1. 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

2. 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%

3. 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 – % 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 – %
SBSA, Nedbank – % ea
FNB, ABSA – % ea
CitiBank – 0,125%

4. 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 – %
SBSA, Nedbank – % ea
FNB, ABSA – % ea
CitiBank – 0,125%
Since amended to
JSE – 44,547%
SBSA, Nedbank – % ea