THE PIVOTAL FUND LIMITED - Dealings in securities by directors of Pivotal

Dealings in securities by 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 DIRECTORS OF PIVOTAL


Shareholders are advised of the following information relating to the acceptance of a conditional award of performance shares (“performance
shares”) by directors of Pivotal granted in terms of the rules of the Pivotal Fund Limited Conditional Share Plan (“CSP”) the vesting of which
will occur on 31 December 2018 and will be subject to certain performance conditions being satisfied.

Name of director:                                                        Jackie van Niekerk
Acceptance date:                                                         21 December 2015
Class of securities:                                                     Ordinary shares
Number of performance shares:                                            57 750
Award price:                                                             Rnil
Value of transaction:                                                    R1 036 612.50, being the total deemed value calculated using the
                                                                         volume weighted average price for the 30 days prior to the award date
                                                                         of R17.95 per share
Nature of transaction:                                                   Off-market acceptance of performance shares in terms of the CSP
Nature and extent of director’s interest:                                Direct beneficial
Clearance to deal received:                                              Yes

Name of director:                                                        Aaron Suckerman
Acceptance date:                                                         21 December 2015
Class of securities:                                                     Ordinary shares
Number of performance shares:                                            44 756
Award price:                                                             Rnil
Value of transaction:                                                    R803 370.20, being the total deemed value calculated using the
                                                                         volume weighted average price for the 30 days prior to the award date
                                                                         of R17.95 per share
Nature of transaction:                                                   Off-market acceptance of performance shares in terms of the CSP
Nature and extent of director’s interest:                                Direct beneficial
Clearance to deal received:                                              Yes


Shareholders are further advised of the following information relating to the award of share appreciation rights (each, a “SAR”, and collectively,
“SARS”) on 21 December 2015 under The Pivotal Fund Limited Share Appreciation Rights Plan (“SAR Plan”), the vesting of which will occur
on 31 December 2018 and will be subject to certain performance conditions being satisfied.

The total value of each award will be determined on vesting for the number of SARS exercised, by calculating the difference between the award
price of R17.95 per SAR and the closing share price on the day before the vesting date.

Name of director:                                                         Jackie van Niekerk
Acceptance date:                                                          21 December 2015
Class of securities:                                                      Ordinary shares
Number of SARS awarded:                                                   361 883
Award price:                                                              R17.95
Nature of transaction:                                                    Off-market award of SARS under the SAR Plan
Nature and extent of directors’ interest:                                 Direct beneficial
Clearance to deal received:                                               Yes

Name of director:                                                         Aaron Suckerman
Acceptance date:                                                          21 December 2015
Class of securities:                                                      Ordinary shares
Number of SARS awarded:                                                   280 459
Award price:                                                              R17.95
Nature of transaction:                                                    Off-market award of SARS under the SAR Plan
Nature and extent of directors’ interest:                                 Direct beneficial
Clearance to deal received:                                               Yes

22 December 2015


Sponsor

Java Capital

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