Foreword

As a financial services group active in corporate finance, fund management and principal investments, we are pleased to present the seventh edition of the Tamela JSE Listings Requirements and Regulatory Guideline and Notes ("Guide").

This Guide has been developed as a practical, quick-reference resource for market participants, company executives and corporate finance practitioners. Its purpose is to support a clear and accessible understanding of the regulatory framework applicable to listed companies, as well as entities considering a listing on the JSE. While it highlights key provisions of the JSE Limited Listings Requirements ("Listings Requirements") and related regulations relevant to equity issuers, it is intended as a guide and should be read alongside the full Listings Requirements as published by LexisNexis South Africa.

This edition incorporates significant amendments arising from the JSE's Simplification Project, with revised rules effective from 13 January 2026 for new listings and 16 February 2026 for existing issuers. These changes represent an important evolution in the regulatory landscape, aimed at improving clarity, efficiency and accessibility.

Key enhancements include a reduction in the overall length and complexity of the rules, streamlined requirements for historical financial information in Category 1 transactions, the removal of valuation report obligations (except in limited circumstances), and a more intuitive structure designed to enhance usability.

Despite these improvements, a sound understanding of the Listings Requirements remains fundamental to corporate activity involving listed companies. In our experience, transactions can be delayed by unforeseen regulatory complexities, reinforcing the need for clear, reliable and practical guidance.

We trust that this Guide will serve as a valuable tool in navigating the regulatory environment, both for listed entities and for those considering accessing the public markets.

We extend our sincere appreciation to our clients and partners for their continued support over the past 18 years, and we welcome your feedback on how future editions can be further enhanced. Please share your comments at jseguide@tamela.co.za.

We also acknowledge and thank KAR Presentations for their contribution to this publication, as well as our publishing partner, Bastion. The Guide is available online at www.tamela.co.za and via the QR code included in this publication.

Yours sincerely

Tamela Corporate Finance team

Tamela is an authorised financial services provider, FSP 42038, JSE debt and equity sponsor and Cape Town Stock Exchange ("CTSE") Issuer Agent.