Presentation by Monica Singer – CEO Panama, 22 February 2008 Control and Ownership of Strate through the years- ACSDA - The evolving corporate structure of the market infrastructure in South Africa Presentation by Monica Singer – CEO Panama, 22 February 2008

Control and ownership through the years… 1996 – Bankserv project Control Ownership Establishment of the Equities Electronic Settlement Committee (“EESC”) JSE and Bankserv each had equal representation 2 Chairpersons at all times – one appointed by each party – chairmanship of meetings rotated every 3 months Bankserv – 100% Bankserv majority owned by the “Big 4” commercial Banks in South Africa 1997 – JSE project Control Ownership EESC disbanded and JSE assumes control of ownership and financing of the project Human capital input obtained from all market players JSE – 100%

Control and ownership through the years… 1998 – STRATE Limited Control Ownership Shareholders agreement Independent Chairman but every Board Meeting basically a Shareholders Meeting Board total 16 members JSE – 50% ABSA, FNB, SBSA, Nedbank, Mercantile – 9.975% ea CitiBank – 0,125% Control Ownership 2003 – Post-merger STRATE / UNEXcor Shareholders agreement Independent Chairman, 2 independent non-executive directors, 4 JSE, 5 Bank, various market reps Board total 19 members JSE – 41.001% SBSA, Nedbank – 16.769% ea FNB, ABSA – 12.679% ea CitiBank – 0,125%

Control and ownership through the years… 2004 – Strate Limited Control Ownership Shareholders agreement (revised draft still being debated) Independent Chairman 6 Independent non – executive directors 2 appointments made by CSDPs 2 appointments made by JSE 1 Executive Director Board total 13 members JSE – 41.001% SBSA, Nedbank – 16.769% ea FNB, ABSA – 12.679% ea CitiBank – 0,125% Since amended to JSE – 44,547% SBSA, Nedbank – 14.996% ea