THE STOCK EXCHANGE OF MAURITIUS Our Mission:

The SEM is committed to becoming a World Class Stock Exchange. We will strive to position the Exchange as a service-driven and operationally excellent organisation with world-class trading and settlement capabilities, which incorporate and maintain the fundamental principles of market integrity, investor protection and efficient price discovery. We undertake to actively pursue strategies that contribute to the growth of the capital market activities in Mauritius. In the pursuance of our mission, we endeavour to further the interests of the investing community, the business community, the government and nation, and our members, shareholders and employees.

Market indices of Mauritius: Official Market: Indices:

1)

SEMDEX:

The SEMDEX is an index of prices of all listed shares and each stock is weighted according to its share in the total market capitalisation. Thus, changes, in the SEMDEX are dominated by changes in the prices of shares with relatively higher market capitalisation. In its computation, the current value of SEMDEX, is expressed in relation to a base period, which is chosen as the 5th July 1989, with an index value of 100. The index formula is as follows: SEMDEX = Current Market Value of All Listed Shares x 100 / Base Market Value of All Listed Shares

where the market value of any class of shares is equal to the number of shares outstanding times its market price. The base value of listed shares is adjusted to reflect new listings, rights issues and other capital restructurings.

2)

SEMTRI:

The Stock Exchange of Mauritius Total Return Index (SEMTRI) 1. Background The Stock Exchange of Mauritius (SEM) has launched a Total Return Index, the SEMTRI, whose main purpose is to provide domestic and foreign market participants an important tool for performance measurement of the local market. Besides capturing the price movements of listed stocks, common to the already published allshare 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 July 5, 1989. Gross dividends are assumed to be re-invested in the stocks underlying the capital index, SEMDEX. 2. Methodology of calculation of SEMTRI The methodology used for the calculation of the Total Return Index is based on the following approach. The calculation is undertaken in two steps: (i)The first step is to transpose the total daily announced dividend payments into index points on the ex-dividend date. This is called XD adjustment to the underlying capital index, i.e the SEMDEX.

Where gi = announced dividend per share of the ith company wi = the number of ordinary shares issued by the ith company d = Divisor (base market capitalisation) of the underlying capital index, SEMDEX In the case of Treasury shares, total dividend paid is input in the formula. (ii) The second step of the calculation uses the figures calculated in step one (XD adjustment).These figures are included in the formula below to calculate the SEMTRI, assuming re-investment of grossdividends.

Where SEMTRI t = Total return index value today SEMTRI t - 1 = Total return index value yesterday SEMDEX t 1 = underlying capital index yesterday SEMDEX t = underlying capital index today XDt = XD adjustment to underlying capital index today 3. Rules for the maintenance of the SEMTRI. The maintenance of and operational adjustments to the SEMTRI in respect of corporate events, such as new listings or delistings, rights issues, bonus issues etc will be done in accordance with the rules governing the maintenance of the underlying capital index, SEMDEX.

4. Advantages provided by SEMTRI. SEMTRI will provide investors with the following benefits: It constitutes a very good indicator of the performance of the overall stock market and provides a dynamic yardstick of the local stock markets evolution overtime. It captures the two forms of return that a stock market investment generates, namely, capital appreciation and dividend payments. It will provide investors, in general, and long-term institutional investors, in particular, a useful benchmark to undertake cross-market and cross-instrument performance measurements. It will enable the SEM to regularly publish the list of top performing companies in terms of capital growth and dividend payments.

Listed companies:

Symbol

Company Name

BANKS & INSURANCE AND OTHER FINANCE MCB.N0000 MEI.N0000 MLC.N0000 MUA.N0000 SBM.N0000 SWAN.N0000 The Mauritius Commercial Bank Ltd Mauritian Eagle Insurance Co. Ltd Mauritius Leasing Co. Ltd Mauritius Union Assurance Co. Ltd State Bank of Mauritius Ltd Swan Insurance Co. Ltd COMMERCE CMPL.N0000 HML.N0000 HWF.N0000 IBL.N0000 ROGE.N0000 SHEL.N0000 Compagnie des Magasins Populaires Lte Harel Mallac Ltd Innodis Ltd Ireland Blyth Ltd Rogers & Co. Ltd Shell Mauritius Ltd INDUSTRY GCL.N0000 MBL.N0000 MCFI.N0000 MOR.N0000 MSM.N0000 PIM.N0000 UBP.N0000 Gamma Civic Ltd Phoenix Beverages Ltd Mauritius Chemical & Fertilizer Industry Ltd Mauritius Oil Refineries Ltd Mauritius Stationery Manufacturers Ltd Plastic Industry (Mtius) Ltd United Basalt Products Ltd INVESTMENTS BMHL.N0000 CAUD.N0000 FINC.N0000 Belle Mare Holding Ltd Caudan Development Ltd Fincorp Investment Ltd

Development & Enterprise Market (DEM):

Indices: 3) DEMDEX:

Methodology for the determination of DEMEX:

1. The price index of DEM will be called DEMEX. 2. Ordinary shares of 41 companies currently quoted on the OTC Market will initially form part of the index. 3. The initial market capitalization of DEMEX will be calculated at the close of the trading session on August 4,2006 and will be determined as follows:

where i is the ordinary share of the ith company pi = closing price of the ith company on the DEM on August 4. ni = number of ordinary shares issued by the ith company. Only companies which would trade on August 4 will be included in the initial market capitalization. 4. The base market capitalization of DEMEX will be set at the initial market capitalization of DEMEX at market close on August 4.

5. DEMEX will be set at 100 at market close on August 4 and will afterwards be calculated as follows: DEMEX = Current Market Capitalisation of all Listed ordinary shares Base Market Capitalisation of all Listed ordinary shares x 100

6. The base market capitalization will be adjusted at market close, each time a new company from the initial universe of 41 companies is traded for the first time.

New Listing 7. In the case of the listing of the ordinary shares of a new company on the DEM after the launch, the base market capitalisation of DEMEX will be adjusted to reflect the initial market capitalization of the new listing on the day the newly admitted security is traded. The closing value of DEMEX, however, will remain unchanged following this adjustment Corporate Actions The base market capitalisation of DEMEX will be adjusted to reflect rights issues and other capital restructurings.

4)

(DEMTRI):

The Development & Enterprise Market Total Return Index (DEMTRI)

1. Methodology of calculation of DEMTRI The methodology used for the calculation of the Development & Enterprise Market Total Return Index, DEMTRI, is based on the following approach. The calculation is undertaken in two steps: (i)The first step is to transpose the total daily announced dividend payments into index points on the ex-dividend date. This is called XD adjustment to the underlying capital index, i.e the DEMEX.

Where gi = announced dividend per share of the ith company wi = the number of ordinary shares issued by the ith company d = Divisor (base market capitalisation) of the underlying capital index, (ii) The second step of the calculation uses the figures calculated in step one (XD adjustment). These figures are included in the formula below to calculate the DEMTRI, assuming reinvestment of gross dividends.

Where DEMTRI t = Total return index value today