Emira - Further Cautionary Announcement

Emira - Further 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")                                                         
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcement released on SENS on 23 November 2005,    
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                                                                         
3 January 2006                                                                  
Merchant bank and sponsor                                                       
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 03/01/2006 10:49:07 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department