL OF DIVIDEND GUIDANCE Response to COVID-19 The global COVID-19 pandemic has given rise to unprecedented circumstances in our communities and in our financial markets. Given the threat it represents to the world and South Africa, the Board of Directors of Emira (“the Board”) unequivocally supports the measures taken by the State President and the South African Government to curtail the spread of the virus. Balance sheet position Shareholders are advised that Emira is taking on this crisis with a strong balance sheet, sustainable debt levels and a sound liquidity position. More specifically: • Emira’s loan-to-value ratio of 35.1% and interest cover ratio of 3.2 times at 31 December 2019 remains intact and compares favourably with the Company’s lowest banking covenants of 45% and 2.0 times, respectively. • in respect of its liquidity position, Emira has already refinanced most of its shorter-term debt maturities and less than R650 million of its R5,2 billion debt is due to expire in the period ended 31 December 2020. • Emira’s available cash on hand and undrawn facilities currently total R550 million, with further backup facilities in progress. Interest rate swap terms and cross-currency interest rate swap terms have already been extended, and the average duration is in excess of three years. Effect on Emira The duration and extent of the effects of the COVID-19 pandemic are currently unknown, and this uncertainty extends to quantifying its impact on the balance sheet and distributable income of Emira. While the lock-down implemented to reduce the spread of the virus will undoubtedly impact Emira’s tenants, it is at this stage unclear to what degree. More clarity and certainty will emerge in the weeks ahead and, until then, Emira will continue to act responsibly, proactively and sustainably, and in the best interests of all of its stakeholders. Emira’s lines of communication with its tenants, service providers and all stakeholders are open. The Board will actively adapt and modify the Company’s approach as the situation unfolds, and as the impact on Emira becomes more certain. Withdrawal of dividend guidance Given the uncertainty surrounding the financial impact of the COVID-19 pandemic on Emira, the Board is of the view that it is no longer appropriate for the dividend guidance for the six-month period ending 30 June 2020, as given on 19 February 2020, to remain in place. The Board will provide further guidance once there is clarity and certainty on the impact of the COVID-19 pandemic on its operations. Bryanston 25 March 2020 Sponsor Questco Corporate Advisory Proprietary Limited Date: 25-03-2020 04:30:00 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.