Trading statement CONDUIT CAPITAL LIMITED Incorporated in the Republic of South Africa (Registration number 1998/017351/06) Share code: CND ISIN: ZAE000073128 (“Conduit” or “the group”) TRADING STATEMENT In terms of the Listings Requirements of JSE Limited, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on will differ by more than twenty percent from that of the previous corresponding period. Accordingly, a review by management of the financial results for the year ended 31 August 2012 has indicated that operating profit, net profit before tax, attributable earnings, headline earnings, earnings per share (“EPS”), headline earnings per share (“HEPS”), net asset value per share (“NAV”) and tangible net asset value per share (“TNAV”) are expected to be as follows: Unaudited Audited year ended year ended Percentage 31 Aug 2012 31 Aug 2011 Change increase Operating profit (R’000) 64 729 27 828 36 901 132.6% Net profit before tax (R’000) 79 671 53 308 26 363 49.5% Attributable earnings (R’000) 32 155 22 419 9 736 43.4% Headline earnings (R’000) 32 161 21 557 10 604 49.2% EPS (cents) 12.7 9.0 3.7 41.1% HEPS (cents) 12.7 8.6 4.1 47.7% NAV (cents) 107.5 106.0 1.5 1.4% TNAV (cents) 89.2 87.6 1.6 1.8% Number of shares in issue, net of treasury shares ('000) 254 777 250 277 Weighted average number of 254 181 250 277 shares ('000) Notes: 1. The marginal increase in NAV and TNAV is attributable to a capital distribution of 10 cents per share, paid to shareholders in December 2011. 2. The financial information on which this trading statement is based has not been reviewed or reported on by the group’s auditors. Conduit’s audited results for the year ended 31 August 2012, incorporating further commentary on all operating units, are expected to be released by the end of November 2012. Johannesburg 15 November 2012 Sponsor Merchantec Capital Date: 15/11/2012 05:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.