PNG - Pinnacle Point Group Limited - Update announcement and renewal of

PNG - Pinnacle Point Group Limited - Update announcement and renewal of         
cautionary announcement                                                         
PINNACLE POINT GROUP LIMITED                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration Number 2000/000059/06)                                            
JSE Share code:  PNG                                                            
NSE Share code: PNG                                                             
ISIN: ZAE000127122                                                              
("Pinnacle Point" or the "Company")                                             
UPDATE ANNOUNCEMENT AND RENEWAL OF CAUTIONARY ANNOUNCEMENT                      
Shareholders are advised that five of the group`s subsidiary companies have     
been placed in provisional liquidation following the applications for           
liquidation by Investec Bank Limited following the decision by the business     
rescue practitioner to withdraw the opposition to the various applications.     
The return date for making the order final is 2 November 2011. The companies    
placed in provisional liquidation are the following:                            
Pinnacle Point Resorts (Pty) Ltd;                                               
Festival Bay Trading 55 (Pty) Ltd;                                              
Clarens Golf and Trout Estate (Pty) Ltd;                                        
Pinnacle Point Investments (Pty) Ltd; and                                       
Eagle Creek Investments 74 (Pty) Ltd                                            
However, shareholders are advised that certain affected parties are bringing    
business rescue applications for the various subsidiaries listed above which    
is set down to be heard on 1 September 2011 and shareholders will be kept       
informed of developments in due course                                          
Accordingly, shareholders should continue to exercise caution in dealing in     
their shares until a further announcement is made.                              
Johannesburg                                                                    
22 August 2011                                                                  
Designated Advisor                                                              
Arcay Moela Sponsors (Proprietary) Limited                                      
Date: 22/08/2011 14:00:01 Supplied by www.sharenet.co.za                     
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