EURUSD spot became bigger driver compared to ZAR spot. 24% 22% 20% 18% 16% 14% 12% 10% 8% Jan-10 — EURUSD ern mat •o1 USDZAR 9m real — EUR7AR 8m real rol EUFakR-LISDZAR m festoon mr‘Of\„ ...„,_ et: Jul-10 Jan-11 Jul-11 90% 60% 70% 60% 50% 40% 30% Jan-12 1.15 1.10 — EURUSD