Copyright © 2005 JSE Limited Presentation on JSE LIMITED to ASEA CONFERENCE 10 th – 12 th September 2005 By Geoff Rothschild Director Marketing – JSE Limited

2. Agenda JSE Mission JSE Overview JSE Market Size Member Evolution Systems Transformations Regulatory developments Innovations in products, markets & services Listing Structure Market Potential Considerations Investor Education

3. JSE Mission The provision of secure and efficient primary and secondary capital markets across a diverse range of instruments, supported by cost-effective services.

4. JSE Overview 118 YEARS OLD - Independent Board - Full time Executive Name changes: Johannesburg Stock Exchange (1887 – 2000) JSE Securities Exchange South Africa (2000 – 2005) JSE Limited (1 st July 2005) JSE accounts for the largest share of African market capitalisation 19 th largest Stock Exchange (Market capitalisation) Member of WFE

5. JSE Market Size As at 29 July 2005 Market Capitalisation : Rbn 2.91 (Rbn 2.56 in 2004) 387 listed companies (365 domestic & 22 foreign) 981 Listed securities 38.5% liquidity as at 30 June 2005 (36.9% in 2004)

6. Membership Evolution De-regulation : 8 November 1995 Demutualisation : 1 July 2005 Rights vs Shares Current membership: Equities market : 50 Equity Derivatives : 103 Agricultural Products Derivatives : 79 Dual membership plan

7. Systems Transformations Trading: Open “Outcry” Trading system ( ) JET (10 June 1996) JSE SETS (13 May 2002) Settlement: Electronic T+5 (Moving to T+3) STRATE (Zero failed settlement since November 2000) Surveillance: world class

8. Regulatory Developments Securities Services Act, Act 36 of 2004 replaced Financial Markets Control Act, 1989 Stock Exchange Control Act, amended in 1985 Insider Trading Act, 1998 Custody and Administration of Securities Act, 1992 Financial Services Board regulates the JSE The JSE regulates its members Adopted King II requirements as part of JSE Listings Requirements (SRI Index) Foreign Listing

9. Innovation in products, markets & Services SATRIX : November 2000 Satrix FINI & INDI :February 2002 AltX : October 2003 YieldX: February 2004 SRI Index : May 2004 SSF : September 2004 (3 rd largest in the world) Project Orion (IT Transformation) : 2005 – 2007 ITRIX : October

10. Market Potential Risk managed through: Capital adequacy Margining unsettled trades Uncovered positions Controlled & non-controlled client concept No EXCON on foreign investors

11. Market Potential No foreign ownership limits Unified, free-floating exchange rate – backed by a liquid and deep sovereign bond market with turnover 10 times GDP Arbitrage Opportunity All indices calculated according to FTSE methodology Top 40 Index - liquid and diverse

12. Considerations International perception : S A Risky in terms of sovereign risk Emerging market contagion SA’s position on FTSE’s Global Classification as “Developed Emerging” JSE Listing

13. Investor Education Focus on educating the public through : A communications outreach programme Schools & Universities Investment Challenge Roadshows Media Publications

14. Further Contact Website : Tel : Contact person : GEOFF ROTHSCHILD Director Marketing JSE

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