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” or “the company”) DEALINGS IN SECURITIES BY DIRECTORS OF PIVOTAL Shareholders are advised of the following information relating to the vesting of shares, which shares were awarded as a once-off pre-listing award to directors of Pivotal as set out in the company’s prospectus on the basis set out below: Name of director: Aaron Suckerman Date of vesting: 29 February 2016 Number of shares vesting: 31 283 Award price: R15.50 Value of transaction: R484 886.50 Class of securities: Ordinary shares Vesting period: 33% of 93 841 ordinary shares, being the total amount of shares awarded pre-listing, vesting in three tranches with the first tranche having vested on 28 February 2015, the second tranche having vested on 29 February 2016 and the third tranche vesting on 28 February 2017 Nature of transaction: Off-market vesting of shares Nature and extent of director’s interest: Direct beneficial Clearance to deal received: Yes Name of director: Jackie van Niekerk Date of vesting: 29 February 2016 Number of shares vesting: 57 559 Award price: R15.50 Value of transaction: R892 164.50 Class of securities: Ordinary shares Vesting period: 33% of 170 968 ordinary shares, being the total amount of shares awarded pre-listing, vesting in three tranches with the first tranche having vested on 28 February 2015, the second tranche having vested on 29 February 2016 and the third tranche vesting on 28 February 2017 Nature of transaction: Off-market vesting of shares Nature and extent of director’s interest: Direct beneficial Clearance to deal received: Yes 1 March 2016 Sponsor Java Capital Date: 01/03/2016 10:36:00 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.