We were instructed by Singular Systems Proprietary Limited ("Singular") to consider whether its proposed bulletin board on which prospective buyers and sellers of securities will announce their intention to enter into negotiations for the purchase and sale of securities (the "Bulletin Board") will constitute an "exchange" as that term is defined in the Financial Markets Act 19 of 2012 ("FMA").

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Singular Systems (Pty) Ltd ("Singular Systems" or "the FSP") is an authorised Category I Financial Services Provider in terms of the Financial Advisory and Intermediary Services (FAIS) Act 2002, with license number 44330. A certified copy of the license is available upon request. Singular Systems is an intermediary services provider.

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The General Code of Conduct for Authorised Financial Service Providers and Representatives ("the Code") issued under the Financial Advisory and Intermediary Services Act, 2000 (Act No. 37 of 2002) ("FAIS"), requires financial service providers to have a Conflict of Interest Management Policy in place to ensure that conflict of interest is managed appropriately in the business.

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