Update on Litigation with Proteus Property Partner

28 July 2011

South African Property Opportunities Plc ("SAPRO" or the "Company")

Update on Litigation with Proteus Property Partners Limited

The Court of Appeal has declined the Company's written application for permission to appeal the first instance judgement in favour of Proteus Property Partners Limited in its claim for historic management and performance fees. SAPRO will therefore exercise its right to proceed to an oral hearing of its application for permission to appeal. A sum of £5.8 million remains held in escrow pending the outcome of the appeal.

Whilst the timing of any hearing is a matter for the Court, it is currently expected that the hearing will not take place until the autumn. The advice of SAPRO's counsel on the merits of the case remains unaltered.

For further information, please contact:

Paul Fincham

Matrix Corporate Capital LLP

+44 (0)20 3206 7175

Tim McCall/Lucinda Kemeny

MHP Communications

+44(0)20 3128 8100