Copyright© JSE Limited 2008 www.jse.co.za

JSE – Africa’s premier exchange

Noah GreenhillSenior General Manager: Marketing, JSE Ltd

4 March 2008

Mine Africa 2008

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Agenda

Overview of the JSE – some facts and figures

Main Board and the AltX

Dual Listings

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A brief history of the JSE

Founded in 1887

In 1995:

• Open outcry floor trading

• Settlement 7 days later or more

• Physical delivery of share certificates

• Equities only

1995: Deregulation of the JSE

1996: Introduction of order-driven, centralised, automated trading system - JET

1997: Introduction of real-time news service for dissemination of price sensitive information - SENS

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A brief history of the JSE

1999: Formation of STRATE

2001: Acquisition of SAFEX

2002: Move to guaranteed, contractual T+5 settlement of equity trades

2002: Replacement of JET with JSE SETS (LSE trading platform)

2003: Launch of AltX

2004: Introduction of SRI Index

2005: Launch of Yield-X

2006: Listing of JSE on Main Board

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JSE as it is today

5 Markets

• Equities – listing, trading & regulation of shares, ETFs and warrants• Equity Derivatives – SSF, index derivatives, can-do options• Agricultural Products – maize, wheat, soya and sunflowers• AltX• Yield-X

Equities and derivatives clearing

Settlement

• Own 45% of STRATE• Guarantee of equity trades

Information product sales

Technology services

© 6All figures are as at end December 2007

Primary markets again an attractive proposition

• Positive growth trend in new listings across both markets

• Growth in foreign listings

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100

200

300

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600

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No. Of Listed Companies

Some interesting facts and figures: Equities (Main Board and AltX)

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Capital raising opportunities suggest value for both issuers and investors

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20,000

40,000

60,000

80,000

100,000

120,000

140,000

Eq

uit

y C

ap

ita

l Ra

ise

d (

RM

il)

Some interesting facts and figures: Equities (Main Board and AltX)

All figures are as at end December 2007

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Continued strong performance in the secondary markets:• Average daily value traded up 39% (on 2006)• Average daily number of deals up 45% (on 2006)• Net foreign investment positive at R63.3 bn

Some interesting facts and figures: Equities (Main Board and AltX)

All figures are as at end December 2007

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2,000

4,000

6,000

8,000

10,000

12,000

14,000

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500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

No

Tra

de

s (0

00

's)

Va

lue

Tra

de

d (R

Mil)

VALUE DEALS

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Some interesting facts and figures: Equities (Main Board and AltX)

Significant value received by investors:• Market capitalisation at nearly R6 trillion – JSE remains in top 20 exchanges • Solid improvement in liquidity to 45%

20

25

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45

50

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1,000

2,000

3,000

4,000

5,000

6,000

Liq

uid

ity (%

)

Ma

rke

t Ca

p (R

bn

)

Market Capitalisation Liquidity (%)

All figures are as at end December 2007

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Introduction to AltX

AltX is the JSE’s exciting market for small and medium high growth companies

Provides an alternative for raising capital

Is operated by the JSE

AltX Philosophy:

• Best practice model

• Quality controls

• Designated Adviser

• AltX Advisory Committee

• Directors Induction Programme (DIP)

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AltX facts and figures

Exceptional market performance over the last 21 months

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10000

20000

30000

40000

50000

60000

0

1000

2000

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6000

Alternative Exchange I ndex All Share I ndex

3 April 06AltX: 2000 pointsAlsi: 20712 points

AltX vs. All Share Index

AltX: 4797 pointsAlsi: 28958 points

All figures are as at end December 2007

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SA vs UK

1000

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6000

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8000

9000

10000

-1500

-1000

-500

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500

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4500Index GBP

NSJME

NSJME AxisIndex GBP Axis

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Dual Listing

Gain exposure to alternative shareholders.

Enjoy local knowledge, expertise and interest in your company.

Be able to use local shares for transactions.

Facilitate compliance with SA government charters on broad based black economic empowerment.

Access to the deep and alternative pools of capital relative to other African markets.

Keep African companies on the African continent.

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Primary Listing on the JSE

Must meet all the initial listings criteria – Main Board or AltX

Prepare pre-listing statement/prospectus – fully compliant with JSE requirements

Financial information must be prepared in accordance with IFRS

If it is a mining/exploration company – prepare CPR that complies with SAMREC

CPR will be reviewed by the JSE’s reader panel

JSE will be the primary regulator going forward – applicantmust comply with all JSE listings requirements

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Is it listed on a recognised exchange?

Must meet all the initial listings criteria – Main Board or AltX

Prepare pre-listing statement/prospectus – compliant with JSE requirements

The JSE will accept extracts of the financial information if it has been prepared in accordance with IFRS

The JSE will not insist on the financial information being signed-off/audited again for purposes of the listing documentation

Non-IFRS numbers – discuss with JSE – recon to IFRS

The JSE will not insist on a new CPR if it is a mining/exploration company and it has prepared a CPR within the last six months that complies with SAMREC/JORC/NI 43-101

Secondary Listing already listed on another exchange

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CPR will not be reviewed by the JSE’s reader panel

CPR must be included and there must be a statement by the competent person that there has been no material changes

If it is listed on a recognised exchange then that exchange will take the lead in the enforcement of listings requirements on a continuing basis

Secondary Listing already listed on another exchange

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Must meet all the initial listings criteria – Main Board or AltX

Prepare pre-listing statement/prospectus – compliant with JSE requirements

Financial information must be prepared in accordance with IFRS

Non-IFRS numbers – recon to IFRS

Financial information must be signed-off/audited for purposes of the listing documentation

CPR must be prepared if it is a mining/exploration company that complies with SAMREC/JORC/Canadian 43-101

JSE’s readers panel must review and sign-off on CPR

If it is listed on a recognized exchange then that exchange will take the lead in the enforcement of listings requirements on a continuing basis

Secondary Listing not listed on another exchange

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Recognised Exchanges

Main Board

LSE Main Board – regulated by the UKLA

Australian Stock Exchange

Toronto Stock Exchange – Main Board

AltX

LSE Main Board – regulated by the UKLA

AIM

Toronto Stock Exchange – Main Board

Australian Stock Exchange

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Dual Listing AltX and AIM

AIM

• Primary regulator

• Sponsor

• Profit forecast

• DIP

• Fungibility

• SARB

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Conclusion

Straight-forward strategic approach: what do the issuer and the investor want?

AltX launched in response to identified market need – will continue to grow and develop the market

No of initiatives in the pipeline for 2008:

• Promotion of cash-settled future on AltX 15 Index

• Investigation into launch of AltX 15 exchange traded fund (ETF)

• Business development, business development, business development: Local and International (including focus on Africa)

Copyright© JSE Limited 2008 www.jse.co.za

JSE – Africa’s premier exchange

Questions?