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Further Cautionary Announcement

SACOIL HOLDINGS LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 1993/000460/06)

JSE share code: SCL

AIM share code: SAC

ISIN: ZAE0000127460

(“SacOil” or “the Company”)

FURTHER CAUTIONARY ANNOUNCEMENT

In compliance with JSE Limited (“JSE”) Listings Requirement 3.9 and with reference to the cautionary announcement published on 2 September 2011 and the further cautionary announcements published on 13 October 2011, 24 November 2011, 10 January 2012, 21 February 2012 and 4 April 2012 on the Stock Exchange News Service of the JSE and on the Regulatory News Service of the London Stock Exchange, SacOil shareholders (“Shareholders”) are advised that the Company is still in the process of considering various proposals and potential transactions, which if successfully concluded, may have a material effect on the price of SacOil ordinary shares (“Shares”).

Accordingly, Shareholders are advised to continue to exercise caution when dealing in their Shares until a further announcement is made in this regard.

22 May 2012

Johannesburg

JSE Sponsor

Nedbank Capital

For further information, please contact:

AIM Nominated Adviser and Joint Broker

finnCap Limited

Matthew Robinson / Christopher Raggett

Tel: +44 (0)20 7220 0500

Joint Broker UK

First Energy Capital

Majid Shafiq / Travis Inlow

Tel: +44 (0) 20 7448 0200

Public Relations (South Africa)

The Riverbed Agency

Raphala Mogase / Bongiwe Moeli

Tel: +27 (0) 11 783 7903

Public Relations (United Kingdom)

Pelham Bell Pottinger

Philip Dennis / Nick Lambert / Rollo Critchton-Stuart

Tel: +44 (0)20 7861 3232

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IMPORTANT NOTICE TO SHAREHOLDERS REGARDING THEIR SHARES

If you are in any doubt as to what action you should take, consult your CSDP, Broker, Banker, Legal Adviser, Accountant or other professional advisers immediately.

Or visit our Shareholder Information page for more information regarding your shareholding and share certificate.