CONDUIT CAPITAL LIMITED - Trading Statement

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
30 June 2017 has indicated that:

1. the loss per share is expected to be between 35.9 cents and 33.8 cents, compared to the
   restated loss per share of 10.6 cents for the year ended 30 June 2016;

2. the headline loss per share is expected be between 16.8 cents and 15.7 cents, compared to
   the restated headline loss per share of 5.7 cents for the year ended 30 June 2016; and

3. net asset value per share (“NAV”) is expected to be between 174.9 cents and 177.1 cents,
   compared to the restated NAV of 169.5 cents as at 30 June 2016.

Earnings per share includes:

a. transaction costs incurred as a result of the acquisition of Midbrook Lane Proprietary Limited
   (“Midbrook”) and Snowball Wealth Proprietary Limited (“Snowball”);
b. the write-off of all the goodwill that was generated owing to market and share price
   movements between the transaction date (19 July 2016) and the effective dates of the
   Midbrook and Snowball acquisitions (2 February 2017 and 30 March 2017, respectively);
c.   a revaluation of the group’s investment in an asset held for sale;
d. losses generated by the group’s medical gap cover portfolio during the first six months of the
   financial year, as highlighted in the interim results; and
e. expenses incurred to increase the capacity of the group by way of attracting appropriately
   skilled people and systems and to handle a much larger insurance business in the future, as
   detailed in the interim results.

Items a – c above are excluded from the calculation of headline earnings per share.

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 financial results for the year ended
30 June 2017, including further information on the performance of the group, are expected to be
released on SENS on or before 22 September 2017.

Johannesburg
12 September 2017
Sponsor
Merchantec Capital

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