Conduit Capital : Interim Results for the Six Months Ended 31 December 2021, Webinars and Extension of Circular Distribution Date

CONDUIT CAPITAL LIMITED Incorporated in the Republic of South Africa

(Registration number: 1998/017351/06) Share code: CND ISIN: ZAE000073128

("Conduit" or "the Group")

CONDENSED CONSOLIDATED UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2021, WEBINARS AND EXTENSION OF CIRCULAR DISTRIBUTION DATE

This short-form announcement is the responsibility of the directors and is only a summary of the information in the full announcement and does not contain full or complete details. The full announcement is available at:https://senspdf.jse.co.za/documents/2022/jse/isse/cnd/interim22.pdf and also published on the Group's website atwww.conduitcapital.co.za ("Full Announcement"). Any investment decisions should be based on consideration of the Full Announcement.

The Full Announcement can be inspected at the registered offices of Conduit Capital and the Sponsor during office hours and is also available on request by [e-mail]

Interim Results Webinar

Shareholders are advised that management will be hosting an investor call at 14:00 CAT on 1 April 2022 to provide commentary in terms of the interim results for the six months ended 31 December 2021. The call will focus on the Interim Results and how it contributed towards our long-term vision and growth strategy. A presentation relating to the interim results is available on the

Group's website at:https://www.conduitcapital.co.za/presentations.php

Please register for the interim results webinar by the close of business on 31 March 2022 on the link below:https://us06web.zoom.us/webinar/register/WN_9UY8WumqRVKA7eNZCQHT9w

Conduit Capital Investor Day Webinar

Conduit Capital and Constantia Insurance Group invite all shareholders, partners, employees and prospective shareholders to attend a special investor day webinar hosted by EasyEquities at 16:00 CAT on 4 April 2022. The focus will be on the Constantia Insurance Group, which represents 95% of Conduit's assets. Conduit CEO Sean Riskowitz and Constantia CEO Peter Todd, will be telling the Constantia story, followed by a Q&A with your hosts.

Please register for the Conduit Capital investor day webinar by close of business 1 April 2022 on the link below:https://us02web.zoom.us/webinar/register/WN_D0lWwH7YRKmkHT68LcQ23A

Please send an email [e-mail] should you require any assistance relating to the above-mentioned webinars.

FINANCIAL HIGHLIGHTS

Unaudited six months ended Dec '21 vs

six months ended Dec '20

▪	Gross written premium	 7.3% to R1.025 billion
▪	Net premium income as reported	 3.7% to R139.9 million
▪	Net premium income excluding solvency reinsurance	 7.1% to R913.6 million
▪	Loss per share	 from 7.5 cents to 11.1 cents

▪	Headline loss per share	 from 8.4 cents to 11.1 cents
▪	Weighted average number of shares in issue ('000)	 0.5% to 688,276
▪	Reported cash balance	 91.4% to R179.3 million
▪	Insurance float	 10.5% to R618.2 million

Despite the headwinds posed by the economy and the insurer's capital position, Constantia delivered an increase of 7.3% in gross premiums with double digit growth in its specialist businesses, including Medical Malpractice. The turnaround saw underwriting profit improve 10.7% over the corresponding prior year period. The business generated strong positive cashflows with R34.3 million in operating cash being generated in the six-month period. Float increased to R618.2 million. In the first two months, the cash balance in Constantia had increased by a further R52.7 million. Float increased by a further R39.5 million during the same period.

Constantia has a solid pipeline of opportunities that should deliver material growth at a combined ratio below 100%, once the business is recapitalised. The transformation of the business over the past 18 months delivered an operating performance in line with expectation. Achieving the growth numbers and maintaining the underwriting performance in a difficult environment is evidence of the sustained turnaround in the business.

Post the capital transaction announced on SENS on 20 December 2021, the Solvency Capital

Requirement of Constantia Insurance Company Limited ("CICL") is expected to be in excess of 1.1, providing the company with adequate capital to pursue profitable growth opportunities. Shareholders are referred to the notes to the financial statements for further details regarding the statutory capital position of CICL. Constantia Life and Health Assurance Company Limited and Constantia Life Limited both meet minimum regulatory capital requirements on an SCR basis.

The business is delivering profits, building float and generating cash. The executive team has shown their value by building a high-performing culture, developing its talent and attracting top industry talent, bringing with them business of high quality. After a period of focused remediation, Constantia is entering its next growth phase that will see it achieve robust growth at a combined ratio approaching its target of 95%. The growth opportunity is, however, dependent on the recapitalisation of the CICL balance sheet, but we are confident the capital position will be restored in due course.

Century 21 reported year-to-date sales from the franchise network were similar to the record levels achieved in fiscal 2021. Additional franchises have been awarded. The business generates high returns on capital and cash flows and has an attractive growth opportunity in the market with only 49 franchises at 31 December 2021.

ASOC Fund 1 is expected to realise some of their investments during the end of the calendar year.

Extension of Circular Distribution Date

Shareholders are referred to the announcement released on SENS on 20 December 2021 regarding the investment in Conduit Capital through an issue of preference shares.

Using the terms defined in the aforementioned announcement, Shareholders are further advised that:

• • Mmuso are in the process of concluding their comprehensive internal process related to the Proposed Transaction and, given the size and complexity of the Proposed Transaction, this process

has taken longer than originally anticipated. In the interest of good corporate governance,

Mmuso's internal governance processes must be completed; and

• • in light of the aforementioned, the Company has approached the JSE for an extension to Friday, 27 May 2022 to distribute the Circular, which extension has been granted.

Johannesburg
31 March 2022
Directors:
Executive directors:	Sean Riskowitz (Chief Executive Officer), Bianca Yan (Financial Director)
Non-executive directors:	Ronald Napier (Chairman)*, Leo Chou, Melvyn Lubega*, Adrian Maizey,
Zukie Siyotula*
* Independent
Company secretary:	CIS Company Secretaries Proprietary Limited, Rosebank Towers, 15
Biermann Avenue, Rosebank, Johannesburg, 2196
Registered address:	Nicol Main Office Park, Building B, 2 Bruton Road, Bryanston, Sandton
2191
Postal address:	PO Box 97, Melrose Arch, 2076
Transfer secretaries:	Computershare Investor Services Proprietary Limited, Rosebank Towers,
15 Biermann Avenue, Rosebank, Johannesburg, 2196
Sponsor:	Merchantec Capital
13th Floor, Illovo Point, 68 Melville Road, Illovo, 2196