THE PIVOTAL FUND LIMITED - Results of the accelerated book build

Results of the accelerated book build

THE PIVOTAL FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/030215/06)
JSE share code: PIV ISIN: ZAE000196440
(“Pivotal” or “the company”)


RESULTS OF THE ACCELERATED BOOK BUILD


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE
UNITED STATES, CANADA, JAPAN OR ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO
DO SO

Pivotal is pleased to announce that it has closed its book build announced earlier today.

Pivotal increased the capital to be raised to R600 million, placing 31 578 948 new Pivotal shares at a price of
R19.00 per share (the “new Pivotal shares”). At this level, the book build was oversubscribed.

Subject to approval by the JSE, listing and trading of the new Pivotal shares is expected to commence at
09:00 on Wednesday, 7 October 2015.

Java Capital acted as sole bookrunner.

Java Capital contact details:

Carl Esterhuysen
Pivotal@javacapital.co.za
Tel: (011) 722 3054

29 September 2015

Sole bookrunner and sponsor

Java Capital


This announcement is not for publication or distribution or release, directly or indirectly, in the United States
of America (including its territories and possessions, any state of the United States and the District of
Columbia).

This announcement does not constitute or form part of an offer or solicitation of an offer to purchase or
subscribe for securities in the United States or any other jurisdiction. The securities referred to herein have
not been and will not be registered under the United States Securities Act of 1933, as amended (the
“Securities Act”), and may not be offered or sold, directly or indirectly, in the United States, absent
registration or an exemption from, or transaction not subject to, the registration requirements of the
Securities Act. No public offering of securities is being made in the United States. This announcement does
not and is not intended to constitute an offer to the public in South Africa in terms of the South African
Companies Act 71 of 2008 (as amended). Neither this announcement nor any copy of it may be taken,
transmitted or distributed, directly or indirectly in or into the United States, Canada, Australia or Japan.

This announcement is for information purposes only and in member states of the European Economic Area
(other than the United Kingdom) is directed only at persons who are qualified investors (as defined in article
2(1)(e) of EU directive 2003/71/EC (the “Prospectus Directive”) and the relevant implementing rules and
regulations adopted by each Member State). In the United Kingdom, this announcement is directed only at
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the following persons: investment professionals falling within article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); and high net worth entities, and other
persons to whom it may lawfully be communicated, falling within article 49(2)(a) to (d) of the Order.

This announcement has been issued by and is the sole responsibility of Pivotal. No representation or
warranty express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or
will be accepted by Java Capital or by any of their respective affiliates or agents as to, or in relation to, the
accuracy or completeness of this announcement or any other written or oral information made available to or
publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

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