THE PIVOTAL FUND LIMITED - Update on the acquisition of a further 5.86% undivided share in Monte Circle Office Park, withdrawal of cautionary

Update on the acquisition of a further 5.86% undivided share in Monte Circle Office Park, withdrawal of cautionary

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”)


UPDATE ON THE ACQUISITION OF A FURTHER 5.86% UNDIVIDED SHARE IN MONTE CIRCLE OFFICE PARK AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT


Shareholders are referred to the declaration announcement dated 7 September 2015 and the subsequent renewal of cautionary
announcement dated 20 October 2015 relating to the acquisition of a further 5.86% undivided share in Monte Circle Office Park
(“the acquisition”).

An independent property valuation of Monte Circle Office Park has been prepared by Roger Long of Jones Lang LaSalle, who is
an independent external registered professional valuer in terms of the Property Valuers Profession Act, No 47 of 2000. In terms of
the independent property valuation, 100% of Monte Circle Office Park is valued at R312.7 million. The proportionate 5.86%
undivided share in the Monte Circle Office Park is accordingly valued at R18.3 million whereas the purchase consideration
payable in respect of the acquisition is R16.4 million.

As required in terms of section 10.7(b) read with 13.10 of the JSE Listings Requirements, the board of Pivotal hereby confirms
that it is of the opinion that the acquisition is fair insofar as shareholders are concerned, having had regard to the independent
property valuation. Copies of the detailed and summary valuation reports will be open for inspection at the registered office of the
company (Abcon House, Fairway Office Park, 52 Grosvenor Road, Bryanston, 2021) for a period of 28 days from the date of this
announcement.

Shareholders were advised to exercise caution when dealing in their Pivotal shares until the company received an independent
property valuation of the 5.86% undivided share in the Monte Circle Office Park. Accordingly, caution is no longer required to be
exercised when dealing in Pivotal’s shares.

30 November 2015


Corporate advisor and sponsor
Java Capital

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