GCR Ratings affirms Emira's credit ratings 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”) GCR RATINGS AFFIRMS EMIRA’S CREDIT RATINGS Noteholders are advised that GCR Ratings (“GCR”) has, on 15 April 2020, affirmed Emira’s national scale long-term and short-term Issuer ratings of A(ZA) and A1(ZA), respectively, with a stable outlook. GCR has also affirmed the long-term issue rating of AA+(ZA)(EL) assigned to Emira’s senior secured Notes, with a stable outlook. The ratings were affirmed due to the sound performance of Emira’s small but relatively diverse portfolio, which continued to underpin the ratings, despite heightened funding and asset risk faced by the South African property sector. The stable outlook is a result of GCR’s expectations that Emira will sustain sound through-the-cycle earnings from its rebalanced portfolio which, coupled with Emira’s initiatives to conserve cash and sustain liquidity, should enable Emira to withstand the short-lived COVID-19 related disruptions. The full credit rating report has been made available at https://gcrratings.com/. Bryanston 16 April 2020 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Sponsor Questco Corporate Advisory Proprietary Limited Date: 16-04-2020 01:18:00 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.