First Supplement to the EPF006 and EPF007 Applicable Pricing Supplements Emira Property Fund Limited (Incorporated in the Republic of South Africa) (Registration number 2014/130842/06) Company code: EMII Bond Code: EPF006 ISIN: ZAG000128828 Bond code: EPF007 ISIN: ZAG000128836 (Approved as a REIT by the JSE) (“Emira” or “the Issuer”) FIRST SUPPLEMENT TO THE EPF006 AND EPF007 APPLICABLE PRICING SUPPLEMENTS Emira wishes to advise bondholders that the JSE has granted approval of the First Supplement to the EPF006 and EPF007 applicable pricing supplements (“the APS”) issued under the ZAR5,000,000,000 DMTN Programme in the name of Emira Property Fund Limited. With effect from the date of the First Supplements, the APS has been amended by: - The amendment of the description of the security structure in respect of the Group 1 Notes, as set out in Appendix B to the APS, by the adoption of the revised description of the security structure as set out in Schedule 1 of the First Supplement to the APS; and - The amendment of the definitions in Condition 26 of the Group 1 Notes, as set out in Appendix C to the APS, by the adoption of the revised definitions set out in Schedule 2 of the First Supplement to the APS. The first supplement to the EPF006 and EPF007 APS will also be made available for inspection on Emira’s website at http://emira.co.za/dmtn/. 10 February 2017 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 10/02/2017 11:30:00 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.