Zimbabwe Stock Exchange Limited and Victoria Falls Stock Exchange Limited Joint Practice Note 2 Issued pursuant to section 3 (1) (h) of Statutory Instrument 134 of 2019 (“the ZSE Listing Requirements”) and section 3 (1) (h) of the Victoria Falls Stock Exchange Listings Requirements

LISTING REQUIREMENTS FOR MIGRATION OF DUALLY LISTED COMPANIES FROM THE ZIMBABWE STOCK EXCHANGE (“ZSE”) TO THE VICTORIA FALLS STOCK EXCHANGE (“VFEX”)

1. Definitions
   Terms used in this Practice Note which are defined or interpreted in the ZSE and VFEX Listings Requirements shall have the same meaning as in the ZSE and VFEX Listings Requirements.

2. Victoria Falls Stock Exchange
   The VFEX is a 100% owned subsidiary of the Zimbabwe Stock Exchange Holdings Limited. The Company was incorporated on 30 July 2020 and is an Offshore Business driven trading Stock Exchange with trading and settlement in United states dollars or other convertible currencies.

3. Opportunity for migrating dually listed securities from the ZSE to VFEX
   The VFEX Listings Requirements provides for the minimum listing criteria for applicant Issuers. Also, the Listings Requirements permit the Listings Committee of the VFEX to exercise discretion in the application of the rules, where certain circumstances exist.

In this respect, the VFEX Listings Committee in consultation with the ZSE Listings Committee considered and resolved to make it discretionary for dually listed companies with a secondary listing on the ZSE seeking to migrate such listing from the ZSE to the VFEX to publish full listing particulars. Applicants should formally seek for a waiver for this dispensation to be granted. If the waiver is conditional, conditions set should be fulfilled.

1. Publication of a De-listing Circular for ZSE dually listed companies
   While section 11 (3) of the ZSE Listing Requirements requires the publication of a delisting circular and obtaining shareholder approval, it shall not be necessary for dually listed companies with a secondary listing on the ZSE seeking to migrate such listing from the ZSE to the VFEX to publish a delisting circular or hold an EGM and obtain shareholder approval for that purpose.

2. Duration
   This Practice Note shall remain effective for an indefinite period unless withdrawn by way of a joint notice issued by both the ZSE and VFEX Listings Committees.

3. Effective Date
   This practice note is with effect from 02 April 2026.

Issued by

Justin Bgoni
Group Chief Executive Officer
For Zimbabwe Stock Exchange Limited; and
Victoria Falls Stock Exchange Limited

2 April 2026ZSE-AND-VFEX-NOTICE-OF-JOINT-PRACTICE.pdf

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