OAKBAY RESOURCES AND ENERGY LIMITED - Update regarding change in auditor and sponsor

Update regarding change in auditor and sponsor

Oakbay Resources and Energy Limited
(Incorporated in the Republic of South Africa)
Registration number: 2009/021537/06
Share code: ORL
ISIN: ZAE000196085
(“Oakbay Resources” or “the Company”)


UPDATE REGARDING CHANGE IN AUDITOR AND SPONSOR


Shareholders are advised that Oakbay Resources, in accordance with the JSE Limited
(“JSE”) Listings Requirements, duly notified the Issuer Regulation Division of the JSE
of the following:

-    the resignation by KPMG Inc. (“KPMG”) from the audit of Oakbay Resources with
     immediate effect on 29 March 2016; and
-    the termination by Sasfin Capital, a division of Sasfin Bank Limited (“Sasfin”) of
     their services as sponsor to Oakbay Resources with effect from 1 June 2016,
     which notification was provided on 15 March 2016.

The reason for KPMG’s resignation is solely based on their assessed association risk
and KPMG have indicated that there is no audit reason for their resignation, whereas
the termination of Sasfin’s services follows a recent decision by Sasfin to align the
strategic objectives of Sasfin’s Corporate Finance Division more closely with that of
the broader Sasfin group.

Oakbay Resources is in the process of identifying and appointing a new auditor and
sponsor.

This announcement is provided at the request of the Issuer Regulation Division of the
JSE, to provide clarity to shareholders with regard to the above.

Johannesburg
5 April 2016

Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

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