REVIEWED PRELIMINARY CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015 AND CHANGES TO THE BOARD OF DIRECTORS

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 2015 AND CHANGES TO THE BOARD OF DIRECTORS SIGNIFICANT EVENTS Strong dividend income from investments Old Mutual and Nedbank transactions matured and successfully realised Resilient NAV despite volatile market conditions Operating losses at subsidiary Lion of Africa Insurance Company Final dividend 35 cents Underlying investments 1

COMMENTARY The Company reported a loss for the year under review of R668.1 million compared to a profit of R277.8 million in the prior year. 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. Total assets decreased to R7.7 billion from R7.9 billion at 31 December 2014. Intrinsic Net Asset Value decreased to R4.2 billion from R4.9 billion at 31 December 2014. Brimstone Portfolio SUBSIDIARIES Sea Harvest (58.44%) Sea Harvest delivered a solid financial performance for the year with operating profit before interest increasing by 10% to R121.6 million, and EBITDA up 9% to R205 million. Revenue was 1% higher than prior year despite a 5% reduction in catch volumes. Fishing conditions were very challenging especially in the second half of the year. Prices for hake remained strong, in addition to a 10% volume growth in the export market where demand was high. Sea Harvest continued with its capital investment programme by converting an existing trawler to a freezer trawler as well as upgrading its fresh fish plant. In the last two years over R200 million has been invested in vessels and plant upgrades. In December 2015, Sea Harvest acquired a 19.9% stake in Mareterram Limited, a vertically integrated agri-business which listed on the ASX in Australia thereby securing its route to this critical market and providing a platform for future international growth. Lion of Africa Holdings (100%) Lion of Africa s poor performance continued during the year under review, reporting a loss from operations of R179 million (2014: loss of R180 million). This loss is directly attributable to the following factors: A significant decrease in premium income due to: the credit rating downgrade adversely affecting the amount of corporate business written; the discontinuation of personal lines business; and the introduction of stricter underwriting parameters which have been introduced to reduce claims going forward. Large claims and one-off charges incurred. A new management team has been put in place. In addition to the remedial action already commenced during the year, management has developed a focused strategy to return the company to profitability over the next few years. Brimstone introduced R200 million in capital during the year under review in order to maintain statutory solvency while the turnaround strategy is taking effect. The investment is carried at R40 million (2014: R20 million) in the books of Brimstone. House of Monatic (100%) Revenue increased by 17% to R214 million while net profit increased to R6.4 million. Most of this increase is attributable to the growth of the corporate and retail business. Another three retail stores were opened during the year with two more planned in 2016. R6 million of new plant and machinery was acquired during the year funded by way of the DTI capital subsidy to improve productivity and quality. Employment levels remained stable throughout the year. 2

ASSOCIATES AND JOINT VENTURES Oceana (16.90%) Brimstone subscribed for an additional 2.8 million shares in a rights offer for R211 million at R75 per share. During the year Oceana acquired Louisiana-based Daybrook Fisheries for $450 million further diversifying its business portfolio. Oceana s share price closed at R117.00 per share, up from R104.86 per share at 31 December 2014. Brimstone received dividends of R80.6 million from Oceana during the year under review and recorded R35.1 million in equity accounted earnings. Aon Re Africa (18%) Aon Re Africa successfully secured new business across all divisions with impressive organic growth specifically in Africa. Brimstone received dividends of R12.9 million (2014: R4.5 million) from Aon Re Africa and recorded R0.4 million in equity accounted losses during the year under review. Afena Capital (28.79%) Brimstone recorded R0.4 million in equity accounted earnings from Afena Capital. Following the reduction in assets under management, Brimstone has impaired its investment in Afena Capital by R12 million to R9.7 million. The Scientific Group/Obsidian Health (25.07%) During the period under review Brimstone disposed of its investment in The Scientific Group realising a profit on disposal of R44.8 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. Grindrod (6.62%) During the year Brimstone increased its shareholding in the Grindrod Consortium SPV, which holds 64 million shares, from 59.2% to 72.4%. Due to the shared control in the structure, Brimstone, in its consolidated financial results, accounts for its share of the results in the Consortium SPV as a joint venture. Brimstone also acquired 4.2 million Grindrod shares directly. Grindrod s share price closed at R11.29 at year end. INVESTMENTS Equites (10%) During the year Brimstone subscribed for 28 million shares in Equites Property Fund Limited at R12.50 per share at a total cost of R350 million, representing a 10.0% shareholding. Equites is a specialist logistics property developer and landlord which is listed on the JSE as a REIT. Life Healthcare (5.01%) Life Healthcare s share price closed at R35.07 per share, down from R42.76 per share at 31 December 2014. The investment was revalued downwards by R403.8 million. Brimstone received dividends amounting to R80.9 million during the year. Brimstone remains one of the largest shareholders in Life Healthcare which will continue to focus on its growth objectives in India and Poland. MTN Zakhele (2.71%) The share price of MTN Zakhele is affected by 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. At year end Brimstone held 2.2 million MTN Zakhele shares, which closed at R73.90 per share, down from R108.50 at 31 December 2014. The investment was revalued downwards by R75.7 million. Nedbank Following the maturity of the Nedbank transaction Brimstone held 2.3 million Nedbank shares. Brimstone sold all of these shares realising R568.5 million. Old Mutual (0.08%) The Old Mutual transaction matured on 1 May 2015. After settlement of debt in terms of the contract, Brimstone held 7.4 million Old Mutual plc shares. Brimstone sold 3.4 million of these shares, realising R131.4 million. The remaining 4 million shares were valued at the closing market price of R41.45 per share and are carried in the books at R165.8 million at 31 December 2015. Subsequent to the year end, Brimstone sold the remaining 4 million shares, realising R148.3 million. 3

INVESTMENTS (CONTINUED) Phuthuma Nathi (7.02%) Full-year consolidated revenues and core headline earnings grew by 15% and 12% respectively for the year ended March 2015. Brimstone acquired a further 1.96 million Phuthuma Nathi shares in 2015 at an average price of R161.55 per share and received dividends of R65.0 million from Phuthuma Nathi. At year end Brimstone held 3 million Phuthuma Nathi 1 shares and 1.7 million Phuthuma Nathi 2 shares, which closed at R165 and R163 per share respectively. The investment was revalued upwards by R96 million. Rex Trueform and African & Overseas Enterprises (Queenspark) (22%) The market price of all classes of Rex Trueform and African & Overseas Enterprises shares decreased during the year under review resulting in a downward revaluation of R5.1 million. Taste Holdings (15.22%) During 2015 Taste Holdings concluded an exclusive development agreement to roll out Starbucks Coffee outlets in South Africa. For the first time in sub-saharan Africa, Starbucks Coffee will open full-format stores bringing the entire range of its food and beverages, including its ethically sourced Arabica coffee, to South African consumers. Taste Holdings raised R226 million through a rights issue to partly fund the Starbucks Coffee development and to pursue other opportunities. Brimstone acquired a further 19.7 million Taste Holdings shares during 2015 at an average price of R3.02 per share. The share price closed at R2.95, down from R3.20 per share at 31 December 2014. 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 R316.44 per share, down from R368.06 per share at 31 December 2014. The investment was revalued downwards by R91.7 million. These rights mature on 31 December 2017. HEADLINE (LOSS)/EARNINGS PER SHARE Reviewed Audited Year ended Year ended 31 December 31 December 2015 2014 Headline (loss)/earnings per share (cents) Basic (295.3) 116.9 Diluted (295.3) 99.8 Headline (loss)/earnings calculation Net (loss)/profit attributable to equity holders of the parent (698 978) 259 050 (Profit)/loss on disposal of property, plant, equipment and vehicles (2 119) 334 Realised profit on disposal of associate (44 841) Impairment of investment in associate 11 994 28 286 Adjustments relating to results of associates 65 (1 937) Total tax effects of adjustments 9 338 505 Headline (loss)/earnings (724 541) 286 238 Weighted average number of shares on which (loss)/earnings and headline (loss)/earnings per share is based (000 s) 245 392 244 919 Weighted average number of shares on which diluted (loss)/earnings and diluted headline (loss)/earnings per share is based (000 s) 245 392 286 703 4

INTRINSIC NET ASSET VALUE (INAV) INAV at 31 December 2015 calculated on a line-by-line basis, totalled R4.23 billion, or R17.41 per share (31 December 2014: R4.86 billion or R19.79 per share), representing a decrease of 13% from 2014 (a decrease of 12.0% on a per share basis). On a fully diluted basis INAV per share is R16.48 representing a decrease of 11.3% on the R18.58 reported at 31 December 2014. As at 31 December 2015, Brimstone Ordinary shares were trading at a discount of 22.5% to INAV (31 December 2014: 14.1%). Brimstone N Ordinary shares traded at a discount of 27.1% to Brimstone s INAV (31 December 2014: 16.6%). The breakdown of INAV is available on the Company s website at www.brimstone.co.za. SHARE REPURCHASES Specific 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. Acquisition of treasury shares During November and December 2015, Brimstone acquired, via a wholly-owned subsidiary, 3.95 million Brimstone Ordinary shares and 0.05 million Brimstone N Ordinary shares in the open market for an aggregate consideration of R52.3 million at an average price of R13.06 per share including costs. These shares have been accounted for as treasury shares. SUBSEQUENT EVENTS There are no significant subsequent events affecting these results. DIVIDEND DECLARED Brimstone s board has declared a final dividend of 35 cents per share for the year ended 31 December 2015 (2014: 30 cents per share) payable on Monday, 25 April 2016. The final dividend has been declared out of income reserves. In compliance with the requirements of Strate, the Company has determined the following salient dates for the payment of the final dividend: Last day to trade cum dividend...friday, 15 April 2016 Shares commence trading ex dividend...monday, 18 April 2016 Record date...friday, 22 April 2016 Payment date...monday, 25 April 2016 Shares may not be rematerialised or dematerialised from Monday, 18 April 2016 to Friday, 22 April 2016, both days inclusive. The final dividend is subject to a local Dividends Tax at 15%. The net local dividend amount is 29.75 cents per share for shareholders liable to pay Dividends Tax and 35 cents per share for shareholders exempt from paying Dividends Tax. The number of Brimstone Ordinary and N Ordinary shares eligible for the final dividend at the date of this declaration is 42 757 604 and 204 963 200 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 20 year track record of creating and unlocking shareholder value in a sustainable way and has the team with the skills and experience to conclude value adding deals. The Group is defined by bona fide empowerment credentials, and its ability to enhance NAV and pay dividends. Brimstone has over the years demonstrated its resilience to withstand tough economic conditions and 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. 5

CHANGES TO THE BOARD OF DIRECTORS Shareholders are advised of the following changes to the Board of Directors of Brimstone Mr Lawrie Brozin, currently Financial Director of Brimstone will not be standing for re-election at the Company s upcoming Annual General Meeting on 9 May 2016 and will retire as Financial Director on that day. Lawrie joined the Company in 1996 and has played a valuable role in the growth of Brimstone. The Board of Directors wish to thank Lawrie for his unwavering commitment and dedication to the Company and wish him well for the future. The following new appointments will be made, effective 9 May 2016 Mr Geoffrey Fortuin (BCom (Acc) Cum Laude BCom (Acc)(Hons) CA(SA)) will be appointed as Financial Director. Geoff was previously a partner of Deloitte & Touche for 15 years during which time he was responsible for a number of South African listed companies, including the audit of Brimstone up to 31 December 2012. He was also a member of the Deloitte South Africa Board. Geoff is a non-executive director of Quantum Foods Holdings Limited a company listed on the JSE and is currently the Managing Executive (Finance) of Brimstone. Mr Iqbal Khan (BCompt(Hons) CA(SA)) will be appointed as Chief Operating Officer and Executive Director. Iqbal qualified as a chartered accountant in 1992 and worked at SAA for five years before re-joining the audit profession. He was a partner at EY for 11 years. He has worked at Brimstone in various roles over 7 years which was interrupted by a two year period as Chief Operating Officer of Old Mutual Investment Group. He serves on a number of Brimstone group company boards and is an independent non-executive director of Cricket South Africa. Brimstone wishes Geoffrey Fortuin and Iqbal Khan well in their new roles at the Company. On behalf of the board F Robertson Executive Chairman MA Brey Chief Executive Officer 29 February 2016 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 Corporate and Investment Banking, 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 6

CONDENSED INCOME STATEMENT Reviewed Year ended 31 December Audited Year ended 31 December R 000 2015 2014 Revenue 2 208 137 2 221 054 Sales and fee income 1 899 954 1 968 233 Dividends received 308 183 252 821 Operating expenses (2 022 394) (2 119 196) Operating profit 185 743 101 858 Fair value (losses)/gains (429 562) 463 967 Exceptional items 32 846 (28 286) Share of losses of associates and joint ventures (341 545) (65 431) (Loss)/profit before net finance costs (552 518) 472 108 Income from investments 30 991 23 028 Finance costs (224 237) (188 182) Outside unit holders interest (449) Net (loss)/profit before taxation (745 764) 306 505 Taxation 77 625 (28 712) (Loss)/profit for the year (668 139) 277 793 (Loss)/profit attributable to: Equity holders of the parent (698 978) 259 050 Non-controlling interests 30 839 18 743 (668 139) 277 793 (Loss)/earnings per share (cents) Basic (284.8) 105.8 Diluted (284.8) 90.4 CONDENSED STATEMENT OF COMPREHENSIVE INCOME Reviewed Year ended Audited Year ended 31 December 31 December R 000 2015 2014 (Loss)/profit for the year (668 139) 277 793 Other comprehensive income, net of tax 188 17 991 Items that may be reclassified subsequently to profit or loss Cash flow hedges (Loss)/profit arising during the year (98 115) 33 878 Share of non-distributable reserve of associates 89 171 Net value loss on available-for-sale financial asset (15 887) Items that will not be reclassified subsequently to profit or loss Share of non-distributable reserve of associates 9 132 Total comprehensive (loss)/income for the year (667 951) 295 784 Total comprehensive (loss)/income attributable to: Equity holders of the parent (657 955) 269 739 Non-controlling interests (9 996) 26 045 (667 951) 295 784 7

CONDENSED STATEMENT OF FINANCIAL POSITION Reviewed Year ended 31 December Audited Year ended 31 December R 000 2015 2014 ASSETS Non-current assets 5 996 570 5 407 395 Property, plant, equipment and vehicles 499 942 410 827 Goodwill 12 140 12 140 Intangible assets 92 455 114 400 Investments in associate companies and joint ventures 1 114 419 1 067 131 Investments 4 044 276 3 636 528 Deferred taxation 25 489 Insurance assets 204 057 166 369 Other financial assets 3 792 Current assets 1 656 025 2 525 671 Inventories 258 831 265 616 Trade and other receivables 604 366 633 801 Insurance assets 532 498 561 516 Other financial assets 2 456 Taxation 8 500 14 222 Investments 828 897 Cash and cash equivalents 249 374 221 619 TOTAL ASSETS 7 652 595 7 933 066 EQUITY AND LIABILITIES Capital and reserves 2 626 972 3 434 405 Share capital 41 45 Capital reserves 427 049 342 032 Revaluation reserves 14 143 14 143 Cash flow hedging reserve (42 414) 14 922 Changes in ownership (11 839) (11 839) Retained earnings 2 143 330 2 965 681 Attributable to equity holders of the parent 2 530 310 3 324 984 Non-controlling interests 96 662 109 421 Non-current liabilities 3 387 466 2 930 119 Long-term interest bearing borrowings 2 624 018 2 040 451 Long-term provisions 25 427 23 103 Other financial liabilities 3 490 Insurance liabilities 270 525 223 695 Deferred taxation 467 496 639 380 Current liabilities 1 638 157 1 568 542 Short-term interest bearing borrowings 174 003 130 700 Bank overdrafts 21 644 14 815 Trade payables 508 884 548 646 Other payables 226 484 106 251 Insurance liabilities 685 787 732 794 Outside unit holders interest 16 145 Other financial liabilities 220 Short-term provisions 19 180 18 172 Taxation 2 175 799 TOTAL EQUITY AND LIABILITIES 7 652 595 7 933 066 NAV per share (cents) 1 044.0 1 356.3 Shares in issue at end of year (000's) 242 371 245 151 8

CONDENSED STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 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 ended 31 December 2014 259 050 259 050 18 743 277 793 Other comprehensive (loss)/income (9 080) 19 769 10 689 7 302 17 991 Total comprehensive (loss)/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 profit for the year ended 31 December 2015 (698 978) (698 978) 30 839 (668 139) Other comprehensive income/(loss) 98 359 (57 336) 41 023 (40 835) 188 Total comprehensive income/(loss) 98 359 (57 336) (698 978) (657 955) (9 996) (667 951) Recognition of share-based payments 11 615 11 615 11 615 Dividend paid (123 373) (123 373) (27 767) (151 140) Subsidiary s accrual for preference dividends 7 983 7 983 Non-controlling interest arising on recognition of subsidiary 123 078 123 078 Acquisition of non-controlling interest in subsidiary (108 343) (108 343) Issue of share capital 11 526 11 526 1 748 13 274 Sale of trust units 538 538 Treasury shares acquired (4) (51 958) (51 962) (51 962) Share of non-distributable reserves of associates transferred directly to equity 15 475 15 475 15 475 Balance at 31 December 2015 reviewed 41 427 049 14 143 (42 414) (11 839) 2 143 330 2 530 310 96 662 2 626 972 9

CONDENSED STATEMENT OF CASH FLOWS Reviewed Audited Year ended Year ended 31 December 31 December R 000 2015 2014 Operating activities Net attributable (loss)/profit (668 139) 277 793 Adjustments for: Share of losses/(profits) of associates and joint ventures 231 397 (21 498) Income from investments (229 026) (188 920) Decrease/(increase) in fair value of investments 429 562 (463 967) Impairment of investment in associate 11 994 28 286 Amortisation of intangible assets 23 396 22 355 Finance costs 214 279 188 182 Taxation (77 625) 28 712 Depreciation of property, plant, equipment and vehicles 80 741 71 325 Share-based payment expense 11 615 10 570 Realised profit on disposal of associate (44 841) Increase in long and short-term provisions 3 332 2 072 (Profit)/loss on disposal of property, plant, equipment and vehicles (4 464) 547 Operating cash flows before movements in working capital (17 779) (44 543) Decrease/(increase) in inventories 6 785 (14 968) (Increase)/decrease in trade and other receivables (6 031) 30 983 Outside unit holders interest (16 145) (2 703) Decrease in trade and other payables (20 334) (13 192) Net increase in insurance assets (8 670) (60 326) Net (decrease)/increase in insurance liabilities (177) 152 923 Cash (used in)/generated from operations (62 351) 48 174 Interest received 30 991 23 028 Dividends received from associates and joint ventures 110 148 86 929 Dividends received from other equity investments 198 035 165 892 Income taxes paid (77 979) (17 184) Finance costs (173 877) (143 509) Net cash from operating activities 24 967 163 330 Investing activities Loan repayments and recoveries from associate and investments 21 756 3 253 Proceeds on disposal of investments 955 628 48 701 Proceeds on disposal of property, plant, equipment and vehicles 7 080 542 Acquisition of property, plant, equipment and vehicles (172 472) (204 893) Acquisition of intangible assets (1 451) (1 156) Acquisition of investments (1 209 785) (754 591) Net cash used in investing activities (399 244) (908 144) Financing activities Dividends paid by company and subsidiaries (151 140) (130 892) Repayments of borrowings (689 879) (342 716) Loans raised 1 274 372 1 275 813 Shares repurchased (51 962) Proceeds on issue of trust units/shares 13 812 4 597 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) Increase/(decrease) in bank overdrafts 6 829 (34 789) Net cash generated from financing activities 402 032 705 220 Net increase/(decrease) in cash and cash equivalents 27 755 (39 594) Cash and cash equivalents at beginning of year 221 619 261 213 Cash and cash equivalents at end of year Bank balances and cash 249 374 221 619 10

FURTHER INFORMATION 1. Auditor s review report The preliminary condensed consolidated financial statements for the year ended 31 December 2015 have been reviewed by the Company 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 conclusion 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 the review conclusion 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 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 reviewed consolidated financial statements for the year ended 31 December 2015 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 2014. Reviewed Audited Year ended Year ended 31 December 31 December R 000 2015 2014 4. Income from investments Interest received on bank deposits and loans to associates 30 991 23 028 Finance costs Interest on borrowings 36 059 40 264 Interest rate swap 10 355 Preference dividends 188 038 137 540 Interest on obligations under instalment sale agreements 140 23 224 237 188 182 11

FURTHER INFORMATION (CONTINUED) Reviewed Audited Year ended Year ended 31 December 31 December R 000 2015 2014 5. Taxation Current normal and deferred tax (credit)/expense (81 286) 26 858 Dividends tax 417 652 Securities transfer tax 3 244 1 202 (77 625) 28 712 6. Capital commitments Commitments for the acquisition of property, plant, equipment and vehicles: Contracted for but not provided in the financial statements 9 989 10 361 Authorised by directors but not contracted 18 716 3 651 28 705 14 012 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, 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 1 373 457 1 361 498 Insurance 310 303 417 569 Clothing 214 778 183 824 Investments 309 599 258 163 Total revenue 2 208 137 2 221 054 Segment profit/(loss) from operations Fishing 121 653 109 251 Insurance (178 676) (179 718) Clothing 10 707 7 202 Investment management 232 059 165 123 Total profit from operations 185 743 101 858 Fair value (losses)/gains (429 562) 463 967 Exceptional items 32 846 (28 286) Share of losses of associates and joint ventures (341 545) (65 431) Income from investments 30 991 23 028 Finance costs (224 237) (188 182) Outside unit holders interest (449) (Loss)/profit before taxation (745 764) 306 505 12

FURTHER INFORMATION (CONTINUED) 7. Segmental information (continued) R 000 Reviewed Audited Segment assets and liabilities 31 December 2015 31 December 2014 Segment assets Gross Net Gross Net Fishing 1 117 341 1 117 341 1 040 101 1 040 101 Insurance 1 300 444 1 300 444 1 321 780 1 321 780 Clothing 193 775 193 775 171 257 171 257 2 611 560 2 611 560 2 533 138 2 533 138 Investments 5 854 165 5 041 035 5 839 788 5 399 928 Intergroup balances 813 130 439 860 Other 5 041 035 5 041 035 5 399 928 5 399 928 Total segment assets 8 465 725 7 652 595 8 372 926 7 933 066 Segment liabilities Fishing 1 064 334 838 091 944 377 735 697 Insurance 1 525 085 1 260 151 1 391 777 1 301 843 Clothing 148 628 76 317 132 509 61 260 2 738 047 2 174 559 2 468 663 2 098 800 Investments 2 287 576 2 287 576 2 029 998 2 029 988 Total segment liabilities 5 025 623 4 462 135 4 498 661 4 128 788 Reviewed Audited Year ended Year ended 31 December 31 December R 000 2015 2014 Other segmental information Depreciation and amortisation Fishing 89 761 80 735 Insurance 3 089 8 240 Clothing 4 640 4 023 Investments 721 682 Total segment depreciation and amortisation 98 211 93 680 Additions to non-current assets Fishing 152 488 196 036 Insurance 3 160 2 750 Clothing 10 140 6 408 Investments 8 136 856 Total segment additions to non-current assets 173 924 206 050 13

FURTHER INFORMATION (CONTINUED) 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 consolidated financial statements approximate their fair values. R 000 2015 Level 1 Level 2 Level 3 Total Financial assets at FVTPL* Derivative financial assets 256 231 256 231 Listed shares 2 752 591 2 752 591 Unlisted shares and loan 940 466 5¹ 940 471 Other investments 73 748 73 748 Available-for-sale financial assets Unlisted shares 25 265² 25 265 Unlisted shares 2 218¹ 2 218 Total 3 766 805 256 231 27 488 4 050 524 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 *FVTPL: Fair value through profit or loss 14

FURTHER INFORMATION (CONTINUED) 8. Fair value measurements (continued) 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. Reviewed Audited Year ended Year ended 31 December 31 December R 000 2015 2014 Reconciliation of level 3 fair value measurements Unlisted shares and loan Opening balance 27 488 46 959 Total gains or losses in other comprehensive income (19 535) Advances 64 Closing balance 27 488 27 488 15

FURTHER INFORMATION (CONTINUED) 9. Share capital In issue (number) Ordinary shares 42 757 604 43 145 435 Held as treasury shares (3 953 087) (385 611) 38 804 517 42 759 824 N Ordinary shares 244 103 200 245 866 581 Held as treasury shares (40 536 751) (43 475 230) 203 566 449 202 391 351 Total net of treasury shares 242 370 966 245 151 175 Weighted average number of shares on which earnings and headline earnings per share is based is 245 392 252 (2014: 244 904 211) Weighted average number of shares on which diluted earnings and diluted headline earnings per share is based is 245 392 252 (2014: 286 885 361) Reconciliation of weighted average number of shares between basic and diluted earnings per share and headline earnings and diluted headline earnings per share. Basic 245 392 252 244 904 211 Dilutive share options 41 981 150 Diluted 245 392 252 286 885 361 Share options and unvested forfeitable shares treated as anti-dilutive 41 748 046 (2014: 499 068) Closing share price (cents) Ordinary shares 1 350 1 700 N Ordinary shares 1 270 1 650 10. Acquisition of subsidiary during the year 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. 16