The Trading Platform is not an exchange as defined in the Financial Markets Act No 19 of 2012 (the “FM Act”) and the Trading Platform is not regulated in the same way as a licensed exchange. The Financial Services Board or other Regulator may put further conditions on the Trading Platform. This may affect the Trading Platform's operation. Due to the fact that the Trading Platform is not a licensed exchange as contemplated in the FM Act, the anti-insider trading and prohibited practices provisions and the prohibitions against publication of false and misleading statements provided for in sections 78 to 81 of the FM Act do not apply to the Trading Platform. Investors should note, however, that even though the Trading Platform is not a licensed exchange, MTN Zakhele has nevertheless implemented extensive measures to prevent fraud and other abuses through, among other things, insider trading and price manipulation.