Voluntary Announcement in respect of the acquisition by Emira of an interest in Transcend Residential Property Fund EMIRA PROPERTY FUND LIMITED Incorporated in the Republic of South Africa (Registration number 2014/130842/06) JSE share code: EMI ISIN: ZAE000203063 JSE Interest Rate Issuer Code: EMII (Approved as a REIT by the JSE) (“Emira” or “the Company”) VOLUNTARY ANNOUNCEMENT IN RESPECT OF THE ACQUISITION BY EMIRA OF AN INTEREST IN TRANSCEND RESIDENTIAL PROPERTY FUND 1. INTRODUCTION AND RATIONALE Emira aims for strategic exposure in different sectors of the property market, with the intention of avoiding over-exposure in any single sector, and with their investment approach being to co- invest with hands-on sector specialists who have a good track record of success in their markets. Emira has identified Transcend Residential Property Fund Limited (“Transcend”) as an avenue through which it is able to enhance the diversification of the Company into the residential rental market, given Transcend’s expertise in specialised residential property assets and access to significant pipeline opportunities. Further to the announcements published by Transcend on SENS on Friday, 4 October 2018 and Monday, 8 October 2018, wherein Transcend announced a change in the beneficial interest in its shares and its property acquisition intentions, the board of directors of Emira is pleased to announce that Emira has provided an immediate equity injection into Transcend in the amount of R45 917 000, resulting in a holding of 9,9% in Transcend. Transcend intends utilising the proceeds of the subscription for purposes of its previously announced acquisitions and for the purpose of realigning its capital structure. In respect of Transcend’s planned property acquisitions, Emira has provided commitments to advance up to an additional R290 to R395 million in funding over the next 18 months (whether by way of participation in one or more vendor consideration placements, which would allow Emira to ratchet up to a holding of between 25.1% and 34.9% of the Transcend shares, or through debt funding). 2. ABOUT TRANSCEND Transcend listed on the JSE AltX in December 2016. It invests in specialised residential property assets and currently owns 2,532 newly built units in secure estates, located mainly in Gauteng, as well as the Western Cape and Mpumalanga. The residential REIT delivers housing to a heavily underserviced market at affordable monthly rentals. It’s mainly two- and three-storey walk-up apartments are in desirable, high-demand neighbourhoods and often have lifestyle-enhancing facilities. Transcend has advised that it intends to make application to the JSE to migrate to the Main Board in due course. 3. VOLUNTARY ANNOUNCEMENT The transactions referred to above are uncategorised for Emira in terms of the JSE Listings Requirements and this announcement is published on a voluntary basis. Bryanston 8 October 2018 Sponsor and corporate advisor Questco Corporate Advisory Proprietary Limited Date: 08/10/2018 03:56:00 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.