Emira Property Fund - Dealing in securities by a director

Emira Property Fund - Dealing in securities by a director                       
EMIRA PROPERTY FUND                                                             
(Registered in terms of the Collective Investments                              
Schemes Control Act No 45 of 2003)                                              
ISIN: ZAE000050712                                                              
Share Code: EMI                                                                 
In compliance with the JSE Limited Listings Requirements, the following         
information is disclosed:                                                       
Director                :     Warren Kirkwood Schultze                          
Company                 :     Emira Property Fund                               
Date of transaction     :     13 November 2006                                  
Class of securities     :     Ordinary participatory interests                  
Nature of transaction   :     Transfer of securities from Wartan Trading (Pty)  
                              Limited to Wartan Properties (Pty) Limited        
                              (securities in both companies are 100% held by    
director"s trust)                                 

Number of securities     :    301 000                                           
Transfer price           :    R9.80                                             
Total value of transaction  : R2 949 800                                        
Nature and extent of                                                            
director"s interest       :   Indirect beneficial                               
Clearance obtained  :         Yes                                               
Sandton                                                                         
16 November 2006                                                                
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 16/11/2006 11:29:07 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department