Emira Property Fund Ltd.

Emira Property Fund Limited is a Real Estate Investment Trust (REIT) domiciled in South Africa and, together with all its subsidiaries, owns a portfolio of property investments which are sectorally and geographically diversified. Emira continues to deliver returns throughout the cycles by way of this risk-mitigating diversification strategy. The Fund has direct property holdings as well as indirect property investments, through equity investments in property owning companies with specialist third-party co-investors. In South Africa, the Fund owns a direct portfolio of properties diversified across the retail, industrial, office and residential sectors, which it segregates between the Commercial Portfolio (the retail, industrial and office properties) and the Residential Portfolio (the residential properties) respectively. The Residential Portfolio includes the properties of Transcend Residential Property Fund (Pty) Ltd (Transcend), a specialist residential property company wholly owned by Emira which is focused on value-oriented, good-quality suburban units. Emira has international exposure through its indirect property investments in the United States of America (the USA or US) and Poland. In the USA Emira has equity interests in 11 grocery-anchored dominant value-oriented power centres, held together with its US-based partner, The Rainier Companies. In Poland, Emira has a 45% equity interest in DL Invest Group S.A. (DL Invest), a Luxembourg-headquartered property company which develops and holds industrial and logistics centres, mixed use/office centres, and retail parks across Poland. Emira Property Fund Limited was established on November 28, 2003 and incorporated in South Africa.