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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 2026 is set out below.
Summary Change Dec 2025 to 31 Mar 26 31 Dec 25 31 Dec 24 31 Dec 23 31 Dec 22
Mar 2026
Intrinsic NAV of Brimstone (Rm) (4.4%) 2 273.6 2 377.7 2 681.4 2 978.9 3 287.2
Intrinsic NAV per share (cents) ¹ (4.3%) 945.1 987.9 1 110.1 1 213.3 1 325.0
Fully diluted Intrinsic NAV per share (cents) ¹ (4.7%) 911.8 956.4 1 079.1 1 187.7 1 301.5
Market price per share (cents)
Ordinary shares (5.6%) 425 450 504 511 526
'N' Ordinary shares 1.1% 535 529 505 485 563
Discount to Intrinsic NAV
Ordinary shares 55.0% 54.4% 54.6% 57.9% 60.3%
'N' Ordinary shares 43.4% 46.5% 54.5% 60.0% 57.5%
Intrinsic NAV analysis by asset
An analysis of the Intrinsic NAV of Brimstone as at 31 March 2026 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.
Closing Closing
share share Gross Mar 2026 Mar 2026 Gross Dec 2025
Debt CGT Dec 2025 Increase /
Asset % held price at price at Valuation basis Value INAV INAV/share portfolio INAV/share
(R'000) (R'000) INAV (R'000) (Decrease)
31 Mar 31 Dec (R'000) (R'000) (cents) weighting (cents)
2026 2025
Market value per
Oceana 16.0% 53.00 55.74 share 1 101 559 - - 1 101 559 457.9 31.9% 1 158 507 481.3 (4.9%)
Market value per
Sea Harvest 2 44.2% 9.00 9.49 share 1 436 030 - - 1 436 030 596.9 41.6% 1 514 214 629.1 (5.1%)
Market value per
Phuthuma Nathi 1.3% 48.00 46.00 share 42 980 - - 42 980 17.9 1.2% 41 190 17.1 4.7%
MTN Zakhele Market value per
Futhi 1.3% - 0.20 share - - - - - 0.0% 313 0.1 (100.0%)
FPG Property
Fund 10.0% Book value 492 388 - - 492 388 204.7 14.3% 420 553 174.7 17.2%
FPG Investments 1.3% Market approach 56 331 - - 56 331 23.4 1.6% 56 331 23.4 -
Aon Re Africa 18.0% PE valuation 100 860 - - 100 860 41.9 2.9% 100 860 41.9 -
Obsidian 70.0% Book value 84 247 - - 84 247 35.0 2.4% 84 247 35.0 -
SAED 25.0% Book value 67 311 - - 67 311 28.0 2.0% 67 595 28.1 (0.4%)
Other
Investments,
Assets & Liabilities Various Valuation 29 472 - 26 171 55 643 23.1 0.9% 55 643 23.1 -
Cash / (Net debt) 100.0% Book value 37 702 (1 201 456) - (1 163 754) (483.7) 1.2% (1 121 719) (466.0) 3.8%
3 448 880 (1 201 456) 26 171 2 273 595 945 100.0% 2 377 734 988 (4.3%)
Intrinsic NAV per share (cents) 1 434 (499) 11 945
Fully diluted Intrinsic NAV per share (cents) 1 383 (482) 10 912
Notes:
1. Based on 241 million shares (December 2025: 241 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) (24 278 648) (15 508 246)
Net shares in issue for Intrinsic NAV purposes 240 571 460 249 341 862
2. No CGT provided on shareholding in 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 2025, 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.
26 May 2026
Sponsor
Nedbank Corporate and Investment Banking. a division of Nedbank Limited
Date: 26-05-2026 09:00:00
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