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


                            QUARTERLY PROGRESS REPORT – DECEMBER 2022


Shareholders are referred to the SENS announcement dated 21 September 2022 relating to, inter alia, the granting
of the provisional liquidation order by the High Court pursuant to the Prudential Authority’s application to place
Constantia Insurance Company Limited (“CICL”) into liquidation and the granting of the suspension of trading in the
Company’s securities on the exchange operated by the JSE Limited (“JSE”) (“the Suspension”) pursuant to the
application therefor by the board of directors of Conduit Capital (“Board”).
In line with paragraph 1(11)(c) of the JSE Listings Requirements, Conduit Capital is required to provide
Shareholders with an update on the state of the affairs of the Company, on a quarterly basis, until the Suspension
is lifted.
Accordingly, shareholders are referred to the following announcements released on SENS (and using the terms
defined therein unless otherwise stated), and relevant updates thereto:
-    on 18 November 2022 it was advised that as a result of his current commitments, Mr Ronald Stuart Napier
     had resigned as the Chairman and an independent non-executive director of the Company with effect from
     17 November 2022 and that Ms Nonzukiso Siyotula, as the Lead Independent Director, would fulfil the interim
     acting Chairperson role;
-    on 30 November 2022 it was advised, inter alia, that with effect from 29 November 2022 Mr Leo Chih Hao
     Chou had been appointed as the non-independent non-executive Chairman, replacing Ms Nonzukiso Siyotula,
     and that Mr Peter Geoffrey Todd had been appointed as the permanent Chief Executive Officer; and
-    on 12 December 2022 it was advised that as a result of her current commitments, Ms Nonzukiso Siyotula had
     resigned as an independent non-executive director and Chairperson of the Audit and Risk Committee with
     effect from 9 December 2022.
     It was advised that in light of the imminent holiday season, the Company would commence the process of
     appointing a replacement director and Lead Independent Director early in January 2023 pursuant to which the
     sub-committees of the Board will also be reconstituted.

Furthermore, shareholders are advised that subsequent to the various announcements released on SENS during
August and September 2022 culminating in the confirmation on 14 September 2022 that the High Court had granted
a provisional liquidation order for CICL, all audit work had been suspended until clarity had been obtained from the
Liquidators of CICL as to their requirements and from the Auditors as to their scope of work and remuneration. The
Conduit Capital group (“Group”) audit work was resumed in October 2022 with the focus on first finalising the audits
of the remaining insurance companies in the Group in accordance with the requirements of the Prudential Authority.
Given the challenges from both an information and resource perspective, as well as the imminent holiday season,
it is anticipated that the audit of these companies will be concluded on or about 31 January 2023. It is further
anticipated that, although formal timelines for completion of the Group audit have yet to be determined, the audit
will be finalised at a date somewhat later thereafter.


Cape Town
15 December 2022

Sponsor
Merchantec Capital