South Africa: Annualised JSE Liquidity* - 31 March 1998

                        Month          Month       % Change     Year
                        Ended          Ended       Mar 1997-    to
                        Mar 1998       Mar 1997    Mar 1998     Date

Liquidity               25.9%          12.3%       110.6%       21.9%

                        1997           1996        1995

Liquidity               16.9%          10.9%       7.0%

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

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