Market Update

For the six months ended 30 June 2014

Market Summary

AltX H1 2014 2013 2012 2011 2010 2009

No of companies 61 59 63 66 68 76

Total market cap R28.51bn R20.2bn R13.5bn R15.3bn R10.2bn R11.9bn

Average market cap R452m R331m R214m R229m R149m R154m

New listings 3 4 4 3 1 4

Capital raised R8.43bn R6.88bn R3.11bn R1.74bn R1.94bn R3.18bn

Delistings 1 8 5 3 3 3

Liquidity 10.8% 6.80% 7% 9% 12% 19%

Transfers to the Main Board 1 2 3 4 7 3

Transfers to AltX/Reverse listings 0 2 1 2 1 1

Capital Index Level (FTSE/JSE AltX Index) 1254.73 1137.8 920.5 1222.8 1140.9 1050.4

Main Board H1 2014 2013 2012 2011 2010 2009

No of companies 326 327 337 340 339 334

Total market cap R11 901 bn R10 604bn R8 369bn R6 890bn R6 684bn R5 916bn

Average market cap R14.55bn R13.1bn R10.5bn R9.2bn R8.8bn R6.8bn

New listings 7 8 8 13 13 6

Capital raised R77.07bn R86.21bn R74.96bn R85.80bn R78.92bn R 103.80

Delistings 12 18 13 14 14 22

Liquidity 33.63% 39.40% 43.10% 50.30% 47.80% 52.30%

Capital Index Level (FTSE/JSE All Share) 50945.26 46256.2 39250.2 31985.7 32118.9 27666.5

3

Capital Raised (Equity & Debt)

14.49 39.04

64.16 83.78

125.18

215.44 188.52

77

107 81

88

78

93

85.50

0.00

50.00

100.00

150.00

200.00

250.00

300.00

350.00

2008 2009 2010 2011 2012 2013 H1 2014

ZAR

_ B

illio

ns

Capital raised(R)

Corporate Bonds Equity capital

Note: 2014 bonds capital raised is until end of May

4

Equity capital raised by industry

The Financials industry accounted for 38% of the total capital raised in first half of 2014.

This industry include the Banks, Nonlife Insurance, Life Insurance , Real Estate Investment & Services, Real Estate Investment Trusts, Real Estate, Financial Services, Equity Investment Instruments and Nonequity Investment Instruments sectors.

The second largest was the consumer goods with 18% of the funds raised in the first half of 2014.

OVERVIEW

778

11 732

15 650

3 436

32 407

3 333 3 924

5 660

151 0

8 430

-

5 000

10 000

15 000

20 000

25 000

30 000

35 000

Mill

ion

s

Capital raised by industry (H1 2014)

5

Companies listings and delistings

10 14 16 12 12 10 25

17 17 18 26 13

410 407 406 400 386 387

0

50

100

150

200

250

300

350

400

450

2009 2010 2011 2012 2013 First half 2014

Overall JSE listings & delistings

New listings Delistings # of companies listed

• YTD 10 companies listed on the JSE.

• Total market capitalisation increased by 40% from R8.5trillion in June 2013 to R11.9trillion

AltX A Platform for small to medium sized companies

7

AltX

Number of companies listed

There were 61 companies listed as at the end of June 2014

New listings in 2014

3 new companies listed

Atlantic Leaf Properties Limited- Real Estate

Advanced Health Limited – Health Care

Visual International Holdings Limited – Real Estate

Transfers

1 company moved to the main board in the first half of 2014.

24 companies transferred to the main board since AltX inception .

Delistings

1 company delisted in the first half of 2014.

A total of 27 delisting's since AltX inception in 2003.

Foreign listings 14 foreign companies listed as at end of June 2014.

Fund raising R8.4bn capital raised by AltX companies in first six months of 2014.

Trading turnover

Total value traded of R1.49 billion compared to R882 million first six months of 2013.

The number of shares traded totaled at 1.3 billion, up 10.5% compared to June 2013.

Market Cap

Total market capitalisation of R28.5 billion compared of R15.98 billion end of June in 2013.

This represents an increase of 78% in market cap.

Average market cap of R452.6 million compared to R253.7 million in June 2013.

4 companies had a market cap of over R1billion.

Indices

The AltX Index closed at 1254.73 points representing a gain of 28% compared to June 2013.

The AltX 15 Index gained 19% to close at 550.63 points.

8

AltX- Market Cap by industry

OVERVIEW

The financials and Industrials are the most dominant industries on AltX, accounting for 74.5% and 11.6% respectively.

50% of the top 10 companies by market cap are in the financials sector.

Consumer Goods 1.2%

Basic Materials 4.9%

Consumer Services 0.5%

Financials 74.5%

Health Care 1.8%

Industrials 11.6%

Technology 5.2%

Telecoms 0.1%

Utilities 0.2%

9

AltX- # of companies by industry

Basic Materials 9

Consumer Goods 6

Consumer Services 3

Financials 16

Health Care 2

Industrials 14

Technology 9

Telecommunications 1

Utilities 1

Basic Materials • Industrial metals & mining -2 • Mining – 7

Industrials • Construction & material -6 • Electrical & electrical equipment -1 • Industrial engineering – 2 • Support services – 5

Consumer Goods • Food producers – 3 • Household good & consumer

construction-1 • Personal goods -2

Technology • Software & computer services – 5 • Technology hardware & equipment -4

Consumer services • General retailers –1 • Media -1 • Travel & leisure -1

Telecommunications • Fixed line telecommunications -1

Financials • Equity investment instruments -2 • Financial services – 6 • Real Estate – 8

Electricity • Utilities- 1

OVERVIEW

10

AltX Top 10 companies by market cap as at 30 June 2014

Company Name Listing Date

Market Capitalisation

Sector Industry

Rockcastle Global Real Estate Co Ltd

2012/07/26 11 958 225 000 Real Estate Investment & Services

Financials

MAS Real Estate Inc. 2009/08/31 5 533 783 180 Real Estate Investment & Services

Financials

Blackstar Group SE 2011/08/12 1 005 584 125 Equity Investment Instruments

Financials

Blue Financial Services 2006/10/12 1 069 870 534 Financial Services Financials

Torre Industrial Hldgs Ltd 2012/11/26 880 637 541 Support Services Industrials

Oasis Crescent Prop Fund 2005/11/23 693 932 004 Real Estate Investment Trusts

Financials

CSG Holdings Ltd 2006/12/06 678 920 452 Support Services Industrials

Interwaste Hldgs Ltd 2007/06/14 605 846 151 Support Services Industrials

Poynting Hldgs Ltd 2008/07/09 589 858 275 Technology Hardware & Equipment

Technology

Advanced Health Limited 2014/04/25 486 714 042 Health Care Equipment & Services

Health Care

6% 8% 8%

19%

23%

36%

0%

5%

10%

15%

20%

25%

30%

35%

40%

>R1n R500m -R1bn

R250m -R500m

R100m -R250m

R50m-R100m

<R50m

AltX market cap spread %

11

AltX Indices performance

• As at the 30th of June 2014, the AltX Index closed 1254.73 points, down 46% compared to June 2009

• The AltX 15 Index closed at 535.92 points representing a loss of 44%

0

20

40

60

80

100

120

Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14

Re

bas

ed

to

10

0

AltX indices since January 2009

AltX ALT X 15

JSE Main Board

13

Main Board Summary – as at June 2014

Number of companies listed

326 companies were listed at the end of June 2014.

New listings

7 new company listed.

1 company listed in the mining sector

5 companies in the financials industry

o 3 companies in the Real estate investment trusts sector

o 1 company in the Real estate investment & services sector

o 1 company in the financial services sector

1 company in the oil & gas sector

Delistings

12 companies delisted.

Capital raised

R77.07bn capital raised by main board companies in the first half of 2014.

Trading turnover

R1.95 trillion total value traded compared to R2.13 trillion ,first half of 2013.

Total volume of R28.4 billion.

Market Cap

Total market cap was R11.9 trillion compared to R8.49 trillion end of June 2013 . This represents a gain of 40%.

Average market cap was R14.55 billion compared to R10.24 billion end of June 2013.

2 company (British American Tobacco & SABMiller) had market cap of over 1 trillion

19 companies had market cap of over R100 billion but below 1 trillion

Indices

The FTSE/JSE All Share index gained 29% year on year

14

Main Board- Market cap by industry

OVERVIEW

Top three sector being the consumer goods, basic materials and the financials constitute 68% of the main board.

30% of the top 10 companies by market cap are listing in the basic goods sector.

Technology 0%

Industrials 4%

Additional 8%

Basic Materials 24%

Health Care 2%

Consumer Goods 27%

Consumer Services

9%

Financials 17%

Oil & Gas 4%

Telecoms 5%

15

Main Board- # of companies by industry

Additional 10

Basic Materials 67

Consumer Goods 23

Consumer Services

39

Financials 91

Health Care 8

Industrials 68

Oil & Gas 4

Technology 12

Telecoms 4

Basic Materials • Chemicals-6 • Forestry & Paper-4 • Industrial Metals & Mining – 7 • Mining- 50

Industrials • Construction & Materials-19 • Electrical Components & Equipment-2 • Electronic & Electrical Equipment- 9 • General Industrials- 11 • Industrial Engineering- 6 • Industrial Transportation- 8 • Support Services -13

Consumer Goods • Automobiles & Parts- 2 • Beverages – 4 • Food Producers – 12 • Household Goods & Home

Construction- 1 • Leisure Goods – 1 • Personal Goods- 2 • Tobacco – 1

Additional • Other Securities -1 • Preference Shares- 9

Consumer services • Food & Drug Retailers- 6 • General Retailers- 18 • Media-4 • Travel & Leisure- 11

Health care • Health Care Equipment & Services- 4 • Pharmaceuticals & Biotechnology- 4

Financials • Banks-7 • Equity Investment Instruments-10 • Financial Services- 21 • Life Insurance- 6 • Non life insurance-4 • Real Estate Investment & Services- 11 • Real Estate Investment Trusts- 32

Oil & Gas-4 Technology- 12 Telecommunications-4

OVERVIEW

16

Main Board Market Cap Spread

Top 10 companies by market cap as at 30 June 2014

Company Name Listing Date

Market Capitalisation (R)

Sector Industry

British American Tobacco plc

2008/10/28 R 1 190 907 900 678 Tobacco Consumer Goods

SABMiller plc 1897/06/08 R 1 031 510 328 541 Beverages Consumer Goods

Glencore plc 2013/11/13 R 787 409 444 134 Mining Basic Materials

BHP Billiton plc 1997/07/28 R 738 522 035 157 Mining Basic Materials

MTN Group Ltd 1995/08/14 R 414 357 060 451 Mobile Telecommunications

Telecommunications

Sasol Limited 1979/10/31 R 411 372 101 392 Oil & Gas Producers Oil & Gas

Anglo American plc 1999/05/24 R 365 773 005 360 Mining Basic Materials

Standard Bank Group Ltd

1970/02/09 R 234 640 494 660 Banks Financials

Firstrand Ltd 1989/03/13 R 229 746 123 827 Banks Financials

Vodacom Group Ltd 2009/05/18 R 195 591 553 300 Mobile Telecommunications

Telecommunications

1%

6% 5%

22%

33% 34%

0%

5%

10%

15%

20%

25%

30%

35%

40%

> R 1 Trn R100 bln -R1 Trn

R100 bln -R50 bln

R50 bln -R10 bln

R10 bln -R1 bln

<R1 bln

Main Board Market Spread

17

Market Summary

Index Performance

31%

16%

24%

29%

22%

28%

0%

5%

10%

15%

20%

25%

30%

35%

Top 40 Mid Cap Small Cap All Share Fledgling AltX

12 Months to June 2014

18

Market Summary

2014 new listings

Listing date

Code Company Board Dual

listing Other Exchanges Sponsor Sector Market Cap

Capital Raised on listing

2014/02/24 CME Camac Energy Inc. Main Yes New York Stock Exchange Sasfin Capital Oil & Gas R 8 363 291 762.35 R 0

2014/04/03 ALP Atlantic Leaf Prop Ltd AltX Yes Mauritius Stock Exchange Java Capital Real Estate Holding & Development

R 269 337 607 R 57 999 996.63

2014/04/07 SAR Safari Investments RSA Main No n/a PSG Capital (Pty) Real Estate Investment Trusts

R 1 445 000 000 R 374 901 369.99

2014/04/10 THA Tharisa plc Main No n/a Investec Bank Ltd Mining R 6 369 516 150 R 500 000 010.00

2014/04/25 AVL Advanced Health Ltd AltX No n/a

Arcay Moela

Health Care Equipment & Services

R 509 714 042 R 80 000 000.00

2014/05/23 VIS Visual International Hldgs AltX No n/a Arcay Moela Real Estate R 93 668 696 R 11 150 510.50

2014/06/12 FDP Freedom Prop Fund Ltd Main No n/a PSG Capital Real Estate Investment & Services

R 811 352 934 R 0

2014/06/18 EQU Equites Prop Fund Ltd Main No n/a Deloitte & Touche Real Estate Investment Trusts

R 977 270 510 R 650 000 000.00

2014/06/18 KST PSG Konsult Limited Main No n/a PSG Capital Ltd Financial Services R 9 468 633 173 R 0

2014/06/30 CPF Capital Property Fund Ltd Main No n/a Java Capital Real Estate Investment Trusts

R 18 220 267 217 R 0

19

Market Summary

2014 Delistings

Listing date Code Board Company Note

2014/01/08 SLO VCM Southern Electricity Co

Scheme of Arrangement

2014/01/21 SLL DCM Stella Vista Tech Ltd

Scheme of Arrangement

2014/01/30 GDO Main Gold One Int Ltd

Compulsory acquisition by BCX Gold Investment Holdings

2014/03/18 SDH Main Securedata Holdings Ltd

Scheme of Arrangement

2014/03/31 ARD Main Ardor SA Ltd

The Issuer has failed to inject assets as required by the cash shell requirements.

2014/04/01 AFR Main Afgri Limited

Scheme of Arrangement

2014/04/01 FCPD Main Foord Compass Ltd Deb

Full Redemption

2014/04/15 PAM Main Palabora Mining Co Ltd

Section 124(1) of the Companies Act.

2014/04/15 WGR Main Witwatersrand Cons Gold

Scheme of Arrangement

2014/04/23 BWI AltX B&W Instrument & Elec Ld

Scheme of Arrangement

2014/05/20 CNL Main Control Instruments Grp

Scheme of Arrangement.

2014/06/24 ANP Main Annuity Properties Ltd

Scheme of Arrangement

2014/06/30 JDG Main JD Group Ltd Conv

Fully underwritten

20

R 0

R 100

R 200

R 300

R 400

R 500

R 600

R 700

R 800

R 900

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Bill

ion

s

Delistings Listings

Market Summary Market cap of listings vs delisting's (2000 – 2014)

21

Contact the JSE and Join us on social media