EMIRA PROPERTY FUND - DEALING IN SECURITIES BY DIRECTOR

EMIRA PROPERTY FUND - DEALING IN SECURITIES BY DIRECTOR                         
Emira Property Fund                                                             
(Registered in terms of the Collective Investments Schemes Control Act No 45 of 
2003)                                                                           
ISIN: ZAE000050712                                                              
JSE Share Code: EMI                                                             
DEALING IN SECURITIES BY DIRECTOR                                               
In compliance with the JSE Securities Exchange South Africa Listings            
Requirements, the following information is disclosed:                           
Director:                Warren Kirkwood Schultze                               
Company:                 Emira Property Fund                                    
Date of transaction:     10 June 2004                                           
Nature of transaction:   Purchase of securities                                 
Number of securities:    125 000 (one hundred and twenty five thousand)         
Class of securities:     Ordinary Participartory Interests                      
Purchase price:          500 cents                                              
Total value of                                                                  
Transaction:             R625 000.00(six hundred and twenty five thousand)      
Nature and extent of                                                            
director"s interest:     Indirect beneficial                                    
Clearance obtained:      Yes                                                    
Sandton                                                                         
10 June 2004                                                                    
SPONSOR                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
CORPORATE FINANCE                                                               
Date: 11/06/2004 10:56:14 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department