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 2018 is set out below. Summary Change 30 September 30 June 31 December 31 December 31 December 31 December 31 December June 2018 to 2018 2018 2017 2016 2015 2014 2013 September 2018 Intrinsic NAV of Brimstone (Rm) 6.0% 4 260.3 4 020.6 4 317.9 5 133.9 4 229.4 4 862.3 4 187.0 Book NAV (Rm) 19.0% 2 782.9 2 338.4 2 782.0 2 427.1 2 530.3 3 325.0 3 237.6 Intrinsic NAV per share (cents)¹ 6.0% 1 752.3 1 653.7 1 800.9 2 139.5 1 741.4 1 979.4 1 708.8 Fully diluted Intrinsic NAV per share (cents)¹ 6.2% 1 713.7 1 614.0 1 750.9 2 043.1 1 647.8 1 857.8 1 615.6 Book NAV per share (cents) 19.0% 1 144.6 961.8 1 160.3 1 011.5 1 044.0 1 356.3 1 324.0 Market price per share (cents) Ordinary shares 2.0% 1 020 1 000 1 300 1 299 1 350 1 700 1 400 ‘N’ Ordinary shares (2.0)% 980 1 000 1 125 1 200 1 270 1 650 1 400 Discount to Intrinsic NAV Ordinary shares 41.8% 39.5% 27.8% 39.3% 22.5% 14.1% 18.1% ‘N’ Ordinary shares 44.1% 39.5% 37.5% 43.9% 27.1% 16.6% 18.1% Intrinsic NAV analysis by asset An analysis of the Intrinsic NAV of Brimstone as at 30 September 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 Sep 2018 Sep 2018 Gross December December Increase / price at price at value (R'000) (R'000) Intrinsic Intrinsic portfolio 2017 2017 (Decrease) 30 Sept 31 Dec (R'000) NAV NAV per weighting Intrinsic Intrinsic 2018 2017 (R'000) share NAV NAV per (cents) (R'000) share (cents) Oceana 17.0% 82.47 85.00 Market value per share 1 897 397 (246 847) (248 262) 1 402 288 576.8 23.8% 1 082 624 451.5 27.7% Sea Harvest² 50.6% 14.00 12.50 Market value per share 1 932 565 - - 1 932 565 794.9 24.2% 1 725 504 719.7 10.5% Life Healthcare 3.4% 24.56 27.75 Market value per share 1 215 666 16 (248 541) 967 141 397.8 15.2% 1 278 803 533.4 (25.4)% Equites 7.7% 20.00 21.00 Market value per share 697 931 (413 617) (48 397) 235 917 97.0 8.7% 269 059 112.2 (13.5)% Grindrod – direct4 0.6% 10.30 13.65 Market value per share 43 479 - 9 199 52 678 21.7 0.5% 58 238 24.3 (10.8)% Phuthuma Nathi 7.0% 141.51 99.22 Market value per share 670 571 (122 038) (15 020) 533 514 219.4 8.4% 308 650 128.7 70.5% Tiger Brands 460.00 Option valuation - - - - - 0.0% 310 413 129.5 (100.0)% Stadio & Milpark 5.3% 4.20 8.05 Market value per share 223 564 - (7 125) 216 439 89.0 2.8% 233 441 97.4 (8.6)% & cost Long4Life 3.4% 4.70 4.90 Market value per share 145 498 - - 145 498 59.8 1.8% 184 040 76.8 (22.0)% Investment properties 100.0% Capitalisation rate 219 868 (61 031) (22 627) 136 209 56.0 2.8% 136 566 57.0 (1.6)% FPG Property Fund 10.0% Book value 129 771 - 606 130 377 53.6 1.6% Lion of Africa 100.0% Book value 63 003 - 115 984 178 987 73.6 0.8% 200 387 83.6 (11.9)% MTN Zakhele Futhi5 1.5% Option valuation 44 207 - 3 632 47 839 19.7 0.6% 68 292 28.5 (30.9)% Aon Re Africa 18.0% PE valuation 85 299 - (17 319) 67 980 28.0 1.1% 51 837 21.6 29.3% House of Monatic 100.0% Adjusted book value 28 489 - - 28 489 11.7 0.4% 16 320 6.8 72.2% Other investments Various Valuation 114 207 - (8 988) 105 219 43.3 1.4% 92 863 38.7 11.7% Cash / (net debt) 100.0% Book value (11 867) (1 908 926) - (1 920 793) (790.0) (0.1)% (1 699 105) (708.6) 11.5% 7 499 648 (2 752 443) (486 860) 4 260 345 1 752.3 94.0% 4 317 930 1 800.9 Grindrod – BEE 3 4 476 937 (853 758) 212 548 - - 6.0% - - 7 976 584 (3 606 201) (274 312) 4 260 345 1 752.3 100% 4 317 930 1 800.9 Intrinsic NAV per share (cents) 3 281 (1 483) (113) 1 752 Fully diluted Intrinsic NAV per share (cents) 3 207 (1 449) (110) 1 714 Notes: 1. Based on 243.1 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 267 829 690 267 829 690 Treasury shares (fully diluted is net of notionally realised shares issued to staff and management share trusts and FSPs) (24 701 184) (18 963 697) Net shares in issue for INAV purposes 243 128 506 248 865 993 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. Brimstone now holds a combination of Grindrod Limited and Grindrod Shipping shares. Price shown calculated on a pro forma basis. 5. Valuation of MTN Zakhele Futhi investment treated as an option and was updated by an independent expert as at 30 September 2018. The INAV 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. 13 November 2018 Sponsor Nedbank Corporate and Investment Banking Date: 13/11/2018 12:22:00 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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