NATURE OF BUSINESS

Emira is a diversifiedRealEstateInvestmentTrust(“REIT”),with a property portfolio of predominantly South African assets, and a growing component of off shore assets in the USA as well as Australia. In line with its strategic objectives, Emira’s property portfolio spans multiple sectors, namely office, retail, industrial and residential. The Company is focused on growing the quality and value of its portfolio of property investments, in order to sustain and enhance its distribution growth to shareholders.

DISTRIBUTABLE EARNINGS AND DIVIDEND DECLARED

Distributable earnings for the year ended 30 June 2020 has decreased by 15,2% to R670,9m. After the inclusion of adjustments relating to the effects of COVID-19, the Board of Directors of Emira (“Board”) has approved the declaration of a final dividend of 30,26cents per share for the six 30 June 2020 .This is a period-on-period decrease of 61,4%, bringing the full-year dividend per share to 104,36cents, a decrease of 31,0%.The reduction is due to the impact of COVID-19 and the relief provided by Emira and its partners to their tenants.

Despite the constrained local economy the , strategic steps taken by the Fund in recent years were taking shape and achieving their targeted results.In March 2020, Emira was on track to deliver growth similar to the first half of the financial year. The arrival of the COVID-19 pandemic forced Emira to shift in to defensive mode to protect tenants’ sustainability and defend its favourable liquidity position. Emira was fortunate to enter this new environment with a strong balance sheet having initiated and completed a series of landmark changes over the past four years. Emira’s approach to the valuation of its assets meant its starting point when entering this period was a realistic one and the valuations performed at 30June2020 are the directors ‘best estimate, given the information at hand.

While the Fund contends with the changes in its operating environment, its principle of providing great real estate to its tenants endures. Even more so than before, tenant retention is the key focus area. Understanding tenants’ needs, working with them, and delivering appropriate, good quality and well-priced space will help to contain vacancies at low levels without compromising on growth.

PAYMENT OF DIVIDEND

The board of directors of Emira (“Board”) has approved, and notice is here by given that a final gross dividend of 30,26 cents per share has been declared, payable to the registered shareholders of Emira on 21 September 2020. The issued share capital at the declaration date is 522 667 247 listed ordinary shares. The source of the dividend comprises net income from property rentals, income earned from the Company’s listed property investment, income earned from the Company’s equity accounted investments, interest earned on loans receivable and interest earned on cash on deposit.