Dealing in securities Pinnacle Holdings Limited Registration number 1986/000334/06 Share Code: PNC ISIN: ZAE000184149 (“Pinnacle”) Dealing in securities In compliance with paragraphs 3.63 and 3.64 of the Listings Requirements of the JSE Limited (“Listings Requirements”), Pinnacle advises that the following dealing took place by a director of a major subsidiary of Pinnacle: Name of Director TAM Tshivhase Position Executive Director of a major subsidiary Nature of Interest Direct / Beneficial Type of Transaction Sale of Securities Class of Security Ordinary shares in Pinnacle Number of shares 83 trades totalling 146 000 shares Price - High 1205.00 cents - Weighted average 1200.30 cents - Lowest 1200.00 cents Value of Transaction R 1 752 438 Date of Transaction 15 September 2015 Name of Director TAM Tshivhase Position Executive Director of a major subsidiary Nature of Interest Direct / Beneficial Type of Transaction Sale of Securities Class of Security Ordinary shares in Pinnacle Number of shares 275 trades totalling 233 000 shares Price - High 1235.00 cents - Weighted average 1219.80 cents - Lowest 1204.00 cents Value of Transaction R 2 842 134 Date of Transaction 16 September 2015 The shares had been acquired three years ago through the Pinnacle Share Purchase Scheme Trust. The restrictive period, whereby the shares were unable to be traded, had passed and the share debt incurred on the acquisition of the shares needed to be settled. Most of the proceeds from the sale of the shares are to be applied to settle the share debt. The trades were done on-market and clearance to deal was obtained in terms of paragraph 3.66 of the Listings Requirements. Midrand 18 September 2015 Sponsor Deloitte & Touche Sponsor Services (Pty) Ltd Date: 18/09/2015 01:21:00 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.