2009 ASEA Yearbook

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African Securities Exchange Association
Yearbook
ASEA
2009
ASEA Member Countries
ASEA Member Exchanges

1. 2. 3. 4. 5. 6. 7. 8. 9. JSE Limited Bolsa de Valores de Cabo Verde Botswana Stock Exchange Casablanca Stock Exchange Bourse de Tunis Dar-es-Salaam Stock Exchange Douala Stock Exchange Egyptian Exchange Ghana Stock Exchange 10. 11. 12. 13. 14. 15. 16. 17. 18. Libyan Stock Exchange Lusaka Stock Exchange Mozambique Stock Exchange Nairobi Stock Exchange Stock Exchange of Mauritius Uganda Securities Exchange Bourse Rgionale des Valeurs Mobilires The Namibian Stock Exchange Khartoum Stock Exchange
Table of Contents
5 12 18 19 19 19 20 20 20 22 22 23 25
PROFILES OF ASEA EXECUTIVE COMMITTEE MEMBERS PRESIDENTS LETTER BRIEF ON ASEA - Summary of Highlights - The name of the Association is African Securities Exchanges Association (ASEA) - When was the association created? - Where is the secretariat located? - What is the main role of the association? - Members of the Association - Conferences - Upcoming Conferences - Which are the governmental bodies at the national or international level that the association interacts with, if any? MAIN ECONOMIC INDICATORS
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36 51 65 78 92 105 116 129 144 155 164 176 184 199 211 221 230 241
MEMBER EXCHANGE PROFILES JSE Limited Bolsa de Valores de Cabo Verde Botswana Stock Exchange Bourse de Casablanca Bourse de Tunis Dar-es-Salaam Stock Exchange Douala Stock Exchange Egyptian Exchange Ghana Stock Exchange Libyan Stock Exchange Lusaka Stock Exchange Mozambique Stock Exchange Nairobi Stock Exchange Stock Exchange of Mauritius Uganda Securities Exchange Bourse Rgionale des Valeurs Mobilires The Namibian Stock Exchange Khartoum Stock Exchange REPORT AND FINANCIAL STATEMENTS
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Profiles of ASEA Executive Committee Members
Professor Dr. Khaled Serry

Professor Dr. Khaled Serry is the Chairman of the Egyptian Exchange. He is also a visiting Professor at Jean Moulin University, Lion, France. Before joining the Egyptian Exchange, Dr. Khaled was the Vice President Egyptian Financial Supervisory Authority, Legal Advisor to the Minister of Finance, Legal Advisor to the Public and Private Sectors Partnership Unit, and a Member in the Capital Market Legislations Improvement Committee for non banking funding activities. Dr. Khaled holds a Ph. D. in Law from Jean Moulin University, Lion 3, France 2001 and a Bachelor of Arts, Faculty of Law, Ain Shams University, Egypt.
ASEA Yearbook 2009
Joseph S. Kitamirike
Mr. Kitamirike is the Chief Executive of Uganda Securities Exchange, having been appointed in August 2010. In his previous assignments he worked as CEO of National Housing & Construction Company between 2005 and 2010, as Commissioner for Industry & Technology between 2003 and 2005 and as a Research Analyst at General Electric Capital Corp., Stamford, Connecticut. He also worked with Uganda Development Bank and Uganda Investment Authority in the 1990s. Mr. Kitamirike holds a B.Sc. (Eng.) (Hons.) in Mechanical Engineering and an MBA (Finance) from the University of Connecticut, USA.
Geoff Rothschild CA (SA), Chartered Marketer (SA) Director: Government & International Affairs
Geoff Rothschild is an immediate past Chairman of the JSE and was a member of the board from 1991 - 2008. Geoff currently holds the position of Director: Government and International Affairs promoting the JSE. After qualifying as a Chartered Accountant he spent 30 years in the stockbroking industry with Sasfin Frankel Pollak Securities. Initially he was in charge of administration, followed by the positions of Financial Director, Joint Managing Director and finally Marketing Director. Geoff focuses on African Stock Exchanges, has chaired the Committee of SADC Southern African Developing Countries) Stock Exchanges (CoSSE) since 2004, is Deputy President of the African Stock Exchange Association (ASEA). He is a Director of the NEPAD (New Partnership for Africas Development) Business Foundation and is on their Operating & Audit Committees. He is a Council Member of the National Advisory council for Innovation (NACI) which advises the Minister of Science and Technology and an Honorary Fellow of the Da Vinci Institute of Technology. Besides this he also assists with various charitable organisations for example NOAH (Nurturing Orphans of Aids for Humanity, CHOC (Childhood Cancer Foundation), Education Africa, the Nelson Mandela Childrens Hospital, and the Football Foundation of SA.
ASEA Yearbook 2009
Mr. Ekow Afedzie

MR. EKOW AFEDZIE, is currently the Deputy Managing Director of the Ghana Stock Exchange. He was educated at the University of Ghana, Legon, Ghana where he obtained a Masters Degree in Business Administration in 1989. He joined the Ghana Stock Exchange in 1990 when it was established and has risen through the ranks to become the Deputy Managing Director of the Stock Exchange. He is the immediate past Vice President of the African Securities Exchanges Association (ASEA) and currently a member of the Executive Committee of ASEA. Mr. Afedzie has been one of the strong pillars behind the growing success of the Ghana Stock Exchange. He is experienced in stock market operations and has participated in many international conferences on Stock Market issues. He has also made contributions to local and international research on stock markets, and presented papers on stock market operations at many local and international fora. Mr. Afedzie was the Project Manager for the recent automation of the Ghana Stock Exchange and he is currently coordinating the Integration of West Africa Stock Markets and the demutualization projects at the Exchange.
Peter K. Mwangi, CFA

Peter Mwangi is the Chief Executive of the Nairobi Stock Exchange. He is also a Director of the Central Depository and Settlement Corporation in Kenya, and a Member of the Executive Committees of both the African Securities Exchanges Association (ASEA) and the East African Securities Exchanges Association (EASEA). Before joining the Exchange, Peter was the Managing Director of Centum Investment. Centum is the largest publicly quoted investment company in the East African region. Peter holds a Bachelor of Science degree in Electrical Engineering from the University of Nairobi. He is a Certified Public Accountant of Kenya and a CFA charterholder.
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ASEA Yearbook 2009
THE STOCK EXCHANGE OF MAURITIUS LTD
Sunil Benimadhu
Sunil Benimadhu is the Chief Executive of the Stock Exchange of Mauritius (SEM). He has also spearheaded the project to enable the SEM join the World Federation of Exchanges, a key standard-setter in the stock exchange industry. Sunil has been elected President of the African Securities Exchanges Association (ASEA) on the 30th August 2010. He was a member of the Executive Committee of the South Asian Federation of Exchanges (SAFE), and the Chairman of the SADC Committee of Stock Exchanges (COSSE). Sunil is also a regular speaker on emerging markets and on African markets in international stock exchange conferences. Before joining the SEM, Sunil worked in the Treasury Department of the African Development Bank (ADB). He was the General Manager of the National Mutual Fund Limited in Mauritius and played an instrumental role in the structuring, marketing and setting up of the National Investment Trust Limited, one of the largest investment trusts listed on the Exchange. Sunil Benimadhu holds a MBA in Finance and Investment from the University of Illinois, United States. He also holds a D.E.A in Development Economics and a Matrise in MacroEconomics from the University of Aix-Marseille, France.
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Presidents Letter
Africa is increasingly being viewed by investors worldwide as a very promising investment destination with strong present and future growth potential. The continents rise to prominence as an attractive investment destination stems from the conjunction of a number of key positive factors. Africa is home to 25% of the worlds resources and is well-positioned to gain from the gradual shift of the balance of economic power from the West to the East, pointing to an increased demand for Africas resources from the highly populated and fast growing economies of the East. Many African countries have achieved growth rates exceeding 5% in recent years and have embraced fundamental structural reforms programmes that have set them firmly on the path of strong and sustainable future growth. African stock markets have been among the best performers between 2000 and 2010, offering local and international investors annualized double-digit returns in US dollar terms. Growth prospects in the developed world look anaemic at best and international investors are growingly looking for superior returns outside of their traditional markets. African countries and African stock markets are considered as the last growth frontier in the world. The key to maintaining sustained interest in the continents investment opportunities, in my view, lies in the commitment to an African vision that involves the pursuit of excellence at all levels, the embracement of democratic principles and good governance at
Sunil Benimadhu
President, African Securities Exchanges Association
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ASEA Yearbook 2009
the highest decision-making levels, the implementation of inclusive growth that improves the living standards of all social classes and the continued improvement of the business climate in Africa.
The prominent role of African Stock Exchanges in harnessing Africas growth opportunities
African Stock Exchanges will be called upon to play an increasingly important role in the coming years to accompany and reinforce the transformational process in Africa. Stock Exchanges can become powerful platforms for capital raising by both African companies as well as international companies operating out of Africa and contribute in a meaningful way to the democratization process of African countries by enabling a larger pool of Africans to obtain a stake in the listed companies, benefit from their growth potential and become actors of Africas transformation. During the 2005-2010 period, stock markets in Africa have played an increasingly important role in providing capital to the private sector, particularly in the financial services and telecommunications sector. Between 2007 and 2009, over USD 10 billion of share capital was raised across 18 Stock Exchanges, mostly through the listing of 170 new companies. The ten largest markets is Africa have seen their market capitalization grow from USD 222 billion to over USD 700 billion from 2002 to 2008, achieving an annualized growth rate of 18% during this time frame. Stock Exchanges have also played an important role in providing local savers, alternative investment vehicles to the traditional bank deposits that were hitherto the only form of organized investment instrument available. As the interest on Africa as an attractive investment destination gathers further momentum, it would be interesting for ASEA, as the apex body of Stock Exchanges in Africa, to reflect on a value-enhancing action plan that can strengthen the role of African Stock Exchanges in harnessing Africas growth opportunities.
The ten largest markets is Africa have seen their market capitalization grow from USD 222 billion to over USD 700 billion from 2002 to 2008, achieving an annualized growth rate of 18% during this time frame.
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ASEA: Shaping up the future of African Exchanges

ASEA has steadily raised its profile over the years, growing in number and succeeding in attracting new Exchanges to join the Association. Moreover, ASEA has successfully implemented a number of key initiatives to raise the visibility of African Exchanges at the international level and has actively participated with other institutions to sponsor events linked to the promotion of African Stock markets. Going forward, ASEA can further crystallise the growing interest on Africa by pursuing the following initiatives: 1. ASEA should position itself as the organization of reference and of choice for any investor who is willing to obtain first hand information on African markets. To achieve this objective, it is fundamental that ASEAs website becomes a key source of dynamic and updated information for the international investment community.
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ASEA should position itself as the organization of reference and of choice for any investor who is willing to obtain first hand information on African markets.
2. The experience of other similar regional international associations such as the World Federation of Exchanges (WFE) clearly underscores the importance of having a permanent secretariat which is entirely devoted to the activities of the Association and is responsible for implementing the plan/vision set by the Executive Committee of ASEA. The need of setting up a Permanent Secretariat to drive ASEAs agenda and scale up ASEAs activities in a meaningful way needs to be discussed. 3. ASEAs Secretariat needs to undertake a thorough assessment of the activities and organisational aspects of other Exchange associations in other parts of the world and come up with a proposal of activities that ASEA may need to pursue to scale up its activities. 4. ASEA needs to endorse the important role of increasing the visibility of African markets at the international level. The different ways and means of achieving this objective need to be discussed and a concrete action plan for the next two years be determined.
ASEA Yearbook 2009
5. ASEA needs to finalise discussions with a major index provider to come up with credible African Index that will be jointly owned with the Index provider. This African Index needs to emerge as an attractive benchmark for investors investing on African Stock markets. This index could be used as the reference index for the setting up of an attractive African ETF that can be listed on different African Exchanges. 6. There is a need to attract more members to the Association, while ensuring a greater commitment of existing members to the objectives of the Association. 7. ASEA needs to give its support to initiatives that aim at achieving greater integration among African markets.
Changes in the Executive Committee

ASEA has witnessed some important changes at the level of the Executive Committee in the course of 2010. The immediate former Vice President, Mr. Simon Rutega resigned from his position as the Chief Executive Officer of the Uganda Securities Exchange on July 1 2010. On July 14 2010, Mr. Maged Shawky Sourial who served as the President of the Association from 2005 to 2009, resigned from his position as Executive Chairman of the Egyptian Exchange. On August 5 2010, the immediate former President, Professor Ndi Okereke - Onyiuke vacated her position as the Director General of the Nigerian Stock Exchange. I had the privilege of serving on the Executive Committee with all of them and I would like to take this opportunity, on behalf of the Association, to applaud them for their service and contribution towards the development of Africas capital markets. I also want to wish them the best in their future endeavours. During the 20th Executive Committee meeting on August 30 2010, in Mbabane, Swaziland, your Executive Committee appointed me as President and Mr. Geoff Rothschild as the Deputy President. We also welcome on the Executive Committee, the following new members, Dr. Khaled Seery Siam, Mr. Joseph S. Kitamirike, and Mr. Emmanuel Ikazoboh, representing the Egyptian Exchange, the Uganda Securities Exchange and the Nigerian Stock Exchange, respectively. We look forward to working with the new members of the Executive Committee to take the Association to the next level.
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Memberships
In the year under review, the Association has admitted the following three securities exchanges: Bolsa de Valores de Cabo Verde, Bourse de Tunis and Douala Stock Exchange as full members of ASEA . The number of ASEA members currently stands at twenty one (21) and represents twenty seven (27) African States - Benin, Botswana, Burkina Faso, Cape Verde, Cte dIvoire, Egypt, Ghana, Guine Bissau, Kenya, Libya, Mali, Malawi, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Sngal, South Africa, Sudan, Tanzania, Togo, Tunisia, Uganda, Zambia, and Zimbabwe. The Central Securities Clearing System Ltd of Nigeria is an observer member and the South Asian Federation of Exchanges (SAFE) is an affiliate member. In August 2010, The ASEA Executive Committee approved the request of the Swaziland Stock Exchange for a voluntary suspension of its memebership.
Events
The 14th ASEA Annual Conference will be held hosted by the Lusaka Stock Exchange (LUSE ) at Livingston, Zambia, from 11 12 November 2010. The theme of the Conference is Integration of African markets through technology. On behalf of ASEA, I would like to express my sincere thanks and appreciation to LUSE for taking the lead in organizing this conference at a very propitious time for African Stock Exchanges. This year again, ASEA has partnered with Africa Investor (Ai) for the 2010 Ai Index Series Roundtable and Awards, that were held at the premises of NYSE Euronext in New York on September 17 2010. The Ghana Stock Exchange scoped the accolade for the most innovative African stock exchange in 2010. The Mauritius Financial Services Commission was awarded the best African market regulator in the year.
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ASEA Yearbook 2009
Appreciation
In closing, I would like to express my sincere appreciation to your continuing commitment and support to the Association. We are all well aware that we would not have accomplished as much, without the dedicated efforts of the Executive Committee members, the Secretariat as well as all ASEA members. I would like to end by quoting extracts of the June 2010 McKinsey Global Institute Report: Lions on the move: The progress and potential of African economies. Africas growth acceleration resulted from more than a resource boom. Arguably more important were government actions to end political conflicts, improve macroeconomic conditions, and create better business climates, which enabled growth to accelerate broadly across countries and sectors. Africas future growth will be supported by external trends such as the global race for commodities, Africas increased access to international capital, and its ability to forge new types of economic partnerships with foreign investors. Long term growth also will be lifted by internal social and demographic trends, particularly Africas growing labor force, urbanization, and the related rise of middle class consumers. Africa is a continent that holds strong present and future promise. ASEA and African Stock Exchanges have a key role as the prominent drivers of change in Africa.
Sunil Benimadhu President African Securities Exchanges Association

25th October 2010
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Brief on
ASEA
President Secretariat Website Contact
: : : :
Mr. Sunil Benimadhu, Mr. Donald Ouma www.africansea.org douma@nse.co.ke
v.
Mr. Peter Mwangi, Chief Executive of the Nairobi Stock Exchange
Brief on ASEA
vi. Mr. Ekow Afedzie, Deputy Managing Director of the Ghana Stock Exchange vii. Ms. Yvonne Emordi, Principal Manager: Strategy & New Products: Nigerian Stock Exchange Ltd.
1. Summary of Highlights
1. The Association has initiated discussions with FTSE Group with a view to partnering in order to develop, launch and manage a FTSE branded ASEA index.
2. The name of the Association is African Securities Exchanges Association (ASEA). 3. When was the association created?
The African Stock Exchanges Association (ASEA) was registered in Nairobi on 13th November 1993 with the object of, inter alia, establishing an association for systematic mutual cooperation, exchange of information, materials and persons, mutual assistance and joint programs between the members. The membership of the association is open to any Stock Exchange or nascent Stock Exchange located in the African region. The Association has been holding annual conferences, which are hosted by different members each year where issues relevant to the growth of the regional capital markets are addressed.
th 2. The 13 Annual General Meeting and Conference of the Association was held from 2nd 4th December 2009, in Abuja, Nigeria and was hosted by the Nigerian Stock Exchange.
3. Following the AGM, on December 2nd 2009, the officials of the Executive Committee of the African Securities Exchanges Association are as follows:i. ii. President: Mr. Sunil Benimadhu, Chief Executive Officer: Stock Exchange of Mauritius Vice President: Mr. Geoff Rothschild, Director: Government & International Affairs of the JSE Ltd.
iii. Mr. Joseph S. Kitamirike, Chief Executive Officer of the Uganda Securities Exchange Ltd. iv. Dr. Khaled Seery Siam, Executive Chairman of the Egyptian Exchange
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Brief on ASEA
4. Where is the secretariat located?

ASEA Secretariat Nairobi Stock Exchange Nation Centre, First Floor, Kimathi Street, PO Box 43633, Nairobi 00100, Tel: +254 20 2831000 Fax: +254 20 224200 www.africansea.org
7.
To develop and promote a data bank and information system for the mutual benefit of members; To study, and research on matters of mutual interest to members; To disseminate information; produce materials in all media, hold conferences, seminars and exhibitions, and conduct other public education activities relevant to the interests of members;
8. 9.
5. What is the main role of the association?

1. To establish an association for systematic mutual cooperation, exchange of information, materials and persons, mutual assistance and joint programmes between the members; To promote the establishment of securities exchanges in all African countries; To promote the development of common standards of training and professionalism among members of the Association and other market players; To promote common standards of issuing, listing, trading and settlement of securities; To facilitate the development and promotion of products and services for Africas capital markets; To assist members in the promotion and development of the range of services associated with the capital markets;
10. To ensure that the views and interests of the Association are promoted in the appropriate worldwide fora; and 11. To do all other things, not inconsistent with the foregoing as shall promote the objects and powers.
2. 3.
6. Members of the Association Full Members

1. 2. 3. 4. 5. 6. Bolsa de Valores de Cabo Verde Bolsa de Valores de Moambique Botswana Stock Exchange Bourse de Casablanca Bourse de Tunis Bourse Rgionale des Valeurs Mobilires de lAfrique de lOuest
4. 5. 6.
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ASEA Yearbook 2009
7. 8. 9.
Dar-es-Salaam Stock Exchange Douala Stock Exchange Egyptian Exchange (formerly Cairo and Alexandria Stock Exchanges)
Observer Member
1. Central Securities Clearing System Ltd. (Nigeria)
Brief on ASEA
Affiliate Member
1. South Asian Federation of Exchanges (SAFE)
10. Ghana Stock Exchange 11. JSE Ltd 12. Khartoum Stock Exchange 13. Libyan Stock Market 14. Lusaka Stock Exchange 15. Namibian Stock Exchange 16. Nairobi Stock Exchange 17. Nigerian Stock Exchange 18. Malawi Stock Exchange 19. Uganda Securities Exchange 20. Stock Exchange of Mauritius 21. Stock Exchange of Swaziland (following a voluntary request, suspended since August 30 2010) 22. Zimbabwe Stock Exchange
The full members represent twenty seven (27) African states - Benin, Botswana, Burkina Faso, Cape Verde, Cte dIvoire, Egypt, Ghana, Guine Bissau, Kenya, Libya, Mali, Malawi, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Sngal, South Africa, Sudan, Tanzania, Togo, Tunisia, Uganda, Zambia, and Zimbabwe. The African states which the ASEA members represent belong to the following regional economic groupings within Africa alone Economic and Monetary Community of Central Africa (CEMAC) Intergovernmental Authority on Development (IGAD) Southern African Development Community (SADC)/ Southern African Customs Union (SACU) West African Economic and Monetary Union (UEMOA) Community of Sahel-Saharan States (CEN-SAD) East African Community (EAC)
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Brief on ASEA
Economic Community of Central African States (ECCAS) Economic Community of West African States (ECOWAS) Middle East Free Trade Area (MEFTA);
7. Conferences
The Nigerian Stock Exchange (NSE) hosted the thirteenth (13th) Annual Conference of the African Securities Exchanges Association (ASEA) which took place at the Transcorp, Hilton in Abuja, Nigeria from 2 4 December 2009. The theme of the conference was GLOBAL CRISIS: Opportunities for African Capital Markets. Participants were welcomed to the conference by the Minister of State for Finance, Planning and Economic Development (General Duties), of the Republic of Uganda, Hon. Fred Jachan Omach. The President of the Republic of Uganda, His Excellency President Yoweri Kaguta Museveni officially opened the Conference. The President stressed the need for stock exchanges to be at the forefront of providing avenues for mobilizing savings and investments from which African governments can benefit by raising funds through issuance of bonds to fund infrastructure.
On September 17 2010, ASEA partnered with Africa Investor (Ai) for the 2010 Ai Index Series Roundtable and Awards, that were held at the premises of NYSE Euronext in New York. The Ghana Stock Exchange scoped the accolade for the most innovative African stock exchange in 2010. The Mauritius Financial Services Commission was awarded the best African market regulator in the year.
The caption for the photograph should read, Hebatallah El Serafi: Head Research & Markets Development: Egyptian Exchange collects the award for Juhayna Food Industries Egypt, which won in the category for Best African IPO.
8. Upcoming Conferences
The fourteenth (14th) ASEA AGM and Conference will be hosted by the Lusaka Stock Exchange in Zambia. The theme of the conference is Integration of African Markets through technology.
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ASEA Yearbook 2009
9. Which are the governmental bodies at the national or international level that the association interacts with, if any? Partnerships and Alliances
1. Cooperate with other regional bodies such as the New Partnership for Africas Development (NEPAD), and the United Nations Economic Commission for Africa (UNECA) to promote the role of the Association in capital mobilization and economic development strategies by: a. b. c. d. Issuing joint publications or papers; Organizing joint events discussing issues on the African investment front; Displaying our publications at their events; Having hyper links on their websites to the ASEA website 1.
Exchanges (SAFES), exchange associations in the Greater Arab Free Trade Area (GAFTA) and the Gulf Cooperation Council (GCC) in the following areas: a. Attend their conferences and meetings; b. c. d. Apply for affiliate membership; Display our publications at their events; Having hyper links on their websites to the ASEA website.
Brief on ASEA
Branding and Promotional Events

Create a distinct corporate brand and identity for the ASEA to be available on relevant publications and for sponsorships of relevant events;
2. Ensure presence in the Regional bodies such as CEMAC, COMESA, EAC, ECOWAS, MEFTA, SADC and UEMOA. 3. Cooperate with other significant associations in the exchange industry, such as World Federation of Exchanges (WFE), International Organization of Securities Commissions (IOSCO), the Federation of Euro-Asia Stock Exchanges (FEAS), the South Asian Federation of
2. Record a professionally, done promotional video providing a brief about ASEA and its member exchanges which serves as a promotional tool for ASEA to be played at all our conferences and road shows; 3. Conduct an annual road show to promote ASEA as well as the individual members capital markets mainly covering; 4. Intensify the cooperation with African Investor and other similar organizations through the following: a. Preparation of periodical articles to be published in their magazine and newswire;
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b. Aligning their events to promote the Association either through an attached or separate event or a road show to leverage on the attendees at their events at more affordable costs to the Association; c. Displaying our publications at their events.
Brief on ASEA
Publications
1. Print a brochure about ASEA (other than the annual yearbook) that can be distributed in events or sent to key people in the field to increase awareness of ASEA;
Information Services
1. Continue to upgrade and update the ASEA website;
2. Continue to issue the ASEA yearbook with more informative data, which conforms to global international standards and facilitates the investment decision making process of the regional and global investor.
2. Provision of ASEA statistics to reputable global data vendors such as Bloomberg, Reuters, and Thompson Watch, amongst others.
Membership Drives
1. Approach nascent and existing African Exchanges to offer them our technical assistance and membership.
2. To encourage co-operation among the members in order to promote the development.
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ASEA Yearbook 2009
ASEA Member Countries
Main Economic Indicators
South Africa
Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 2007 2008 2009 49.3 211,240.00 7.1 4130.00 24.3 8.0 8.4
Cape Verde
Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 2007 0.49 1,513.00 8.60 15,309.78 21.00 3.63 75.32 2008 0.50 1,747.00 6.10 15,934.07 17.80 3.63 74.84 2009 0.51 1,768.00 4.00 9,492.38 13.10 3.63 76.01
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ASEA Yearbook 2009
Botswana
Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 0.1665 0.133 0.1499 2007 1.74 4,120.59 7.80 -76.39 2008 1.76 3,394.27 12.10 -137.36 2009 1.78 3,596.07 6.40 Not Available
Morocco
Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 7.7132 8.0983 7.8602 2007 2008 2009
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Tunisia
Indicators
2007 10.255 40,856.89 3.20 2070.80 12.4 5.26 1.2207
2008 10.329 42,214.67 5.00 3398.70 12.4 5.19 1.3099
2009
Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$)
44,612.46 3.70 2278.70 13.3 4.18 1.3173
Tanzania
Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 11.4 1,233.00 10.99 1,354.00 6.14% 1,320.00 16,989.46 6.90 18,302.81 12.50 2007 2008 2009 40,683 21,373.48 12.50
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ASEA Yearbook 2009
Cameroun
Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 2007 16 4.00 1.10 N/A N/A N/A 2008 18.5 3.70 5.30 N/A N/A N/A 2009 19.1 2.00 3.00 N/A N/A N/A 500
Egypt
Indicators Population (million) Real GDP (USD) (billion) at market exchange rates Inflation rate (Urban) (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (91 Days T-Bills) % Exchange rate (local currency versus US$) 2006/2007 75 135.06 8.60 11053.00 8.9 6.781 5.6967 2007/2008 79.1 162.41 20.20 13237.00 8.7 9.675 5.3331 2008/2009 76.1 189.34 9.90 8113.00 11.3 10.156 5.5964
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Ghana
Indicators
2007 22 13.4b 10.20 N/A 20 10 0.97
2008 22.5 14.00bn 18.10 N/A 11 17.4 1.27
2009 23.7 15.13bn 16.00 N/A 11 22.53 1.43
Libya
Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 58406.00 25 5.5 37123.00 25 5.5 2007 6.08 2008 6.21 2009 6.33 86,288.90 2.40 59794.00 30 4.5
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ASEA Yearbook 2009
Zambia
Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 2007 11.48 8,349.62 8.90 1,323.90 50 13.22 3910 2008 11.67 10,850.75 16.60 938.60 50 16.9 4985 2009 11.86 13,599.58 9.90 699.15 50 10.72 4730
Mozambique
Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 2007 16,10 17.790 12,10 427,50 NA 0,16 25,56 2008 21,67 18.900 11,82 587,10 NA 0,14 24,17 2009 21,80 9.899 2,25 889,90 NA 11,79 26,71
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Kenya
Indicators
2007 37.50 27,584 9.70 691.70 40 6.89 62.68
2008 38.60 34,514 26.00 610.00 40 8.54 68.00
2009 39.4 29,988 9.24 609.00 40 6.82 75.82
Mauritius
Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 2007 1.23 8,101 8.80 340.76 8.5 10.03 28.68 2008 1.27 8,072 9.70 377.72 7.2 8.96 32.69 2009 1.28 8,761 2.50 280.0 8.1 4.4 31.4
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ASEA Yearbook 2009
Uganda
Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 2007 30,637,544 13,757.10 6.10 792.31 50 11.62 1698 2008 31,656,865 14,523.71 12.00 728.86 40 15.6 1940 2009 32,669,885 17,963.20 13.00 603.75 60 7.5 1907
Bourse Rgionale des Valeurs Mobilires

Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 2007 NA NA NA NA NA NA NA 2008 NA NA NA NA NA NA NA 450 NA 2009 80.34 41,020 1.30
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Namibia
Indicators
2007 2.03 8,013 3,871 6.60 761 48 9.8 6.8371
2008 2.07 6,166 2,993 10.30 639 31.1 10.72 9.3903
2009 2.10 7,973 3,797 6.70 594 50% 7.42 7.4034
Population (million) Real GDP (USD) (millions) at market exchange rates Per Capita Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$)
Sudan
Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 2007 37,200,000 56,166,256,157.63 8.10 3,034.12 28 15.9 2.03 2008 39,200,000 58,599,495,412.80 14..3 2,600.50 28 15.8 2.18 2009 39,200,000 66,132,633,928.60 11.20 2,436.34 28 15.8 2.24
34
ASEA Yearbook 2009
Member Exchange Profiles
JSE Limited
Profile
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange
www.jse.co.za Financial Services Board JSE Ltd, One Exchange Square, Gwen Lane, Sandown, South Africa 09:00 - 17:00 GMT + 2.00 Geoff Rothschild 27115207114 27115208998 geoffr@jse.co.za South African Rand ( ZAR ) No tax imposed on dividends for Non Residents, Interest= 12%. Royalties , Visiting Entertainers =15% Commodities Derivatives Exchange
36
ASEA Yearbook 2009
JSE Limited
Section One : Trading Statistics

Currency: USD Table 2: Trading equity Statistics Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *
* Turnover Ratio (%)= value traded of listed securities/market capitalization
2007
2008
2009 377,868,627,473.65 82,588,166,139.00 20,950,750.00 410 390 801.27 29.30% 47.9
Table 3: Investors Type Foreigners vs. Local Investors Note:- Figures based on foreign trading statistics. Type of Investors 2007 Foreign Investors Local Investors Total % % of the Total Value Traded 2008 2009 17.4 82.6 100%
37
JSE Limited
Insitutions vs.Individuals Institutions Individuals Total % N/A N/A N/A
Table 4: Sectors Traded Sectors traded on the Stock Exchange Airlines Aluminium Apparel Retailers Asset Managers Auto Parts Banks Brewers Broadcasting & Entertainment Broadline Retailers Building Materials & Fixtures Business Support Services Business Training & Employment Agencies Clothing & Accessories Coal Commercial Vehicles & Trucks Number of companies included in each sector 2007 2008 2009 2 1 5 4 2 8 2 3 5 19 12 4 3 4 2
38
ASEA Yearbook 2009
JSE Limited
Sectors traded on the Stock Exchange Computer Hardware Computer Services Consumer Electronics Consumer Finance Containers & Packaging Conventional Electricity Corporate Debt Diamonds & Gemstones Distillers & Vintners Diversified Industrials Diversified REITs Drug Retailers Electrical Components & Equipment Electronic Equipment Equity Investment Instruments Farming & Fishing Financial Administration Fixed Line Telecommunications Food Products Food Retailers & Wholesalers Forestry Furnishings
Number of companies included in each sector 2007 2008 2009 2 17 2 3 4 2 1 8 2 5 1 1 8 6 12 9 1 2 9 4 1 1
39
JSE Limited
Sectors traded on the Stock Exchange Gambling General Mining Gold Mining Health Care Providers Heavy Construction Home Construction Home Improvement Retailers Hotels Industrial & Office REITs Industrial Machinery Industrial Suppliers Insurance Brokers Integrated Oil & Gas Internet Investment Services Iron & Steel Life Insurance Marine Transportation Medical Supplies Mobile Telecommunications Mortgage Finance Nonferrous Metals
40
ASEA Yearbook 2009
JSE Limited
Sectors traded on the Stock Exchange Other Securities Paper Personal Products Pharmaceuticals Platinum & Precious Metals Preference Shares Property & Casualty Insurance Publishing Real Estate Holding & Development Restaurants & Bars Retail REITs Software Specialised Consumer Services Specialty Chemicals Specialty Finance Specialty Retailers Telecommunications Equipment Tobacco Transportation Services Travel & Tourism Trucking Waste & Disposal Services
41
JSE Limited
Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Mining Banks Mobile Telecommunications Oil & Gas Producers General Retailers Value Traded 964,455,564,197 289,538,970,141 233,369,433,615 150,787,449,352 106,980,286,969
Section Two: Bonds Statistics

Table 6: Bonds Statistics Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds 2007 2008 2009 1,813,781,495,431 1,655,390,886,101 158,390,609,330
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ASEA Yearbook 2009
JSE Limited
Section Three : Trading System

Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed Or bought? - - - JSE TradElect & Nutron No Yes LSE for TradElect, STT for Nutron 2007 Equities, 2009 Derivatives
If bought, who is the Vendor? - Year of implementing the system - -
Section Four : Clearing and Settlement

Where do Clearing & Settlement take place? - - If Separate Company please mention its name Is this system locally developed or bought? If bought, who is the Vendor? Year of implementing the system: - - - - - - - For cash markets locally developed For Derivatives - bought STT Equities- 1988, Derivatives,2009 and 2010 JSE - For cash equities and bonds
SAFCOM (a wholly owned subsidiary of the JSE) For Derivatives
43
JSE Limited
Clearing and Settlement is conducted in: T+ 2 T+ 3 Others - - - T + 3 for cash bonds T+ 5 for cash equities N/A
Section Five : Products traded on the Stock Exchange

Types of markets in your Stock Exchange Equity Market Derivative Market Bond Market Table 7: Products Description of the Product Equity Index Future Single Stock futures and Options IDX Single Stock Futures IDX Dividend Futures Krugerrand Futures and Options Spot Bonds Bond Index Futures and Options Repos Futures and Options on listed FTSE/JSE Indices Futures and Options on listed FTSE/JSE Shares Futures on Interantionally Listed Shares Dividend Futureas on listed IDX Single Stock Futures Futures and Options on the JSE Listed Krugerrand Spot and Forward Bonds Futures and Options on Bond Indices Repo on Bonds YES YES YES
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ASEA Yearbook 2009
JSE Limited
Carries Currency Futures and Options Dividend Futures on Single Stock Futures Can do Futures and Options Notes Swaps FRAs IDX Single Stock Futures Rods ETFs Agricultural Commodities Foreign Referenced Commodidites
Carries on Bonds Futures and Options on currencies Dividend Futures on listed Single Stock Futures Customised Futures and Options on any JSE listed Product Futures on Notional Swaps Bond lookalike swaps Futures on FRAs Overnight Interest Rate Swaps Exchange Traded Funds White And Yellow Maize,wheat, sunflower seeds and soyabeans Chigaco corn contract
Section Six : Trading Mechanism

Margin Trading Intraday Trading Online Trading N/A Yes Electronic order book
45
JSE Limited
Section Seven : Indices

Table 8: Indices Index Name FTSE/JSE All Share FTSE/JSE Top 40 Index Type (Price Index, Sector Index,..etc) Price Price
Closing 2008 FTSE/JSE All Share FTSE/JSE Top 40 21,509.20 19,444.40
Closing 2009 27,666.45 24,996.97
% change 28.63% 28.56%
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ASEA Yearbook 2009
JSE Limited
Section Eight : IPOs

2008 Company None Date of IPO N/A Value of IPO ($ million) N/A
Note:- Based on newly issued & resale shares for Private & Preferrential placements. 2009 Company New Europe Property Investments Plc Efficient Financial Holdings Ltd Vodacom Group Ltd MAS Plc Paladin Capital Ltd Fotress Income Fund Ltd A Fotress Income Fund Ltd B Date of IPO 4/17/2009 4/20/2009 5/18/2009 8/31/2009 9/1/2009 10/22/2009 10/22/2009 2008 Company Date of issue Face Value of issue ($ million) Value of IPO ($ million) 41 5 9,211 13 83 189 21
2009 Company Date of issue Face Value of issue ($ million)
Refer to the sheet named Newly Issued Bonds
47
JSE Limited
Section Nine : 2008 Rankings of Top 5 Trading Participants

Ranking Stockbrokerage Units 1 2 3 4 5 Deutsche Securities (Pty) Ltd Credit Suisse Standard Securities (Pty) Ltd JP Morgan Equities Ltd Citigroup Global Markets (Pty) Ltd UBS South Africa (Pty) Ltd Purchases $ 35,808,165,645 34,194,946,793 26,197,505,519 25,607,269,774 23,763,015,047 Sales $ 36,286,870,233 32,298,153,825 26,538,579,844 24,841,853,468 23,690,820,408 Total $ 72,095,035,878 66,493,100,618 52,736,085,363 50,449,123,243 47,453,835,456
2009 Rankings of Top 5 Trading Participants

Note:-Based on the top 5 broking companies Ranking 1 2 3 4 5 Stock brokerage Units Merrill Lynch South Africa (Pty) Ltd Deutsche Securities (Pty) Ltd Credit Suisse Standard Securities (Pty) Ltd Citigroup Global Markets (Pty) Ltd Investec Securities Ltd Purchases $ 8,494,976,750 8,403,702,882 7,727,572,793 6,161,358,112 5,081,589,171 Sales $ 5,865,473,431 6,328,463,731 5,938,820,797 5,645,962,250 3,480,001,865 Total $ 14,360,450,180.90 14,732,166,613.12 13,666,393,589.56 11,807,320,361.92 8,561,591,035.61
48
ASEA Yearbook 2009
JSE Limited
Johannesburg Stock Exchange

some of the achievements in 2009
January 2009 February 2009 July 2009 August 2009 October 2009 November 2009 December 2009 Launch of cash-settled CME Group-referenced corn contract Launch of Africa Board and listing of Trustco Holdings (Namibian Company) on the board Acquisition of the Bond Exchange of South Africa and successful integration Launch of FTSE/JSE Capped Rafi All Share index Launch of cash-settled CME Group-referenced platinum, gold and oil contracts Launch of Jibar futures contract (a product similar to the Libor ) Zero failed trades in the equities market during the course of 2009. 9
Ongoing plans of the Johannesburg Stock Exchange

The JSE continues to focus on building client relationships by enhancing the value of the various service offerings while keeping costs under control, ensuring continuous improvement and building a sustainable business model with both depth and breadth. Through all of this strength of regulation and quality of service are non-negotiable. Specific initiatives for 2010 include the following: Continued focus on educating retail investors about stock market investment in order to increase the pool of retail investors; Investigation of new products and services such as Remote Membership, FIX Enablement and FIX Gateways; Further upgrades to technology and systems; Continuation of the T+3 initiative (with the aim of moving the SA equities market to a T+3 settlement cycle);
49
JSE Limited
Introduction of futures contracts on African equity underlyings; Continue bringing new products to the market (i.e. international-referenced commodity offerings - corn, platinum, gold and corn contracts - launched in January and October 2009); Continued focus on bringing new companies to market as well as enhancing the perceived value received by currently listed companies; Examine new ways of delivering data to international/remote clients to increase ease of data access Engage with market participants to encourage clearing of OTC positions through the JSEs central counterparty clearinghouse, SAFCOM.
50
ASEA Yearbook 2009
Bolsa de Valores de Cabo Verde

Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange www.bvc.cv General Auditor of Securities Market - AGMVM (Cape Verde) 16 Floor, Lg Europe, Achada Santo Antnio, P O Box 115/A Praia CAPE VERDE 8:30 am - 3:00 pm Greenwich Mean Time - 1 hours Manuel Lima +238 2603030 +238 2603038 manuel.lima@bvc.cv ECV - Capeverdian Escudos dividends 0% (domestic investors and foreign investors); interest-Corporate Bonds 5%; interest-Treasury Bonds 5% capital gains 15% N/A
th
51

Table 2: Trading Equity Statistics Currency: USD Indicators Total value traded (USD) Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) * 2007 19,787,709.70 269,040.00 224.00 4 4 0.12 8.15% 0.161 2008 23,083,805.82 259,948.00 309.00 4 4 0.13 7.63% 0.173 2009 4,520,999.01 53,382.00 310 4 4 0.13 7.54% 0.034
* Turnover Ratio (%)= value traded of listed securities/market capitalization Table 3: Investors Type Foreigners vs. Local Investors Type of Investors 2007 Foreign Investors Local Investors Total % N/A N/A N/A % of the Total Value Traded 2008 N/A N/A N/A 2009 N/A N/A N/A
52
ASEA Yearbook 2009
Insitutions vs.Individuals Type of Investor Institutions Individuals Total % of the Total Value Traded 2007 N/A N/A N/A 2008 N/A N/A N/A 2009 N/A N/A N/A
Table 4: Sectors Traded Sectors traded on the Stock Exchange Main Investment Market Segment (MIMS) Fuel and Oil Comercial Banks Industrial and Allied Agricultural Alternative Investment Market Segment Fixed Income Market Segment Preference shares Government of Cape Verde Treasury Bonds Corporate Bonds 27 7 20 8 12 13 1 2 1 1 2 1 1 2 1 Number of companies included in each sector 2007 2008 2009
53
Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Comercial Banks Fuel and Oil Corporate Bonds Industrial and Allied

Table 6: Bonds Statistics Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds 4,703,071.37 851,564.11 16,477,848.44 2007 2008 2009
54
ASEA Yearbook 2009

Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed or bought? - - - - Yes Finantech - Portugal 2005 Sifox Deal
If bought, who is the Vendor? Year of implementing the system:

Where do Clearing & Settlement take place? The Stock Exchange Separate Company - - - Yes Finantech - Portugal 2005 - Yes
If Separate Company please mention its name Is this system locally developed or bought?
Clearing and Settlement is conducted in: T+ 2 - T+ 3 - Others - T+0
55

Equity Market Cash Market Derivative Market Bond Market Yes Yes
Table 7: Products Product (Stocks, Bonds, Funds, ETFs, Derivatives ..etc) Shares Bonds Description of the Product Common shares Government and Corporate bonds

Margin Trading Intraday Trading Online Trading Yes
56
ASEA Yearbook 2009
Table 8: Indeces Index Name N/A N/A Index Type (Price Index, Sector Index,..etc) N/A N/A
57
Section Eight : IPOs and Debt Securities

2008 Company None Date of IPO Value of IPO ($ million) 0.00
2009 Company Banco Comercial do Atlantico-Bank (capital Rise) Caixa Economica de Cabo verde-Bank (capital Rise) Date of IPO March 2009 December 2009 Value of IPO ($ million) 4.27 13.73 18.01
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ASEA Yearbook 2009
2008 Company Banco Interatlantico, SA Date of issue July 2009 Face Value of Issue ($ million) 6.68 6.68
2009 Company IFH - Imobiliria, Fundiria e Habitat, SA SOGEI - Sociedade de Gesto de Investimentos, SA Tecnicil Indstria, SA Cabo Verde Fast ferry, SA Date of issue January 2009 February 2009 April 2009 July 2009 Face Value of Issue ($ million) 5.53 19.73 1.97 19.73 46.97

Ranking 1 2 3 4 5 Equity Transactions Banco Comercial do Atlantico, SA Caixa Econmica de Cabo verde, SA Banco Cabo Verdiano de Negocios, SA Banco Interatlantico, SA Banco Africano de Investimentos CV, SA Purchases $ 1,001,013 522,206 392,337 340,480 4,464 Sales $ 770,368 516,223 514,782 459,127 0 Total $ 1,771,381 1,038,429 907,118 799,607 4,464
59
Ranking
Bond Transactions
Purchases $
Sales $ 2,019,320 1,929,685 137,498 0 0
Total $ 4,036,009 3,524,979 612,015 0 0
1 2 3 4 5
Banco Interatlantico, SA Banco Africano de Investimentos CV, SA Banco Comercial do Atlantico, SA Caixa Econmica de Cabo verde, SA Banco Cabo Verdiano de Negocios, SA
2,016,689 1,595,294 474,517 0 0
Members Contacts are available on the BVC website www.bvc.cv
60
ASEA Yearbook 2009

Cape Verde Stock Exchange Background Introduction
The Cape Verde Stock Exchange (BVC) is a relatively young institution. Created in 1998, it became fully functional in October of 2005 with the goal to transform Cape Verde into an attractive and competitive financial platform. The BVC is a public capital institution, with private rights established under Law n 51/V/98. Its Administrative Board is composed of a President and two additional non-executive Administrators. The technical body is composed of a General Coordinator and a six member staff. Presently, the Cape Verde capital market is seeking to transform itself to include the most modern financial legislation in its operation thus becoming more competitive at the international level. This transformation calls for a modern, dynamic and efficient financial sector to the extent that the development of effective and efficient financial services should constitute, in the long term, one of the foundations of the nations economy. Therefore, the Government will continue to attribute strategic priority to the strengthening of its financial sector. A financial sector that is able to induce the growth of the economy. A financial sector that is, in itself, an engine of growth.
Financial Benefits
Given the strategic importance of the capital market to the Capeverdean economy, a seductive financial sector was created for companies and investors interested in investing in the Stock Exchange. As investors, they are exempted from income tax, treasury securities interest, capital gains and the redemption and sale of units and cash-flow of all of the investment funds, and the capital gains received over one year of any security. Mortgage registration and operations of the exchange are exempt from stamp tax and real estate transaction funds are exempt from single tax income on patrimony. In addition, the interest on listed corporate bonds in the Stock Exchange is taxed 5%; the Capital gains received in less than a year and deducted capital losses are taxed at 15%, if more than a year, tax is exempt; the listed companies at the stock exchange have reduced single tax income (IUR) of 20% over 3 years; there are no restrictions to free capital circulation at the Exchange. There also exists an agreement of double taxation between Portugal and Cape Verde. In the near future, we will have additional agreements with Angola, Brazil, Italy, Macau and Spain.
61
In a little less than four years of being fully operational, almost 22 operations have been completed resulting in more than $295,697,822.25 (USD). In 2009, nearly 94% of the total credit granted to the national economy came from the BVC as a result of various emissions. The BVC has been a valuable and necessary partner to the growth of the Capeverdean economy as well as the countrys overall development.
Treasury Securities Reform

Treasury securities reform was carried out with the objective to guarantee adequate Government financing over the long run, increasing the number of participants in the primary market as well as increasing the potential of saving mechanisms, including: respective settlement in the secondary market, improving management emissions and creating mechanisms that would permit the control and effective follow-up of the treasury securities before and after emission. This reform permits all investor direct access to the primary treasury bond market, having positive implications on Market Capitalization and on the financial cost to the State.
Quoted Companies and Market Capitalization

Currently, market capitalization is about $273,277,594.92 (USD) divided amongst four listed securities in the shares section, thirteen in the corporate bonds segment and eight in the treasury bond segment. Market capitalization, rounds off to 20% of the Gross Domestic Product (GDP), in accordance with the data from the Bank of Cape Verde. The listed companies in the shares sector are: Sociedade Cabo-verdiana de Tabacos, a Caixa Econmica de Cabo-Verde, o Banco Comercial do Atlntico e a Enacol. Up until now, bonds have already been issued by the Government of Cape Verde, Electra, Tecnicil Real Estate, ASA, Interatlantico Bank, IFH Real Estate, Sogei, and Cape Verde Fast Ferry.
Municipal Bonds
In 2010, municipal bonds were issued, constituting an important chapter to the success of the Capeverdean capital market. Henceforth, Municipalities will be able to finance themselves through the capital market by issuing municipal bonds. In the month of June of this year, bonds for the Municipality of Sal were issued in the amount of $2,531,719.04 (USD) with the Municipality of Praia in the amount of 5,696,367.83 (USD).
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ASEA Yearbook 2009
Negotiation and Settlement System

One of the BVCs major factors in its notable evolution has to do with the technological platforms it uses. How does the Cape Verde Stock Exchange work? Its functional structure is based on the Quote Driven and Order Driven Systems in concert with what is occurring in the principle financial markets such as, Nasdaq in the USA and the Stock Automated Quotations System of the London Stock Exchange. The BVCs trading system utilizes modern platforms, such as, POS-Light, Sifox Deal and Sifox Back Office, which are also used in the leading Stock.
Partners
Through the years, the BVC has strengthened its principle partners, such as, Euronext Lisbon with central settlement and custodianship and; Interbolsa, which is an agency of Euronext Lisbon, with the Caixa de Crdito Agrcola and the Instituto Superior de Economia e Gesto (ISEG) of the Univerdsidade Tcnica de Lisboa. Is it important to note that Euronext Libon is part of the leading management group for world Stock Exchanges that includes the stock exchanges in New York, Paris, Amsterdam, Brussels, and the London derivative market-Liffe.
Conclusion
There are still many challenges to be addressed in order for the BVC to reach its potential. This includes the following:
Financial Education: Financial education is perhaps one of the greatest challenges to the capital market in Cape Verde,
as it is a challenge to most markets. It aims to promote a strong financial culture in Cape Verde by bridging the large deficit of information and knowledge regarding Cape Verdes new economic reality.
Training: In the case of product markets and those financial instruments least known by many investors, there is a need to
intensify information and training in order to reach into the most remote places and reach everyone who might be interested in learning more information about the Cape Verde capital market. The BVC considers financial education is a prerequisite condition to attract retail investors as well as, a way to boost the secondary market.
63
Financial and technological innovations: New technologies facilitate the development of strategic alliances between markets in different countries. They allow access to any International capitalization market, from virtually any location, while enabling the emergence of alternative forms of trading, tending to lower information costs and transaction fees.
Investment : Investment in innovative solutions and diversification of financial instruments is an additional pillar on which
to structure the future of the BVC. This would include creating a Second Market in the Market without quotations and Preference Shares. Investment Consultants and Market Makers are other important figures. In the upcoming years, the BVC promise to look at the feasibility of creating a second market and preference shares in Cape Verde.
Integration of the stock exchange in international markets: The challenge to internationalize the market implies a focus on norms and setting standards that together represent prerequisite conditions that starting with: (1) an access platform for the foreign investor, including those in the Cape Verdean Diaspora enabling access of BVC products and services through the ATM, Internet and Homebanking, in any part of the world; (2) the implementation of a quality system (ISO 9001) accredited by independent and external entities aiming towards international recognition; (3) International publicity for the Cape Verde Stock Exchange on major channels aiming towards increased notoriety and in doing so, attracting investors from diverse corners of the world; (4) Staff training in financial systems to reinforce staff capacity with the purpose of keeping in step with international dynamics.
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ASEA Yearbook 2009
Botswana Stock Exchange

Profile
www.bse.co.bw Non-Banking Financial Institutions Regulatory Authority (NBFIRA) Office Block 6, Plot 64511, Fairgrounds, Private Bag 00417, Gaborone, Botswana 0930hrs- 1030hrs GMT +2 Dudu Garekwe (+267) 3180201 (+267) 3180175 info@bse.co.bw Pula(BWP) 15% withholding tax on dividend, 10% on Interest, N/A
65
Botswana SE

Currency: USD Table 2: Trading Equity Statistics Indicators Total value traded (1) Total volume traded Total number of transactions Number of listed companies (2) Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *
2007 137,289,240.00 124,600,000 6,378.00 31
2008 155,103,661.91 193,308,736 5,272.00 31
2009 114,500,403.03 167,586,241
31
544.5 37.10% 2.9
368.49 40.70% 3.9
427.76 29.80% 2.7
Table 3: Investors Type Foreigners vs. Local Investors Type of Investors 2007 Foreign Investors Local Investors Total % Not available Not available % of the Total Value Traded 2008 Not available Not available 2009 Not available Not available
66
ASEA Yearbook 2009
Botswana SE
Insitutions vs. Individuals Type of Investor 2007 Institutions Individuals Total % Table 4: Sectors Traded Sectors traded on the Stock Exchange Domestic Board Banking Financial Services Retail & wholesale Property Funeral Services Security Services Information Tecchnology Energy Tourism Health Foreign board Financial Services Mining & Minerals Retail & wholesale Corporate Bonds 2 8 1 18 24 22 3 8 3 8 4 3 5 3 0 1 1 1 1 1 4 3 5 3 1 1 1 1 1 4 3 5 3 1 1 1 1 1 Number of companies included in each sector 2007 2008 2009 Not available Not available of the Total Value Traded 2008 Not available Not available 2009 Not available Not available
67
Botswana SE
Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Banking Financial Services & Insurance Retail & Wholesaling Mining & Materials Property & Property Trust

Table 6: Bonds Statistics Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds 15,499,621.20 17,264,385.00 68,960,500.00 2,771,188.00 77,056,952.88 18,854,422.00 2007 2008 2009
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ASEA Yearbook 2009
Botswana SE

Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed or bought? - - - - - 1989 Open-Outcry Manual

Where do Clearing & Settlement take place? The Stock Exchange Separate Company - - - - - - - Yes Millenium IT(Sri Lanka) 2008 Yes Central Securities Depository Botswana Central Securities Depository Botswana
Clearing and Settlement is conducted in: T+ 2 - N/A T+ 3 - N/A Others - T+4
69
Botswana SE

Equity Market Cash Market Derivative Market Bond Market Table 7: Products Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Stocks Bonds ETF Description of the Product Ordinary shares Government and corporate bonds Gold Bullion Exchange Traded Fund Yes N/A N/A Yes

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ASEA Yearbook 2009
Botswana SE

Table 8: Indices Index Name Domestic company Index Foreign company index Index Type (Price Index, Sector Index) Price index. The index returns are based on capital gains/losses all domestic companies listed on the BSE, valued by full market capitalisation. Price index. The index returns are based on capital gains/losses all foreign companies listed on the BSE, valued by full market capitalisation. Closing 2008 Domestic company Index Foreign company index 7035.5 1191.98 Closing 2009 7,241.89 1,418.26 % change 2.93 18.98

2008 Company Funeral Services Group Limited Date of IPO 1-Sep-08 Value of IPO ($ million) 5.4396
2009 Company None Date of IPO Value of IPO ($ million) 0
71
Botswana SE
2008 Company Botswana Government BW 004 Botswana Government BW 005 Diamonex Stanbic Bank Botswana Limited 046 Stanbic Bank Botswana Limited 047 Stanbic Bank Botswana Limited 048 Stanbic Bank Botswana Limited 049 Stanbic Bank Botswana Limited 052 African Copper 001 Botswana Building Society -14years Botswana Vaccine Institute 001 Water Utilities Corporation 001 Water Utilities Corporation 002 Total Date of issue 12-Mar-08 12-Mar-08 28-Jan-08 11-Jun-08 11-Jun-08 11-Jun-08 13-Aug-08 17-Dec-08 2-Apr-08 3-Dec-08 7-May-08 26-Jun-08 26-Jun-08 Face Value of issue ($ million) 92.7 100 8.04 7.565 10.591 26.4775 7.555 6.41 22.845 18.585 10.99 29.6985 31.2215 373.1035
2009 Company Botswana Government BW 006-3years Date of issue 9-Sep-09 Face Value of Issue ($ million) 45 45
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ASEA Yearbook 2009
Botswana SE

Ranking 1 2 3 4 5 Members Contacts are available on the BSE website www.bse.co.bw Equity Transactions Stockbrokerage Units Stockbrokers Botswana Capital Securitues Motswedi Securities African Alliance Botswana Purchases $ 43,912,548.72 41,555,755.81 28,521,413.45 510,673.55 Sales $ 41,253,549.25 41,707,106.18 30,204,965.95 1,334,770.14 Total $ 85,166,097.97 83,262,862.00 58,726,379.40 1,845,443.69
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Botswana SE
Botswana Stock Exchange

Exchange Background
The Botswana Stock Exchange (BSE) is Botswanas national stock exchange given the responsibility to operate and regulate equity and fixed interest security market. Formally established in 1989, the BSE trace its humble beginnings to when it was known as Botswana Share Market (BSM). At that time there was no formal stock exchange in Botswana and the BSM traded as an informal market. There were only 5 listed entities with a single broking firm. In 1995 the BSE was established. To date the BSE boosts 32 listed entities, (comprising 21 domestic and 11 foreign companies), 4 broking firms, and a full-time headcount of 21. The main Law that governs all activities between the Exchange and its members, the proceedings of its Main Committee and its composition, the relationship between the Minister and the Exchange together with the relations between the Registrar, is the Botswana Stock Exchange Act No: 11 of 1994. The BSE is regulated by the Non-Banking Financial Institutions Regulatory Authority (NBFIRA). The members have promulgated Rules (Member Rules) which provide the requirements to be fulfilled for the securities listed and traded on the exchange. Member Rules provide as the main objective thereof, to operate a Stock Exchange in Botswana with due regards to the public interest to maintain fair and efficient dealing in securities for the protection of investors and regulate the affairs of members. In addition, the exchange has a set of listing requirements which provide the pre-listing requirements and post listing requirements to be observed by issuers of listed securities. The emphasis is to make sure issuers disclose as much information to the public and investors so that the latter can make informed investment decisions.
Latest Achievements
The greatest challenge in world financial markets in 2009 was that the aftermath of the financial crisis was still visible, especially the decline in the performance of stock markets indices during the first half of the year. Except for a handful, most of the stock exchanges experienced a decline in market capitalisation, turnover and volume of shares traded during the year 2009.
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ASEA Yearbook 2009
Botswana SE
A review of the performance of the Botswana Stock Exchange (BSE) indices, proves the year 2009 to have been another challenging one for the Exchange. The BSEs Domestic Company Index closed the year at 7241.9 points compared to 7035.5 points as at end 2008 appreciating by 2.93% in comparison to an appreciation of 35.9% and a decline of 16.5% in 2007 and 2008 respectively. As can be expected primary market activity was low in 2009 as a result of the decline in the market. There were no new de/listings in the equity market. The number of listed companies on the Domestic and Foreign Boards remained unchanged at 31 entities. The other primary market activities in respect of equities are 5 issues of share incentive schemes and 5 private placements valued at P175.5m and P3.7 Billion respectively. There was 1 rights issue worth P2.25m and 4 acquisitions valued at P35.4m. Funds raised through rights issues fell drastically from P85m in 2007 and P64.9m in 2008 to P2.25m in 2009. This was mainly due to suppressed equity prices in the market. There were few activities in the debt market in 2009. During Quarter 1, Botswana Building Society listed its 3rd tranche of BBS005 Fixed Rate Notes raising P150m from the P500m note programme approved by the BSE in 2004. The fixed notes attract an interest rate of 11.20% per annum and mature on 3rd December 2023.
th In Quarter 3, the Botswana government listed a P300m bond (BW 006) maturing on 9 March 2012 with a fixed interest rate of 7.50%. The bond was listed under the P5 Billion programme memorandum of May 2008. The government also increased the nominal values of BW003 and BW005 by P100m in respect of each bond. As at end of 2009, there were 32 debt securities listed on the BSE.
The BSE expects an improvement in 2010 in terms of new listings considering the interest shown by companies to list on the BSE. This would include the listing of Exchange Traded Funds (ETFs). Dematerialisation of shares on the CSD has been progressing well with 34% domestic company shares being dematerialised as at 31 December 2009.
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Botswana SE
Future Outlook
The BSE will continue to concentrate on its core business and what it has been doing over the past years. The BSE will pay great attention to the implementation of a strategy that creates a strong foundation for development and growth. Thus, emphasis has been placed on infrastructure, regulation, market, product and HR development, governance and financial stability as the cornerstones of the BSE strategy. The BSE aims to become a financial supermarket, meaning it aims to provide the right king of products to suit investor and issuer so that it meets growing customer demands and challenges of the globilisation of financial markets. This can be done through product innovation and diversification. Current products include equities, corporate bonds, Government bonds, and commercial paper while products being developed are Exchange Traded Products, securitised products and derivatives. The BSE outlook in the short term: 1. 2. 3. 4. Listing of ETFs Exchange Traded Funds Investor Scheme. In 2009 the BSE commenced the computation of a series of indices, using a free float methodology. Bond market development.
Initiatives Undertaken 1. Regulatory Review Process

The process of reviewing the BSE Act by the MFDP is still in progress since 2006. The regulatory review process entailed the new Securities Bill, listing requirements and member rules. The BSE has forwarded its final comments to MFDP on the proposed Securities Bill and the new listing rules of the BSE. The BSE is eagerly awaiting the enactment of the securities act legislation to assist the BSE to proceed with its development plans identified in its strategy. The Member Rules which initially were to be drafted by Edward Nathan and Sonnenbergs of South Africa will now be drafted by the BSE internally.
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ASEA Yearbook 2009
Botswana SE
2. Expanding Investor Base

The market development initiatives of expanding the investor base by educating Batswana about the benefits and risks of investing in listed securities continued in 2009. This is in line with the BSEs strategy of increasing the retail investor participation in the stock market. Taking into account the success of its Roadshows in 2008, the BSE marketing team expanded the investor base by making presentations and participating in exhibitions at various places around the country.
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Bourse de Casablanca
Profile
Website Market Regulator Address Trading Session hours (local time) Time Zone www.casablanca-bourse.com CDVM - Conseil dontologique des valeurs mobilire Angle Avenue des Forces Armes Royal et Rue Arrachid Mohamed - Casablanca - MAROC 9:00 am at 15:35 pm GMT -Greenwich Mean Time-
Contact Person for ASEA
KARIM EL ALAOUI Youssef
Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange
+212 522 45 26 26 +212 522 45 26 25 elalaoui@casablanca-bourse.com MAD - Moroccan DIRHAM
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ASEA Yearbook 2009

Currency: USD Table 2: Trading Equity Statistics Indicators Total value traded (1) (millions) Total volume traded Total number of transactions Number of listed companies (2) Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *
* Turnover Ratio (%)= value traded of listed securities/market capitalization (1) = one way counted-Central Market and Block Market (2) = end of year
2007 20,836.18 218,055,363 468,864 73 72 76.02 95.28% 27.41%
2008 12,478.50 210,043,592 469,986 77 78 65.66 79.29% 19.00%
2009 7,045.94 211,571,347 285,252 76 77 64.74 69.75% 10.88%
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Table 4: Sectors Traded

Sectors traded on the Stock Exchange Shares Market Segment Banks Beverages Chemicals Construction & Building Materials Distributors Electrical & Electronic Equipment Engineering & Equipment Industrial Goods Food producers & Processors Forestry & Paper Holding Companies Insurance Investment Companies & Other Finance Leisures and Hotels Mining Oil & Gas Pharmaceutical Industry Real Estate Software & Computer Services Telecommunications Transport
Number of companies included in each sector 2007 73 6 3 4 6 7 1 7 1 3 4 8 1 3 2 2 3 7 1 2 2008 77 6 3 4 6 8 1 1 7 1 4 4 8 1 4 2 2 4 7 1 2 2009 76 6 3 4 6 8 1 1 7 1 4 3 8 1 4 2 2 4 7 1 2
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ASEA Yearbook 2009
Sectors traded on the Stock Exchange Utilities Wrapping Bonds Market Segment Bonds convertible into equity Debenture loan with fixed rate Debenture loan with revisable rate Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Banks Real Estate Telecommunications Holding Companies Food producers & Processors
Number of companies included in each sector 2007 1 1 54 0 50 4 44 0 38 6 41 1 34 6 2008 1 2009 1


Table 6: Bonds Statistics Bonds Total Value traded (millions) Value traded on governmental bonds Value traded on corporate bonds (millions) 2007 304.52 304.52 2008 964.88 964.88 2009 1,093.07 1,093.07
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Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed or bought?
- - - - -
NSC V900 No
2008

Where do Clearing & Settlement take place? The Stock Exchange Separate Company - - - - l 2002 Yes - Yes
Clearing and Settlement is conducted in: T+ 2 - T+ 3 - Yes Others -
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ASEA Yearbook 2009

Equity Market Cash Market Derivative Market Bond Market Table 7: Products Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Equity Bonds Description of the Product Yes Yes Yes

Margin Trading Intraday Trading Online Trading Yes Yes
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Table 8: Indices Index Name MASI Float MADEX Float Index Type (Price Index, Sector Index) Price Index - a broad-based index comprising all shares Price Index - a compact index comprising the shares coted in continu Closing 2008 MASI Float MADEX Float 10,984.29 9,061.02 Closing 2009 10,443.81 8,464.47 % change -4.92% -6.58%
Section Nine : IPOs and Debt Securities

2008 Company DELATTRE LEVIVIER MAROC DELTA HOLDING S.A MINIERE TOUISSIT LABEL VIE ALLIANCES Date of IPO 4/29/2008 5/15/2008 6/4/2008 7/2/2008 7/17/2008 Value of IPO ($ million) 11.25 115.88 37.09 64.72 246.57
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ASEA Yearbook 2009
2009 Company Date of IPO 2008 Company BMCE BANK BMCE BANK BMCE BANK CDM SAMIR ONA HOLCIM MAROC ATTIJARIWAFA BANK SNI Date of issue 2/26/2008 10/15/2008 10/15/2008 10/22/2008 12/31/2008 12/2/2008 12/12/2008 12/26/2008 12/31/2008 Face Value of issue ($ million) 35.19 12.35 12.35 61.74 14.82 105.58 35.90 61.79 60.58 Value of IPO ($ million)
2009 Company BCP SGMB ATTIJARIWAFA BANK MINIERE TOUISSIT SNI Date of issue 4/9/2009 3/23/2009 6/29/2009 9/10/2009 8/10/2009 Face Value of Issue ($ million) 37.43 48.00 26.08 31.81 45.16
Members Contacts are available on website
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CSE Background
The Casablanca Stock Exchange was established as long ago as 1929. At that time, it was known as the Office de Compensation des Valeurs Mobilires (Securities Clearing Board). The growing importance of the securities market and the introduction of foreign exchange controls prompted the authorities at that time to improve and regulate the Stock Exchanges organisation and operations. The markets organizational shortcomings hindered however its attractiveness at a time when domestic investors showed a growing interest in stock market investment. To overcome such shortcomings, reforms were undertaken in 1967, providing Moroccos financial markets with a well-organized legal and technical framework. In 1993, another major set of market reforms was undertaken with the enactment of three fundamental laws. The aim of such reforms was to substantially modernize the market by: - Creating the Conseil Dontologique des Valeurs Mobilires (CDVM, Financial Markets Authority) to ensure investor protection ; - Authorizing brokerage firms, specialist intermediaries, who are the only entities empowered to execute transactions in listed securities ; - Creating Mutual Funds, whose sole responsibility is to manage investment portfolios according to the risk diversification principle ; - Creating the Socit de Bourse des Valeurs de Casablanca or SBVC, a private company responsible for managing the Casablanca Stock Exchange and whose share capital is jointly-owned by authorised brokerage firms.
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ASEA Yearbook 2009
Since then, further improvements were made to stock market organization and the Casablanca Stock Exchange has been rejuvenated : changed name to become the Casablanca Stock Exchange, a joint stock company (socit anonyme) with a Board of Directors and a Supervisory Board. In January 2007, the Casablanca Stock Exchange redesigned its visual identity with a wish to support its change in size. In terms of market organization, several new measures have been adopted, including: - The launch of a new electronic-based trading system in March 1997 ; - Electronic-based trading was relocated in the premises of the brokerage firms trading rooms in January 2001 ;
- The trade settlement period was shortened from T+5 to T+3 in May 2001 ; - Application of new listing requirements in January 2005 ; Since April 2009, the Casablanca Stock Exchange officially adopted new corporate governance with a Board of Directors and a CEO. Reporting to the Ministry of Finance and Privatisation, the Casablanca Stock Exchange operates under well-defined Terms of Reference and complies with rules defined in a set of rules known as General Rules. Its mission consists in ensuring the running, growth and promotion of the Moroccan stock market by: - Monitoring and managing trading sessions ; - Publishing and disseminating market information ; - Providing assistance to issuers in the listing of their securities and in the execution of their financial transactions;
87
- Intervening to ensure successful transaction completion between the various parties ;

- Guaranteeing that transactions are cleared in the event of default by some intermediary. On September 30, 2010, the Casablanca Stock Exchanges share capital was MAD 19.020.800, jointly-owned by the seventeen brokerage firms operating in the marketplace. At the same date, the market capitalization of the 73 companies listed on the CSE was MAD538 billion ($67 billion) and the daily average traded volume amounted to MAD XXX million.
Latest Achievements High Availability of our trading system :

Even though our trading system offers a 99.5% availability to all stockbrokers, the Casablanca Stock Exchange initiated a project in order to implement the High availability of our trading system one of the mandatory points of the ISO27001 certification. In fact, the HA ensures a certain degree of operational continuity during a given measurement period. Availability refers to the ability of the brokers community to access the system, whether to submit new work, update or a downtime periods. Technically, it consists in using multiple clusters of servers running on various platforms and talking to each other using messaging.
Casablanca Stock Exchange Road Show to meet potential issuers:

During the second quarter of 2010, a road show over the major 7 Moroccan cities was organised by the Casablanca Stock Exchange in order to promote listing on the CSE. This event attracts more than 300 companies. This national tour aims at explaining the advantages of an initial public offering to companies which wish to develop their business. Also, It aims creating a space of listening, reflection and exchange for the benefit of firms and build up a bridge between companies and all the financial actors;
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ASEA Yearbook 2009
Listing of ENNAKL, a step towards integrating the Maghreb financial markets

Ennakl Automobiles of Princess Holding Group has opened 40% of its capital and has introduced 30% of it at the Tunis Stock Exchange and 10% at the Casablanca Stock Exchange. As a result, Ennakl account today, 49,000 and 9,000 new shareholders, respectively, in Tunisia and Morocco. The public offering was a resounding success on both platforms. The demand for shares was oversubscribed 23 times in Tunisia, and 10 times in Morocco. The success of the first dual listing of a Tunisian company in the Maghreb area reinforces the gains made towards the integration of Maghreb financial markets and consolidates our vision to be regional stock exchange.
Special Tax Incentives to Encourage IPOs

In order to encourage IPOs, an incentive is offered to any new listed company that will benefit from considerable tax incentives; a reduction in the Corporation Tax is granted for three consecutive years from the year following your companys flotation; a 50% reduction if the listing on the stock market by raising its share capital by at least 20% and relinquishing preferential subscription rights; a 25% reduction if the listing was through a sale of securities. These incentives will still available until the end of 2012.
Trading At last
On November 2nd 2009, Casablanca Stock Exchange has introduced Trading at Last (TAL) to enhance market liquidity. As a result, the market closes at 3.35 pm instead of 3.30 pm. This phase occurs after the auction. It is a phase of trading during which it is possible to enter orders and execute them at the closing price and at this price only. Suspended or frozen stocks behave like in the pre-open phase.
89
New Web Site

Within the framework of its strategy of development which aims to insure a better accessibility to the market information, Casablanca stock exchange, by the 15th January 2010, has proceeded to a total revision of its Web site by making it more evolved and by deploying it in three languages: Arabic, French and English. This project is the outcome of a reflection and a wide benchmarking led by the Casablanca stock exchange team. The purpose of this approach is, on one hand, to meet the needs of diverse users profiles and on the other hand, to have a web site with level international standards.
The Future Outlook

The Casablanca stock exchange has adopted a new 2010-2015 development plan in order to achieve the following ambitious objectives: 1 to increase of the number of listed companies from 73 to 150. 2 to increase of the investor base to 500.000 active individual investors. 3 to diversify CSE sources of revenues 4 and to become a regional financial hub. For that, The Casablanca Stock Exchange has planned a series of strategic actions: 1 An active lobbying towards the government to resume the privatization process and bring to the market the state-owned companies. 2 Continuous marketing efforts over the major Moroccan and African cities to promote listing on the CSE. 3 An active lobbying towards policy makers to encourage long term investment in equities through tax advantages and specific legislation to bolster pension funds.
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ASEA Yearbook 2009
4 The active promotion of the stock market to individual investors through a partnership with banks and stockbrokers (Stock Exchange corners in major bank branches, promotion of web-based trading solutions) but also through educational programmes on TV and major newspapers to improve stock market literacy. Making sure that there are enough interesting companies trading is only one side of attracting investors to the stock market. Another side is making sure that the exchange is modern, easily accessible and transparent. In order to develop new sources of revenue, we create a market data unit to sell more effectively market data both in Morocco and abroad. The final important part of our outlooks is the launch of the derivatives market. The Casablanca stock exchange is currently updating the electronic trading system to permit derivatives trading.
Programs undertaking in order to be responsive to the needs of investors and listed companies
The following initiatives are currently in place to encourage and also to response the investors needs: 1 2 We are specifically targeting small and medium sized companies in high growth sectors such as IT because they more needy of capital and are more attractive to investors; are
We have obtained from policy makers special tax incentives to encourage IPOs of small and medium sized companies (full exoneration from corporate tax for 3 years for those who raise capital to finance their growth and 50% exoneration for those who just sell existing shares); The CSE is putting in place financial incentives for small and medium sized businesses by waiving for one year listing fees and even contributing part of the marketing fees; As effective management of investor relations was identified as a weakness of small and medium sized enterprises,the CSE is helping them in this area by organizing for them press conferences to release their semi-annual and annual results, and also helping them handle company announcements; in addition, the CSE is organizing seminars to promote good investor relations practices.
3 4
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Bourse de Tunis
Profile

Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange www.bvmt.com.tn Conseil du March Financier Center Babel Bloc E Montplaisir 1073 Tunis 9 a.m to 14.10 p.mt Greenwich Mean Time + 4 hours Abderraouf Boudabous +216 780 288 +216 71 789 189 raouf,boudabous@bvmt.com.tn Tunisian Dinar Dividends and capital gains are exempted, interest are taxed with a rate of 20% No
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ASEA Yearbook 2009

Table 2: Trading Equity Statistics Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization end of year Market Capitalization as % of GDP Turnover Ratio (%) * 2007 749,528,809.70 69,654,011.00 224,476.00 51 51 5,347,208,159 14.50% 12.8 2008 1,610,046,541.72 171,894,287.00 313,267.00 50 50 6,337,315,151 16.30% 23.06% 2009 1,377,047,550.29 189,568,831.00 394,562.00 52 52 9,281,963,228 22.90% 14.02
Bourse de Tunis
* Turnover Ratio (%)= value traded of listed stocks/market capitalization
** after excluding deals
Table 3: Investors Type Foreigners vs. Local Investors Type of Investors Foreign Investors Local Investors Total % % of the Total Value Traded 2007 9 91 2008 33 67 100% 2009 12 88 100%
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Insitutions vs. Individuals Institutions Individuals Total %

Bourse de Tunis
13 87
Table 4: Sectors Traded Sectors traded on the Stock Exchange Finance Telecommunication Consumer services Health Consumer goods Industry Basic materials Pertroleum and gas Number of companies included in each sector 2007 22 1 6 2 9 6 4 1 2008 22 1 6 2 8 6 4 1 2009 22 2 6 2 8 7 4 1
Corporate bonds
105
126
142
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ASEA Yearbook 2009
Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Finance Consumer Services Industry
Bourse de Tunis
Consumer Goods Basic Materials

Table 6: Bonds Statistics Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds 8,996,608.91 55,409,844.02 89,158,253.30 59,449,261.01 69,186,759.28 6,265,943.98 2007 2008 2009
95

Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed
Bourse de Tunis
- - - - -
V900 N0 Yes NYSE/EURONEXT 2001
or bought?

Where do Clearing & Settlement take place? The Stock Exchange Separate Company - - No Yes Societe Tunisienne Interprofessionnelle De Compensation Et De Depot Des Valeurs Mobilieres No Yes Euroclear 1996
If Separate Company please mention its name - Is this system locally developed or bought? If bought, who is the Vendor? Year of implementing the system: - - - -
Clearing and Settlement is conducted in: T+ 2 - No T+ 3 Others - - Yes No
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ASEA Yearbook 2009

Equity Market Cash Market Derivative Market Bond Market Table 7: Products Product (Stocks, Bonds, Funds, ETFs, Derivatives Stocks Bonds Description of the Product common stocks, none voting stocks Corporate bonds and goverment bonds Yes Yes No
Bourse de Tunis
Yes

Margin Trading Intraday Trading Online Trading No No Yes
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Table 8: Indices Index Name
Bourse de Tunis
Index Type (Price Index, Sector Index RETURN INDEX
TUNINDEX
Main Index Name TUNINDEX
Closing 2008 2,614.07
Closing 2009 2,892.40
% change 0.11

2008 Company Socit Automobile Rseaux Tunisiens et Services Poulina Group Holding Date of IPO 4/7/2008 8/19/2008 Value of IPO ($ million) 37,242,304 104,753,395
2009 Company SERVICOM LES CIMENTS DE BIZERTE Date of IPO 6/1/2009 10/8/2009 Value of IPO ($ million) 2,467,168 76,906,392
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ASEA Yearbook 2009
2008 Company Tunisie Leasing Amen Bank Arabe Tunisian Lease Banque de l'Habitat Socit Tunisienne de Banque Compagnie Internationale de Leasing Arabe Tunisian Lease Tunisie Leasing Tunisie Leasing Compagnie Internationale de Leasing Attijari Bank Date of issue 1//04/2008 4/21/2008 5/5/2008 5/5/2008 5/10/2008 7/31/2008 8/8/2008 8/28/2008 11/21/2008 12/17/2008 12/24/2008 Face Value of Issue ($ million) 11,451,256 30,536,682 22,902,512 53,439,194 38,170,853 11,451,256 11,451,256 11,451,256 11,451,256 7,634,171 38,170,853
Bourse de Tunis
99
2009 Company Tunisie Leasing Socit Tunisienne de Banque -STBBourse de Tunis
Date of issue 2/2/09 5/2/09 31/3/09 27/4/09 5/5/09 25/6/09 29/6/09 3/8/09 1/9/09 11/9/09 11/9/09 23/9/09 21/12/09 23/12/09 24/12/09
Face Value of Issue ($ million) 11,386,928 37,956,426 37,956,426 22,773,856 37,956,426 15,182,570 75,912,852 15,182,570 37,956,426 15,182,570 15,182,570 45,547,711 75,912,852 15,182,570 22,773,856
Banque Nationale Agricole Arab Tunisian Lease -ATL Arabe Tunisian Bank Compagnie Internationale de Leasing Union Internationale de Banque Compagnie Internationale de Leasing Banque de Tunisie et des Emirats Arab Tunisian Lease - ATL Tunisie Leasing Amen Bank Banque de l'Habitat Cie Internationale de Leasing Arab Tunisian Lease - ATL -
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ASEA Yearbook 2009

Ranking 1 2 3 4 5 Stockbrokerage Units T.VAL MAC S.A B.N.A.C A.I AXIS Purchases $ 295,363,458 296,996,281 134,779,314 112,373,795 114,117,946 Sales $ 309,950,059 302,724,903 143,903,968 116,090,365 111,602,675 Total $ 459,510,755
Bourse de Tunis
455,265,455 211,556,428 173,433,660 171,350,961
Members Contacts are available on the SEM website
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Tunis Stock Exchange

Background on The Tunis Stock Exchange
Tunis Stock Exchange was created in 1969 as public institution. A major reforming process has begun in 1988 as part of a programme to liberalize the economy. But the milestone, in the history of the Tunisian capital market, and the Stock exchange, dates to 1994 with the reorganization of the financial market: for a better adherence to international standards, Tunis Stock Exchange was entrusted with the management of the market while a separate regulatory body was created to supervise market operations, issue regulations, protect investors and oversee the Stock Exchange markets. The Tunis Stock Exchange is a private entity, exclusively and equally owned by the brokerage firms (23 as of August 2010). These firms has created a Market Guarantee Fund to guarantees the settlement of the transactions traded on the market, between the brokers, in case of failure of one or more of them to pay cash or to deliver securities. This Fund is managed by Tunis Stock Exchange. Since 1996, Tunis Stock Exchange runs on an Electronic Trading System NYSE Euronexts NSC V900 - ensuring efficient and transparent pricing of securities.
Bourse de Tunis
Latest Acheivements
An Alternative Market for small and medium sized companies was created in 2007. A Clients Guarantee Fund was created in 2009 to cover the clients of brokerage house against non commercial risks (failure to return funds or securities) Since 2009, the main market index, the TUNINDEX, and the sectoral indices are weighted by floated capitalization rather than by the entire capitalization In 2010, Tunis Stock Exchange has joined the World Federation of Exchanges as a correspondent.
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ASEA Yearbook 2009
To develop its markets, broaden its official list and offer the best services to its members and other market players, Tunis Stock Exchange has created a Marketing and Development Department.
Future Outlook
There will be new challenges for the Tunis Stock Market to meet in 2011, notably to follow supporting the privatisation program announced by his Excellency the President of the Republic which is targeting to open the capital of 30 companies through the exchange from 2009 to 2014. The Tunis Stock Exchange will take part in the pilot program put in place by the Ministry of Industry to list 60 firms operating in different economic sectors, with particular focus on specialised high-tech companies. This programme launched in 2005 is reactivated in 2010 and will be pursued in 2011. Moreover, the Exchange will develop its commercial capacity to enhance the stock markets role in financing private investment. In this case a new commercial department is under creation to prospect new companies to list and to develop new financial instruments. The Tunis Stock Exchange is also studying the feasibility of launching a new compartment to list the stocks of non resident companies. The goal is to make the Exchange better known internationally and become a financial regional centre to attract foreign capital and well known financial institutions.
Bourse de Tunis
Initiatives for investors and listed companies

The Tunis Stock Exchange has adopted since 2005 a promotion strategy to improve its perception among investors and business to raise awareness of its services. This strategy has an objective to develop the role of the financial market in financing the needs of the economy and help the market gaining new strength. Many actions targeting investors and enterprises, notably the small and medium, were done. Many seminars are organised through main cities to higher awareness of young leaders about the mechanisms of financing projects through financial market. The Exchange also gives priority to interaction with the educational environment. We launched an annual prize for the best research in finance and held a number of talks at universities and made site visits to both university and high school students.
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Furthermore, the TSE established a close relationship with all categories of the media, to help create a better financial culture among the public. This took the form of drafting articles, participating in radio and television programmes and working with journalists. The TSE participates in specialised financial events for developing contacts with investors and heads of businesses who want to find out about the stock exchanges operational mechanisms and the various incentives available for both investment and listing companies on the exchange. Finally, TSE will in November 2010 move to its new headquarters that will reflect its standing as a reliable modern institution. Better services will be offered to investors and listed companies, notably a large multi-purpose room for presenting periodic financial updates to financial analysts and the media.
Bourse de Tunis
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ASEA Yearbook 2009
Dar-es-Salaam Stock Exchange

Profile
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency www.dse.co.tz Capital Markets and Securities Authority (CMSA) DSE, Twiga Building ,Samora Avenue, P.O Box 70081, Dar es Salaam 10.00 am - 12.00 pm Greenwich Mean Time + 3 hours Gabriel kitua / Emmanuel Nyalali (255)-(22)-2123983 (255)-(22)-2133849 info@dse.co.tz Dar es Salaam Stock Exchange (DSE) Zero capital gain tax for listed companies and bonds; Zero stamp duty on transaction executed; 5% withholding tax on listed companys dividend; Zero witholding tax on Government. and Corporate. bonds with maturity from 3 yrs and above; tax-exempt on CIS schemes N/A
Tax Rates (dividends, interest, capital gain)
Commodities Exchange
105

Currency: USD Table 2: Trading equity Statistics Indicators Total value traded Total volume traded Total number of transactions
Dar-es-Salaam SE
2007 15,539,904.60 19,955,808.00 9,964.00 10 9 2,755,480,043.37 0.005639636
2008 20,610,569.00 24,001,123.00 11,347.00 14 8 2,664,264,730.56 0.01
2009 25,710,871.14 44,288,823.00 17,943.00 15 13 3,945,401,564.40 0.006516668
Number of listed companies Number of traded companies Market Capitalization end of year Market Capitalization as % of GDP Turnover Ratio (%) *
Table 3: Investors Type Foreigners vs. Local Investors Type of Investors Foreign Investors Local Investors Total % % of the Total Value Traded 2007 19 81 100% 2008 44 56 100% 2009 17 83 100%
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ASEA Yearbook 2009
Insitutions vs. Individuals Institutions Individuals Total % Table 4: Sectors Traded

Dar-es-Salaam SE
60.73 39.27 100%
57 43 100%
34 66 100%
Sectors traded on the Stock Exchange All Share Index Tanzania Share Index Banking and Finance Indutrial Allied Commercial Service Foreign Share Index Corporate Bonds Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 Sectors All Share Index Tanzania Share Index Banking and Finance Industrial Allied
Number of companies included in each sector 2007 10 N/A N/A N/A N/A N/A 2008 14 11 3 6 1 4 2009 15 11 4 6 1 4
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Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed Or bought? If bought, who is the Vendor?
Dar-es-Salaam SE
- - - - - No YES Millenium IT Dec-06
Year of implementing the system

Where do Clearing & Settlement take place? - The Stock Exchange Separate Company - YES - NO If Separate Company please mention its name Is this system locally developed or bought? If bought, who is the Vendor? Year of implementing the system: - - - - Bought Millennium IT
Dec -06
Clearing and Settlement is conducted in: T+ 2 T+ 3 Others NA Bonds T+5
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ASEA Yearbook 2009

Equity Market Cash Market Derivative Market Bond Market YES NO NO YES
Dar-es-Salaam SE
Table 7: Products Product (Stocks,Bonds, Funds,ETF's,Derivatives ) Shares Bonds Description of the Product Common and Preference shares Government and Corporate Bonds

Margin Trading Intraday Trading Online Trading N/A YES N/A
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Table 8: Indices Index Name ALL SHARE INDEX (ASI) TANZANIA SHARE INDEX (TSI)
Dar-es-Salaam SE
Index Type (Price Index, Sector Index,..etc) Index Movement of all Companies Index Movement of Local Companies
Closing 2007 ASI 1,011.21 Closing 2008 1,105.18 1,000.00 % change 1005.18
TSI N/A

2008 Company NICO DCB NMB Date of IPO 4-Jul-08 12-Aug-08 3-Nov-08 2009 Company CRDB Date of IPO 12-May-09 Value of IPO ($ million) 14,326,198.94 Value of IPO ($ million) 11,716,004.06 1,171,600.52 49,207,217.06
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ASEA Yearbook 2009
2009 Company Government of Tanzania Treasury Bond (2-10 years) 2009 Company ALAF LTD. Government of Tanzania Treasury Bonds (2-10 yrs) Date of issue 24-Feb-09 N/A Face Value of issue ($ million) 11.57 226.12 237.69
Dar-es-Salaam SE
Date of issue N/A
Face Value of issue ($ million) 165.21

Ranking Stockbrokerage Units 1 2 3 4 5 6 Ranking ORBIT SECURITIES TANZANIA SECURITIES VERTEX INTERNATIONAL SOLOMON SECURITIES CORE SECURITIES RASILIMALI LTD Dealing Units Purchases $ 7,404,796.85 5,547,768.04 2,874,532.08 2,272,320.84 1,643,151.50 498,116.99 Purchases $ Sales $ 8,057,529.57 4,779,515.98 3,070,219.02 1,607,908.77 1,558,427.65 1,167,085.29 Sales $ Total $ 15,462,326.42 10,327,284.02 5,944,751.10 3,880,229.61 3,201,579.15 1,665,202.28 Total $
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1 2 3 4 5 6 7
Dar-es-Salaam SE
CRDB NMB TPCC TCCL TCC TBL SWIS DCB
7,980,197.40 5,800,946.63 2,477,920.93 1,699,086.58 1,013,213.10 849,545.24 241451.3131 170773.3136
7,980,197.40 5,800,946.63 2,477,920.93 1,699,086.58 1,013,213.10 849,545.24 241451.3131 170773.3136
15,960,394.81 11,601,893.26 4,955,841.86 3,398,173.17 2,026,426.20 1,699,090.48 482,902.63 341,546.63
Members Contacts are available on the DSE website www.dse.co.tz
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ASEA Yearbook 2009
Dar es Salaam Stock Exchange

Dar es Salaam Stock Exchange Background
The Dar es Salaam Stock Exchange (DSE) is a body corporate incorporated in 1996 under the Companies Act, 2002 as company limited by guarantee without a share capital. The DSE membership consists of Licensed Dealing Members (LDMs) and Associate Members. The LDMs are members that are allowed to access DSEs trading facilities to trade on securities on behalf of their investors as agents or to on their own behalf as principals. Associate members are all non-LDM members (natural and legal) who have interest in the development of capital markets in Tanzania including the following; listed companies, companies with a potential for listing, institutional investors, professional associations, as well as individuals. The DSE governance structure is built on three pillars. The apex pillar is the General Meeting of the members of the company. The second pillar (below the General Meeting) is the Governing Council of the DSE. All the governing functions of the DSE are vested into the Council. The Council is accountable to the General Meeting. The third pillar is Management of the DSE under the leadership of the Chief Executive Officer. Management, which is composed of the CEO and Managers, is vested with powers to run the day to day activities of the DSE. Management is answerable to the Governing Council. The DSE was established to facilitate implementation of the Tanzanian Governments economic reforms and encourage wider ownership of public resources. Of recent, DSE has witnessed companies looking for capital to expand their business operations like the Dar es Salaam Community Bank and CRDB Bank raising funds above their expectations. Secondary bond trading activities have also picked up. This trend assures not only companies with bankable projects to get funding through the DSE but also the Government can also raise funds for its development projects hence lessening Government dependence on external borrowing.
Dar-es-Salaam SE
Latest Achievements
During financial year 2008/09, the DSE made a remarkable performance in terms of listing activities, public awareness and financial management. On listing, the DSE listed five new equities namely, National Investment Company Ltd (NICOL), Dar es Salaam Community Bank Ltd (DCB), National Microfinance Bank plc (NMB), Kenya Commercial Bank Ltd (KCB) and CRDB Bank Ltd (CRDB). These new listings provided Tanzanian investors with more investment opportunities by investing in profit making companies thereby improving their standard of living due to capital appreciation and paid dividends. Furthermore, the
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DSE in collaboration with the securities market regulator and brokerage community conducted awareness campaigns in eight regions sensitizing the SMEs and investing public on Enterprise Growth Market (EGM). DSE continued to provide the market for secondary trading of securities during the year 2009/10.. There was a marked increase in number of deals and turnover at both the equity and fixed income securities market. ForOn the equity market DSE recorded a total turnover of US$ 41.4138.14 million for the year 2009/10 in comparison to the previous year i.e. 2008/09 when a turnover of US$ 26.56 million was recorded. On bonds market DSE recorded a total turnover of US$ 106.56203.34 million for the year 2009/10 compared to the turnover of US$ 5.92173.11 million recorded in the year 2008/09.
Dar-es-Salaam SE
The Future Outlook

There are a number of strategic targets which have been set by the DSE for year 2010/11-2012-13. Among others, they include the following: (i) (ii) (iii) To strengthen the DSEs self regulatory capacity to ensure that market integrity is safeguarded; To operationalize the Enterprise Growth Market (EGM) segment to allow SMEs and start-up companies to raise long term capital for their businesses; To strengthen market infrastructures in order to guarantee business continuity, reduce securities settlement risks and provide countrywide access to DSE trading facilities. This will involve having in place a Disaster Recovery Site (DRS), connecting the Central Depository System (CDS) to National Payment System (NPS) and installing WAN infrastructure; To conduct wide public awareness campaigns to create awareness on the importance of the DSE to the countrys economy; To accommodate new products in the market; developments in the economy and growing sophistication on part of market intermediaries and investors is expected to call for innovation and providing platforms for new The Government has resolved together with the other 4 Governments of the EAC member countries and 14 Governments of the SADC region to fast track regional integration efforts including the capital market sector. As a major player in capital market, the DSE is expected to participate in several regional capital markets integration initiatives including developing market infrastructures, harmonization of regulatory regime and capacity building.
ASEA Yearbook 2009
(iv) (v) (vi)
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Initiatives to Respond to Investors and Issuers To Strengthen Information Dissemination Mechanism

To satisfy the demand of market information by both local and international investors as well as financial analysts the DSE plans to introduce short messages (sms) reporting, engage data providers and improve its website in order to ease access to market information.
Public Awareness Campaigns

The DSE is planning to conduct public awareness campaign that will involve TV and radio programmes, exhibitions as well as specialised training for potential issuers and investors. This will create public awareness on the importance of the DSE to the economy in respect of raising capital for businesses and mobilising savings for investment.
Dar-es-Salaam SE
Operationalization of Market Window for SMEs (Enterprise Growth Market Segment - EGM)
The EGM is a new window set to cutter for medium (SMEs) and starter up companies with potential for listing. This segment will allow SMEs and Start-up companies with growth potential but do not meet criteria for listing in the Main Investment Market segment raise needed funds for expansion of their businesses.
Municipal and Infrastructure Bonds

The DSE plans to introduce municipal and infrastructure bonds market segment. The introduction of municipal and infrastructure bonds platform at the DSE will enhance Government effort to finance its projects. Major constraint for implementation of bankable projects by Local Government Authorities and other Government institutions has been the matching of long term projects against annual budgets.
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Douala Stock Exchange

Profile
www.douala-stock-exchange.com Financial Markets Commission 1450, Blvd de la Libert - P.O.Box. 442 Douala-Cameroun Every Wednesday (from 9 to 11 a.m.) GMT +1:00 Yaound Mireille DICKA 23733438587 23733438584 mireille.dicka@douala-stock-exchange.com Franc CFA (XAF) dividends 10% (domestic investors) 15% (foreign investors) shares, bonds and government bonds (OTZ)
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ASEA Yearbook 2009

Currency: XAF Table 2: Trading Equity Statistics Indicators Total value traded (1) Total volume traded Total number of transactions Number of listed companies (2) Number of traded companies Market Capitalization end of year Market Capitalization as % of GDP Turnover Ratio (%) *
2007 52,895.15 443.00 57.00 1 6 6246892 0.16% 0.847
2008 247,483.31 3,006.00 97.00 2 9 44216580 0.20% 0.560
2009 651,341.42 15,004.00 178.00 4 11 165597373.9 0.69% 0.393

Table 3: Investors Type Foreigners vs. Local Investors Type of Investors 2007 Foreign Investors Local Investors Total % 0 100.00 100% % of the Total Value Traded 2008 10 90 100% 2009 14 86 100%
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Insitutions vs. Individuals Type of Investors 2007 Institutions Individuals Total % Table 4: Sectors Traded
% of the Total Value Traded 2008 7% 93% 100% 2009 5% 95% 100%
5% 95% 100%
Sectors traded on the Stock Exchange Main Investment Market Segment Sector agriculture Sector industry Fixed Income Market Segment Corporate Bonds Over the Counter Government debt bonds (OTZ)
Number of companies included in each sector 2007 0 1 2008 1 1 2009 2 1
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ASEA Yearbook 2009
Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Industrial Agriculture

Table 6: Bonds Statistics Bonds Total Value traded Value traded on government debt bonds (OTZ) Value traded on corporate bonds 2007 48,000.00 48,000.00 2008 8,472,000.00 8,472,000.00 Currency: XAF 2009 6,984,700.80 6,970,000.00 14,700.798
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Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed or bought? - - - - - Titan No Yes 3V Finance (Vieil et Tradition-France) 2003

Where do Clearing & Settlement take place? The Stock Exchange Separate Company - - No Yes Central depository-Caisse Autonome dAmortissement (CAA) No Yes Euroclear four (4)
If Separate Company please mention its name - Is this system locally developed or bought? - - - -
Clearing and Settlement is conducted in: T+ 2 - No T+ 3 - N0 Others - T+4
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ASEA Yearbook 2009

Equity Market Cash Market Derivative Market Bond Market Table 7: Products Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Shares Bonds Description of the Product common shares
Yes
Yes
Government ant corporate bonds

Margin Trading Intraday Trading Online Trading No Yes No
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Section Seven : IPOs and Debt Securities

2008 Company SAFACAM Date of IPO 7/9/2008 Value of IPO (million) 2,899 2,899 Currency XFA
2009
Company SOCAPALM IFC
Date of IPO 4/7/2009 11/7/2009
Value of IPO (million) 11,806.2 20,000.0

Ranking 1 2 3 4 5 Equity Transactions SGBC CA-SCB BICEC CBC AFB Purchases $ 62.00 67.00 28.00 11.00 3.00 Sales $ 80.00 14.00 23.00 17.00 1.00 Total $ 142.00 81.00 51.00 28.00 4.00
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ASEA Yearbook 2009
Douala Stock Exchange (DSX)

Background Creation of the DSX
The economies of Central Africa, which consist of Cameroon, the republic of Congo, Gabon, Equatorial Guinea, the central African republic and Chad have carried out, over the past two decades, structural adjustment programmes aimed at restoring their macroeconomic equilibrium. In view of the completion of these programmes, Cameroon established a financial market regulated by law no.99/015 of the 22nd December, 1999 concerning the establishment and organisation of a financial market, in order to respond to the needs of privatisations and long-term financial investment. The Douala Stock Exchange was created on the 30th November 2001 and inaugurated on the 23rd April 2003 by the Prime Minister.
Introduction to the DSX

Douala Stock Exchange is a market entreprise operating under the terms and conditions of Law no. 99/015 of the 22nd December 1999 which regulates the creation and organisation of financial markets. It is a limited liability company with a Board of Directors and share capital of 1.740.500.000 Francs CFA divided as follows : 63,7% by banks : Amity Bank, Afriland First Bank, Banque Internationale du Cameroun pour LEpargne et le Crdit, Citibank Cameroun, Commercial Bank of Cameroon, Crdit Agricole - Socit Commerciale de Banques Cameroun, Ecobank, Union Bank of Cameroun, Standard Chartered Bank Cameroon , Socit Gnrale de Banque au Cameroun, Crdit Foncier du Cameroun and FMO ; 23% by public entities : Caisse Autonome dAmortissement, Caisse Nationale de Prvoyance Sociale, Caisse de Stabilisation des Prix des Hydrocarbures and the Socit Nationale dInvestissement du Cameroun, and 13,3% by insurance companies : Activa Assurances, Cameroon Insurance, Pro Assur, Compagnie Professionnelle dAssurances, Socit Africaine dAssurance et de Rassurance du Cameroun, and Satellite Insurance. The Board of Directors consists of twelve (12) members including five (5) representatives of Investment Service providers and members of Douala Stock Exchange (brokers), three (3) representatives of public investors, one (1) representative of the insurance
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companies, one (1) representative of listed companies, one (1) representative of the banking profession and one (1) representative of the State of Cameroon. Under the authority of ther Financial Markets Commission, the financial market is responsible for : the administration of the market, the introduction, listing and quotation of shares (activity devolved to the Douala Stock Exchange DSX ); the admission, conservation and circulation of shares (activity delegated to the Caisse Autonome dAmortissement CAA ) and the cash settlement of market transactions (activity delegated to the Socit Gnrale des Banques au Cameroun SGBC ). In addition to the General management, the organisational chart of Douala Stock Exchange comprises three key functions; Market and Operations, Administration and Finance, and Information and Technology System.
Functioning of the DSX

Douala Stock Exchange applies the principle of a spot or cash market which is centralised and order-driven. These orders are recorded in the DSX quotation system by the Investment Service Providers. There is currently one trading session per week, which is planned to increase to 3 sessions per week at the end of 2010. Delivery of shares and settlement of accounts will take place wiithin three days following the trading session, as opposed to four days currently. Douala Stock Exchange consists of three market units: equity, corporate bonds and government bonds. Currently, shares in three (03) companies (Socit des Eaux Minrales du Cameroun-SEMC, Socit Africaine Forestire et Agricole du Cameroun-SAFACAM, and Socit Camerounaise de Palmeraies-SOCAPALM) are listed in the first market unit (shares and capital securities), and one bond (International Finance Corporation -IFC-) is listed in the second market unit (bonds and credit instruments). There are currently 13 brokers locally called Investment services providers, namely; AFRILAND FIRST BANK - BAC - BICEC - BMCE Capital Cameroun - CA-SCB - CBC - CENAINVEST - CITIBANK - EDC Investment Corporation SFA - SCBC - SGBC - UBA.
Conditions for eligibility and listing on the DSX

The stock market is composed of two divisions, one for large and multinational companies and the other for small and medium size companies and is guided by a number of regulations designed to ensure transparency and the credibility of operations:
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ASEA Yearbook 2009
For SHARES, a Limited Liability Company may be admitted into the first division (shares) of the DSX provided its stock market capitalisation on introduction exceeds 500 million F.CFA (USD 1 million), and it can demonstrate a net margin of 3% of its turnover for the previous three years, and can present three years annual audited and consolidated accounts. Equally, the company is required to sign a contract which provides for a quotation or a price instruction each trading session. Finally, it must offer to the public at least 20% of its share capital on listing. For the second division, credit instruments and certificates, any limited liability company is eligible if it shows a stock market capitalisation of at least 200 million F.CFA (USD 400 000) on listing, two years audited accounts and a strong profit-making potential. Equally, the company is required to sign a contract which provides for a quotation or a price instruction every five trading sessions. Finally, it must offer to the public at least 20% of its share capital on listing. For CORPORATE BONDS, any limited liability company with share capital of at least 200 million FCFA (USD 400 000) and who issues at least 500 million FCFA (USD 1 million) is eligible. For GOVERNMEMT BONDS, admission is open according to the law.
1.
Latest Achievements
The equity market

Since the beginning of 2010, DSX has held 40 trading sessions with a variety of shares on offer with good performance from SEMC and SAFACAM shares and a poor performance by SOCAPALM shares. SEMC shares showed the best performance during this period. On the 20th January 2010, following a capital increase by incorporation of reserves decided by the companies stakeholders, the share price underwent a technical adjustment by a dividing up of 50% of its price which amounted to a value of 57500 FCFA (USD 115). From that point on, SEMC shares showed a remarkable progression, passing from FCFA 57 500 (USD 115) in Janvier 2010 to FCFA 89 223 (USD 118.45) on the 30th September 2010. During the same period, SAFACAM shares remained relatively stable at FCFA 36 000 (USD 72). This price stability during this period does not reflect the performance of the company which showed a return of 13%.
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SOCAPALM shares had a turbulent year due to the partial collapse of its share price from 40 997 FCFA (USD 82) at the beginning of the year to 35 020 FCFA (USD 70.04), a fall of 14.57%. However, the issuer and the ISP having recently signed a contract, a period of steady growth is now anticipated.
The corporate and government bonds market

The IFC bond, currently the only bond quoted on the market, is quoted at 97% as of the 30th September 2010. Stock market capitalisation at the end of September amounted to FCFA 78 564 346 850 (USD 157 128 693.7), compared with FCFA 82 602 840 645 (USD 165 205 681.29) at the beginiing of the year, a fall of 5,14 %.
This fall is principally attributed to the poor performance of SOCAPALM shares and to technical adjustments to prices of the three listed shares following the payment of dividends to shareholders for the financial year 2009. Total volume of transactions was FCFA 211 076 863 (USD 422 153.73), SOCAPALM and SAFACAM shares being the most actively traded.
Volume of Exchanges
On a monthly basis, an analysis of volume of exchanges was carried out for the month of June, representing 31 % of volume at FCFA 63 113 260 (USD 126 226.52) , followed by the volume of transactions in Septembre at FCFA 28 654 522 (USD 57 309.04) , a share of 19.08%, and then that of January at FCFA 44 084 854 (USD 88 169.71) , a share of 21%. The Credit instrument market showed a turnover of 10 534 083 F CFA (USD 21 068.17) , the equivalent of 1 047 IFC bonds.
Payment of Dividends
Dividends were paid at the end of the first half year of 2010 for the three listed shares for 2009. In June, SEMC paid to its shareholders a dividend of FCFA 4 950 (USD 9.9) . In July, SOCAPALM paid a dividend of FCFA 1 282 (USD 2.56), and in August, SAFACAM paid a dividend of FCFA 4 272 (USD 8.54). These different transactions were the origin of three events impacting on shares listed on the SDX within the framework of dividend payments.
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ASEA Yearbook 2009
2.
The Future Outlook
Credit instrument market

Two (2) bond issues are envisaged for the last quarter of 2010: The State of Cameroon plans to make a bond issue of a maximum amount of 200 billion Fcfa (USD 400 millions) within the framework of the carrying out of its budget under the terms and conditions of the financial laws of 2010. Revenues raised are destined for development projects. Bonds thus issued shall be listed on the Douala Stock Exchange. The syndicate of Investment Service Providers concerned, AFRILAND, CITIBANK and SGBC have been notified officially by the Ministry of Finance. The Banque de Dveloppement des Etats de lAfrique Centrale (BDEAC) plans to launch, within the CEMAC zone, a bond issue to the value of 100 billion Francs CFA (USD 200 millions). A preliminary drawing of 30 billion fcfa (USD 60 millions) is planned for the fourth quarter of 2010. Bonds shall be issued and listed on the two financial markets of the CEMAC zone.
Revision of strategy
Douala Stock Exchange seeks to increase the number of listed companies. It is therefore carrying out an intensive marketing strategy which aims to draw attention to the tax advantages offered by the State of Cameroon in order to attract the next wave of privatisated companies as well as companies and local groups seeking long term finance. With this aim in mind, the organisational capacities will be reinforced both in terms of information systems and humnan capital. In addition to the three existing functions (Markets and operations, Administration and Finance, and Information Systems), a promotion and product development function will be created as well as legal and compliance to improve company governance. As far as sources of revenues are concerned, they will be extremely diversified. IT equipment is being upgraded in order to integrate itself into the panafrican inter-stock exchange system and EURONEX
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Creation of a division for small and medium sized businesses

Since the official launching of Douala Stock Exchange operations, only the large and multinational companies division is operational. The management objective is to enhance the small and medium size company division by 2011 with the support of the government of Cameroun and international stakeholders. Therefore, the admission criteria in to this segment of business will be more flexible and integrated within the framework of a guarantee fund for small and medium size companies.
Partnerships and exchanges with other stock exchanges

DSX intends to reinforce exchange and cooperation with other stock exchanges in the franc Zone and beyond.
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ASEA Yearbook 2009
Egyptian Exchange

Website Market Regulator Address Trading Session hours (local time) Pre-Opening Session Random Closing Official Trading Session Bonds Market (Primary Dealers) NILEX (SMEs Market) Over-the-Counter Market Deals Market Orders Market* Greenwich Mean Time + 2 hours Mrs. Heba Serafi +202 23933984- 202 23921402 Ext 880 +202 239 70 461 heba.serafi@egx.com.eg Egyptian Pound Taxes are not applicable on capital gains N/A 9:45 AM 10:15 AM 10:30 AM 10:30 AM 11:00 AM 09:45 AM 02:45 PM 10:15 AM 10:30 AM 2:30 PM 02:30 PM 12:00 PM 02:00 PM 03:15 PM www.egx.com.eg The Egyptian Financial Supervisory Authority
Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange
*Trading takes place on Monday & Wednesday only
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Table 2: Trading Equity Statistics Currency: USD Indicators Total value traded (USD) Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization end of year Market Capitalization as % of GDP Turnover Ratio (%) *
Egyptian Exchange
2007 65,834,904,722.82 15,091,289,631.95 9,016,116.00 435 337 139,319,168,585 85.79% 38.7
2008 96,056,030,223.45 25,556,094,683.70 13,456,318.00 373 322 85,901,717,657 45.60% 70.3** ** after excluding deals
2009 81,707,244,812.59 36,601,431,681.00 14,627,805.00 306 289 91,080,506,444 48.10% 49.9**
* Turnover Ratio (%)= value traded of listed stocks/market capitalization Table 3: Investors Type Foreigners vs. Local Investors Type of Investors Foreign Investors Local Investors Total %
% of the Total Value Traded 2007 31 69 100% 2008 30 70 100% 2009 19 81 100%
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ASEA Yearbook 2009
Insitutions vs. Individuals Type of Investors Institutions Individuals Total % % of the Total Value Traded 2007 39 61 100% 2008 34 66 100% 2009 37 63 100%
Table 4: Sectors Traded Sectors traded on the Stock Exchange Banks Basic Resources Chemicals Construction & Materials Financial Services excluding banks Food & Beverages Healthcare & pharmaceuticals Industrial goods & services and Automobiles Media Oil & Gas Personal & household products Real Estate Retail Technology Telecommunications Travel & Leisure Utilities Number of companies included in each sector 2007 23 18 20 55 37 54 28 53 1 5 32 45 14 7 3 36 4 2008 23 15 16 49 43 38 22 44 1 5 28 34 11 4 3 33 4 2009 21 11 13 38 37 30 21 35 1 5 20 32 9 3 3 24 3
Egyptian Exchange
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Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Real Estate Personal & Household products Construction & materials Financial Services excluding banks Industrial goods and services and Automobiles

Table 6: Bonds Statistics Bonds
Egyptian Exchange
2007 4,344,364,856.29 4,319,702,602 24,662,254
2008 3,630,012,514.28 3,600,159,602 29,852,912
2009 7,401,447,478.76 7,392,040,690 9,406,789
Total Value traded Value traded on governmental bonds Value traded on corporate bonds
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ASEA Yearbook 2009
Section Fhree : Trading System

Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed or bought? - - - - - X-Stream N/A N/A NASDAQ OMX Group 2008

Where do Clearing & Settlement take place? The Stock Exchange Separate Company - - No Yes Misr for Central Clearing, Depsitory and Registery (MCDR) N/A Yes N/A N/A
Egyptian Exchange
If Separate Company please mention its name - Is this system locally developed - or bought? - - -
Clearing and Settlement is conducted in: T+ 2 - Yes T+ 3 - No T+Zero for the securities eligible for Intra-day trading (Real Time Gross Settlement) T+1 for treasury bonds traded according to the Primary Dealers system
Others -
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Equity Market Cash Market Derivative Market Bond Market Table 7: Products Product (Stocks, Bonds, Funds, ETFs, Derivatives) Stocks Bonds Description of the Product All common stocks as well as 3 companies with preferred stocks Government and Corporate bonds with the bulk owed to Treasury Bonds Issued through the Primary Dealers System Closed Ended Funds Rules and Regulations are issued Yes NA NA Yes
Egyptian Exchange
Mutual Funds ETFs

Margin Trading Intraday Trading Online Trading * not activated yet YES* YES YES
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ASEA Yearbook 2009

Table 8: Indices Index Name EGX 30 (Main index) EGX 70 EGX 100 Dow Jones EGX Egypt Titans 20 Index Index Type (Price Index, Sector Index) Free float market capitalization weighted index Price Index Price Index Free float market capitalization weighted index
Main Index Name EGX 30 (Free Float Market Capitalization weighed Index) EGX 70 (Price Index) EGX 100 (Price Index) DJ EGX Egypt Titans 20 Index (Free float market capitalization weighted index)
Closing 2008 4596 482.24 780.82 976
Closing 2009 6,209.00 642.93 1059.33 1314
% change 35% 33% 36% 35%
Egyptian Exchange
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Sector Indices Closing 2008 Construction & Materials Real Estate Banks Basic Resources Financial Services excluding Banks Healthcare & Pharmaceuticals Personal & Household Products
Egyptian Exchange
Closing 2009 1,480.97 1,118.16 1,249.35 762.9 724.52 1,273.04 533.16 973.54 1,650.64 501.94 585 761.83
% change 71% 67% 48% 39% 37% 31% 8% 6% 6% 5% 3% -3%
864.42 670.02 845.23 550.42 528.09 972.31 491.5 915.19 1560.13 477.59 565.23 789.21
Food and Beverages Industrial Goods, Services & Automobiles Telecommunications Travel & Leisure Chemicals
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ASEA Yearbook 2009

2008 Company Palm Hills Development Maridive & Oil Services Misr Duty Free Shops* Pioneers Holding* * The Companys offering was executed on the money market Date of IPO Apr-08 Apr-08 May-08 Jun-08 Value of IPO ($ million) 338.57 271.85 1.83 164.53
2009 Company Date of IPO Value of IPO ($ million) Egyptian Exchange
2008 Company Housing bonds Primary Dealers government bonds Contact (3rd issue) Egyptian Securitization Company (1st issue) Date of issue 2008 2008 Jan Apr Face Value of Issue ($ million) 0.49 2811.18 48.30 59.85
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2009 Company Primary Dealers government bonds International Company for Leasing "Incolease" Contact (4th issue) Al Taamer Securitization Company Contact (5 issue)
th
Date of issue 2009 September Jan June Nov
Face Value of Issue ($ million) 10,756 36 69 848 85 11,795

Ranking
Egyptian Exchange
Equity Transactions Beltone Securities Brokerage Hermes Securities Brokerage Financial Brokerage Group Pioneers for Securities Pharos Securities
Purchases $ NA NA NA NA NA
Sales $ NA NA NA NA NA
Total $ 29.72 24.06 7.29 7.11 5.47
1 2 3 4 5
Members Contacts are available on the EGX website www.egx.com.eg
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ASEA Yearbook 2009
Egyptian Exchange (EGX)

Exchange Background
The Egyptian Exchange (EGX) dates back to more than 125 years. Alexandria Stock Exchange was officially established in 1883, followed by Cairo in 1903. The two exchanges were very active in the 1940s and the Egyptian Stock Exchange ranked fifth in the world. Nevertheless, the socialist policies adopted in the mid 1950s led to a drastic reduction in activity on the stock exchange, which remained dormant during 1961 till 1992. In an attempt to re-activate the market, the government opted for the public offering of the state owned enterprises through the privatization program, which provided the impetus for its revival. In 1997, EGX started its modernization program in terms of legislation and infrastructure to keep abreast with globalization and internationalization. Egypts Stock Exchange now operates through two locations; Cairo & Alexandria, that are managed by the same chairman. EGX Board of Directors is composed of the Chairman and the Vice-Chairman, who are appointed by the Prime Minister, a representative of the Central bank of Egypt, three representatives of securities companies, one representative of custodian banks as well as two representatives of listed companies, one of which is a small or medium company. EGX does not impose any restrictions on foreign investment or profit repatriation in the Egyptian securities market. No taxes are levied on dividends, capital gain and interest on bonds for individuals, mutual funds and international funds.
Egyptian Exchange
The Egyptian Exchange in 2009 Technological Development

Strongly committed to market integrity, and in order to keep abreast with the latest technological advancements, based on its vision to become the financial hub and investment gateway in the Middle East and North African (MENA) Region that best serves its stakeholders, EGX has contracted, by the end of 2009, with MilleniumIT company which will provide the Exchange with a state-of the-art surveillance system that can meet the Egyptian market future needs and provides an equitable, transparent and high quality market place. Built around an evolutionary architecture, MilleniumIT will help the EGX effectively maintain an orderly market in todays fast paced, electronic trading environment.
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Additionally, and in line with our belief in the importance of having global exchanges cooperation and in order to increase cross border trading; EGX has finalized all preparations to launch EGX FIX HUB, which would provide connectivity/linkage services for the benefit of Egyptian and international brokers, and open up new revenue streams and opportunities for both broker firms and investors. This will give EGX access to larger pools of liquidity and would set EGX as the hub in the Middle East and Africa region. A joint venture between EGX and Nasdaq OMX created Egypt for Information Dissemination to enhance the efficiency of EGX by increasing the level of automation & transparency of disseminated information providing an array of informational services related to EGX such as real time & delayed data feeds for brokers and investors.
The launch of New Indices

EGX, have launched a set of new indices during 2009 to better serve local as well as foreign investors. EGX has launched EGX 70 Price Index, which tracks the performance of the 70 active companies, after excluding the 30 most active constituent-companies of EGX 30 Index. In addition, EGX started computing EGX 30 Index in US dollar terms; a common currency unit that helps in comparing stock exchange performances or alternative investment instruments. Also, EGX 100 Price Index was introduced to help investors track a larger segment of traded companies in the Egyptian market. Another equally important initiative was the launch of the S&P/EGX ESG Index in March 2010, in collaboration with Standard & Poors; the first of its kind in the MENA region. The index helps raising the profile of those companies that perform well within the three parameters of environmental, social and corporate governance responsibility, when compared to their market peers.
Egyptian Exchange
Listing on EGX
EGX listing requirements have been set according to international standards. All standards are periodically reviewed to accommodate for the listing of several asset class products and to ensure that EGX attracts and retains the strongest issuers with sustainable business models. EGX maintains an effective policy in enforcing listing, disclosure and corporate governance rules on issuers.
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In this context, 2009 witnessed significant amendments to EGX Listing rules, providing more flexibility, wider independence for the Exchange as well as better disclosure and effective insider trading monitoring. The amendments have also introduced some changes that provide more flexibility on the operational side of the capital market, while imposing higher fines on serious securities crimes and regulations breaches. The year 2009 has also witnessed the listing of the first Egyptian Depository Receipts (EDRs) in the Egyptian market. From another perspective, the activation of the Bond market has been one the main governments priorities for the past few years and several measures have been taken to activate this market. In November 2009, the EFSA issued Decision No 71, accrediting new credit-rating agencies. This was followed by the issuance of Ministerial Decree No 1 of 2010, on January 3rd , allowing non corporations (public authorities, international organizations and other non corporations) to issue bonds for the first time in the Egyptian market as well as simplifying corporate bonds issuing requirements. This should allow authorities and supra national bonds to get listed on EGX. Furthermore, the Egyptian Exchange has signed a cross listing agreement with Shanghai Stock exchange to list the ETFs.
Egyptian Exchange
Protection of Minority Shareholders

EGX has in place a set of rules governing acquisitions and minority shareholders rights. According to the rules, the company acquiring 5% in another company has to disclose to the market the details of the transactions. If the acquired stake is 25% or more, the acquirer company is to disclose the aim of the acquisition deals and his future plans for the company. In case of the purchase of joint stock companies with the purpose of acquisition of ownership and management, it is obligatory to provide mandatory purchase offers to protect minority rights where acquisition is more than 90% of capital and voting rights. This in addition to the enforcement of disclosure and corporate governance practices and adherence to the Egyptian Accounting Standards, in line with IFRS.
Nilex Moves Forward

Despite the tough time experienced by world capital markets, suffering from the repercussions of the global financial crisis, Nilex; the Exchanges market board for mid and small cap companies, was able to attract 13 companies on board and expects to end the year 2010 with 20 listed and traded companies.
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Moreover, an Advisory Committee has been established comprising all stakeholders to activate and develop NILEX market and streamline procedures to enable SMEs receive necessary financing and increase their capital. The Committee aims to develop plans and strategies for financing SMEs through the capital market, and help removing the obstacles currently facing the market. Meanwhile, the Exchange continued its extensive marketing plan to promote the benefits of getting listed on Nilex for potential SMEs. On January 11, 2010, EGX participated in a workshop organized by the Egyptian Junior Business Association (EJB) about the main financing constraints faced by SMEs in Egypt. On 18 January 2010, EGX, in collaboration with the Information Technology Industry Development Agency (ITIDA), organized a workshop to introduce NILEX project for a number of promising IT companies. From another perspective, three funds has been established dedicated for investment in SMEs with a capital exceeding LE 700 million. The General Authority for Investment in Egypt has also launched an L.E 1 billion fund dedicated for investment in SMEs. Worth mentioning that EGX has entered into an agreement with Industrial Modernization Center (IMC) to provide necessary support to SMEs that helps them get listed. IMC agrees to finance up to 90% of the costs associated with the listing process on Nilex and to promote the benefits of joining the stock market to industrial companies.
Egyptian Exchange
Promotional Campaigns
EGX also continued its extensive promotional campaigns in 2009, conducting several road shows in New York, London and Singapore, to highlight the Egyptian market key competitive advantages to both domestic and foreign investors, in particular during the period of the crisis. In its continuous efforts to ensure proper information dissemination and to enhance the disclosure and transparency in the Egyptian market, EGX has re-launched its website in October 2009 providing the most recent market statistics with only 15 minutes delay, together with a wealth of information about EGX rules and regulations, member firms, up-to-date news, education corner as well as information services, with a better navigation, more user-friendly interface and easier access to information.
Investor Education
Within the framework of its investor education and public awareness campaign, the EGX held its educational forum Borsa Step X Step in for university students in six governorates during 2009. The forum was attended by more than 1000 students.
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International Relations & Recognitions

EGX is currently a Board member of the World Federation of Exchanges (WFE) and a founder member of the Union of Arab Exchanges and is a member in the African Securities Exchanges Association (ASEA) and the Federation of Euro Asian Stock Exchanges and an affiliate member of the International Organization of Securities Commissions (IOSCO). EGX has signed several MOUs in 2009 with Amman Stock Exchange, Libyan Stock Market, Iraqi Stock Exchange, Shenzhen Stock Exchange and Casablanca Stock Exchange. A number of structured products and ETFs were issued by several international institutions (ABN Amro, Deutsche Bank, Goldman Sachs, BNP Paribas, Barclays Capital) on EGX 30 Index and DJ EGX Egypt Titans 20 Index, are currently listed and traded on various European exchanges. From another perspective, Van Eck Global launched the first ETF to track Egypt Market Vectors Egypt Index ETF (EGPT) in February 2010 in New York.
Prospects Going Forward

EGX will be working on activating the bond market and the short selling, together with the introduction of sukuks. Moreover, to further increase market depth and breadth, both short selling and market maker will be shortly introduced in the market. EGX is also contemplating the issuance of the first ETF on its EGX30 Index. From another perspective, EGX is currently working on setting up a Derivatives market, to be launched by early 2011. EGX is also in the final stage to get connected to London Stock Exchange through EGX FIX Hub to enable large institutions in London to access the Egyptian market directly, which helps increasing EGX liquidity. Finally, the Exchange will continue its road shows to attract reputable domestic and foreign blue chips as well as prominent and fast growing mid and small cap companies to the market.
Egyptian Exchange
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Ghana Stock Exchange

Profile
wwe.gse.com.gh Securities And Exchange Commission, Ghana 5th & 6th Floor Cedi House, P.O. Box 1849, Accra 9.30a.m -1.00p.m GMT Diana Okine/ Ekow Afedzie 233 0302 669908/669914 233 0302 669913 dokine@gse.com.gh/peafedzie@gse.com.gh Ghana Cedi (GHS) 8% Withholding tax on dividend, 0% tax on capital gains N/A
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Currency: USD Table 2: Trading Equity Statistics Indicators Total value traded (millions) Total volume traded Total number of transactions Number of listed companies (2) Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *
2007 144.90 287.22 N/A 32 32 12.74 96.00% 1.14
2008 316.69 545.79 N/A 35 35 14 109.00% 2.1
2009 51.88 96.77 16,793.00 35 33 11.15 73.70% 0.0046
Table 4: Sectors Traded Sectors traded on the Stock Exchange Manufacturing Finance & Insurance Food & Beverage Number of companies included in each sector 2007 9 9 3 2008 9 11 3 2009 6 11 3
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Distribution/Oil Publishing & Printing ICT Mining Agricultural Pharmaceutical Corporate Bonds Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4
4 2 2 1 2 2 3
4 2 2 2 2 2 3
5 2 2 2 2 2 1
Sectors Financials & Insurance Manufacturing Food & Beverages Agriculture Distribution/Oil

Table 6: Bonds Statistics Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds 2007 2,769.56 1,374.29 20,000 2008 0.17 2.81 0 2009 12.08 12.08 1,000
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Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed or bought? - - - - - GSE Automated Trading System (GATS) No Yes Infotech Global (Pte) Ltd 2009

Where do Clearing & Settlement take place? The Stock Exchange Separate Company - - - - - - Yes Infotech Global (Pte) Ltd 2009 Yes No
Clearing and Settlement is conducted in: T+ 2 - No T+ 3 - Yes Others - T+1 & T+0
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Equity Market Cash Market Derivative Market Bond Market Table 7: Products Product (Stocks, Bonds, Funds, ETFs, Derivatives) Stocks Bonds Description of the Product Commons Stocks, one Preference Shares, one depository shares Dollar denominated Corporate bonds and government bonds Yes Yes

Margin Trading Intraday Trading Online Trading
Yes Yes Yes
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Table 8: Indices Index Name GSE All Share Index Index Type (Price Index, Sector Index) Price Index Closing 2008 GSE All Share Index 10,431.64 Closing 2009 5,572.34 % change -46.58

2008 Company Golden Star Resources Ltd UT Financials Services Ltd Date of IPO 15-Feb-08 25-Nov-08 Value of IPO ($ million) 4.7
22.98 27.68
2009 Company Date of IPO None Value of IPO ($ million) 0
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Ranking 1 2 3 4 5 Equity Transactions Databank Brokerage Ltd IC Securities Ltd African Alliance Securities (Gh)5018847.2 EDC Stockbrokers Ltd New World Rennaissance Securities Purchases $ 14,044,646.00 9,328,210.40 5,018,847.20 2,923,987.10 1,800,777.70 Sales $ 19,134,614.00 2,601,240.80 1,499,201.60 2,814,983.60 1,937,810.50 Total $ 33,179,259.00 11,929,451.00 6,518,048.80 5,738,970.70 3,738,588.20
***Please note that data is from March 27, 2009 when GSE automation went live
Members Contacts are available on the GSE website www.gse.com.gh

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Background of the Ghana Stock Exchange
The idea of establishing a Stock Exchange in Ghana became an issue for discussion for almost two decades under various governments prior to its implementation. However, in February 1989, the matter of establishing a stock exchange was moved into higher gear when a 10 member National Committee, under the Chairmanship of the then Governor of the Bank of Ghana, was set up by the then PNDC Secretary for Finance and Economic Planning, As a result of the work of the committee, the Stock Exchange was established in July 1989 as a private company limited by guarantee under the Ghana Companies Code, 1963. It was given recognition as an authorized Stock Exchange under the Stock Exchange Act of 1971 (Act 348) in October 1990. The Exchange was inaugurated on November 12, 1990 and trading commenced on its floor the same day. The Exchange was officially launched on January 11. 1991 and became a public company limited by guarantee in April 1994. The GSE like stock markets globally and in Africa, have witnessed significant growth and development during the last two decades. In the course of the growth, incentives and new policy initiatives in various forms were catalysts. Indeed, such incentives and initiatives have now become a scorecard for competition to attract investments into various countries. It is even more intense among the frontier or emerging markets including the African capital markets as Africa stock markets have emerged as major providers of investment capital inflow. The Exchange is governed by a Council of thirteen, representing Licensed Dealing Members, Listed Companies, Insurance Companies, Banks, Money Market Institutions and the General public. The Council Membership includes some of the most distinguished and competent persons in Ghanaian commerce, industry, finance and public service. The Council has all powers and functions of a Board under the Companies Code. By virtue of the Stock Exchange Act 1971, such functions include preventing frauds and malpractices, maintaining good order among members, regulating stock market business and granting listing and publishing prices.
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Latest Achievements/Recent Performance

2009 was a particularly difficult year for the stock market and this was against the background of 2008 being one of the best years of the market. The patch that the market went through in 2009 resulted from the effect of the global financial crisis which began to be felt in the fourth quarter of 2008 and the fact that in 2009, the Exchange also effectively began migrating from paper certification to electronic book entry securities under its new automated Trading System led to a slump in trade volumes and values. The rise in local interest rate thus making money market instruments relatively more attractive was also a contributory factor. The 2009 market performance was thus in sharp contrast with that of 2008. The value traded in 2009 was approximately twenty percent of that for the previous year 2008. With a drop of -46.58% in the GSE All-Share index, the Ghana Stock Exchange ended the year 2009 as the least performing market in Africa. In the previous year 2008, the gain in the GSE All-share Index of 58% put Ghana ahead of most African markets. The market capitalization of the Exchange declined by 11% to end the year at GH15.94billion down from GH17.90billion in 2008. The decline in the value of Ghanas market was mainly due to price depreciation. There were no new bond listings in 2009. A total of eighty-six (86) listed government securities, made up of forty nine (49) 2-year, and thirty-seven (37) 3-year instruments were redeemed in the course of the year. HFC Series H Housbonds and Standard Chartered Banks Medium Tern Notes (MTNs) were also redeemed in 2009. Despite the difficult year the Exchange still crossed a watershed in 2009. The Automated Trading System (ATS) and the electronic Clearing & Settlement System both went live to complement the Depository System which went live in November 2008. With that move, all GSE operations became fully automated. Dealers now have access to trading from the Exchanges Trading Floor; the offices of Dealers; and through a secured internet facility at any location. Bi-lateral settlement between brokers ended with the introduction of electronic Clearing and Settlement. Therefore trades are settled electronically on T+3 and the underlying securities also credited to the Depository accounts of buying investors. As stated earlier, the GSE Securities Depository Company became fully operational in November 2008. Through resolutions and public education at the various AGMs, the Exchanges listed companies have amended their company regulations not to issue any paper share certificates. Indeed, under the automated environment, an investor (whether buying or selling) must have a securities account in the Depository.
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GSE Future Outlook

The key issues for the Exchange into the future include: 1) 2. 3) 4) 5) Repositioning the GSE to improve the viability of the market place with the aim of making it the number one source for raising capital via equities, bonds and other instruments. This includes discussions on future demutualization Improving liquidity through more promotion and public education under the share immobilization programme and through the increase of the public float and issued shares of existing listed companies. The Depository is also completing an SMS Alert and Email notification system before the end of 2010. We therefore expect to see new securities being listed as fully dematerialized. Continue discussion with prospective listed companies (private and SOE) and encourage them to list. The Exchange has also begun an advocacy for a capital market local content legislation that will make companies, based on certain qualifying parameters, to offer up to twenty-five (25) percent of their issued shares to the investing public and to be listed.
Ghana Stock Exchanges Initiatives to Be More Responsive to the Needs of Investors and Listed Companies
Ghana Stock Exchange has taken advantage of technology to put systems in place to ensure that investors and listed companies on the market have access to accurate, efficient and timely information to assist in their decisions-making process. It has partnered with international data vendors such as Thomson Reuters and Bloomberg to disseminate real time market information to local as well as international investors. The data which includes market depth is disseminated through a data feeder client application. Real time price changes and volumes of shares traded are also published on the Exchanges website. The Exchanges website allows investors and prospective companies to get their questions answered by chatting with a support staff. This helps investors to enquire about issues on the market and get instant responses. The Exchange has installed the GSE Investor Information Service (GIIS) which is still being tested. With this system, investors can enjoy services such as viewing securities account information online; checking the performance of stocks over a user-defined
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period; receive email notification and/or SMS alert for transactions on their accounts; view financial data of listed securities an investor has in his portfolio; view dividend history of listed companies which the investor holds in his portfolio as well as graphs of performance of the securities on the market. A disclosure portal for listed companies is being developed. This is a web portal that will allow listed companies to directly upload information onto the Exchanges website. The information will then be reviewed for publishing on the website. The automation of GSEs processes has provided a straight-through-processing (STP) system, from the entry of clients orders to cash and securities clearing and settlement. There is virtually no manual intervention in the processes. The traders are connected to a parallel and distributed trading system called GATS via a wide area network and the internet. The brokers assess the system remotely to submit their clients orders electronically on real time basis. To boost public interest in the trading activities on the Exchange, the bids and offers as well as resultant trades are electronically displayed on electronic led display system and electronic ticker outside the building of the Exchange for public view. These electronic display systems are directly connected to the GATS system via the local area network. When orders are matched and trades executed, the results are transmitted online real time to the clearing and settlement system for settlement while securities in respective accounts in the securities depository system move to pending out state in the case of selling accounts but in the case of buying accounts the securities show a pending in status. The clearing and settlement system at the Exchange is a secured web application. The settlement obligation by each participant is calculated real-time and accessible to their respective traders and brokers during and after the trading session. The clearing house monitors the cash settlement accounts of all participants through a separate web application that interfaces the banking application of the settlement bank. On settlement day (T+3) the clearing house electronically collects cash from paying participants and pays receiving participants. To achieve delivery versus payment, during this process, the securities are released from their previous states of pending ins and pending outs to available state in the respective client accounts.
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Libyan Stock Exchange

Profile
www.lsm.ly Capital Markets Authority (Libya) Tripoli international fair, Omar Mokhtar St. Tripoli, Libya 10:00 am until 12:00 pm Greenwich Mean Time + 2 hours Husein Majdub +218 21 336 5050 21821 336 5052 international@lsm.gov.ly Libyan Dinar N/A N/A
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Currency: USD Table 2: Trading Equity Statistics Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *
2007 0 0 0 0.00% 0
2008 29,276,065.60 1,549,216.00 5,264.00 7 7 874780997.5 0.97% 0.0277
2009 72,304,109.60 6,166,718.00 5,935.00 10 10 2654819771 3.08% 0.01382
Table 3: Investors Type

Libya Stock Exchange
Foreigners vs. Local Investors Type of Investors 2007 Foreign Investors Local Investors Total % % of the Total Value Traded 2008 1.03 98.7 2009 0.67 99.5
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Table 4: Sectors Traded Sectors traded on the Stock Exchange Financial Sector Insurance Sector Investment Sector Industrial Sector Corporate Bonds Table 5: 5 Most Active Sectors in 2009 # Jumhoria Bank Sahary Bank Wahda Bank Libyan Stock Market Commerce and Development Bank Sectors Financial Financial Financial Investment Financial
Number of companies included in each sector 2007 0.00 0.00 0.00 0.00 0.00 2008 4 3 0 0 2009 5 3 1 0
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Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed or bought? - - - - - Nile Technology (Egypt) 2008 Automated Trading System

Where do Clearing & Settlement take place? The Stock Exchange Separate Company - - - - - - - Yes Nile Technology (Egypt) 2008 Yes
If Separate Company please mention its name Is this system locally developed
or bought?
Clearing and Settlement is conducted in: T+ 2 - T+ 3 - Yes Others -
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Equity Market Cash Market Derivative Market Bond Market Table 7: Products Product (Stocks,Bonds, Funds,ETFs,Derivatives) Shares Description of the Product Common and Preference shares Yes

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Section Seven: Indices

Table 8: Indices Index Name LYX Index Type (Price Index, Sector Index) Price index. The index returns are based on capital gains/losses of the 11 securities listed on the LSM, valued by full market capitalisation. Closing 2008 LSM All Share 1015.93 Closing 2009 1,104.28 % change 0.09

2008 Company Wahda Bank Date of IPO 25/02/2008 27/11/2008
Value of IPO ($ million) 1.512 1.750
2009 Company Jamhoria Bank Date of IPO 12/4/2009 Value of IPO ($ million) 5.7
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ASEA Yearbook 2009

Ranking 1 2 3 4 5 Equity Transactions Stockbrokerage Units Jumhoria Bank Sahary Bank Wahda Bank LSM Commerce and Development Bank Members Contacts are available on the website www.lsm.ly Purchases $ Total $ 22,464,092.12 12,487,856.25 9,693,949.55 5,828,736.56 5,657,051.63
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The Libyan Stock Market Background

Established in March 2007, the LSM now hosts a total of 33 public companies 11 of them actively traded which increasingly reflect the largest sectors of the Libyan economy outside of energy. At the beginning the market composition was heavily biased in favour of financial sector companies, with banks and insurance attracting the largest share of investment flows. There are 22 listed companies in the Sub-Table. With recent listing of National Commerce Bank and imminent plans to float shares of the Libyan Iron and Steel Company (LISCO), as well as two leading telecoms operators, Libyana and Al Madar, in 2010 the Libyan capital markets are expected to acquire more depth and sector diversity. The telecoms and industrial categories, both linked to highly profitable growth sectors, are set to attract domestic and foreign investors, pushing up daily trading volumes and market capitalisation. According to the LSMs January 2010 report total market capitalisation reached 3,570,354,832 Libyan Dinar, which at less than 5% of Libyas total GDP highlights tremendous future growth potential. Market capitalisation is set to expand fast in the next 24 months on the back of a strong demand for IPOs and second-tier companies gaining more visibility. Latest Achievements The Capital Market Law The Libyan Stock Market announced the release of a new Capital Market Law No. 11 of 2010, which will regulate the work of the Libyan Capital Market. This is the first time in the history of Libya such Law and regulations have been auctioned, allowing the benefits and exemptions to companies and organizations that deal with the capital market. The Libyan Stock Market now heads the Union of Arab Stock Exchange. The Libyan Stock Market is Officially a Correspondent to WFE ( World Federation of Exchanges ).
ASEA Yearbook 2009
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Electronic systems, like the trading system and ( Jupiter ) which is an internal system used to archive and exchange information between the employees, also we have the LSM Portal. The LSM has 12 Brokerage firms licensed to work in the Market. The LSM has two Main facilities, one in Tripoli and the other in Benghazi.
The Future Outlook The next 18 months will mark a crucial stage in the development of Libyas capital markets. As more companies come to the market, the stock exchange will become more diversified and liquid, with capitalisation levels expected to double in the next two years. Privatisation and wealth redistribution will remain among the driving forces behind new listings. However, the market is likely to attract greater interest from private companies seeking to raise capital. Foreign investor interest is likely to increase over this period as the regulatory environment becomes more open to capital inflows from outside the country. The Libyan Stock Market initiatives to be more responsive to the need of the investors and listed companies. The LSM has an call center for the investors to call at any time, regarding information about the exchange or about their accounts. The LSM provides SMS service to investors and listed companies to ease the gathering of information or data.
The web-site is really easy to use and there is a the investors education section which will help investors or to get a clear picture of the exchange and its regulations. The LSM also has the Investors Service, which is equal to customer service in any other company.
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Lusaka Stock Exchange

Profile

Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange www.luse.co.zm Securities and Exchange Commission
rd 3 Floor, Exchange Building, Central Park, P.O. Box 34523, Lusaka
11:00 am - 13:00 pm Greenwich Mean Time - 2 hours Mrs Beatrice Nkanza +260 211 228391 +260 211 225969 nkanzab@luse.co.zm Zambian Kwacha No tax on dividends for individuals, 15% tax - corporates, 15% on Interest ZAMACE
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Table 2: Trading Equity Statistics Currency: USD Indicators Total value traded (USD) Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) * * Turnover Ratio (%)= value traded of listed securities/market capitalization Table 3: Investors Type Foreigners vs. Local Investors Type of Investors Foreign Investors Local Investors Total % % of the Total Value Traded 2007 30.00 70.00 100.00 2008 52.20 47.80 100.00 2009 58.8 41.2 100.00
2007 74,761,123.61 2,800,267,195.00 6,199.00 17 17 4.827 54.64% 1.55
2008 161,716,714.64 1,585,765,172.00 8,384.00 20 20 4.106 37.84% 3.00
2009 875,014,061.00 224,666,410,944.00 6,619.00 20 20 5.273 47.99% 1.45
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Insitutions vs.Individuals Type of Investors Institutions Individuals Total % % of the Total Value Traded 2007 71.00 29.00 100.00 2008 68.00 32.00 100.00 2009 81.00 19.00 100.00
Table 4: Sectors Traded Sectors traded on the Stock Exchange Manufacturing Mobile Telecommunications Hospitality Retail Trading Oil Marketing Agriculture Processing Investments Banking Property
Number of companies included in each sector 2007 6 0 1 2 1 2 2 2 1 5 0 2008 6 1 1 2 1 2 2 3 1 5 1 2009 6 1 1 2 1 2 2 3 1 5 1
Mining Energy
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Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Mobile Telecommunication Agriculture Energy Manufacturing Property

Table 6: Bonds Statistics Bonds Total Value traded Value traded on governmental bonds 18,797,061.19 1,132,990.68 10,300,820.52 2007 2008 2009
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Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed or bought? - - - - LUSE ATS No Yes Millennium Information Technologies 2008
If bought, who is the Vendor?
Year of implementing the system: -

Where do Clearing & Settlement take place? The Stock Exchange Separate Company - - - - - No Yes Millennium IT 2008 Yes
If Separate Company please mention its name Is this system locally developed
or bought?
Clearing and Settlement is conducted in: T+ 2 - T+ 3 - T+3 Others - 0
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Equity Market Cash Market Derivative Market Bond Market Table 7: Products Product (Stocks, Bonds, Funds, ETFs, Derivatives) Shares Bonds Description of the Product Common and Preference shares Government and Corporate bonds Yes Yes

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Table 8: Indices Index Name LASI Free Float Index Index Type (Price Index, Sector Index,..etc) It is a weighted market capitalisation index. Its computed by dividing the overall market Cap by a base divider It is a also weighted market capitalisation index. Its computed by dividing the market cap for freely transferrable shares by a base divider which excludes that portion not freely transferrable.
Closing 2008 LuSE All Share Index (LASI) Free Float Index 3533.52 3403.98
Closing 2009 2,505.88 2,391.39
% change -29.08 -29.75
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2008 Company Celtel (Zain) ZANACO Date of IPO 30/04/2008 29/09/2008 Value of IPO ($ million) 203.24 30.47 233.70 2008 Company Barclays Bank Standard Chartered Bank Bayport Date of issue Face Value of Issue ($ million) 76.17 108.81 43.53
2009 Company Date of issue Face Value of Issue ($ million)
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Section Nine : 2009 Rankings of Top 5 Bond Trading Participants

Ranking 1 2 3 4 5 Bond Transactions STANBIC BANK CITIBANK NAPSA BARCLAYS BANK FNB Purchases $ NA NA NA NA Sales $ NA NA NA NA Total $ 2,848,207.72 2,731,918.60 2,731,918.60 1,410,913.32 449,635.84
2009 Rankings of Top 5 Trading Participants

Ranking 1 2 3 4

Equity Transactions Pangara Reinassence Stockholders Zambia Madison Abet Management Intermarket Securities
Total 26,238,802.51 16,714,163.05 2,985,373.04 1,559,845.54
Members Contacts are available on the LUSE website www.luse.co.zm
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Background The Lusaka Stock Exchange (LuSE) was established with preparatory technical assistance from the International Finance Corporation (IFC) and the World Bank in 1993. The Exchange opened on 21st February 1994. In its first two years of operation the LuSE and Securities and Exchange Commission (SEC) were funded by the UNDP and Government of Zambia as a project on financial and capital market development in Zambia under the multi component private sector development programme. The LuSE is owned by stock broking corporate members and is incorporated as a non - profit limited Liability Company. Role The formation of the Exchange was part of the governments economic reform programme aimed at developing the financial and capital market in order to support and enhance private sector initiative. The Lusaka Stock Exchange was also expected to attract foreign portfolio investment through recognition of Zambia and the region as an emerging capital market with potentially high investment returns. Another important role of the Exchange was to facilitate the divestiture of Government ownership in parastatals and realisation of the objectives of creating a broad and wide shareholding ownership by the citizenry via a fair and transparent process. The Lusaka Stock Exchange was set up as a modern stock exchange based on the most current international standards and practices. Latest Achievements The Exchange admitted a new member broker. The number of brokers increased to 4 from 3 as at close of the year. Zambia Bata Shoe Company PLC (Bata or the Company) applied for and was granted a listing on the listed tier of the Lusaka Stock Exchange (LuSE) commencing on 31 March 2009 after being registered as a quoted company for some years. Securities Concerned Bata listed 350,538,000 ordinary shares of K2.00 par value on the LuSE. 86,439,279 shares have been deposited in the Central Shares Depository of the LuSE and 294,098,721 are in certificate form.
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Zambeef Products Plc- Diposal of Shareholding Interest in Nanga Farms PlcZambeef Products PLC negotiated the disposal, for a consideration of K156,000,000,000.00 (one hundred and fifty six billion Kwacha), of all of its shares in Nanga Farms PLC (Nanga) to Illovo Sugar (Zambia) Limited, which equated to forty-one million seven hundred fifty-three thousand six hundred seventy-one (41,753,671) ordinary shares (constituting 85.73% of the total authorised and issued shares). Zambia Sugar Plc Rights Offer Zambia Sugar Plc had a rights offer on a one for six basis. The rights offer achieved the principal objectives for raising capital, which were to repay the bridging finance incurred to acquire majority control of Nanga Farms PLC as well as reduce the Companys indebtedness. In order to improve the trading liquidity of the Companys shares on the LuSE, Illovo Sugar Limited, the majority shareholder in the Company, only partially subscribed for its share of the rights offer. As a consequence, Illovo Sugar Limiteds shareholding reduced from 89.9% to 81.5. The total number of shares in issue in Zambia Sugar PLC subsequently increased from 5,426,938,035 to 6,331,427,708 shares. Future Outlook The market anticipates to list a few more companies in the next 2 years. Some of the listed companies have shown keen interest to use the market to raise long term finance through equity and corporate bonds. Farmers House intends to raise US$ 15 million dollars through a rights issue. All documentation has been filed with the relevant authorities in readiness for the issue. The Exchange is working on a project to link the settlement into the Central Banks Real Time Gross Settlement system. This will help the market achieve the DVP.
The Exchange in collaboration with the Central Bank and other stakeholders are working round the clock to deepen the bond secondary market.
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Initiatives The LuSE is constantly conducting educational seminars to educate investors on the operations of the Stock Exchange. The LuSE also partners with other stakeholders such as the Zambia Development Agency in making presentations on the Role of the Exchange to SMEs and other investors. The Exchange has also produced a number of in-house publications outlining the operations of the market. The exchange also exhibits at various forums with a view of reaching out to the investors. The exchange also interacts with the listed companies to guide them on issues of corporate guidance. The Listing rules help companies to adhere to their continuing listing obligations. The Exchange has also come up with a corporate governance award which is held every year to motivate the listed companies.
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Mozambique Stock Exchange

Profile

Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange www.bolsadevalores.co.mz Central Bank 5 floor, bloc 5, 25 de Setembro Avenue, Maputo - Mozambique 9:00 am to 12:00 pm Greenwich Mean Time + 2 hours Mr Rodrigues Paruque +258 21 308826 +258 21 310559 bvm@bvm.co.mz Metical 10% for listed securities (50% tax benefits) N/A
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Table 2: Trading Equity Statistics Currency: USD Indicators Total value traded (USD) Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) * * Turnover Ratio (%)= value traded of listed securities/market capitalization Table 4: Sectors Traded Sectors traded on the Stock Exchange Equities Food & Beverages Energy Corporate Bonds Banks Financial Sector Excluding Banks Number of companies included in each sector 2007 1 1 0 6 2 1 2008 1 1 0 5 2 1 2009 2 1 1 7 4 1
2007 3,538,290 881,692 55 7 4 0.31 0.00% 1.16%
2008 9,540,123 3,434,638 44 6 5 0.29 0.00% 3.30%
2009 8,577,296.89 2,357,285.00 34.00 9 6 0.33 3.34% 2.59%
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Food & Beverages Telecommunications Construction and Materials Energy Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Telecommunications Energy Food & Beverages Banks
0 2 1 0
0 2 0 0
0 2 0 0

Table 6: Bonds Statistics Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds
2007 3,463,264 1,099 3,462,165
2008 13,310,772 11,341,139 1,969,633
2009 8,545,762 8,360,639 185,123
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Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed or bought? - - - - - BVM Trading System Yes No N/A 1999

Where do Clearing & Settlement take place? The Stock Exchange Separate Company - - - - - - - No Yes Central Bank Yes No N/A 1999
Clearing and Settlement is conducted in: T+ 2 - T+ 3 - x

Others
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SectionFive : Products traded on the Stock Exchange

Equity Market Cash Market Derivative Market Bond Market Table 7: Products Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Stocks Bonds Commercial Paper Participation Securities Description of the Product Common stocks as well as preferred socks issued by companies Treasury bonds and corporate bonds It is a short term debt product with maturitie until 1 year It is a debt security with fixed remuneration and also variable remuneration (depending on issuer profits). The amount of the issue is equivalent to the company equity. Yes Yes

Margin Trading Intraday Trading Online Trading
N/A N/A Yes
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2008 Company CMH - Companhia Moambicana de Hidrocarbonetos Date of IPO May-2008 Value of IPO ($ million) 6,500,000
6,500,000 2008 Company Government of Mozambique mCel - Moamibique Celular Date of issue Sep-2008 Oct-2008 Face Value of Issue ($ million) 14 10
2009 Company Government of Mozambique Date of issue Sep-2008 Face Value of Issue ($ million) 10 10 Members Contacts are available on the bolsa de valores website
www.bolsadevalores.co.mz
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Bolsa de valores Mozambique

Background
In 1998 the Government of Mozambique created the regulation of securities market. One year later Mozambique Stock Exchange was incorporated and started its operations in October 1999. The Mozambique Stock Exchange is a public institution under the guardianship of the Minister of Finance. The Bank of Mozambique is the entity responsible for the supervision and surveillance in both, primary and secondary securities market, and also to all market operators. The Mozambique Stock Exchange is the management entity of the securities market endowed with necessary means to ensure continuity in an open and free market, and also has competence to regulate operational matter. The trading, clearing and settlement was always carried out by an electronic system. Firstly the stockbrokers were trading via a local network system in the Stock Exchange. From 2000 was installed a remote trading network system with a direct access from the stockbrokers to the trade sessions through the internet, without any need to be in the Stock Exchange.
Latest Achievements
The Stock developed an application software to manage IPOs of securities. Through this software financial intermediaries can insert, consult, modify and cancel exchange orders from their clients. This software also enables that the results of the IPOs can be sent from the stock exchange to each financial intermediary, including the information about settlement of the operation. It was also introduced the System of Events Disclosure (SDE)to enable the public to check with Stock Exchange Bulletin, as well as every market events released by issuers and the stock exchange. This new system is located in the Stock Exchange website: www.bolsadevalores.co.mz.
For securities issuers it was developed a Service of Securities Holders Information (SIAE). This service aims to provide to issuers information about owners of the outstanding securities and the transactions that take place in the stock exchange. The importance of this service is enlarged because, at the moment, Mozambique does not have a central securities depository operating.
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ASEA Yearbook 2009
Future Outlook
The introduction of a Central Depository Services (CDS) for all securities in Mozambique by 2011 is one of the major goals of Mozambique Stock Exchange to 2011. The country has a lack of information in this matter, so the Government already approved the decision appointing Mozambique Stock Exchange as the provider of CDS services. The process of establishing the CDS has started in the current year. The Mozambique Stock Exchange is working with the Central Bank in creating the conditions to enable the use of Treasury Bonds as collateral in the Interbank Money Market operations. At the moment only Treasury Bills are used for this end. The Stock Exchange also aims to assess with the Central Bank the possibility of listing and trading the treasury bills at the Stock Exchange. The listing of this instrument would open a great opportunity of the singular and institutional investors to access to this short term financial instrument. The biggest insurance company in Mozambique, EMOSE is going to launch an IPO equivalent of 10% of the its equity by the end of November 2010. EMOSE is a state owned company, and this will be the third time that government go through IPO of their owned companies. This 10% of equity will be listed at the Mozambique Stock Exchange.
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Nairobi Stock Exchange

Profile
www.nse.co.ke Capital Markets Authority (Kenya) 1st Floor, Nation Center, Kimathi Street, P O Box 43633 - 00100 Nairobi Kenya 9:00 am - 3:00 pm Greenwich Mean Time + 3 hours Donald Atieno Ouma +254 20 2831000 +254 20 2224200 douma@nse.co.ke Kenya Shilling dividends 5% (domestic investors) 10% (foreign investors); interest 15%; capital gains suspended
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ASEA Yearbook 2009

Currency: USD Table 2: Trading equity Statistics Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *
2007 1,417,019,644.96 1,938,201,896.00 973,548.00 54 50 13.61 49.34% 10.41
2008 1,254,969,671.30 5,856,540,513.00 890,542.00 56 51 10.98 31.81% 11.42
2009 503,357,970.88 3,160,031,392 402,169 55 50 10.97 36.58% 4.59
Table 3: Investors Type Foreigners vs. Local Investors Type of Investors 2007 Foreign Investors Local Investors Total % 9.46 90.54 100% % of the Total Value Traded 2008 40.14 59.86 100% 2009 55.77 44.23 100%
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Insitutions vs. Individuals Type of Investors % of the Total Value Traded 2007 Institutions Individuals Total % 53.2 46.8 100% 2008 59.95 40.05 100% 2009 29.24 70.76 100%
Table 4: Sectors Traded Sectors traded on the Stock Exchange Main Investment Market Segment (MIMS) Commercial and Services Finance and Investment Industrial and Allied Agricultural Alternative Investment Market Segment Fixed Income Market Segment Preference shares Government of Kenya Treasury Bonds Corporate Bonds 2 72 8 2 74 11 2 67 11 Number of companies included in each sector 2007 46 11 13 18 4 8 2008 48 12 15 18 4 8 2009 47 12 15 17 3 8
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Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Commercial and Services Finance and Investment Industrial and Allied Agricultural Alternative Investment Market Segment (AIMS)

Table 6: Bonds Statistics Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds 2007 1,357,229,219 N/A N/A 2008 1,227,160,350 N/A N/A 2009 1,459,316,275 1,452,362,305 6,953,970
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Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed Or bought? If bought, who is the Vendor? Year of implementing the system - - - - Automated Trading System (ATS) Yes Millennium IT 2006

Where do Clearing & Settlement take place? Separate Company Central Depository & Settlement Corporation Kenya Limited Yes Millennium IT 2004 If Separate Company please mention its name - Is this system locally developed or bought? If bought, who is the Vendor? Year of implementing the system: - -
Clearing and Settlement is conducted in: T+ 2
T+ 3 Others - T+5
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Equity Market Cash Market Derivative Market Bond Market YES YES
Table 7: Products Product (Stocks, Bonds, Funds, ETFs, Derivatives) Shares Bonds Description of the Product Common and Preference shares Government and Corporate bonds

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Table 8: Indices Index Name NSE 20 Share Index Index Type (Price Index, Sector Index,..etc) Price index. The index returns are based on capital gains/losses of the largest 20 securities listed on the NSE, valued by full market capitalisation. The NASI calculated using the base-weighted aggregate methodology also known as the market value weighted methodology, and encompasses all equities listed on the Nairobi Stock Exchange.
NSE ALL Share Index (NASI)
Closing 2008 NSE 20 Share Index NSE All Share 3,521.18 73.37 Closing 2009 3,247.44 71.64 % change -7.77 -2.36
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ASEA Yearbook 2009

2008 Company Safaricom Ltd Co-operative Bank of Kenya Date of IPO March 28 2008 October 30 2008 Value of IPO ($ million) 787.25 87.6625 874.9125 2009 Company Date of IPO None Value of IPO ($ million) 0
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2008 Company Mabati Rolling Mills Bond Barclays Bank Bond Date of issue 27-Oct-08 14-Jul-08
Face Value of Issue ($ million) 29 36 65
2009 Company Government of Kenya Infrastructure Bond-12 years CFC Stanbic Bond-7 years Shelter Afrique Bond Kenya Electricity Generating Company bond -10 years Safaricom bondGovernment of Kenya Infrastructure Bond-12 years Government of Kenya treasury bonds( 2-15 years) Date of issue 23-Feb-09 7-Jul-09 24-Aug-09 2-Nov-09 3-Nov-09 7-Dec-09 N/A Face Value of Issue ($ million) 260 33 13 330 158 249 583 1,626
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ASEA Yearbook 2009

Ranking 1 2 3 4 5 Ranking 1 2 3 4 5 Equity Transactions Kestrel Capital Ltd African Alliance Kenya Ltd Dyer & Blair Investment Bank Standard Investment Bank ApexAfrica Capital Ltd Bond Transactions Faida Investment Bank Kestrel Capital Ltd Sterling Investment Bank African Alliance Kenya Ltd Dyer & Blair Investment Bank Purchases $ 107,600,425 74,798,772 67,892,207 45,782,841 40,113,037 Purchases $ 401,791,744 235,629,122 122,182,801 78,636,376 73,595,357 Sales $ 78,316,738 62,457,896 67,035,327 48,569,500 49,182,147 Sales $ 408,188,473 224,683,461 139,394,619 74,609,074 76,665,787 Total $ 2,452,086 1,810,296 1,779,577 1,244,425 1,177,726 Total $ 809,980,216 460,312,582 261,577,420 153,245,450 150,261,145
Members Contacts are available on the NSE website www.nse.co.ke
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Background
On October 6, 2010, the market capitalization of the companies listed on the NSE was Kshs.1.19trillion (US$14.73billion), the face value of Government of Kenya treasury bonds and corporate bonds listed on Fixed Income Market Segment of the NSE was Kshs.5.21trillion (US$64.55billion). The Nairobi Stock Exchange (NSE) is the largest securities exchange in East and Central Africa. It is also the oldest securities exchange in the region, having commenced operations in 1954. The company is limited by guarantee, without a share capital and is incorporated in Kenya under the Companies Act. The company is currently the sole securities exchange in Kenya, licensed by the Capital Markets Authority (Kenya) to provide a facility for the issue, purchase and sale of securities in Kenya. As a self regulatory organization, the NSE is involved in the development and operation of an efficient securities market. The NSE Board of Directors is constituted of eleven (11) directors. Two (2) represent listed companies, three (3) represent institutions, five (5) represent the members of the NSE, the Chief Executive seats on the Board. The NSE has commenced the process of demutualization. On June 10, 2010, during the Budget Reading by the Kenya Minister for Finance, the Minister made the following pronouncements regarding demutualization:1. The Capital Markets Act (Cap. 485A) would be amended to facilitate demutualization; 2. Sections 41 and 47 of the 2010 Finance Bill contain the amendments to be made to the Act; 3. On passage of the 2010 Finance Bill by the Kenya Parliament, the amendments to the CMA Act come into effect on January 1 2011. The demutualization of the NSE will culminate with the listing of the Exchange (within 3 years), to allow the public to own a stake. On the assent of the 2010 Finance Bill, the Exchange stands ready to make the necessary applications to effect its demutualization. The NSE currently has seventeen (17) active members.
Latest Achievements
2009 was a challenging year for Kenyas financial markets. The global financial crisis, the economic downturn, which precipitated a sustained downturn in the market, resulted in a notable shift from equity to the relative safety of fixed income securities. Equity turnover fell 60.87 percent from 2009s record of Kshs. 97.52billion (US$1.39billion) to Kshs. 38.16billion (US$0.5billion).
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ASEA Yearbook 2009
Corresponding deals dropped 54.82 percent to 402,169. Our analysis indicates that domestic investors avoided the equity market. In 2009, the value of transactions by domestic investors was Kshs. 15.04billion (US$0.2billion); 39.42 percent of 2009 turnover. Foreign investors also made net purchases of Kshs. 8.33billion (US$0.11billion). This contrasts sharply with 2008 figures, when domestic investors accounted for Kshs. 58.37billion (US$0.77billion) (59.86% of turnover); and foreign investors contribution resulted in a net outflow of Kshs. 8.19billion (US$0.11billion). 2009 showed the potential of our debt securities markets. In 2009, secondary bond market activity surpassed that of 2008 by 16.16 percent to reach Kshs. 110.176billion (US$1.45billion). Corresponding bond deals were up 78.98 percent to 3,551. Besides the macroeconomic environment, there have been a number of initiatives that have facilitated secondary market liquidity.
Innovations in Debt Securities Secondary Markets

On November 25, 2009, Government of Kenya treasury bonds commenced trading via the automated trading system. The Central Bank of Kenya continues to perform the functions of the Registrar of National Debt. The settlement cycle for both corporate and Government of Kenya treasury bonds is T+3 and on the premise of Delivery versus Payment (DVP). Debt securities are numbered using International Securities Identification Number (ISIN) Codes. Automation has increased liquidity and reduced operational risk. After automation, weekly corporate bond turnover increased 1,836.36 percent to Kshs. 75.76million (US$1.0million). Government of Kenya bond turnover increased 29.51 percent to Kshs. 2.62billion (US$0.035billion). These figures indicate the success of the automation of bond trading. Besides increasing liquidity and reducing operational risk, the Exchange sees automation providing value through the more efficient dissemination of bond pricing and yield information from a centralized, credible source the Exchange ATS. The methodology for the compilation of the bond price list and yield curve was agreed by the Market Leaders Forum. The Institute of Certified Public Accountants of Kenya has approved the use of the yield curve for mark to market valuations. The Exchange made presentations to the Capital Markets Authority to levy transaction fees on bond trading volumes, which will be split between the Trading Participants, the Exchange, the CDSC and the Authority. The fees structure will come into effect once they have been gazetted by the Minister for Finance. We are currently working with the Authority to license Authorized Securities Dealers (ASDs). ASDs are a category of Associate member that is restricted to dealing in debt securities listed on the FISMS. We believe these initiatives will support the optimization and maintenance of the bond trading platform, deepen liquidity and manage counterparty risk.
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The Future Outlook

In order to build on 2009 the Board of Directors of the Exchange approved the 2010 2014 Corporate Plan and Strategy presented by Management. The five (5) strategic objectives for the period 2010 2014, to achieve the mission of the NSE have been identified as follows:1. 2. 3. 4. 5. To transform from a mutual to corporate (M2C) entity. To grow the existing business. To diversify revenue streams - evolve into a full service securities exchange which provides trading, clearing and settlement of equities, derivatives, interest rate products and other associated instruments. To grow the brand make the NSE brand the most valuable in the EAC securities industry. To build the capacity of the organization human capital and systems.
In anticipation of the new demands required of the Exchange as a demutualized entity, the Exchange concluded an internal organizational restructuring process to streamline its operations. Effective May 1 2010, there are four (4) departments, run by Heads of Department reporting to the Chief Executive Operations and Technology; Finance and Strategy, Compliance and Legal, and Market and Product Development. The new management team has commenced work on initiatives to grow the existing business and diversify our revenue streams as part of our target to become a full service securities exchange which provides trading, clearing and settlement of equities, derivatives, interest rate products and other associated instruments. We expect business growth through new listings on existing market segements and revenue diversification through broadening our product offering to target Small and Medium Enterprises (SMEs), and the introduction of futures and options. In anticipation of meeting its objectives, the Exchange continues to invest in infrastructure. We are finalising the selection of a vendor to provide a centralized solution for a broker backoffice, to be operated from the Exchange. All stakeholders are in agreement that a centralized, standardized solution for the broker backoffice provides economies of scale, in terms of systems development, management and maintaneance. It shall also enhance existing market survelliance functions of the Authority and the Exchange a further assuarnce of investor protections for our market. It also provides opportunities for further development of information products and services. We expect the system to go live in the first quarter of 2011.
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In line with our objective to the most valuable brand in the EAC securities industry and to position Nairobi as the financial services hub of the Eastern Africa region, we have applied to the World Federation of Exchanges (WFE) to upgrade our status from correspondent to affiliate status. At the end of the current strategy period in 2014, we intend to be full members of the WFE.
Nairobi Stock Exchange Initiatives to be more Responsive to the Needs of Investors and Listed Companies
The Exchange believes an informed investor is a fundamental plank for orderly and efficient markets. Our 2010 public education objectives include informing the investing public on the correct and ideal process to follow when investing through the NSE, creating awareness and instilling an investment culture in Kenyan youth and encouraging consumption and value addition of NSE real time and historic information for decision making and research purposes. The NSE 2010 Investment Challenge is an online simulation of live trading at the Nairobi Stock Exchange. It is an edutainment initiative targeting Kenyan youth in universities and other tertiary learning institutions. It aims at inculcating a savings culture amongst the youth and demystifying the stock market. This year through the Challenge, Exchange representatives were able to visit 62 institutions of higher learning that included technical schools and universities in Kenya. We reached 5,463 students during the participation mobilization drive. 1,126 registered for the Challenge. Our two (2) year goal is to have at any one time, 4,000 students participating in the Challenge from institutions of Higher learning registered within the East African Community, open the competition to Investment Groups, and include an online bond trading module. The Exchange is also working to build the capacity of our markets human capital. The Securities Industry Training Institute (SITI) is a regional initiative that is funded by the International Finance Corporation (IFC) through the Efficient Securities Markets Institutional Development (ESMID) Programme. The aim of SITI is to develop the capacity of the market participants within the region to foster sustainable development of the stock markets. So far this year, the Nairobi SITI Campus has delivered a course on bond trading. Other courses planned for 2010 include a Compliance Course for Compliance Management of listed companies and potential issuers. We are also considering using the SITI to both license
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and administer annual exams to market intermediaries; ensuring that they keep abreast of developments in their profession; as a condition of retaining their license. With a view to maximizing the value a listed company derives from listing, the Exchange Listed Companies Forum is now in its second year. The Exchange uses the Forum to hear from its listed companies how it can improve its service delivery and through topical issues, highlight how its listed companies can derive more value from their listing. We also brief our listed companies on new market developments and use the opportunity to provide clarifications. The Exchange has now extended the Forum to include potential issuers.
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ASEA Yearbook 2009
Stock Exchange of Mauritius

Website Market Regulator Address www.stockexchangeofmauritius.com Financial Services Commission 4 Floor,One Cathedral Square 16, Jules Koenig Street Port-Louis ,Mauritius 9 a.m -1.30 p.m (Official and Development & Enterprise Markets) 9.30 a.m-11.30 a.m Debt Market Greenwich Mean Time + 4 hours Mr Sunil Benimadhu,Chief Executive +230 2129541 +230 2088409 sunil.benimadhu@sem.intnet.mu Mauritian Rupees No Tax on dividends, 15% tax on interests, No capital gains tax
th
Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain)
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Section Two : Trading Statistics

Table 2: Trading Equity Statistics Currency: XAF Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization end of year Market Capitalization as % of GDP Turnover Ratio (%) * 2007 445,963,936.80 300,800,584.00 74,367 91 91 7,772,729,738.23 96.50 5.74 2008 437,423,573.00 318,682,820.00 71,148 93 89 4,527,725,893.03 56.00 9.66 2009 409,343,204.66 700,215,031.00 72,381 89 89 6,361,946,043.00 75.70 6.43
* Turnover Ratio (%)= value traded of listed stocks/market capitalization Table 3: Investors Type Foreigners vs. Local Investors Type of Investors Foreign Investors Local Investors Total %
** after excluding deals
% of the Total Value Traded 2007 19.29 80.71 100% 2008 34.55 65.45 100% 2009 24.04 75.96 100%
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Insitutions vs. Individuals Type of Investors Institutions Individuals Total % % of the Total Value Traded 2007 75.37 24.63 100% 2008 60.51 39.49 100% 2009 75.43 24.57 100%
Table 4: Sectors Traded Sectors traded on the Stock Exchange Banks, Insurance and other Finance Commerce Industry Investments Leisure & Hotels Sugar Transport Foreign Others Number of companies included in each sector 2007 9 11 19 24 9 10 3 1 5 2008 7 11 19 24 8 10 3 1 6 2009 7 11 19 24 8 10 3 1 6
Corporate Bonds
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Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Investments Banks, Insurance and other Finance Leisure & Hotels Commerce Others
Section Three: Bonds Statistics

Table 6: Bonds Statistics Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds 2007 3,729,499.35 3729499.351 2008 150,506.00 150506 2009 3,057.26 3057.261146 -
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Section Four : Trading System

Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed or bought? - - - - SEMATS N/A Yes Millenium Information Technology (MIT) Sril Lanka 2001
If bought, who is the Vendor?
Year of implementing the system: -
Section Five : Clearing and Settlement

Where do Clearing & Settlement take place? The Stock Exchange Separate Company - - No Yes Central Depository and Settlement Company Ltd No Yes Millenium Information Technology (MIT) N/A
If Separate Company please mention its name - Is this system locally developed or bought? - - - -
Clearing and Settlement is conducted in: T+ 2 - No T+ 3 Others - - Yes No
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Section Six : Products traded on the Stock Exchange

Equity Market Cash Market Derivative Market Bond Market Table 7: Products Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Description of the Product Ordinary shares and preference shares Treasury bills All common stocks Government bonds issued through the Primary Dealers System Yes Yes Yes Yes
Section Seven : Trading Mechanism

Margin Trading Intraday Trading Online Trading * not activated yet No Yes Yes
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Section Eight : Indices

Table 8: Indices Index Name SEMDEX Index Type (Price Index, Sector Index,..etc) The SEMDEX is a capital-weighted price index which trades the price movements of all the shares listed on the Official Market.
SEMTRI
The Total Return Index, the SEMTRI, was launched in October 2002. Besides capturing the price movements of listed stocks, common to the already published all-share index SEMDEX, the Total Return Index, SEMTRI, incorporates the added feature of providing investors, in general, and long-term investors like pensions funds, in particular, a good measurement of total return which combines both capital gains/losses on listed stocks and gross dividends obtained on these stocks since the inception of the local stock market on 5 July 1989. Gross dividends are assumed to be re-invested in the stocks underlying the capital index, SEMDEX. The SEM-7 index was introduced in March 1998. Designed to meet international standards and provide an investible benchmark for domestic and foreign market participants, the SEM-7 comprises the seven largest eligible shares of the Official Market, measured in terms of market capitalisation, liquidity and investibility criteria. The DEMEX is a capital-weighted index which tracks the price weights of the shares listed on the DEM. The DEMTRI is a total-return index for the DEM market.
SEM-7
DEMEX DEMTRI
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Main Index Name SEMDEX SEM-7
Closing 2008 1,182.74 267.22
Closing 2009 1,660.87 360.75
% change 40% 35%
Members Contacts are available on the SEM website www.stockexchangeofmauritius.com
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Stock Exchange of Mauritius Ltd (SEM)

Background
The Stock Exchange of Mauritius Ltd (SEM) was established in 1989 under the Stock Exchange Act 1988, responsible for the operation and promotion of an efficient and regulated securities market in Mauritius. The SEM is today a demutualised exchange and is constituted as a public company. Since its inception in 1989, SEMs efforts have been geared towards ensuring that it remains at the forefront of institutional reform and development while offering quality services to its stakeholders and contributing to the deepening and broadening of the financial sector in Mauritius. Through the years, the SEM has developed into a regional reference and emerged as one of the leading small Exchanges in Africa. The Board of the SEM is the focal point of the corporate governance system and is ultimately accountable and responsible for the performance and affairs of the Company. The Board of the SEM has delegated authority for the implementation of Board decisions and day-to-day management of the SEM to the Chief Executive and the SEM Management Committee. The SEM has made some important strides in its development process since 1989, and these achievements can only stimulate us to mobilize our resources to focus on other ground-breaking initiatives that will fuel further growth of capital markets in Mauritius, and enable us to better serve the local and foreign investment community.
Latest Achievements
The numerous initiatives implemented by SEM in recent years on the operational and technological fronts have enabled SEM to emerge as one of the leading small Exchanges in Africa. During the first half of 2010, SEM realized a number of projects to further modernise the Stock Exchange infrastructure and attract more investors to the market. A few of these key initiatives as well as some future undertakings are highlighted below.
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Creation of a Derivatives Segment for the Trading, Clearing and Settlement of Futures
The Rules for the trading, clearing and settlement of Futures on the SEM have already been approved by the Regulator and the SEM is focusing on the training of its stakeholders who will be trading on the Derivatives Segment. In this context, the SEM has organised training courses conducted by the Exchange and the Central Depository & Settlement Company (CDS) and workshops by a derivatives expert. The persons appointed by investment dealers to place orders or execute trades on the Derivatives Segment have also participated in several mock runs organized by SEM and CDS. The launching of Futures trading is subject to the market participants readiness to trade on the Derivatives Segment.
Listing of Global Funds

The recent changes to the Listing Rules since February 2010 have helped to position the SEM as an attractive venue for the Listing of Global and Specialised Funds. The new Listing rgime is based on rules that are flexible enough to cater for the specific attributes of Global and Specialised Funds, including Professional Collective investment schemes, Specialized collective investment schemes, Expert Funds, etc. The SEM has also a commitment to aggressive timings on the processing of listing applications and has adopted a listing fee structure, which is very competitive compared to other jurisdictions like Dublin, Luxemburg, Cayman Islands, etc. As at date, the securities of 9 mutual funds are listed on the Official Market of the SEM. In our effort to position the SEM as an attractive Listing Venue for international funds, we have also sought recognition from the UK authorities, namely by Her Majestys Revenue Authority, for tax purposes.
SEMs Corporate Social Responsibility

Under its Corporate Social Responsibility activities, the SEM implemented in April, in close collaboration with an approved NGO, the Craft Academy, a project LEARN TO EARN for Out-of School Youth Course. The main objective of the Learn to Earn project is to encourage individual development of school drop-outs aged between 16 and 21 through a different form of learning by promoting and providing training in creative craft production, creative arts to help them develop their creative skills and where the trainers of the Craft Academy which is the implementing agent have a major role to play. At the end, these students will be at least employable or at most to set up small craft entrepreneurship.
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The project started on April 2010, which will be spread over two and a half years, composed of the three specific modules, which are: Out of school youth training programme. Small craft specialists in progress training. Craft entrepreneurship potentials training programme. The beneficiaries are 15 young from pockets of poverty in the region of Belle-Mare situated in the East coast of the island. At the completion of the course, the students will be provided a certificate by the Academy. Professional teachers in the field of Arts & Crafts, Drama/Music and Literacy are delivering the course.
8. Future Outlook Attract New Listings on the Stock Exchange

The SEM is currently working on a project to highlight the role of the stock exchange as a wealth creation platform, with a view to attracting more domestic companies to seek a listing on the Exchange. A half-day seminar shall be organized during the second semester to demonstrate how listing on the SEM has created value for listed companies during the last twenty-one years, via a platform for (1) listed companies to raise long-term capital to finance their expansion; (2) the creation of shareholders wealth; and (3) raising the companies profile and the enhancement of enterprise productivity. An explanatory brochure describing the benefits of a listing on the Exchange shall also be launched on this occasion.
New website
SEMs internet trading facilities, through I-Net on the SEM website, today already enable investors to follow both markets on a real-time basis and act on a real-time basis. Through the I-Net service, an investor can now trade on both markets on-line, through his broker, on the Stock Exchange of Mauritius. Through our website, investors are able to access I-Net, assess the market situation and place order to their brokers. The SEM is planning to redesign of its website by end of 2010, to provide additional features for the benefit of investors both locally and internationally.
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Investor Education Campaign

The number of investors trading on our Exchange has increased in recent years. Some 54,000 investors holding nearly 234,000 securities accounts are registered with the CDS. These figures, though encouraging, indicate the growth potential that exists and our target is to increase the number of registered investors to 100,000 in 2013, ensuring thereby that one in every two working Mauritians is a shareholder of the listed scrips traded on the SEM. In this light, the Exchange will launch by end of 2010 , an Investor Education campaign under the theme Faire de Maurice une nation dactionnaires: 100,000 actionnaires dici 2013, comprising amongst others, radio programmes, press interviews and newspaper adverts. The SEM will alsosoon launch monthly in-house Investment Courses Starting Shares the SEM Way for the public at large.
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Uganda Securities Exchange

Profile
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange www.use.or.ug Capital Markets Authority (Uganda) Workers Hse, 1 Pilkington Rd,Northern Wing,P.o Box 23552, Kampala,Uganda 10:00am - 12:00 noon Greenwich Mean Time + 3 hours Harriet Kiwanuka +256 414 342818 +256 414 342841 hkiwanuka@use.or.ug uganda shilling 10% Dividends N/A
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Uganda S E

Currency: USD Table 2: Trading equity Statistics Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) * 2007 50,178,987.83 484,112,529.00 14,338.00 9 6 3.53 25.66% 14,215,010.72 2008 46,273,500.31 216,934,311.00 15,659.00 10 8 3.1 21.34% 14,926,935.58 2009 10,378,081.04 123,231,889.00 5,698.00 11 8 3.75 20.88% 2,767,488.28
Table 3: Investors Type Foreigners vs. Local Investors Type of Investors Foreign Investors Local Investors Total % % of the Total Value Traded 2007 N/A N/A N/A 2008 N/A N/A N/A 2009 N/A N/A N/A
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ASEA Yearbook 2009
Uganda S E
Insitutions vs. Individuals Type of Investors % of the Total Value Traded 2007 Institutions Individuals Total % N/A N/A N/A 2008 N/A N/A N/A 2009 N/A N/A N/A
Please note that due to Ugandas open capital account poilicy, there is no real aggregated of foregin vs. local tradng information. Table 4: Sectors Traded Sectors traded on the Stock Exchange Main Investment Market Segment (MIMS) Commercial and Services Finance and Investment Industrial and Allied Agricultural Alternative Investment Market Segment Fixed Income Market Segment Preference shares Government of Uganda Treasury Bonds Corporate Bonds 0 21 3 0 27 4 0 28 5 Number of companies included in each sector 2007 9 2 4 3 0 0 2008 10 2 5 3 0 0 2009 11 2 6 3 0 0
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Uganda S E
Table 5: 3 Most Active Sectors in 2009 # 1 2 3 Sectors Finance and Investment Industrial and Allied Commercial and Services
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ASEA Yearbook 2009
Uganda S E

Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed Or bought? If bought, who is the Vendor? Year of implementing the system - - - - - Manual continuous open outcry trading system Yes No N/A N/A

Where do Clearing & Settlement take place? - The Stock Exchange Separate Company If Separate Company please mention its name Is this system locally developed or bought? If bought, who is the Vendor? Year of implementing the system: - - - - Yes Millennium IT
February 2010
Clearing and Settlement is conducted in: T+ 2 T+ 3 Others T+5
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Uganda S E

Table 7: Products Product (Stocks, Bonds, Funds, ETF's, Derivatives) Shares Bonds Description of the Product Common Shares Government and Corporate Bonds

Margin Trading Intraday Trading Online Trading No No No
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ASEA Yearbook 2009
Uganda S E

Table 8: Indices Index Name USE ALL Share Index (ALSI) Index Type (Price Index, Sector Index,..etc) The ALSI calculated using the base-weighted aggregate methodology also known as the market value weighted methodology, and encompasses all equities listed on the Uganda Securities Exchange.
Closing 2007 USE All Share Index (ALSI) 991.12 2009 Company Government of Uganda Treasury Bond-10 years Government of Uganda Treasury Bond-5 years Government of Uganda Treasury Bond-3 years Government of Uganda Treasury Bond-2 years PTA Bank Corporate Bond Stanbic Bank Uganda Corporate Bond Total Date of issue 11-Nov-09 17-Sep-09 1-Apr-09 12-Jan-09 3-Nov-09 18-Aug-09 Face Value of issue ($ million) 31,463,030.94 47,194,546.41 141,583,639.22 104,876,769.80 20,975,353.96 15,731,515.47 361,824,856 Closing 2008 779.25 % change -21.38
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Uganda S E
Uganda Securities Exchange

Background
On October 11, 2010, the market capitalization of the companies listed on the USE was Ushs.11.5trillion (US$5.1billion), the face value of Government of Uganda treasury bonds and corporate bonds listed on Fixed Income Market Segment of the USE was Ushs.1.8trillion (US$811million). The Uganda Securities Exchange (USE) became operational in 1998. The company is limited by guarantee, without a share capital and is incorporated in Uganda under the Companies Act. The company is currently the sole securities exchange in Uganda, licensed by the Capital Markets Authority (Uganda) to provide a facility for the issue, purchase and sale of securities in Uganda. As a self regulatory organization, the USE is involved in the development and operation of an efficient securities market. The USE Governing Council is constituted of eleven (11) directors representing listed companies, members of the USE, Investors and the Chief Executive sits on the Council. The USE currently has eight (8) active members.
Latest Achievements
2009 was a challenging year for Ugandas financial markets. The global economic downturn, which precipitated a sustained downturn in the market, resulted in a significant drop in equity turnover of 78% percent from the 2008 record of Ushs. 89.8billion (US$47.1million) to Ushs. 19.7billion (US$8.8million). Corresponding deals dropped 54.82 percent to 402,169. Our analysis indicates that institutional investors avoided the equity market. Corresponding bond deals were up 78.98 percent to 3,551. Besides the macroeconomic environment, there have been a number of initiatives that have facilitated secondary market liquidity. 2010, on the other hand has seen some improvement in the number of deals and market turnover. As at the end of September 2010, turnover stood at about 13% above the level achieved for the whole of 2009.
Innovations in the Securities Market

On February 20 2009 the Parliament of Uganda passed the Securities and Central Depository Bill which allows for the recognition of electronically held securities. The bill was assented to by the President in January 2010. Following the assent to the bill, the USE commenced implementation of the Securities Central Depository (SCD). By May 2010 all counters had been immobilized and ten (10) Securities Depository Agents appointed, comprising Broker/dealer firms, Custodians and the Settlement bank. By June 2010 all equities were clearing and settling through the securities central depository. The settlement cycle for equities is
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ASEA Yearbook 2009
Uganda S E
T+5, T+3 for corporate bonds and T+1 for government bonds. Both Debt and Equity securities on the USE are numbered using International Securities Identification Number (ISIN) Codes. USE is the National Numbering Agency for Uganda. Currently, the USE issues both ISIN and CFI codes. While the depository has been automated, the trading platform operates using the open outcry system. The plan to automate the trading platform is underway. It is anticipated that automation will improve the levels of efficiency, increase liquidity and reduce operational risk. Besides increasing liquidity and reducing operational risk, the Exchange sees automation providing value through more efficient dissemination of pricing information and securities related data.
Public Awareness and Investor Education

The Exchange believes an informed investor is a fundamental pillar for orderly and efficient markets. Our 2010 public education objectives have included sensitizing and informing the investing public on the correct process to follow when investing through the USE, creating awareness and building an investment culture in Ugandans. USE concentrated on sensitizing Ugandans about the securities central depository (SCD) system. Various educational programs and campaigns were conducted across the country via various voice and print media. The purpose for this initiative was to sensitize investors about the SCD and to provide them the assurances that holding their securities in electronic form was safer than holding securities in certificate form. The educational campaign was supported by the Financial Markets Development Program funded by the World Bank.
Capacity Building
In efforts to build industry knowledge and capacity within Uganda and across the East Africa region, USE steered the establishment of the Securities Industry Training Institute (SITI) as a regional training institute for training and capacity building for market participants and the public in securities and other related areas in finance. A comprehensive curriculum was developed through funding obtained from the Efficient Securities Markets Institutional Development (ESMID) Programme under the International Finance Corporation (IFC). The aim of SITI is to develop the capacity of the market participants within the region to foster sustainable development of the stock markets. This year, the USE SITI Campus has trained approximately 150 participants in four different modules. The institute is planning on developing additional modules and programs to add to the existing curriculum.
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Uganda S E
Policy and Market Development

Policy plays a crucial role in creating the enabling environment for capital markets development. USE participates in various policy forums with Government, Private Sector Foundation, East African Community (EAC), etc. Under the EAC USE participates in the Capital Markets, Pensions and Insurance Committee (CMPIC) of the EAC. Policy here is designed to harmonize regulation across the region and working towards the integration of the EAC markets. The USE as Ugandas stock exchange has an important mandate to develop the capital markets in Uganda, which includes developing new products, building the investor base and providing the platform to promote liquidity. In efforts to fulfil these mandates, USE established the BERI (Bonds, Equities and Related Instruments) Forum which meets quarterly to discuss and deliberate on various topical issues affecting the financial sector of Uganda.
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ASEA Yearbook 2009
Bourse Rgionale des Valeurs Mobilires

Profile
www.brvm.org Conseil Regional de lEpargne Publique et des Marchs Financiers (CREPMF) Plateau, 18 av, Rue Joseph Anoma - 01 BP 3802 Abidjan 01 8:30 AM - 10:30 AM GMT Jean-Paul GILLET - Managing Director +225 20 32 66 85 / 86 +225 20 32 66 84 brvm@brvm.org XOF Dividends (10%), Interest (13%), Capital Gain (0%) N/A
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Currency: XOF
BRVM
Table 2: Trading Equity Statistics Indicators Total value traded (1) Total volume traded Total number of transactions Number of listed companies (2) Number of traded companies Market Capitalization end of year Market Capitalization as % of GDP Turnover Ratio (%) *
2007 186,463,932 10,806,106 19,183 38 37 9,564,907,744
2008 352,076,888 35,468,951 28,422 38 37 8,558,589,536
2009 174,004,116 30,010,845 24,867 38 38 7,402,222,145
1.95%
4.11%
2.35%
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ASEA Yearbook 2009
Table 3: Investors Type Foreigners vs. Local Investors

BRVM
Type of Investors 2007 Foreign Investors Local Investors Total % NA NA NA
% of the Total Value Traded 2008 NA NA NA 2009 NA NA NA
Insitutions Vs.Individuals Institutions Individuals Total % NA NA NA NA NA NA NA NA NA
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Table 4: Sectors Traded Sectors traded on the Stock Exchange

BRVM
Number of companies included in each sector 2007 2008 14 3 6 2 5 7 1 24 2009 13 4 6 2 5 7 1 27 14 3 6 2 5 7 1 23
Industry Public utilities Financial Transportation Agriculture Distribution Other sectors Corporate Bonds Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Finance Agriculture Public Utility Sercive Industry Distribution
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ASEA Yearbook 2009

Table 6: Bonds Statistics (XOF) Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds 2007 22,594,603 10,729,720 11,864,884 2008 46,750,697 23,919,558 22,831,139 2009 33,177,014 8,727,856 24,449,158
BRVM

Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed or bought? - - - - - Horizon Yes No EFA Software Services Ltd 1998

Where do Clearing & Settlement take place? The Stock Exchange Separate Company - - No Yes Depositaire Central / Banque De Reglement (Dc/Br)
If Separate Company please mention its name -
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Is this system locally developed

BRVM
- - - - Yes CMA 1998
or bought?
Clearing and Settlement is conducted in: T+ 2 - No T+ 3 - Yes Others - No

Types of markets in your Stock Exchange Equity Market Cash Market Derivative Market Bond Market Table 7: Products Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Stocks Bonds Rights Description of the Product Common shares Government and Corporate Bonds A right gives a priority to existing shareholders to acquire any share shares offered Yes Yes Yes
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ASEA Yearbook 2009

BRVM

Table 8: Indeces Index Name BRVM Composite BRVM 10 Index Type (Price Index, Sector Index,..etc) The BRVM Composite is calculated using the base-weighted aggregate methodology and encompasses all equities listed on the Bourse Rgionale des Valeurs Mobilires The BRVM 10 is also calculated using the base-weighted aggregate methodology. It includes the 10 active and largest listed companies Closing 2008 BRVM Composite BRVM 10 199.45 224.85 Closing 2009 178.17 192.08 % change -10.67% -14.57%
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Section Eight : IPOs and Debt Securities (XOF)

BRVM
2008 Company Date of IPO Value of IPO 0 2009 Company ONATEL Date of IPO 4/30/2009 2008 Company TOGO TELECOM AFD SEMA Date of issue 11/6/2008 4/28/2008 1/30/2008 Face Value of issue 22,222,222 44,444,444 11,111,111 Value of IPO 68,000,000
2009 Company BOA Bnin BOA Burkina Faso BOA Cte d'Ivoire BOA Mali BOA Sngal SHELTER AFRIQUE Date of issue 12/1/2009 12/1/2009 12/1/2009 12/1/2009 12/1/2009 3/16/2009 Face Value of Issue 13,333,333 6,666,667 6,666,667 6,666,667 5,555,556 6,206,156 45,095,044
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ASEA Yearbook 2009

Ranking 1 2 3 4 5 Members Contacts are available on the BRVM website www.brvm.org Equity Transactions Purchases $ Sales $ Total $
BRVM
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The Namibian Stock Exchange

Profile
www.nsx.com.na NAMFISA - Namibia Financial Institutions Supervisory Authority 8 Kaiser Krone Centre, Post Street Mall, Windhoek 09h00 - 17h00 in summer and 08h00 to 16h00 in winter GMT+2 in summer & GMT+1 in winter John Mandy +264-61-227647 +264-61-248 531 johnm@nsx.com.na Namibia dollar Non-resident shareholders Tax @ 10% of dividends n/a
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ASEA Yearbook 2009

Currency: USD Table 2: Trading Equity Statistics Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *
2007 1,536,696,020 242,603,173 2,344 27 27 174.648 2180% 0.88%
2008 1,085,488,757 291,763,946 2,547 29 29 78.978 1281% 1.37%
2009 1,081,685,126 342,971,823 3,016 33 31 141.493 1775% 0.76%
The Namibian SE
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Table 4: Sectors Traded
Sectors traded on the Stock Exchange

The Namibian SE
Number of companies included in each sector 2007 2008 1 2 1 0 0 1 3 4 2 4 3 3 2 4 2 2 1 1 0 1 1 2 1 4 2 3 2 4 4 2009 1 2 1 1 1 1 1 2 1 4 2 3 2 4 7 19
Industrials Materials Mining Chemicals General Industrials Support Services Beverages Food Producers General Retailers Food and Drug Retailers Banks Nonlife Insurances Life Assurance Real Estate General Finance DevX Bonds
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ASEA Yearbook 2009
Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Banks Life Assurance Industrial Metals General Industrials General Retailers
The Namibian SE

Table 6: Bonds Statistics (USD) Bonds Value traded on corporate bonds Value traded on corporate bonds 2007 37,649,881 11,864,884 2008 15,121,988 22,831,139 2009 20,123,653 24,449,158
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Please specify the Name of the Trading System used by the Stock Exchange
The Namibian SE
London SE - Talx via the JSE SETS
Is this system locally developed or bought?
- - - -
No Yes EFA Software London Stock Exchange 1998

Where do Clearing & Settlement take place? The Stock Exchange Separate Company - - - - - - - Yes STRATE 2000 No Yes STRATE on dual listed companies
Clearing and Settlement is conducted in: T+ 2 - No T+ 3 - No Others - T+5
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ASEA Yearbook 2009

Equity Market Cash Market Derivative Market Bond Market Table 7: Products Product (Stocks, Bonds, Funds, ETFs, Derivatives) Equities Description of the Product "An instrument that signifies an ownership position, or equity, in a corporation, and represents a claim on its proportionate share in the corporation's assets and profits. Ordinary and preference shares" Secondary trades in Government, State Owned Enterprise bonds and Corporate bonds Yes
The Namibian SE
Yes
Bonds

Margin Trading Intraday Trading Online Trading Yes Yes
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Table 8: Indices Index Name
The Namibian SE
Index Type (Price Index, Sector Index) The NSX Overall Index is a price index based on the free float market capital value of all ordinary securities listed on the main board of the NSX which qualify as eligible for inclusion in the index. The NSX Local Index is a price index based on the free float market capital value of all the ordinary Namibian registered securities listed on the main board of the NSX which qualify as eligible for inclusion in the index. Closing 2008 Closing 2009 771.91 154.77 % change 38.77 -2.01
NSX Overall Index
NSX Local Index
NSX Overall Index NSX Local Index
556.26 157.95
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ASEA Yearbook 2009

2009 Company BIDVest Namibia Date of IPO 26/10/2009 Value of IPO ($)
The Namibian SE
42,412,945
Members Contacts are available on the NSX website www.nsx.com.na
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The Namibian Stock Exchange Background

Introduction The NSX is an association of members, form in 1992 and licensed annually by the Namibia Financial Institutions Supervisory Authority (NAMFISA), in terms of the Stock Exchanges Control Act of 1985 and acts as a self-regulating organisation. As most of the services are outsourced the NSX operates with a small staff complement. Further due to the small Namibian economy and the legacy development by South Africa the majority of listed companies comprise South African holding companies of Namibian branches or subsidiaries. Board of the Namibian Stock Exchange (the Board) As at 31 December 2009, the non-executive Board consisted of 9 elected members, one-third of the elected Board members normally retire annually. The Board is elected in terms of the Constitution of the NSX which was gazetted on 15 October 2005 (Government Gazette No 3815) based upon their skills and experience and from seven prescribed sectors of the Financial Industry. The Chairman of the Board is elected by the Board members. A representative of NAMFISA is invited to attend all the meetings of the Board and its committees. The majority of the members of the Board are considered to be independent non-executive directors as some have interests that fall outside the definition of independent as set out in the King II Code and the NSX Listing Requirements and others have served for longer than defined as independent in the UKs Combined Code. The Board has taken cognisance of the potential conflicts and has taken steps to mitigate any such conflicts. The Board believes that its composition and regular elections ensure that no one individual has undue influence in its deliberations and ultimate decisions. Audit & Risk Committee It is the responsibility of the Audit Committee to review the annual financial statements of the NSX and its subsidiaries and the Guarantee Fund, and to make appropriate recommendations regarding their approval to the Board The Audit Committee has the responsibility to oversee the implementation of the risk management process following the workshop mentioned elsewhere.
The Namibian SE
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ASEA Yearbook 2009
Listing Committee The Listing Committee includes, among others, representatives of major accounting and legal firms in Namibia and during 2009 the meetings were chaired by a member of the Board. This Committee meets on an ad hoc basis to approve all listing applications for bonds and both primary and dual listed equities.
The Namibian SE
Initiatives to Deepen Markets The NSX has accepted the challenge to look at our business practices and models on how our products or services reach the client. In October 2008 we prepared a strategic plan and detailed the 12 objectives in the previous 2008 Chairmans report; in February 2010 we conducted an Enterprise Risk Management (ERM) review. Selected highlights the NSX contributions to deepening the capital markets in Namibia in 2009 include: the primary listing of BIDVest Namibia Limited in October 2009 with a market capitalisation of N$ 1.5 billion; the approval of three medium term note programmes for the Standard Bank of Namibia Limited, Telecom Namibia and the Ohlthaver & List Group; the listing of bonds for Bank Windhoek and NamPower Corporation (this bond was issued in Namibia only); the dual listing of an Australian primary listed company Australian Metals (now known as Marenica Energy); and the dual listing of an Australian primary listed company Extract Resources Limited and its AIM listed associate Kalahari Minerals plc on DevX (Development Capital Board.
The NSX contributed to deepening the markets in the region by its participation on the dual primary listing of Trustco Group Holdings Limited on the Africa Board of the JSE and its participation in the Committee of SADC Stock Exchanges, whose objective of an integrated regional stock exchange is included in an annex to the Financial Investment Protocol recently ratified by the National Assembly. As part of the ERM, the NSX interrogated the modalities of Regulation 28 to the Pension Fund Act (in terms of which each fund must invest 35% of its total fund in Namibian assets, with certain prescriptive minimums and prudential maximums) to determine how the implementation of the latest draft will affect the NSX and its members (brokers). In doing this analysis the
239
dominance of the Government Institutions Pension Fund (GIPF), a government employees defined benefit fund, emerged as a significant risk to the trading on the NSX. The investment mandates granted by the GIPF to its appointed Asset Managers and their application of these mandates will reflect in the trading results of any particular year. The NSX acknowledges that its success in building up reserves, in excess of N$ 22million over the past decade with a trebling in the last five years, has largely been due to this Regulation 28 and the Namibianisation process, driven by GIPF. Future Outlook These two factors are crucial to the further development of the NSX. In considering the demutualisation of the Exchange the largest uncertainties were the sustainability of the trading results of the NSX, in part due to the above mentioned points and the cost of providing for the state of the art technology and ensuring best practices governance.
The Namibian SE
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ASEA Yearbook 2009
Khartoum Stock Exchange

Profile
kse.com.sd Ministry of Finance and National Economy Sudan -Khartoum - Albaraka Tower Tenth Floor 10 am - 11 am GMT + 3 hours Mohamed Abd Elfattah Mohamed 00249 9 232 39 658 00249 83 782 152 m_aboyousif@yahoo.com Sudanese Pound 15% dividends Under Process
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Currency: Sudanese Pounds Table 2: Trading equity Statistics Indicators Total value traded Total volume traded
Khartoum SE
2007 9,406,825,010 1,799,635,684.00 7,195 53 36 4,727,197,700 8.42 7.2
2008 281,609,805 1,879,185,954.92 8,569 53 35 4,005,801,276 6.84 5.1
2009 164,712,836 2,246,552,029.30 8,069 54 36 3,388,087,924 5.12 2.7
Total number of transactions Number of listed companies Number of traded companies Market Capitalization end of year Market Capitalization as % of GDP Turnover Ratio (%) *
Table 3: Investors Type Foreigners vs. Local Investors Type of Investors Foreign Investors Local Investors Total % % of the Total Value Traded 2007 25 75 100% 2008 25 75 100% 2009 30 70 100%
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ASEA Yearbook 2009
Table 4: Sectors Traded Sectors traded on the Stock Exchange Banking Sector Commercial Sector Industerial Sector Insurance Sector Agricultural Sector Telecommunications & media Sector Financial Services Sector Other Sector Mutual Funds Sector Government Musharaka Certoficates (Shahama) Corporate Bonds Table 5: 5 Most Active Sectors in 2009 # 1 2 3 4 5 Sectors Government Musharaka Certoficates (Shahama) Mutual Funds Sector Telecommunications & media Sector Banking Sector Industerial Sector Number of companies included in each sector 2007 19 7 2 8 3 5 5 4 19 21 2008 19 7 2 8 3 5 5 4 28 28 2009 20 7 2 8 3 5 5 4 34 34
Khartoum SE
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Table 6: Bonds Statistics (Sudanese Pounds) Sukuk Total Value traded Value traded on governmental sukuk
Khartoum SE
2007 590,612,912.20 526,402,845.70 64,210,066.50
2008 645,277,028.40 588,640,397.20 56,636,631.20
2009 893,318,636.55 819,757,492.80 73,561,143.75
Value traded on corporate sukuk
SectionThree : Trading System

Please specify the Name of the Trading System used by the Stock Exchange Is this system locally developed Or bought? If bought, who is the Vendor? Year of implementing the system - - - - 1994 Yes
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ASEA Yearbook 2009

Where do Clearing & Settlement take place? If Separate Company please mention its name Is this system locally developed or bought? - - -
Khartoum SE
The Stock Exchange
Yes
Clearing and Settlement is conducted in: T+ 2
T+ 3 Others - T+0

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Table 7: Products Product (Stocks, Bonds, Funds, ETFs, Derivatives) Shares Sukuk Description of the Product Ordinary shares Islamic compliance corporate and governmental sukuk

Khartoum SE

Table 8: Indices Index Name Khartoum Index Closing 2008 Khartoum Index 2,962.10 Closing 2009 2745.85 % change 2363.35 Index Type (Price Index, Sector Index) Price index
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ASEA Yearbook 2009
Section Eight : IPOs and Debt Securities (Sudanese Pounds)

2008 Company Alrowad for real estate development Family Bank Alhyah Exchange Co. Ltd Byblous Africa Bank Date of IPO April 13 2008 May 26 2008 June 12 2008 August 24 2008 2009 Company Alandalous Company Sudanese Return for Development Co. Ltd The Worker International for Trade Mohanad Taj Exchange Date of IPO Jan-26 Feb-01 Jul-29 Nov-15 Value of IPO 3,794,642.80 5,256,696.40 446,428.60 1,116,071.40 Value of IPO 4,678,899.80 45,871,559.60 504,587.20
Khartoum SE
47,706,972.50
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Section Nine : 2009 Rankings of Top 5 Trading Participants (Sudanese Pounds)

Ranking 1 2
Khartoum SE
Stockbrokerage Units Financial Investment Bank Alrowad for Financial Services The Index for Financial Investments Co. Ltd Algawmia for Financial Dealings Harvest for Financial Services
Purchases
Sales
Total 367,284,123.20 241,305,603.60 194,187,551.50 176,861,613.40 135,145,122.70
3 4 5
Members Contacts are available on the KSE website kse.com.sd
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ASEA Yearbook 2009
Khartoum Stock Exchange

Background In 2009, the Khartoum Stock Exchange completed 15 years of existence. The Khartoum Stock Exchange has undergone several stages of transformation the most recent being the introduction of electronic trading. Khartoum Stock Exchange activity during 2009 and 2010: Trading on the Khartoum Stock Exchange reached a record of 2,246,552,029.30 pounds in 2009, a 19.5% increase from 1,879,185,954.92 pounds in 2008.. While 2009 turnover was the highest since the opening of the secondary market in 1995, The number of sukkuk traded during 2009 (7,646,614) instrument, which represents investment funds and securities of shahama (GMCs) reached 2,001,033,746.39 pounds equivalent to 89% of the total trading volume, which indicates that the year 2009 is also the year of the Islamic instruments. Despite the dramatic rise in trading volume, however, the number of shares traded during the year was 164,712,836, compared with 281,609,805 shares traded during the year 2008, a decline of 41.5%. For contracts executed during the year 2009 also declined from the previous year amounting to 8,069 contracts, compared to 8,569 contracts in 2008, a decrease of 5.8%. Mutual funds declined 15% to 4,228,900 in the number of sukkuk traded from 4,977,907 traded during the year 2008 compared. Government participation certificates (shahama) rose by 41.2% to 3,417,714 compared to 2,421,055 certificates marketed in 2008. In 2010, KSE acquired observer status with the Union of Arab Stock Exchanges and at the next meeting of the Union, expects to acquire full membership. In 2010 a Sudan Commodity Exchange (under way) was acquired observer status with the African Commodity Exchange Forum (ACEF). The KSE has signed contracts for the installation and operation of programs. Khartoum Stock Exchange (KSE) Establishment The idea of establishing a stock exchange in Sudan started in 1962 whereby many formalities such as studies and communications had been started by the Ministry of Finance and Bank of Sudan jointly with the International Finance Corporation. In 1982, the Peoples Assembly endorsed the Stock Exchange Act of 1982 to regulate Stock Exchanges establishment in Sudan but no serious action was taken until 1992. In August 1992, in line with the economic liberalization policy called the Three Years Salvation Program (1990 - 1993), the Stock Exchange Board was constituted. In November of the same year the Council of Ministers amended the Stock Exchange Act of 1982, but the amended Act did not cover all the required necessary objectives to establish a Stock Exchange. In 1994 the Transitional National Assembly passed the Khartoum Stock Exchange Act, through which KSE acquired its independent legal status. On October 10, 1994, activity on the primary market commenced. On the 2nd of January 1995 the secondary market was completed and the market started dealing in the shares of the first listed companies.
Khartoum SE
249
KSE Future Vision To play a key role in the financial industry through the provision of quality services and innovative financial products, nurture professionalism and build industry credibility in the coming years through a comprehensive reform of the financial, administrative, technical and legal framework of the market in order to strengthen its role in economic development. KSE Objectives
Khartoum SE
Khartoum Stock Exchange Act stated that the market has the following purposes: 1. 2. 3. 4. 5. 6. Regulate and control the issuance of securities and dealing in the same; To encourage savings and investment awareness among citizens and create conditions for the recruitment of savings in the stock market, in order to benefit the citizen and the Sudanese economy; Work to expand and strengthen the private ownership of productive assets in the national economy and the transfer of public ownership of capital assets of the State to the wider public; Develop the market by organizing and monitoring securities issues and determine the disclosures to be met on the introduction of securities for public subscription; Strengthen minority investor protections; Propose how to implement monetary policy and manage capital movement, for the development of sources of medium and long term financing in Sudan in order to achieve financial and economic stability in Sudan and by extension the goals of economic development.
Milestones in the history of the Khartoum Stock Exchange (KSE) 1. 2. 3. In 1996 the number of listed companies increased from 34 to 40 companies; In 1997 market capitalization of the listed companies went up from USD. 31 million to USD.139 million. To help in activating KSE, the same year saw the establishment of the Financial Investment Bank; In 1999 the Parallel Market started its operation, as well as the classification of listed companies according to their adherence
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ASEA Yearbook 2009
to conditions regulating the companies listed either on the regular market or the parallel market; 4. 5. 6. 7. 8. In 2001 a number of Investment Funds (Sukuk) and Government participation Certificates (Shahama) were issued and listed on KSE; In 2002 a great expansion of KSE relations with regional and international financial markets took place; In 2003 the Khartoum Index was launched, the KSE was listed in the Arab Monetary Fund (AMF) data base and the cross listing of Sudatel on the Abu Dhabi Securities Market took place;
Khartoum SE
In 2004 a joint cooperation protocol was signed between KSE and the Cairo and Alexandria Stock Exchange; In 2005 trading volume increased to 1.21 Billion Sudanese pounds (Ginaih) and the Khartoum Index rose by 97.3%. Market capitalization rose 50.8% to 7.47 Billion Sudanese pounds (Ginaih). According to the AMF Data base, KSE ranked first in terms of growth in market capitalization, when compared with other Arabic Markets; In 2006 trading volume increased 70% to 2.06 Billion Sudanese pounds (Ginaih); In 2007 Khartoum Stock Exchange joined the African Markets Union; In 2008, the Depository was completed to contain all the listed stocks in the Khartoum Stock Exchange, paving the way for the completion of the transformation to the electronic trading, expected to be completed by the end of 2010; In the year 2009 market recorded Khartoum highest circulation since the establishment of a secondary market, with an increase in trading volume to (2.2) billion, compared with (1.8) billion in the last year, a rise of 19.5%; The KSE has also been developing an action plan for market development , this plan consists of 12 main components as follows:1 2 3 4 5 Electronic trading, a contract has been signed under which the market will switch to an electronic trading system with (the first) company of Information Technology on February 11 2010; The second is to find a permanent location for the market; The supervision of the Khartoum Stock Exchange by the Central Bank of Sudan; The revision of the Act and regulations of the Internal Market; The review organizational structures of the market;
9. 10. 11. 12. 13.
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6 7 8 9
The expansion of market activity to include the markets for commodities; The establishment of the Capital Markets Authority; Human Resources; Governance;
10 Promoting the activity of the market locally and abroad; 11 Improving the working environment;
Khartoum SE
12 The establishment of brokers committee.
252
ASEA Yearbook 2009
Report and Financial Statements
Officers and Administration
Executive Committee
Mr. Sunil Benimadhu Mr. Geoff Rothschild Mr Ekow Afedzie Mr. Peter Mwangi Mr. Simon Rutega Mr Maged Shakwy Sourial Dr. Mrs. Ndi Okereke-Onyuike Member Dr. Khaled Seery Siam Mr. Joseph S. Kitamirike Ms. Yvonne Emordi President Vice President Member Member Member Member Member Member Member Mauritian South African Ghanaian Kenyan Ugandan Egyptian Nigerian Egyptian Ugandan Nigerian
(Resigned 1 July 2010) (Resigned 14 July 2010) (Resigned 5 August 2010) (Appointed 15 July 2010) (Appointed 5 August 2010) (Appointed 30 August 2010)
Secretary
Mr. Peter Mwangi 1st floor, Nation centre Kimathi Street PO Box 43633 00100 Nairobi GPO Appointed on 25 May 2010
254
ASEA Yearbook 2009
Auditors
KPMG Kenya 16th Floor, Lonrho House Standard Street PO Box 40612 00100 Nairobi GPO
Principal Place of Business & Registered Office

Nation Centre, 1st Floor Kimathi Street Nairobi
Bankers
Barclays Bank of Kenya Limited Queensway House Business Centre PO Box 30011 00100 Nairobi GPO
Financial JSE Limited Statements
255
REPORT OF THE EXECUTIVE COMMITTEE FOR THE YEAR ENDED 30 JUNE 2010
The Executive Committee has pleasure in submitting its report together with the audited financial statements for the year ended 30 June 2010 which disclose the state of affairs of the Association.
1.
Primary objectives
The primary objectives of the Association as set out in the Articles and Memorandum of Association are as follows: a) b) c) d) e)
To establish an association for the systematic mutual cooperation, exchange of information, materials and persons, mutual assistance and joint programs between members; To assist members in the establishment of stock exchanges, the development of financial instruments and the promotion of stock brokers and dealers; To develop and establish standards of training and professionalism amongst stockbrokers and dealers and personnel associated with members; To develop and establish standards of listing, maintenance of listing, issuing, trading and settlement of securities; To assist members in the promotion and development of self regulation to the greatest possible extent and assist members in representations to national and international bodies in this regard; To assist members in the promotion and development of the range of services associated with capital markets; To promote and develop the establishment of a data bank and information system for the mutual benefit of members; To study, research and investigate matters of interest to members; and To disseminate information, produce materials in all media, hold conferences, seminars, exhibitions, and conduct other public education activities relevant to the interest of members.
f) g) h) i)
256
ASEA Yearbook 2009
j) k)
To ensure that the views and interests of the Association are promoted in the appropriate worldwide for; and To do all other things, not inconsistent with the foregoing as shall promote the objects and powers.
2.
Results
The results of operations of the Association for the year are set out on page 7.
3.
Executive Committee
The committee members who served the Association since 1 July 2009 are set out on page 1.
4.
Auditors
The auditors, KPMG Kenya, have indicated their willingness to continue in office in accordance with Section 159(2) of the Kenyan Companies Act (Cap.486).
5.
Approval of financial statements
The financial statements were approved at a meeting of the Executive Committee held on
BY ORDER OF THE EXECUTIVE COMMITTEE

Secretary Date:
257
Statement of the Executive Committees Responsibilities

The Executive Committee are responsible for the preparation and presentation of the financial statements of African Securities Exchanges Association set out on pages 7 to 16 which comprise the statement of financial position at 30 June 2010, the statement of comprehensive income, statement of changes in fund balance and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. The Executive Committees responsibility includes: determining that the basis of accounting described in Note 2 is an acceptable basis for preparing and presenting the financial statements in the circumstances; designing, implementing and maintaining internal control relevant to the preparation and presentation of these financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Under the Kenyan Companies Act the Executive Committee is required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Association as at the end of the financial year and of the operating results of the Association for that year. It also requires the said Executive Committee to ensure the Association keeps proper accounting records which disclose with reasonable accuracy the financial position of the Association. The Executive Committee members accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International Financial Reporting Standards and in the manner required by the Kenyan Companies Act. The Executive Committee members are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the Association and of its operating results. The Executive Committee members further accept responsibility for the maintenance of accounting records which may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control. The Executive Committee members have made an assessment of the Associations ability to continue as a going concern and have no reason to believe the Association will not be a going concern for at least the next twelve months from the date of this statement.
258
ASEA Yearbook 2009
Approval of the financial statements

The financial statements, as indicated above, were approved by the Executive Committee and were signed on its behalf by:
__________________________________ President
__________________________________ Vice President
__________________________________ Secretary
__________________________________ Date
259
Report of the Independent Auditors to the Members of African Securities Exchanges Association (A Company Limited By Guarantee)
We have audited the financial statements of African Securities Exchanges Association set out on pages 7 to 16 which comprise the statement of financial position at 30 June 2010, the statement of comprehensive income, statement of changes in fund balance and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes.
Executive Committee responsibility for the financial statements

As stated on page 4, the Executive Committee members are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatements, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entitys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
260
ASEA Yearbook 2009
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the Association at 30 June 2010, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and the Kenyan Companies Act.
Report on other legal requirements

As required by the Kenyan Companies Act we report to you, based on our audit, that: (i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. (ii) In our opinion, proper books of account have been kept by the company, so far as appears from our examination of those books; and (iii) The statement of financial position and statement of comprehensive income are in agreement with the books of account.
Date:
261
Statement of Comprehensive Income for the Year Ended 30 June 2010

Notes
2010 US$
2009 US$
Income
Subscriptions from members Interest income Other income 4 9,750 10, 000 230 1,803 17,006 66 26,986 11,869 129 195 3,953 3,570 23 574 362 344 40 9 122 130 - 500 4,629 5,322
Administrative expenses
Postage Audit fees - Current year - Prior year under provision Bank charges Professional fees Provision for tax penalties Impairment loss
Surplus from operations

Taxation 6
22,357
(7,494) 14,863
6,547
(541) 6,006
Surplus for the year
The notes set out on pages 11 to 16 form an integral part of these financial statements.
262
ASEA Yearbook 2009
Statement of Financial Position as at 30 June 2010

ASSETS Current assets Debtors 7 Tax receivable Bank balances TOTAL ASSETS FUND BALANCE AND LIABILITIES Fund balance (Page 10) Current liabilities Creditors 8 Tax payable TOTAL FUND BALANCE AND LIABILITIES 11,499 7,229 18,728 117,755 7,303 7,303 91,467
2010 US$
2009 US$
Notes
4,197 - 113,558 117,755
3,166 230 88,071 91,467
99,027
84,164
The financial statements on pages 7 to 16 were approved by the Executive Committee on and were signed on its behalf by: President_________________ Vice President____________________
263
Statement of Cash Flows for the Year Ended 30 June 2010

Operating surplus before tax Less: Interest income Income taxes paid Operating surplus before working capital changes Decrease in debtors Decrease in creditors
2010 US$
22,357 ( 230) 22,127 (35) 22,092 ( 1,031) 4,196
2009 US$
6,547 (1,803) 4,744 ( 270) 4,474 (1,429) 384
Net cash flow (used in)/from operating activities INVESTING ACTITIVIES

25,257
3,429
Interest received
230
1,803
Cash flow from investing activities

Net movement in cash and cash equivalent Cash and bank balances at beginning of the year
230
25,487 88,071 113,558
1,803
5,231 82,840 88,071
Cash and bank balances at end of year
264
ASEA Yearbook 2009
Statement of Changes in Fund Balance for the Year Ended 30 June 2010
US$
78,158 6,006 84,164 14,863 99,027
Balance as at 1 July 2008

Balance as at 30 June 2009

Balance as at 30 June 2010
265
Notes to The Financial Statements for the Year Ended 30 June 2010
1.

Reporting Entity
African Securities Exchange Association (ASEA) is incorporated in Kenya under the Kenya Companies Act as a company limited by guarantee and is domiciled in Kenya. The address of its registered office is as follows: Nation Centre, 1 Floor Kimathi Street Nairobi ASEA aims at providing a formal framework for the cooperation of stock exchanges in the African region. The membership of the association is open to any stock exchange in the African region. As at 30 June 2010 the association had 19 members.
2.

Summary of Significant Accounting Policies

The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.
(a) Basis of preparation

(i)
Statement of compliance
The financial statements are prepared in compliance with International Financial Reporting Standards (IFRS). (ii) Basis of measurement
The measurement basis applied is the historical cost basis, except where otherwise stated in the accounting policies below.
266
ASEA Yearbook 2009
(iii) Functional and presentation currency The financial statements are presented in United States dollars (US$) which is the Associations functional currency. (iv) Use of estimates and judgement The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions. It also requires management to exercise its judgement in the process of applying the Associations accounting policies. The assumptions are based on the Executive Committees best knowledge of current events, actions, historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which for the basis of making the judgements about the carrying values of assets and liabilities are not readily apparent from other sources. (v) Changes in accounting policies
The Association applies revised IAS 1 Presentation of Financial Statements (2007), which became effective as of 1 January 2009. As a result, the Association presents in the statement of changes in fund balance all owner changes in fund balance, whereas all non-owner changes in fund balance are presented in the statement of comprehensive income. A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 30 June 2010, and have not been applied in preparing these financial statements: IAS 24 Related Party Disclosures amends the definition of a related party and modifies certain related party disclosure requirements for government related entities. The amendment to IAS 24 will become mandatory for the Associations 2011 financial statements and are expected to have an impact on the presentation of related party information in the Associations financial statements. IFRS 9 Financial Instruments retains but simplifies the mixed measurement model and establishes two primary measurement categories for financial assets: amortised costs and fair value. The basis for classification depends on the entitys business model and the contractual cash flow characteristics of the financial asset. The guidance in IAS 39 on impairment of financial assets and hedge accounting continues to apply. IFRS 9 will become mandatory for the Associates 2014 financial statements and is not expected to have a significant effect on the financial statements.
267
The Executive Committee has assessed the relevance of the new standards and interpretations, and amendments to existing standards with respect to the Associations operations and concluded that they will not have any impact on the Associations financial statements.
b)
Revenue
Revenue is accounted for on accrual basis. Subscriptions represent annual subscriptions receivable from the various stock exchanges that are members of the Association.
c) Taxation
For tax purposes the Associations gross income is deemed to be taxable income. However, where more than 75% of the gross income is earned from members subscriptions, then the gross subscription income is not subject to tax. Investment income is however subject to taxation unless the Association is granted exemption by the Kenyan Minister for Finance.
d)
Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise bank balances held with the bank.
e)
Debtors
Debtors are stated at their nominal values less write downs for any amounts considered to be unrecoverable.
f)
Creditors
Creditors are recognised when the Association has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made.
268
ASEA Yearbook 2009
3.

Financial Risk Management Objectives and Policies Overview

The Association has exposure to the following risks from its use of financial instruments: credit risk; liquidity risk; market risk.
This note presents information about the Associations exposure to each of the above risks, the Associations objectives, policies and processes for measuring and managing risk, and the Associations management of capital. Further quantitative disclosures are included throughout these financial statements. The Executive Committee has overall responsibility for the establishment and oversight of the Associations risk The Associations risk management policies are established to identify and analyse the risks faced by the Association, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Associations activities.
Credit risk
Credit risk is the risk of financial loss to the Association if a subscribed member or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Associations receivables from members subscriptions and investment securities. Trade and other receivables The Associations exposure to credit risk is influenced mainly by the individual characteristics of each member. The demographics of the Associations members base, including the default risk of the country in which member operate. Geographically there is no concentration of credit risk.
269
Investments The Association limits its exposure to credit risk by only investing in liquid securities. Our investment is in the fixed deposits with Barclays Bank of Kenya. The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:

Trade debtors Cash and cash equivalents
Carrying amount 2010 US$

3,500 113,558 117,058
2009 US$
2,000 88,071 90,071
The aging of trade debtors at the reporting date was:
Gross 2010 US$

2,500 1,000 - 3,500
ASEA Yearbook 2009
Impairment 2010 US$

- - - -
Net 2010 US$

2,500 1,000 - 3,500
Gross 2009 US$

2,000 500 - 2,500
Impairment 2009 US$

- ( 500 ) - ( 500 )
Net 2009 US$

2,000 2,000

Current 1-2 years Over 2 years
270
The movement in the allowance for impairment in respect of trade debtors during the year was as follows:
2010 US$
2009 US$
Balance at 1 July Impairment loss recognised Impairment loss reversed
2,000 - (2,000)
1,500 500 -
Balance at 30 June
2,000
During the year the Association did not renegotiate the terms of a trade debtor from any long-standing debtors.
Liquidity risk
Liquidity risk is the risk that the Association will not be able to meet its financial obligations as they fall due. The Associations approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Associations reputation. The Association ensures that it has sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. The Association has no credit facility arrangement with any institution as at 30 June 2010. The following are the contractual maturities of financial liabilities, including interest payments and excluding the impact of netting agreements:
271
30 June 2010

Carrying amount
I year or less 1-2 years 2-3 years
Over 3 years
In US$
Creditors
11,499
11,499
30 June 2009
Creditors 7,303 7,303 - - -
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Associations income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. Currency risk The Association is exposed to currency risk on purchases that are denominated in a currency other than the US$ currency, primarily the Kenya Shilling. The Association does not have any significant currency risk exposures. Interest rate risk The Associations operations are subject to the risk of interest rate fluctuations to the extent that interest earning assets and interest bearing liabilities mature or reprice at different times or in differing amounts. Risk management activities are aimed at optimizing net interest income, given market interest rates levels consistent with the Associations business strategies. The Association does not have any significant interest rate risk exposures.
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ASEA Yearbook 2009
2010 US$
2009 US$
4. Other Income
Conference income Impairment loss reversed (Note 3) Foreign exchange gains
15,000 2,000 6 17,006
66 66
5.
Staff Costs
The Association did not incur any staff costs in the year. Average number of people engaged in the year Nil (2009 Nil).
6.
Income Tax Expense

Reconciliation of statutory and effective tax rate: Surplus before income tax Tax calculated at the statutory income tax rate of 30% Tax effect of: Non taxable income Non deductible expenses ( 602) 1,389 (3,020) 1,597
2010 US$
22,357 6,707
2009 US$
6,547 1,964
273
Total charge to statement of comprehensive income
7,494
541
In the year, subscriptions income from members formed less than 75% of the gross income and therefore is subject to taxation under the Income Tax Act.
7.
Debtors

2010 US$
2009 US$
Trade debtors Impairment provisions Net trade debtors
3,500 - 3,500
2,500 ( 500) 2,000
Other debtors
697 4,197
1,166 3,166
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ASEA Yearbook 2009
8.
CREDITORS

2010 US$
2009 US$
Audit fees NSE payables Prepaid membership Provision for tax penalties 3,725
3,953 128 3,693 11,499
3,570 162
3,571 7,303
9.
Members Liability
The members liability is limited by guarantee at KShs 10,000 per member. The number of members as at 30 June 2010 was 19 (2009 20).
275

2009 ASEA Yearbook

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African Securities Exchange Association

ASEA Member Countries

ASEA Member Exchanges

Profiles of ASEA Executive Committee Members

Professor Dr. Khaled Serry

ASEA Yearbook 2009

ASEA Yearbook 2009

Mr. Ekow Afedzie

Peter K. Mwangi, CFA

ASEA Yearbook 2009

THE STOCK EXCHANGE OF MAURITIUS LTD

ASEA Yearbook 2009

ASEA: Shaping up the future of African Exchanges

ASEA Yearbook 2009

Changes in the Executive Committee

ASEA Yearbook 2009

Sunil Benimadhu President African Securities Exchanges Association

President Secretariat Website Contact

Mr. Sunil Benimadhu, Mr. Donald Ouma www.africansea.org douma@nse.co.ke

Mr. Peter Mwangi, Chief Executive of the Nairobi Stock Exchange

4. Where is the secretariat located?

5. What is the main role of the association?

6. Members of the Association Full Members

ASEA Yearbook 2009

ASEA Yearbook 2009

Branding and Promotional Events

2. To encourage co-operation among the members in order to promote the development.

ASEA Yearbook 2009

ASEA Member Countries

Main Economic Indicators

ASEA Yearbook 2009

2007 10.255 40,856.89 3.20 2070.80 12.4 5.26 1.2207

2008 10.329 42,214.67 5.00 3398.70 12.4 5.19 1.3099

44,612.46 3.70 2278.70 13.3 4.18 1.3173

ASEA Yearbook 2009

2007 22 13.4b 10.20 N/A 20 10 0.97

2008 22.5 14.00bn 18.10 N/A 11 17.4 1.27

2009 23.7 15.13bn 16.00 N/A 11 22.53 1.43

ASEA Yearbook 2009

2007 37.50 27,584 9.70 691.70 40 6.89 62.68

2008 38.60 34,514 26.00 610.00 40 8.54 68.00

2009 39.4 29,988 9.24 609.00 40 6.82 75.82

ASEA Yearbook 2009

Bourse Rgionale des Valeurs Mobilires

2007 2.03 8,013 3,871 6.60 761 48 9.8 6.8371

2008 2.07 6,166 2,993 10.30 639 31.1 10.72 9.3903

2009 2.10 7,973 3,797 6.70 594 50% 7.42 7.4034

ASEA Yearbook 2009

Member Exchange Profiles

ASEA Yearbook 2009

Section One : Trading Statistics

2009 377,868,627,473.65 82,588,166,139.00 20,950,750.00 410 390 801.27 29.30% 47.9

Insitutions vs.Individuals Institutions Individuals Total % N/A N/A N/A

ASEA Yearbook 2009

Number of companies included in each sector 2007 2008 2009 2 17 2 3 4 2 1 8 2 5 1 1 8 6 12 9 1 2 9 4 1 1

Number of companies included in each sector 2007 2008 2009 3 21 15 2 15 1 6 6 1 6 7 1 3 1 15 6 6 2 1 5 1 5

ASEA Yearbook 2009

Number of companies included in each sector 2007 2008 2009 1 3 2 4 10 8 4 5 24 3 5 5 2 7 7 1 4 1 5 1 1 1

Section Two: Bonds Statistics

ASEA Yearbook 2009

Section Three : Trading System

If bought, who is the Vendor? - Year of implementing the system - -