Brimstone Investment : 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