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) Bond code: EPF022 ISIN: ZAG000176892 (“Emira” or the “Issuer”) STEP DOWN EVENT AND INTEREST PAYMENT NOTIFICATION STEP DOWN EVENT Noteholders are referred to Annexure A - additional terms and conditions contained in the applicable pricing supplement relating to the EPF022 Notes and are advised that the Issuer has met all Key Performance Indicator Conditions to the satisfaction of the Sustainability Agent. Accordingly, the step-down event has occurred in accordance with paragraph 1.4 of Annexure A of the applicable pricing supplement. The Initial Margin will be decreased by 5 basis points from 210 basis points to 205 basis points. The sustainability certificate, including the key performance indicator auditor’s reports are available on Emira’s website at: https://emira.co.za/investors/dmtn/. INTEREST PAYMENT NOTIFICATION Noteholders are further advised of the following interest payment due on 29 May 2023: Bond code: EPF022 ISIN: ZAG000176892 Coupon: 9.500% Interest amount due: ZAR 8 901 369.86 Interest period: 28 February 2023 to 28 May 2023 Payment date: 29 May 2023 Date Convention: Following Business Day 15 May 2023 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited)