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 2019 is set out below. Summary Change 31 March 31 December 31 December 31 December 31 December 31 December December 2018 to 2019 2018 2017 2016 2015 2014 March 2019 Intrinsic NAV of Brimstone (Rm) 2.2% 3 985.0 3 899.6 4 317.9 5 133.9 4 229.4 4 862.3 Book NAV (Rm) (3.0)% 2 633.2 2 713.4 2 782.0 2 427.1 2 530.3 3 325.0 Intrinsic NAV per share (cents) ¹ 2.2% 1 650.5 1 615.1 1 800.9 2 139.5 1 741.4 1 979.4 Fully diluted Intrinsic NAV per share (cents) ¹ 2.2% 1 634.0 1 598.8 1 750.9 2 043.1 1 647.8 1 857.8 Book NAV per share (cents) (3.0)% 1 090.6 1 123.8 1 160.3 1 011.5 1 044.0 1 356.3 Market price per share (cents) Ordinary shares (11.4)% 930 1 050 1 300 1 299 1 350 1 700 ‘N’ Ordinary shares (0.4)% 945 949 1 125 1 200 1 270 1 650 Discount to Intrinsic NAV Ordinary shares 43.7% 35.0% 27.8% 39.3% 22.5% 14.1% ‘N’ Ordinary shares 42.7% 41.2% 37.5% 43.9% 27.1% 16.6% Intrinsic NAV analysis by asset An analysis of the Intrinsic NAV of Brimstone as at 31 March 2019 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 March March Gross December December Increase / price at 31 price at 31 value (R'000) (R'000) 2019 2019 portfolio 2018 2018 (Decrease) March December (R'000) Intrinsic Intrinsic weighting Intrinsic Intrinsic 2019 2018 NAV NAV per NAV NAV per (R'000) share (R'000) share (cents) (cents) Oceana 22.9% 77.50 73.88 Market value per share 2 403 051 (955 584) (231 287) 1 216 180 503.7 27.3% 1 243 065 514.8 (2.2)% Sea Harvest ² 54.2% 14.20 13.75 Market value per share 2 264 458 - - 2 264 458 937.9 25.7% 1 898 055 786.1 19.3% Life Healthcare 6 3.4% 26.84 26.40 Market value per share 1 328 521 (1 185 642) (273 821) (130 942) (54.2) 15.1% 1 037 812 429.8 (112.6)% Equites 7.7% 19.51 19.36 Market value per share 680 832 - (42 635) 638 196 264.3 7.7% 233 995 96.9 172.7% Grindrod Shipping 0.3% 72.30 75.36 Market value per share 4 017 - 1 956 13 852 5.7 0.0% 45 262 18.7 (69.4)% Phuthuma Nathi 7.0% 126.20 135.36 Market value per share 598 004 3 - 598 006 247.7 6.8% 512 221 212.1 16.7% Stadio & Milpark 5.3% 3.50 3.49 Market value per share & 193 069 - (294) 192 774 79.8 2.2% 192 436 79.7 0.2% cost Investment properties 100.0% Capitalisation rate 206 680 (61 026) (18 625) 127 029 52.6 2.3% 127 013 52.6 0.0% FPG Property Fund 9.9% Book value 148 116 - (3 427) 144 689 59.9 1.7% 144 689 59.9 0.0% Lion of Africa 100.0% Book value - - 139 429 139 429 57.7 0.0% 139 429 57.7 0.0% MTN Zakhele Futhi 5 1.5% Option valuation 37 898 - 5 045 42 943 17.8 0.4% 42 546 17.6 0.9% Aon Re Africa 18.0% PE valuation 92 222 - (18 870) 73 352 30.4 1.0% 64 015 26.5 14.6% House of Monatic 100.0% Adjusted book value 27 847 - - 27 847 11.5 0.3% 27 847 11.5 0.0% Other investments Various Valuation 104 248 - (13 709) 90 539 37.5 1.2% 100 036 41.4 (9.5)% Cash / (net debt) 100.0% Book value 722 622 (2 168 076) - (1 453 334) (601.9) 8.1% (1 908 780) (790.6) (23.9)% 8 811 585 (4 370 326) (456 239) 3 985 020 1 650 100.0% 3 899 639 1 615.1 2.2% Grindrod – BEE 3 4 6.1% 9.46 13.65 Market value per share 438 032 (890 145) 221 263 - - 9 249 616 (5 260 470) (234 976) 3 985 020 1 650 Intrinsic NAV per share (cents) 3 650 (1 810) (189) 1 650 Fully diluted Intrinsic NAV per share (cents) 3 610 (1 789) (187) 1 634 Notes: 1. Based on 241.4 million shares (December 2018: 241.4 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 259 432 321 259 432 321 Treasury shares (fully diluted number is net of notionally realised shares issued to staff and management share trusts and FSPs) (17 986 483) (15 173 318) 241 445 838 244 259 003 Outstanding in the money share options - - Net shares in issue for INAV purposes 241 445 838 244 259 003 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 31 March 2019. 6. 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 stock to Brimstone. The INAV information presented has been prepared on a basis consistent with that used in the integrated report for the year ended 31 December 2018 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. 16 May 2019 Sponsor Nedbank Corporate and Investment Banking Date: 16/05/2019 04:48:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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