7. Annualised JSE Liquidity *


                  Month       Month      % Change   Year to date
                  ended       ended      Mar 96     1997
                  Aug 97      Mar 96     to Mar 97

Liquidity %       17.3        9.7       +78.4         16.1


Liquidity %       1996        1995       1994
                  10.9        7.0        7.5


* Liquidity calculated on a daily basis and not as at month end



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