As announced on 11 March 2015, Mr. Pierre Spies was appointed as deputy Chief Executive Officer of Pinnacle and has since worked closely with Mr. Arnold Fourie, the Chief Executive Officer ("CEO") for the past eight months. The Pinnacle board ("the Board") is now pleased to announce that Mr. Spies will assume the role of Joint CEO effective 1 January 2016. Mr. Arnold Fourie will continue as the Joint CEO of Pinnacle until 30 June 2016.

After discussions with Mr. Fourie, the Board announced that Arnold has agreed to accept the role of Non-Executive Chairman of the Group effective 1 July 2016. In his new role, Arnold will guide the Group's strategy with a particular focus on new growth initiatives. From 1 July 2016, Mr. Spies will therefore be the CEO of the Group whilst Mr. Ashley (Oshy) Tugendhaft the current Non-Executive Chairman will assume the role of Deputy Chairman.

Subsequent to the aforementioned changes, the Board will from 1 January 2016 comprise Mr. Ashley (Oshy) Tugendhaft (Chairman ­ Non-Executive Director), Mr. Bheki Sibiya (Lead Independent Director ­ Independent Non- Executive Director), Ms. Ndumi Medupe (Independent Non-Executive Director), Ms. Seadimo Chaba (Independent Non- Executive Director) and Mr. Erhard van der Merwe (Non-Executive Director), Mr. Arnold Fourie (Joint CEO), Mr. Pierre Spies (Joint CEO) and Mr. Richard Lyon (Chief Financial Officer). In the line with the above mentioned changes as from 1 July 2016, the Board will comprise Mr. Arnold Fourie (Non-Executive Chairman), Mr. Ashley (Oshy) Tugendhaft (Deputy Chairman ­ Non-Executive Director), Mr. Bheki Sibiya (Lead Independent Director ­ Independent Non-Executive Director), Ms. Ndumi Medupe (Independent Non-Executive Director), Ms. Seadimo Chaba (Independent Non-Executive Director) and Mr. Erhard van der Merwe (Non-Executive Director), Mr. Pierre Spies (CEO) and Richard Lyon (Chief Financial Officer).