Voluntary quarterly intrinsic Net Asset Value (“NAV”) disclosure 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 Quarterly Intrinsic Net Asset Value (“NAV”) disclosure A full analysis of the Intrinsic NAV, together with applicable explanations for the quarter ended 30 September 2017 is set out below. Change June 2017 to 30 September 30 June 31 December 31 December 31 December 31 December 31 December Summary September 2017 2017 2017 2016 2015 2014 2013 2012 Intrinsic NAV of Brimstone (R’m) (5.6%) 4 280.4 4 532.0 5 133.9 4 229.4 4 862.3 4 187.0 3 604.9 Book NAV (R’m) 2 550.1 2 427.1 2 530.3 3 325.0 3 237.6 2 814.9 Intrinsic NAV per share (cents)¹ (5.6%) 1 779.4 1 884.0 2 139.5 1 741.4 1 979.4 1 708.8 1 473.7 Fully diluted Intrinsic NAV per share (cents)¹ (5.4%) 1 694.0 1 790.3 2 043.1 1 647.8 1 857.8 1 615.6 1 398.5 Book NAV per share (cents) 1 060.1 1 011.5 1 044.0 1 356.3 1 324.0 1 153.1 Market price per share (cents) Ordinary shares 7.7% 1 400 1 300 1 299 1 350 1 700 1 400 1 125 ‘N’ Ordinary shares (2.4%) 1 269 1 300 1 200 1 270 1 650 1 400 1 195 Discount to Intrinsic NAV Ordinary shares 21.3% 31.0% 39.3% 22.5% 14.1% 18.1% 23.7% ‘N’ Ordinary shares 28.7% 31.0% 43.9% 27.1% 16.6% 18.1% 18.9% Intrinsic NAV analysis by asset An analysis of the Intrinsic NAV of Brimstone as at 30 September 2017 is set out below, including the valuation basis of each asset. Where applicable, Intrinsic NAV is net of ring-fenced debt and potential CGT relating to that asset. Sep 2017 June 2017 Share Share Sep 2017 Intrinsic June 2017 Intrinsic price at price at Gross Intrinsic NAV per Gross Intrinsic NAV per 30 Sept 30 June value Debt CGT NAV share portfolio NAV share Increase / Asset % held 2017 2017 Valuation basis (R'000) (R'000) (R'000) (R'000) (cents) weighting (R'000) (cents) (Decrease) Oceana 17.0% 82.33 90.90 Market value per share 1 894 176 (558 669) (247 540) 1 087 967 452.3 22.4% 1 263 560 525.3 (13.9%) Sea Harvest ² 54.9% 13.35 13.70 Market value per share 1 842 838 - - 1 842 838 766.1 21.8% 1 891 153 786.2 (2.6%) Life Healthcare 4.5% 23.70 25.65 Market value per share 1 536 267 (210 348) (246 560) 1 079 359 448.7 18.2% 1 257 179 522.6 (14.1%) Equites 8.5% 20.50 17.12 Market value per share 715 379 (417 438) (54 768) 243 173 101.1 8.5% 161 295 67.1 50.8% Grindrod – BEE ³ 6.1% 13.80 11.06 Market value per share 639 158 (775 208) 116 705 - - 7.6% - - Grindrod – direct 0.6% 13.80 11.06 Market value per share 58 268 - 462 58 730 24.4 0.7% 49 752 20.7 18.0% Phuthuma Nathi 7.0% 119.32 140.00 Market value per share 565 407 (168 635) 8 134 404 906 168.3 6.7% 413 743 172.0 (2.1%) Tiger Brands option 4 0.9% 377.35 367.90 Option valuation 330 575 - (71 041) 259 534 107.9 3.9% 253 196 105.3 2.5% Long4Life 9.9% 6.01 6.10 Market value per share 240 400 - (280) 240 120 99.8 2.8% 242 913 101.0 (1.2%) Investment properties 5 100.0% apitalisation rate 157 868 (12 597) (19 939) 125 332 52.1 1.9% 125 332 52.1 0.0% Lion of Africa 5 100.0% Book value 104 884 - 97 642 202 526 84.2 1.2% 202 526 84.2 0.0% MTN Zakhele Futhi 4 1.5% Option valuation 60 810 - (87) 60 723 25.2 0.7% 53 637 22.3 13.2% Aon Re Africa 5 18.0% PE valuation 67 706 - (13 378) 54 328 22.6 0.8% 54 328 22.6 0.0% House of Monatic 5 100.0% Book value 27 670 - 18 603 46 273 19.2 0.3% 46 273 19.2 0.0% Other investments 5 Various Book value 58 593 - (4 257) 54 335 22.6 0.7% 53 806 22.4 1.0% Cash / (net debt) 100.0% Book value 161 134 (1 640 887) - (1 479 753) (615.2) 1.9% (1 536 654) (638.8) (3.7%) 8 461 134 (3 783 781) (416 307) 4 280 391 1 779.4 100.0% 4 532 039 1 884.0 (5.6%) Intrinsic NAV per share (cents) 3 517 (1 573) (173) 1 779 Fully diluted Intrinsic NAV per share (cents) 3 347 (1 496) (165) 1 694 Notes: 1. Based on 240.55 million shares (June 2017: 240.55 million shares) in issue, net of treasury shares as calculated below: Number of Fully diluted shares in number of issue shares Gross number of shares in issue 276 527 711 276 527 711 Treasury shares (fully diluted number is net of notionally realised shares issued to staff and management share trusts and FSPs) (35 979 516) (24 321 767) 240 548 195 252 205 944 Outstanding share options 746 699 Net shares in issue for INAV purposes 240 548 195 252 952 643 2. No CGT provided on shareholding in Sea Harvest due to potential use of the corporate relief provisions of the Income Tax Act. 3. Due to the limited recourse nature of the Grindrod BEE funding structure, Brimstone's investment is shown at a minimum value of zero. 4. Valuations of investments treated as options have been updated by an independent expert as at 30 September 2017. 5. Valuations of unlisted investments were updated as at 30 June 2017. The INAV information presented has been prepared on a basis consistent with that used in the integrated report for the year ended 31 December 2016 which is available on the Company’s website at www.brimstone.co.za. The above information is the responsibility of the directors and has not been reviewed or reported on by the Company’s auditors. 18 October 2017 Sponsor Nedbank Corporate and Investment Banking Date: 18/10/2017 03:30:00 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. 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