EMII - Notification of a Change To Emira’s Credit Rating

Emira Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2014/130842/06)
Company code: EMII
LEI Number: 3789005E23C6259EAE70
(Approved as a REIT by the JSE)
('Emira' or the 'Issuer')


NOTIFICATION OF A CHANGE TO EMIRA'S CREDIT RATING

Global Credit Ratings ('GCR') have, on 26 October 2023, affirmed the national scale long and short-
term issuer ratings assigned to Emira at A(ZA) and A1(ZA) respectively, with a stable outlook
maintained.

GCR noted that the Senior Secured Notes long-term issue credit ratings have been downgraded to
AA(ZA)(EL), from AA+(ZA)(EL); with the outlook revised form negative to stable.

The stable outlook reflects expectations that Emira's operating performance will remain sound,
whilst the Issuer's gearing will be managed down to levels commensurate with the rating level over
the next 18 months.



27 October 2023

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 27-10-2023 12:23:00
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