Update on proposed acquisition of the entire issued share capital of SA Corporate Real Estate Limited 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”) Update on proposed acquisition of the entire issued share capital of SA Corporate Real Estate Limited (“SAC”) Shareholders are referred to Emira’s announcement released on SENS 10 July 2019 and the announcement from SAC released on SENS on 5 August 2019. Emira remains of the view that, subject to performing a detailed due diligence on SAC, its proposal to potentially combine with SAC as further described in its announcement of 10 July 2019 is compelling for both SAC and Emira, as the shareholders of both entities would benefit from, inter alia, a larger, more diverse property portfolio, an improved combined credit profile, overhead savings and procurement benefits, and the ability to draw upon Emira’s stable executive management team and available real estate management capacity. However, in the absence of being granted the opportunity to further interrogate the value proposition of the proposed transaction through a due diligence of SAC, Emira is unable to proceed with its proposal at this time. Bryanston 06 August 2019 Transaction Adviser Macquarie Advisory and Capital Markets South Africa (Pty) Ltd Legal Adviser Allen & Overy (South Africa) LLP Sponsor Questco Corporate Advisory (Pty) Ltd Date: 06/08/2019 05:51:00 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.