PNG - Pinnacle Point Group Limited - Notice of intention to terminate the

PNG - Pinnacle Point Group Limited - Notice of intention to terminate the       
land ownership and development agreement in Nigeria 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")                                             
NOTICE OF INTENTION TO TERMINATE THE LAND OWNERSHIP AND DEVELOPMENT             
AGREEMENT IN NIGERIA AND RENEWAL OF CAUTIONARY ANNOUNCEMENT                     
Shareholders are advised that a letter from the Lagos State Government,         
dated 8 February 2012, was received and stated that notice be given of the      
intention to terminate the Land Ownership and Development Agreement dated 14    
July 2009 between the Pinnacle Point West Africa Limited ("PPWA") and the       
Lagos State Government in respect of the Pinnacle Point Project, known as       
Lagos Keys. This intended termination comes as a result of the breach in        
terms of clause 14(c), 14(d), 14(e) and 14(g) of this Agreement. PPWA has in    
terms of the agreement 30 days to remedy the breach failing which the           
agreement will be terminated. This project`s carrying value in the most         
recent published preliminary financial statements amounted to R398 118 966,     
which represents a material component of the Company`s total assets.            
RENEWAL OF CAUTIONARY ANNOUNCEMENT                                              
Further to the SENS announcements dated 26 September 2011, 6 October 2011,      
11 October 2011, 15 November 2011 and 03 January 2012, shareholders are         
advised to continue to exercise caution when dealing in the Company`s           
securities until a full announcement in regard to the final liquidation and     
potential delisting of the Company is made.                                     
Johannesburg                                                                    
16 February 2012                                                                
Designated Advisor                                                              
Arcay Moela Sponsors (Proprietary) Limited                                      
Date: 17/02/2012 07:30:01 Supplied by www.sharenet.co.za                     
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