UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2015

Profitability. Empowerment. Positive Social Impact. 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 ) UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2015 SIGNIFICANT EVENTS Strong dividend income from investments Old Mutual and Nedbank transactions concluded Reduction of debt Downward revaluation of Grindrod, Life Healthcare and Tiger Brands Losses at subsidiary Lion of Africa Insurance Company COMMENTARY The company reported a loss for the period under review of R480.1 million compared to a profit of R309.7million in the comparative period. The significant contributor to this reduction in earnings was the downward revaluation of investments, the effect of which can be found in both fair value adjustments and equity accounted losses of associates and joint ventures. This was compounded by poor results from operating subsidiary Lion of Africa Insurance Company. Gross assets decreased to R7.6 billion, from R7.9 billion at 31 December 2014. Intrinsic Net Asset Value decreased to R4.1 billion from R4.9 billion at 31 December 2014. Underlying investments 1

Brimstone Portfolio SUBSIDIARIES Sea Harvest (58.44%) Catches during the first six months of the year were 8% lower than the prior period as a result of challenging fishing conditions which was partly offset by improved vessel utilisation across the fleet. Sales volumes grew by 6% on average, with particularly strong growth in export markets, where firm international demand for hake was supported on the supply side by the successful integration into the fleet of a new freezer vessel, the Atlantic Peace. Local sales volumes were under pressure due to a stagnant economic environment, pricing action and competitive activity. Revenue was 2% higher than last year, with volume growth and strong price increases being partly offset by weaker foreign exchange rates. Operating profit before interest increased by 35% to R89.3 million benefiting from price increases, efficient cost control and the lower fuel price. Lion of Africa Insurance Company (100%) Lion of Africa reported an underwriting loss at 30 June 2015 of R102.5 million. Net loss for the six months is reported as R105.2 million. While the results are disappointing the specific program of remedial action is expected to yield positive results. Operational reform has commenced in all key business areas under a turnaround team. Lion of Africa has secured a commercial arrangement with Zurich Insurance Company South Africa Limited in respect of Corporate and Local Authority business. Lion of Africa was further capitalized by Brimstone with R150 million during the period under review. House of Monatic (100%) Turnover increased to R104.2 million for the six months mainly as a result of increased sales from company owned branded retail stores and corporate business. Net profit increased to R2.8 million and employment levels increased to 840 permanent staff. House of Monatic is continuing to expand its retail presence with two further C 2 branded stores, including one franchised store, being opened. ASSOCIATES AND JOINT VENTURES Oceana (16.81%) Oceana s share price closed at R97.00 per share, down from R104.86 per share at 31 December 2014. Brimstone received dividends of R21.3 million from Oceana during the period under review and recorded R24.9 million in equity accounted earnings based on its reported six month earnings to 31 March 2015. Oceana announced that it would be acquiring 100% of the share capital of the processing operations of US-based Daybrook Fisheries Inc. and 25% of Westbank LLC, its related marine operations. Brimstone has signed irrevocable letters of commitment to follow its rights to 2.8 million shares at R75 per share in the proposed rights offer resulting from this transaction. Brimstone is pleased to report that subsequent to the period end the company has repaid all debt in the Oceana SPV structure. Brimstone owns 20.1 million Oceana shares of which 11.6 million are now debt free. Aon Re Africa (18%) Aon Re Africa is the leading reinsurance broker licensed and operating in South Africa and the rest of Africa. Aon Re Africa continued to successfully secure new business across all divisions which resulted in solid organic growth, especially outside of South Africa. Brimstone received a dividend of R11 million from Aon Re Africa and recorded R4.3 million in equity accounted losses during the period under review. Afena Capital (28.79%) Afena Capital is an investment management firm that offers specialist equity and balanced portfolios serving the South African and Botswana institutional markets. Afena made a small contribution to earnings. Obsidian Health (25.07%) During the period under review Brimstone disposed of its investment in The Scientific Group realising a profit on disposal of R36.1 million. As part of the transaction, the medical division of The Scientific Group was transferred to a new company Obsidian Health in which Brimstone holds a 25.07% interest. 2

Grindrod (4.97%) Grindrod is an operationally integrated company providing end-to-end solutions for the movement of cargo by road, rail and sea using specialised assets and infrastructure focused on dry-bulk and liquid-bulk commodities, vehicles and containers. Brimstone accounts for its share of the results in the Consortium SPV as a joint venture. Brimstone s share of the consortium losses amounted to R288.5 million. Grindrod s share price closed at R13.45 down from R22.40 per share at 31 December 2014. Brimstone s share of the losses of the joint venture comprise the following: R 000 Unaudited 6 months 30 June 2015 Dividends received 7 579 Fair value losses (340 134) Net finance costs (19 091) Other net expenses (54) Taxation 63 239 Equity accounted loss (288 461) From 1 July 2015 to 12 August 2015 Brimstone acquired an additional 1 567 136 Grindrod shares directly in the market. This is in addition to its existing 4.97% indirect shareholding in Grindrod. At 12 August 2015, Brimstone held an effective 5.2% in Grindrod. INVESTMENTS Life Healthcare (5.04%) Life Healthcare s share price closed at R37.53 per share, down from R42.76 per share at 31 December 2014. The investment was revalued downwards by R274.6 million to R1 970.6 million. Brimstone received a dividend of 68 cents per share resulting in total dividend receipts from Life Healthcare of R35.7 million, down from R85.6 million last year which included a special dividend of R52.5 million. MTN Zakhele (2.71%) Brimstone acquired a further 24 304 MTN Zakhele shares during the period under review at an average cost of R102.86 per share. The share price closed at R121.50, up from R108.50 per share at 31 December 2014. The investment was revalued upwards by R28.6 million to R266.4 million. Brimstone now holds 2 192 249 MTN Zakhele shares. Nedbank (0.11%) Following the conclusion of the Nedbank transaction Brimstone held 2 334 539 Nedbank shares. Brimstone sold 1 806 233 of these shares realising R444.9 million. The remaining 528 306 shares were valued at the closing market price of R241.80 per share and are carried in the books at R127.7 million at 30 June 2015. Old Mutual (0.11%) The Old Mutual transaction concluded on 1 May 2015. After settlement of debt in terms of the contract, Brimstone held 7 385 781 Old Mutual plc shares. Brimstone sold 1 821 431 of these shares, realising R73.4 million. The remaining 5 564 350 shares were valued at the closing market price of R38.70 per share and are carried in the books at R215.3 million at 30 June 2015. Phuthuma Nathi (5.13%) Brimstone acquired a further 685 432 Phuthuma Nathi shares at an average cost of R143.63 per share during the period under review. The Phuthuma Nathi 1 shares and Phuthuma Nathi 2 shares closed at R155.02 and R155.50 respectively. The investment was revalued upwards by R67.7 million to R537.1 million. Phuthuma Nathi has declared a dividend payable to shareholders in September 2015. Based on the number of shares held at 30 June 2015, Brimstone is expected to receive a total dividend of R63.6 million. Rex Trueform and African & Overseas Enterprises (Queenspark) (22%) The Rex Trueform and African & Overseas Enterprises N shares were revalued downwards by R4.7million. Taste Holdings (13.08%) Taste Holdings share price closed at R4.30 per share, up from R3.20 per share at 31 December 2014. The investment was revalued upwards by R41.5 million to R162.3 million. On 2 July 2015 in terms of a specific issue of shares for cash approved by Taste Holdings shareholders, Brimstone acquired a further 8 196 722 Taste Holdings shares at R3.05 per share. Brimstone now holds an effective 15.5% in Taste Holdings. Tiger Brands (0.94%) Brimstone s rights to Tiger Brands shares, accounted for as options, have been revalued at period end. The independently calculated option valuation was based on a closing share price of R283.49 per share, down from R368.06 per share at 31 December 2014. The investment was revalued downwards by R144.2 million to R197.4 million. 3

Basis of preparation The condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standard, IAS 34: Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, and the requirements of the Companies Act of South Africa. The report has been prepared using accounting policies that comply with International Financial Reporting Standards which are consistent with those applied in the financial statements for the year 31 December 2014. The condensed financial information was prepared under the supervision of the group financial director, Lawrie Zev Brozin, B.Com B.Acc CA(SA). Share repurchase During the review period Brimstone repurchased 387 831 Brimstone ordinary shares at R17.00 per share for a total consideration of R6 593 127 and 3 835 621 Brimstone N ordinary shares at R16.50 per share for a total consideration of R63 287 747. This specific repurchase of shares was from the Brimstone Investment Corporation Limited Share Trust, a trust controlled by Brimstone and as such was done intra-group with no cash flow implications, except for related expenses. The repurchased shares were listed as treasury shares in Brimstone s last annual financial statements and the Company applied to the JSE for the cancellation of these shares, which were duly cancelled and delisted on 12 March 2015. Dividend In line with previous years, no interim dividend is declared for the half year. Prospects The Group s assets are characterised by strong underlying businesses with positive dividend paying ability. Whilst the current results were subject to significant fair market value losses, the Group maintains its positive long term view on its investments. On behalf of the board F Robertson Executive Chairman MA Brey Chief Executive Officer 18 August 2015 Directorate and administration Registered office: Boundary Terraces, 1 Mariendahl Lane, Newlands 7700, Cape Town Transfer Secretaries: Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg 2001 Sponsor: Nedbank CIB, 135 Rivonia Road, Sandton 2196 Directorate: F Robertson (Executive Chairman)*, MA Brey (Chief Executive Officer)*, LZ Brozin (Financial)*, PL Campher (Lead Independent), M Hewu, N Khan, KR Moloko, MK Ndebele, LA Parker, FD Roman *Executive Website: www.brimstone.co.za E-mail: info@brimstone.co.za 4

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the 6 months 30 June 2015 Unaudited Unaudited Audited Year 30 June 30 June 31 Dec R 000 2015 2014 2014 Revenue 1 073 333 1 092 346 2 221 054 Sales and fee income 960 695 968 172 1 968 233 Dividends received 112 638 124 174 252 821 Operating expenses (1 012 689) (988 342) (2 119 196) Operating profit 60 644 104 004 101 858 Fair value (losses)/gains (213 201) 334 137 463 967 Exceptional items 31 087 (28 286) Share of (losses)/profits of associates and joint ventures (275 170) 31 204 (65 431) (Loss)/profit before net finance costs (396 640) 469 345 472 108 Income from investments 9 237 9 429 23 028 Finance costs (98 370) (86 544) (188 182) Outside unit holders interest (440) (970) (449) Net (loss)/profit before taxation (486 213) 391 260 306 505 Taxation 6 139 (81 575) (28 712) (Loss)/profit for the period (480 074) 309 685 277 793 Other comprehensive (loss)/income, net of tax (7 661) 14 450 17 991 Items that may be reclassified subsequently to profit and loss Cash flow hedges (Loss)/profit arising during the period (7 661) 14 450 33 878 Net value loss on available-for-sale financial asset (15 887) Total comprehensive (loss)/income for the period (487 735) 324 135 295 784 (Loss)/profit attributable to: Equity holders of the parent (503 021) 295 818 259 050 Non-controlling interests 22 947 13 867 18 743 (480 074) 309 685 277 793 Total comprehensive (loss)/income attributable to: Equity holders of the parent (507 497) 305 619 269 739 Non-controlling interests 19 762 18 516 26 045 (487 735) 324 135 295 784 (Loss)/earnings per share (cents) Basic (204,7) 120,9 105,8 Diluted (175,4) 103,1 90,4 5

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June 2015 Unaudited Unaudited Audited 30 June 30 June 31 Dec R 000 2015 2014 2014 ASSETS Non-current assets 5 287 517 4 800 506 5 407 395 Property, plant, equipment and vehicles 403 996 288 933 410 827 Goodwill and other intangible assets 117 054 136 730 126 540 Investments in associate companies and joint ventures 808 349 772 775 1 067 131 Investments 3 708 078 3 303 845 3 636 528 Deferred taxation 33 568 Insurance assets 250 040 258 520 166 369 Other financial assets 6 135 Current assets 2 288 149 2 430 958 2 525 671 Inventories 253 420 284 719 265 616 Trade and other receivables 732 205 516 112 633 801 Insurance assets 660 023 552 547 561 516 Taxation 53 11 14 222 Investments 84 109 924 343 828 897 Cash and cash equivalents 558 339 153 226 221 619 TOTAL ASSETS 7 575 666 7 231 464 7 933 066 EQUITY AND LIABILITIES Capital and reserves 2 966 107 3 459 883 3 434 405 Share capital 45 45 45 Capital reserves 373 478 333 752 342 032 Revaluation reserves 14 143 24 424 14 143 Cash flow hedging reserve 10 446 3 753 14 922 Changes in ownership (11 839) (11 839) (11 839) Retained earnings 2 339 287 3 006 320 2 965 681 Attributable to equity holders of the parent 2 725 560 3 356 455 3 324 984 Non-controlling interests 240 547 103 428 109 421 Non-current liabilities 2 699 204 2 214 639 2 930 119 Long-term interest bearing borrowings 1 817 584 1 231 183 2 040 451 Long-term provisions 23 103 22 211 23 103 Other financial liabilities 2 274 3 490 Insurance liabilities 317 078 242 314 223 695 Deferred taxation 539 165 718 931 639 380 Current liabilities 1 910 355 1 556 942 1 568 542 Short-term interest bearing borrowings 198 907 171 681 130 700 Bank overdrafts 19 142 26 974 14 815 Trade payables 695 371 571 458 548 646 Other payables 96 906 61 832 106 251 Insurance liabilities 805 558 677 616 732 794 Outside unit holders interest 17 907 21 390 16 145 Other financial liabilities 425 645 220 Short-term provisions 21 592 20 384 18 172 Taxation 54 547 4 962 799 TOTAL EQUITY AND LIABILITIES 7 575 666 7 231 464 7 933 066 NAV per share (cents) 1 107,3 1 370,2 1 356,3 Shares in issue at end of period (000 s) 246 135 244 967 245 151 6

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months 30 June 2015 R 000 Share capital Capital reserves Revaluation reserves Cash flow hedging reserve Changes in ownership Retained earnings Attributable to equity holders of the parent Noncontrolling interests Total Balance at 1 January 2014 Audited 45 325 434 23 223 (4 847) (11 839) 2 905 630 3 237 646 134 474 3 372 120 Attributable profit for the year 31 December 2014 259 050 259 050 18 743 277 793 Other comprehensive income (9 080) 19 769 10 689 7 302 17 991 Total comprehensive income (9 080) 19 769 259 050 269 739 26 045 295 784 Recognition of share-based payments 10 570 10 570 10 570 Dividend paid (97 939) (97 939) (3 000) (100 939) Subsidiary s accrual for preference dividends 7 611 7 611 Redemption of preference shares by subsidiary (26 804) (26 804) Share of distribution made by associate (58 945) (58 945) (58 945) Share of distribution made by subsidiary for change in shareholding (42 115) (42 115) (29 953) (72 068) Reduction of subsidiary s share capital (6) (6) Issue of share capital 4 597 4 597 4 597 Repurchase of trust units (744) (744) 651 (93) Share of non-distributable reserves of associates transferred directly to equity 2 175 2 175 403 2 578 Balance at 31 December 2014 Audited 45 342 032 14 143 14 922 (11 839) 2 965 681 3 324 984 109 421 3 434 405 Attributable (loss)/profit for the six months 30 June 2015 (503 021) (503 021) 22 947 (480 074) Other comprehensive loss (4 476) (4 476) (3 185) (7 661) Total comprehensive (loss)/income (4 476) (503 021) (507 497) 19 762 (487 735) Recognition of share-based payments 5 749 5 749 5 749 Dividend paid (123 373) (123 373) (20 679) (144 052) Subsidiary s accrual for preference dividends 3 804 3 804 Non-controlling interest arising on recognition of subsidiary 147 805 147 805 Repayment of capital by subsidiary (21 258) (21 258) Issue of share capital 7 313 7 313 7 313 Change in equity of subsidiary 2 458 2 458 1 748 4 206 Share of non-distributable reserves of associates transferred directly to equity 15 926 15 926 (56) 15 870 Balance at 30 June 2015 Unaudited 45 373 478 14 143 10 446 (11 839) 2 339 287 2 725 560 240 547 2 966 107 1 January 2014 to 30 June 2014 Unaudited Balance at 1 January 2013 Audited 45 325 434 23 223 (4 847) (11 839) 2 905 630 3 237 646 134 474 3 372 120 Attributable profit for the six months 30 June 2014 295 818 295 818 13 867 309 685 Other comprehensive income 1 201 8 600 9 801 4 649 14 450 Total comprehensive income 1 201 8 600 295 818 305 619 18 516 324 135 Recognition of share-based payments 5 205 5 205 5 205 Dividend paid (97 939) (97 939) (3 000) (100 939) Subsidiary s accrual for preference dividends 3 936 3 936 Redemption of preference shares by subsidiary (26 804) (26 804) Share of distribution made by associate (58 995) (58 995) (58 995) Share of distribution made by subsidiary for change in shareholding (38 194) (38 194) (23 967) (62 161) Issue of share capital 3 519 3 519 3 519 Repurchase of trust units (185) (185) (77) (262) Change in shareholding in subsidiary (53) (53) Share of non-distributable reserves of associates transferred directly to equity (221) (221) 403 182 Balance at 30 June 2014 Unaudited 45 333 752 24 424 3 753 (11 839) 3 006 320 3 356 455 103 428 3 459 883 7

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the six months 30 June 2015 Unaudited Unaudited Audited 6 months 6 months Year 30 June 30 June 31 Dec R 000 2015 2014 2014 Operating activities Net attributable (loss)/profit (480 074) 309 685 277 793 Adjustments for non-cash items 490 805 (276 248) (322 336) Operating cash flows before movements in working capital 10 731 33 437 (44 543) Decrease/(increase) in inventories 12 196 (34 071) (14 968) (Increase)/decrease in trade and other receivables (109 043) 121 688 30 983 Outside unit holders interest 1 762 2 542 (2 703) Increase/(decrease) in trade and other payables 137 380 (34 799) (13 192) Net increase in insurance assets (182 178) (143 508) (60 326) Net increase in insurance liabilities 166 147 116 364 152 923 Cash generated from operations 36 995 61 653 48 174 Interest received 9 237 9 429 23 028 Dividends received from associates and joint ventures 32 349 34 420 86 929 Dividends received from other equity investments 80 288 89 754 165 892 Income taxes paid (23 180) (1 782) (17 184) Finance costs (60 605) (52 231) (143 509) Net cash from operating activities 75 084 141 243 163 330 Investing activities Loan repayments and recoveries from associates and investments 21 756 2 236 3 253 Proceeds on disposal of investments 728 454 21 155 48 701 Proceeds on disposal of property, plant, equipment and vehicles 159 105 542 Acquisition of property, plant, equipment and vehicles (32 101) (45 305) (204 893) Acquisition of intangible assets (820) (356) (1 156) Acquisition of investments (113 010) (182 255) (754 591) Net cash from/(used in) investing activities 604 438 (204 420) (908 144) Financing activities Dividends paid by company and subsidiaries (144 052) (124 906) (130 892) Repayments of borrowings (292 494) (88 274) (342 716) Loans raised 99 156 225 990 1 275 813 Proceeds on issue of trust units/shares 7 313 3 519 4 597 Issue of shares by subsidiary 4 206 Shares repurchased by subsidiary (6) Repayment of capital by subsidiary (21 258) Redemption of non-controlling shareholder s preference shares (24 579) Share of distribution made by subsidiary (38 194) (42 115) Units/shares repurchased by subsidiaries (315) (93) Increase/(decrease) in bank overdrafts 4 327 (22 630) (34 789) Net cash (used in)/from financing activities (342 802) (44 810) 705 220 Net increase/(decrease) in cash and cash equivalents 336 720 (107 987) (39 594) Cash and cash equivalents at beginning of period 221 619 261 213 261 213 Cash and cash equivalents at end of period Bank balances and cash 558 339 153 226 221 619 8

HEADLINE EARNINGS PER SHARE Unaudited Unaudited Audited Year 30 June 30 June 31 Dec 2015 2014 2014 Headline (loss)/earnings per share (cents) Basic (213,2) 120,9 116,9 Diluted (182,7) 103,1 99,8 Headline (loss)/earnings calculation (R 000) Net (loss)/profit attributable to equity holders of the parent (503 021) 295 818 259 050 (Profit)/loss on disposal of property, plant, equipment and vehicles (87) 177 334 Realised profit on disposal of associate (36 087) Impairment of investment in associate 5 000 28 286 Adjustments relating to results of associates 2 108 (63) (1 937) Total tax effects of adjustments 8 288 (37) 505 Headline (loss)/earnings (523 799) 295 895 286 238 Weighted average number of shares on which (loss)/earnings and headline (loss)/earnings per share is based (000 s) 245 726 244 750 244 919 Weighted average number of shares on which diluted (loss)/earnings and diluted headline (loss)/earnings per share is based (000 s) 286 708 286 953 286 703 INTRINSIC NET ASSET VALUE (INAV) Unaudited 30 June 2015 Unaudited 31 Dec 2014 Change since 31 Dec 2014 INAV of Brimstone (Rm) 4 137 4 862-14.9% INAV per share (cents) 1 671 1 979-15.6% Fully diluted INAV per share (cents) 1 577 1 858-15.1% Market price per share (cents) Ordinary shares 1 600 1 700-5.9% N Ordinary shares 1 495 1 650-9.4% Discount to INAV Ordinary shares 4.3% 14.1% N Ordinary shares 10.5% 16.6% The breakdown of INAV is available on the company s website at www.brimstone.co.za. 9

FURTHER INFORMATION 1. Taxation The tax charge is disproportionate to the loss before taxation because of the tax treatment of income and expenditure included in the result. Non-taxable items include dividends received, equity accounted gains or losses of associates, preference dividends included in finance costs and the non-recognition of a deferred tax asset for Lion of Africa losses. Fair value gains or losses and gain on disposal of associate are included at the CGT rate. 2. Segmental information Information reported to the Company s operating decision makers for the purpose of resource allocation and assessment of segment performance is specifically focused on the individual entity in which Brimstone has invested. The Company s reportable segments under IFRS 8 are therefore fishing, insurance, clothing and investments. Investments include investments in associates, available-for-sale investments, investments at fair value through profit or loss and the Company s property portfolio. Segmental information for the six months 30 June 2015 Profit/(loss) from Headline R 000 Revenue Operations Profit/(loss) Assets Liabilities Fishing 688 795 89 339 23 175 1 039 720 688 341 Insurance 158 613 (110 422) (105 215) 1 737 428 1 672 341 Clothing 104 205 4 808 2 804 189 061 73 180 Investment management 121 720 76 919 (444 563) 4 609 457 2 175 697 Total Unaudited 1 073 333 60 644 (523 799) 7 575 666 4 609 559 Segmental information for the six months 30 June 2014 Profit/(loss) from Headline R 000 Revenue Operations Profit/(loss) Assets Liabilities Fishing 677 504 66 151 29 601 871 366 581 863 Insurance 203 116 (59 543) (31 822) 1 467 531 1 327 591 Clothing 82 689 2 601 796 169 494 63 108 Investment management 129 037 94 795 297 320 4 723 073 1 799 019 Total Unaudited 1 092 346 104 004 295 895 7 231 464 3 771 581 Segmental information for the year 31 December 2014 Profit/(loss) from Headline R 000 Revenue Operations Profit/(loss) Assets Liabilities Fishing 1 361 498 109 251 23 598 1 040 101 944 377 Insurance 417 569 (179 718) (176 825) 1 321 780 1 391 777 Clothing 183 824 7 202 3 569 171 257 132 509 Investments 258 163 165 123 435 896 5 399 928 2 029 998 Total Audited 2 221 054 101 858 286 238 7 933 066 4 498 661 10

2. Segmental information (continued) Unaudited Unaudited Audited Year 30 June 30 June 31 Dec 2015 2014 2014 Segment (loss)/profit from operations Fishing 89 339 66 151 109 251 Insurance (110 422) (59 543) (179 718) Clothing 4 808 2 601 7 202 Investment management 76 919 94 795 165 123 Total profit from operations 60 644 104 004 101 858 Fair value (losses)/gains (213 201) 334 137 463 967 Exceptional items 31 087 (28 286) Share of (losses)/profits of associates and joint ventures (275 170) 31 204 (65 431) Income from investments 9 237 9 429 23 028 Finance costs (98 370) (86 544) (188 182) Outside unit holders interest (440) (970) (449) (Loss)/profit before taxation (486 213) 391 260 306 505 3. Fair value measurements Fair value of the Company s financial assets and financial liabilities that are measured on a fair value basis on a recurring basis. Some of the Company s financial assets and financial liabilities are measured at fair value at the end of each financial reporting period. The following table gives information about how the fair values of these financial assets and financial liabilities are determined (in particular, the valuation technique(s) and inputs used). The directors consider that the carrying amounts of financial assets and financial liabilities not measured at fair value on a recurring basis (but fair value disclosures are required) recognised in the consolidated financial statements approximate their fair values. 30 June 2015 Level 1 Level 2 Level 3 Total Financial assets at FVTPL Derivative financial assets 197 442 197 442 Listed shares 2 665 980 2 665 980 Unlisted shares and loan 803 465 6 555 5¹ 810 025 Other investments 91 257 91 257 Available-for-sale financial assets Unlisted shares 25 265² 25 265 Unlisted shares 2 218¹ 2 218 Total 3 560 702 203 997 27 488 3 792 187 Financial liabilities at FVTPL Derivative financial liabilities 2 699 2 699 11

3. Fair value measurements (continued) 30 June 2014 Level 1 Level 2 Level 3 Total Financial assets at FVTPL Derivative financial assets 992 851 992 851 Listed shares 2 452 760 2 452 760 Unlisted shares and loan 594 701 6 149 5¹ 600 855 Other investments 140 903 140 903 Available-for-sale financial assets Unlisted shares 44 800 44 800 Unlisted shares 2 154¹ 2 154 Total 3 188 364 999 000 46 959 4 234 323 Financial liabilities at FVTPL Derivative financial liabilities 645 645 31 December 2014 Level 1 Level 2 Level 3 Total Financial assets at FVTPL Derivative financial assets 1 122 950 1 122 950 Listed shares 2 560 195 2 560 195 Unlisted shares and loan 606 162 6 555 5¹ 612 722 Other investments 105 150 105 150 Available-for-sale financial assets Unlisted shares 25 265² 25 265 Unlisted shares 2 218¹ 2 218 Total 3 271 507 1 129 505 27 488 4 428 500 Financial liabilities at FVTPL Derivative financial liabilities 3 710 3 710 The table provided analyses financial instruments that are measured subsequent to initial recognition at fair value, grouped in Levels 1 to 3 based on the degree to which fair value is observable. Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). 1. At cost or historical valuation. 2. Discounted cash flow method using a discount rate of 15% over 10 years. 12

3. Fair value measurements (continued) Unaudited Unaudited Audited Year 30 June 30 June 31 Dec 2015 2014 2014 Reconciliation of level 3 fair value measurements Opening balance 27 488 46 959 46 959 Total gains or losses in other comprehensive income (19 535) Advances 64 Closing balance 27 488 46 959 27 488 Unaudited Unaudited Audited 30 June 30 June 31 Dec 2015 2014 2014 4. Share Capital In issue (number) Ordinary shares 42 757 604 43 145 435 43 145 435 Held as treasury shares (385 611) (385 611) 42 757 604 42 759 824 42 759 824 N ordinary shares 243 864 308 245 682 021 245 866 581 Held as treasury shares (40 486 751) (43 475 230) (43 475 230) 203 377 557 202 206 791 202 391 351 Total net of treasury shares 246 135 161 244 966 615 245 151 175 Weighted average number of shares on which (loss)/ earnings and headline (loss)/earnings per share is based: 245 725 869 244 750 048 244 918 888 Weighted average number of shares on which diluted (loss)/earnings and diluted headline (loss)/earnings per share is based: 286 708 049 286 952 571 286 702 844 Reconciliation of weighted average number of shares between basic and diluted (loss)/earnings per share and headline and diluted headline (loss)/earnings per share. Basic 245 725 869 244 750 048 244 918 888 Dilutive share options 40 982 540 42 202 523 41 783 956 Diluted 286 708 409 286 952 571 286 702 844 Share options treated as anti-dilutive: 513 692 259 195 499 068 Closing share price (cents) Ordinary shares 1 600 1 500 1 700 N ordinary shares 1 495 1 525 1 650 13

4. Share Capital (continued) The following share movements occurred during the period under review Ordinary N ordinary Shares issued 9 March 2015 1 715 748 30 April 2015 62 160 17 June 2015 55 440 Shares repurchased and cancelled 12 March 2015 387 831 3 835 621 5. Acquisition of subsidiary during the six months 30 June 2015 With effect from 1 May 2015, Brimstone acquired control over a 67% shareholding in Brimstone Mtha UK SPV Limited. Prior to the completion of the transaction with Old Mutual plc, Old Mutual plc controlled Brimstone Mtha UK SPV Limited and therefore, even though Brimstone owned 67% of the company, it was not permitted to consolidate the company. Old Mutual plc s control was removed on 1 May 2015 following Brimstone and its partner s fulfilment of their obligations in terms of the contract. Before the settlement of the obligations in terms of the contract, Brimstone accounted for its share of the investment as an option. On settlement, Brimstone converted its option asset into an investment in a subsidiary. No goodwill arose on conversion to an investment in a subsidiary. The non-controlling interest of 33% is measured at its proportionate share of the aquiree s identifiable net assets. 14