Voluntary quarterly intrinsic net asset value 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 2020 is set out below. Summary Change 30 September 31 December 31 December 31 December 31 December Dec 2019 to Sep 2020 2020 2019 2018 2017 2016 (%) Intrinsic NAV of Brimstone (Rm) (6.2) 3 142.3 3 349.3 3 899.6 4 317.9 5 133.9 Book NAV (Rm) 2.3 2 573.0 2 516.2 2 713.4 2 782.0 2 427.1 Intrinsic NAV per share (cents) ¹ (12.4) 1 243.0 1 419.3 1 615.1 1 800.9 2 139.5 Fully diluted Intrinsic NAV per share (cents) ¹ (12.7) 1 231.9 1 410.3 1 598.8 1 750.9 2 043.1 Book NAV per share (cents) (4.5) 1 018.0 1 066.3 1 123.8 1 160.3 1 011.5 Market price per share (cents) Ordinary shares (41.0) 451 765 1 050 1 300 1 299 ‘N’ Ordinary shares (31.0) 535 775 949 1 125 1 200 Discount to Intrinsic NAV Ordinary shares 63.7% 46.1% 35.0% 27.8% 39.3% ‘N’ Ordinary shares 57.0% 45.4% 41.2% 37.5% 43.9% Intrinsic NAV analysis by asset An analysis of the Intrinsic NAV of Brimstone as at 30 September 2020 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 % Share price Share Valuation basis Gross value Debt CGT September September Gross December December Increase / held at 30 price at (R'000) (R'000) (R'000) 2020 2020 portfolio 2019 2019 (Decrease) September 31 Intrinsic Intrinsic weighting Intrinsic Intrinsic (%) 2020 December NAV (R'000) NAV per (%) NAV NAV per 2019 share (R'000) share (cents) (cents) Oceana² 25.0% 62.00 61.55 Market value per share 2 022 881 - - 2 022 881 800.2 30.1 1 349 405 571.8 39,9 Sea Harvest ² 54.2% 14.20 14.55 Market value per share 2 264 849 - - 2 264 849 895.9 33.7 2 320 273 983.3 (8,9) Life Healthcare 3 3.4% 17.06 24.65 Market value per share 844 433 (1 319 663) (166 122) (641 353) (253.7) 12.6 (279 758) (118.6) 114,0 Life Healthcare 100% Option valuation 491 351 - (110 063) 381 288 150.8 7.3 94 001 39.8 278,6 Zero Cost Collar4 Equites 2.3% 17.00 20.00 Market value per share 237 297 - (12 250) 225 047 89.0 3.5 642 394 272.2 (67,3) Phuthuma Nathi 2.8% 109.49 107.40 Market value per share 207 530 - - 207 530 82.1 3.1 421 989 178.8 (54,1) Multichoice Group 0.0% - 116.50 Market value per share - - - - - 0.0 105 170 44.6 (100,0) Stadio & Milpark 5.3% 1.36 2.00 Market value per share 105 055 - - 105 055 41.6 1.6 127 721 54.1 (23,2) & cost Investment 100.0% Capitalisation rate 71 234 - - 71 234 28.2 1.1 71 234 30.2 (6,7) properties FPG Property 9.9% Book value 180 847 - (10 759) 170 088 67.3 2.7 164 852 69.9 (3,7) Fund MTN Zakhele Futhi 1.5% 10.00 13.20 Market value per share 18 188 - - 18 188 7.2 0.3 24 008 10.2 (29,3) Aon Re Africa 18.0% PE valuation 74 308 - (14 857) 59 450 23.5 1.1 40 835 17.3 35,9 House of Monatic 100.0% Adjusted book value 12 751 - - 12 751 5.0 0.2 23 516 10.0 (49,4) Other investments Various Valuation 145 972 - (11 716) 134 256 53.1 2.2 99 612 42.2 25,8 Cash / (net debt) 100.0% Book value 37 544 (2 078 935) 152 471 (1 888 919) (747.2) 0.6 (1 855 906) (786.5) (5,0) 6 714 238 (3 398 598) (173 295) 3 142 345 1 243 100.0 3 349 345 1 419 (12,4) Intrinsic NAV per share (cents) 2 656 (1 344) (69) 1 243 Fully diluted Intrinsic NAV per share (cents) 2 629 (1 329) (68) 1 232 Notes: 1. Based on 253 million shares (December 2019: 236 million shares) in issue, net of treasury shares as calculated below: Number of shares in Fully diluted number issue of shares Gross number of shares in issue 268 514 108 268 514 108 Treasury shares (fully diluted number is net of notionally realised shares issued to staff and management share trusts and FSPs) (15 710 628) (12 856 144) 252 803 480 255 657 964 Outstanding in the money share options - Net shares in issue for INAV purposes 252 803 480 255 657 964 2. No CGT provided on shareholding in Sea Harvest and Oceana due to potential use of the corporate relief provisions of the Income Tax Act. 3. Brimstone has entered into a securities lending arrangement with Nedgroup Securities. At the end of the lending arrangement, Nedgroup Securities will be obligated to return the shares to Brimstone. 4. The Zero Cost Collar derivative over the Life Healthcare investment was valued as at 30 September 2020. The INAV information presented has been prepared on a basis consistent with that used in the integrated report for the year ended 31 December 2019, 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. 20 November 2020 Sponsor Nedbank Corporate and Investment Banking Date: 20-11-2020 04:00:00 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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