Emira Property Fund : EMII - Notification of an amendment to the Issuer’s ZAR 5 Billion Domestic Medium Term Note Programme Memorandum

Emira Property Fund Limited

(Incorporated in the Republic of South Africa) (Registration number 2014/130842/06) Company code: EMII

(Approved as a REIT by the JSE) ("Emira" or the "Issuer")

NOTIFICATION OF AN AMENDMENT TO THE ISSUER'S ZAR 5 BILLION DOMESTIC MEDIUM TERM NOTE PROGRAMME MEMORANDUM

Emira has received approval from the JSE Limited (the "JSE") on the amendments to its ZAR 5 billion Domestic Medium Term Note Programme Memorandum (the "Programme Memorandum"). A summary of the amendments that were effected has been provided below:

• Updates to the Documents Incorporated by Reference section to include links to where the relevant information is available;
• Amendments to the pro forma applicable pricing supplement to cater for amendments to the
  JSE Debt Listings Requirements ("Requirements");
• Amendments to Condition 7.2 headed "Floating Rate Notes and Indexed Interest Notes" to cater for the publication of interest amounts in accordance with the Requirements;
• Amendments to Condition 8.2 headed "Method of Payment" to remove payments by way of a cheque;
• Amendments to Conditions 9.5 and 9.8 headed "Redemption in the event of a breach of the Loan to Value Ratio" and "Redemption in the event of a breach of the Group Interest Cover Ratio" respectively to include the wording as contained in Issuer's applicable pricing supplements;
• Amendments to Condition 18 headed "Notices" to cater for electronic mail;
• Amendments to Condition 20.4 headed "Convening of meetings demanded by requisitionists" to cater for the amendments to the Requirements effective 30 September 2020;
• Update to the Description of Emira Property Fund Limited section to cater for the amendments to the Requirements effective 30 September 2020;
• Update to the Investor Considerations sections to cater for benchmark reform;
• Updates to the Subscription and Sale, South African Taxation and South African Exchange Control sections of the Programme Memorandum and elsewhere to cater for changes to the applicable laws and regulations;
• Definitions were removed, amended or inserted to give effect to all of the above-mentioned amendments; and
• Other technical changes.

The updated Programme Memorandum is available for inspection at the registered office of the Issuer and have been made available for inspection on the Issuer's website at https://emira.co.za/portfolio- item/dmtn/.

The updated Programme Memorandum will also be available for inspection on the JSE's website at www.jse.co.za.

26 May 2022

Debt Sponsor

RAND MERCHANT BANK (A division of FirstRand Bank Limited)