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.