Finalisation announcement Brimstone Investment Corporation Limited (Incorporated in the Republic of South Africa) Registration number 1995/010442/06 ISIN Number: ZAE000015277 Share Code: BRT ISIN Number: ZAE000015285 Share Code: BRN (“Brimstone” or “the Company”) Finalisation announcement 1. Introduction Shareholders are referred to Brimstone’s reviewed preliminary condensed consolidated results for the year ended 31 December 2017 released on SENS on Tuesday, 6 March 2018 (the “Results Announcement”) which contained a declaration by the board of directors of a final cash dividend of 42 cents per Brimstone share (the “Cash Dividend”) incorporating an election to receive the Cash Dividend or a scrip dividend as an alternative (the “Scrip Dividend Alternative”), with the default election being the Scrip Dividend Alternative. Full details of the Cash Dividend and the Scrip Dividend Alternative were also set out in a circular posted to shareholders on Thursday, 8 March 2018 (the “Circular”). 2. Cash Dividend The Cash Dividend will only be payable to those shareholders electing to receive the Cash Dividend in respect of all or part of their shares and: - in the case of certificated Brimstone shareholders, whose forms of election have been lodged with and received by the transfer secretaries in accordance with the instructions contained in the Circular; and - in the case of dematerialised Brimstone shareholders, who have instructed their CSDP or broker in terms of the custody agreement entered into between them and their CSDP or broker. 3. Scrip Dividend Alternative 3.1 Ratio calculation The number of Brimstone shares to which shareholders are entitled in terms of the Scrip Dividend Alternative (“the Scrip Dividend Alternative Ratio”) has been determined by reference to: o for Brimstone ordinary shares: the ratio that 42 cents per Brimstone ordinary share bears to R10.46300, being the fifteen day volume weighted average traded price (“VWAP”) of R10.88300 less the dividend of 42 cents, of a Brimstone ordinary share on the JSE prior to the finalisation date of 10 April 2018; and o for Brimstone “N” ordinary shares: the ratio that 42 cents per Brimstone “N” ordinary share bears to R11.29349, being the VWAP of R11.71349 less the dividend of 42 cents, of a Brimstone “N” ordinary share on the JSE prior to the finalisation date of 10 April 2018. This will result in shareholders receiving 4.01415 Brimstone ordinary shares and 3.71896 Brimstone “N” ordinary shares respectively for every 100 ordinary shares and/or 100 “N” ordinary shares held on Friday, 20 April 2018 (the “Record Date”). The Scrip Dividend Alternative Ratio represents a 4.02% discount to the thirty day VWAP of Brimstone ordinary shares of R10.90086 and a 2.38% discount to the thirty day VWAP of Brimstone “N” ordinary shares of R11.56867, prior to 10 April 2018 respectively. 3.2 Fractions Where a shareholder’s entitlement to Brimstone shares in relation to the Scrip Dividend Alternative gives rise to a fraction of a new Brimstone share, such fraction will be rounded down to the nearest whole number and the cash balance will be paid to the shareholder. The cash balance will be determined based on the volume weighted average price of Brimstone shares on Wednesday, 18 April 2018, discounted by 10% and will be subject to dividend taxation at a rate of 20%. 4. Impact on Brimstone shareholders An example illustrating the impact for shareholders electing to either receive the Cash Dividend or the Scrip Dividend Alternative is as follows: Cash Dividend Shareholders Shareholders exempt from subject to dividend dividend taxation taxation (cents) (cents) Cash Dividend per share 42.0 42.0 Cash Dividend taxation of 20% per share - (8.4) Net Cash Dividend per share 42.0 33.6 Scrip Dividend Alternative Number of shares held 100 Ratio price (R) Brimstone ordinary Shareholders 10.46300 Brimstone “N” ordinary Shareholders 11.29349 Total amount available for Scrip Dividend Alternative (R) 42.00 Number of shares issued in terms of Scrip Dividend Alternative* Brimstone ordinary shares 4 Brimstone “N” ordinary shares 3 * Applying the rounding principles set out in paragraph 3.2 above. 5. Salient dates and times Shareholders are reminded that the last day to elect to receive the Cash Dividend is 12:00 on Friday, 20 April 2018. No action is required if you wish to receive the Scrip Dividend Alternative. The salient dates and times for the Cash Dividend and the Scrip Dividend Alternative as set out in the results announcement and the circular remain unchanged. 10 April 2018 Investment Bank, Corporate Advisor and Sponsor Nedbank Corporate and Investment Banking Date: 10/04/2018 12:05:00 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.