South African Property Opportunities Regulatory News (SAPO)

11 October 2010

South African Property Opportunities plc ("SAPRO")

Litigation and NAV Update

In connection with the litigation with SAPRO's manager over allegedly unpaid performance and management fees, SAPRO has instructed BDO LLP to act as independent expert. Based on their expert report, SAPRO's Board believes amounts claimed by the manager in the litigation are in excess of its contractual entitlement. Further based on the BDO expert report, SAPRO's Board has decided to restate the EPRA NAV reflecting the increase in value net of the associated tax as at 30 June 2009 from £83.3 million to £80.5 million and as at 31 December 2009 from £86.0 million to £83.1 million.

For further information, please contact:

Paul Fincham

Matrix Corporate Capital LLP

+44 (0)20 3206 7175

Tim McCall/Lucinda Kemeny

MHP

+44 (0)20 3128 8100