Emira Property Fund - Trading Statement - Change To Criteria

Emira Property Fund - Trading Statement - Change To Criteria                    
Emira Property Fund                                                             
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No 45 of 2002 and managed by Strategic Real     
Estate Managers (Pty) Ltd ("STREM")(Registration number 1997/020911/07)         
ISIN: ZAE000050712                                                              
Share code: EMI                                                                 
("Emira")                                                                       
TRADING STATEMENT - CHANGE TO CRITERIA                                          
In terms of section 3, paragraph 3.4(b)(v) of the Listings Requirements of the  
JSE Securities Exchange South Africa, Emira advises participatory interest (PI) 
holders that it has adopted distribution per PI as the financial results        
measurement for trading statement purposes.                                     
The STREM Board believes that distribution per PI is more representative of the 
true, underlying cash flows of the fund to PI holders than earnings per PI or   
headline earnings per PI.                                                       
It is effective for the financial period ending 30 June 2005.                   
Sandton                                                                         
29 June 2005                                                                    
Sponsor                                                                         
RAND MERCHANT BANK                                                              
(A division of FirstRand Bank Limited)                                          
Date: 29/06/2005 02:38:07 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department