1. Committee of SADC Stock Exchanges Initiative and Centre of Excellence Russell Loubser, CEO JSE Limited

2. Copyright© JSE Limited 2005 1 United Nations World Economic Situation and Prospects Report 2006: FDI into the African continent was 55% higher in 2005 at US$29 billion up from US$18.7 billion in 2004 African economic growth will remain above 5% in 2006 China’s African Policy Paper, 2006: “China is willing to negotiate Free Trade Agreement (FTA) with African countries and African regional organizations” “The Chinese Government encourages and supports Chinese enterprises' investment and business in Africa, and will continue to provide preferential loans and buyer credits to this end” US Secretary of State Condelezza Rice, January 2006: “In the 21st century, emerging nations like India and China and Brazil and Egypt and Indonesia and South Africa are increasingly shaping the course of history.” Niall Fitzgerald, January 2006: Ignore Africa at your peril African Prospects 10 MARCH 2006

3. Copyright© JSE Limited 2005 1 Long history of cooperation amongst African exchanges: African Stock Exchanges Association (ASEA) incorporated in Kenya in 1993 Committee of SADC Stock Exchanges (COSSE) formed within the SADC framework in 1997 Some areas of cooperation: Harmonisation of listing requirements amongst COSSE member countries Regular sharing of ideas and expertise – COSSE conference in January 2006 and ASEA conference in September 2006 Provision of technical infrastructure and associated supporting services, where requested Exchanges in Africa 10 MARCH 2006

4. Copyright© JSE Limited 2005 1 The JSE is bullish on Africa Not just the “right” thing to do from a moral perspective, but makes good business sense How we at the JSE think about things: “Ask not what your investor and issuer can do for you, but what you can do for your issuer and investor.” When intermediaries no longer add value they cease to be relevant. JSE approach to Africa focuses on adding value to issuers and investors: South Africa and international investors looking for exposure to African counters African issuers looking for exposure to South African and international investors South African and international issuers looking to expand their presence in the African continent. The JSE and African Prospects 10 MARCH 2006

5. Copyright© JSE Limited 2005 1 African companies on African exchanges JSE co-operation with National Treasury to enable inbound foreign listings Oando Plc Case Study: Oando Plc is an integrated energy solutions provider with operations geographically spread across West Africa Primary listing on the Nigerian Stock Exchange Considered both LSE and JSE for possible secondary listing Listed on the JSE in November 2005 Promise of more Nigerian companies to come The Way Forward 10 MARCH 2006

6. Copyright© JSE Limited 2005 The JSE and Africa 10 MARCH 2006 QUESTIONS & ANSWERS Copyright© JSE Limited 2005 4

7. THANK YOU www.jse.co.za Copyright© JSE Limited 2005 5