Rotation of external auditors EMIRA PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2014/130842/06) JSE share code: EMI ISIN: ZAE000203063 Bonds Company code: EMII (Approved as a REIT by the Johannesburg Stock Exchange) (“Emira” or “the Company” or “the Group”) ROTATION OF EXTERNAL AUDITORS In accordance with the Company’s policy on audit firm rotation, whereby every five years the audit committee will formally assess the rotation of the independent auditors, the board of directors of the Company has made a decision to propose that shareholders consider and approve, at the annual general meeting (“AGM”) to be held on 23 November 2017, the appointment of new independent auditors for the Group. The audit committee performed an informal tender process during July 2017, which encompassed an evaluation of six audit firms. Having considered all relevant factors in relation to the evaluation process, the committee made a recommendation to the board to propose the appointment of new auditors as the Company’s independent external auditor for the 2018 financial year. The new auditors will be announced once they have formally confirmed their acceptance of the proposal and their appointment will be effective once approved by shareholders at the AGM on 23 November 2017. PricewaterhouseCoopers Inc. has served for an extended period as the Company’s external auditor, and has executed these responsibilities with diligence and distinction. PricewaterhouseCoopers Inc. will continue to carry out their duties until such time that the shareholders approve the appointment of the newly proposed auditors. The Emira board would like to thank PricewaterhouseCoopers Inc. for their much appreciated service over many years. Bryanston 22 September 2017 Sponsor RAND MERCHANT BANK (A division of First Rand Bank Limited) Date: 22/09/2017 12:32:00 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.