The Commission has set up two technical committees for the Review of Corporate Governance forPublic Companies and for the Review of the Capital Market Structure and Processes. TheCommittees have eight weeks to submit their reports.The Committees have the following members and terms of references.

1. TECHNICAL COMMITTEE FOR THE REVIEW OF THE CAPITAL MARKETSTRUCTURE AND PROCESSES

S/NNAMESCOMPANY

1Mr. Dotun Sulaiman (Chairman)2Mr. Segun AgangaGoldmam Sachs3Mr. Albert OkumagbaBGL Plc4Mr. Godwin ObasekiAfrinvest West Africa5Mr. Olutola MobolurinCrusader Insurance Plc6Mrs. Yvonne Ike-FashinroJ.P Morgan7Mr. Lawrence Fubara AngaAelex Law Firms8Mr. Yusuf ModibboTiddo Securities Ltd9Mr. Frances WoodFCMB10Mr. Edo UkpongConsolex Legal Practitiones11Mr. Bismack RewaneFinancial Derivatives Co Ltd12Ms.Yewande SadikuStanbic IBTC Bank Plc13Mr. Sonnie AyereUBA Global Capital Markets

14Mr. Hassan Musa UsmanAso Savings and Loans Plc15Dr. Babatunde Ajibade (SAN)S.P.A Ajibade &Co16Mr. Bala Usman (Secretary)SEC

TERMS OF REFERENCE

To identify the strengths, weaknesses, opportunities and challenges of the Nigerian capital marketwith a view to positioning it to meet immediate and future developmental aspirations of Nigeria.

II.

To review the current market structure and processes, as well as the regulatory and institutionalframework and make recommendations for the improvement of the operational efficiency andtransparency of the market, including any suggested amendments of existing legislation.III.To examine the international competitiveness, or otherwise, of the market and recommendmeasures required to fully align it with international best practices so as to strengthen it in orderto attract significant foreign capital and institutional presence.IV.To develop a master plan for the Nigerian capital market with time lines to serve as a road mapfor the development of the market. V.To identify any other factors considered important to the progress of the market.

2. TECHNICAL COMMITTEE FOR THE REVIEW OF CORPORATEGOVERNANCE CODE FOR PUBLIC COMPANIES

S/NNAMESCOMPANY

1Mr. A.B Mahmoud (SAN)2Dr. Timi Austen-PetersAusten-Peters & Co3Mrs. Uto Ukpanah Company Secretary, MTN4Mr. Philip IheanachoUBA Capital (Europe)5Mr. Dele BabadeACL Capital Partners6Mr. Tony NnachettaLSC Consulting Ltd7Mr. Ocholi Danjuma Executive Director FirstInland Bank Plc8Mr. Suleiman Yah’yaFormer Member of IST9Ms. Bennedikter MolokwuFormer IoD President10Mr. Kunle ElebuteKPMG11Mr. Sam OkagbueGeorge-Ikoli & Okagbue12Mr. Olusegun AgbajeGuaranty Trust Bank Plc13RepresentativeCorporate AffairsCommission (CAC)14RepresentativeInstitute of Directors (IoD)