Brimstone Portfolio. Profitability. Empowerment. Positive Social Impact.

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 ) REVIEWED preliminary condensed consolidated financial RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014 COMMENTARY Total Assets increased by R1.1 billion to R7.9 billion at 31 December 2014. Intrinsic Net Asset Value (INAV) increased 16.1% from R4.19 billion in the previous year to R4.86 billion. Investments in the food sector comprise 40% of intrinsic gross asset value, followed by healthcare at 29%, financial services at 11%, infrastructure at 10%, and restricted BEE structures at 7%. The balance comprises smaller investments across various sectors. The Company s shares performed well during the year with the Ordinary share price growing by 21.4% and the N Ordinary share price growing by 17.9% over the year. Profit for the year under review decreased as a result of losses incurred by subsidiary Lion of Africa Insurance Company, lower fair value gains on underlying investments, reduced equity accounted earnings, and an impairment of an investment in an associate. The Company declared a final dividend of 30 cents per share, and a special dividend of 20 cents per share. Brimstone Portfolio SUBSIDIARIES Sea Harvest (58.44%) Catches for 2014 were 18% ahead of prior year, driven by improved vessel utilisation and increased catch rates. Both the wet fish and freezer fleets performed well during the year. Sales were strong both locally and internationally with continued demand for hake. This resulted in reasonable price increases being achieved in the local market and prices being maintained in the low inflationary export markets, which further benefited from favourable exchange rates. Revenue was 10% higher than last year. Sea Harvest maintained its position as a market leader in the South African frozen fish retail segment. Operating profit before interest and exceptional items increased by 58% to R109 million. Sea Harvest expanded its fleet with the acquisition of a new vessel, Harvest Atlantic Peace at a cost of R130 million. Lion of Africa Holdings (100%) Lion of Africa experienced another year of disappointing results, reporting a loss from operations of R180 million which included a charge of R86 million arising from the annual impairment review of reinsurance assets. The investment has been written down to R20 million from R140 million at the end of the previous year. Remedial action has commenced with a strategic and operational review of this investment. House of Monatic (100%) House of Monatic s turnover increased to R184 million while its operating profit decreased by 31% to R7.2 million. House of Monatic is continuing to increase its share of the corporate wear market as well as expanding its C 2 retail chain. Employment levels remained stable throughout the year. 1

ASSOCIATES AND JOINT VENTURES Oceana (16.81%) Oceana s share price closed at R104.86 per share, up from R82.00 per share at 31 December 2013. Brimstone received dividends of R75.8 million from Oceana during the year under review and recorded R29.8 million in equity accounted earnings. Oceana made a distribution to its staff share trust during the year. Brimstone s share amounting to R58.9 million was charged directly to Retained Earnings. Aon Re Africa (18%) Aon Re Africa trading as Aon Benfield, is the leading reinsurance broker licensed and operating in South Africa and the rest of the continent. Aon Re Africa successfully secured new business across all divisions with impressive organic growth specifically in Africa. Brimstone received a dividend of R7.5 million from Aon Re Africa and recorded R0.6 million in equity accounted earnings during the year under review. The Scientific Group (28.2%) Brimstone, as part of the consortium that owns The Scientific Group, has entered into an agreement with Ascendis Health Limited in October 2014 for the disposal of 100% of the diagnostics business of The Scientific Group, being the majority of The Scientific Group s business. The effects of this disposal will be accounted for by Brimstone in 2015 as certain conditions precedent are still outstanding. The consortium will retain the medical business of The Scientific Group. Brimstone recorded R2.9 million in equity accounted earnings from The Scientific Group for the year. Afena Capital (28.79%) Afena Capital is an investment management firm that offers specialist equity and balanced portfolios serving the Southern African institutional market. Brimstone received a dividend of R2.6 million from Afena during the year under review which exceeded equity accounted earnings from Afena by R0.8 million. Following the loss of certain assets under management, Brimstone has impaired its investment in Afena by R28.3 million to R21 million. Grindrod (4.97%) Grindrod has evolved from being primarily focused on shipping into 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. In July 2014 Brimstone, via a consortium of investors including Calulo Investments Proprietary Limited and Solethu Investments Proprietary Limited, subscribed for 64 million Grindrod ordinary shares at a price of R25.00 per share, resulting in the Consortium SPV having a shareholding in Grindrod of approximately 8.4%. Brimstone has a shareholding of 59.2% in the Consortium SPV, resulting in an effective indirect shareholding in Grindrod of 4.97%. Due to shared control in the structure, 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 R96 million. Grindrod s share price closed at R22.40 at year end. Brimstone s share of the losses of the joint venture comprise the following: Reviewed Year ended 31 December 2014 R 000 Fair value losses (98 526) Net finance costs (17 296) Other net income 1 525 Taxation 18 342 Equity accounted loss (95 955) 2

INVESTMENTS Life Healthcare (5.04%) Life Healthcare s share price closed at R42.76 per share, up from R41.86 per share at 31 December 2013. The investment was revalued upwards by R47.3 million. Brimstone received dividends amounting to R126.5 million during the year, which included a special dividend of R52.5 million. Brimstone remains one of the largest shareholders in Life Healthcare which will continue to focus on its growth objectives in South Africa, India and Poland. MTN Zakhele (2.68%) MTN Zakhele is a Black owned investment company that holds approximately 4% of MTN Group. The success of MTN Zakhele depends on the share price performance of MTN Group as well as the dividends paid by MTN Group as MTN Zakhele uses the dividends received to reduce its funding obligations. During 2014, MTN Zakhele shares started trading over the counter between Black individuals and groups. Brimstone acquired a further 1.16 million MTN Zakhele shares during 2014 at an average price of R99.10 per share. At year end Brimstone held 2.2 million MTN Zakhele shares, which closed at R108.50 per share. The investment was revalued downwards by a net R11.7 million. Previously it was valued as an option which was priced at a premium to the current traded value. Nedbank (0.46%) Brimstone s rights to Nedbank shares, accounted for as options, have been revalued at year end based on the estimated number of unencumbered shares Brimstone will retain subsequent to the exercise by Nedbank of its call option, which is expected to be exercised by the end of February 2015. The valuation was based on a closing price of R249.00 per share, up from R210.00 per share at 31 December 2013. The investment was revalued upwards by R151 million and has been included in current assets. Old Mutual (0.35%) Brimstone s rights to Old Mutual plc shares, accounted for as options, have been revalued at year end, based on a closing price of R34.70 per share, up from R33.79 per share at 31 December 2013. The investment was revalued upwards by R28.3 million. This investment is included in current assets as the rights mature on 1 May 2015. Phuthuma Nathi (4.11%) Phuthuma Nathi is a Black owned investment company that holds 20% of MultiChoice South Africa and whose shares trade over the counter. Multichoice South Africa comprises businesses that operate pay-television subscriber platforms (DSTV), pay-television channels and internet and mobile platforms in South Africa. Full-year consolidated revenues and core headline earnings both grew by 15% for the year ended March 2014. The preference share funding in Phuthuma Nathi has now been fully repaid. Brimstone acquired a further 1.1 million Phuthuma Nathi shares in 2014 at an average price of R126.94 per share. Brimstone received dividends of R 19.8 million from Phuthuma Nathi. At year end Brimstone held 2.1 million Phuthuma Nathi 1 shares and 0.7 million Phuthuma Nathi 2 shares, which closed at R 131.51 and R 139.95 per share respectively. The investment was revalued upwards by R81.5 million. Rex Trueform and African & Overseas Enterprises (Queenspark) (22%) Brimstone holds a 22% effective economic ownership in Rex Trueform and African & Overseas Enterprises, which it acquired in 2007. The market price of all classes of Rex Trueform and African & Overseas Enterprises shares increased during the year under review resulting in a upward revaluation of R4.8 million. Taste Holdings (14.21%) During 2014, Taste Holdings concluded a Master Franchise Agreement with Domino s Pizza which enables it to develop the Domino s Pizza brand in seven Southern African countries. This agreement will allow Taste Holdings to convert its existing Scooters and St Elmo s outlets into Domino s Pizza outlets as well as open new Domino s Pizza outlets. Taste Holdings raised R180 million through a rights issue to partly fund the Domino s Pizza rollout and to pursue other opportunities. Taste Holdings acquired Arthur Kaplan Jewellers, a leading luxury watch and jewellery retailer in the fourth quarter of 2014. Brimstone acquired a further 13.2 million Taste Holdings shares during 2014 at R3 per share. The share price closed at R3.20, down from R3.75 per share at 31 December 2013. Tiger Brands (0.94%) Brimstone s rights to Tiger Brands shares, accounted for as options, have been revalued at year end. The independently calculated option valuation was based on a closing share price of R368.06 per share, up from R266.93 per share at 31 December 2013. The investment was revalued upwards by R161 million. These rights mature on 31 December 2017. 3

HEADLINE EARNINGS PER SHARE Reviewed Audited Year ended Year ended 31 December 31 December 2014 2013 Headline earnings per share (cents) Basic 116.9 188.4 Diluted 99.8 160.9 Headline earnings calculation (R 000) Net profit attributable to equity holders of the parent 259 050 464 111 Loss/(profit) on disposal of property, plant, equipment and vehicles 334 (4 850) Impairment of investment in associate 28 286 356 Adjustments relating to results of associates (1 937) (456) Total tax effects of adjustments 505 1 420 Headline earnings 286 238 460 581 Weighted average number of shares on which earnings and headline earnings per share is based (000 s) 244 919 244 414 Weighted average number of shares on which diluted earnings and diluted headline earnings per share is based (000 s) 286 703 286 172 INTRINSIC NET ASSET VALUE (INAV) INAV at 31 December 2014 calculated on a line-by-line basis, totalled R4.86 billion, or R19.79 per share (31 December 2013: R4.19 billion or R17.09 per share), representing an increase of 16.1% from 2013 (an increase of 15.8% on a per share basis). On a fully diluted basis INAV per share is R18.58 or an increase of 15% on the R16.16 reported at 31 December 2013. As at 31 December 2014, Brimstone Ordinary shares were trading at a discount of 14.1% to INAV (31 December 2013: 18.1%). Brimstone N Ordinary shares traded at a discount of 16.6% to Brimstone s INAV (31 December 2013: 18.1%). The breakdown of INAV is available on the Company s website at www.brimstone.co.za. Subsequent events There are no significant subsequent events affecting these results. Dividend and special dividend Brimstone s board has declared a final dividend of 30 cents per share for the year ended 31 December 2014 (2013: 30 cents per share) and a special dividend of 20 cents per share for the year ended 31 December 2014 (2013: 10 cents per share) payable on Monday, 23 March 2015. The final dividend and the special dividend have been declared out of income reserves. The special dividend has been declared following the conclusion of the Nedbank transaction. Therefore, after due consideration and in celebration of Brimstone s 20 years of existence, the board of Brimstone has decided to pay a special dividend to its shareholders. Shareholders should note that the special dividend is subject to Exchange Control approval and an announcement will be released on SENS once this has been obtained. In compliance with the requirements of Strate, the Company has determined the following salient dates for the payment of the final dividend and special dividend. The last day to trade cum dividend for both the final dividend and the special dividend is Friday, 13 March 2015. The final dividend and the special dividend are payable to all shareholders of Brimstone recorded in the books of the Company at the close of business on Friday, 20 March 2015. Shares will commence trading ex-dividend from Monday, 16 March 2015. Shares may not be rematerialised or dematerialised from Monday, 16 March 2015 to Friday, 20 March 2015, both days inclusive. 4

Dividend and special dividend (continued) The final dividend and the special dividend are subject to dividend tax at 15%. In determining the dividend tax, secondary tax on companies ( STC ) credits must be taken into account. Brimstone has sufficient STC credits to cover the dividend tax and the STC credits utilised as part of the final and the special dividend declarations amount to R74 961 605, being 30 cents per share for the final dividend, and R49 974 403, being 20 cents per share, for the special dividend, respectively. Consequently, no dividend tax is payable by shareholders who are normally not exempt from dividend tax. All shareholders will receive the final dividend of 30 cents per share and the special dividend of 20 cents per share. The number of Brimstone Ordinary and N Ordinary shares eligible for both the final dividend and the special dividend at the date of this declaration is 43 145 435 and 206 726 581 respectively (this excludes 39 140 000 N Ordinary shares held by The Brimstone Black Executives Investment Trust, The Brimstone General Staff Investment Trust and The Brimstone Broad-Based BEE Trust which are not eligible to receive dividends) and the Company s tax reference number is 9397002719. Prospects The Group has a proven track record of creating and unlocking shareholder value, supported by an experienced team with proven deal-making ability. The Group is defined by bona fide empowerment credentials, and its ability to enhance NAV and pay dividends. It has proven its ability as a lead empowerment partner of choice with a capacity to lead broad-based empowerment consortia. Brimstone in its 20th year of existence remains well capitalised to pursue value enhancing transactions based on cash generative, quality assets. The Group maintains a long-term view and partnership approach to its underlying investments. On behalf of the board F Robertson Executive Chairman ma Brey Chief Executive Officer 24 February 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 Capital, 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 5

condensed Statement of Comprehensive Income Reviewed Year ended 31 December Audited Year ended 31 December R 000 2014 2013 Revenue 2 221 054 2 086 376 Sales and fee income 1 968 233 1 930 997 Dividends received 252 821 155 379 Operating expenses (2 119 196) (2 021 990) Operating profit 101 858 64 386 Fair value gains 463 967 557 402 Exceptional items (28 286) 7 828 Share of (losses)/profits of associates and joint ventures (65 431) 13 204 Profit before net finance costs 472 108 642 820 Income from investments 23 028 23 037 Net finance costs (188 182) (110 553) Outside unit holders interest (449) (507) Net profit before taxation 306 505 554 797 Taxation (28 712) (81 405) Profit for the year 277 793 473 392 Other comprehensive income, net of tax 17 991 7 592 Items that may be reclassified subsequently to profit and loss Cash flow hedges Profit/(loss) arising during the year 33 878 (7 711) Net value (loss)/gain on available-for-sale financial asset (15 887) 15 303 Total comprehensive income for the year 295 784 480 984 Profit attributable to: Equity holders of the parent 259 050 464 111 Non-controlling interests 18 743 9 281 277 793 473 392 Total comprehensive income attributable to: Equity holders of the parent 269 739 468 523 Non-controlling interests 26 045 12 461 295 784 480 984 Earnings per share (cents) Basic 105.8 189.9 Diluted 90.4 162.2 6

condensed Statement of Financial Position Reviewed Year ended 31 December Audited Year ended 31 December R 000 2014 2013 ASSETS Non-current assets 5 407 395 5 051 016 Property, plant, equipment and vehicles 410 827 278 348 Goodwill 12 140 12 140 Intangible assets 114 400 135 599 Investments in associate companies and joint ventures 1 067 131 799 029 Investments 3 636 528 3 633 291 Deferred taxation 21 654 Insurance assets 166 369 161 774 Other financial assets 9 181 Current assets 2 525 671 1 748 577 Inventories 265 616 250 648 Trade and other receivables 633 801 617 731 Insurance assets 561 516 505 785 Taxation 14 222 9 949 Investments 828 897 103 251 Cash and cash equivalents 221 619 261 213 TOTAL ASSETS 7 933 066 6 799 593 EQUITY AND LIABILITIES Capital and reserves 3 434 405 3 372 120 Share capital 45 45 Capital reserves 342 032 325 434 Revaluation reserves 14 143 23 223 Cash flow hedging reserve 14 922 (4 847) Changes in ownership (11 839) (11 839) Retained earnings 2 965 681 2 905 630 Attributable to equity holders of the parent 3 324 984 3 237 646 Non-controlling interests 109 421 134 474 Non-current liabilities 2 930 119 1 764 025 Long-term interest bearing borrowings 2 040 451 936 765 Long-term provisions 23 103 22 211 Other financial liabilities 3 490 Insurance liabilities 223 695 168 749 Deferred taxation 639 380 636 300 Current liabilities 1 568 542 1 663 448 Short-term interest bearing borrowings 130 700 260 770 Bank overdrafts 14 815 49 604 Trade payables 548 646 575 358 Other payables 106 251 92 731 Insurance liabilities 732 794 634 817 Outside unit holders interest 16 145 18 848 Other financial liabilities 220 14 123 Short-term provisions 18 172 16 992 Taxation 799 205 TOTAL EQUITY AND LIABILITIES 7 933 066 6 799 593 NAV per share (cents) 1 356.3 1 324.0 Shares in issue at end of year (000 s) 245 151 244 531 7

Condensed Statement of Changes in Equity for the year ended 31 December 2014 R 000 Share capital Capital reserves Revaluation reserves Cash flow hedging reserve Retained earnings Attributable to equity holders of the parent Changes in ownership Noncontrolling interests Total Group Balance at 1 January 2013 Audited 45 310 132 14 331 (367) (11 839) 2 502 581 2 814 883 115 103 2 929 986 Attributable profit for the year ended 31 December 2013 464 111 464 111 9 281 473 392 Other comprehensive income 8 892 (4 480) 4 412 3 180 7 592 Total comprehensive income 8 892 (4 480) 464 111 468 523 12 461 480 984 Recognition of share-based payments 10 076 10 076 10 076 Dividend paid (61 062) (61 062) (1 480) (62 542) Subsidiary s accrual for preference dividends 8 004 8 004 Issue of share capital 2 812 2 812 330 3 142 Repurchase of trust units (187) (187) (84) (271) Disposal of treasury shares 49 49 49 Share of non-distributable reserves of associates transferred directly to equity 2 552 2 552 140 2 692 Balance at 31 December 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 year ended 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 Reviewed 45 342 032 14 143 14 922 (11 839) 2 965 681 3 324 984 109 421 3 434 405 8

condensed Statement of Cash FlowS Reviewed Audited Year ended Year ended 31 December 31 December R 000 2014 2013 Operating activities Net attributable profit 277 793 473 392 Adjustments for: Share of profits of associates and joint ventures (21 498) (86 919) Income from investments (188 920) (104 701) Increase in fair value of investments (463 967) (557 402) Impairment of investment in associate 28 286 356 Amortisation of intangible assets 22 355 22 368 Net finance costs 188 182 110 553 Taxation 28 712 81 405 Depreciation of property, plant, equipment and vehicles 71 325 62 483 Share-based payment expense 10 570 10 076 Increase in long and short-term provisions 2 072 2 016 Loss/(profit) on disposal of property, plant, equipment and vehicles 547 (143) Operating cash flows before movements in working capital (44 543) 13 484 Increase in inventories (14 968) (20 422) Decrease/(increase) in trade and other receivables 30 983 (221 152) Outside unit holders interest (2 703) 4 353 (Decrease)/increase in trade and other payables (13 192) 303 872 Net increase in insurance assets (60 326) (198 603) Net increase in insurance liabilities 152 923 186 706 Cash generated from operations 48 174 68 238 Interest received 23 028 23 037 Dividends received from associates and joint ventures 86 929 73 715 Dividends received from other equity investments 165 892 81 664 Income taxes paid (17 184) (32 188) Finance costs (143 509) (68 365) Net cash from operating activities 163 330 146 101 Investing activities Loan repayments and recoveries from associate and investments 3 253 6 163 Proceeds on disposal of investments 48 701 44 602 Proceeds on disposal of property, plant, equipment and vehicles 542 2 021 Acquisition of property, plant, equipment and vehicles (204 893) (76 046) Acquisition of intangible assets (1 156) (5 798) Acquisition of investments (754 591) (132 000) Net cash used in investing activities (908 144) (161 058) Financing activities Dividends paid by company and subsidiaries (130 892) (62 542) Repayments of borrowings (342 716) (84 071) Loans raised 1 275 813 69 672 Shares sold 49 Proceeds on issue of trust units/shares 4 597 3 142 Shares repurchased by subsidiary (6) Redemption of non-controlling shareholder s preference shares (24 579) Share of distribution made by subsidiary (42 115) Units/shares repurchased by subsidiaries (93) (271) (Decrease)/increase in bank overdrafts (34 789) 34 170 Net cash generated from/(used in) financing activities 705 220 (39 851) Net decrease in cash and cash equivalents (39 594) (54 808) Cash and cash equivalents at beginning of year 261 213 316 021 Cash and cash equivalents at end of year Bank balances and cash 221 619 261 213 9

Further information 1. Auditor s review report The preliminary condensed consolidated financial statements for the year ended 31 December 2014 have been reviewed by the Group s auditors, Deloitte & Touche. The review was conducted in accordance with ISRE 2410 Review of Interim Financial Information performed by the Independent Auditor of the Entity. The auditor s unmodified review report does not necessarily cover all the information in this announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor s work they should obtain a copy of that report together with the accompanying financial information from the registered office of the Company. Any reference to future financial performance and Intrinsic Net Asset Value included in this announcement has not been reviewed or reported on by the Company s auditors. 2. Basis of preparation The preliminary condensed consolidated financial statements have been prepared in accordance with the requirements of the JSE Limited Listings Requirements for preliminary reports and the requirements of the Companies Act of South Africa. The Listings Requirements require preliminary reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and the Financial Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation of the preliminary condensed consolidated financial statements are in terms of IFRS and with the exception of the disclosure in note 3 are consistent with those applied in the previous consolidated annual financial statements. The preliminary condensed consolidated financial statements were prepared under the supervision of the group financial director, Lawrie Zev Brozin, B.Com B.Acc CA(SA). 3. Significant accounting policies These preliminary condensed consolidated financial statements for the year ended 31 December 2014 have been prepared on the historical cost basis, except for the revaluation of certain financial instruments. The accounting policies and methods of computation applied in the presentation of the financial results are consistent with those applied for the year ended 31 December 2013, except for the following new or revised standards, amendments thereto and interpretations as issued by the International Accounting Standards Board, which are effective for the current reporting period that were adopted: Amendments to IFRS 10 Investment Entities, and consequential amendments to IFRS 12 Disclosure of Investments in other Entities and IAS 27 Separate Financial Statements Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities Amendments to IAS 36 Recoverable Disclosure for Non-Financial Assets Amendments to IAS 39 Novation of Derivatives and Continuation of Hedge Accounting IFRIC 21 Levies The adoption of these new and revised accounting standards did not have a material impact on the results and as such there is no change to comparative information resulting from the adoption of these standards. 10

Reviewed Audited Year ended Year ended 31 December 31 December R 000 2014 2013 4. Income from investments Interest received on bank deposits and loans to associates 23 028 23 037 Finance costs/(income) Interest on borrowings 40 264 38 411 Interest rate swap 10 355 (8 269) Preference dividends 137 540 80 411 Interest on obligations under instalment sale agreements 23 188 182 110 553 5. Taxation Current normal and deferred tax expense 26 858 81 062 Dividends tax 652 333 Securities transfer tax 1 202 Secondary tax on companies 10 28 712 81 405 6. Capital commitments Commitments for the acquisition of property, plant, equipment and vehicles: Contracted for but not provided in the financial statements 10 361 32 050 Authorised by directors but not contracted 3 651 7 471 14 012 39 521 7. Segmental information Information reported to the Group 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 Group s reportable segments under IFRS 8 are therefore fishing, insurance, clothing and investments. Investments include investments in associates and joint ventures, available-for-sale investments, investments at fair value through profit or loss and the Group s property portfolio. Segment revenues and results Segment revenue Fishing 1 361 498 1 237 687 Insurance 417 569 505 246 Clothing 183 824 179 600 Investments 258 163 163 843 Total revenue 2 221 054 2 086 376 Segment profit/(loss) from operations Fishing 109 251 69 062 Insurance (179 718) (120 662) Clothing 7 202 10 460 Investment management 165 123 105 526 Total profit from operations 101 858 64 386 Fair value gains 463 967 557 402 Exceptional items (28 286) 7 828 Share of (losses)/profits of associates and joint ventures (65 431) 13 204 Income from investments 23 028 23 037 Finance costs (188 182) (110 553) Outside unit holders interest (449) (507) Profit before taxation 306 505 554 797 11

7. Segmental information (continued) R 000 Segment assets and liabilities Reviewed 31 December 2014 Audited 31 December 2013 Segment assets Gross Net Gross Net Fishing 1 040 101 1 040 101 911 544 911 544 Insurance 1 321 780 1 321 780 1 391 025 1 391 025 Clothing 171 257 171 257 165 658 165 658 2 533 138 2 533 138 2 468 227 2 468 227 Investments 5 839 788 5 399 928 4 742 653 4 331 366 Intergroup balances 439 860 411 287 Other 5 399 928 5 399 928 4 331 366 4 331 366 Total segment assets 8 372 926 7 933 066 7 210 880 6 799 593 Segment liabilities Fishing 944 377 735 697 781 458 530 553 Insurance 1 391 777 1 301 843 1 334 204 1 244 270 Clothing 132 509 61 260 130 479 60 031 2 468 663 2 098 800 2 246 141 1 834 854 Investments 2 029 998 2 029 998 1 181 332 1 181 332 Total segment liabilities 4 498 661 4 128 798 3 427 473 3 016 186 Reviewed Audited Year ended Year ended 31 December 31 December R 000 2014 2013 Other segmental information Depreciation and amortisation Fishing 80 735 73 015 Insurance 8 240 8 097 Clothing 4 023 3 111 Investments 682 628 Total segment depreciation and amortisation 93 680 84 851 Additions to non-current assets Fishing 196 035 63 495 Insurance 2 750 8 287 Clothing 6 408 9 916 Investments 856 146 Total segment additions to non-current assets 206 049 81 844 12

8. Fair value measurements This note provides information about how the Group determines fair values of various financial assets and financial liabilities. Fair value of the Group s financial assets and financial liabilities that are measured on a fair value basis on a recurring basis Some of the Group 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 preliminary condensed consolidated financial statements approximate their fair values. R 000 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 2013 Level 1 Level 2 Level 3 Total Financial assets at FVTPL Derivative financial assets 918 535 918 535 Listed shares 2 456 503 2 456 503 Unlisted shares and loan 153 442 6 149 5¹ 159 596 Other investments 68 884 68 884 Available-for-sale financial assets Unlisted shares 44 800² 44 800 Unlisted shares 2 154¹ 2 154 Total 2 678 829 924 684 46 959 3 650 472 Financial liabilities at FVTPL Derivative financial liabilities 2 125 2 125 *FVTPL = Fair value through profit or loss 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). Notes 1. At cost or historical valuation. 2. Discounted cash flow method using a discount rate of 15% over 10 years. 13

8. Fair value measurements (continued) Reviewed Audited Year ended Year ended 31 December 31 December R 000 2014 2013 Reconciliation of level 3 fair value measures Unlisted shares and loan Opening balance 46 959 28 250 Total gains or losses in profit or loss in other comprehensive income (19 535) 18 984 Advances 64 90 Disposals (365) Transfer to level 2 Closing balance 27 488 46 959 9. Share Capital In issue (number) Ordinary shares 43 145 435 46 775 135 Held as treasury shares (385 611) (4 015 311) 42 759 824 42 759 824 N Ordinary shares 245 866 581 267 144 624 Held as treasury shares (43 475 230) (65 373 373) 202 391 351 201 771 251 Total net of treasury shares 245 151 175 244 531 075 Weighted average number of shares on which earnings and headline earnings per share is based is 244 918 888 (2013 244 413 514) Weighted average number of shares on which diluted earnings and diluted headline earnings per share is based is 286 702 844 (2013 286 172 134) Reconciliation of weighted average number of shares between basic and diluted earnings per share and headline earnings and diluted headline earnings per share. Basic 244 918 888 244 413 514 Dilutive share options 41 783 956 41 758 620 Diluted 286 702 844 286 172 134 Share options treated as anti-dilutive 499 068 (2013 703 098) Closing share price (cents) Ordinary shares 1 700 1 400 N Ordinary shares 1 650 1 400 The following share movements occurred during the period under review: Ordinary N Ordinary Shares issued 1 April 2014 435 540 5 September 2014 184 560 Shares repurchased and cancelled 1 May 2014 (3 629 700) (21 898 143) 14