CONDUIT CAPITAL LIMITED - Update to Shareholders

Update to Shareholders

CONDUIT CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/017351/06)
Share code: CND   ISIN: ZAE000073128
(“Conduit Capital” or “the Group”)


UPDATE TO SHAREHOLDERS


Further to the announcement released on SENS on 1 August 2022 (and using the terms defined therein
unless otherwise stated herein), the board of directors of Conduit Capital (“Board”) provides the following
update to shareholders.

The underlying performance of the Group’s wholly-owned insurance subsidiaries, being Constantia
Insurance Company Limited (“CICL”), Constantia Life Limited and Constantia Life and Health Assurance
Limited, which had been strong over the 12 months ended 30 June 2022 with preliminary results showing
growth in gross premium income and an improved operating result compared to the previous corresponding
period, continued to produce positive operating results and cash generation in July 2022, prior to the
provisional curatorship and the restriction on new business imposed on CICL on 26 July 2022.

The Board has challenged the decision to place a restriction on new business but to date, the Prudential
Authority and the Financial Services Conduct Authority have been unwilling to entertain this appeal. The
attempt by the provisional curator (“the Curator”) to have the restriction lifted has been to no avail. The full
effect of this restriction on new business is still being determined.

The Board continues to work with the Curator in finding solutions to protect the interests of all stakeholders,
including pursuing interested investors. However, much uncertainty exists and shareholders are advised to
continue to exercise caution when dealing in Conduit Capital securities until a further announcement is
made.


Johannesburg
26 August 2022

Sponsor
Merchantec Capital

Date: 26-08-2022 09:00:00
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