Investors are referred to Safari's pre-listing statement dated 28 March 2014 ("the pre-listing statement") and the announcement released on SENS on 31 March 2014, which included the Company's abridged pre-listing statement, detailing the offer by way of private placement of Safari's shares to invited investors and the subsequent listing on the JSE Limited ("JSE") of the Company's shares.

The board of directors of Safari ("the board") is pleased to inform investors that the private placement undertaken by Safari was well oversubscribed and that Safari received applications for 60 763 287 Safari private placement shares with an aggregate subscription consideration of R461.8 million.

The board has taken the strategic decision to issue 49 135 173 new Safari shares in terms of the private placement with an average subscription price of approximately R7.63 per private placement share, raising an aggregate amount of R374.5 million.

The high demand for the Safari private placement shares reflects the high quality investment opportunity that Safari presents to the market.

The allocated shares will be transferred to successful applicants on a 'delivery-versus-payment' basis on the date of listing being Monday, 7 April 2014.

Listing on the JSE

Following the issue of Safari shares in terms of the private placement, 170 000 000 Safari shares will be listed in the "Real Estate – Retail REIT" sector of the Main Board of the JSE with effect from the commencement of trade on the JSE on Monday, 7 April 2014.

Shares will trade under the abbreviated name: "Safari", JSE share code: SAR and ISIN: ZAE000188280.

Definitions used in this announcement shall bear the same meaning as per the pre-listing statement.