Emira Property Fund - Cautionary Announcement

Emira Property Fund - Cautionary Announcement                                   
EMIRA PROPERTY FUND                                                             
(A property fund created under the Emira Property Scheme, registered in terms of
the Collective Investment Schemes Control Act No 45 of 2003)                    
ISIN: ZAE000050712                                                              
Share Code: EMI                                                                 
("Emira" or "the fund")                                                         
Cautionary announcement                                                         
Holders of participatory interests in Emira ("PI Holders") are advised that the 
fund has entered into discussions in respect of a potential transaction which   
may have an effect on the price at which its participatory interests trade on   
the JSE Limited.  Accordingly, PI Holders are advised to exercise caution when  
dealing in their participatory interests until such a time as a further         
announcement regarding the potential transaction is published.                  
Sandton                                                                         
23 November 2005                                                                
Merchant bank and sponsor                                                       
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 23/11/2005 03:54:53 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department