PINNACLE HOLDINGS LIMITED - Change in function of a Director and change in composition of the Audit and Risk committee

Change in function of a Director and change in composition of the Audit and Risk committee

Pinnacle Holdings Limited
Registration number 1986/000334/06
Share Code: PNC
ISIN: ZAE000184149
(“Pinnacle”)

CHANGE IN FUNCTION OF A DIRECTOR AND CHANGE IN COMPOSITION OF AUDIT AND RISK COMMITTEE

In compliance with paragraph 3.59(c) of the Listings Requirements of the JSE Limited, shareholders are hereby notified
of the following change in the function of a director, which becomes effective on 22 October 2015. Mr Erhard van der
Merwe’s independence, as an independent non-executive director, will be affected due to his future advisory role in
acquisitions and corporate finance. He will therefore no longer be considered independent.

Subsequent to the aforementioned change, the Board will comprise Mr Arnold Fourie (Chief Executive Officer), Mr
Richard Lyon (Chief Financial Officer), Mr Ashley (Oshy) Tugendhaft (Chairman – Non -Executive Director), Mr Bheki
Sibiya (Lead Independent Director - Independent Non-Executive Director), Ms Ndumi Medupe (Independent Non-
Executive Director), Ms Seadimo Chaba (Independent Non-Executive Director) and Mr Erhard van der Merwe (Non-
Executive director).

Following the change, the composition of the Board remains compliant with the King III requirement that a board of
directors should comprise a balance of power, with a majority of non-executive directors, the majority of whom should
be independent.

Mr van der Merwe will step down as a member of the Audit and Risk Committee (the “Committee”), the Committee
will comprise of the remaining three Independent Non-Executive Directors: Ms Ndumi Medupe (Chairperson), Mr
Bheki Sibiya and Ms Seadimo Chaba. The Committee will remain compliant with the King III requirement that the three
members will all be Independent Non-Executive Directors.

Midrand
22 October 2015

Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd

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