The Johannesburg Stock Exchange is pleased to announce that Mr Russell M Loubser has been appointed Executive President in the replacement of Mr Roy C Andersen. It is advised that Mr Andersen will hand over responsibilities to Mr Loubser in January 1997 who will assume responsibilities from the beginning of February 1997.

Mr Loubser is currently Executive Director in charge of Financial Markets at Rand Merchant Bank Limited ("RMB"). He is 46 years old and joined RMB from Finansbank Limited in 1985. During 1987 he was part of the team which started the Futures industry in South Africa. Prior to his career in merchant banking, he qualified as a C.A. (SA) while with Arthur Andersen & Co. and obtained an M.Com (Statistics) at the University of Pretoria.

A keen sportsman, he represented Transvaal and S.A. Universities at hockey. He also represented Northern Transvaal B at squash and has completed Comrades, Two Oceans, and various other marathons. Russell also plays golf, tennis, cycles and is an aspirant pilot and trout fisherman.

Being one of the founders of the futures industry it is appropriate that Russell was the Chairman of the South African Futures Exchange ("Safex") for two years, Deputy Chairman for one year and now serves on the Executive Committee.

Russell is married to Alma and has two children, Mark (16) and Carine (10).

For further information contact:

Mr Bobby Johnston              Mr Chris Niehaus
Chairman                       Deputy Chairman

Tel:  833 2123                 Tel:  377 4200
Fax:  836 6294                 Fax:  834 8502