Emira Property Fund : Update on offer to acquire up to 100% of the issued shares of Transcend Residential Property Fund Limited

EMIRA PROPERTY FUND LIMITED

Incorporated in the Republic of South Africa (Registration number 2014/130842/06)

JSE share code: EMI ISIN: ZAE000203063

JSE Bond Company Code: EMII (Approved as a REIT by the JSE) ("Emira" or the "Company")

UPDATE ON OFFER TO ACQUIRE UP TO 100% OF THE ISSUED SHARES OF TRANSCEND RESIDENTIAL PROPERTY FUND LIMITED ("TRANSCEND")

Transcend Shareholders are referred to the announcement on 13 July 2022 regarding Emira's firm intention to make a General Offer for up to 100% of the issued shares (other than those shares already owned) of Transcend Residential Property Fund limited shares. Capitalised terms in this announcement bear the same meaning as in the announcement of 13 July 2022.

Transcend Shareholders are advised that the Takeover Regulation Panel has granted the Company an extension for the distribution of the Offeror Circular until 6 September 2022.

The board of directors of Emira, to the extent that the information relates directly to Emira, 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 relating to Emira is true and this announcement does not omit anything that is likely to affect the importance of such information.

Bryanston

29 July 2022

Corporate Advisor to Emira

DG Capital Advisory

Transaction Sponsor

Questco Corporate Advisory Proprietary Limited

Legal Advisor to Emira

White & Case

Debt Sponsor

Rand Merchant Bank, a division of FirstRand Bank Limited