EMI/FSP - Emira/Freestone - Results of the general meeting and court

    EMI/FSP - Emira/Freestone - Results of the general meeting and court        
                                hearing                                         
    Emira Property Fund                                                         
A property fund created under the Emira Property Scheme, registered in      
    terms of the Collective Investment Schemes Control Act                      
    Share Code: EMI                                                             
    ISIN ZAE000050712                                                           
("Emira")                                                                   
                                                                                
    Freestone Property Holdings Limited                                         
    (Incorporated in the Republic of South Africa)                              
(Registration number 2001/011887/06)                                        
    Share code: FSP                                                             
    ISIN: ZAE000060299                                                          
    ("Freestone")                                                               
RESULTS OF THE GENERAL MEETING AND COURT HEARING                            
    Emira participatory interest ("PI") holders and Freestone linked            
    unitholders are referred to the circular to Emira PI holders dated 12 March 
    2007, relating to the acquisition by Emira of 100% of the issued linked     
units of Freestone by way of a scheme of arrangement in terms of section    
    311 of the Companies Act, 1973, proposed by Emira between Freestone and its 
    linked unitholders ("the scheme" or "the acquisition") and a future         
    specific issue of PIs for cash.                                             
At the general of meeting Emira PI holders held on Tuesday, 27 March 2007,  
    all the resolutions necessary to implement the acquisition and the future   
    specific issue of PIs for cash, were approved by the requisite majority of  
    Emira PI holders.                                                           
An Order of Court sanctioning the scheme was also granted by the High Court 
    of South Africa (Witwatersrand Local Division) on 27 March 2007.            
    Emira PI holders and Freestone linked unitholders are reminded that the     
    acquisition remains subject to a certified copy of the Order of Court being 
registered by the Registrar of Companies.  It is anticipated that the       
    acquisition will be implemented on the operative date of the scheme which   
    is expected to be Monday, 16 April 2007, resulting in the effective date    
    being 1 April 2007.                                                         
Sandton                                                                     
    27 March 2007                                                               
                                                                                
    Merchant bank and joint sponsor to Emira                                    
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                   
                                                                                
    Lead sponsor to Emira                                                       
    PricewaterhouseCoopers Corporate Finance (Proprietary) Limited              


    Corporate advisor, legal advisor and sponsor to Freestone                   
    Java Capital (Proprietary) Limited                                          
                                                                                
Attorneys to the scheme                                                     
    Hofmeyr Herbstein & Gihwala Inc.                                            
Date: 27/03/2007 16:42:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.