1. www.jse.co.za 1.1. THE JSE SECURITIES EXCHANGE CLEARING AND SETTLEMENT 8 May 2003

2. www.jse.co.za 2.2. WHERE DO WE START –1999 STRATE –T+5 Rolling Contractual Settlement –Guaranteeing of Trades by JSE –Ring Fencing –Segregation of clients assets

3. www.jse.co.za 3.3. PROCESS FLOW TIMELINE Equities clearing and settlement in South Africa is relatively complex, involving many parties, systems and interfaces. SETS BDA CSDP Broker B Client A (Buyer) SAFIRES Client B (Seller) Buy OrderSell Order Buy Order Matched Trade Contract Note CSDP Broker A Sell Order Settlement Order Allegement Commitment SAMOS Payment Confirmation Payment Order Settlement Confirmation / Affirmation Status Intimations Settlement Order Status Intimations Allocations Contract Note Funding of Amount Payment of Amount Trade Monitoring System

4. www.jse.co.za 4.4.

5. 5.5. Trade Monitoring System

6. www.jse.co.za 6.6. Trade Monitoring System

7. www.jse.co.za 7.7. Trade Monitoring System

8. www.jse.co.za 8.8. Trade Monitoring System