Share repurchase programme THE PIVOTAL FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2005/030215/06) JSE share code: PVT ISIN: ZAE000196440 (“Pivotal” or “the company”) SHARE REPURCHASE PROGRAMME Shareholders are advised that, in accordance with the general authority granted by special resolution of the company's shareholders passed at the company's annual general meeting held on 3 September 2015 and in compliance with the relevant provisions of the JSE Listings Requirements and the Companies Act, 71 of 2008, Pivotal has entered into a share repurchase programme under which the company may purchase up to 2 750 000 of its ordinary shares for an aggregate purchase price of R50 million (“the threshold”). As at 13 January 2016, the company had repurchased a total of 2 499 113 shares (being 0.75% of Pivotal’s issued share capital) and will continue with the share repurchase programme until the threshold has been reached. The Pivotal shares are repurchased at a price not greater than 10% above the volume weighted average trading price of Pivotal shares on the JSE over the 5 business days immediately preceding any particular repurchase. An application for the cancellation and delisting of the shares repurchased will be made to the JSE once the threshold has been reached. 15 January 2016 Sponsor Java Capital Date: 15/01/2016 12:36:00 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.