ASEA Yearbook2008

ASEA supports its members in the establishment of stock exchanges and the development of Africa's capital
markets by providing a forum for mutual communication, exchange of information, cooperation and technological assistance among the members. ASEA aims at harmonizing standards for market principles to facilitate the process of financial integration within the region, for the effective mobilization of capital and the acceleration of economic development in Africa.
ASEA Executive Committee

Office Bearers
President
Mr. Maged Shawky Sourial The Egyptian Exchange
First Vice President
Mr. Ekow Afedzie Ghana Stock Exchange (GSE)
Second Vice President
Mr. Sunil Benimadhu Stock Exchange of Mauritius (SEM)
Member
Mr. Geoff Rothschild JSE Limited
Member
Mr. Simon Rutega Uganda Securities Exchange Ltd.
Member
Dr. Ndi Okereke-Onyiuke The Nigerian Stock Exchange
Member
Mr. Peter Mwangi Nairobi Stock Exchange (NSE)
Chairmans Letter
President African Securities Exchanges Association The African continent has been hammered, similar to other parts of the world, by the global financial crisis, which began with the collapse of the Housing market in the United States and has further deepened towards the end of 2008, causing many countries to enter into a recession. The shock waves have reached our countries in the region, hitting key drivers of growth, in particular trade flows, capital and investment inflows, natural resource sectors and exports. The global economic downturn has indeed presented significant challenges for world stock markets. The majority of ASEA member exchanges, in particular those linked to the world markets, were hard hit by the crisis and have actually suffered one of the worst market decline in 2008, posting annualized losses on their indices ranging from 56% to 7%. Three member markets; Ghana, Malawi and Dar-essalam Stock Exchanges, have, however, managed to realize gains on their indices, reaching 58%, 26% and 21%, respectively. ASEA member exchanges have therefore concluded the year with an aggregate market capitalization of US$ 846 billion, down from US$ 1.3 trillion recorded in 2007. Despite the global turmoil and the poor markets' performance during 2008, ASEA member exchanges continue to focus on the development of the operational infrastructure as well as the regulatory framework of their markets, to secure an efficient and transparent market, while promoting stronger corporate governance practices. ASEA, as an association for systematic mutual cooperation and assistance among members, has steadily raised its profile over the years, growing in number and succeeding in attracting potential exchanges to join the Association. Over the course of the past year, the Central Securities Clearing System Ltd (Nigeria) has joined the association as an observer member, while the South Asian Federation of Exchanges (SAFE) was accepted as an affiliate member of ASEA. The Douala Stock Exchange was also accepted as a full member, upon submission of the full required documentation. ASEA has also set a corporate strategic plan, which is designed to achieve the objectives of the Association, help member exchanges attain a greater role in the competitive global market environment, as well as promote investment in the African region. In that respect, three task forces were established, namely Corporate Governance, Integration in Africa as well as Promotion & Marketing, to guide the Association on the way forward. The Corporate Governance Task Force proposed a guidance for the common standards to be adopted by member exchanges, while the Integration Task Force has presented the SADC project for integration as a reference for ASEA, when studying prospects of integration, and finally the Promotion and Marketing Task Force, prepared a marketing plan, addressing different marketing strategies, including the
Maged Shawky
cooperation with significant associations in the exchange industry, as well as other regional bodies. The plan also called for the creation of a benchmark index for ASEA to be launched by a reputable index provider to serve as a marketing tool for the members to all foreign and domestic investors. From another perspective, we attach a great value to ASEA website, launched under the URL www.africansea.org, as well as the ASEA Yearbook, first released in 2006, as a summary reference for ASEA members, to serve as marketing tools to attract interest to the African region. ASEA 12th Annual Conference was held, during November 2008, in Kampala, Uganda, with the theme Africa on the Move: Capital Markets driving Economic Transformation. The conference addressed the investment opportunities in Africa, in view of the global financial crisis, the alternative financing channels, the feasibility of regional integrations as well as the corporate governance role in enhancing value. The Association has also maintained active participation in other relevant conferences and workshops during the year 2008. ASEA has partnered with Africa Investor (Ai) for the Ai Index Series Roundtable and Awards, that was held in collaboration with NYSE Euronext on September 15th 2008, whereby several ASEA members had the opportunity to present their views and experiences at the event, which brought together over 100 attendees from different parts of the world, including the investment community at Wall Street. Moreover, ASEA representatives were invited to participate in the workshop held by the African Union in Ethiopia, for the establishment of a Pan African Stock Exchange, whereby a gradual approach for the creation of the Pan African Exchange, based on consolidating stock markets at the regional level, was recommended. Experiencing the global financial crisis and monitoring its effects on our continent and the action plans and development strategies of the African markets, is raising my poise that this is an exciting opportunity and a real chance for Africa to be more engaged in the global financial system, realizing our capacity as an attractive investment destination and one of the best world performers in terms of return on portfolio investment. In closing, I would like to express my sincere appreciation for your continuing commitment and support for the Association. It also gives me a great pleasure to report ASEA achievements, for which I served as President for the past four years. 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.
Maged Shawky President African Securities Exchanges Association
ASEA Member Countries

Morocco Libya
Egypt
Mali Senegal Guinea Burkina Faso Cote Dvoire Ghana Togo
Niger Sudan Nigeria
Benin
Uganda
Kenya
Tanzania Malawi Zambia Namibia Zimbabwe Botswana Mauritius
Mozambique
South Africa
Swaziland
ASEA Member Exchanges
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Bond Exchange of South Africa Botswana Stock Exchange BRVM Casablanca Stock Exchange Dar-Es-Salam Stock Exchange The Egyptian Exchange Ghana Stock Exchange JSE Limited Khartoum Stock Exchange Libyan Stock Market Lusaka Stock Exchange Malawi Stock Exchange Mozambique Stock Exchange Nairobi Stock Exchange Namibian Stock Exchange Stock Exchange of Mauritius Stock Exchange of Swaziland The Nigerian Stock Exchange Uganda Securities Exchange Zimbabwe Stock Exchange
Table of Contents
10 12 13 14 16 17 ASEA at a Glimpse ASEA Background ASEA Primary Objects & Powers ASEA Membership ASEA Strategic Plan & Task Forces ASEA Executive Committee Meetings & Annual General Meeting during 2008 19 20 21 ASEA Annual Conference ASEA Publications and Information ASEA Partnership and Presence during 2008
23
Main Economic Indicators (ASEA Member Countries)
31
Market Highlights (ASEA Member Stock Exchanges)
49 50 60
Member Exchanges Profiles Bond Exchange of South Africa Botswana Stock Exchange
66 77 91 100 112 120 129 138 143 156 163 177 190
Dar-Es-Salam Stock Exchange The Egyptian Exchange Ghana Stock Exchange JSE Limited Khartoum Stock Exchange Lusaka Stock Exchange Malawi Stock Exchange Mozambique Stock Exchange Nairobi Stock Exchange Namibian Stock Exchange The Nigerian Stock Exchange The Stock Exchange of Mauritius Uganda Securities Exchange
197
ASEA Audited Financial Statements - June 2008
African Securities Exchanges Association

ASEA Background
he African Stock Exchanges Association (ASEA) was registered in Nairobi on 13, 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. In September 2006, in recognition of the fact that Stock Exchanges trade a variety of products other than equity securities, the Association changed its name to the African Securities Exchanges Association and also amended its articles and memorandum of association to allow for the creation of an Executive Committee; elected at the Annual General Meeting, whose members are responsible for the business and affairs of the Association. The Executive Committee, which consists of seven members, acts as the Board of Directors
of ASEA, where the President and the Vice President are elected at the Annual General Meeting for a term of two years. The President and Vice President are currently held by the Egyptian Exchange and Ghana Stock Exchange, respectively, while the Secretariat is headed by Kenya Stock Exchange and is based in Nairobi, Kenya.
African Securities Exchanges Association
ASEA Yearbook 2008 12
ASEA at a Glimpse
ASEA Primary Objects and Powers

mutual cooperation ... exchange of information ... standards harmonization
1. To establish an association for systematic mutual cooperation, exchange of information, materials and persons, mutual assistance and joint programmes between the members. 2. To promote the establishment of securities exchanges in all African countries. 3. To promote the development of common standards of training and professionalism among members of the Association and other market players. 4. To promote common standards of issuing, listing, trading and settlement of securities. 5. To facilitate the development and promotion of products and services for Africa's capital markets. 6. To assist members in the promotion and development of the range of services associated with the capital markets. 7. To develop and promote a data bank and information system for the mutual benefit of members. 8. To study and research on matters of mutual interest to members. 9. 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. 10. To ensure that the views and interests of the Association are promoted in the appropriate worldwide fora. To do all other things, not inconsistent with the foregoing as shall promote the objects and powers.
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ASEA at a Glimpse
ASEA Membership
The membership of the association is open to any securities exchange or nascent stock exchange located in the African region or any other organization, after filling the admission application, submitting a Letter of Interest and getting the Executive Committee approval. ASEA offers the following three membership categories: among its members, one Bond Exchange; the Bond Exchange of South Africa and one regional exchange, which is the Bourse Regionale des Valeurs Mobilieres (BRVM) that consists of 8 countries namely; Benin, Burkina Faso, Ivory Coast, Guinea Bissau, Mali, Niger, Togo and Senegal.
a. Full Membership
Granted to all securities exchanges in Africa that are legally recognized and in operation in their countries.
membership ... is open to any Exchange in Africa ...
b. Associate Membership
Granted to all nascent securities exchanges in Africa that do not meet the requirements of the full membership criteria.
c. Observer Membership
Granted to national or international organizations that have an interest in or related to the exchanges industry and will assist the association in a constructive way. ASEA is currently comprised of 20 full member exchanges from across Africa, serving twenty seven African states. The association has,
The Central Securities Clearing System Ltd (Nigeria) is currently the only observer member in ASEA, which was accepted in 2008. The Central Depository and Settlement Corporation (Kenya) has applied for an observer membership in 2007, however it is still pending upon documents' completion. During 2008, the South Asian Federation of Exchanges (SAFE) was accepted as the only affiliate member of ASEA.
ASEA at a Glimpse
New Applications
In addition to the two previously received membership applications from the Bourse des Valeurs Mobileres de L' Afrique Centrale (BVMAC) as well as the Cape Verde Stock Exchange, ASEA has received a full membership request from the Douala Stock Exchange, which was accepted by the Executive Committee that was held in November 2008, subject to the Exchange submission of the full required membership documents.
Development of a New Membership Fees Scheme different categories of membership ... full ... associate ... and observer ..
ASEA Executive Committee members have developed a new membership fees scheme, which is structured according to the different categories of membership as provided in ASEA's Articles of Association, i.e. full membership, associate membership and observer membership. The scheme took into consideration several factors including market size, turnover, membership duration ..etc and is currently being studied for implementation.
The association welcomes other African stock exchanges that are currently under establishment to join ASEA as associate members.
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ASEA at a Glimpse
ASEA Strategic Plan & Task Forces

ASEA Corporate Plan for years 2008-2010 was prepared by the Secretariat based on the proposals of the members. The plan carries out a situation as well as a SWOT analysis for the Association, to be followed by the formulation of necessary strategies to achieve required objectives. In that respect, three task forces were established, namely Corporate Governance, Integration in Africa as well as Promotion and Marketing, whose mandates are to set a work plan for ASEA to achieve its mission and to guide the Association on the way forward. The Corporate Governance Task Force proposed a guidance for the corporate governance standards that was approved by the task force members.
... three task forces were established, namely Corporate Governance, Integration and Promotion & Marketing
The Integration Task Force has presented the SADC project for integration as a reference for ASEA, while studying prospects of integration. The Promotion and Marketing Task Force prepared a marketing plan, including different marketing strategies tackling the issues of cooperation with other significant associations in the exchange industry such as WFE, FEAS, ..etc as well as other regional bodies such as NEPAD, UNECA and COMESA. The plan also called for the creation of a benchmark index for ASEA to be launched by a reputable index provider, which will serve as a marketing tool for the members to both domestic as well as foreign investors. The plan also suggested conducting annual road shows to promote ASEA and its members, together with the creation of a corporate branding for the Association to be used in publications or events serving the promotional purposes.
ASEA at a Glimpse
ASEA Executive Committee & Annual General Meetings during 2008

Executive Committee Meetings
Two Executive Committee meetings were held during 2008, whereby the 15th ASEA Executive Committee meeting was hosted by the Egyptian Exchange on the 27th of February 2008, while Kampala Stock Exchange has hosted the 16th meeting on the 9th of November 2008. The 15 th Executive Committee meeting followed up on the latest developments of the association and discussed the proposals of seven members for ASEA Strategic Plan. From another perspective, EGX presented the latest development of the new website as well as the annual yearbook of 2007 and stressed on the importance of the continuous update of the data on the website as well as the commitment to deadlines for data submission. The Executive Committee members also discussed the proposal from Africa Investor (Ai) to partner with ASEA in the Index Series Award and Roundtable to be held in New York during September 2008 and the committee accepted the partnership proposal. Finally, Uganda Securities Exchange presented the draft program of the 12th ASEA conference to be held in Kampala during November of the same year. During the 16th Executive Committee meeting, the Douala Stock Exchange was accepted as a full member subject to the submission of the
17
ASEA at a Glimpse
required membership documents. In addition, the Central Securities Clearing System (Nigeria) was accepted as an observer member. Moreover, the Chairmen of ASEA three task forces for Corporate Governance, Integration in Africa as well as Promotion and Marketing, updated the committee with the status of their assigned tasks. Within the framework of the Marketing and Promotion task force, the committee members received written proposals from three index providing companies, namely; FTSE Group, Nex Rubica Group and Dow Jones Indexes/STOXX, who were interested in developing indices for ASEA that could serve as a marketing tool for the members to domestic as well as foreign institutional and retail investors. Finally, the Committee approved the signing of an MOU with the Southern Asian Federation of Exchanges (SAFE).
... FTSE Group, Nex Rubica Group and Dow Jones Indexes/STOXX, who were interested in developing indices for ASEA ...
Statements for the year ended 30th June 2008 and it was agreed that KPMG Kenya should be re-elected as ASEA's auditors for the ensuing year. From another perspective, each of the members presented a brief of their respective markets sharing the highlights of the previous year, which brought up a number of important issues related to the development of the African markets, to level up members' competitiveness and enable them to step up global challenges. One of the recommendations made in that respect was to encourage the member exchanges to join the World Federation of Exchanges (WFE), even as affiliate members. Finally, it was resolved that the 13th ASEA AGM as well as the annual conference, to be held in, Abuja, Nigeria during the last quarter of 2009, at a date to be set by Nigeria Stock Exchange.
Annual General Meetings

The 12th Annual General Meeting (AGM) was held on the 9th of November 2008 in Kampala, Uganda and was hosted by Uganda Securities Exchange. During the meeting, ASEA members reviewed and approved the Audited Financial
ASEA at a Glimpse
ASEA Conference during 2008

financial crisis and credit turmoil, the feasibility of regional integration, sovereign bonds, the importance of sovereign ratings and infrastructure financing as well as the corporate governance role in enhancing value.
The 12th ASEA conference Africa on the Move: Capital Markets driving Economic Transformation was held in Kampala, Uganda over the period from 9th till 11th of November 2008 and was hosted by Uganda Securities Exchange, which was celebrating its 10th year anniversary since the first listing on the Exchange platform in 1998. The President of the Republic of Uganda has officially opened the conference, whereby he stressed that the success and profitability of stock exchanges are inter-dependant on the economic indicators of the countries. The conference has addressed several key topics, including but not limited to, the investment opportunities in Africa in light of the global
Africa on theMove: Capital Markets driving Economic Transformation ... focused on investment opportunities amid the global financial crisis ... regional integration, and soverign rating ...
19
ASEA at a Glimpse
ASEA Publications and Information
To enhance the ability of ASEA in providing a credible and central source of information on the Association and its members, ASEA website was upgraded several times to have a more user-friendly interface, updated information and useful features that best serve all users. The website provides a medium that highlights ASEA programs and latest achievements, together with members' profile, news, trading data as well as direct links to their websites. From another perspective, to widen the spread of information about African markets and increase their profile, ASEA publishes its annual Yearbook, providing comprehensive economic and trading statistics about member exchanges and shedding the light on ASEA objectives, achievements and future prospects. ASEA Yearbooks, available on CDs and hardcopies, are distributed in relevant African forums and conferences.
ASEA at a Glimpse
ASEA Partnership and Presence during 2008

Africa Investor (Ai)- NYSE Euronext Summit
Africa Investor and NYSE Euronext have come together on the 15th of September 2008 to host the Ai annual summit and roundtable to profile African stock exchanges, listed companies and the institutional investment community to Wall Street. The Summit brought together over 100 attendees from different parts of the world, including stock markets officials, investment bankers, listed companies, fund managers and analysts. Based on the partnership agreement signed between ASEA and Ai to jointly hold the Ai Index series summit, with the aim to promote each other's activities and events, eight ASEA members attended the summit, of which six were speakers in different sessions, sharing their views and experiences concerning capital market development in the African continent. A diversified agenda was offered over four sessions, discussing different issues such as corporate governance and risk in Africa, companies and markets' dynamics in the region, investable African securities as well as the issues of liquidity and execution in the capital markets across the continent. Moreover, for the second consecutive year, ASEA President was chosen to join the judging panel of the Ai Index Series awards and was invited to give the key note of the ceremony that was held on the same day.
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ASEA at a Glimpse
ASEA President was invited to be a speaker in a high-level roundtable on Sovereign Wealth Funds, Socially Responsible Investments and Millennium Development Goals in Africa ... held at the United Nations in New York and was organized jointly by the UN and Ai.
From another perspective, ASEA President was invited to be a speaker in a high-level roundtable on Sovereign Wealth Funds, Socially Responsible Investments and Millennium Development Goals in Africa on the 16th of September, which was held at the United Nations in New York and was organized jointly by the UN and Ai.
stock markets at the regional level. This model promotes the idea that stock exchanges establish close alliances to ensure that there is consolidation at the level of regional economic communities and sub-regions. According to this model, a pan African stock market could emerge later, after significant progress has been made at regional and subregional levels. In that respect, it was recommended to conduct an additional study to ensure a gradual realization of the integration of the African stock exchanges, comprising the definition of the concept of the Pan African Exchange, implementation modalities, the cost of implementation and an implementation plan. The outcome of the workshop was submitted to the Conference of African Ministers of Finance, Planning and Economic Development in April 2009 for consideration.
AU Pan African Exchange Workshop

ASEA representatives were invited to participate in the validation workshop for the feasibility study on the establishment of the Pan African Stock Exchange that was organized by the African Union (AU) in Addis Ababa, Ethiopia on the 6th and 7th of November, 2008. It was agreed during the meeting to have a gradual approach for the creation of the panAfrican stock exchange, based on consolidating
Botswana
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP (USD) Inflation Rate (%) FDI Unemployment Rate (%) Interest Rate (T-Bills 91 Days) % Exchange Rate (Local Currency versus USD)
2006
1.78 22.78 N/A 8.50 N/A 17.50 12.72 6.03
2007
1.80 24.40 N/A 8.10 N/A N/A 11.97 6.01
2008
1.90 26.04 N/A 13.70 N/A N/A 13.13 7.52
Egypt
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP (USD) Inflation Rate (%) FDI (USD billion) Unemployment Rate (%) Interest Rate (T-Bills 91 Days) % Exchange rate (Local Currency versus USD)
2005/2006
73.60 107.43 1,459.59 7.20 6.11 9.60 8.84 5.75
2006/2007
75.00 130.67 1,742.22 8.60 11.05 9.10 6.78 5.70
2007/2008
77.50 168.20 2,170.31 20.20 13.24 8.40 9.68 5.33
Ghana
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP (USD) Inflation Rate (%) FDI (USD million) Unemployment Rate (%) Interest Rate (T-Bills 91 Days) % Exchange Rate (Local Currency versus USD) **
2006
20.47 10.68 600.00 10.50 243.00 N/A 10.35 0.92
2007
21.00 13.40 666.00 12.70 N/A N/A 10.62 0.97
2008
21.00 14.00* N/A 18.10 N/A N/A 24.66 1.20
Main Economic Indicators
* Estimated ** In 2007, Ghana revalued its currency with 10,000 cedis equal to 1 new cedis.
Kenya
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP (USD) Inflation Rate (%) FDI (USD million) Unemployment Rate (%) Interest Rate (T-Bills 91 Days) % Exchange Rate (Local Currency versus USD)
2006
36.60 22.78 620.00 14.50 26.70 N/A 5.83 69.40
2007
37.50 27.58 730.00 9.70 691.70 N/A 6.89 62.68
2008
38.60 34.51 900.00 26.00 610.00 N/A 8.54 68.00
25
Malawi
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP (USD) Inflation Rate (%) FDI Unemployment Rate (%)
2006
12.80 8.20 239.40 13.90 N/A N/A 17.30 136.69
2007
13.20 7.90 262.80 8.00 N/A N/A 9.81 140.70
2008
13.60 7.40 293.90 8.00 N/A N/A 13.53 140.60
Interest Rate (T-Bills 91 Days) % Exchange Rate (Local Currency versus USD)
Mauritius
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP (USD) Inflation Rate (%) FDI (USD million) Unemployment Rate (%) Interest Rate (T-Bills 91 Days) % Exchange Rate (Local Currency versus USD)
2006
1.22 6.23 5,112.63 8.90 194.01 9.10 12.45 33.04
2007
1.23 8.10 6,601.90 8.80 313.81 7.60 10.05 28.68
2008
1.27 8.07 6,361.83
Market Highlights
9.70 724.70 7.20 8.83 32.69
Financial Statements
Namibia
Indicators
Population (million) Real GDP (USD million) Real Per Capita GDP (USD) Inflation Rate (%) FDI (USD million) Unemployment Rate (%) Interest Rate (T-Bills 91 Days) % Exchange Rate (Local Currency versus USD)
2006
1.84 6,928.62 3,765.56 6.10 N/A 44.00 7.95 6.77
2007
2.03 6,916.50 3,407.14 6.60 N/A 48.00 9.80 7.05
2008
2.10 5,377.53 2,560.73 10.30 N/A 31.10 10.72 9.39
Nigeria
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP (USD) Inflation Rate (%) FDI Unemployment Rate (%) Interest Rate (T-Bills 91 Days) % Exchange Rate (Local Currency versus USD)
2006
140.00 183.00 1,036.20 8.50 N/A N/A 8.30 127.00
2007
144.06 240.00 1,256.60 6.60 N/A N/A 6.54 116.80
2008
148.67 256.80 N/A
Market Highlights
11.50 N/A N/A 5.00 131.25
27
South Africa
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP (USD) Inflation Rate (%) FDI (USD million)
2006
47.39 172.83 3,620.00 4.70 -7,250.00 25.50 7.50 6.78
2007
47.85 175.27 3,607.00 7.10 2,569.00 25.50 9.30 7.05
2008
48.78 133.51 N/A 11.30 N/A 21.70 11.11 8.27
Unemployment Rate (%) Interest Rate (T-Bills 91 days) % Exchange Rate (Local Currency versus USD)
Sudan
Indicators
Population (million) Real GDP (US billion) Real Per Capita GDP (USD) Inflation Rate (%) FDI (USD million) Unemployment Rate (%) Exchange Rate (Local Currency versus USD)
2006
41.24 36.40 1,005.00 7.20 3,541.00 17.30 2.17
2007
42.22 46.20 1,242.00 8.10 4,241.00 17.20 2.01
2008
43.16 53.90 2,500.00 8.00 4,312.00 18.70 2.00
Market Highlights Financial Statements
Tanzania
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP Inflation Rate (%) FDI (USD million) Unemployment Rate (%) Interest Rate (T-Bills 91 Days) % Exchange Rate (Local Currency versus USD)
2006
38.56 14.23 369 7.30% 474.5 11.40% 15% 1261.21
2007
39.69 18.50 466 7% 512.50 11% 16% 1132.09
2008
40.84 17.52 429 9.30% N/A 12% N/A 1280.3
Uganda
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP (USD) Inflation Rate (%) FDI (USD million) Unemployment Rate (%) Interest Rate (T-Bills 91 days) % Exchange Rate (Local Currency versus USD)
2006
27.46 10.69 390.60 11.30 286.90 N/A 9.46 1,741.44
2007
28.20 11.75 413.26 4.90 N/A N/A 7.76 1,697.00
2008
30.00 11.54 405.61
Market Highlights
8.60 N/A N/A 11.60 1,729.00
29
Zambia
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP (USD) Inflation Rate (%) FDI
2006
11.80 9.38 795.13 8.20 N/A N/A 8.70 4,100.00
2007
12.16 11.80 970.11 8.90 N/A N/A 11.50 3,910.00
2008
12.53 10.85 866.28 16.60 N/A N/A N/A 4,985.00
Unemployment Rate (%) Interest Rate (T-Bills 91 Days) % Exchange Rate (Local Currency versus USD)
2008 Market Highlights

Exchange
Botswana SE Dar Es Salam SE EGX * Ghana SE JSE Ltd Khartoum SE Lusaka SE Malawi SE Mozambique SE Nairobi SE Namibian SE Nigeria SE SE of Mauritius Uganda SE
Value Traded (USD million)

155.06 25.73 96,824.95 316.69 394,558.52 939.59 167.84 59.70 9.54 1,255.00 1,084.84 20,100.00 437.42 51.92
Volume Traded (million)

192.71 26.98 25,489.63 545.79 83,778.00 289.01 1,585.77 607.53 3.43 5,856.54 291.76 193,140.00 318.68 216.93
Market Cap. (USD billion)

3.68 3.80 85.84 14.91 549.20 4.17 4.11 1.79 0.29 10.98 78.98 80.60 4.53 2.87
Market Cap. as % of GDP

40.70 21.69 53.00 109.00 N/A N/A 40.04 44.83 1.53 31.81 14.69 41.90 56.00 24.85
Turnover Ratio (%)

3.86 0.68 70.30 2.10 71.84 5.00 0.66 3.34 3.30 11.42 1.38 21.86 9.66 1.81
# of Listed Companies
31 14 373 35 425 53 19 15 6 56 29 213 93 13
P/E
N/A N/A 9.95 26.20 10.94 N/A N/A 12.48 N/A 11.93 N/A N/A 6.17 N/A
DY
N/A N/A 8.76 2.70 4.98 N/A N/A 3.05 N/A 2.60 N/A N/A 5.14 N/A
* P/E and DY ratios are based on the most active companies only.
Comparative Market Statistics (2008 vs. 2007)

ASEA Members Trading Aggregates *
Indicators
Value Traded (USD million) Volume Traded (million) Market Capitalization (USD billion) Number of Listed Companies
2007
510,045.07 240,042.05 1,285.34 1,416
2008
515,986.80 312,342.76 845.74 1,375
% Change
1.16% 30.12% -34.20% -2.90%
* Excluding Bond Exchange of South Africa (BESA), Casablanca, Libya, Swaziland, Zimbabwe Stock Exchanges and BRVM.
ASEA at a Glimpse
Return on ASEA Member Exchanges Indices (Local Currency)

Exchange
Ghana SE Malawi SE Dar Es Salam SE Khartoum SE Botswana SE Uganda SE JSE Ltd Lusaka SE Nairobi SE SE of Mauritius Namibian SE Nigeria SE EGX
* Excluding ZCCM-IH
Index Name
GSE All Share Index Malawi All Share Index (MASI) DSEI Khartoum Index DCI USE All Share Index FTSE/JSE All Share Index All Share Index* NSE 20 Share Index SEMDEX NSX Overall Index NSE All Share Index EGX 30
Index Closing (end of year) 2007 2008

6,599.77 4,849.79 1,022.50 2,962.10 8,421.63 991.12 28,957.97 3,533.52 5,444.83 1,852.21 929.41 57,990.22 10,549.74 10,431.64 6,091.15 1,239.93 2,745.85 7,035.50 779.25 21,348.45 2,505.88 3,521.18 1,182.74 556.26 31,450.78 4,596.49
% Change
58.06% 25.60% 21.26% -7.30% -16.46% -21.38% -26.28% -29.08% -35.33% -36.14% -40.15% -45.77% -56.43%
Main Economic Indicators Market Highlights Financial Statements
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ASEA at a Glimpse
Market Capitalization
Exchange
Malawi SE Dar Es Salam SE Ghana SE Mozambique SE Lusaka SE Uganda SE Nairobi SE Khartoum SE Nigeria SE JSE Ltd Botswana SE EGX SE of Mauritius Namibian SE
2007
1.29 2.79 12.74 0.31 4.83 3.53 13.61 5.18 105.65 807.97 5.44 139.69 7.77 174.54
Market Cap (USD billion) 2008

1.79 3.80 14.91 0.29 4.11 2.87 10.98 4.17 80.60 549.20 3.68 85.84 4.53 78.98
% Change
38.44% 36.20% 17.03% -5.63% -14.94% -18.67% -19.32% -19.50% -23.71% -32.03% -32.35% -38.55% -41.72% -54.75%
Market Highlights
ASEA at a Glimpse
Value Traded
Exchange
Mozambique SE Lusaka SE Ghana SE Malawi SE EGX Nigeria SE Botswana SE Khartoum SE Uganda SE Dar Es Salam SE SE of Mauritius JSE Ltd Nairobi SE Namibian SE
Value Traded (USD million) 2007 2008

3.54 72.36 144.90 37.00 66,008.47 16,600.00 137.66 899.80 50.21 26.22 445.96 422,665.27 1,417.02 1,536.66 9.54 167.84 316.69 59.70 96,824.95 20,100.00 155.06 939.59 51.92 25.73 437.42 394,558.52 1,255.00 1,084.84
% Change
169.63% 131.94% 118.56% 61.37% 46.69% 21.08% 12.64% 4.42% 3.41% -1.87% -1.92% -6.65% -11.43% -29.40%
35
ASEA at a Glimpse
Volume Traded
Exchange
Mozambique SE Nairobi SE Ghana SE Malawi SE EGX Botswana SE Nigeria SE Namibian SE JSE Ltd SE of Mauritius Dar Es Salam SE Lusaka SE Uganda SE Khartoum SE
Volume Traded (million) 2007 2008

0.88 1,938.20 287.22 359.52 15,091.29 124.89 138,100.00 242.60 70,870.00 300.80 30.27 2,800.27 484.13 9,411.98 3.43 5,856.54 545.79 607.53 25,489.63 192.71 193,140.00 291.76 83,778.00 318.68 26.98 1,585.77 216.93 289.01
% Change
289.55% 202.16% 90.03% 68.98% 68.90% 54.30% 39.86% 20.27% 18.21% 5.94% -10.87% -43.37% -55.19% -96.93%
Market Highlights
ASEA at a Glimpse
2008 Gains in ASEA Member Exchanges Indices (local currency)

Ghana SE Malawi SE Dar Es Salam SE Khartoum SE Botswana SE Uganda SE JSE Ltd Lusaka SE Nairobi SE SE of Mauritius Namibian SE Nigeria SE EGX -75% -56% -60% -45% -30% -15% 0% 15% 30% 45% 60% 75% -16% -21% -26% -29% -35% -36% -40% -46%
Market Highlights
58% 26% 21% -7%

Main Economic Indicators Financial Statements
37
ASEA at a Glimpse
Top 5 Member Exchanges by Value Traded in 2008 (USD million)
JSE Ltd
394,559
EGX
96,825
Nigeria SE
20,100
Nairobi SE
1,255
Market Highlights
Namibian SE
1,085
Market Highlights
20,000
40,000
60,000
80,000
100,000
120,000
140,000
ASEA at a Glimpse
Gains in Value Traded (2008 vs. 2007)

Mozambique SE Lusaka SE Ghana SE Malawi SE EGX Nigeria SE Botswana SE Khartoum SE Uganda SE Dar Es Salam SE SE of Mauritius JSE Ltd Nairobi SE Namibian SE -50% -29% 0% 50% 100% 150% 200% -2% -2% -7% -11%
Market Highlights
170% 132% 119% 61%

47% 21% 13% 4% 3%
39
ASEA at a Glimpse
Top 5 Member Exchanges by Volume Traded in 2008 (million)
Nigeria SE
193,140
JSE Ltd
83,778
EGX
25,490
Nairobi SE
5,857
Market Highlights
Lusaka SE
1,586
Market Highlights
50,000
100,000
150,000
200,000
250,000
ASEA at a Glimpse
Gains in Volume Traded (2008 vs. 2007)

Mozambique SE Nairobi SE Ghana SE Malawi SE EGX Botswana SE Nigeria SE Namibian SE JSE Ltd SE of Mauritius Dar Es Salam SE Lusaka SE Uganda SE Khartoum SE -150% -97% -100% -50% 0% 50% 100% 150% 200% 250% 300% 350% -43% -55%
Market Highlights
290% 202% 90% 69%

69% 54% 40% 20% 18% 6% -11%
41
ASEA at a Glimpse
Top 5 Member Exchanges by Market Cap. End of December 2008 (USD billion)
549
JSE Ltd
EGX
86
Nigeria SE
81
Namibian SE
79
Market Highlights
Market Highlights
Ghana SE
15
20
40
60
80
100
120
140
160
ASEA at a Glimpse
Gains in Market Capitalization (2008 vs. 2007)

Malawi SE Dar Es Salam SE Ghana SE Mozambique SE Lusaka SE Uganda SE Nairobi SE Khartoum SE Nigeria SE JSE Ltd Botswana SE EGX SE of Mauritius Namibian SE -55% -60% -45% -30% -15% 0% 15% 30% 45% -39% -42%
Market Highlights
38% 36% 17% -6%

-15% -19% -19% -19% -24% -32% -32%
43
ASEA at a Glimpse
Market Cap as % of GDP (End of December 2008)

Ghana SE SE of Mauritius EGX Malawi SE Nigeria SE Botswana SE Lusaka SE Nairobi SE Uganda SE Dar Es Salam SE Namibian SE Mozambique SE 0% 2% 10% 20% 30% 40% 50% 60% 70% 80% 90% 15% 25% 22% 32% 45% 42% 41% 40% 56% 53%
109%
Market Highlights
ASEA at a Glimpse
Number of Listed Companies (End of December 2008)

JSE Ltd EGX Nigeria SE SE of Mauritius Nairobi SE Khartoum SE Ghana SE Botswana SE Namibian SE Lusaka SE Malawi SE Dar Es Salam SE Uganda SE Mozambique SE 0 35 31 29 19 15 14 13 6 100 200 300 400 500
Market Highlights
425 373 213 93

56 53
45
ASEA at a Glimpse
Turnover Ratio (End of December 2008)

JSE Ltd EGX Nigeria SE Nairobi SE SE of Mauritius Khartoum SE Botswana SE Malawi SE Mozambique SE Ghana SE Uganda SE Namibian SE
Market Highlights
71.8% 70.3% 21.9% 11.4%

9.7% 5.0% 3.9% 3.3% 3.3% 2.1% 1.8% 1.4% 0.7% 0.7% 10% 20% 30% 40% 50% 60% 70% 80%
Dar Es Salam SE Lusaka SE 0%
ASEA at a Glimpse
Comparative Valuations for ASEA Member Exchanges P/E Ratio vs. Dividend Yield (End of December 2008)
Ghana SE
P/E
Malawi SE Nairobi SE JSE Ltd EGX
SE of Mauritius
Market Highlights
10
DY (%)
47
Bond Exchange of South Africa (BESA)

Background
Bond Exchange of South Africa Limited (BESA) is an independent, licensed exchange, constituted as a public company, and responsible for operating and regulating the debt securities and interestrate derivatives markets in South Africa. BESA was granted its exchange licence in 1996 and over the past twelve years, to end 2008, has been at the forefront of market development in South Africa. As an exchange, BESA is in the business of building better markets by providing a range of platforms and services to address the needs of capital market participants, be it issuers, market makers, traders or investors. In December 2007, BESA entered a new era, successfully converting from a mutual association to a public company. This was followed by a well supported rights issue which was concluded in October 2008, successfully injecting fresh capital into the business and introducing new strategic partners to the exchange. With demutualisation and capitalisation achieved, BESA has over the past year, focused attention on furthering capital market infrastructure in South Africa through the introduction of projects such as BondClear Limited (a comprehensive clearing solution developed in partnership with NASDAQ OMX) and Justrade.com (South Africa's first online binary options exchange), in addition to continuing to advance the exchange's traditional bond franchise for the benefit of all market participants. BESA continues to serve as an effective and proactive regulator of local bond and derivatives markets, operating within the framework of the Securities Services Act 2004 (SSA) and a set of rules and directives approved by the Financial Services Board (FSB). The Exchange aims to ensure that the debt securities it lists and the market participants who trade these securities, adhere to its compliance and regulatory standards. The South African bond market remains a leader among emerging-market economies. Turnover reported on BESA in 2008 reached an annual record of R19.2 trillion nominal, topping the record set the prior year of R13.8 trillion nominal. During September 2008, the Exchange recorded a new benchmark for monthly domestic bond turnover of R2 trillion nominal. By the end of 2008, there were 1,102 bond listings on BESA by 100 various issuers, totalling R824 558 million, with a market capitalisation of R935 188 million. In USD terms, turnover on BESA increased by 18.2% to $2.3 trillion. While this was not the most aggressive growth rate recorded among the world's major exchanges, it resulted in BESA remaining the fourth largest exchange in terms of the turnover recorded for bond trades in 2008, among those exchanges monitored by the World Federation of Exchanges.
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator : www.bondexchange.co.za : Mezzanine Level, 30 Melrose Boulevard, Melorse Arch, Johannesburg South Africa : + 2711 215 4232 / + 2711 215 4100 : GMT + 2.00 : Monday - Friday : 07:00 - 18:00 Mr. Nonkululeko (Nku) Nyembezi-Heita (non-executive) Mr. Stephen Mulema Granted exchange licence in 1996 2003 BESA obtained its exchange licence from the Financial Services Board(FSB). This exchange licence serves to recognise BESA as a self regulatory organisation. Types of Markets Available Trading System Name Cash Market, Bond Market, Derivative Market Bonds Traded Better (BTB) System for Bonds (Trade Matching and Reporting System) and Intersec System for Derivatives (Reporting System) Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency Strate Limited T+3 Short Selling & Borrowing 10% No Restrictions Unavailable South African Rand (ZAR)
51
Trading Statistics
Indicators
Total Value Traded (USD billion) Total Volume Traded (billion) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio DY (%)
2006
2,010.74 1,690.25 311,948 91 91 122.80 70.64 16.37 N/A N/A
2007
2,296.33 1,962.92 327,319 104 104 122.34 69.80 18.77 N/A N/A
2008
3,024.62 2,328.69 376,805 117 117 113.22 N/A 26.71 N/A N/A
Investors Type in 2008

Local Investor vs. Foreign Investors
Local Investors 54%
Foreign Investors 46%
Bonds Statistics
Indicators
Total Value Traded (USD billion) Value Traded on Government Bonds Value Traded on Corporate Bonds
2006
1,976.68 1,886.92 89.76
2007
2,254.50 2,146.90 107.60
2008
2,595.61 2,431.27 164.34
Products
Product
Bonds ETF Derivatives
Description of the Product

Government and corporate issued bonds. 1 Exchange traded fund that tracks the performance of certain listed bonds Swaps, FRAs, On demand, Index linked
53
Indices
Index Name
ALBI COBI GOVI OTHI
Index Type (Price Index, Return Index,..etc)

The ALBI consists of 20 bonds ranking according to capitalisation and liquidity The COBI consists of corporate bonds The GOVI consists of 7 government issued bonds The OTHI consists of all the other bonds outside of the GOVI constituents
Main Index Performance

Index
ALBI
Closing 2007
258.178
Closing 2008
301.999
% Change
16.97%
ALBI Performance during 2008
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
% Change
13.02% 16.82% 16.77%
Solomon Securities Co. Ltd. Rasilimali Ltd.
Closing 2008
131.652 303.085 295.054
Closing 2007
116.481 259.438 252.676
Company Name
Top Brokerage Firms in 2008
Other Indices Performance
Tanzania Securities Ltd.
Orbit Securities Co. Ltd.
Core Securities Ltd.
Index
COBI GOVI OTHI
Company Name
55
Achievements
February 2008 Development Bank of Southern Africa lists new fixed rate note DV22 for R1 billion nominal March 2008 Airports Company Limited issues commercial paper to the value of R1.2 billion nominal April 2008 Inguza Investments issues commercial paper programme totalling R15 billion nominal (authorised) African Development Bank raises R2 billion nominal Fixed Rate Notes Auto Series Asset Backed Securitisation R1.2 billion nominal listed Capitec Bank Limited first micro lender to list Domestic Medium Term Note Programme (DMTN) with R2 billion nominal (authorised) June 2008 Rolled out a limited PMO (Project Management Office) City of Johannesburg raises R2.6 billion nominal through fixed rate notes, COJ05 and COJ06 SA National Roads Agency issues R10 billion nominal (authorised) through a DMTN programme July 2008 Mercedes Benz lists R18 billion nominal (authorised) DMTN programme August 2008 Fintech lists R797 million nominal Equipment Receivables Securitisation September 2008 BESA hits record monthly turnover of R2 trillion nominal BESA launches Justrade.com, South Africa's first online binary options exchange BESA signs agreements with Nasdaq OMX for the establishment of BondClear 16 September 2008 - BESA is awarded the accolade for Most Innovative Capital Markets Regulator in Africa at the Africa Investor Index Series Awards in New York
October 2008 8 October 2008 - BESA successfully completes its capitalisation transaction through a rights issue and introduction of new strategic partners. R80.8 million in fresh capital injected into the exchange 31 October 2008 - completed the formulation of BESA's IT strategy going forward Following the successful rights issue, NZX becomes the largest shareholder in BESA JSE Limited puts forward an offer to purchase 100% of the issued shares in BESA November 2008 Completed the IT handover with Peresys Equipment Rentals lists R842 million nominal Equipment Receivables Securitisation Transnet Limited issues R800 million nominal fixed rate note under DMTN Programme December 2008 31 December 2008 - Record annual bond market turnover of R19.2 trillion nominal for 2008 (a 39% increase on 2007's performance of R13.8 trillion nominal) City of Johannesburg raises R900 million As at December 2008, there were eleven contributors of data to BESABONDS which BESA intends building upon in order to rapidly increase the amount of data collected through the platform for the purposes of disseminating it to a broader audience in 2009, as a means of contributing towards increased price transparency in the local bond market. Major improvements are expected in 2009 with real time data feeds for yields and indices being made available to data vendors. Major improvements are also expected with regards to the performance and quality of these feeds.
57
The Effect of the Global Financial Crisis on BESA

The sub-prime mortgage crisis that reared its head in the USA during the latter part of 2007 sent global financial markets into a spin. This led to the demise of well established and renowned global financial institutions and investment banks in September 2008. South Africa, as an emerging market, was fairly sheltered from the debris of this storm in 2008. The turmoil in the global financial markets did, however, have some impact on the domestic economy. As a result, the expansion of the local primary bond market came under pressure particularly towards the latter part of 2008, owing to a combination of increased risk aversion and higher debt spreads. Although BESA's bond listings showed a growth of 5.6% in 2008 y-o-y, this was the slowest growth rate recorded since 2002. The slowdown in listings growth was affected primarily by contractions in the categories of securitisations and other corporates such as mining, insurance, food, telecommunications, transport companies and health but excluding banks. The redemptions in these categories proved to be higher than the issuances recorded. The level of short-term borrowing in the form of commercial paper showed an increase, particularly in Q3 and Q4 of 2008 as corporates became more inclined towards these instruments in the wake of the negative sentiments filtering down to the local financial markets. In contrast, issuance by government and state-owned enterprises propped up growth in total listings. The stresses experienced in global financial markets also filtered through to the domestic secondary bond market. The third and fourth quarters of 2008 were, for the most part characterized by higher outflows of capital from the domestic bond market as foreigners fled to the relative safety of US Treasuries. The highest outflow by foreign investors in 2008 was recorded in October at R20.6 billion; it was, however, followed by net inflows of R4.8 billion in November. The increased activity on the secondary market, however, boosted the total turnover observed by BESA in 2008. Turnover came in at a record R19,2 trillion in 2008, a 39% increase from 2007. Repo transactions also contributed significantly to the higher turnover recorded on BESA during 2008, accounting for 62% of the total. The proportion of repo transactions recorded was driven by the higher demand for liquidity in the market. This was particularly evident in September when the impact of the global crisis on the financial markets was at its peak.
Ongoing Plans
During the fourth quarter of 2008, BESA received a purchase offer from the JSE Limited, which was approved by BESA's shareholders in February 2009. The transaction is currently being subjected to the scrutiny of the South African Competition Commission. The Commission is a statutory body constituted in terms of the Competition Act, No 89 of 1998 by the Government of South Africa and is empowered to investigate, control and evaluate restrictive business practices, abuses of dominant positions and mergers in order to ensure equity and efficiency in the South African economy. If approved, it is expected that the merger would result in BESA being fully integrated into the JSE, as a subsidiary, possibly by June 2009. The subsidiary would continue to focus on the development of the South African debt markets. However, the expertise of both exchanges would be utilised to develop a centralised market in fixed income derivatives in consultation with market participants. A consultative process would also be employed to assess the current functioning of the local debt market with a view to introducing improvements. The latter might centre on pricing transparency, trading methodology, clearing, and a review of existing products. In the interim, BESA continues to operate business as usual. Should the merger not be approved by the Competition Authorities, BESA would continue to pursue its expansionary plans, utilising the capital raised in 2008 to fund and realise key projects. Among such projects is the development of a clearing facility for the debt market, initially targeting derivatives products, in partnership with Nasdaq OMX. This is the BondClear project, which was launched (in 2007) but is not yet active. From an operational perspective, domestic financial markets, like global financial markets, are expected to be sluggish in 2009, with negative consequences for the growth of debt listings on the Exchange and turnover volumes in the secondary market. However, it is hoped that BESA's revised pricing strategies will minimise the negative financial impact on the Exchange. Generally, the next couple of years are expected to be challenging for domestic capital markets and their growth trajectory.
59
Botswana Stock Exchange

Background
The Botswana Stock Exchange is Botswanas national stock exchange given the responsibility to operate and regulate the equities and fixed interest securities market. Formally established in 1989, the BSE continues to be pivotal to Botswanas financial system, and in particular the capital market, as an avenue on which government, quasi- government and the private sector can raise debt and equity capital. The BSE plays host to the most preeminent companies doing business in Botswana. These companies represent a spectrum of industries and commerce, from Banking and Financial Services to Wholesaling and Retailing, Tourism and Information Technology. The main law which governs all the activities between the Exchange and its members, the proceedings of the main committee and its composition; the relationship between the Minister and the Exchange together with the relations between the Registrar, the exchange and members of the exchange is the Botswana Stock Exchange Act No 11 of 1994. The members have promulgated Rules (Members Rules) which provide for the requirements to be fulfilled for the securities listed and trading on the Exchange. Members Rules provide as the main objective thereof, to operate a Stock Exchange in Botswana with due regard to the public interest, and to maintain fair and efficient dealing in securities for the protection of investors and to 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 the 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.
Bond Exchange of S. Africa
Bond Exchange of S. Africa Botswana SE
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency : www.bse.co.bw : Private Bag 00417 Gaborone Botswana : +267 3190201 / +267 3180175 : GMT + 2.00 : Monday - Friday : 9:30 - 10:00 Mr. R Desai Lame Masire 19-Jun-89 NA Ministry of Finance and Development Planning Equity Market, Bond Market Open Outcry Central Security Depository system T+4 Day Trading 15% Dividend, 10% interest and 0% on Capital Gain No Restrictions Unavailable Pula
61
Botswana SE
Trading Statistics
Indicators
Total Value Traded (USD million) Total Volume Traded(million) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion)* Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio DY (%)
* For Domestic Companies
2006
71.58 87.25 4,172 31 31 4.09 28.40 1.76 16.30 3.80
2007
137.66 124.89 6,378 31 31 5.44 39.93 2.88 15.60 3.10
2008
155.06 192.71 5,272 31 31 3.68 40.70 3.86 NA NA
Bond Exchange of S. Africa Botswana SE
Sectors Traded
Sectors Traded on the Stock Exchange
Banking Financial Services and Insurance Retail, Wholesaling and Consumer Staples Property and Property Trust Mining and Material Health Care and Emergency Services Security Services Information Technology Energy Transport and Tourism
Number of Companies Included in Each Sector 2008

4 6 5 3 9 0 1 1 1 1
Most Active Sectors in 2008

Sector Name
1 Banks 2 Financial Services and Insurance 3 Retail, Wholesaling and Consumer Staples
Sector Name
4 Mining and Material 5 Property and Property Trust
Bonds Statistics
Indicators
Total Value Traded (USD million) Value Traded on Government Bonds Value Traded on Corporate Bonds
2006
N/A N/A N/A
2007
30.34 30.18 0.16
2008
73.23 69.23 4.00
Products
Product
Stocks Bonds

Common Stocks Government and Corporate bonds
63
Botswana SE
Indices
6000
7000
8000
9000
FCI
Index
ACI DCI FRSI LASI DFSI
DCI
Index Name
Jan-08
ASEA Yearbook 2008
DCI Performance during 2008
Feb-08 Mar-08 Apr-08 May-08
Jun-08
64
Closing 2007
8,421.60
Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
Price Index
Price Index
Price Index
Return Index
Return Index
Return Index
Closing 2008
7,035.50 -16.46%
% Change
Botswana SE
-45.84% -44.10%
Value (USD million)

Botswana Stock Exchange has launched 3 new indices, LASI, DFSI, and FRSI in February 2008.
% Change
Closing 2008
1,191.99 1,328.94
Closing 2007
2,200.90 2,377.56
Oct-08
Date
4.80
Index
FCI ACI
IPOs
Funeral Service Group Limited
Company
65
Dar-Es-Salaam Stock Exchange (DSE)

Background
Dar es Salaam Stock Exchange (DSE) was incorporated in 1996 as a company limited by guarantee without a share capital. It became operational in April, 1998. The DSE is a non-profit making body created to facilitate the Government implementation of the economic reforms and in the future to encourage wider share ownership of privatized and all the companies in Tanzania. The securities currently being traded are ordinary shares of fourteen companies, six corporate bonds and several Government bonds of two, five, seven and ten years tenure. In terms of organization structure, the DSE is governed by a Governing Council, which consists of 10 members drawn from various interested groups in the society. The DSE membership consists of Licensed Dealing Members (LDMs) and Associate Members. LDMs are allowed access to the trading floor. Associate members are institutions and companies which support the DSE.
Bond Exchange Bond Exchange of S. Africa of S. Africa
Bond Exchange Bond Exchange Dar Es Salaam SE Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
Profile
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person
: NA : Samora Avenue, Twiga Building 4th Floor, P.O.Box 7008, Dar es Salaam, Tanzania : +255 22 2123983 / +255 22 2128522 / +255 22 2133849 : GMT + 3.00 : Monday - Friday : 10:00 - 12:00 Mr. Peter L. Machunde Mr. Jonathan A. Njau 19-Jun-89 NA Capital Market & Securities Authority Cash Market, Bond Market Millennium Trading System -ATS The Stock Exchange T+5 Online Trading Zero capital gain opposed to 10% unlisted companies, 5% tax on dividend income, 10% on unlisted companies. Foreign Investors are allowed to invest 60% in aggregate of share capital of any listed company, then six months lock in period before exit is allowed. No investment in government bonds.
Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation
Commodities Exchange Name of Local Currency
Unavailable Tanzania Shillings
67
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Dar Es Salaam SE Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
Trading Statistics
Indicators
Total Value Traded (USD million) Total Volume Traded (million) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio DY (%)
2006
16.41 23.09 9,245 10 5 2.44 17.18 0.67 N/A N/A
2007
26.22 30.27 15,135 10 6 2.79 15.06 0.94 N/A N/A
2008
25.73 26.98 15,768 14 8 3.80 21.69 0.68 N/A N/A

Foreign 3% Investors
Individuals vs. Institutions

10% Institutions
Local Investors 97%
Individuals 90%
Sectors Traded

Banks Other Services Industrial Goods, Gas and Oil Beverages Manufacturing Agro-processing Industry General Investment and Other Portfolio

2 1 1 1 3 1 1

Sector Name
1 Manufacturing 2 Beverages 3 Banks
Sector Name
4 Other Services 5 Agro-processing Industry
Bonds Statistics
Indicators
2006
42.91 41.96 0.95
2007
N/A N/A N/A
2008
36.54 36.54 N/A
Products
Product
Stocks Bonds

All common stocks Government Bonds and Corporate Bonds
69
Indices
1050
1150
1250
1350
950
TSI
Index
DSEI
DSEI
Index Name
Jan-08
ASEA Yearbook 2008
DSEI Performance during 2008
Feb-08 Mar-08 Apr-08 May-08
Jun-08
70 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
Closing 2007
1,022.50 1,239.93 21.26% Price Index Price Index
Closing 2008 % Change
Value (USD million)

11.72 1.17 49.21
Solomon Securities Co. Ltd. Rasilimali Ltd.
15-July-2008
16-Sep-2008
Company Name
6-Nov-2008
Date
Tanzania Securities Ltd.
Orbit Securities Co. Ltd.
IPOs
CORE Securities Ltd.
Company Name
NICOL
NMB
DCB
Company Name
71
Achievements
The DSE is proud of its recent achievements that have placed itself on the key position as a key vehicle for investment and rising of capital for companies. Some of the areas where the DSE made notable achievements include increased listing activities, celebration of 10th anniversary and official launch of ATS, public awareness campaigns and establishment of Business Continuity Policy. Listing Activities Looking at 10 years back, the DSE had only one company listed on the Exchange. Since then there was slow pace in listing activities on which the DSE was listing one company or none was listed per year. By the end of year 2007 there were 10 companies listed on the Exchange. In the year 2008 alone, the DSE managed to list four companies making a total of 14 listed companies. New listed companies were National Investment Company Limited, National Microfinance Bank, Dar es Salaam Community Bank and Kenya Commercial Bank (crosslisted). This increase has not only provided investors with a wider choice of investment avenues but also increased market liquidity.
Celebration of 10th Anniversary and Official Launch of Automated Trading System The DSE recorded a milestone since its inception by celebrating its 10th Anniversary ceremony. The event was coupled with number of events including official launch of the ATS, display of products produced by listed companies and publication of 10th Anniversary special journal narrating development of capital markets in Tanzania. The Official launch of the ATS by the Minister for Finance and Economic Affairs of the Government of United Republic of Tanzania, Mr. Mustafa H. Mkulo (MP) was a farewell sign to the open-out-cry trading system and moving to the club of automated exchanges in the world. The introduction of ATS has not only modernized trading, clearing and settlement system but also has saved time and human resources.
Public Awareness Education programs The DSE has continued to educate the public on capital markets operations. In year 2008 the DSE made a major step to prepare and various broadcast radio and TV programmes which were aired to educate general public on issues about capital markets. The DSE participated in trade fair and conducted seminars to potential issuers on the new market, the Enterprise Growth market seminars which will cater for SMEs and start-up companies with growth potential.
Establishment Business Continuity Policy In 2008, the DSE established Business Continuity Policy that spells procedures needed to be in place to ensure that DSE operations are not affected by any disruptions that may occur in the market. The policy requires the DSE to have a disaster recovery site to mitigate the risks of failure to undertake its functions as a result of unforeseeable disruptions such as fire.
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The Effect of the Global Financial Crisis on DSE

The ongoing Global Financial Crisis has so far limited impact on Tanzanian financial markets due to existing restrictions on capital account transactions, more so for short-term capital movement to protect national economies from vulnerabilities associated with global financial system volatility and multinational corporate abuse. Financial institutions are less involved in the highly sophisticated financial transactions and products as practiced in developed and some developing countries. The impacts of global financial crisis are likely felt on the country's real economy as exports, investments and plans of companies would be affected by the troubled world economy. These have indirect impact on the performance of the DSE because listed companies may not achieve their plans hence lessening profitability and dividends. New investments and expansion of businesses may not materialize leading to limited trading activities on the DSE. One of indirect impact of the crisis is foreign investors' participation on secondary trading on the Exchange; their participation has been low since the global financial crisis started. In the past the DSE had experienced high participation of foreign investors in buying of shares of newly listed companies when they start trading on the Exchange. This has not been the case after the World financial crisis started. There has been poor turn up of foreign investors in recent Initial public offerings of National Investment Company Limited Company, Dar es Salaam Community Bank and the National Microfinance Bank which were listed during July - December 2008. However, unlike other securities markets, the DSE has maintained an upward movement of its share index. Prices of securities have been maintained and some kept increasing over time. As the future is not predictable and the DSE's future move to regional integration, there is likelihood that global financial crisis will have direct impacts on its performance.
Ongoing Plans
Enterprise Growth Market Segment The DSE is optimistic that the next five years are going to be years of much faster development for the Tanzanian capital markets. Programs have been put in place for the launching of the Enterprise Growth Market (EGM) segment that will cater for medium and start-up companies with great potential for growth. At the moment the DSE in collaboration with Capital Markets and Securities Authority are conducting seminars to potential issuers and investing public about raising capital through EGM Window. Listing of companies on this segment, will certainly increase market liquidity and provide long-term capital for SMEs.
Introduction of Municipal Bonds DSE intends to be a central player and the most preferred place for capital mobilization in Tanzanian economy. In this regards, it focuses to collaborate with the Bank of Tanzania and Capital Markets and Securities Authority to introduce municipal bonds to enable Local Government raise long term funds to finance their infrastructural projects. Increased Listing of Securities The DSE is expecting more than two new companies to be listed equities in the year 2009. The Government is continuing list more Treasury bonds. Some companies are also opting to raise funds by issuing corporate bonds to finance their long-term projects.
Integration of East African Securities Exchanges To integrate trading, clearing and settlement infrastructures within East African Community (EAC) is another future outlook of the DSE. It is expected that the integration will allow market participants to trade in the four East African markets hence consolidate market liquidity across the region, increase visibility of the EAC's capital markets to foreign investors and act as a single access point to capital and capital and liquidity across the market.
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Improved Operations of the DSE The introduction of the National Payment System is another development in place under the Bank of Tanzania (BOT) in collaboration with different financial market players. Introduction of this system will enable the DSE settlement system to be improved to T+3. Further, the DSE in collaboration with the BOT has established a Business Continuity Plan on which the BOT will finance disaster recovery site and equipment to mitigate DSE's operational risks.
The Egyptian Exchange (EGX)

Background
The Egyptian Exchange (EGX), formerly Cairo & Alexandria Stock Exchanges (CASE), dates back to more than 125 years. Operating through two locations, the Alexandria Stock Exchange was officially established in 1883, followed by Cairo Stock Exchange in 1903. The market was very active in the 1940's and the Egyptian Exchange ranked fifth in the world. Nevertheless, the socialist policies adopted in the mid 1950 are led to a drastic reduction in activity on the 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 stateowned enterprises through the privatization program, which provided the impetus for its revival. In 1997, the Presidential Decree No 51 was issued, defining the shareholding and the governance structure of the Stock Exchange. As per the Decree, both exchanges are managed by the same Chairman, same Board of Directors and same rules. The Chairman is appointed by the Prime Minister, whereas the Board of Directors are elected from market participants, representatives of the Capital Market Authority (CMA), the Central Bank of Egypt (CBE) and the banking sector. During that year, EGX started its modernization program in terms of legislation and infrastructure to keep abreast with globalization and internationalization. On 9 June 2008, Law No 123, amending certain provisions of the Capital Market Law No 95 of 1992, was issued. According to the Law, there shall now be one entity called The Egyptian Exchange, replacing both Cairo & Alexandria Stock Exchanges, which allows the Exchange to build a new brand name.
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Dar Es Salaam SE Bond Exchange Bond Exchange of S. Africa of S. Africa
Bond Exchange Bond Exchange Dar Es Salaam SE of S. Africa of S. Africa
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency : www.egyptse.com : 4A Sherifein St, Down Town, Cairo, Egypt. : 202 23933984 / 202 23970430
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
Egyptian SE
: GMT + 2.00 : Sunday - Thursday : 10:30 - 14:30 Mr. Maged Shawky Ms. Nevine Mansour Alexandria (1883), Cairo (1903) NA Capital Market Authority Cash Market, Bond Market X-Stream Misr for Central Clearing, Depository and Registry T+2 Intra-day Trading, Online Trading No Tax Rates No Restrictions Unavailable Egyptian Pound (L.E)
Trading Statistics
Indicators
Total Value Traded (USD billion) Total Volume Traded (billion)
2006
50.18 9.08 6.82 595 407 93.35 72 48.70 21.03 4.16
2007
66.00 15.10 9.02 435 337 139.69 86 38.73 19.09 5.10
2008
96.82 25.49 13.46 373 322 85.84 53 70.3** 9.95 8.76
Egyptian SE
Total Number of Transactions (million) Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio * DY (%) *
* P/E and DY ratios are based on the most active companies only. ** After excluding deals

Local Investor vs. Foreign Investors*
Foreign Investors 30% Individuals 66%
Individuals vs. Institutions*
Local Investors 70%
Institutions 34%
*Excluding deals
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Sectors Traded
Banks Basic Resources Chemicals Construction and Materials Financial Services excluding Banks Food and Beverage Healthcare and Pharmaceuticals Industrial Goods and Services and Automobiles Media Oil and Gas Personal and Household Products Real Estate Retail Technology Telecommunications Travel & Leisure Utilities
Egyptian SE

23 15 16 49 43 38 22 44 1 5 28 34 11 4 3 33 4

Sector Name
1 Personal & Household Products 2 Industrial Goods, Services & Automobiles 3 Real Estate
Sector Name
4 Financial Services excluding Banks 5 Travel & Leisure
Bonds Statistics
Indicators
Total Value Traded (USD billion) Value Traded on Government Bonds
2006
1.94 1.88 0.07
2007
4.36 4.33 0.03
2008
3.66 3.63 0.03
Egyptian SE
Value Traded on Corporate Bonds
Products
Product
Stocks Bonds Mutual Fund ETFs

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. 3 closed ended funds Rules & Regulations are issued. Belton Financial is currently preparing to launch the first ETF on EGX30 Index
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Indices
Index Name
CASE 30 Index
Egyptian SE

CASE 30 Index is a free float market capitalization weighted index.

Index
CASE 30 Index
Closing 2007
10,549.74
Closing 2008
4,596.49
% Change
-56.43%
CASE 30 Index Performance during 2008

14400 11300 8200 5100 2000 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
Sector Indices Performance

Index Name
Banks Index Basic Resources Index Chemicals Index Construction and Material Index Financial Services excluding Banks Index Food & Beverages Index Healthcare & Pharmaceuticals Index Industrial Goods & Services & Automobiles Index Personal & Households Products Index Real Estate Index Telecommuncation Index Travel & Leisure Index
Closing 2007
1,590.96 1,209.11 1,138.08 1,902.58 1,450.46 1,101.30 1,203.75 2,825.34 1,088.34 2,190.33 1,218.52 1,917.30
Closing 2008
845.23 550.42 789.21 864.42 528.09 915.19 972.31 1560.13 491.5 670.02 477.59 565.23
% Change
-47% -54% -31% -55% -64% -17% -19% -45% -55% -69% -61% -71%
Egyptian SE
IPOs
Company Name
Palm Hills Development Maridive & Oil Services Misr Duty Free Shops* Pioneers Holding*
* The company's offering was executed in the primary market
Date
Apr-08 Apr-08 May-08 Jun-08
Value (USD million)

338.57 271.85 1.83 164.53

Company Name
Financial Brokerage Group Beltone Securities Pioneers for Securities
Company Name
Hermes Securities Brokerage Commercial International Brokerage Company
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Achievements
Regulatory Framework 22 September The amendment of EGX rules to introduce the rules governing the issuance of Egyptian Depository Receipts (EDRs), and to accommodate for the listing of new products such as ETFs and sukuks. The amendments also included the change of EGX listing schedules to have two schedules; one for listing Egyptian securities and the other dedicated for foreign securities listings.
Egyptian SE
Technological Development 27 November EGX has upgraded its trading platform and launched the Nasdaq OMX high performance "X-Stream" solution, replacing the trading system "EFA Horizon" trading system. The new system is built to provide a much larger capacity, reduced cost and ease of operation through a fully integrated trading platform, capable of handling equities, debt, ETFs, futures, options, swaps and derivatives on a single platform. From another perspective, the new trading system allows the introduction of the market makers system, together with the possibility of having a price discovery session to determine the opening prices.
New Products and Market Development 15 April EGX, in collaboration with Eitesal Association, held a workshop for Mid & Small ICT companies, highlighting the benefits of getting listed on NILEX. The workshop was attended by representatives from 70 ICT companies.
16 April 27 new companies were added to the list of companies that are traded without price limits in the market to enhance market liquidity and depth as well as reduce price manipulation on those companies. 11 June The Listing Committee has approved the listing of Masria Card and El-Badr Plastic companies on Nilex through their nominated advisor (Naeem Financial Investments). Masria Card has an issued capital of LE 10.8 million, while El-Badr Plastic issued capital is LE 1.7 million 15 June EGX agreed with the Industrial Modernization Center (IMC) to provide necessary support to potential mid and small cap companies to help them getting listed on Nilex. In that respect, IMC agrees to finance up to 80 percent of the costs associated with the listing process on Nilex and to promote the benefits of joining the stock market to industrial companies. 2 July The Listing Committee has approved the listing of TN Holdings for Investment on Nilex, through its nominated advisor; Naeem Financial Investments, with an issued capital of LE 20 million
Egyptian SE Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
16 November The French BNP Paribas Bank, one of the leading international banks, launched the first Exchange Traded Fund (ETFs) on the DJ CASE Egypt Index. The launched ETFs are traded on Euronext-Paris in Euros. 3 December The Capital Market Authority granted new licenses for five institutions to act as nominated advisors for medium and small companies, wishing to get listed on Nilex.
85
Egyptian SE
International Relations 16 January EGX received an official delegation from the Libyan Stock Market to get an overview about the functions and working mechanisms of the different departments at EGX. 4 February EGX received a visit from Pakistan Stock Exchange for a quick orientation of the different departments of EGX. 19 February EGX received official delegation from Khartoum Stock Exchange to study EGX indices as well as the capital adequacy techniques and measurements that are used by EGX. 25-26 February EGX hosted the sixth Developing Markets' Forum of the World Federation of Exchanges (WFE), which discussed significant development issues related to global capital markets. The Forum provided all member exchanges with opportunities for high-level dialogue on market developments and areas of future co-operation. The meeting also serves to promote the integration between EGX, the Middle East and North Africa's premier markets as well as global financial markets. 27 February EGX signed a Memorandum of Understanding (MOU) with Cyprus Stock Exchange. The main areas of cooperation addressed in the MOU include exchange of information regarding regulatory framework, trading systems and indices creation as well as exchanging experts and experiences for the respective benefit of both securities markets. EGX hosted the15th Executive Committee meeting of the African Securities Exchanges Association (ASEA).
12 March Lord Mayor of London; Alderman David Lewis, accompanied by a prominent delegation of British financial institutions, visited EGX to learn about the latest development on the Egyptian capital market front and to explore the areas of cooperation between Egypt and the United Kingdom and the means of increasing British investments in Egypt. 19-23 August EGX received a visit from Palestine Stock Exchange delegation to get an overview about the functions of the different departments of EGX, with a focus on the Margin Trading rules and regulations and how is it being operated in EGX. 15 September EGX won the award of the most innovative African Exchange during the annual Summit organized by Africa Investor (Ai) in collaboration with NYSE Euronext. "Ai Index Series Awards" was launched as a set of awards that recognize stock markets, regulators, listed companies, IPO's, fund managers and stockbrokers in the African region. Choosing EGX as the most innovative Exchange was based on objective criterion, including the initiatives and programs implemented by the Exchange in improving the Exchange's regulatory framework, products as well as its technical and technological infrastructure. The ceremony of the "Ai Index Series Awards" was attended by over 100 senior executives from across Africa and the rest of the world. 16 October EGX Chairman was elected as a Board member of the World Federation of Exchanges (WFE) Board of Directors, that is comprised of 15 members. 14-18 December EGX received an official delegation from Zagreb Stock Exchange, as part of activating the bilateral programs among members of the Federation of Euro-Asian Stock Exchanges (FEAS).
Egyptian SE Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
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Egyptian SE
The delegation were introduced to the Margin Trading and Short Selling mechanisms that are being applied by EGX.
Public Awareness January Borsa Step X Step visited Cairo University to give lectures about basics of investment, with more than 200 students attending the lecture. March Borsa Step X Step visited Mansoura University for a week. The forum was attended by more than 500 students. July Borsa Step X Step visited 3 Universities in 3 governorates, namely; Mansoura, Damietta & Alexandria Universities. The forum was attended by more than 2000 students. August Borsa Step X Step visited the Faculty of Commerce in Alexandria University to give lectures about the basics of investment, with almost 1000 students attending. October Borsa Step X Step provided educational sessions about investment basics to the Banking and Finance Center in Mansoura University. 25-26 November EGX held a workshop for educating the Press about the trading mechanism on EGX, as well as the proper economic and business writing techniques. The workshop was attended by more than 40 journalists from numerous journals in Egypt.
The Effect of the Global Financial Crisis on EGX

As essential provider of liquidity, EGX is committed to be open and maintain an orderly market and trading hours for market participants. The Exchange was therefore, never closed during the financial crisis or during highly volatile days. EGX also remained committed to issuers to provide them with access to capital for growth, in particular the financing of small and medium enterprises. The Exchange also maintained its involvement in enhancing the value and transparency of financial reporting. EGX worked on curbing the high volatility in the market with some modifications in its trading rules. In that respect, EGX decided to incorporate 20 percent price limits on the orders placed on the trading system for the shares traded without price limits, which had a great impact on reducing the unjustified price declines. Moreover, the pre-opening session was introduced with the launch of the new trading system, which helps in determining the best prices that ensure the highest liquidity, while preventing manipulation. From another perspective, EGX has maintained its promotional efforts, highlighting the Egyptian market competitive advantages to both domestic and foreign investors, in particular with the current attractive stock prices and the existence of numerous reports announced by international institutions asserting that Egypt is one of the least vulnerable economies to the global financial crisis.
Egyptian SE
89
Ongoing Plans
Continuous development of the regulatory infrastructure to increase the quality of services and ensure investor protection. Increasing the product mix available to investors by listing and trading ETFs, Sukuks and later derivatives...etc. Encouraging dual listing of blue chip companies and more investment flows to the market. EGX plans for three road shows covering the US, Far East and the MENA regions. Listing selected prominent and fast growing mid and small cap companies on Nilex. Introducing the online membership system that will connect all EGX members with the Exchange. Introducing more indices to the market to respond to the market needs of market participants and help them tracking a larger segment of traded companies in the Egyptian market. EGX will launch during the first quarter of 2009 EGX 70 Index, which is a price index comprising of the top 70 companies in terms of liquidity and activity, after excluding CASE 30 Index constituents.
Egyptian SE
Ghana Stock Exchange

Background
The Ghana Stock Exchange was incorporated in July 1989 as a private company limited by guarantee under Ghana's Companies Code, 1963. The Exchange however, changed its status to a public company limited by guarantee in April 1994. Trading on the floor of the Exchange commenced in November 1990. 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 acts as the Board of Directors with all powers and functions of a Board under the Companies Code. The Council sets the policies of the Exchange and its functions include preventing frauds and malpractices, maintaining good order among members, regulating stock market business and granting listing. The Exchange has a management team headed by the Managing Director, which oversees the dayto-day operations and implementation of policies.
91
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency : www.gse.com.gh : 5th & 6th Floor Cedi House, P.O Box 1849, Accra : + 233-21 669908 - 669914 - 669935 - 664715 / 233-21 669913 : GMT : Monday - Friday : 9:30 - 12:00 Mr. Frank Adu (Jnr) Mr. Kofi Yamoah (MD); Mr. Ekow Afedzie (GM) 1990 NA Securities & Exchange Commission Cash Market, Bond Market Manual Continuous Auction Trading System The Stock Exchange T+3 Unavailable 8% Withholding tax on dividend, No tax on capital gains till 2010 No Restrictions Unavailable Ghana Cedi (GH)
Egyptian SE
Egyptian SE
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
Ghana SE
Trading Statistics
Indicators
Total Value Traded (USD million) Total Volume Traded (million) Total Number of Transactions Number of Listed Companies Number of Traded Companies
Egyptian SE
2006
51.56 98.29 N/A 32 32 12.18 97 0.42 20.70 4.17
2007
144.90 287.22 N/A 32 32 12.74 96 1.14 20.50 3.08
2008
316.69 545.79 N/A 35 35 14.91 109 2.10 26.20 2.70
Egyptian SE Ghana SE
Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio DY (%)
93
Sectors Traded
Manufacturing Finance & Insurance Food & Beverages Distribution/Oil Publishing & Printing Agriculture ICT Mining
Egyptian SE

9 11 3 4 2 2 2 2
Egyptian SE
Ghana SE

Sector Name
1 Financials 2 Manufacturing 3 ICT
Sector Name
4 Distribution/Oil 5 Food & Beverages
Bonds Statistics
Indicators
Total Value Traded (USD million) Value Traded on Government Bonds Value Traded on Corporate Bonds SCB Medium Term Notes
Egyptian SE
2006
355.82 353.32 2.50 NA
2007
2,769.56 1,373.16 6.40 1,390.00
2008
0.165 0.160 0.001 0.004
Products
Product
Stocks Bonds

Common Stocks, one preference share, one depository share. Government bonds, Dollar denominated Corporate bonds and Medium Term Notes
95
Ghana SE
Egyptian SE
Indices
IPOs
Index Index Name
Company Name
ASEA Yearbook 2008
GSE All Share Index GSE All Share Index
Golden Star Resources Ltd
UT Fianancial Services Ltd
Egyptian SE
96
Closing 2007
6,599.77
Price Index
Date Value (USD million)
Nov-08
Jan-08 21.98 4.70
Closing 2008
10,431.64 58.06%
% Change
Egyptian SE
Ghana SE
The Exchange's Automation Project was certainly its principal achievement in 2008. The GSE Depository Company became fully operational in November 2008. It is expected that the Automated Trading as well as the Clearing and Settlement System will go live in March 2009.
Achievements
97
Egyptian SE
The Effect of the Global Financial Crisis on GSE

The GSE was not negatively affected by the global financial crisis, where a year to date gain of 58.06% on the index was achieved by end December 2008. The GSE All- Share index ended the year with 10,431.64 points compared to 6,599 points in 2007. This gain was well above the 24.66% interest equivalent on 91-day Treasury bills. The US dollar in 2008 rose by 24% against the Ghana cedi. [In US dollar terms, the GSE Index growth was 28%.] Therefore the market outperformed Treasury Bills, bank fixed deposits and investment in the US dollar.
Egyptian SE
Egyptian SE
Ghana SE
Ongoing Plans
The Ghana Stock Exchange will go live with an automated trading platform. The electronic Clearing and Settlement System will also be implemented. In 2009, the Exchange also expects to facilitate primary market activities through encouraging and subsequent listing of potential listed companies on the Exchange. These will include equities and debt instruments. The Exchange will also step up its public education among the investing public throughout 2009 to ensure that the automated trading, electronic clearing and settlement as well as the depository system are widely accepted.
Egyptian SE
99
JSE Limited
Background
The JSE Limited has operated as a market place for the trading of financial products for 120 years. The exchange was established in a miners tent in November 1887, when Johannesburg was a new gold-rush town. Trading was done by way of open outcry on a trading floor, and the exchange was run as a stockbroking member organisation with a president chairing a committee of members. Operations continued in central Johannesburg until 2000, when the exchange moved to Sandton, the modern business district. That same year, it changed its name from the Johannesburg Stock Exchange to JSE Securities Exchange South Africa. In 2001 a new constitution was adopted and the first board was appointed, replacing the committee. In 1995, at a time when the newly democratic South Africa was rejoining the rest of the world, the Listings Division brought its practices in line with international best practice. It was the end of an era when the trading floor closed in 1996, after 108 years, and trading began on the Johannesburg Equities Trading (JET) system. Another important technological change came in 1999, when the exchange adopted the electronic settlement of trades. STRATE, which stands for Share Transactions Totally Electronic, dispensed with paper certificates and allowed trade to be settled from anywhere in the world, through the international network SWIFT. The next big innovation was the listing of the first exchange traded fund (ETF), in 2000. This was the Satrix 40, which tracks the performance of the JSEs top 40 shares. More ETFs, tracking financial, industrial and resources shares, followed in subsequent years. Perhaps in a sign of the times, Swix, listed in 2006, limits exposure to resources stocks. The JSE acquired the business of the South African Futures Exchange (SAFEX) in 2001. It now has two divisions: SAFEX Equity Derivatives and SAFEX Agricultural Products. Also in 2001, the JSE concluded two agreements with the London Stock Exchange (LSE), covering data dissemination, dual listings, remote membership and shared technology (the world-class SETS trading system).
Egyptian SE
The FTSE/JSE Africa Index Series was launched in 2002, and in 2006 these indices were reclassified according to the FTSE/Dow Jones Industry Classification Benchmark. 2003 brought the Alternative Exchange, or AltX, Africas first market for small to medium and growing companies. As corporate governance became a greater concern worldwide and black economic empowerment took shape in South Africa, the JSE set up a Social Responsibility Investment Index in 2004, consisting of 51 companies. It measures these companies triple bottom line performance: environmental, economic and social sustainability. Yield-X, the interest rate exchange, was established in 2005. That year too, the exchanges name changed again, to JSE Limited. The listing of the JSE itself on 5 June 2006 placed it in a position to expand its business as opportunities arise. In 2007, the currency futures exchange was added to the JSEs markets. The exchange also moved onto the LSEs much faster spot trading platform, TradElect, and signed an agreement with the LSE covering cross-listing requirements, product development and data sales. The JSE now has a market capitalisation of over R6-trillion and about 400 listed companies, but its emphasis is on quality and sustainability rather than quantity.
Egyptian SE
Ghana SE
Ghana SE JSE Limited
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
101
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency : www.jse.co.za : JSE Limited, One Exchange Square, Gwen Lane, Sandown, South Africa, : +27115207114 / +27115208998 : GMT +2.00 : Sunday - Thursday : 09:00 - 17:00 Mr. Humphrey Borkum
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
Mr. Geoff Rothschild 1887 1993 Financial Services Board Cash Market, Derivative Market JSE TradElect STRATE T+5 looking to move to T+3 Margin Trading, Intra-day Trading, Online Trading, Short Selling & Borrowing No taxes imposed on dividends for Non Residents, Interest = 12% Royalties,Visiting Entertainers = 15% No Restrictions Unavailable South African Rand (ZAR)
Trading Statistics
Indicators
Total Value Traded (USD billion) Total Volume Traded (billion) Total Number of Transactions (million) Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio DY (%)
Egyptian SE
2006
312.71 74.49 7.92 401 362 743.12 NA 42.08 19.98 2.50
2007
422.67 70.87 11.55 422 400 807.97 NA 52.31 16.48 2.70
2008
394.56 83.78 17.40 425 404 549.20 NA 71.84 10.94 4.98
Egyptian SE
Ghana SE
103
Sectors Traded
Automobiles & Parts Banks Beverages Chemicals Construction & Materials Corporate Debt Electricity Electronic & Electrical Equipment Equity Investment Instruments Exchange Traded Funds Fixed Line Telecommunications Food & Drug Retailers Food Producers Forestry & Paper General Financial General Industrials General Retailers Health Care Equipment & Services Household Goods Industrial Engineering Industrial Metals Industrial Transportation Investment Products Kruger Rands Leisure Goods Life Insurance Media Mining Mobile Telecommunications Nonlife Insurance
Egyptian SE

4 8 4 6 37 1 2 16 14 21 2 4 22 4 30 10 24 3 2 10 13 8 267 4 2 6 10 64 4 5
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
Egyptian SE

Oil & Gas Producers Other Securities Personal Goods Pharmaceuticals & Biotechnology Preference Shares Real Estate Software & Computer Services Support Services Technology Hardware & Equipment Tobacco Travel & Leisure Warrants

3 52 8 4 39 36 24 26 6 1 16 170
Egyptian SE
Ghana SE

Sector Name
1 2 3 Mining Banks Mobile Telecommunications 4 5
Sector Name
Oil & Gas Producers Construction & Materials
105
Products
Product
Equity Index Futures and Options Single Stock Futures and Options Dividend Futures on Single Stock Futures Can-Do Futures and Options IDX Single Stock Futures IDX Dividend Futures Krugerrand Futures and Options Spot Bonds Bond Index Futures and Options Bond Futures and Options Carries Repo's Currency Futures and Options Notes Swaps FRA's Rods ETF's Agricultural Commodities Foreign Referenced Commodities
Egyptian SE

Futures and Options on listed FTSE/JSE Indices Futures and Options on listed JSE shares Dividend Futures on listed Single Stock Futures Customised Futures and Options on any JSE listed product Futures on Internationally listed shares Dividend Futures on listed IDX Single Stock Futures Futures and Options on the JSE listed Krugerrand Spot and Forward Bonds Futures and Options on Bond Indices Futures and Options on Spot Bonds Carries on Bonds Repo on Bonds Futures and Options on currencies Futures on Notional Swaps Bond lookalike Swaps Futures on FRA's Overnight Interest Rate Swaps Exchange Traded Funds White & Yellow Maize, wheat, sunflower seeds & soyabeans Chicago Corn Contract
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
Egyptian SE
Ghana SE
JSE Limited
% Change Index Type (Price Index, Return Index,..etc) Closing 2008

Price Index
Closing 2007
28,957.97
21,348.45
-26.28%
FTSE/JSE All Share Index
Indices
Index
FTSE/JSE All Share Index
Ghana SE
Egyptian SE
Index Name
107
Achievements
February 2008 JSE ranked 13th in the Top 30 Derivative Exchanges worldwide - by year end the JSE was ranked 10th in the world April 2008 JSE recognized at second annual Futures & Options (FOW) Awards held in London - winner of Top Contract of the Year award for its Can Do Option contracts June 2008 Listing of mini FTSE/JSE ALSI Top 40 Futures Contract for retail investors Launch of the FTSE/JSE Shariah Top 40 Index July 2008 Listing of a Variance Future (Variance Swap) Launch of the FTSE/JSE Preference Share Index August 2008 Listing of first Corporate Bond on Yield-X, JSE's interest rate market Implementation of equity derivatives trading and clearing software Implementation of upgrade to equities trading software September 2008 Launch of Currency Options Launch of FTSE/JSE All Africa Indices October 2008 Implementation of Agricultural Derivatives trading and clearing software Launch of bid to acquire the Bond Exchange of South Africa Introduction of cash settled futures on foreign listed equities
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
The Effect of the Global Financial Crisis on JSE

Whilst not as severe as some of the developed markets the decline in market capitalization and index values on the JSE was significant. When compared to the 1 January 2008 value, the FTSE/JSE All Share Index (ALSI) had lost 27% and overall market capitalization of the JSE had declined by 46% by end 2008 (note that this 46% decline is in USD terms - in ZAR terms, the JSE only lost 15% of value). During 2008 foreigners became net sellers of JSE equities with a significant outflow occurring during October 2008.
Egyptian SE
Egyptian SE
Ghana SE
The SAVI (the JSE's South African Volatility Index), also showed significant upward movement in the second half of 2008 implying heightened levels of market volatility and thus risk. In 2008, the value of the index moved from 29.4% at the end of July 2008 to 43.02% at the end of December 2008, peaking at 57.97% on the 27th of October 2008, the same day on which the market capitalisation reached its lowest point. The effect of the decline of equity prices was felt in the derivatives market, especially the single stock futures market. The sudden and continued decline in the equities prices put derivatives trading under pressure and tested the resilience of the JSE's risk management model in the derivatives market. There was an increase in derivatives trading activity as some participants attempted to trade out of increasingly unfavourable positions, and some participants began running the risk of default as their margin obligations grew. In the end, while there were some client defaults, the clearing model proved to be resilient and no clients lost money as a consequence of defaults.
109
Egyptian SE
Policy Considerations Short selling: In the context of the concerns in the UK and the US markets amongst others over the short selling of financial shares and the consequent banning of short selling imposed in those markets, the JSE had, in consultation with its regulator, considered its position on this issue and took the view that markets should be allowed to operate freely and hence decided not to ban short-selling. Circuit breaker: Some markets around the world introduced 'circuit breakers' during the crisis with the aim of limiting the extent of the drop in prices. The JSE took the view that market forces should not be interfered with and that if such action were to be taken in a rapidly declining market, then question would arise as to whether similar action would be taken in a rapidly rising market. Overall, the JSE's systems and procedures served the market well.
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
Ongoing Plans
The JSE, recognizing that difficult times are ahead for markets and customers, will be focusing 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 2009 include the following: Launch of the JSE's Africa Board with the listing of Namibian company, Trustco;
Egyptian SE
Egyptian SE
Ghana SE
Continued focus on educating retail investors about stock market investment in order to increase the pool of retail investors; Revision of the JSE equity billing model to recognise the different needs of market players and high and low volume trades; Investigation of new products and services such as Remote Membership, FIX Enablement and FIX Gateways, provision of a JSE Dark Pool facility, trading CFDs on exchange, etc; 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); Introduction of futures contracts on African equity underlyings; Introduction of new cash-settled foreign-referenced commodity derivative products such as the CME Group corn contract (launched in January 2009) and platinum contracts; Finalisation of the Bond Exchange transaction - shareholder approval for the transaction was received in February 2009 and the transaction is now subject to various regulatory approvals including the approval of the competition authorities; Continued focus on bringing new companies to market as well as enhancing the perceived value received by currently listed companies; Piloting of XBRL hub with a selection of JSE-listed companies.
111
Khartoum Stock Exchange

Background
The idea of establishing a stock exchange in Sudan started in 1962, whereby many formalities such as studies and communications have been started by the Ministry of Finance and Bank of Sudan jointly with IFC one of the arms of the World Bank. The People's Assembly had 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 a serious step was taken to establish a Stock Exchange in Sudan in line with economic liberalization policy called the Three Years Salvation Program (1990 - 1993). The Stock Exchange Board has been formed in 1992. In November of the same year the Council of Ministers amended the Stock Exchange Act of 1982, but this amended Act did not cover all the required necessary objectives to establish the Stock Exchange. In 1994 the Transitional National Assembly passed the Khartoum Stock Exchange Act, through which KSE acquired its independent legal status. The work of primary market (Issues Market) started on 10/10/1994.
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency : www.kse.com.sd : Albaraka Tower Fifth Floor - Khartoum - Sudan : +249 83 782152 / +249 83 782225 : GMT + 3.00 : Sunday - Thursday : 10:00 - 11:00 Dr. Issam Elzein Elmahi Mr. Ahmed Sami Yousif 1994 2007 Ministry of Finance and National Economy Cash Market Manual System The Stock Exchange T+0 Intra-day Trading No Tax Rates Permission from the Minister of Finance Unavailable Sudanese Pound
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited Khartoum SE
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
113
Trading Statistics
Indicators
Egyptian SE
2006
1,034.00 7,567.78 5,842 51 28 4.66 N/A 10 5.00 20.00
2007
899.80 9,411.56 7,195 53 36 5.18 N/A 12 6.00 20.00
2008
939.59 289.01 8,569 53 35 4.17 N/A 5 N/A N/A
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Khartoum SE

Individuals vs. Institutions
Local Investors 71%
Institutions 60%
Sectors Traded
Bank Insurance Commercial Industrial Agricultural Communications Services Others Investment Funds Certificates
Egyptian SE

19 8 6 2 3 5 5 4 28 28
Egyptian SE
Ghana SE
Ghana SE
JSE Limited

Sector Name
1 Government Musharaka Certificates (Shihama) 2 Communications 3 Banks
Sector Name
4 Investment Funds 5 Commercial
115
Bonds Statistics
Indicators
Egyptian SE
2006
399.90 399.90 N/A
2007
534.30 534.30 N/A
2008
703.35 703.35 N/A
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Khartoum SE
Products
Product
Stocks Funds Bonds - (Certificates)

Shares of the listed public companies Mostly in KSE different securities Governmental and private basic in Islamic method of finance
Egyptian SE
Ghana SE
JSE Limited
Khartoum SE
% Change
-7.30%
Closing 2008
2,745.85
Price Index
Khartoum Index Performance during 2008
Closing 2007
2,962.10
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Khartoum Index
Khartoum Index
Index Name
Indices
Index
2900
2800
2700
2600
2500
Jan-08
Feb-08
Mar-08
Apr-08
May-08
117
JSE Limited
Ghana SE
Egyptian SE
The Effect of the Global Financial Crisis on Khartoum Stock Exchange

KSE has not been negatively affected by the global financial crisis, whereby the stock activities have increased throughout year 2008, registering a growth in all market indicators. The trading value increased by 4.4 % from 1.7 billion to 1.8 billion Sudanese pounds, while the executed transaction contracts increased by 19% as well as the traded Sukuk which dominates our stock exchange that have also increased by 83% over the year. Furthermore, the KSE index increased by 7% by the end of the year. This might be on the back of KSE being a local stock exchange without many foreign investors. In addition, KSE is an Islamic stock exchange that is mainly depending on Islamic financial products, which are issued on no deservative assets, the short selling is prohibited and finally KSE investors are considered conservative investors.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Khartoum SE
Ongoing Plans
By the end of this year Khartoum Stock Exchange is going to be folly automated. Establishing agreements to be signed with other stock exchanges in the area for cross listing and exchange of different experiences. Improving the standards of corporate governance within the listed public companies. Holding close ties with ASEA and its members.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
119
Lusaka Stock Exchange

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 operations 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 program. The formation of the Exchange was part of the government's economic reform program 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 realization of the objectives of creating a broad and wide shareholding ownership by the citizenry via a fair and transparent process. The LuSE has made great strides since inception. It is now more than a platform for trading shares and bonds as demonstrated by some companies from across the spectrum of industry that have used it to raise the public capital for expansion and in the process sustained and created new products and jobs. The LuSE is made up of 4 stock broking corporate members and is incorporated as a non-profit limited liability company and currently the products listed on the Exchange include bonds and 19 equities (one of the equities is a cross listing).
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency : www.luse.co.zm : 3rd Flr. Exchange Building, Central Park, Cairo Road, P.O Box 34523, Lusaka - Zambia : +260 211 228537 - 94 / +260 211 225969 : GMT + 3.00 : Monday - Friday : 10:00 - 13:00 Mrs. Beatrice Nkanza Mrs. Beatrice Nkanza 1993 N/A Securities and Exchange Commission Bond Market Automated Trading System The Stock Exchange T+3 Intra-day Trading N/A N/A N/A Zambian Kwacha
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Bond Exchange of S. Africa Lusaka SE
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
121
Trading Statistics
Indicators
Egyptian SE
2006
24.97 858.66 3,662 16 17 3.19 45.00 3.00 N/A N/A
2007
72.36 2,800.27 6,199 17 17 4.83 54.64 1.55 N/A N/A
2008
167.84 1,585.77 8,384 19 20 4.11 40.04 0.66 N/A N/A
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Lusaka SE

Foreign Investors 52%
Local Investors 48%
Sectors Traded
Manufacturing Hospitality Retail Trading Agriculture Banking Property Energy Mining Oil Marketing Investments Mobile Telecommunications
Egyptian SE

6 1 2 2 4 2 1 5 1 2 1
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Bond Exchange of S. Africa Lusaka SE

Sector Name
1 Agriculture 2 Banking 3 Manufacturing
Sector Name
4 Investments 5 Oil Marketing
123
Bonds Statistics
Indicators
Egyptian SE
2006
33.88 33.88 NA
2007
18.80 18.80 NA
2008
1.18 1.13 0.05
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Products
Product
Stocks Bonds

All common stock as well as 1 company preffered stock Government and Corporate bonds
Lusaka SE
Indices
Index Name
All Share Index *
* Excluding ZCCM-1H
Egyptian SE

Price Index
Egyptian SE
Ghana SE
Ghana SE

Index
All Share Index*
* Excluding ZCCM-1H
JSE Limited
JSE Limited
Closing 2007
3,533.52
Closing 2008
2,505.88
% Change
-29.08%

Index Closing 2007
3,403.98
Lusaka SE
Closing 2008
2,391.39
% Change
-42.34%
Free Float Index
IPOs
Company Name
Zain (Celtel) Zanaco
Date
30-April-2008 29-Sep-2008
Value (USD billion)

665.60 140.97

Company Name
Stockbrokers Zambia Limited
Company Name
Pangaea Renaissance Securities Ltd
125
Achievements
LuSE had three new listings during 2008: Copperbelt Energy Corporation Plc The company listed on the Lusaka Stock Exchange on 21 January 2008. The offer opened on Friday 16 November 2007 and closed on 14 December 2007. A total of 50 million shares were offered to the public at K440 per share. This IPO was oversubscribed ZAIN (Celtel Zambia Plc) - Initial Public Offer -The offer opened on 30 April 2008 and closed on 20 May 2008. Listing was on 11 June 2008. A total of 1,040,000,000 ordinary shares at a price of K640.00 per share were offered to the Zambian Public, the employees of Celtel Zambia and selected institutional investors. This IPO was oversubscribed
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Lusaka SE
Zambia National Commercial Bank PLC (Zanaco) - Initial Public Offer On 29 September 2008 the Government of the Republic of Zambia ("GRZ") acting through the Zambia Privatization Trust Fund. ("ZPTF), offered for sale 228,571,877 ordinary shares in Zanaco to Zambian citizens and eligible Zambian institutions only ("the Public Offer for Sale") and preferential offer for sale of 25,396,875 existing shares in Zanaco to Zambian employees of Zanaco ("the Preferential Offer"). The offer was made at an offer price of K470 per share ("Offer Price"). Zanaco listed on 27 November 2008 and the initial public offer was unique in many ways: - It was the largest ever IPO involving the ZPTF in terms of its IPO size of K120 billion. - It was also the first combination IPO in Zambia involving both an Offer for Sale and a Capital Raise via an offer for subscription. This has enabled Zanaco to raise a separate K20.6 billion from the public as fresh capital. Therefore in total K140 billion was mobilized under the IPO.
- The Zanaco IPO took place in the midst of the most serious financial crisis and downturn that the world experienced over the past 80 years. Zanaco IPO achieved full subscription in the midst of the uncertainty and fear that this global financial down turn created.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
LuSE Automation On Tuesday November 4, the trading system of Zambia's Lusaka Stock Exchange (LuSE) went live, meaning that trades were lodged and matched electronically. Previously, trade orders were brought or faxed to the Exchange and then manually matched by a trader. The LuSE is using the automated systems designed and developed by Sri Lanka's Millennium IT.
JSE Limited
JSE Limited Bond Exchange of S. Africa Lusaka SE
127
Ongoing Plans
2009 is expected to be a year of opportunities for both already listed and yet to be listed companies to raise both debt and equity capital. Given the reduced opportunities for overseas financiers, the LuSE is a viable option for raising both Kwacha and foreign denominated capital. The exchange is anticipating some capital raising activities in one listed company (Zambeef Products Plc) probably in the first quarter of 2009. LuSE continues to participate at the regional level by attending seminars and exhibitions. This helps to increase the visibility of the market. LuSE will attend the Africa Trade and Investment Exhibition at the Sandton International Convention Centre from 2 to 6 March 2009. Locally, the LuSE will exhibit at the Zambia International Trade Fair in July 2009 and at the Zambia Agricultural and Commercial Show in August 2009. The LuSE Alternative Investment Market (SME Tier) will be launched in the course of this year. Currently sensitization workshops are being held to target prospective companies. The LuSE successfully implemented the automated trading system after 14 years of manual trading. This system provides a window to increase activity on the market. The system seamlessly interfaces with the CSD.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Lusaka SE
Malawi Stock Exchange (MSE)

Background
The Malawi Stock Exchange (MSE) has been in existence since 1994 but started equity trading in November 1996 when it first listed National Insurance Company Limited (NICO). Prior to the listing of the first company, the major activities that were being undertaken were the provision of a facility for secondary market trading in government of Malawi bonds namely, Treasury Bills and Local Registered Stocks. The MSE operates under the Capital Market Development Act 1990 and the Companies Act 1984. The regulatory legislation of the Stock Exchange will be the Securities Act, which is in its draft form awaiting passing it into law by parliament and which will establish the Securities and Exchange Commission (SEC). Stockbrokers Malawi Limited (SML) through Fleming Martin Zimbabwe who were contracted to manage the operations of the Stock Exchange and carry out the development function initially managed the MSE. With the increasing level of operations on the Exchange and the embracement of international standards, the existing market arrangement was no longer appropriate in a quickly globalizing environment. Having recognized this, the Malawi Stock Exchange upon expiry of the management contract de-linked from SML and become an independent and self-running institution on 1st April 2000 with its own management and staff.
129
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation : www.mse.co.mw : Private Bag 270, Blantyre, Malawi. : +233 824 01265 / +265 01 823636 : GMT + 2.00 : Monday - Friday : 11:00 - 11:30 Mr. Khrishna Savjani, OBE, SC Mr. Symon W Msefula 1996 1998 Reserve Bank of Malawi Cash Market Manual Trading System Commercial Banks T+5 Intra-day Trading 10% on Dividends and no Tax on Capital Gains after 12 months of holding the shares. 10% of Shares in Issue per an Individual or 49% in aggregate applicable during IPO only. No restrictions on the Secondary Market. Commodities Exchange Name of Local Currency Unavailable Malawi Kwacha (K)
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
Malawi SE
Trading Statistics
Indicators
Total Value Traded (USD million) Total Volume Traded (million) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion)* Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio DY (%)
* Excludes non-Malawi register old mutual shares.
Egyptian SE
2006
14.30 160.57 712 11 11 0.60 35.47 2.33 15.41 2.64
2007
37.00 359.52 2,610 13 13 1.29 48.65 2.86 15.34 2.64
2008
59.70 607.53 3,291 15 15 1.79 44.83 3.34 12.48 3.05
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Bond Exchange Bond Exchange of S. Africa of S. Africa Malawi SE
131
Sectors Traded
Financial Manufacturing Tourism/Hotel Industry Investment Vehicle Multi-sectored Real Estate and Property Information Technology
Egyptian SE

7 2 2 1 1 1 1
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited

Sector Name
1 Information Technology 2 Financial Sector 3 Real Estate and Property
Sector Name
4 Investment Vehicle 5 Multisectoral
Malawi SE
Products
Product
Stocks

Common (Ordinary) Shares
Indices
Index Name
Malawi All Share Index (MASI) Domestic Share Index (DSI) Foreign Share Index (FSI)
Egyptian SE

Market Cap. Index Market Cap. Index Market Cap. Index
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited

Index
MASI
Closing 2007
4,849.79
Closing 2008
6,091.15
% Change
25.60%
MASI Index Performance during 2008

6700
Malawi SE
5900
5100
4300 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
133

Index
DSI
Egyptian SE
Closing 2007
3,823.49
Closing 2008
4,815.55
% Change
25.95%
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
IPOs
Company Name
Real Insurance Ltd Telecom Networks Malawi Ltd
JSE Limited
Date
29-Sep-2008 3-Nov-2008
Value (USD million)

1.26 18.30

Company Name
Stockbrokers Malawi Limited Trust Securities Limited FDH Stockbrokers Limited
Malawi SE
Company Name
CDH Stockbrokers Limited African Alliance Securities Limited
Achievements
Market Development (i) Press Corporation Limited made a rights issue to the general of 10,021,318 at a rights issue price of K209.00 per share. The rights issue shares were listed on the Malawi Stock Exchange on 28th July 2008. (ii) On 29th September 2008, the Malawi Stock Exchange listed the 14th counter; Real Insurance Limited. The company offered 77,500,000 shares to public at an offer price of K2.30 per share. The offer was oversubscribed 2.3 times with 5,408 applications. The share price increased from an opening of K2.30 to K3.50 per share at the close of the first week of trading. (iii) On 3rd November, 2008, the Malawi Stock Exchange listed the 15th counter; Telecom Networks Malawi Limited. The company offered 1,290,450,000 shares to public representing 12.85 percent of shares in issue at an offer price of K2.00 per share. The offer was oversubscribed 3.05 times with 34,157 applications. The share price increased from an opening of K2.00 to K4.50 per share at the close of the first week of trading.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
New Members Two new stock broking companies were admitted to the stock exchange bringing the number of members to five.
135
The Effect of the Global Financial Crisis on MSE

The Malawi Stock Exchange has been affected through Capital Withdrawal from the market by foreign portfolio investors. This has created excess supply of shares in the market with less demand of the same hence a sharp decline in the prices of most of the traded counters. In the first two months of 2009, the Malawi Share Index since has gone down by 15.5% from 6091 points to 5147 points. Capital withdrawal has also put pressure on the Malawi Kwacha against the US Dollar as it has depreciated marginally but will erode the capital gains by foreign portfolio investors which were realized in the past 2 to 3 years.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Ongoing Plans
Continue lobbying with the government and the legislators to enact the securities bill into an Act so as to repeal the current Capital Market Development Act, 1990. Introduce and encourage the listing of Bonds on the Stock Market.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
Encouraging more listings on both the Main Board and the Alternative Capital Market Board.
JSE Limited
JSE Limited
137
Mozambique Stock Exchange

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. 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. 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. In 2000 was installed a remote trading network system with a direct access from the stockbrokers to the trade session through the internet, without any need to be in the Stock Exchange.
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency : www.bolsadevalores.co.mz : N/A : +258 21 308826 - 8 / +258 21 310559 : GMT + 2.00 : Tuesday, Thursday and Friday : 9:00 - 12:00 N/A Rodrigues Paruque N/A N/A Government and Ministry of Finance Bond Market BVM Trading System Central Bank T+3 Online Trading 10% for listed securities and 20% for non listed N/A N/A Mozambique Metical, MZM
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE Mozambique SE Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
139
Trading Statistics
Indicators
Total Value Traded (USD million) Total Volume Traded (million) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD million) Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio DY (%)
Egyptian SE
2006
5.56 1.62 61 5 2 298.20 1.79 1.86 N/A N/A
2007
3.54 0.88 55 7 4 305.18 1.72 1.16 N/A N/A
2008
9.54 3.43 44 6 5 288.79 1.53 3.30 N/A N/A
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Mozambique SE of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
Sectors Traded
Banks Financial Sector Excluding Banks Food & Beverages Telecommunications Construction and Materials
Egyptian SE

2 1 1 2 0
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited

Sector Name
1 Food & Beverages 2 Telecommunications
Sector Name
3 Banks 4 Financial Sector Excluding Banks
Malawi SE
Malawi SE
Bonds Statistics
Indicators
Total Value Traded (USD million)
Mozambique SE Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
2006
5.57 4.49 1.08
2007
3.46 0.001 3.46
2008
13.31 11.34 1.97
Value Traded on Government Bonds Value Traded on Corporate Bonds
141
Products
Product
Stocks Bonds Commercial Paper Participation Securities
Egyptian SE

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.
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
IPOs
Company Name
CMH - Companhia Moambicana de Hidrocarbonetos Government of Mozambique mCel - Moamibique Celular
Date
May-2008 Sep-2008 Oct-2008
Value (USD million)

6.50 14.00 10.00
Malawi SE
Malawi SE
Bond Exchange Bond Exchange Bond Exchange Bond Exchange Bond Exchange Mozambique SE of S. Africa of S. Africa of S. Africa of S. Africa of S. Africa
Nairobi Stock Exchange

Background
With a market capitalization of $10.98 billion at the end of December 2008, the Nairobi Stock Exchange (NSE) is the largest securities exchange in East and Central Africa and the fifth largest in Africa. It is also the oldest securities exchange in the region, having commenced operations in 1954. The company is limited by guarantee and is incorporated in Kenya under the Companies Act. The company is 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 currently has eighteen (18) active members.
143
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency : www.nse.co.ke : P.O. Box 43633-00100, Nairobi, Kenya : +254 20 283100 : GMT + 3.00 : Monday - Friday : 09:00 - 15:00 Mr. Jimnah Mbaru Mr. Donald A. Ouma 1954 1993 Capital Markets Authority of Kenya Cash Market, Bond Market Automated Trading System (ATS) Central Depository & Settlement Corporation (CDSC) T+5 Intra-day Trading Dividends 5% (domestic investors) 10% (foreign investors); interest 15%; capital gains suspended Foreign investors are restricted to a maximum of 75 per
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Bond Exchange Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa of S. Africa
Nairobi SE
cent ownership in a listed company Unavailable Kenya Shilling (KES)
Trading Statistics
Indicators
Total Value Traded (USD billion) Total Volume Traded (billion) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio DY (%)
Egyptian SE
2006
1.32 1.45 598,301 52 48 11.41 50.09 11.54 22.00 1.74
2007
1.42 1.94 973,548 54 50 13.61 49.34 10.41 20.00 2.62
2008
1.25 5.86 890,542 56 51 10.98 31.81 11.42 11.93 2.60
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE

Malawi SE
Mozambique SE
Institutions vs. Individuals

Institutions 60%
Mozambique SE
Local Investors 60%
Nairobi SE
145
Sectors Traded
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
Egyptian SE

49 12 15 18 4 8 87 2 74 11
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE

Sector Name
1 Commercial and Services 2 Finance and Investment 3 Industrial and Allied
Malawi SE
Mozambique SE
Sector Name
4 Agricultural 5 Alternative Investment Market Segment (AIMS)
Mozambique SE
Nairobi SE
Bonds Statistics
Indicators
Total Value Traded (USD billion)
Egyptian SE
2006
0.67
2007
1.36
2008
1.23
Egyptian SE
Ghana SE
Ghana SE
Products
Product
Shares Bonds
JSE Limited
JSE Limited

Common and Preference Shares Government and Corporate Bonds
Indices
Index Name
NSE 20 Share Index NSE ALL Share Index (NASI)
Malawi SE

Price index 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.
Malawi SE
Mozambique SE
Mozambique SE Nairobi SE
147

Index
NSE 20 Share Index
Egyptian SE
Closing 2007
5444.83
Closing 2008
3,521.18
% Change
-35.33%
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
NSE 20 Share Index Performance during 2008

6000
JSE Limited
5000
4000
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE

Index
NSE ALL Share Index (NASI)
Closing 2007
100.00
Closing 2008
73.37
% Change
-26.63%
IPOs
Company Name
Safaricom Ltd Co-operative Bank of Kenya
Egyptian SE
Date
28 March 2008 30 October 2008
Value (USD million)

787.25 87.66
Egyptian SE
Ghana SE
Ghana SE
JSE Limited

Company Name
Kestrel Capital (E.A) Dyer & Blair Investment Bank Standard Investment Bank
JSE Limited
Company Name
Apex Africa Investment Bank Afrika Investment Bank
Malawi SE
Malawi SE
Mozambique SE
149
Achievements
Corporate Actions On the 27 and 28 October 2008, the Ministry of Finance, Ministry of Nairobi Metropolitan Development, Central Bank of Kenya (CBK), Capital Markets Authority (CMA), Retirement Benefits Authority (RBA), Nairobi Stock Exchange (NSE), National Economic & Social Council (NESC), Nairobi Central Business District Association (NCBDA), and the Association of Kenya Insurers (AKI), hosted Kenya's first Infrastructure Bond Conference at the Kenya School of Monetary Studies (KSMS). The Conference was officially, opened by His Excellency the President, Hon. Mwai Kibaki, C.G.H., M.P., and closed by the Prime Minister, Rt. Hon Raila Amolo Odinga. The theme of the Conference was Tackling Poverty by Investing in Infrastructure. The primary objective of the Conference was to sensitize State Owned Enterprises (SOEs) and Municipalities on how to tap into the capital markets by issuing bonds to finance their infrastructure projects which usually require large capital outlays.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
The listing of Cooperative Bank - December 2008 On December 22 2008, the Cooperative Bank of Kenya listed its 3,636,427,600 ordinary shares on the main segment of the NSE. This follows an initial public offer in which 701,300,000 ordinary shares representing 19.3 percent of the issued share capital of the bank were sold to the public at a price of Kshs. 9.50 ($0.125) per share. The Cooperative Bank is Kenya's fourth largest bank by asset base. It serves Kenya's over 7 million member, cooperative movement. Prior to the IPO, the bank was owned by over 50,000 individual Kenyans and cooperative societies.
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Purchase of a strategic stake in Scangroup by WPP - October 2008 On October 24 2008, Scangroup shareholders approved the issue of 60,689,655 new shares to Cavendish Square Holding BV, a subsidiary of WPP, one of the world's leading advertising and marketing services groups.
This followed the conditional subscription agreement entered into by the company with WPP, in which WPP agreed to subscribe for the new shares at Kshs.22 ($0.276) per share resulting in a cash injection of Kshs. 1,335,172,410 ($16,664,200.56) into the Company. WPP became the largest shareholder in Scangroup Limited with a total holding of 27.5 percent. Scangroup Ltd., is listed on the NSE and is one of East Africa's leading marketing services groups.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Listing and Subsequent Trading of the shares of Safaricom Ltd. - June 2008 On Monday June 9 2008, the immobilised shares of Safaricom Ltd. (the largest mobile services provider by subscribers in East and Central Africa), commenced trading on the NSE after the trading session was opened by HE President Mwai Kibaki. The Central Depository and Settlement Corporation (CDSC) gave written confirmation that 818,191 CDS accounts were successfully credited with 9,093,744,487 shares. The trading of Safaricom, enabled daily turnover achieve a new record of $53,259,468.02 and market capitalization to reach $20.164 billion. The Safaricom IPO has increased the number of shares listed on the bourse to over 55.0 billion shares, from the previous 15.0 billion. The divestiture by the Government of a 25.0 percent stake equivalent to 10.0 billion Safaricom shares through an Initial Public Offer (IPO) to raise $787.65 million attracted a 532 percent subscription level, it is the first IPO in which citizens of the East African Community (EAC) were accorded the same treatment as domestic investors. The shares which were sold at $0.0788 per share to residents and $0.0866 per share to foreign investors, closed the first day of trading at $0.1156. For the week ending Friday June 13 2008, 1,109,329,118 shares of Safaricom shares were traded on the Stock Exchange. The Safaricom counter closed the week at a volume weighted price of $0.1174 and a market capitalization of $4.5 billion.
Malawi SE
Malawi SE
Mozambique SE
151
Egyptian SE
Weekly turnover set new records, as a total number of 1,151,791,889 shares were traded with a value of $152,648,214.5. Market capitalization was $19.422 billion.
Egyptian SE
Ghana SE
The Debt Securities Market The Kenya corporate bond market received further stimulus with the July 21 2008, listing of the Barclays Bank of Kenya 7 year, Kshs. 2 billion ($0.03 billion) second tranche of the Kshs. 5 billion ($0.076 billion) medium term note. This comes as a follow up to the initial tranche of Kshs. 1 billion ($0.015 billion) launched last year on November 19 2007. On October 31 2008, Mabati Rolling Mills also listed Kshs. 2 billion ($0.025 billion), 8 year, fixed and floating rate notes on the Fixed Income Securities segment of the Nairobi Stock Exchange.
Ghana SE
JSE Limited
JSE Limited
Malawi SE
NSE Code of Ethics In December 2008, and following an independent review by a reputable firm of lawyers the Board of the Exchange implemented an enforceable code of ethics for industry players. Besides complimenting the CMA disciplinary guidelines, this will enhance the efficacy of already established NSE Board Supervisory Committees. The NSE is also working with the CMA to progress demutualization. The ultimate objective will be the creation of a governance and management structure that is more flexible in its ability to respond to industry and market conditions, creating the requisite investor confidence that is critical to deepening the market.
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
The Effect of the Global Financial Crisis on NSE

The post election turmoil experienced in Kenya, following the disputed December 2007 Presidential elections, resulted in ethnic violence claiming an estimated 1,000 lives and resulting in another 300,000 internally, displaced persons. The NSE showed solidarity with those affected by contributing $32,170.436 to the Kenya Red Cross Society to support the victims of the post election violence. The eight (8) weeks of the post election violence, had a direct effect on the economy and its prospects through disruption of production, distribution, and supply channels, compounded by a deterioration in security in the country, raising investor uncertainty. The January 30 2009 press release of the Monetary Policy Committee (MPC) of the Central Bank of Kenya, noted that Fitch Rating upgraded Kenya's country rating from B negative to B stable. This confirmed the November 2008 stance taken by Standard & Poors, which also gave an improved rating for Kenya. They provided independent confirmation that Kenya's economy had began to recover from the post election violence. However, the MPC press release also noted, that the effects of the global financial crisis were expected to slow the economic recovery exhibited in the second and third quarter of 2008. Since Kenya is primarily a rural, agro based economy with only a small minority of the population directly interfacing with the developed world, the main sectors likely to feel any significant impact include tourism and commercially oriented agriculture such as horticulture, tea and coffee. Other effects might be felt through foreign exchange volatility, inputs (costs and availability) and also credit and trade restrictions. Strategies by world economies to mitigate the effects of the crisis will have an impact on relative interest rates and affect portfolio flows.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
153
Ongoing Plans
Ongoing initiatives in the EAC The Exchange is a member of the East African Securities Exchanges Association (EASEA). The members of the Association are the Dar-es-Salaam Stock Exchange, Nairobi Stock Exchange, Rwanda Over-the-Counter Market and the Uganda Securities Exchange with the Central Depository and Settlement Corporation being an associate member. At their Consultative meeting on February 13 2009, the members noted that the ongoing world financial crisis had impacted their markets causing a considerable decline in liquidity and an overall drop in market prices of listed securities. However, they are involved in a series of initiatives to grow the regional market and also mitigate the effects of the world financial crisis. The Consultative Meeting approved a service provider for a Smart Order Routing System to electronically connect their capital markets. This will facilitate trading within the region, consolidate liquidity and help to increase the regional and international visibility of our markets by making it easier to trade securities listed on all the East African securities exchanges. The Consultative meeting also noted the urgent need to address challenges of a cross border nature, relating to corporate actions and refunds from initial public offers experienced by East African investors who had invested in securities exchanges within the EAC, other than their home market. The Consultative meeting has therefore mandated the Technical Committee of EASEA to recommend proposals that will address these administrative bottlenecks to facilitating trade within the region.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Ongoing initiatives in the Debt Securities Markets The Exchange as a member of the Market Leaders' Forum (MLF) chaired by the CBK is involved in a number of initiatives to improve the depth and liquidity of Kenya's bond markets. These are as follows:-
1. Immobilize both corporate and Government of Kenya treasury bonds (currently held at the CBK Central Depository System) through the Central Depository and Settlement Corporation (CDSC); 2. A hybrid market that would link the Exchange Automated Trading System to the CBK CDS and an Over the Counter market; 3. A two phased approached to implementing a Primary Dealership system; 4. The introduction of a vertical repo system. The CBK from September 1 2008 allowed horizontal repos - repo transactions between different commercial banks. To date, the CDSC has activated approximately 1.8 million accounts. In 2008, the CDSC initiated a mobile phone text message service which investors can use to get a notification of their account status. So far the CDSC, has received at least 20,000 registrations for this new service. The CDSC has also initiated a service which will email clients their CDS statement. So far, it has 140,000 email addresses, representing approximately 7 percent of the CDS accounts.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Introduction of new Products In 2009, the Exchange will lobby the Government and the CMA for fiscal incentives the introduction of rules and regulations, respectively, for the issuance of Real Estate Investment Trusts, and Exchange Traded Funds. We shall also lobby the CMA for the establishment of a market segment to serve the interests of medium and small enterprises in our economy.
Nairobi SE
155
Namibian Stock Exchange

Background
A stock exchange does have a central role in Namibia's economy. It is part of the marketplace for capital, or long-term investment money. Markets exist to help ensure that exchanges are transacted as efficiently as possible. In the capital market, the main aim is to link those people who have savings to the entrepreneurs and businesses who want to use these savings to create wealth, jobs, profits and growth for the economy. The main role of a stock exchange, such as the NSX, is to bring together buyers and sellers of shares. It ensures that there is enough information about the companies for buyers and sellers to make decisions, and in the modern age, it organizes the sell and buy orders on a computer system and it has rules and other procedures to protect investors and ensure they get ownership of the shares they bought and money when they sell, with tens of millions of dollars changing hands daily. The NSX, as a licensed self regulating association or another stock exchange trades shares and other financial securities such as bonds, which are issued when the Government or a big business raises debt finance from a number of local and international investors. Namfisa is the overall regulator with a delegation of powers to the NSX.
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency : www.nsx.com.na : Kaiser Krone Centre, Post Street Mall, Windhoek, Namibia : +264 61 227647 : GMT + 2.00 : Monday - Friday : 09:00 - 17:00 John Day Mandy - CEO John Day Mandy - CEO 1992 N/A N/A Cash Market, Bond Market London SE - TALX via the JSE SETS FTSE on dual listed companies T+5 Intra-day Trading, Margin Trading N/A No Restrictions N/A Namibian Dollars
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE Namibian SE
Bond Exchange Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa
157
Trading Statistics
Indicators
Total Value Traded (USD billion) Total Volume Traded (million) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio DY (%)
Egyptian SE
2006
0.98 234.59 2,549 28 27 157.67 22.76 0.63 N/A N/A
2007
1.54 242.60 2,344 27 27 174.54 25.24 0.98 9.00 4.95
2008
1.08 291.76 2,547 29 29 78.98 14.69 1.38 N/A N/A
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
Namibian SE
Sectors Traded
Industrial Metals Mining Chemicals General Industry Beverages Food Producers General Retailers Food + Drug Retailers Banks Non Life Insurance DevX Life Insurance Real Estate General Finance
Egyptian SE

1 2 1 1 1 1 2 1 4 2 4 3 2 4
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE

Sector Name
1 Industrial Metals 2 Banks 3 Life Assurance
Mozambique SE
Sector Name
4 General Finance 5 General Retailers
Nairobi SE
159
Bonds Statistics
Indicators
Egyptian SE
2006
148.79 110.14 38.65
2007
157.07 120.62 36.45
2008
65.75 48.00 17.75
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Products
Product
Equities

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
Bonds
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
Namibian SE
Indices
Index Name
NSX Overall Index NSX Local Index
Egyptian SE

Price Index Price Index
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited

Index
NSX Overall Index
Closing 2007
929.41
Closing 2008
556.26
% Change
-40.15%
Malawi SE
NSX Overall Index Performance during 2008

1150 1000 850 700 550 400 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
161
Namibian SE
Nairobi SE
Mozambique SE
Malawi SE
JSE Limited
Ghana SE
Egyptian SE
Index
ASEA Yearbook 2008
NSX Local Index
Egyptian SE
Ghana SE
JSE Limited
Malawi SE
Mozambique SE
Nairobi SE
162
Closing 2007
133.06 157.95 18.70%
Closing 2008 % Change
The Nigerian Stock Exchange

Background
The Nigerian Stock Exchange was established in 1960 as the Lagos Stock Exchange. In December 1977 it became known as The Nigerian Stock Exchange, with branches established in some of the major commercial cities of the country. There are now twelve branches of The Nigerian Stock Exchange. Each branch has an electronic trading floor. The head office in Lagos was opened in 1961; Kaduna branch in 1978; Port Harcourt, 1980; Kano, 1989; Onitsha, February 1990; Ibadan, August 1990; Abuja Area Office, 1999; Yola, 2002; Benin, January 2005; Uyo 2007, Abeokuta 2008, Ilorin 2008 and Owerri 2008. The Exchange started operations in Lagos in 1961 with 19 securities listed for trading. Currently, there are 319 securities listed on The Exchange, made up of 46 Government Stocks, 47 Industrial Loans (Debenture/Preference) Stocks and 226 Equity/Ordinary Shares of Companies, with a total market capitalization of N12.8 trillion. Many of the listed companies have foreign/multinational affiliations and represent a cross-section of the economy, ranging from agriculture through manufacturing to services. The Nigerian Stock Exchange has been operating an Automated Trading System (ATS) since April 27, 1999, with dealers trading through a network of computers connected to a server. The ATS has facility for remote trading and surveillance. Consequently, many of our dealing members trade online from their offices in Lagos and from all the nine branches across the country. The Exchange is in the process of establishing more branches for online real time trading. Trading on The Exchange starts at 9:30 a.m. every business day and closes at 12:30 p.m. The Nigerian Capital Market was deregulated in 1993. Consequently, prices of new issues are determined by issuing houses and stockbrokers, while on the secondary market prices are made by stockbrokers only. The market/quote prices, along with the All-Share Index, are published daily in The Stock Exchange Daily Official List, The Nigerian Stock Exchange CAPNET (an intranet facility), our website (www.nigerianstockexchange.com), newspapers, and on the stock market page of the Reuters Electronic Contributor System. Our on-line code in the Reuters Network is NSXA-B. The Exchange maintains an All-Share Index formulated in January 1984 (January 3, 1984 = 100). Only common stocks (ordinary shares) are included in the computation of the index. The index is value-weighted and is computed daily. The Nigerian Stock Exchange is an Affiliate Member of the World Federation of Exchanges (WFE).
163
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency : www.nigerianstockexchange.com : 2/4 Customs Street, Lagos, Nigeria : +234126600287 / +23412668724 : GMT + 1.00 : Monday - Friday : 9:30 - 12:30 Mr. O.B.A Otudeko Mr. Farooq Oreagba NSE (1961) ASCE (2001) 1993 Securities and Exchange Commission Cash Market, Bond Market Horizon N/A T+3 Intra-day Trading, Online Trading 10% on dividend, no capital gains tax No Restrictions Abuja Securities & Commodity Exchange Naira (N)
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE Bond Exchange of S. Africa
Bond Exchange Bond Exchange The Nigerian SE of S. Africa of S. Africa
Nairobi SE
Trading Statistics
Indicators
Total Value Traded (USD billion) Total Volume Traded (billion) Total Number of Transactions (million) Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio DY (%)
Egyptian SE
2006
3.70 36.70 1.37 202 188 40.32 28.10 14.70 17.92 N/A
2007
16.60 138.10 2.57 212 195 105.65 58.20 28.21 23.91 N/A
2008
20.10 193.14 3.54 213 208 80.60 41.90 21.86 N/A N/A
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE

Malawi SE

Institutions 2%
Mozambique SE
Mozambique SE
Nairobi SE
Local Investors 47%
Nairobi SE Bond Exchange The Nigerian SE Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa
Nairobi SE
165
Sectors Traded
Agriculture/Agro-Allied Airline Services Automobile & Tyre Aviation Banking Breweries Building Materials Chemical & Paints Commercial/Services Computer & Office Equipment Conglomerates Construction Engineering Technology Food/Beverages & Tobacco Footwear Healthcare Hotel & Tourism Industrial/Domestic Products Information Communication & Telecommunications Insurance Leasing Machinery (Marketing) Maritime Media Mortgage Companies Other Financial Institutions Packaging Petroleum (Marketing)
Egyptian SE

7 2 3 1 22 7 7 7 3 6 8 7 3 16 2 12 3 10 3 27 1 2 1 1 3 6 9 8
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
Egyptian SE

Printing & Publishing Real Estate Real Estate Investment Trust Road Transportation Textiles Foreign Listings Memorandum Quotations* Emerging Markets
* Listed companies do not include the memorandum quotations.

4 1 1 1 3 1 23 15
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited

Sector Name
1 Insurance 2 Banking 3 Conglomerates
Sector Name
4 Food/Beverages & Tobacco 5 Automobile & Tyre
Malawi SE
Malawi SE
Mozambique SE
Bonds Statistics
Indicators
Total Value Traded (USD billion) Value Traded on Government Bonds Value Traded on Corporate Bonds
Mozambique SE
2006
4.93 4.92 0.01
2007
35.41 35.39 0.02
2008
79.57 79.54 0.03
Nairobi SE
Nairobi SE
Nairobi SE
Products
Product
Stocks Bonds Funds
Bond Exchange The Nigerian SE Bond Exchange Bond Exchange of S. Africa of S. Africa of S. Africa

Common and Preferential Stocks Corporate and Government Bonds Unit Trust, Equity Funds, Reits, Etc.
167
Indices
Index Name
NSE ALL-SHARE INDEX NSE 30 INDEX
Egyptian SE

Price Index Price Index
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited

Index
NSE ALL-SHARE INDEX
Closing 2007
57,990.22
Closing 2008
31,450.78
% Change
-45.77%
Malawi SE
NSE ALL-SHARE Index Performance during 2008

80000
Malawi SE
Mozambique SE
Mozambique SE
60000
Nairobi SE
Nairobi SE
40000
Nairobi SE

Index
NSE 30 INDEX
Egyptian SE
Closing 2007
1,510.50
Closing 2008
853.43
% Change
-43.50%
Egyptian SE
Ghana SE
Ghana SE
IPOs
Company Name
Daar Communication Custodian & Allied Ins. National Sports Lottery
JSE Limited
JSE Limited
Date
Feb-2008 May-2008 June-2008
Value (USD million)

69.69 13.87 94.48

Company Name
UNEX Capital Limited Intercontinental Securities Limited Zenith Securities Limited
Malawi SE
Malawi SE
Company Name
Springboard Trust & Investment Limited Cashcraft Asset Management Limited
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
169
Achievements
Launch of Nigerian Journal of Securities and Finance The Exchange launched a new publication titled Nigerian Journal of Securities and Finance (NJSF) in January, 2009 though it was introduced in 2008. The Journal is a refereed and accredited scientific half-yearly publication of The Nigerian Stock Exchange. NJSF publishes theoretical, empirical and policy articles in the following disciplines (and cognate subjects): Securities Trading, Money and Capital Markets, Corporate Governance, Banking & Finance and Economics.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Expanded Branch Network The Exchange commissioned the following branches: Ilorin branch, Kwara State and its Electronic Trading Floor on Monday January 14, Onitsha branch, Anambra State on Friday, February 15, Abeokuta branch and Ogun State on Monday, November 17, 2008.
Malawi SE
Malawi SE
Cross-Border Listing On January 9, 2008, Diamond Bank Plc achieved the feat of being the first West African Bank to be listed on the Professional Securities Market (PSM) of the London Stock Exchange (LSE). This was the second Nigerian company to be listed on the London Stock Exchange and the first on the Professional Securities Market.
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
New Products The first Real Estate Investment Trusts (REITs) i.e. Skye Shelter Fund Plc. was listed on February 26, 2008 while Union Homes Savings and Loans Plc. offered for public subscription the largest REIT investment worth N50 billion.
Egyptian SE
Investor Education The 9th National Essay Competition for secondary schools and tertiary institutions was organized, culminating in an award ceremony in Lagos on November 24.
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
International Investment Road Shows During the year, The Nigerian Stock Exchange and major market operators participated in International Investment Road Shows that took participants to Spain, Italy, Monte Carlo, Malta, Tunisia and Charlotte USA.
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
171
The Effect of the Global Financial Crisis on The Nigerin SE

The financial crisis that began in the USA in the 2007 aftermath of the subprime mortgage lending crisis and the attendant credit squeeze continued in 2008 on a global scale causing severe economic and operational dislocations across the globe. It reached a climax in September 2008, with the sudden collapse of several major financial institutions in the United States. Lehman Brothers and Merrill Lynch, two of Wall Street's biggest investment banks both collapsed while American officials seized American International Group to prevent the giant insurer's going under. Merrill Lynch was later acquired by Bank of America in a deal worth about $33 billion in stock. Other effects of the crisis included the increased fear of global recession, increased unemployment and inflation worries. Though the US was officially declared to have been in recession since December 2007, Japan and the euro area fell into recession (applying the definition of two quarters of negative growth) during 2008. Some analysts have described the global economic meltdown as the worst since 1945. The persistence of the credit crunch compelled many governments especially in US and Europe to provide extra-ordinary measures including providing substantial financial support or bailout packages to stabilize the banking system in a bid to get credit markets functioning again while central banks took steps to boost liquidity by dropping key interest rates to near zero, lower than they have ever been. Also, US Federal reserve implemented unusual market interventions such as buying large amounts of short-term debt issued to companies to enable day-to-day financing. Consequent upon the turmoil in the financial system and the worst global recession, equity prices crashed in most exchanges such that the global stock market gains of previous years were wiped out. The fear of a big plunge led to the closure of some stock exchanges for days. The authoritative UK-based Guardian estimated that $14 trillion (9.7trillion) was wiped off world share values in 2008 as many stock markets around the world suffered their worst 12 months of trading.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
African economies that were considered relatively insulated from the contagion are now as vulnerable as other regions. The South African stock exchange lost 27% in 2008 and the rand slipped almost 30% while in Nigeria, The NSE All-SHARE INDEX dropped by 45.8%. The Nigerian stock market felt the impact of the global meltdown from the second quarter with equity market capitalization dropping from a high of N12.64 trillion on May 3 to a low of N6.21 trillion on December 16 before finally closing at N9.56 trillion on 31st December 2008. The correction was hoisted by the tightening of liquidity in the banking sector arising from the decline in public sector spending, excess supply of stocks necessitated by profit taking by investors. Despite the declines in key market indicators, the fundamentals of our stock market remained strong as indicated by strong corporate earnings and growth potentials. Although, we observed that the stock market exhibited some signs of recovery during the last two weeks in December 2008, investors are still being ruled by cautious optimism while studying the effect of the global financial crisis on the domestic market.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
173
Ongoing Plans
Market Technology & New Data Centre We have commenced the upgrade of the Horizon, our trading software and hope to complete the upgrade early in 2009. Expectedly, the upgrade to the latest version of Horizon comes with improved functionalities that would impact positively on trading on The Exchange, especially with regard to derivatives and bond trading in the years to come. During the year, The Exchange also commenced and concluded the construction of a stateof-the-art Data Centre in our premises. The construction of the Data Centre was in consonance with The Exchange's strategy to leverage on technology to drive its businesses and continually serve stakeholders' needs. The facility was built in accordance with industry best practice and will accommodate all our IT and power equipment necessary for meeting the strategic growth objectives of The Exchange and its market. As we go into the New Year, The Exchange will leverage on this facility to serve the market better, especially with regard to the dissemination of market data (giving live feed to financial information vendors) and remote access to the Trading Engine.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Expanded Branch Network We shall in the first quarter of 2009, expand our branch network to Owerri, Imo State and Bauchi, Bauchi State. Plans are at advanced stages to open a branch in Oshogbo, Osun State.
Nairobi SE
Nairobi SE
New Products As part of the effort to expand the product range, The Nigerian Stock Exchange has created five new tradable indices, which would be launched in the first quarter of 2009. These indices namely:
Ghana SE
NSE NSE NSE NSE NSE
30 Index Banking 10 Index Insurance 10 Index Food/Beverage 10 Index Oil/Gas 5 Index
Egyptian SE
Each would be based on various criteria including liquidity and would form the platform for an array of new products. One application has been received to create an Exchange Traded Fund on The NSE 30 Index.
JSE Limited
JSE Limited
Licensing of Market Makers The Exchange is currently processing five applications for companies seeking to operate on The Exchange as Market Makers. Market makers are wholesale operators who create liquidity in the stock market by either buying shares when there is a glut or selling shares when there is scarcity. In essence, they are to ensure liquidity in the stock market by acting as buyers and sellers of last resort. Four of the companies have been registered by the Securities and Exchange Commission (SEC), in keeping with the requirements of The Exchange. However, they are further required to provide information on their Liquidity Providers (banks and other non-bank financial institutions) and the stocks in which they plan to make market before they are licensed to operate as Market Makers. We hope they will be able to meet these regulatory conditions in January to enable them commence operation during the first quarter of 2009.
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
Technical Assistance to Stock Exchange of Sierra Leone In the last quarter of 2008, The Exchange hosted the Chief Executive Officer of Sierra Leone Stock Exchange on a Study Tour of our market, preparatory to the commencement of
175
operation by the Sierra Leone Stock Exchange in 2009. Following the success of the study tour, the Council of Sierra Leone Stock Exchange has requested The Nigerian Stock Exchange to pilot the initial operations of their stock exchange. In consideration of this request and our role as a leading stock exchange in the continent, The Nigerian Stock Exchange has undertaken to deploy a senior member of staff to Sierra Leone Stock Exchange to guide the new exchange in the first three months of stock trading. It would be recalled that The Nigerian Stock Exchange facilitated the establishment of the Ghana Stock exchange in 1990.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
The 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, SEM's 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.
177
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency : www.stockexchangeofmauritius.com : 4th Flr., One Cathedral Square Building, 16, Jules Koenig St., Port Louis, Mauritius : + 230 212 9541 / + 230 208 8409 : GMT + 4.00 : Monday - Friday : 9:00 - 13:30 Mr. P. Gopallen Mooroogen Mr. Sunil Benimadhu (Chief Executive) 1989 Founder Member, 1992 Financial Services Commission Cash Market, Bond Market SEMATS The Central Depository & Settlement System (CDS) T+3 Intraday Trading No Taxes imposed on dividends or capital gains No Restrictions Unavailable Mauritius Rupee
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE Bond Exchange The Nigerian SE of S. Africa
Bond Exchange SE of Mauritius The Nigerian SE of S. Africa
Nairobi SE
Trading Statistics
Indicators
Egyptian SE
2006
202.11 250.79 59,686 84 84 4.88 78.50 4.14 11.95 3.66
2007
445.96 300.80 74,367 91 91 7.77 96.50 5.74 13.26 2.80
2008
437.42 318.68 71,148 93 89 4.53 56.00 9.66 6.17 5.14
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE

Malawi SE

Institutions 39%
Mozambique SE
Mozambique SE
Nairobi SE
Local Investors 35%
Nairobi SE Bond Exchange The Nigerian SE SE of Mauritius Bond Exchange of S. Africa of S. Africa
The Nigerian SE
Nairobi SE
179
Sectors Traded
Banks, Insurance and other Finance Commerce Industry Investments Leisure & Hotels Sugar Transport Foreign Others
Egyptian SE

7 11 19 24 8 10 3 1 6
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited

Sector Name
1 Banks, Insurance and other Finance 2 Leisure & Hotels 3 Investments
Sector Name
4 Commerce 5 Industry
Malawi SE
Malawi SE
Mozambique SE
Bonds Statistics
Indicators
Total Value Traded (USD thousand) Value Traded on Government Bonds Value Traded on Corporate Bonds
Mozambique SE
2006
410.10 409.95 0.15
2007
3,729.50 3,729.50 N/A
2008
150.51 150.51 N/A
Nairobi SE
Nairobi SE
Nairobi SE
Products
Product
Stocks Treasury bills ETF's
Bond Exchange The Nigerian SE of S. Africa

Ordinary shares and preference shares Government bonds issued through the Primary Dealers System Units issued under a unit trust approved scheme
Indices
Index Name
SEMDEX
Egyptian SE

The SEMDEX is a capital-weighted price index which trades the price movements of all the shares listed on the Official Market. The Total Return Index, the SEMTRI, was launched in October 2002.
Egyptian SE
Ghana SE
Ghana SE
SEMTRI
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.
JSE Limited
JSE Limited
SEM-7
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.
Malawi SE
Malawi SE
Mozambique SE
DEMEX DEMTRI
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.
Mozambique SE
Nairobi SE
The Nigerian SE
Nairobi SE
181

Index
SEMDEX
Egyptian SE
Closing 2007
1,852.21
Closing 2008
1,182.74
% Change
-36.00%
Egyptian SE
Ghana SE
Ghana SE
SEMDEX Index Performance during 2008

2500 2000 1500 1000 500 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE

Index
SEM-7
Mozambique SE
Closing 2007
477.40
Closing 2008
267.22
% Change
-44.00%
Nairobi SE
Nairobi SE
Nairobi SE

Company Name
Cim Stockbrokers Ltd Associated Brokers Ltd Bramer Securities Ltd
Company Name
MCB Stockbrokers Ltd Compagnie des Agents de Change
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. In 2008, 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.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Strategic Planning January - December 2008 The Stock Exchange industry during the last few years has witnessed take-over attempts which constitute a forbearer of the consolidation process that will possibly underpin the stock exchange industry in the coming years. The SEM has been studying carefully these impending changes since last year, and has already chartered a strategic orientation which will enable it to fulfil its role locally while extending its reach regionally through strategic partnerships with other exchanges.
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Turn-around trading April 2008 The Mauritius Bourse introduced the concept of turn-around trading which, by enabling an investor to buy and sell shares during the same trading session to take advantage of intra-day price movements, is expected to enhance liquidity on the market.
Nairobi SE
The Nigerian SE
Nairobi SE
183
Egyptian SE
Extension of trading hours and trading limits July 2008 SEM extended trading hours on both the Official Market and the DEM such that trading on the Official Market and the DEM is now being conducted from 9:00 a.m to 1:30 pm. The whole purpose of this initiative was to enable investors to manage their portfolios more actively and take advantage of a growing stock market environment. The trading limits on the Official Market have also been increased from 15 to 20%.
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Investor Education July 2008 Following a successful 3-month national educational campaign in 2007 under the theme Faire de Maurice une nation d'actionnaires comprising radio programmes, press interviews and newspaper adverts, the SEM has an ongoing plan over 2008-2010 to pursue similar educational initiatives through different educational modes. The latest initiative is SEM's association with a local major entertainment company as from July 2008, to broadcast SEM data on TV screens in strategic shopping malls across Mauritius.
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
SEM's association with worlds leading index providers April, October, December 2008 Standard & Poors (S&P), the world's leading index provider, announced on April 7, 2008, the launch of three new benchmark and investable indices - S&P Pan Africa, S&P Africa
Nairobi SE
Frontier and S&P Africa 40, in which the SEM was included. Dow Jones Indexes, another leading global index provider, and Wilshire Associates, a global leader in investment services and consulting, recently also announced that SEM has been added to the Dow Jones Wilshire Global Index SM family, whereby trading started on October 1, 2008. SEM also went live on Bloomberg as from December 3, 2008, and forms part of the only three stock markets in Africa besides South Africa and Egypt, to be included in the list of stock markets that Bloomberg will be tracking live on a daily basis. This live coverage of the SEM on Bloomberg constitutes a positive step that will enhance the SEM's visibility at the international level and accelerate the Exchange's integration within the international financial markets.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
The Nigerian SE
Nairobi SE
185
The Effect of the Global Financial Crisis on SEM

2008 has been an extremely difficult period for stock markets around the globe. The Mauritian stock market was no exception. In fact, the first two months in 2008 until end February 2008 period saw the market continue in the footpath of the previous five years, moving unabatedly from strength to strength and breaking above its record level several times in the process. The market then started drifting in March in the wake of the financial turmoil in the U.S and across Europe, wiping out some of the gains made until February, as the following table captures.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
SEM Market Indices

SEMDEX SEM-7 SEMTRI (in local currency terms, Rs) SEMTRI (in US$ terms) MARKET CAPITALISATION (Rs)
31-Dec-07
1852.21 477.4 4868.61 2621.77 173,094,638,414.80
31-Jan-09
1137.84 255.97 3115.87 1466.69 105,151,227,292
Change (%)
(38.57) (46.38) (36.00) (44.06) (39.25)
Malawi SE
Malawi SE
The sell-off accelerated in the second half on the Mauritius Bourse, as global equity markets recorded widespread double-digit percentage losses with the major indices hitting 2008 lows. This downward trend has, however, been characterized by periodic upswings driven by possible undervalued stocks by investors. From a foreign investment perspective, the Mauritius Bourse attracted strong foreign investor interest over the last six years, generating positive investment inflows on many listed companies. Whilst 2007 was a record year, 2008 was a resilient year in terms of net foreign investment flows which still reached a positive level of net inflows of Rs 655 million, compared to the record level of Rs 1.46 billion in 2007, the highest annual level ever reached since the market was first opened to foreign investors in 1994. Although the net inflows since 1994 have nearly reached the Rs 6.56 billion mark, foreign investors hold in excess of Rs 12 billion of local
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
listed shares on the Official Market in terms of market value as at December 31, 2008. Foreign investors' exposure to the DEM market in terms of net investment (purchases-sales) amounted to Rs127.54 million as at 31 December 2008. The first half of 2009 is likely to be a difficult period for the Mauritius stock market as uncertainty over the ramifications of the global economic slowdown prevails. Export driven/related sectors (e.g. the hotel & textile / EPZ sectors) are, naturally, the most exposed and at risk whereas stocks within the banking & insurance and commerce sectors should show greater stability, given continued momentum in those sectors. It should be remembered that financial markets are forward-looking in nature, hence even despite further economic slowdown in 2009, the local market should begin discounting an expected return to growth in 2010 in the next few quarters. Upon signs of recovery in the global economy and a return of risk capital, the massive price declines experienced by the Mauritius Bourse should attract investor attention once again.
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
The Nigerian SE
Nairobi SE
187
Ongoing Plans
Discussions with international exchanges with vision of introducing more sophisticated investment products on the Mauritius Bourse The SEM has been involved during the last twelve months in extensive discussions with international exchanges to work on a programme with a view to further scaling up capital market activities in Mauritius and increase the scope of products currently traded on the SEM through the introduction of structured products on foreign underlyings and other new products. SEM is hopeful of a positive outturn in the near future. We will hopefully soon be able to offer our investors a wide choice of more sophisticated investment products ranging from cash instruments (stocks, treasury bills, corporate and government bonds) to derivatives (futures contracts on indices, single-stock futures, interest-rate futures and currency futures and the like).
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
New website SEM's 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 to provide in 2009-2010, to provide additional features for the benefit of investors both locally and internationally.
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
Egyptian SE
New version of SEMATS On the technology front, we are contemplating moving to a new version of SEMATS which not only incorporates enhanced technological features, but also facilitates the launching of new products on our market, namely derivative and structured products. Similarly, SEM's objective in the medium term is to gradually extend trading hours and eventually move to full day trading, becoming thereby one of the only small markets with full-day trading.
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
The Nigerian SE
Nairobi SE
189
Uganda Stock Exchange (USE)

Background
The Uganda Securities Exchange (USE) was licensed to operate as an approved Stock Exchange in June 1997 by the Capital Markets Authority of Uganda. The USE began formal trading operations in January 1998 following the listing of its maiden instrument, the East African Development Bank (EADB) Bond. Currently the products listed on the Exchange include bonds and 9 equities (3 of the equities are cross listings). Chronological History of The Exchange 1997:- The Licensing of the USE by the Capital Markets Authority of Uganda to operate as a Stock Exchange in June 1997. 1998:- The listing of USEs first security, the Ushs 10 billion 4 year East African Development Bank (EADB) Bond in January 1998. 1999:- The listing of the 5 year Ushs 8.3 billion PTA Bond in March 1999. 2000:- The floatation and eventual listing of USEs first equity, the Uganda Clays Ltd (UCL) on 18th January. IPO was oversubscribed by 15%. 2000:- The flotation of the British American Tobacco (Uganda) Ltd BATU on 28th June. BATUs IPO was 5% oversubscribed and represented the second divestiture of government held shares through the Exchange. 2001:- The first ever cross border listing in the East African market with the listing of East African Breweries Ltd (EABL) on the USE on 27th March. EABL is ranked among the top \10 companies on the Nairobi Stock Exchange (NSE) in terms of capitalization. 2002:- The cross-listing of the Kenya Airways share on the USE on the 28th of March becoming USEs second cross listed product. 2002:- The first flotation of a commercial banks shares through the floatation of 20% of Bank of Baroda Uganda (BOBU)s stock on the 2nd September, 2002. 80 million shares were sold in multiples of 100 at Ushs 600 per share. The IPO was 16.7% oversubscribed
Egyptian SE
2002:- Official listing of Bank of Baroda Uganda Ltd (BOBU) on the USE on 14th November making it the first financial institution to list on the USE. 2003:- The listing of the first tranche (Ushs 24 billion) of the Ushs 54 billion UTL Medium term Note on 16th September. 2003:- The Launch of the USE All Share Index on 23rd October 2003. 2004:- Official Listing of the 2 year, Ushs 20 billion Uganda Government 20% Coupon Rate Treasury Bond on January 15th making it the first Government Bond to be listed on the USE. Currently there are two 2 year bonds, two 3 year bonds, a 5 year bond and a 10 year bond listed on the stock exchange. Please refer to our Listed Securities page for more information. 2004:- DFCU group goes public making it Uganda's second financial institution to do so. 2004:- New Vision offers 20% of its shareholding for sale to the public, making it the fifth local company to conduct an IPO in the Ugandan market. NVL is officially listed on 16 Dec 2004. 2005:- The listing of the 8 year East African Development Bank (EADB) Bond in December 2005. 2006:- Official cross-listing of Jubilee Holdings Limited (JHL) on the USE on 14th February making it the first insurance institution to list on the USE. 2007:- Stanbic Bank Uganda is listed on the USE on 25 Jan following a successful IPO that was 200% over-subscribed. The best to date.
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE Bond Exchange The Nigerian SE SE of Mauritius of S. Africa
SE of Mauritius The Nigerian SE
Nairobi SE
Uganda SE
191
Profile
Website Address Telephone/Fax Time Zone Trading Days Trading Hours Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency : www.use.or.ug : 2nd Floor, Workers' House, Plot 1, Pilkington Road, Kampala, Uganda. : +256 414 345208 / 1328 : GMT + 3.00 : Monday, Tuesday, Thursday : 10:00 - 12:00 Mr. Samwiri Njuki Ms. Harriet Kiwanuka 1997 NA Capital Markets Authority Cash Market, Bond Market Manual continuous open outcry auction system The Stock Exchange T+5 Unavailable 10% tax on divedend and interest income. No tax on capital gains No Restrictions Unavailable Uganda Shilling
Egyptian SE
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
Uganda SE
Trading Statistics
Indicators
Egyptian SE
2006
5.87 15.49 1,170 11 11 2.39 22.38 0.25 15.43 N/A
2007
50.21 484.13 14,338 12 12 3.53 30.02 1.42 16.11 N/A
2008
51.92 216.93 15,659 13 13 2.87 24.85 1.81 N/A N/A
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
Nairobi SE
Nairobi SE
Uganda SE
193
Sectors Traded
Construction Financial Industry Agriculture and Processing Aviation Media Telecom
Egyptian SE

1 8 1 1 1 1 0
Egyptian SE
Ghana SE
Ghana SE
JSE Limited
JSE Limited

Sector Name
1 Financial 2 Construction 3 Media
Sector Name
4 Agriculture and Processing 5 Industry
Malawi SE
Malawi SE
Bonds Statistics
Indicators
Mozambique SE
Mozambique SE
2006
36.52 36.52 NA
2007
467.52 467.48 0.03
2008
461.13 461.13 NA
Nairobi SE
Nairobi SE
Nairobi SE
Products
Product
Stocks Bonds
Bond Exchange The Nigerian SE SE of Mauritius of S. Africa

All common stocks as well as 2 companies with preferred stocks Government and corporate bonds with the bulk owed to Treasury bonds issued through the Primary Dealers System.
Uganda SE
Indices
Index Name
USE All Share Index (ALSI)
Egyptian SE

Market Capitalization Weighted Index
Egyptian SE
Ghana SE
Ghana SE
JSE Limited

Index
USE ALSI
JSE Limited
Closing 2007
991.12
Closing 2008
779.25
% Change
-21.38%
USE ALSI Index Performance during 2008

1200
Malawi SE
Malawi SE
Mozambique SE
Mozambique SE
1000
Nairobi SE
800
Nairobi SE
600
Nairobi SE
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Bond Exchange The Nigerian SE SE of Mauritius of S. Africa
Uganda SE
195
Income and Expenditure Statement for the Year Ended 30 June 2008
Indicators Notes 2008 (US$) 2007 (US$)
Income
Subscriptions from members Interest income Other income 10,000 914 87 9,000 3,065
Administrative Expenses
Postage Audit fees - current year - prior year under provision
11,001
172 3,000 291 9 5,172 2,068 1,500
12,065
58 2,384 884 632 280 -
Bank charges Professional fees Conference expenses Provision for tax penalties Impairment loss
12,212 (Deficit)/surplus from operations

Taxation
4,238 7,827
( 920)
(1,211)
4
( 187)
Surplus for the year
(1,398)
6,907
The notes set out on pages 202 to 211 form an integral part of these financial statements
ASEA at a Glimpse
ASEA at a Glimpse
Balance Sheet at 30 June 2008

Notes 2008 (US$) 2007 (US$)
ASSETS Current assets

Debtors Bank balances Other debtors Tax receivable
1,000 82,840 737 501 85,078
5,000 85,955 1,891 92,846
TOTAL ASSETS FUND BALANCE AND LIABILITIES Fund balance (Page XXX) Current liabilities
85,078
92,846
78,158
79,556
Market Highlights
Subscription fees paid on account Accruals Tax payable
6,920 -
5,500 6,529 1,261
Highlights
6,920 TOTAL FUND BALANCE AND LIABILITIES 85,078
13,290 92,846
The financial statements on pages 198 to 211 were approved by the Executive Committee and were signed on its behalf by :
President:_______________
Vice President:______________
199
ASEA at a Glimpse
Cash Flow Statement for the Year Ended 30 June 2008

2008 (US$)
Operating (deficit)/surplus before tax Less: Interest income (1,211) (914)
2007 (US$)
7,827 (3,065)
(2,125)
Income taxes paid Operating (deficit)/surplus before working capital changes Decrease in debtors (Decrease)/increase in accrued liabilities (1,949) (4,074) 5,154 (5,109)
4,762
4,762 3,282 7,989
Net cash flow (used in)/from operating activities INVESTING ACTIVITIES

Interest received
(4,029)
16,033
914
3,065
Market Highlights
Cash flow from investing activities

Net movement in cash and cash equivalent Cash and bank balances at beginning of the year
914
(3,115) 85,955
3,065
19,098 66,857
Cash and bank balances at end of year

82,840
85,955
ASEA at a Glimpse
Statement of Changes in the Fund Balance for the Year Ended 30 June 2008
(US$)
Balance as at 1 July 2006

Surplus for the year
72,649
6,907
Balance as at 30 June 2007

Deficit for the year
79,556
(1,398)
Balance as at 30 June 2008

The notes set out on pages 202 to 211 form an integral part of these financial statements.
78,158
201
ASEA at a Glimpse
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008
1. SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of these financial statements are set out below:
a) Basis of preparation
The financial statements are prepared in accordance with and comply with International Financial Reporting Standards and under the historical cost convention. All monetary figures appearing in the financial statements, unless otherwise indicated are stated in United States dollars (US$). The preparation of financial statements in conformity with International Financial Reporting Standards requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. The estimates and 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 form the basis of making the judgements about the carrying values of assets and liabilities are not readily apparent from other sources. Actual results may differ from these estimates.
Market Highlights Main Economic Indicators
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period, which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
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 Association's gross income is deemed to be taxable income. However,
ASEA at a Glimpse
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
g) New standards and interpretations not yet adopted

A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 30 June 2008, and have not been applied in preparing these consolidated financial statements: IFRS 8 Operating Segments introduces the management approach to segment reporting. IFRS 8, which becomes mandatory for the Association's 2009 financial statements, will require a change in the presentation and disclosure of segment information based on the internal reports regularly reviewed by the Association's Chief Executive in order to assess each segment's performance and to allocate resources to them. IAS 23 Borrowing Costs removes the option to expense borrowing costs and requires that an entity capitalize borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. The revised IAS 23 will become mandatory for the Association's 2009 financial statements and will constitute a change in accounting policy for the Association. In accordance with the transitional provisions, the Association will apply the revised IAS 23 to
203
ASEA at a Glimpse
qualifying assets for which capitalization of borrowing costs commences on or after the effective date. Therefore there will be no impact on prior periods in the Association's 2009 financial statements. IFRIC 13 Customer Loyalty Programmes addresses the accounting by entities that operate, or otherwise participate in, customer loyalty programmes under which the customer can redeem credits for awards such as free or discounted goods or services. IFRIC 13, which becomes mandatory for the Association's 2009 financial statements, is not expected to have any impact on the financial statements. Revised IAS 1 Presentation of Financial Statements (2007) introduces the term total comprehensive income, which represents changes in equity during a period other than those changes resulting from transactions with owners in their capacity as owners. Total comprehensive income may be presented in either a single statement of comprehensive income (effectively combining both the income statement and all nonowner changes in equity in a single statement), or in an income statement and a separate statement of comprehensive income. Revised IAS 1, which becomes mandatory for the Association's 2009 financial statements, is expected to have a significant impact on the presentation of the financial statements. The Association plans to provide total comprehensive income in a single statement of comprehensive income for its 2009 financial statements. Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements - Puttable Financial Instruments and Obligations Arising on Liquidation requires puttable instruments, and instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation, to be classified as equity if certain conditions are met. The amendments, which become mandatory for the Association's 2009 financial statements, with retrospective application required, are not expected to have any impact on the financial statements. Revised IFRS 3 Business Combinations (2008) incorporates the following changes that are likely to be relevant to the Association's operations: - The definition of a business has been broadened, which is likely to result in more acquisitions being treated as business combinations. - Contingent consideration will be measured at fair value, with subsequent changes therein recognized in profit or loss.
Main Economic Indicators Market Highlights
ASEA at a Glimpse
- Transaction costs, other than share and debt issue costs, will be expensed as incurred. - Any pre-existing interest in the acquiree will be measured at fair value with the gain or loss recognized in profit or loss. - Any non-controlling (minority) interest will be measured at either fair value, or at its proportionate interest in the identifiable assets and liabilities of the acquiree, on a transaction-by-transaction basis. Revised IFRS 3, which becomes mandatory for the Association's 2010 financial statements, will be applied prospectively and therefore there will be no impact on prior periods in the Association's 2010 financial statements. Amended IAS 27 Consolidated and Separate Financial Statements (2008) requires accounting for changes in ownership interests by the Association in a subsidiary, while maintaining control, to be recognized as an equity transaction. When the Association loses control of a subsidiary, any interest retained in the former subsidiary will be measured at fair value with the gain or loss recognized in profit or loss. The amendments to IAS 27, which become mandatory for the Association's 2010 financial statements, are not expected to have a significant impact on the financial statements. Amendment to IFRS 2 Share-based Payment - Vesting Conditions and Cancellations clarifies the definition of vesting conditions, introduces the concept of non-vesting conditions, requires non-vesting conditions to be reflected in grant-date fair value and provides the accounting treatment for non-vesting conditions and cancellations. The amendments to IFRS 2 will become mandatory for the Association's 2009 financial statements, with retrospective application. The Association has not yet determined the potential effect of the amendment. IFRIC 11 IFRS 2 - Association and Treasury Share Transactions requires a share-based payment arrangement in which an entity receives goods or services as consideration for its own equity instruments to be accounted for as an equity-settled share-based payment transaction, regardless of how the equity instruments are obtained. IFRIC 11 will become mandatory for the Association's 2008 financial statements, with retrospective application required. It is not expected to have any impact on the financial statements.
205
ASEA at a Glimpse
2. 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 Association's exposure to each of the above risks, the Association's objectives, policies and processes for measuring and managing risk, and the Association's 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 Association's risk management framework. The Association's 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 Association's 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 Association's receivables from members' subscriptions and investment securities.
Market Highlights
Trade and other receivables

The Association's exposure to credit risk is influenced mainly by the individual characteristics of each member. The demographics of the Association's members base, including the default risk of the country in which member operate. Geographically there is no concentration of credit risk.
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.
ASEA at a Glimpse
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: Carrying amount 2008 2007 US$ US$ 1,000 5,000 Debtors and prepayments 82,840 85,955 Cash and cash equivalents
83,840
The aging of trade receivables at the reporting date was: Gross 2008 US$ Current 1-2 years 2-3 years Over 3 years 1,000 500 500 500 Impairment 2008 US$ 500 500 500 Net 2008 US$ 1,000 Gross 2007 US$ 3,500 1,000 500 Impairment 2007 US$ -
90,955
Net 2007 US$ 3,500 1,000 500 -
2,500
1,500
1,000
5,000
5,000
Market Highlights
The movement in the allowance for impairment in respect of trade receivables during the year was as follows: 2008 2007 US$ US$ Balance at 1 July Impairment loss recognised 1,500 -
Balance at 30 June
1,500
During the year the Association did not renegotiate the terms of a trade receivable from any long-standing debtors.
207
ASEA at a Glimpse
Liquidity risk
Liquidity risk is the risk that the Association will not be able to meet its financial obligations as they fall due. The Association's 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 Association's 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. We have no credit facility arrangement with any institution as at 30 June 2008. The following are the contractual maturities of financial liabilities, including interest payments and excluding the impact of netting agreements:
30 June 2008
In US $ Trade and other payables Carrying amount 1 Year or less 3,479 1-2 years 2-3 years Over 3 years
3,479
Market Highlights
30 June 2007
Trade and other payables
5,156
2,772
2,384
ASEA at a Glimpse
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 Association's 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 Association's 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 Association's business strategies. The Association does not have any significant interest rate risk exposures.
3. STAFF COSTS
Market Highlights
The Association did not incur any staff costs in the year. Average number of people engaged in the year - Nil (2007 - Nil).
209
ASEA at a Glimpse
4. INCOME TAX EXPENSE

Reconciliation of effective tax rate: Surplus before income tax Tax calculated at the statutory income tax rate of 30% Tax effect of: Net expense less income not deductible for tax purposes
2008 US$
2007 US$
(1,211)
(363) 550
7,827
2,348
(1,428)
Total charge to income statement
187
920
In the year subscription income from members formed more than 75% of the gross income and therefore is not subject to taxation under the Income Tax Act.
5. DEBTORS
2008 US$ Debtors 2007 US$ 5,000 1,891
Other debtors
1,000 737
Market Highlights
1,737
6,891
ASEA at a Glimpse
6. ACCRUALS
2008 US$ Website fees 2007 US$ 87 2,384 2,384 301 1,373
Audit fees - current year - Previous year Nairobi Stock Exchange Provision for tax penalties
2,997 482 3,441
6,920 7. MEMBERS LIABILITY
6,529
The members' liability is limited by guarantee at KShs 10,000 per member. The number of members as at 30 June 2008 was 20 (2007 - 18).
8. INCORPORATION
The Association is incorporated in Kenya under the Companies Act as a company limited by guarantee.
Market Highlights
9. CURRENCY
The financial statements are presented in US Dollars (US$).
211
Disclaimer
All the information stated in the book has been obtained from its original sources. The role of EGX is only confined to displaying such information. EGX bears no responsibility for the information or any errors or omission of the data or misuse of the information by any person or institution.
African Securities Exchanges Assosiation President The Egyptian Exchange
4A, El Sherifein St., Postal Code 11513, P.O. Box 358 Mohamed Farid, Down Town, Egypt Tel.: +202 23955266 - 23955477 Fax.: +202 23955799
w w w . e g y p t s e . c o m
African Securities Exchanges Assosiation Secretariat Nairobi Stock Exchange
Nation Centre, First Floor, Kimathi Street, P.O. Box 43633, Nairobi 00100 Tel.: +254 20 2831000 - 20 2422065 Fax.: +254 20 224200
w w w . a f r i c a n s e a . o r g
ASEA Yearbook 2008 - Produced by: The Egyptian Exchange

ASEA Yearbook2008

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ASEA supports its members in the establishment of stock exchanges and the development of Africa's capital

ASEA Executive Committee

Mr. Maged Shawky Sourial The Egyptian Exchange

First Vice President

Mr. Ekow Afedzie Ghana Stock Exchange (GSE)

Second Vice President

Mr. Sunil Benimadhu Stock Exchange of Mauritius (SEM)

Mr. Geoff Rothschild JSE Limited

Mr. Simon Rutega Uganda Securities Exchange Ltd.

Dr. Ndi Okereke-Onyiuke The Nigerian Stock Exchange

Mr. Peter Mwangi Nairobi Stock Exchange (NSE)

Maged Shawky President African Securities Exchanges Association

ASEA Member Countries

Mali Senegal Guinea Burkina Faso Cote Dvoire Ghana Togo

Niger Sudan Nigeria

Tanzania Malawi Zambia Namibia Zimbabwe Botswana Mauritius

ASEA Member Exchanges

Main Economic Indicators (ASEA Member Countries)

Market Highlights (ASEA Member Stock Exchanges)

ASEA Audited Financial Statements - June 2008

African Securities Exchanges Association

African Securities Exchanges Association

ASEA Yearbook 2008 12

ASEA Primary Objects and Powers

membership ... is open to any Exchange in Africa ...

ASEA Yearbook 2008 14

ASEA Strategic Plan & Task Forces

ASEA Yearbook 2008 16

ASEA Executive Committee & Annual General Meetings during 2008

Annual General Meetings

ASEA Yearbook 2008 18

ASEA Conference during 2008

ASEA Publications and Information

ASEA Yearbook 2008 20

ASEA Partnership and Presence during 2008

AU Pan African Exchange Workshop

ASEA Yearbook 2008 22

ASEA Yearbook 2008 24

9.70 724.70 7.20 8.83 32.69

ASEA Yearbook 2008 26

11.50 N/A N/A 5.00 131.25

ASEA Yearbook 2008 28

8.60 N/A N/A 11.60 1,729.00

Market Highlights Financial Statements

ASEA Yearbook 2008 30

2008 Market Highlights

Value Traded (USD million)

Volume Traded (million)

Market Cap. (USD billion)

Market Cap. as % of GDP

Turnover Ratio (%)

Comparative Market Statistics (2008 vs. 2007)

ASEA Yearbook 2008 32

Return on ASEA Member Exchanges Indices (Local Currency)

Index Closing (end of year) 2007 2008

Market Cap (USD billion) 2008

Market Highlights Financial Statements

ASEA Yearbook 2008 34

Value Traded (USD million) 2007 2008

Volume Traded (million) 2007 2008

Market Highlights Financial Statements

ASEA Yearbook 2008 36

2008 Gains in ASEA Member Exchanges Indices (local currency)

58% 26% 21% -7%