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 31 March 2018 is set out below. Change Dec 2017 31 March 31 December 31 December 31 December 31 December 31 December 31 December Summary to Mar 2018 2018 2017 2016 2015 2014 2013 2012 Intrinsic NAV of Brimstone (R’m) (5.1)% 4 099.7 4 317.9 5 133.9 4 229.4 4 862.3 4 187.0 3 604.9 Book NAV (R’m) 2 782.0 2 427.1 2 530.3 3 325.0 3 237.6 2 814.9 Intrinsic NAV per share (cents)¹ (5.1)% 1 709.9 1 800.9 2 139.5 1 741.4 1 979.4 1 708.8 1 473.7 Fully diluted Intrinsic NAV per share (cents)¹ (5.2)% 1 660.2 1 750.9 2 043.1 1 647.8 1 857.8 1 615.6 1 398.5 Book NAV per share (cents) 1 160.3 1 011.5 1 044.0 1 356.3 1 324.0 1 153.1 Market price per share (cents) Ordinary shares (15.4)% 1 100 1 300 1 299 1 350 1 700 1 400 1 125 ‘N’ Ordinary shares 6.2% 1 195 1 125 1 200 1 270 1 650 1 400 1 195 Discount to Intrinsic NAV Ordinary shares 35.7% 27.8% 39.3% 22.5% 14.1% 18.1% 23.7% ‘N’ Ordinary shares 30.1% 37.5% 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 31 March 2018 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. Asset % held Share Share Valuation basis Gross Debt CGT Mar 2018 Mar 2018 Gross Dec 2017 Dec 2017 Increase / price at price at value (R'000) (R'000) Intrinsic Intrinsic portfolio Intrinsic Intrinsic (Decrease) 31 Mar 31 Dec (R'000) NAV NAV per weighting NAV NAV per 2018 2017 (R'000) share (R'000) share (cents) (cents) Oceana 17.0% 82.50 85.00 Market value per share 1 898 087 (246 300) (248 417) 1 403 370 585.3 23.5% 1 082 624 451.5 29.6% Sea Harvest ² 54.9% 12.40 12.50 Market value per share 1 711 700 - - 1 711 700 713.9 21.2% 1 725 504 719.7 (0.8)% Life Healthcare 3.5% 27.61 27.75 Market value per share 1 416 456 174 (292 206) 1 124 424 469.0 17.6% 1 278 803 533.4 (12.1)% Equites 8.5% 20.15 21.00 Market value per share 703 166 (415 871) (51 041) 236 253 98.5 8.7% 269 059 112.2 (12.2)% Grindrod – BEE ³ 6.1% 13.76 13.65 Market value per share 637 305 (813 496) 117 120 - - 7.9% - - - Grindrod – direct 0.6% 13.76 13.65 Market value per share 58 099 - 500 58 599 24.4 0.7% 58 238 24.3 0.6% Phuthuma Nathi 7.0% 86.72 99.22 Market value per share 410 919 (158 491) - 252 428 105.3 5.1% 308 650 128.7 (18.2)% Tiger Brands 460.00 Option valuation - - - - - 0.0% 310 413 129.5 (100.0)% Stadio & Milpark 5.4% 5.74 8.05 Market value per share 287 918 - (22 221) 265 697 110.8 3.6% 233 441 97.4 13.8% & valuation Long4Life 4.0% 5.93 4.90 Market value per share 210 515 - 1 900 212 415 88.6 2.6% 184 040 76.8 15.4% Investment properties 100.0% Capitalisation rate 219 868 (60 665) (22 627) 136 576 57.0 2.7% 136 566 57.0 0.0% FPG Property Fund 10.0% Book value 131 681 - - 131 681 54.9 1.6% - - - Lion of Africa 100.0% Book value 90 581 - 109 806 200 387 83.6 1.1% 200 387 83.6 0.0% MTN Zakhele Futhi 4 1.5% Option valuation 70 564 - (2 272) 68 292 28.5 0.9% 68 292 28.5 0.0% Aon Re Africa 18.0% PE valuation 64 496 - (12 659) 51 837 21.6 0.8% 51 837 21.6 0.0% House of Monatic 100.0% Book value 16 320 - - 16 320 6.8 0.2% 16 320 6.8 0.0% Other investments Various Valuation 103 415 - (8 787) 94 628 39.5 1.3% 92 863 38.7 1.9% Cash / (net debt) 100.0% Book value 39 681 (1 904 591) - (1 864 910) (777.8) 0.5% (1 699 105) (708.6) 9.8% 8 070 771 (3 599 239) (430 906) 4 099 696 1 709.9 100.0% 4 317 930 1 800.9 (5.1)% Intrinsic NAV per share (cents) 3 366 (1 501) (180) 1 710 Fully diluted Intrinsic NAV per share (cents) 3 266 (1 456) (174) 1 660 Notes: 1. Based on 239.8 million shares (December 2017: 239.8 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 268 532 558 268 532 558 Treasury shares (fully diluted number is net of notionally realised shares issued to staff and management share trusts and FSPs) (28 765 364) (21 920 196) 239 767 194 246 612 362 Outstanding share options - 619 319 Net shares in issue for INAV purposes 239 767 194 247 231 681 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 were updated by an independent expert as at 31 December 2017. The Intrinsic NAV information presented has been prepared on a basis consistent with that used in the integrated report for the year ended 31 December 2017 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. 6 April 2018 Sponsor Nedbank Corporate and Investment Banking Date: 06/04/2018 08:30:00 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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