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 rule 3.63 to 3.74 of the JSE Securities Exchange South Africa
Listings Requirements, the following information is disclosed:                  
Director                      :    Warren Schultze                              
Company                       :    Emira Property Fund                          
Date of transaction           :    30 September 2004                            
Nature of transaction         :    Purchase of Participatory Interests          
Number of securities          :    68,000                                       
Class of securities           :    Ordinary Participatory Interests             
Purchase price                :    R5.15                                        
Total value of transaction    :    R350,200                                     
Nature and extent of                                                            
director"s interest           :    Indirect beneficial                          
Clearance obtained            :    Yes                                          
Sandton                                                                         
30 September 2004                                                               
SPONSOR                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
CORPORATE FINANCE                                                               
Date: 01/10/2004 10:45:58 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department