Wildlife Auctions Timed or Silent auction technology has the most advanced functionality for the wildlife industry available in the market. The software is specifically developed for the wildlife industry and allows for unlimited amounts of data and information for each lot loaded and state-of-the-art graphics and a display for easy reference for users.

The online auction functionality allows users to sell and buy a specific lot of the game. These specific lots are allocated a specific timeline to bid for the specific lot. The bidding process is live and interactive, and users can track the bidding for the period allocated to the lot. Users will be informed by SMS if they are outbid on a specific lot. Users can also load maximum bid, the user is prepared to pay for per lot. The system will then bid on the lot automatically until the maximum bid value has been achieved. At the closing of the lot, an email is sent to both parties (buyer and seller) confirming the successful bidder of the outcome of the online auction. As soon as the auction has closed and the buyer and seller have accepted the transaction, a "Transaction Confirmation" of the lot will be sent to both parties listing the following:

• Buyers and Seller details;
• List of animals sold with prices, quantities and details;
• Special conditions of sale(for example including delivery costs and insurance costs);
• Delivery address for the buyer;
• Invoice details of the buyer and seller confirming the pricing and terms of the transaction will be done by African Wildlife Auctions (Pty) Ltd and payments will be made accordingly;

Delivery

The final arrangements will then be between the buyer and seller for the delivery of the wildlife sold on auction after payment has been made by the buyer and African Wildlife Auctions has issued a delivery instruction certificate. Wildlife Auctions is a facilitator of the transaction and cannot be held responsible for the delivery of wildlife as well as payment of the amounts due. The terms and conditions will be very specific if the seller needs to pay for extra kilometres.

Bidding Rules:

The software has specific bidding rules applicable to the Timed and Silent Auction Software namely:

• Only registered users on the Wildlife Auctions website can participate in the auction;
• All lots available on the auction will have a different end time and date to allow users to participate in bidding for all lots;
• Each lot has a predefined interval applicable to the specific lot;
• Users can select a maximum bid for a specific lot. This will allow the user to participate in the bidding without being logged on the system. The bidding for the specific user will automatically happen in the set intervals until the maximum bid has been reached for the lot the user has offered. The maximum will always refer to the latest bid plus the interval value until the maximum bid of the user has been reached. Thereafter the other users will be able to outbid the users who have offered a maximum bid for the lot;
• SMS and emails are sent to users keeping them up to date with all changes in bidding on lots;
• If any bid is received on the lot in the last 2 minutes before the closing time of the lot, the system will automatically extend the closing time of the lot by five minutes. This rule is to stop users from "slipping" in last-second bids before the lot closing time and assist all users to be able to participate in the bidding for the specific lot;
• Each lot will have its own increment based on the value of the lot;
• Each lot also has a predefined reserve price loaded on the system.

To facilitate the process, buyers will not have to type in amounts, as there are "quick bid buttons" on the page. Buyers only must click on the button for R100, R200 etc. after which the bid is added, and the total new amount offered appears on the screen. Invoices are issued directly after the auction, after which payment takes place. The animals are loaded at the place and on the day advertised before the auction. As with a live auction, buyers will be able to arrange their own transport, or they can request the seller or Wildlife Auctions to take care of these logistics. A Comprehensive "Transaction Document" will be sent to every successful bidder after the auction. All payments and transactions will be facilitated by African Wildlife Auctions (Pty) Ltd.