Portfolio Update

Announcement

12 July 2013

South African Property Opportunities plc: Portfolio Update

The Board of Directors of South African Property Opportunities plc (the "Company"), is pleased to announce the following portfolio update.

Longland: The sale of the Longland asset, announced on 6 November 2012, has been completed and the proceeds of R111 million has now been received. The Company is in the process of transferring substantially all of those proceeds to the Isle of Man in accordance with South African legislation.

Sandton: The sale conditions referred to in the announcement of 14 September 2012 have now either been satisfied or waived, and the Company expects to receive substantially all of the Sandton sale proceeds of R124 million in the fourth quarter of 2013.

Gosforth Park:  The final R16.6m tranche of the announced sale price has now been received. A portion of that amount was used to repay a bank loan facility. The Company is endeavouring to sell the remaining portion of the Gosforth Park asset.

Hughes: SAPRO has sold its stake in this asset to its partners for R5.3m, in line with the CBRE valuation and that transaction has completed.

Kyalami: The Company has bought out its partner's stake and simultaneously sold the entire asset for R26m, 7% below the CBRE valuation. A deposit has been received and the remainder will be received on a phased basis over the next twelve months.

Emberton: The contracted sale announced on 13 March 2013 has fallen through due to the financial failure of the counterparty. Discussions continue with alternative interested parties.

In accordance with SAPRO's announced policy of selling assets and promptly returning all excess capital to shareholders, the Company expects to announce a distribution later this month once the Longland proceeds are received in the Isle of Man.

For further information please contact

Paul Fincham +44 (0) 20 7886 2713

Robert Naylor +44 (0) 20 7886 2714

Panmure Gordon

Ian Dungate/David Parnell + 44 (0) 1624 692600

Galileo Fund Services Limited