SacOil Holdings appoints Ignatius Sehoole and Vusumzi Pikoli as non-executive directors

South Africa – SacOil is pleased to announce the formal appointment of Mr Ignatius Sehoole as non-executive director and Mr Vusumzi Pikoli as independent non-executive director of the Company with immediate effect.

Mr Sehoole is a Chartered Accountant by qualification. He serves as a member of the Board of Directors of the Public Investment Corporation SOC Limited (the “PIC”). The other governance roles that he fulfils at the PIC are as follows:

· the Chairman of the Audit and Risk Committee;

· the Chairman of the Social and Ethics Committee;

· a member of the Human Resources and Remuneration Committee;

· a member of the REAM Committee; and

· a member of the Directors’ Affairs Committee.

He also serves on the Board of Harith Fund Managers Proprietary Limited, in which the PIC is a shareholder. Outside of the PIC, Mr Sehoole serves on the Board of the Specialist Committee on Company Law, as well as on the Accounting Standards Board. Previously he was a member of the King Committee on Corporate Governance, a President of the South African Institute of Chartered Accountants and, until March 2010, the Chairman of the Audit Committee at the National Treasury.

Mr Pikoli, an advocate by qualification, was previously the National Director of Public Prosecutions, and was the head of the National Prosecuting Authority. Prior to that he served as the Director-General of the Department of Justice and Constitutional Development. He is a former trustee of the Constitutional Court Trust, and formerly a member of the International Association of Anti-Corruption Authorities. Until February 2012 he was a director of the Forensic Investigation division at SizweNtsalubaGobodo. He previously also headed the forensics department at Gobodo Inc. Currently he is an independent director on the Board of Cricket South Africa, where he chairs the Social and Ethics Committee.

Mr Tito Mboweni, the Chairman of the Board of SacOil, commented as follows on the appointments:

“I am delighted that these two gentlemen of highest standing have agreed to join the board of SacOil Holdings Limited. Their integrity and highest ethical standards will be an added bonus for our business. I look forward to working with them in growing this business into a giant pan-African enterprise”.

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