Recent media reports relating to the company 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") RECENT MEDIA REPORTS RELATING TO THE COMPANY In response to recent media reports regarding legal proceedings involving Oakbay Resources, the Company wishes to advise its shareholders that of the 72 transactions reported to the Financial Intelligence Centre ("the FIC") in terms of section 29 of the Financial Intelligence Centre Act ("the FIC Act"), five transactions relate to the Company, or its subsidiary company. The Company is in the process of investigating the five transactions referred to above, and is working with regulatory authorities, where necessary, in this regard. The Company is also in the process of engaging with its external auditors with regard to the aforementioned five transactions and any possible impact that may result in relation to previously reported financial information. At this stage, the Company does not have any reason to believe that previously reported financial information will be restated in relation to these five transactions, and shareholders will be updated accordingly in this regard. Johannesburg 17 October 2016 River Group Sponsor and Corporate Adviser Date: 17/10/2016 11:30:00 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.