An anonymous director reports

PINNACLE RENEWABLE HOLDINGS INC. AND ONCAP COMPLETE $57.6 MILLION SECONDARY OFFERING OF COMMON SHARES INCLUDING EXERCISE OF OVER-ALLOTMENT OPTION IN FULL

Pinnacle Renewable Holdings Inc. and the ONCAP entities (defined below) have closed a previously announced secondary offering by ONCAP II LP, ONCAP (US) II LP, ONCAP (US) II-A LP, Onex Parallel Investment (ONCAP) LP, Biomass EI Ltd. (collectively, the ONCAP entities), Jim Swaan Holdings Inc. and Rob Swaan Holdings Inc. (collectively with the ONCAP entities, the selling shareholders) of an aggregate of 4,186,000 common shares of Pinnacle at a price of $13.75 per common share for total gross proceeds of $57,557,500. The offering includes 546,000 common shares which were sold to the underwriters by the selling shareholders upon the exercise in full of an overallotment option granted to the underwriters by the selling shareholders. Pinnacle did not receive any proceeds from the offering.

The offering was co-led by CIBC Capital Markets and RBC Capital Markets, together with Scotiabank and BMO Capital Markets, as joint bookrunners, and National Bank Financial Inc., GMP Securities LP, Raymond James Ltd. and HSBC Securities (Canada) Inc.

Immediately prior to the closing of the offering, the ONCAP entities, collectively, owned or controlled (directly or indirectly) an aggregate of 14,112,787 common shares, representing approximately 42.8 per cent of Pinnacle's issued and outstanding common shares. Immediately following the closing of the offering, the ONCAP Entities, collectively, own or control (directly or indirectly) approximately 31.6 per cent of the issued and outstanding common shares. As required by early warning reporting requirements, the ONCAP entities have disclosed that the common shares sold pursuant to the offering were disposed of as a result of investment considerations, including price, market conditions, availability of funds, evaluation of alternative investments and other factors.

For further information and to obtain a copy of the early warning report to be filed under applicable Canadian securities laws in connection with the foregoing matters, please see Pinnacle's profile on SEDAR.

About Pinnacle Renewable Holdings Inc.

Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. Pinnacle produces renewable fuel for electricity generation in the form of industrial wood pellets, which are used by global utilities and large-scale power generators to produce renewable and reliable baseload power.