Further 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”) FURTHER TRADING STATEMENT Further to the trading statement released on SENS on 12 September 2017 (“Initial Trading Statement”), a review by management of the financial results for the year ended 30 June 2017 has indicated that the headline loss per share is expected to be between 17.8 cents and 16.8 cents, compared to the restated headline loss per share of 5.7 cents for the year ended 30 June 2016, and not between 16.8 cents and 15.7 cents as previously stated. The loss per share is still expected to be between 35.9 cents and 33.8 cents and the net asset value per share is still expected to be between 174.9 cents and 177.1 cents, as announced in the Initial Trading Statement. 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. an impairment of the group’s investment in an asset held for sale; d. losses generated in the short-term insurer’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 so as to handle a much larger insurance business in the future, as detailed in the interim results. Items b and 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 about 27 September 2017. Johannesburg 26 September 2017 Sponsor Merchantec Capital Date: 26/09/2017 05:15:00 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.