Emira Property Fund - Dealing In Participartory Interests By Director

Emira Property Fund - Dealing In Participartory Interests By Director           
EMIRA PROPERTY FUND                                                             
(Registered in terms of the Collective Investments Schemes Control Act No 45 of 
2003)                                                                           
ISIN: ZAE000050712                                                              
Share Code: EMI                                                                 
In compliance with the JSE Securities Exchange South Africa Listings            
Requirements, the following information is disclosed:                           
Director                      :    Warren Schultze                              
Company                       :    Emira Property Fund                          
Date of transaction           :    14 and 15 September 2004                     
Nature of transaction         :    Purchase of Participatory Interests          
Number of securities          :    107 900                                      
Class of securities           :    Ordinary Participatory Interests             
Purchase price                :    Average price of R5.5424                     
Total value of transaction    :    R598 024.96                                  
Nature and extent of                                                            
director"s interest           :    Indirect beneficial                          
Clearance obtained            :    Yes                                          
Sandton                                                                         
16 September 2004                                                               
SPONSOR                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
CORPORATE FINANCE                                                               
Date: 16/09/2004 07:31:14 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department