Salient features of the unaudited consolidated interim results for the six months ended 30 June 2019 Brimstone Investment Corporation Limited ISIN Number: ZAE000015277 | Share Code: BRT ISIN Number: ZAE000015285 | Share Code: BRN Company Registration Number: 1995/010442/06 (Incorporated in the Republic of South Africa) ("Brimstone" or "the Company" or "the Group") Salient features of the unaudited consolidated interim results for the six months ended 30 June 2019 Significant events - Profit before net finance costs increased by R378 million - Acquisition of an additional 8 million shares in Oceana for R581 million increasing shareholding to 22.9% - R1.2 billion raised in a share-backed Zero-Cost-Collar funding arrangement over Life Healthcare shares - Clover transaction exited - Sea Harvest acquired 100% of Ladismith Cheese Financial overview 6 months 6 months Year ended ended ended 30 June 30 June 31 December R'000 2019 2018 2018 Revenue 2 078 872 1 369 620 3 376 655 Operating profit 178 160 183 657 388 559 Fair value gains/(losses) 58 798 (403 659) (177 599) Share of profits of associates and joint ventures 66 151 76 901 170 479 (Loss)/profit for the period (84 269) (227 144) 71 323 (Loss)/profit attributable to: Equity holders of the parent (155 455) (282 120) (78 505) Non-controlling interests 71 186 54 976 149 828 (84 269) (227 144) 71 323 Loss per share (cents) Basic (64.4) (117.7) (32.4) Diluted (64.4) (117.7) (32.4) Headline loss per share (cents) Basic (64.1) (118.6) (21.1) Diluted (64.1) (118.6) (21.1) ASSETS Non-current assets 8 940 246 6 175 534 7 949 448 Current assets 3 114 631 2 159 085 2 947 103 TOTAL ASSETS 12 054 877 8 334 619 10 896 551 EQUITY AND LIABILITIES Capital and reserves 3 476 613 3 174 136 3 867 250 Non-current liabilities 6 623 172 3 244 220 4 660 904 Current liabilities 1 955 092 1 916 263 2 368 397 TOTAL EQUITY AND LIABILITIES 12 054 877 8 334 619 10 896 551 NAV per share (cents) 998.5 961.8 1 123.8 Shares in issue at end of period (000's) 241 446 243 129 241 446 Intrinsic Net Asset Value (INAV) INAV at 30 June 2019 calculated on a line-by-line basis, totalled R3.71 billion, or R15.34 per share (31 December 2018: R3.90 billion, or R16.15 per share), representing a decrease of 5% from 2018 (a decrease of 5% on a per share basis). As at 30 June 2019, Brimstone Ordinary shares were trading at a discount of 44.6% to INAV (31 December 2018: 35.0%) and "N" Ordinary shares traded at a discount of 40.3% to INAV (31 December 2018: 41.2%). The analysis of INAV is available on the Company's website at http://www.brimstone.co.za. The INAV information presented in this report has been prepared on a basis consistent with that used in the integrated report for the year ended 31 December 2018. F Robertson MA Brey Executive Chairman Chief Executive Officer 2 September 2019 Directorate and administration Registered office: Boundary Terraces, 1 Mariendahl Lane, Newlands 7700, Cape Town Transfer Secretaries: Computershare Investor Services (Pty) Ltd, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196 Sponsor: Nedbank CIB, 135 Rivonia Road, Sandton 2196 Directorate: F Robertson (Executive Chairman)*, MA Brey (Chief Executive Officer)*, GG Fortuin (Financial)*, MI Khan (Chief Operating Officer)*, T Moodley*, PL Campher (Lead Independent), M Hewu, N Khan, KR Moloko, MK Ndebele, LA Parker, FD Roman *Executive Company Secretary: T Moodley Website: http://www.brimstone.co.za E-mail: info@brimstone.co.za About this Announcement This short-form announcement is the responsibility of the directors of Brimstone Investment Corporation Limited. It is only a summary of the information in the unaudited consolidated interim results and does not contain full or complete details. Any investment decisions by investors and/or shareholders should be based on consideration of the unaudited consolidated interim results published on the JSE (https://senspdf.jse.co.za/documents/2019/jse/isse/brt/ie2019.pdf). It is also available for viewing at http://www.brimstone.co.za. Copies of the unaudited consolidated interim results may be requested from the company secretary (tmoodley@brimstone.co.za or tel +27 (0) 21 683 1444). This announcement has not been audited or reviewed by the Group's auditors, Deloitte & Touche. Date: 02/09/2019 03:05:00 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.