PINNACLE HOLDINGS LIMITED - Changes to the board of directors, functions of board members, remuneration committee and company secretary

Changes to the board of directors, functions of board members, remuneration committee and company secretary

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

CHANGES TO THE BOARD OF DIRECTORS, FUNCTIONS OF BOARD MEMBERS, REMUNERATION COMMITTEE AND
COMPANY SECRETARY

CHANGES TO THE BOARD OF DIRECTORS

In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are hereby notified
of the following changes to the board and functions of directors.

As announced on 13 November 2015, Pierre Spies assumed the role of Joint Chief Executive Officer (“CEO”), together
with Arnold Fourie, effective 1 January 2016, with the intention of assuming the role on his own from 1 July 2016.
Following a successful handover period and good progress in the focus areas, shareholders are advised that Pierre
Spies assumes the role of sole CEO with effect 1 July 2016.

As also announced on 13 November 2015, Arnold Fourie assumes the role of Non-Executive Chairman of the Board
effective 1 July 2016. Arnold will continue to guide the strategy of the Group, with a specific focus on international
expansion opportunities. Mr A (“Oshy”) Tugendhaft, the current Chairman of the Board, will assume the role of Deputy
Chairman. The Board thanks Oshy for having served as Chairman for a number of years and for agreeing to continue
serving in the role of Deputy Chairman.

Erhard van der Merwe has resigned from the board effective 30 June 2016. Having served Pinnacle as a Non-Executive
Director for a number of years, Erhard will assume an executive role in Corporate Finance focussing, together with
Arnold, on international expansion opportunities.

The Board extends its gratitude to Arnold, as the founder and CEO of the Pinnacle Group, for his vision, commitment
and passion in establishing the Pinnacle Group over the last two decades. The Board is in the fortunate position that
in his role as Chairman, the Group will continue to benefit from his continued strategic contribution. The Board further
thanks Erhard for his years of service on the Pinnacle Board and wishes both him and Arnold well with Pinnacle’s
international expansion aspirations.

Following the above changes the Board will comprise of Arnold Fourie (Non-Executive Chairman), A Tugendhaft
(Deputy Chairman), Pierre Spies (CEO), Richard Lyon (Chief Financial Officer), Bheki Sibiya (Lead Independent Director),
Ndumi Medupe (Independent Non-Executive Director) and Seadimo Chaba (Independent Non-Executive Director).

CHANGE IN COMPOSITION OF REMUNERATION COMMITTEE

Following the above changes to the Board, Arnold Fourie and Bheki Sibiya have joined the Remuneration Committee
effective 1 July 2016. The composition of the Remuneration Committee will then be as follows: Ms N Medupe
(Independent Non-Executive Director - Chairperson), Mr B Sibiya (Independent Non-Executive Director and Lead
Independent Director - Member), Ms S Chaba (Independent Non-Executive Director - Member), Mr A Tugendhaft (Non-
Executive Director - Member) and Mr A Fourie (Non-Executive Chairman - Member). The Remuneration Committee,
so constituted, will then continue to have the required balance of a majority of Independent Non-Executive directors.

CHANGE IN COMPANY SECRETARY

Vaughn Parkin has resigned as Company Secretary of Pinnacle effective 30 June 2016. He will join Axiz (Pty) Ltd, a
major subsidiary, in a commercial role. Ms Liezel Grobler (CA) SA has been appointed as Company Secretary effective
1 July 2016. After having completed her articles Liezel fulfilled the role of Senior Audit Manager. She joined CSG
Holdings Ltd as Group Financial Manager in 2009 and took on the role of Group Chief Financial Officer in 2012. She
recently joined Pinnacle as Group Financial Manager.

Midrand
1 July 2016
Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd

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