Emira Property Fund - Further Cautionary Announcement

Emira Property Fund - 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 announcements released on SENS prior and up to 23     
March 2006, holders of participatory interests in Emira ("PI Holders") are      
advised that the fund is still in discussions regarding 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 time as a further      
announcement regarding the potential transaction is published.                  
Sandton                                                                         
4 May 2006                                                                      
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 04/05/2006 02:31:10 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department