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Mon 13 Sep 2004, 9:24 Dealing In Participartory Interests By Director
Emira Property Fund - Dealing In Participartory Interests By Director           
  EMIRA PROPERTY FUND                                                             
  (Registered in terms of the Collective Investments Schemes Control Act No 45 of 
  2003)                                                                           
  ISIN: ZAE000050712                                                              
  Share Code: EMI                                                                 
  In compliance with rule 3.63 - 3.74 of the JSE Securities Exchange South Africa 
  Listings Requirements, the following information is disclosed:                  
  Director                           :    James Templeton                         
  Company                            :    Emira Property Fund                     
  Date of transaction                :    10 September 2004                       
  Nature of transaction              :    Purchase of Participatory Interests     
  Number of securities               :    89,800                                  
  Class of securities                :    Ordinary Participatory Interests        
  Purchase price                     :    R5.5494                                 
  Total value of transaction         :    R498,340                                
  Nature and extent of                                                            
  director`s interest                :    Direct beneficial                       
  Clearance obtained                 :    Yes                                     
  Sandton                                                                         
  10 September 2004                                                               
  SPONSOR                                                                         
  RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
  CORPORATE FINANCE                                                               
  Date: 13/09/2004 08:51:03 AM Produced by the JSE SENS Department
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