Dealings in securities by associates of directors of Pivotal THE PIVOTAL FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2005/030215/06) JSE share code: PIV ISIN: ZAE000196440 (“Pivotal”) DEALINGS IN SECURITIES BY ASSOCIATES OF DIRECTORS OF PIVOTAL Shareholders are advised of the following information relating to dealings in securities by associates of directors of Pivotal: Name of associate: Fern Trust Names of directors and relationship to directors: Thys Neser and David Savage, who are directors of Pivotal and trustees and potential beneficiaries of the Fern Trust Transaction date: 24 February 2015 Class of securities: Ordinary shares Number of securities: 194 807 Highest traded price per security: R18.62 Weighted average price per security: R18.47469 Lowest traded price per security: R18.45 Total value: R3 598 999.15 Nature of transaction: On-market sale Nature and extent of directors’ interests: Indirect beneficial Name of associate: Old Abland Proprietary Limited (“Old Abland”) Names of directors and relationship to directors: Thys Neser and David Savage, who are directors of Pivotal and of Old Abland and have an indirect beneficial interest in Old Abland Transaction date: 25 February 2015 Class of securities: Ordinary shares Number of securities: 1 307 279 Price per security: R18.50 Total value: R24 184 661.50 Nature of transaction: Off-market sale Nature and extent of directors’ interests: Indirect beneficial 27 February 2015 Sponsor Java Capital Date: 27/02/2015 02:35:00 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.