Proposed specific repurchase of Brimstone ordinary and “N” ordinary shares 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”) Proposed specific repurchase of Brimstone ordinary and “N” ordinary shares 1. Introduction Shareholders are advised that Brimstone intends proposing a specific repurchase of 387 831 Brimstone ordinary shares and 3 835 621 Brimstone “N” ordinary shares from the Brimstone Investment Corporation Limited Share Trust (“the Brimstone Share Trust”) (“the Specific Repurchase”), at a general meeting of the Company scheduled for Wednesday, 11 March 2015 (“the general meeting”). The Specific Repurchase is subject to the provisions of the Memorandum of Incorporation of the Company, the Companies Act, No. 71 of 2008, as amended and the JSE Limited (“JSE”) Listings Requirements, where applicable. 2. Terms of the Specific Repurchase The Specific Repurchase will be effected as follows: - the repurchase by the Company from the Brimstone Share Trust of 387 831 Brimstone ordinary shares at a price of R17.00 per Brimstone ordinary share, being the closing price of Brimstone ordinary shares on 31 December 2014, at a total value of R6 593 127; and - the repurchase by the Company from the Brimstone Share Trust of 3 835 621 Brimstone “N” ordinary shares at a price of R16.50 per Brimstone “N” ordinary share, being the closing price of Brimstone “N” ordinary shares on 31 December 2014, at a total value of R63 287 746.50. The Specific Repurchase represents 0.9% of the Brimstone ordinary shares currently in issue and 1.6% of the Brimstone “N” ordinary shares currently in issue, respectively. The Brimstone ordinary shares and “N” ordinary shares to be repurchased in terms of the Specific Repurchase are currently reflected as treasury shares in the annual financial statements of Brimstone. Application will be made to the JSE for the delisting of the treasury shares once the Specific Repurchase has been effected. After the Specific Repurchase, nil Brimstone ordinary shares and 39 637 389 Brimstone “N” ordinary shares will be held as treasury shares respectively. 3. The impact of the Specific Repurchase on financial information The impact of the Specific Repurchase has been investigated and the board can confirm that the implementation of the Specific Repurchase has no impact on the financial information of Brimstone, other than reducing the share capital of the Company. The Specific Repurchase will be done with no cash flow implications other than those to cover the expenses. Brimstone’s issued ordinary shares will decrease by 387 831 ordinary shares and Brimstone’s issued “N” ordinary shares will decrease by 3 835 621 “N” ordinary shares. 4. Salient dates and times The salient dates and times for the Specific Repurchase are as follows: 2015 Record date to determine which Brimstone shareholders are Friday, 6 February eligible to receive the circular together with the notice of general meeting Circular posted to shareholders on Wednesday, 11 February Last day to trade to be entitled to attend, participate and Friday, 27 February vote at the general meeting Record date to be entitled to attend, participate and vote at Friday, 6 March the general meeting Forms of proxy to be received by 10:00 on Monday, 9 March General meeting to be held at 10:00 on Wednesday, 11 March Results of general meeting to be released on SENS on Wednesday, 11 March Cancellation and delisting of 387 831 ordinary shares and Friday, 20 March 3 835 621 “N” ordinary shares on or about Notes: 1. All times indicated above are South African times. 2. These dates and times are subject to amendment. Any such amendment will be released on SENS. 5. Circular A circular proposing the Specific Repurchase, which includes full details of the Specific Repurchase as required by the JSE Listings Requirements, will be posted to shareholders today. Cape Town 11 February 2015 Investment Bank and Sponsor Nedbank Capital Attorneys Cliffe Dekker Hofmeyr Inc Date: 11/02/2015 02:00:00 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.