Voluntary Announcement - Changes to the Board of a Major Subsidiary CONDUIT CAPITAL LIMITED Incorporated in the Republic of South Africa (Registration number 1998/017351/06) Share code: CND ISIN: ZAE000073128 (“Conduit Capital”) VOLUNTARY ANNOUNCEMENT – CHANGES TO THE BOARD OF A MAJOR SUBSIDIARY The board of directors of Conduit Capital (“the Conduit Capital Board”) hereby notifies its shareholders that: - Mr Volker von Widdern, Chief Executive Officer of Conduit Capital’s wholly-owned subsidiary, the Constantia Insurance Group (“Constantia”), has stepped down with effect from 12 February 2020; and - Mr Peter Todd, has been appointed as Chief Executive Officer of Constantia with effect from the same date. Over the past two years Peter has served on the Board of Constantia as a non-executive director and Constantia is fortunate to have someone with his credentials who is familiar with our business. The Conduit Capital Board would like to express its sincere gratitude to Volker for his valuable contribution and wishes him well in his future endeavours. Johannesburg 14 February 2020 Sponsor Merchantec Capital Date: 14-02-2020 03:02:00 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.