BRIMSTONE INVESTMENT CORPORATION LIMITED - Further announcement regarding the investment by Brimstone in FPG Property Fund

Further announcement regarding the investment by Brimstone in FPG Property Fund

Brimstone Investment Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number 1995/010442/06
Share Code: BRT ISIN: ZAE000015277
Share Code: BRN ISIN: ZAE000015285
(“Brimstone” or “the Company”)

FURTHER ANNOUNCEMENT REGARDING THE INVESTMENT BY BRIMSTONE IN FPG PROPERTY FUND

Brimstone shareholders are referred to the announcement released on SENS on 19 December 2017 (the “Initial
Announcement”) which advised that Brimstone, through its wholly owned subsidiary, Newshelf 1416 Proprietary
Limited, had entered into a subscription agreement and a relationship agreement with FPG Investments Proprietary
Limited and its wholly-owned subsidiary, FPG Property Fund Proprietary Limited (“FPG Property Fund” or the “Fund”)
pursuant to which Brimstone will invest in the Fund, a Cape-based black-owned and managed unlisted property fund
with a portfolio of properties (the “Properties”) catering for the retail, industrial and office sectors (the “Transaction”).

1.    Independent Expert’s Opinion

      As advised in the Initial Announcement, the Transaction is considered to be a “small related party” transaction
      in terms of the JSE (“JSE”) Limited Listings Requirements and Brimstone was in the process of appointing an
      independent expert (the “Independent Expert”) acceptable to the JSE. Brimstone can now confirm that
      Effortless Corporate Finance Proprietary Limited has been appointed as the Independent Expert and has
      provided the JSE with written confirmation that the terms of the Transaction are fair insofar as the shareholders
      of Brimstone are concerned.

      The Independent Expert’s Opinion is available for inspection at Brimstone’s registered office for a period of 28
      days from the date of this announcement.

2.    Valuation report

      As the Transaction involves property, Brimstone appointed Mills Fitchet Magnus Penny as the independent
      registered valuer (the “Independent Valuer”) to provide an independent valuation report in respect of the
      Properties (the “Valuation Report”). The Independent Valuer has finalised the Valuation Report and the
      Valuation Report is available for inspection at Brimstone’s registered office for a period of 28 days from the date
      of this announcement.

      The valuation of the Properties was carried out by Mr MRB Gibbons of the Independent Valuer. Mr Gibbons is
      registered without restriction as a Professional Valuer in terms of the Property Valuers Profession Act, No 47 of
      2000.

3.    Conditions precedent

      All conditions precedent set out in the Initial Announcement have now been fulfilled.

31 January 2018
Cape Town

Investment Bank, Corporate Advisor and Sponsor
Nedbank Corporate and Investment Banking

Date: 31/01/2018 11:30:00 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.