EMIRA PROPERTY FUND - CHANGE TO THE BOARD OF DIRECTORS OF STRATEGIC REAL ESTATE

EMIRA PROPERTY FUND - CHANGE TO THE BOARD OF DIRECTORS OF STRATEGIC REAL ESTATE 
MANAGERS (PROPRIETARY) LIMITED                                                  
EMIRA PROPERTY FUND                                                             
(Registered in the Republic of South Africa)                                    
Share code: EMI ISIN: ZAE000050712                                              
("Emira")                                                                       
CHANGE TO THE BOARD OF DIRECTORS OF STRATEGIC REAL ESTATE MANAGERS (PROPRIETARY)
LIMITED                                                                         
In compliance with the JSE Securities Exchange South Africa Listings            
Requirements, the following information is disclosed:                           
DIRECTOR"S RESIGNATION:                                                         
Mr. R van der Bos has resigned as Chief Executive Officer/Executive Director    
from the board of Strategic Real Estate Managers (Proprietary) Limited, the     
authorised management company of Emira, with effect from 14 July 2004.          
DIRECTOR"S APPOINTMENT:                                                         
Mr. J Templeton has been appointed as Chief Executive Officer/Executive Director
on the board of Strategic Real Estate Managers (Proprietary) Limited with effect
from 14 July 2004.                                                              
RATIONALE                                                                       
Mr. R van der Bos, the current CEO has resigned to focus on the Momentum        
Portfolios and certain initiatives related thereto.  Mr. Templeton is well      
suited to take up the position of CEO, due to his extensive experience related  
to the Property Sector.                                                         
The above change has been approved by the Registrar of Collective Investment    
Schemes in terms of Section 51, read with Section 43(1)(a) of the Collective    
Investment Schemes Control Act No 45 of 2002.                                   
Sandton                                                                         
14 July 2004                                                                    
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
CORPORATE FINANCE                                                               
Date: 15/07/2004 05:45:02 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department