Voluntary 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 Intrinsic Net Asset Value disclosure Shareholders are advised that Brimstone has resolved to report on Intrinsic Net Asset Value (“Intrinsic NAV”) on a quarterly basis going forward. A full analysis of the Intrinsic NAV, together with applicable explanations for the quarter ended 31 March 2017 is set out below. CAGR Change (2012-2016) December 2016 to 31 March 31 December 31 December 31 December 31 December 31 December excluding Summary March 2017 2017 2016 2015 2014 2013 2012 dividends Intrinsic NAV of Brimstone (Rm) (2.2)% 5 019.1 5 133.9 4 229.4 4 862.3 4 187.0 3 604.9 9.2% Book NAV (Rm) 2 427.1 2 530.3 3 325.0 3 237.6 2 814.9 Intrinsic NAV per share (cents)¹ (2.5)% 2 086.5 2 139.5 1 741.4 1 979.4 1 708.8 1 473.7 9.8% Fully diluted Intrinsic NAV per share (cents)¹ (4.4)% 1 952.5 2 043.1 1 647.8 1 857.8 1 615.6 1 398.5 9.9% Book NAV per share (cents) 1 011.5 1 044.0 1 356.3 1 324.0 1 153.1 Market price per share (cents) Ordinary shares 11.6% 1 450 1 299 1 350 1 700 1 400 1 125 3.7% ‘N’ Ordinary shares 20.0% 1 440 1 200 1 270 1 650 1 400 1 195 0.1% Discount to Intrinsic NAV Ordinary shares 30.5% 39.3% 22.5% 14.1% 18.1% 23.7% ‘N’ Ordinary shares 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 31 March 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. March December March 2017 December 2016 Share Share price 2017 Intrinsic 2016 Intrinsic price at at 31 Gross Intrinsic NAV per Gross Intrinsic NAV per 31 March December value Debt CGT NAV share portfolio NAV share Increase / Asset % held 2017 2016 Valuation basis (R'000) (R'000) (R'000) (R'000) (cents) weighting (R'000) (cents) (Decrease) Oceana 17.0% 104.01 120.00 Market value per share 2 392 970 (247 198) (359 270) 1 786 501 742.7 26.1% 2 043 380 851.6 (12.8)% Sea Harvest² ³ 54.9% 13.50 Market value per share 1 863 544 - - 1 863 544 774.7 20.3% 2 235 918 931.8 (16.9)% Life Healthcare 4.7% 28.99 32.60 Market value per share 1 454 103 (262 566) (309 362) 882 175 366.7 15.8% 1 029 469 429.0 (14.5)% Life Healthcare NPLs 4.50 Market value per share 77 232 (17 300) 59 932 24.9 0.8% - - - Phuthuma Nathi 7.0% 127.00 130.82 Market value per share 601 797 (227 591) 122 374 329 155.6 6.6% 390 985 162.9 (4.5)% Grindrod – BEE 6.1% 14.30 13.45 Market value per share 662 316 (739 257) 111 518 34 576 14.4 7.2% 20 920 8.7 64.9% Grindrod – direct 0.6% 14.30 13.45 Market value per share 60 379 - (11) 60 368 25.1 0.7% 57 583 24.0 4.6% Equites 10.0% 17.15 15.80 Market value per share 598 476 (416 566) (30 607) 151 303 62.9 6.5% 124 778 52.0 21.0% Tiger Brands option4 0.9% 400.45 397.83 Option valuation 382 164 - (82 597) 299 567 124.5 4.2% 292 655 122.0 2.1% Lion of Africa5 100.0% Book value 142 919 - 89 122 232 041 96.5 1.6% 232 041 96.7 (0.2)% MTN Group6 126.17 Market value per share - - (1 360) (1 360) (0.6) 0.0% 70 682 29.5 (101.9)% MTN Zakhele Futhi4 1.5% Option valuation 63 646 - (722) 62 923 26.2 0.7% 65 368 27.2 (4.0)% Investment properties 100.0% Capitalisation rate 69 773 (13 770) (11 406) 44 597 18.5 0.8% 44 597 18.6 (0.2)% Aon Re Africa5 18.0% PE valuation 58 206 - (11 250) 46 955 19.5 0.6% 46 955 19.6 (0.2)% House of Monatic5 100.0% Book value 45 190 - 14 820 60 010 24.9 0.5% 60 010 25.0 (0.2)% Other investments5 Various Book value 52 215 - (3 745) 48 470 20.1 0.6% 47 854 19.9 1.0% Cash/net debt 100.0% Book value 649 398 (1 636 256) - (986 858) (410.3) 7.1% (1 629 286) (679.0) (39.6)% 9 174 327 (3 543 205) (612 048) 5 019 074 2 086.5 100.0% 5 133 910 2 139.5 (2.5)% Intrinsic NAV per share (cents) 3 814 (1 473) (254) 2 087 Fully diluted Intrinsic NAV per share (cents) 3 578 (1 392) (234) 1 953 Notes: 1. Based on 240.5 million shares (December 2016: 239.95 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 283 073 885 283 073 885 Treasury shares (fully diluted number is net of notionally realised shares issued in terms of circular dated 18 Nov 2010) (42 525 690) (29 815 654) 240 548 195 253 258 231 Outstanding share options 1 339 096 Net shares in issue for Intrinsic NAV purposes 240 548 195 254 597 327 2. No CGT provided on shareholding in Sea Harvest due to potential use of the corporate relief provisions of the Income Tax Act. 3. Decrease in value of Sea Harvest since 31 December 2016 due to having received R576 million in cash as repayment of shareholder loan and redemption of preference shares, which is reflected in surplus cash on hand. 4. Valuations of investments treated as options have been updated by an independent expert as at 31 March 2017. 5. Valuations of unlisted investments have not been updated since 31 December 2016. 6. MTN Group shares sold during March 2017, realising an average price of R127.56 per share. The above information has not been reviewed or reported on by the Company’s auditors. 6 April 2017 Sponsor Nedbank Corporate and Investment Banking Date: 06/04/2017 12:35:00 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.