Posting of Offeree Response Circular 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”) POSTING OF OFFEREE RESPONSE CIRCULAR 1. Introduction Emira Shareholders are referred to the joint announcement by Emira, Maitlantic 10 Proprietary Limited (“Maitlantic”) and Clearance Cantara Master Fund Limited (“CC”) (Maitlantic and CC are hereinafter collectively referred to as the “Offerors”), released on SENS on Friday, 23 April 2021, wherein they were advised that the Offerors intended to make a mandatory offer, in terms of section 123 of the Companies Act, 2008, to acquire all of the Emira shares not already held by the Offerors, their holding companies or their holding companies’ other subsidiaries (“Mandatory Offer”), for a Mandatory Offer consideration of R9.15 per Emira share. The circular in respect of the Mandatory Offer was posted to Emira Shareholders on Friday, 21 May 2021 (“Offer Circular”). 2. Distribution of the Response Circular Emira Shareholders are hereby advised that the Company's circular in response to the Offer Circular (“Response Circular”) has been prepared by the Independent Board of the Company (“Independent Board”) and has, together with the opinion of the independent expert and the recommendation of the Independent Board, today been distributed to Emira Shareholders that were recorded as such on the shareholders’ register as at Friday, 11 June 2021. The Response Circular is also available on the Company’s website at: https://emira.co.za/portfolio- item/circulars/. The salient dates and times of the Offer are set out in the Offer Circular. 3. Responsibility Statement The Independent Board accepts responsibility for the information contained in this announcement and certifies that, to the best of its knowledge and belief, the information contained in this announcement is true and nothing has been omitted which is likely to affect the importance of the information. Bryanston 21 June 2021 Transaction Sponsor and Corporate Advisor Questco Proprietary Limited Independent Expert to the Independent Board PSG Capital Proprietary Limited Legal Advisor White & Case SA Date: 21-06-2021 03:55:00 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.