Posting of Circular and Notice of General Meeting – Repurchase of Amabubesi

Pinnacle shareholders are referred to the terms announcement released on SENS on 27 October 2011 and in the press on 28 October 2011 where they were advised that Pinnacle had received an offer from Amabubesi Technology Holdings Proprietary Limited (“Amabubesi”) to dispose of the entire Amabubesi shareholding in Pinnacle, comprising 17 281 647 ordinary shares, which represents 10.2% of the issued shares in Pinnacle (net of treasury shares), in respect of which Pinnacle had a pre-emptive right to repurchase the shares concerned, which repurchase would be implemented by way of a Scheme of Arrangement in terms of section 114(1)(e) of the Companies Act No 71 of 2008 (“the Companies Act”), as read with section 115 (“the Scheme”). Shareholders were also advised that the Board of the Company had resolved that Pinnacle will accept this offer and will repurchase 11 482 801 of its own ordinary shares at R7.50 per share out of its available share premium and Pinnacle Holdings Limited, a subsidiary of Pinnacle will acquire 5 798 846 ordinary shares in Pinnacle at R7.50 per share, both from Amabubesi, amounting to a total of 17 281 647 ordinary shares purchased for and on behalf of the Pinnacle Group of Companies (“the repurchase”). A circular containing full details of the repurchase, including, inter alia, a notice convening a general meeting, was posted to shareholders today. The general meeting is to be held at the registered office of the Company: The Summit, 269, 16th Road, Randjespark, Midrand, 1685 at 10:00 on Friday, 6 January 2012 to consider and, if deemed fit, to pass, with or without modification, the necessary special and ordinary resolutions. The salient dates and times in relation to the general meeting are as follows: Circular posted to Pinnacle shareholders – Monday, 5 December 2011 Last day to trade in shares on the exchange operated by the JSE Limited (“JSE”) in order to be recorded in the register on the Voting Record Date – Thursday, 22 December 2011 Voting Record Date – Friday, 30 December 2011 Last day to lodge forms of proxy – by 10:00 on Wednesday, 4 January 2012 Last date and time for shareholders to give notice of their objections to the special resolution approving the Scheme – by no later than 10:00 on Friday, 6 January 2012 General meeting of shareholders – at 10:00 on Friday, 6 January 2012 Results of the general meeting released on SENS – Friday, 6 January 2012 Results of the general meeting published in the press – Monday, 9 January 2012 If the Scheme is not opposed, the Scheme will become unconditional on the date that the Takeover Regulation Panel issues a compliance certificate in respect of the transaction in terms of section 119(4)(b) of the Companies Act, – date expected to be Monday, 16 January 2012 Anticipated delisting date of 11 482 801 shares from the JSE if the Scheme is not opposed – Tuesday, 17 January 2012 Last date on which shareholders can make application to the Court in terms of section 115(3)(b) of the Companies Act – on Friday, 20 January 2012 Last date for Pinnacle to give notice of adoption of the special resolution approving the Scheme to shareholders objecting to the special resolution on Friday, 20 January 2012 All times indicated above are South African times. Shareholders will be notified of any amendments to the above dates or times on SENS and in the press. Midrand