Emmanuel Tumusiime-Mutebile: The Uganda Securities Exchange’s efforts in deepening and broadening capital markets Speech by Prof Emmanuel Tumusiime-Mutebile, Governor of the Bank of Uganda, at the Nation Media Group Shares Cross-listing Luncheon, Kampala, 19 October 2010. * * * The Chairman, Nation Media Group, Mr. Wilfred Kiboro The Chairman, Capital Markets Authority, Uganda, Mr. Haji Twaha Kawasse The CEO, Uganda Securities Exchange, Mr. Joseph Kitamirike The CEO, Nation Media Group, Mr. Linus Gitahi Directors and Staff of Nation Media Group, Shareholders, Investors, Distinguished Guests, Ladies & Gentlemen I am pleased to have been invited to attend and make key remarks at this luncheon commemorating today’s cross listing of East Africa’s premier Media House, the Nation Media Group. I want to commend and appreciate Nation Media Group for the gesture. The building block of the success of the Uganda Securities Exchange that we witness today is largely attributed to Government and we must applaud its efforts in creating an environment in which the economy can thrive. Together with the Government, the role of the Bank of Uganda in particular consists of providing a supporting environment for rigorous economic activity through sound and coherent macroeconomic policies. The Central Bank’s efforts towards supporting macroeconomic environment have centered on preserving price stability. Ensuring a reasonably low level of inflation helps reduce uncertainty in economic decisionmaking so that individuals and investors have a reliable basis for long-range decisions and plans. The Bank’s efforts to keep inflation in check have so far been successful. A continuing commitment to prudent macroeconomic policies builds confidence in Uganda as an investment destination and boosts the country as a whole. The USE has played it role in providing an efficient, well regulated exchange that has made the investment process as simple, affordable and transparent as possible. However, the underlying investment decision is dependent upon perceptions of the future performance of Uganda as a whole. In conclusion, I wish to highlight some critical factors that will govern the progress of the USE going forward. Firstly, will be the steadfast commitment to taking a regional and global view for purposes of deepening and broadening our capital markets. Secondly, our regulatory and enforcement structures should be responsive to today’s market place. In conclusion, I want to congratulate the Nation Media Group’s Board of Directors, the Management and staff for this monumental achievement today and also recognize the following parties who were very important to ensuring this transaction was concluded professionally and in good time: The Transaction Advisor African Alliance Uganda, The Legal Advisors in Uganda Sebalu & Lule, The Legal Advisors in Kenya Iseme, Kamau, Maema Advocates and finally The Reporting Accountants PriceWaterhouseCoopers. Thank you.