Heemskirk Consolidated : Takeover Offer Update - Changes to Independent Expert Report

HEEMSKIRK

Announcement

11 April 2017

The Manager ASX Announcements

Heemskirk Consolidated Limited (HSK or the Company) refers to the off-market takeover offer made by Northern Silica Corporation for all the shares in HSK (the Offer) and the target's statement dated 28 March 2017 (Target's Statement).

Annexed to the Target's Statement is a copy of the independent expert report dated 27 March 2017 relating to the Offer (the Independent Expert Report).

Heemskirk Consolidated Limited

ASX: HSK

ABN 18 106 720 138

Shares on issue:

562,635,912

Unquoted securities:

Options: 6,304,860

Employee shares: 1,461,808 Partly paid (to 1c, 24c unpaid): 100,000

Partly paid (to 1c, 49c unpaid): 1,500,000

Level 17

303 Collins Street

Melbourne Victoria 3000 Australia

Telephone: [phone]

Facsimile: [phone] Email: [e-mail]

This information is available on our website at www.heemskirk.com

The Company advises that the Independent Expert has today made certain material changes to its Independent Expert Report and the Company will soon be issuing the first supplementary target's statement (First Supplementary Target's Statement) which will address these changes, include a copy of the revised Independent Expert's Report and will provide clarification on certain disclosures made in the Target's Statement.

The Board recommends that shareholders do not need to take any action until the Company issues the First Supplementary Target's Statement.

For further information, please contact:

Craig Jensz

Managing Director, Lion Capital Advisory

[phone] or [e-mail]

Yours sincerely

Trish Hally

Company Secretary