Audited abridged annual financial statements for

March 10, 2008 at 5:37 AM EDT
JSE                                                                             
JSE - JSE Limited - Audited abridged annual financial statements for            
          the year ended 31 December 2007 and dividend declaration              
JSE LIMITED                                                                     
(Incorporated in the Republic of South Africa)                                  
(Registration number: 2005/022939/06)                                           
Share Code: JSE                                                                 
ISIN Code: ZAE000079711                                                         
("JSE")                                                                         
Income statements                                                               
for the year ended 31 December 2007                                             
                                                                                
           Group                   Exchange              Investor               
                                                         Protection             
                                                         Funds*                 
           2007         2006       2007       2006       2007      2006         
           R'000        R'000      R'000      R'000      R'000     R'000        
Revenue     877 426      640 377    898 673    654 154    0         0           
                                                                                
Other       111 993      65 370     88 776     23 627     29 247    41 743      
income                                                                          
                                                                                
Personnel   (230 069)    (162 986)  (230 069)  (162 986)  0         0           
expenses                                                                        
Other       (483 168)    (413 561)  (460 762)  (395 228)  (12 614)  (10 412)    
expenses                                                                        
Profit      276 182      129 200    296 618    119 567    16 633    31 331      
before net                                                                      
financing                                                                       
income                                                                          
Interest    1 430 072    676 190    71 929     35 483     4 384     3 249       
received                                                                        
                                                                                
Interest    (1 332 943)  (621 450)  (11 142)   (5 875)    0         0           
paid                                                                            
Net         97 129       54 740     60 787     29 608     4 384     3 249       
financing                                                                       
income                                                                          
                                                                                
Share of    31 865       27 364     0          0          0          0          
profit of                                                                       
equity                                                                          
accounted                                                                       
investees                                                                       
Profit      405 176      211 304    357 405    149 175    21 017    34 580      
before tax                                                                      
Income tax  (131 938)    (70 254)   (131 866)  (70 200)   0         0           
Profit for  273 238      141 050    225 539    78 975     21 017    34 580      
the year                                                                        
Earnings                                                                        
per share                                                                       
Basic       321.3        168.0      265.2      94.1       24.7      41.2        
earnings                                                                        
per share                                                                       
(cents)                                                                         
Diluted     318.7        167.5      263.1      93.8       24.5      41.1        
earnings                                                                        
per share                                                                       
(cents)                                                                         
* The JSE maintains the JSE Guarantee Fund Trust and the JSE                    
Derivatives Fidelity Fund Trust for investor protection purposes as             
required under the Securities Services Act 36 of 2004.  The JSE is              
required to consolidate these funds into the results of the Group in            
terms of International Financial Reporting Standards ("IFRS").                  
However, as these Trusts are legally separate from the JSE, neither             
the JSE nor its shareholders have any right to the net assets of such           
Trusts.                                                                         
For enhanced understanding, the investor protection funds have been             
shown separately, although, for compliance with IFRS, these results             
form part of the Group financial statements.                                    
Balance sheets                                                                  
as at 31 December 2007                                                          
            Group                      Exchange             Investor            
                                                            Protection          
                                                            Funds               
            2007         2006          2007       2006      2007      2006      
            R'000        R'000         R'000      R'000     R'000     R'000     
Assets                                                                          
Non-current  542 597      517 316       284 613    294 892   223 644   213 919  
assets                                                                          
Property     214 014      213 198       214 014    213 198   0         0        
and                                                                             
equipment                                                                       
Investments  58 957       54 119        21 416     42 413    0         0        
in equity                                                                       
accounted                                                                       
investees                                                                       
Investments  0            0             3 201      3 201     0         0        
in                                                                              
subsidiaries                                                                    
Other        223 648      213 923       4          4         223 644   213 919  
investments                                                                     
Deferred     45 978       36 076        45 978     36 076    0         0        
taxation                                                                        
Current      18 731 134   10 151 448    1 076 068  855 411   46 856    26 020   
assets                                                                          
Trade and    232 231      119 979       91 254     60 827    6 502     6 468    
other                                                                           
receivables                                                                     
Due from     0            0             7 042      5 334     0         0        
group                                                                           
entities                                                                        
Derivative   0            1 407         0          1 407     0         0        
financial                                                                       
instruments                                                                     
Margin       17 548 094   9 502 504     104 132    308 588   0         0        
deposits                                                                        
Collateral   186 264      22 694        186 264    22 694    0         0        
deposits                                                                        
Cash and     764 545      504 864       687 376    456 561   40 354    19 552   
cash                                                                            
equivalents                                                                     
                                                                                
                                                                                
Total        19 273 731   10 668 764    1 360 681  1 150 303 270 500   239 939  
assets                                                                          
                                                                                
Equity and                                                                      
liabilities                                                                     
Share        1 108 678    833 540       800 353    582 349   270 194   239 742  
capital and                                                                     
reserves                                                                        
Non-current  101 283      68 268        101 283    68 268    0         0        
liabilities                                                                     
Employee     42 307       8 416         42 307     8 416     0         0        
benefits                                                                        
Deferred     10 448       11 749        10 448     11 749    0         0        
taxation                                                                        
Operating    47 685       47 333        47 685     47 333    0         0        
lease                                                                           
liability                                                                       
Due to SAFEX 843          770           843        770       0         0        
members                                                                         
Current      18 063 770   9 766 956     459 045    499 686   306       197      
liabilities                                                                     
Trade and    249 381      148 872       88 218     75 695    306       197      
other                                                                           
payables                                                                        
Employee     37 191       39 565        37 191     39 565    0         0        
benefits                                                                        
Income tax   12 076       25 606        12 076     25 428    0         0        
payable                                                                         
Operating    30 764       27 715        30 764     27 715    0         0        
lease                                                                           
liability                                                                       
Due to group 0            0             400        1         0         0        
entities                                                                        
Margin       17 548 094   9 502 504     104 132    308 588   0         0        
deposits                                                                        
Collateral   186 264      22 694        186 264    22 694    0         0        
deposits                                                                        
                                                                                
Total equity 19 273 731   10 668 764    1 360 681  1 150 303 270 500   239 939  
and                                                                             
liabilities                                                                     
                                                                                
Cash flow statements                                                            
for the year ended 31 December 2007                                             
                                                                                
           Group                     Exchange              Investor             
                                                           Protection           
                                                           Funds                
           2007          2006        2007        2006      2007      2006       
           R'000         R'000       R'000       R'000     R'000     R'000      
Cash        379 878       223 710     418 181     233 625   (12 539)  10 882    
generated/                                                                      
(utilised)                                                                      
by                                                                              
operations                                                                      
Interest    1 344 550     652 361     72 023      33 394    4 384     3 249     
received                                                                        
Interest    (1 244 428)   (584 259)   (10 362)    (5 573)   0         0         
paid                                                                            
Dividends   5 712         4 402       0           0         5 712     4 402     
received                                                                        
Taxation    (156 671)     (64 016)    (156 422)   (63 975)  0         0         
paid                                                                            
                                                                                
Net cash    329 041       232 198     323 420     197 471   (2 443)   18 533    
inflow/                                                                         
(outflow)                                                                       
from                                                                            
operating                                                                       
activities                                                                      
Cash                                                                            
flows                                                                           
from                                                                            
investing                                                                       
activities                                                                      
Proceeds    0             65 000      0           65 000    0         0         
on                                                                              
redemption                                                                      
of                                                                              
preference                                                                      
shares                                                                          
                                                                                
Investment  (274)         (623)       (274)       (623)     0         0         
to maintain                                                                     
operations                                                                      
Replacement (274)         (623)       (274)       (623)     0         0         
of property                                                                     
and                                                                             
equipment                                                                       
Investment  21 417        (79 087)    (1 828)     (21 307)  23 245    (57 780)  
to expand                                                                       
operations                                                                      
Proceeds    74 424        45 168      0           0         74 424    45 168    
on maturity                                                                     
of                                                                              
other                                                                           
investments                                                                     
Additions   (51 179)      (102 948)   0           0         (51 179)  (102      
to other                                                              948)      
investments                                                                     
Cash        26 951        (12 413)    26 951      (12 413)  0         0         
flows                                                                           
from                                                                            
equity                                                                          
accounted                                                                       
investees                                                                       
Capital     33 410        0           33 410      0         0         0         
reduction                                                                       
in Strate                                                                       
Ltd                                                                             
Purchase of (12 413)      (12 413)    (12 413)    (12 413)  0         0         
shares in                                                                       
Strate Ltd                                                                      
Dividends   5 954         0           5 954       0         0         0         
received                                                                        
from                                                                            
Strate Ltd                                                                      
Proceeds    0             1 500       0           1 500     0         0         
on                                                                              
sale of                                                                         
ITRIX                                                                           
Holdings                                                                        
(Pty) Ltd                                                                       
Proceeds    1 576         0           1 576       0         0         0         
on sale                                                                         
of                                                                              
Satrix                                                                          
Holdings                                                                        
(Pty) Ltd                                                                       
Leasehold   (48)          (741)       (48)        (741)     0         0         
improvement                                                                     
s                                                                               
Additions   (30 307)      (9 653)     (30 307)    (9 653)   0         0         
to property                                                                     
and                                                                             
equipment                                                                       
Net cash    21 143        (14 710)    (2 102)     43 070    23 245    (57 780)  
inflow/                                                                         
(outflow)                                                                       
from                                                                            
investing                                                                       
activities                                                                      
Cash                                                                            
flows                                                                           
from                                                                            
financing                                                                       
activities                                                                      
Proceeds    43            131         43          131       0         0         
from issue                                                                      
of share                                                                        
capital                                                                         
Dividends   (90 546)      (69 230)    (90 546)    (69 230)  0         0         
paid                                                                            
Net cash    (90 503)      (69 099)    (90 503)    (69 099)  0         0         
outflow                                                                         
from                                                                            
financing                                                                       
activities                                                                      
Net         259 681       148 389     230 815     171 442   20 802    (39 247)  
increase/                                                                       
(decrease)                                                                      
in cash                                                                         
and cash                                                                        
equivalents                                                                     
Cash and    504 864       356 475     456 561     285 119   19 552    58 799    
cash                                                                            
equivalents                                                                     
at                                                                              
beginning                                                                       
of year                                                                         
Cash and    764 545       504 864     687 376     456 561   40 354    19 552    
cash                                                                            
equivalents                                                                     
at end of                                                                       
year                                                                            
Statements of changes in equity                                                 
for the year ended 31 December 2007                                             
                                                                                
                                           Non-           BBB                   
                 Share       Share         distributable  EE                    
                 Capital     Premium       Reserve        reserve               
                 R'000       R'000         R'000          R'000                 
Group                                                                           
Balance at 1      8 340       162 779       10 058         0                    
January 2006                                                                    
Income and        131         0             0              50 317               
expenses                                                                        
recognised                                                                      
directly                                                                        
in equity                                                                       
BBBEE reserve     0           0             0              50 317               
New issue         131         0             0              0                    
of shares to                                                                    
The JSE                                                                         
Empowerment                                                                     
Fund                                                                            
Fair value        0           0             0              0                    
gain on                                                                         
available-for-                                                                  
sale instruments                                                                
Profit for the    0           0             0              0                    
year                                                                            
Dividends paid    0           0             0              0                    
Balance at 31     8 471       162 779       10 058         50 317               
December 2006                                                                   
Income and        0           0             0              77 054               
expenses                                                                        
recognised                                                                      
directly in                                                                     
equity                                                                          
BBBEE reserve     0           0             0              77 054               
Shares issued    0           0             0              30 364                
to                                                                              
The JSE                                                                         
Empowerment Fund                                                                
Options issued   0           0             0              41 542                
Black                                                                           
Shareholders                                                                    
Options lapsed   0           0             0              (5 915)               
- transfer to                                                                   
retained                                                                        
earnings                                                                        
Replacement      0           0             0              11 063                
options                                                                         
issued to                                                                       
The JSE                                                                         
Empowerment                                                                     
Fund                                                                            
Fair value        0           0             0              0                    
gain on                                                                         
available-for-                                                                  
sale instruments                                                                
New issue of      43          0             0              0                    
shares to                                                                       
The JSE                                                                         
Empowerment                                                                     
Fund                                                                            
Profit for        0           0             0              0                    
the year                                                                        
Dividends paid    0           0             0              0                    
Balance at 31     8 514       162 779       10 058         127 371              
December 2007                                                                   
Exchange                                                                        
Balance at 1                                                                    
January 2006                                                                    
                 8 340       162 779       0              0                     
Income and        0           0             0              50 317               
expenses                                                                        
recognised                                                                      
directly in                                                                     
equity                                                                          
BBBEE reserve     0           0             0              50 317               
New issue of      131         0             0              0                    
shares to                                                                       
The JSE                                                                         
Empowerment                                                                     
Fund                                                                            
Profit for        0           0             0              0                    
the year                                                                        
Dividends paid    0           0             0              0                    
Balance at 31     8 471       162 779       0              50 317               
December 2006                                                                   
Income and                                                                      
expenses                                                                        
recognised                                                                      
directly in                                                                     
equity                                                                          
BBBEE reserve     0           0             0              77 054               
Shares issued     0           0             0              30 364               
to The JSE                                                                      
Empowerment Fund                                                                
Options issued    0           0             0              41 542               
Black                                                                           
Shareholders                                                                    
Options lapsed    0           0             0              (5 915)              
transfer to                                                                     
retained                                                                        
earnings                                                                        
Replacement      0           0             0              11 063                
options                                                                         
issued to                                                                       
The JSE                                                                         
Empowerment                                                                     
Fund                                                                            
New issue of      43          0             0              0                    
shares to                                                                       
The JSE                                                                         
Empowerment                                                                     
Fund                                                                            
Profit for        0           0             0              0                    
the year                                                                        
Dividends paid    0           0             0              0                    
Balance at 31     8 514       162 779       0              127 371              
December 2007                                                                   
Statements of changes in equity                                                 
for the year ended 31 December 2007                                             
continues                                                                       
                               Total                                            
                               Exchange       Investor                          
                Retained       and            Protection   Total                
                earnings       subsidiaries   Funds        Group                
                R'000          R'000          R'000        R'000                
Group                                                                           
Balance at 1     324 933        506 110        176 494      682 604             
January 2006                                                                    
Income and       0              50 448         28 668       79 116              
expenses                                                                        
recognised                                                                      
directly in                                                                     
equity                                                                          
BBBEE reserve    0              50 317         0            50 317              
New issue of     0              131            0            131                 
shares to                                                                       
The JSE                                                                         
Empowerment                                                                     
Fund                                                                            
Fair value       0              0              28 668       28 668              
gain on                                                                         
available-for-                                                                  
sale                                                                            
instruments                                                                     
Profit for the   106 470        106 470        34 580       141 050             
year                                                                            
Dividends paid   (69 230)       (69 230)       0            (69 230)            
Balance at 31    362 173        593 798        239 742      833 540             
December 2006                                                                   
Income and       5 915          82 969         9 435        92 404              
expenses                                                                        
recognised                                                                      
directly in                                                                     
equity                                                                          
BBBEE reserve    5 915          82 969         0            82 969              
Shares issued   0              30 364         0            30 364               
The JSE                                                                         
Empowerment                                                                     
Fund                                                                            
Options         0              41 542         0            41 542               
issued                                                                          
Black                                                                           
Shareholders                                                                    
Options         5 915          0              0            0                    
lapsed                                                                          
transfer to                                                                     
retained                                                                        
earnings                                                                        
Replacement     0              11 063         0            11 063               
options                                                                         
issued to                                                                       
The JSE                                                                         
Empowerment                                                                     
Fund                                                                            
Fair value       0              0              9 435        9 435               
gain on                                                                         
available-for-                                                                  
sale                                                                            
instruments                                                                     
New issue of     0              43             0            43                  
shares to The                                                                   
JSE                                                                             
Empowerment                                                                     
Fund                                                                            
Profit for the   252 221        252 221        21 017       273 238             
year                                                                            
Dividends paid   (90 547)       (90 547)       0            (90 547)            
Balance at 31    529 762        838 484        270 194      1 108 678           
December 2007                                                                   
Exchange                                                                        
Balance at 1     351 037        522 156                                         
January 2006                                                                    
Income and       0              50 317                                          
expenses                                                                        
recognised                                                                      
directly in                                                                     
equity                                                                          
BBBEE reserve    0              50 317                                          
New issue of     0              131                                             
shares to                                                                       
The JSE                                                                         
Empowerment                                                                     
Fund                                                                            
Profit for       78 975         78 975                                          
the year                                                                        
Dividends paid   (69 230)       (69 230)                                        
Balance at 31    360 782        582 349                                         
December 2006                                                                   
Income and                                                                      
expenses                                                                        
recognised                                                                      
directly                                                                        
in equity                                                                       
BBBEE reserve   5 915          82 969                                           
Shares issued   0              30 364                                           
The JSE                                                                         
Empowerment                                                                     
Fund                                                                            
Options         0              41 542                                           
issued                                                                          
Black                                                                           
Shareholders                                                                    
Options         5 915          0                                                
lapsed                                                                          
transfer to                                                                     
retained                                                                        
earnings                                                                        
Replacement      0              11 063                                          
options issued                                                                  
to The JSE                                                                      
Empowerment                                                                     
Fund                                                                            
New issue of     0              43                                              
shares -                                                                        
The JSE                                                                         
Empowerment                                                                     
Fund                                                                            
Profit for the   225 539        225 539                                         
year                                                                            
Dividends paid   (90 547)       (90 547)                                        
Balance at 31    501 689        800 353                                         
December 2007                                                                   
                                                                                
Headline earnings per share                                                     
The calculation of headline earnings per share at 31 December 2007 of           
292.1 (2006:164.8) cents per share was based on Group headline                  
earnings of R248.4m (2006:R138.3m) and Exchange headline earnings of            
R224.2m (2006:R81.5m) and a weighted average number of ordinary shares          
of 85 038 891 (2006:83 934 476)                                                 
Reconciliation of headline earnings:                                            
Profit for                                                                      
the year                      273 238   141 050   225 539   78 975              
Adjustments are made to                                                         
the following                                                                   
(Profit/loss on sale of property                                                
an equipment                  *         4         *         4                   
Impairment loss on property                                                     
and equipment                 0         3 803          0         3 803          
Profit on sale of joint venture    0         (1 283)   0         (1             
283)                                                                            
Profit on sale of associated                                                    
Company                       (1 283)   0         (1 347)   0                   
Associated company-impairment                                                   
Loss                          0         5 422          0         0              
Profit on realisation of                                                        
Available for sale instruments     (23 535)  (10 707)  0         0              
Headline earnings             248 420   138 289   224 192   81 499              
Headline earnings                                                               
per share (cents)             292.1          164.8          263.6               
97.1                                                                            
*less than R1 000                                                               
Headline earnings per share has been calculated in terms of Circular            
08/2007 "Headline earnings", effective for all financial years ending           
on or after 31 August 2007. The comparative figure for 2006 has been            
recalculated and restated accordingly.                                          
COMMENTARY ON THE AUDITED ABRIDGED ANNUAL FINANCIAL STATEMENTS OF THE           
JSE LIMITED FOR THE YEAR ENDED 31 DECEMBER 2007                                 
Reporting entity                                                                
JSE Ltd is registered and incorporated in South Africa. The JSE is              
licensed as an exchange in terms of the Securities Services Act, No 36          
of 2004. The consolidated financial statements of the company as at             
and for the year to 31 December 2007 comprise the company and its               
subsidiaries and controlled special purpose vehicles (collectively              
referred to as the Group) and the Group's interest in associates.               
Highlights                                                                      
JSE Ltd had its best year yet in 2007.                                          
With the All Share Index breaking all records to reach 31,531 in                
October (but easing to 28,958 by year-end), volumes and value traded            
on the equities market reached unprecedented levels. Because trading            
volumes drive much of the Group's revenue, this was one of the main             
factors behind 2007's impressive results.                                       
But there were other reasons too. There were 25 new main board                  
listings and 37 new entries onto the AltX market. Second-half                   
volatility further boosted the Group's revenues as investors pushed up          
trading volumes, seeking to hedge portfolios and profit from global             
market turbulence. The average monthly number of single stock futures           
(SSF) contracts traded in 2007 was up 216% on 2006 and elevated JSE to          
the largest Single Stocks Futures exchange in the world in terms of             
the number of contracts traded. This contributed to a 217% rise in the          
average monthly number of equity derivative contracts traded. All               
these factors have driven revenues upward.                                      
Foreign interest in Africa as an investment destination rose. The               
number of new listings jumped. Sales of JSE market data to offshore             
investors, some of them trading on the exchange for the first time,             
climbed significantly. And importantly, our trading platforms, which            
handled huge increases in trading volumes during 2007, demonstrated             
the capacity to process even more trades in the future.                         
Overview of results                                                             
The JSE Group recorded another strong performance for the year under            
review, attributable mainly to strong world markets and controlled              
costs. Group revenue from operations increased by 37% to R877.4                 
million while the increase in operating costs (which exclude share-             
based costs) was contained below inflation, at 6%.                              
Included for the first full year in the JSE's revenue, is an amount of          
R83 million (2006:R57 million) relating to the Strate Ad Valorem fees.          
In the previous year this figure was only included for 10 months. This          
arose as a result of the revision of the service level agreement                
between the JSE and Strate Limited ("Strate") in terms of which Strate          
provides settlement services to the equities market.  Equities members          
were previously charged directly by Strate for these services, whereas          
since March 2006, the JSE is billed by Strate and in turn passes these          
same charges on to members.                                                     
With effect from 1 May 2007, the fees charged for managing the funds            
on behalf of JSE Trustees (Pty) Ltd and SAFCOM were reduced by 20%.             
The total revenue received by the JSE, however, increased as result of          
the growth in these funds.                                                      
Other income increased by 71% to R112 million. Of this, R75 million             
related to a once-off payment from a contractor, releasing the                  
contractor from its further obligations with regard to its agreements           
with JSE. In 2006, there was a non-recurring performance bonus                  
received on an insurance product by the JSE Guarantee Fund Trust                
amounting to R26 million.                                                       
Personnel costs increased by R67 million, of which R53 million was a            
consequence of the acceleration of 25% of the first tranche of the              
Employee Scheme due to be paid in December 2008 but brought forward to          
December 2007, in recognition of Participants' agreement to cap the             
group's liability under the first tranche.  More detail on this is set          
out in note 19.5 to the Annual Financial Statements, which will be              
posted to shareholders in due course.                                           
Other expenses include the cost of the JSE's Broad-Based Black                  
Economic Empowerment (Broad-Based BEE) initiative, amounting to R30             
million (2006:R39 million) for the issue of the final tranche of                
shares at par value to the JSE Empowerment Fund (JEF).  The second              
element of the Broad Based-BEE initiative, the Black Shareholder                
Retention Scheme, (the BSR Scheme) cost R53 million in the year under           
review (2006:R12 million).  The final tranche of options due in terms           
of this scheme will be issued to Qualifying Black Shareholders in June          
2008                                                                            
Net financing income has improved considerably on the back of                   
increased values invested and the general increase in interest rates.           
Strate too has benefited from the strong market conditions, delivering          
a return of R32 million to JSE for its equity accounted investment, an          
improvement of 16% on the previous year. During the year, Strate also           
distributed a dividend, the Group's share of which amounted to R6               
million and a capital reduction of which the Group's share amounted to          
R33 million.                                                                    
The tax impact of R132 million in the current year is exacerbated by            
the fact that the cost of the Broad-Based BEE initiative amounting to           
R83 million (2006: R51 million) is not deductible for tax purposes.             
Also included in this tax figure, is Capital Gains Tax amounting to             
R11 million on the receipt from a contractor of R75 million.                    
Despite the cost of the Broad-Based BEE initiative and the Long Term            
Incentive Scheme, the Group has achieved after tax profits for the              
year of R273 million, an increase over the previous year of 94%.                
Basic Earnings per share increased to 321.3 cents per share (2006:              
168.0 cents per share) and Diluted Earnings per share increased to              
318.7 cents per share (2006: 167.5 cents per share).                            
The JSE Guarantee Fund Trust and JSE Derivative Fidelity Fund Trust             
are consolidated in terms of International Financial Reporting                  
Standards (IFRS). The trusts are legally separate from the JSE and              
shareholders do not have any right to the net assets of such trusts.            
Trade and other receivables increased by R112 million as a result of            
interest receivable on margins amounting to R135 million, an increase           
of R86 million over 2006 and trade receivables on higher revenues               
being R27 million higher than the previous year.                                
Trade and other payables increased by R101 million, of which R89                
million relates to the interest payable on margins.                             
Net Asset Value per share has increased by 32% to 1302.2 cents per              
share (2006: 984.0 cents per share).                                            
Basis of preparation                                                            
The consolidated financial statements and the separate financial                
statements of JSE have been prepared in accordance with international           
financial reporting standards, including IAS 34 and the                         
interpretations adopted by the International Accounting Standards               
Board. The accounting policies are consistent with those applied in             
all periods presented in these abridged consolidated statements.                
Accounting policies                                                             
The abridged annual financial statements incorporate accounting                 
policies which are consistent with those adopted in the previous                
financial year.                                                                 
Auditor's report                                                                
KPMG Inc., the company's independent auditor, has audited the group             
and company financial statements for the JSE Limited, from which the            
accompanying abridged consolidated financial statements were derived,           
and has expressed an unmodified opinion on the Group and Company                
financial statements. Their audit opinion is available for inspection           
at the company's registered office.                                             
Cash dividend declaration                                                       
After careful consideration, the Board has decided to amend the                 
dividend policy of the group from distributing a maximum of 2.5% of             
Net Asset Value, after excluding the Investor Protection Funds, to a            
policy of distributing between 40% and 67% of earnings, after                   
deducting non-recurring items. This equates to a dividend cover of              
between 2.5 and 1.5 times.                                                      
In terms of the new policy the directors of JSE are proposing to                
declare ordinary dividend number 3 of 130 cents per share to be                 
approved at the Annual General Meeting of shareholders to be held on            
24 April 2008.                                                                  
The salient dates for the payment of the dividend are as follows:               
Last date to trade JSE shares cum dividend        Friday, 9 May 2008            
JSE shares trade ex dividend                      Monday, 12 May 2008           
Record date for purposes of determining                                         
the registered holders of JSE shares to                                         
participate in the dividend at close                                            
of business on                                    Friday, 16 May 2008           
Date of payment of dividend                       Monday, 19 May 2008           
Share certificates may not be dematerialised or rematerialised between          
Monday, 12 May 2008 and Friday, 16 May 2008, both days inclusive.               
Prospects                                                                       
The start of 2008 has been volatile in many markets worldwide. South            
Africa, an emerging market, hasn't escaped this.                                
Despite this, the early months of the year have been good for the JSE.          
High volumes have been traded during the period. We have had promising          
indications for the listings pipeline. Plans to launch new products             
and to improve service levels for investors and issuers have continued          
apace.                                                                          
Moreover, significant regulatory changes announced during the national          
budget speech of March 2008 enable corporates to trade currency                 
futures on the exchange. The currency future market was previously              
limited to retail investors. This creates an opportunity for the                
exchange. The budget also improves prospects for foreign companies              
listed on the JSE boards by allowing institutions to invest in these            
companies, thereby increasing the attractions of a dual listing on              
this market by companies worldwide.                                             
During 2008, a significant focus will be on the ease and flexibility            
of our trading services. This focus includes ensuring that the                  
exchange is able to fulfill the evolving requirements of algorithmic            
traders and investors' more sophisticated requirements. However a               
thorough review of the requirements of these stakeholders, now                  
underway, may prompt changes including a revised pricing structure for          
equity trades on the exchange. Clearly, the objective of this exercise          
would be to increase the JSE's liquidity (or velocity).                         
The focus on ease and flexibility of trading also includes a                    
continuation of our investigation into all obstacles hampering the              
reduction in the equity settlement period from T+5 to T+3. We will not          
move to T+3 before we are convinced that our clearing and settlement            
of trades will be as flawless as is our current record. However we are          
intent on removing all obstacles and shifting to T+3 is within our              
sights.                                                                         
Shareholders are reminded that the JSE's earnings are impacted,                 
amongst other things, by the volumes of transactions executed on the            
JSE markets.  The JSE does not control these volumes and has a largely          
fixed cost base.  At the same time, the JSE will start to depreciate            
the capital expenditure on elements of its IT transformation as they            
are implemented and will need to expense the costs of the remaining             
tranche of the Broad-based BEE initiative as well as the Employee Long          
Term Incentive Scheme during 2008.  All these expenses will impact the          
group's profit in 2008.                                                         
Sandton                                                                         
10 March 2008                                                                   
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 10/03/2008 14:20:44 Produced by the JSE SENS Department.