EMIRA PROPERTY FUND - Results of the accelerated bookbuild offering

Results of the accelerated bookbuild offering

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")

RESULTS OF THE ACCELERATED BOOKBUILD OFFERING

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE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.

Emira is pleased to announce that it has successfully closed its accelerated bookbuild offering of new
participatory interests (the "Offering").

The Offering was oversubscribed and 22 222 222 new participatory interests ("PI") were placed with qualifying
investors at a price of R13.95 per PI, raising proceeds of R310 million for the Fund. The issue price represents a
discount of 2.9% to the 30 day volume weighted average price of Emira PIs as at close of trade on Wednesday,
9 July 2014.
 
Subject to approval by the JSE Limited, listing and trading of the new PIs is expected to commence at 09h00 on
Thursday, 17 July 2014.

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


Johannesburg
10 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This announcement is not for publication or distribution or release, directly or indirectly, in the United States of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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