Dealings in securities by the Pinnacle Holdings Limited Forfeitable Share Plan Pinnacle Holdings Limited (Incorporated in the Republic of South Africa) Registration number 1986/000334/06 Share Code: PNC ISIN: ZAE000184149 (“Pinnacle” or “The Company”) DEALINGS IN SECURITIES BY THE PINNACLE HOLDINGS LIMITED FORFEITABLE SHARE PLAN (“FSP”) In compliance with Schedule 14.9 and paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited, shareholders are hereby advised of the following dealings in Pinnacle securities by the FSP: NAME OF SCHEME Pinnacle Holdings Limited Forfeitable Share Plan TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF THE TRANSACTION 15 December 2016 (1) CENTS PER SHARE 1 750.00 (1) NUMBER OF SECURITIES TRANSACTED 6 777 (1) TOTAL RAND VALUE OF SECURITIES R118 597.50 (1) DATE OF THE TRANSACTION 19 December 2016 (2) CENTS PER SHARE 1 750.00 (2) NUMBER OF SECURITIES TRANSACTED 16 763 (2) TOTAL RAND VALUE OF SECURITIES R293 352.50 (2) DATE OF THE TRANSACTION 21 December 2016 (3) CENTS PER SHARE 1 750.00 (3) NUMBER OF SECURITIES TRANSACTED 2 119 (3) TOTAL RAND VALUE OF SECURITIES R37 082.50 (3) Purchase of securities to settle obligations of the NATURE OF TRANSACTIONS FSP to participants (On-market transaction) NATURE OF INTEREST Direct Beneficial CLEARANCE OBTAINED Yes Midrand 22 December 2016 Sponsor Deloitte & Touche Sponsor Services (Pty) Ltd Date: 22/12/2016 04:19:00 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.