EMIRA PROPERTY FUND - Offering of participatory interests to fund acquisitions

Offering of participatory interests to fund acquisitions

Emira Property Fund
(A property fund created under the Emira Property Scheme, registered in terms of the Collective Investments
Schemes Control Act)
JSE code: EMI ISIN: ZAE000050712
(“Emira” or the “Fund”)

OFFERING OF PARTICIPATORY INTERESTS TO FUND ACQUISITIONS

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA OR JAPAN. THIS ANNOUNCEMENT DOES NOT CONSTITUTE
AN OFFER OF SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION.

1. Acquisitions

Emira has entered into a binding agreement to acquire a diversified property portfolio situated in the Western
Cape and Gauteng. The portfolio consists of eight quality assets comprising 48% retail, 37% office, and 15%
industrial, which is in line with Emira’s strategy of increasing its weighting of retail properties in the Fund. The
acquisition will also improve Emira’s geographical diversification through increased exposure to the Western
Cape, with 49% of properties by value being in this region. The weighted average lease expiry of the portfolio is
in excess of five years, with escalations of approximately 8.4% per annum which will ensure a robust income
stream over this period. The average value per property of R104 million is in excess of the current average value
of properties in the Emira portfolio, which was R69 million as at 31 December 2013.

In addition, Emira has recently concluded the acquisition of Menlyn Corporate Park, a multi-tenanted, A-grade
office development in the sought-after node of Menlyn, Pretoria for a total consideration of R614 million.

These acquisitions represent properties with a total value in excess of R1.4 billion, and will enhance the overall
size and quality of Emira's property portfolio. The acquisitions are expected to be yield neutral in the first year
and yield enhancing thereafter.

The board of directors of Emira’s management company has determined that it is appropriate to raise equity
capital in order to fund the acquisitions as well as the proposed re-development of certain assets within the
portfolio.

2. Launch of accelerated offering

Emira announces the launch of an offering of new participatory interests (the “Offer PIs”), to raise up to R310
million (the “Offering”).

The Offer PIs are being offered through an accelerated bookbuild process to qualifying institutional investors
only.

The book for the Offering is open with immediate effect and is expected to close as soon as possible. Pricing
and allocations will be announced as soon as practicable following the closing of the book.

The Offering does not constitute an offer to the public.

3. Listing and settlement

Subject to approval by the JSE Limited, listing and trading of the new participatory interests is expected to
commence at 09h00 on Thursday, 17 July 2014.

The new participatory interests will be issued by Emira, under its existing general authority to issue
participatory interests for cash.

4. Bookrunner

Rand Merchant Bank, a division of FirstRand Bank Limited (“RMB”), is acting as sole bookrunner for the
Offering.

Johannesburg
9 July 2014

Bookrunner and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

This announcement is not for publication or distribution or release, directly or indirectly, in the United States of
America (including its territories and possessions, any state of the United States and the District of Columbia).
This announcement does not constitute or form part of an offer or solicitation of an offer to purchase or
subscribe for securities in the United States or any other jurisdiction. The Offer PIs have not been and will not
be registered under the United States Securities Act of 1933, as amended (the 'Securities Act'), and may not be
offered or sold, directly or indirectly, in the United States, absent registration or an exemption from, or
transaction not subject to, the registration requirements of the Securities Act. No public offering of Offer PIs is
being made in the United States.

Neither this announcement nor the Offering constitutes or is intended to constitute an offer to the public in
South Africa in terms of the South African Companies Act 71 of 2008 (as amended). In South Africa, the
invitation to apply for Offer PIs in terms of the Offering is only open to (i) persons who are acting as principal
and who apply for Offer PIs at a minimum acquisition cost of ZAR 1,000,000, as contemplated in section
96(1)(b) of the South African Companies Act 71 of 2008 (as amended), or (ii) persons who comply with the
requirements set out in section 96(1)(a) of the South African Companies Act 71 of 2008 (as amended).

Neither this announcement nor any copy of it may be taken, transmitted or distributed, directly or indirectly in
or into the United States, Canada, Australia or Japan.

This announcement has been issued by and is the sole responsibility of Emira. No representation or warranty,
express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be
accepted by RMB or by any of its respective affiliates or agents as to, or in relation to, the accuracy or
completeness of this announcement or any other written or oral information made available to or publicly
available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

This announcement does not purport to identify or suggest the risks (direct or indirect) which may be associated
with an investment in the Offer PIs. No representation or warranty is made by Emira or RMB in connection with
the Offer PIs or Emira. Any investment decision to apply for and subscribe for Offer PIs in the Offering must be
made solely on the basis of publicly available information, which information has not been independently
verified by RMB.

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