Oando PLC Announces Earnings Guidance for H1 2016 Oando PLC (Incorporated in Nigeria and registered as an external company in South Africa) Registration number: RC 6474 (External company registration number: 2005/038824/10) Share Code on the JSE Limited: OAO Share Code on the Nigerian Stock Exchange: OANDO ISIN: NGOANDO00002 Oando PLC Announces Earnings Guidance for H1 2016 Lagos, Nigeria – Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, expects to report materially lower earnings for the second quarter of 2016 due to the impact of the Naira devaluation against the US dollar (“USD”), resulting in unrealized foreign exchange losses. This announcement is based on the unaudited financial statements for the period ended 30th June 2016. The impact of the Naira devaluation by the Central Bank of Nigeria (“CBN”) is expected to amount to an unrealized foreign exchange loss arising from USD denominated liabilities, outstanding bank trade facilities as well as vendor payables. As at the time of the devaluation the company had USD denominated borrowings of ~$261 Million in our Naira dominated earnings businesses, consisting of ~$68 Million in core loans, $89 Million in bank trade facilities, ~$83 Million in Asset Financing and $21 Million in other payables. A circa 40% devaluation in the value of the Naira against the US dollar from the bank rate of N199.00:$1.00 to N280.00:$1.00, has effectively resulted in these significant foreign exchange losses which we have prudently booked into our financial statements. Despite the challenging operating landscape in 2016, we reiterate our focus of returning the Group to profitability by growing our dollar earning higher margin upstream and export trading businesses, which will not be impacted by the volatility of Foreign Exchange rates to the Naira. We remain confident in our diversified business model and the long-term prospects for growth in Nigeria and beyond. Further details of the Group’s financial performance will be disclosed when the Half Year unaudited financial results are announced and during the subsequent results conference call. For further information, please contact: Tokunboh Akindele Head, Investor Relations 2, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria. Tel: +234 (1) 2601290-9, Ext 6396 aakindele@oandoplc.com 18 July 2016 Lagos Sponsor: Sasfin Capital (a division of Sasfin Bank Limited) Date: 18/07/2016 03:43:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.