Results of General Meeting of Emira Participatory Interest Holders Emira Property Fund (A property fund created under the Emira Property Scheme, registered in terms of the Collective Investment Schemes Control Act 45 of 2002) (Approved as a REIT by the JSE) Share code: EMI ISIN: ZAE00050712 ("Emira" or "the Fund") RESULTS OF GENERAL MEETING OF EMIRA PARTICIPATORY INTEREST ("PI") HOLDERS 1. Introduction Emira PI holders are referred to the announcement released on the Stock Exchange News Service of the JSE Limited ("JSE") and the circular posted to Emira PI holders dated 08 April 2015, in which, inter alia, Emira PI holders were advised of the establishment of Emira as an internally managed corporate Real Estate Investment Trust ("REIT") ("the Transaction"). The Transaction shall be effected in accordance with the provisions of Financial Services Board Notice 42 of 2014 issued by the Registrar of Collective Investment Schemes setting out the procedure to be followed for (i) the conversion of a collective investment scheme in properties ("CISP") to a listed corporate REIT governed by the Companies Act, 71 of 2008 and the Listings Requirements of the JSE and (ii) the subsequent winding up of the CISP. In terms of the Transaction, Emira will effectively convert into a company, becoming a corporate REIT in the form of Emira Property Fund Limited ("New Emira"). The Transaction will be implemented with effect from 1 July 2015 and will be effected by the disposal by Emira of all of its assets to New Emira in consideration for (i) the assumption by New Emira of all of Emira"s liabilities, including its obligations under and relating to the domestic medium term notes programme and of all rights, duties and obligations of Emira under its swap agreements (by novation) and (ii) the issuing of the shares in New Emira, directly to Emira PI holders on behalf of Emira, in the ratio of one New Emira share for every one Emira PI held. 2. Results of the general meeting Emira PI holders are advised that, at the general meeting of Emira PI holders held on Friday, 08 May 2015 ("General Meeting"), the requisite majority of Emira PI holders passed the resolution as set out in the notice of General Meeting. Emira PIs voted in relation to the total issued PI capital: PIs voted as a percentage of the total Number of PIs voted Total issued PI capital issued PI capital 300,594,762 510,550,584 58.88% Votes carried disclosed as a percentage in PIs abstained relation to the total number of PIs voted at the disclosed as a Resolutions meeting percentage of the For Against total issued PI capital Resolution Number 1 – Approval of 99.88% 0.00% 0.07% Transaction 3. Outstanding condition precedent The transaction is to be effected pursuant to an amalgamation agreement ("Amalgamation Agreement") and is subject to the fulfilment of certain conditions precedent. Subject to the approval of the Transaction at the General Meeting, all other conditions precedent have been fulfilled, save for the condition precedent requiring the South African Revenue Services ("SARS") to issue a favourable ruling to New Emira regarding the deductibility of qualifying distributions to be made by New Emira in terms of the Income Tax Act, 58 of 1962 ("Ruling Condition Precedent"). The ruling application was made to SARS for good order and at the date hereof, Emira has no reason to believe that such a favourable ruling will not be granted in the near future. The date for the fulfilment of the Ruling Condition Precedent has been extended by agreement between the parties to the Amalgamation Agreement to 12 June 2015. Bryanston 08 May 2015 Corporate advisor and sponsor Legal and Tax advisor RAND MERCHANT BANK (A division of FirstRand Edward Nathan Sonnenbergs Inc. Bank Limited) Competition advisor Independent reporting accountants and auditors DLA Cliffe Dekker Hofmeyr Inc. PricewaterhouseCoopers Advisory Services Date: 08/05/2015 03:49:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.