CONDUIT CAPITAL LIMITED - Removal of Listing

Removal of Listing

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")


REMOVAL OF LISTING


Shareholders are referred to the announcement released on SENS on 21 September 2022 regarding the
suspension of trading in the Company's securities on the JSE Limited ("JSE"), and to subsequent Quarterly
Progress Reports ("Reports"), the most recent of which was released on SENS on 30 September 2025.

As reflected in the Reports, Conduit Capital's securities have remained suspended for more than three years.

Despite ongoing reporting and best efforts, the Company has been unable to restore compliance with core
provisions of the JSE Listings Requirements, including:

• delayed publication of interim and annual financial results pending litigation instituted by the liquidators of
  Constantia Insurance Company Limited ("CICL");

• inability to constitute a compliant board and audit committee following the resignation of key independent
  non-executive directors; and

• absence of qualifying operating subsidiaries as required under paragraph 4.28 of the JSE Listings
  Requirements, arising from CICL's liquidation and the ongoing run-off of Constantia Life Limited ("CLL")'s
  insurance business pending the Section 50 transfer thereof.

As a result, the JSE has initiated a process to remove the Company's listing in terms of paragraph 1.8 of the
JSE Listings Requirements.

From a Company perspective, maintaining a listing under these circumstances is not financially sustainable.
Listing-related costs significantly reduce the cash resources needed to preserve shareholder value, including
the cost of litigation associated with recoveries from against the CICL liquidators and the Trustco Group.

Based on these factors, and as previously communicated to shareholders, the Board has concluded that the
Company is in a state of non-rectifiable non-compliance with the JSE Listings Requirements and that the
delisting is in the best interests of shareholders.

Shareholders are therefore advised that the Company's listing and the listing of Conduit Capital's securities will
be removed from the JSE from the commencement of business on Friday, 19 December 2025, and that they
will remain shareholders in an unlisted company. The last day to trade (off-market) will be Friday, 12 December
2025, and the record date will be Thursday, 18 December 2025.


Cape Town
11 December 2025

Sponsor
Merchantec Capital

Date: 11-12-2025 10:00:00
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