Acceptance of forfeitable share grants to directors Pinnacle Holdings Limited (Incorporated in the Republic of South Africa) Registration number 1986/000334/06 Share Code: PNC ISIN: ZAE000184149 (“Pinnacle” or “The Company”) ACCEPTANCE OF FORFEITABLE SHARE GRANTS TO DIRECTORS In compliance with the JSE Limited Listings Requirements, the following information is disclosed: DIRECTORS OF PINNACLE HOLDINGS LIMITED Name P Spies Office held Chief Executive Officer Company Pinnacle Holdings Limited Date of acceptance 14 December 2016 Off-market acceptance of conditional share grants vesting on or Nature of transaction after 24 November 2019 Class of securities Ordinary shares Number of forfeitable shares 360 000 Award price R17.9189 Total value of award R6 450 804 Nature of interest Direct beneficial Clearance obtained Yes Name RD Lyon Office held Chief Financial Officer Company Pinnacle Holdings Limited Date of acceptance 14 December 2016 Off-market acceptance of conditional share grants vesting on or Nature of transaction after 24 November 2019 Class of securities Ordinary shares Number of forfeitable shares 210 000 Award price R17.9189 Total value of award R3 762 969 Nature of interest Direct beneficial Clearance obtained Yes DIRECTORS OF MAJOR SUBSIDIARIES Name CB Brunsden Office held Managing Director Company Axiz (Pty) Ltd Date of acceptance 14 December 2016 Off-market acceptance of conditional share grants vesting on or Nature of transaction after 24 November 2019 Class of securities Ordinary shares Number of forfeitable shares 100 000 Award price R17.9189 Total value of award R1 791 890 Nature of interest Direct beneficial Clearance obtained Yes Name JV Parkin Office held Chief Commercial Officer Company Axiz (Pty) Ltd Date of acceptance 14 December 2016 Off-market acceptance of conditional share grants vesting on or Nature of transaction after 24 November 2019 Class of securities Ordinary shares Number of forfeitable shares 50 000 Award price R17.9189 Total value of award R895 945 Nature of interest Direct beneficial Clearance obtained Yes Name CY Li Office held Finance Director Company Axiz (Pty) Ltd Date of acceptance 14 December 2016 Off-market acceptance of conditional share grants vesting on or Nature of transaction after 24 November 2019 Class of securities Ordinary shares Number of forfeitable shares 40 000 Award price R17.9189 Total value of award R716 756 Nature of interest Direct beneficial Clearance obtained Yes Name S Marx Office held Director Company Pinnacle Micro (Pty) Ltd Date of acceptance 14 December 2016 Off-market acceptance of conditional share grants vesting on or Nature of transaction after 24 November 2019 Class of securities Ordinary shares Number of forfeitable shares 70 000 Award price R17.9189 Total value of award R1 254 323 Nature of interest Direct beneficial Clearance obtained Yes Name TP Humphreys-Davies Office held Managing Director Company Pinnacle Micro (Pty) Ltd Date of acceptance 14 December 2016 Off-market acceptance of conditional share grants vesting on or Nature of transaction after 24 November 2019 Class of securities Ordinary shares Number of forfeitable shares 170 000 Award price R17.9189 Total value of award R3 046 213 Nature of interest Direct beneficial Clearance obtained Yes Name WJ Smit Office held Director Company Pinnacle Micro (Pty) Ltd Date of acceptance 14 December 2016 Off-market acceptance of conditional share grants vesting on or Nature of transaction after 24 November 2019 Class of securities Ordinary shares Number of forfeitable shares 50 000 Award price R17.9189 Total value of award R895 945 Nature of interest Direct beneficial Clearance obtained Yes Name GJ Wiehahn Office held Financial Director Company Pinnacle Micro (Pty) Ltd Date of acceptance 14 December 2016 Off-market acceptance of conditional share grants vesting on or Nature of transaction after 24 November 2019 Class of securities Ordinary shares Number of forfeitable shares 70 000 Award price R17.9189 Total value of award R1 254 323 Nature of interest Direct beneficial Clearance obtained Yes Midrand 21 December 2016 Sponsor Deloitte & Touche Sponsor Services (Pty) Ltd Date: 21/12/2016 03:30:00 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.