SUGGESTED TERMS OF REFERENCE FOR THE PRODUCT AND BUSINESS DEVELOPMENT COMMITTEE The Capital Market Committee (CMC)

is an industry wide committee comprising of members of; the Securities Exchange Commission, Nigerian Stock Exchange, Representatives of Capital Market Operators and other Stakeholders. The aim of the Capital Market Committee is to assess and provide a supervisory and consultative forum for all stakeholders in the capital market. In other to assist the CMC, sub-committees have been reconstituted to include the Product and Business Development Committee. Kindly find below my suggestions in relation to terms of reference for the Product and Business Development Committee: Duties And Responsibilities Should Include: 1) Conduct research in relation to certain areas of the securities industry with the intent to identify and develop new products that will strengthen the market; 2) Assess, recommend and submit reports on investment and business development strategies/initiatives;

3) Identify, assess and recommend new products and areas of business development in the proposed demutualised Nigerian Stock Exchange; 4) Relate with relevant organisations on matters relating to new product development and business development; 5) Identify, assess and recommend new products and areas of business development in the proposed demutualised Nigerian Stock Exchange; 6) To undertake public awareness and investors education of the capital market in order to promote available business opportunities in the securities industry; 7) Review and recommend committee reports regarding proper due diligence for any new product and business development strategy undertaken; and 8) Undertake regular review and report on execution effectiveness of current products, business strategy investments in the security industry. and and

General Governance:

1) Identify a reporting line within the committee; 2) Provide annual goals and work plan to ensure that the duties and responsibilities stated in the terms of reference are achieved; 3) Formal bi-annual evaluation on the performance of the Committee; and 4) Set time frame for achieving plans and goals. Other Suggestions Are: 1) Objectives: The objective of the committee should include development oversight of strategic and innovative business opportunities 2) Meetings: y Determine the quorum for Committee Meetings y Determine how decisions are reached i.e. either by vote or consensus y Possibility of inviting non-members to Committee meetings at the request of the chairman on behalf of the Committee to provide expert/professional advise 3) Amendment: Annual assessment and review of the terms of reference, with consequent amendments where necessary.