Voluntary announcement regarding the acquisition of Milpark Education Proprietary Limited 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”) VOLUNTARY ANNOUNCEMENT REGARDING THE ACQUISITION OF MILPARK EDUCATION PROPRIETARY LIMITED 1. Introduction Shareholders are hereby advised that Brimstone and Stadio Holdings Limited (“STADIO”), acting through a newly incorporated private company, Milpark Investments SPV Proprietary Limited (“Milpark SPV”) in which Brimstone will have an effective interest of 30%, have entered into an agreement with Coöperative Apollo Global Netherlands U.A. (“Apollo”), Encosolve Proprietary Limited (“Encosolve”) and MBS Education Investments Proprietary Limited (“MBS Education”) to acquire 100% of the issued share capital of MBS Education, which is the investment holding company holding 100% of the issued shares of Milpark Education Proprietary Limited (“Milpark”) (“the Acquisition”). The purchase consideration payable for Brimstone’s 30% stake in Milpark is R96 million and will be settled from existing cash resources. 2. Details of Milpark Milpark was established in 1997, being one of the first private providers of higher management education in South Africa. Today, it remains a leading provider of Higher Education and Further Education and Training qualifications. Milpark is registered with the South African Department of Higher Education and Training as a Private Higher Education Institution (No 2007/HE07/003). Milpark currently has 18 key accredited higher education programmes, is accredited to offer tuition towards 15 further education and training (“FET”) qualifications and 18 registered learnerships. With a national footprint in South Africa, Milpark has two teaching campuses situated in Cape Town and Johannesburg, and a support office in Durban. The majority of Milpark’s programmes are offered through the distance learning mode of delivery. Milpark currently has approximately 17 000 students registered for its various programmes. Milpark’s flagship qualification, its Master of Business Administration degree (“MBA”), has been ranked number 1 amongst private providers of the MBA in South Africa by PMR.africa for three consecutive years, from 2015 to 2017. Milpark will seek to grow its business by focussing on targeting the school leaver market in both contact and distance learning modes of delivery, as well as scaling its new distance learning online offering across a wider range of programmes. 3. Rationale for the Acquisition Brimstone has assessed the fundamentals of the South African higher education landscape and believes the opportunity to invest in it to be attractive and STADIO to be the ideal partner to invest with. The Acquisition further entrenches the long-term strategic relationship between Brimstone and STADIO announced on 15 September 2017. 4. Categorisation The Acquisition falls below the categorisation thresholds of the JSE Limited Listings Requirements and has been disclosed on a voluntary basis. Shareholders are also referred to the announcement released by STADIO today, setting out additional details of the Acquisition. 13 October 2017 Cape Town Investment Bank, Corporate Advisor and Sponsor Nedbank Corporate and Investment Banking Date: 13/10/2017 10:25:00 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.