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 Investments Schemes Control Act No 45 of 2003)     
     ISIN: ZAE000050712                                                         
     Share Code: EMI                                                            
     ("Emira" or "the fund")                                                    
Cautionary announcement                                                    
     Holders of participatory interests ("PIs") 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   
PIs trade on the JSE Limited. Accordingly, PI Holders are advised to       
     exercise caution when dealing in their PIs until such a time as a further  
     announcement regarding the potential transaction is published.             
     Sandton                                                                    
15 November 2006                                                           
     Merchant bank and sponsor                                                  
     RAND MERCHANT BANK (A division of FirstRand Bank Limited)                  
Date: 15/11/2006 10:23:03 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department