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 31 March 2022 is set out below. Summary Change 31 March 31 December 31 December 31 December 31 December Dec 2021 to Mar 2022 2022 2021 2020 2019 2018 (%) Intrinsic NAV of Brimstone (Rm) 3.6% 3 372.7 3 255.6 3 284.8 3 349.3 3 899.6 Intrinsic NAV per share (cents) ¹ 3.7% 1 362.1 1 314.0 1 299.3 1 419.3 1 615.1 Fully diluted Intrinsic NAV per share (cents) ¹ 3.7% 1 339.9 1 292.6 1 282.7 1 410.3 1 598.8 Market price per share (cents) Ordinary shares 26.8% 799 630 581 765 1 050 ‘N’ Ordinary shares 26.3% 820 649 650 775 949 Discount to Intrinsic NAV Ordinary shares 41.3% 52.1% 55.3% 46.1% 35.0% ‘N’ Ordinary shares 39.8% 50.6% 50.0% 45.4% 41.2% Intrinsic NAV analysis by asset An analysis of the Intrinsic NAV of Brimstone as at 31 March 2022 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 % Closing Closing Valuation basis Gross value Debt CGT Mar 2022 Mar 2022 Gross Dec 2021 Dec 2021 Increase / held share price share (R'000) (R'000) (R'000) Intrinsic Intrinsic portfolio Intrinsic Intrinsic (Decrease) at 31 Mar price at NAV NAV per weighting NAV NAV per (%) 2022 31 Dec (R'000) share (%) (R'000) share (R) 2021 (cents) (cents) (R) Oceana² 25.0% 57.00 55.54 Market value per share 1 859 745 - - 1 859 745 751.1 33.2 1 812 110 731.4 2.7 Sea Harvest ² 53.4% 14.00 13.80 Market value per share 2 233 111 - - 2 233 111 901.8 39.9 2 201 210 888.4 1.5 Equites 1.8% 22.94 22.99 Market value per share 320 211 - (29 722) 290 489 117.3 5.7 289 930 117.0 0.3 Phuthuma Nathi 2.8% 141.00 134.95 Market value per share 267 255 - (6 595) 260 660 105.3 4.8 251 517 101.5 3.7 Stadio 5.1% 4.05 3.75 Market value per share 176 438 - (5 459) 170 979 69.1 3.1 160 635 64.8 6.6 MTN Zakhele Futhi 1.5% 32.50 31.00 Market value per share 59 111 - - 59 111 23.9 1.1 56 383 22.8 4.8 Milpark 12.8% - - Market approach 92 873 - (6 848) 86 025 34.7 1.7 85 771 34.6 0.3 Investment property 100.0% - - Capitalisation rate 57 500 - - 57 500 23.2 1.0 57 500 23.2 0.0 FPG Property Fund 9.9% - - Book value 229 681 - (20 923) 208 758 84.3 4.1 207 984 83.9 0.5 Aon Re Africa 18.0% - - PE valuation 69 906 - (13 376) 56 530 22.8 1.2 56 035 22.6 0.9 Obsidian 70.0% - - Book value 71 960 - (7 443) 64 517 26.1 1.3 64 241 25.9 0.8 SAED 25.0% - - Book value 60 608 - - 60 608 24.5 1.1 60 231 24.3 0.8 Other investments, Various - - Valuation 132 566 - 30 002 162 568 65.7 2.4 84 210 34.0 93.2 assets & liabilities Cash / (Net debt) 100.0% - - Book value (29 287) (2 168 635) - (2 197 922) (887.6) (0.6) (2 132 147) (860.5) 3.1 5 601 678 (2 168 635) (60 364) 3 372 679 1 362 100.0 3 255 610 1 314 3.7 Intrinsic NAV per share (cents) 2 262 (876) (24) 1 362 Fully diluted Intrinsic NAV per share (cents) 2 225 (862) (24) 1 340 Notes: 1. Based on 248 million shares (December 2021: 248 million shares) in issue, net of treasury shares as calculated below: Number of shares in issue Fully diluted number of shares Gross number of shares in issue 264 850 108 264 850 108 Treasury shares (fully diluted number is net of notionally realised unvested FSPs) (17 235 183) (13 140 245) Net shares in issue for Intrinsic NAV purposes 247 614 925 251 709 863 2. No CGT provided on shareholding in Oceana and Sea Harvest due to potential use of the corporate relief provisions of the Income Tax Act. 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 2021, 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. 27 May 2022 Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited Date: 27-05-2022 08:00:00 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. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.