JSE: A New Era

1. JSE: A New Era Noah Greenhill GM: Marketing and Business Development

2. Our business 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 • Own 11% of Safcom • Settlement • Own 41% of STRATE • Guarantee of equity trades • Information product sales • Technology services

3. Opportune environment for listing of JSE • 1 July 2005 – demutualised and taxable • 5 June 2006 – listed on Main Board • 5 June 2006 – implemented Broad-based BEE deal • Good progress in meeting Financial Sector Charter targets

4. Key operational highlights – 2005 • Higher level of demand for new Main Board equity listings • 14 new listings (2004: 11) • Record overall JSE equity trading volumes and values • Average daily value traded up by 24% • Average daily number of trades up 29% • Zero failed trades for more than 5 years despite increase in volumes • Good performance in equity derivatives • Average daily number of contracts increased by 35% • Open interest increased by 29%

5. Key operational highlights – 2005 • AltX growth – market for small and medium sized companies • Listed 6 new companies • Yield-X – one-stop shop for a wide range of interest rate products • Launched in February • Revenue from information product sales up • Third round of Socially Responsible Investment Index • Number of successful constituents increases • Ongoing migration of the exchange onto new IT systems • Project Orion a major priority

6. JSE equities market capitalisation & liquidity

7. JSE equities market average monthly value traded & number of trades

8. Equities – Main Board • Good level of demand for equity new listings on the Main Board – 11 YTD • Warrant issues more than doubled in 2006– 356 YTD • Continued increase in equity trading volumes and values • Average daily value traded up 80% YTD • Average daily number of trades up 65% YTD • Net foreign investment at an all time high– R56.5 billion YTD • Liquidity improved – 46.0% YTD • New inward dual listings • A number of new product launches • eg SATRIX Swix and SATRIX Resi in 2006, ITRIX range • Next steps - Foreign companies, ETFs, African listings, listed company forums • Settlement needsto move from T+5 to T+3 together with a reduction in costs • Broad-based investor education initiatives to continue with strategic partners

9. AltX • AltX is for small and mid-sized companies • 23 companies currently listed • 8 new companies • 1 company graduated to the Main Board • 1 company migrated from Main Board to take advantage of better matched value proposition • 17 designated advisors • Directors’ induction programme • Next steps • More company listings in the pipeline

10. Yield-X • Launched February 2005 • new market offering a broad range of exchange traded interest rate derivatives • Gaining market traction • Corporate bonds able to be listed on Yield-X from 1 July 2006 • Next steps - Target retail issuers - Yield-X upgrade for retail trade to come

11. Opportunity - Africa • Dual listing • Costs • Expand liquidity pool • Access to “new” pool of investors • Access to “new” capital • Access to foreign capital • Emerging market funds • Arbitrage opportunities • BEE (specifically South Africa)

12. Questions?