Audited abridged results for the financial year ended 31

March 8, 2010 at 12:37 PM EST
JSE                                                                             
JSE - JSE Limited - Audited abridged results for the financial year ended 31    
December 2009, cash dividend declaration and feedback presentation              
JSE LIMITED                                                                     
(Incorporated in the Republic of South Africa)                                  
(Registration number: 2005/022939/06)                                           
Share Code: JSE                                                                 
ISIN Code: ZAE000079711                                                         
("JSE" or "the company" or the "Group")                                         
AUDITED ABRIDGED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009, CASH    
DIVIDEND DECLARATION AND FEEDBACK PRESENTATION                                  
COMMENTARY OF THE AUDITED ABRIDGED ANNUAL FINANCIAL STATEMENT OF THE JSE        
LIMITED for the year ended 31 December 2009                                     
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 2009 comprise the company and its subsidiaries and controlled special  
purpose vehicles (collectively referred to as the Group) and the Group's        
interest in associates.                                                         
Introduction                                                                    
The JSE weathered a year of tough global market conditions well, thanks to      
rising trade volumes in its cash equity markets. In tough market conditions     
the JSE's performance was resilient. Operating revenue for the JSE Group        
climbed 8% to R1 156 million for the year (2008: R1 072 million). The equities  
business contributed the bulk of this revenue (R647 million or 56% of revenue;  
2008: R579 million or 54% of revenue) with issuer services (R79 million or 7%   
of revenue; 2008: R69 million or 6% of revenue), equity derivatives (R107       
million or 9% of revenue; 2008: R132 million or 12% of revenue) and             
information sales (R109 million: 9%; 2008: R97 million: 9%) also making         
significant contributions. Revenue in the form of interest on the JSE's own     
funds amounted to R66 million (2008: R91 million) and the management fee on     
the Safcom funds amounted to R20 million.                                       
Other income was similar to 2008. Revenue of R18 million was received by the    
JSE from Strate dividends (2008: R7 million), shown in the Group figures as a   
reduction in the investments in equity accounted investees.                     
JSE operating costs increased by 12% from R723 million in 2008 to R810 million  
in 2009, primarily as a result of increasing the headcount in IT and following  
the BESA acquisition which is discussed more fully below.                       
This resulted in a 2.4% decrease in Group net profit after tax from R374        
million in 2008 to R366 million in 2009.                                        
Review of operations                                                            
In addition to focusing on market requirements in the aftermath of this         
crisis, the executive focused on positioning the Exchange for continued         
growth. This included boosting the Exchange's position as a horizontally and    
vertically integrated market linking South Africa to the global financial       
markets through strategic initiatives including the launch of the Africa Board  
with its first listing TrustCo from Namibia and the acquisition of BESA.        
In June 2009, the JSE purchased BESA and merged the interest rate operations    
of the JSE (under Yield-X) with those of BESA. This transaction had the effect  
of creating a single marketplace for cash bonds and listed interest rate        
derivatives. BESA's chairman, Nonkululeko Nyembezi-Heita, joined the JSE Board  
with Jonathan Berman, also a former non-executive BESA director, as her         
alternate with effect from 24 June 2009. The JSE is very happy at the manner    
in which the integration was achieved and would like to thank particularly      
Garth Greubel, BESA's chief executive officer and Graeme Brookes BESA's chief   
financial officer, for their extensive work in this regard.                     
The new Interest Rate Division of the JSE, headed by Graham Smale, also         
previously with BESA, is working with the National Treasury and the market      
participants to implement new processes and products to best position the       
market for a return to volume and revenue growth.                               
The challenges of 2009 were significant. Trade in equity derivatives fell       
owing to the global market crisis fallout, although it showed signs of          
recovery from November 2009. Innovative product diversification reduced the     
revenue impact of the lower derivative volumes. Listings slowed in the          
turbulent economy, as they did on exchanges worldwide. In response, the         
business development teams intensified initiatives to strengthen relationships  
with existing clients and to market the JSE to potential new issuers and        
clients. The IT team was substantially strengthened to support our initiatives  
to enhance our existing technology. The Exchange is positioned to take          
advantage of an improvement in confidence when it occurs.                       
Systems replacement programme                                                   
The JSE's IT systems are essential tools for the Exchange's success. The focus  
on the maintenance and upgrade of the Exchange's IT will thus continue to take  
priority in the period ahead.                                                   
Five years ago the JSE embarked on a strategy of replacing its core systems in  
order to meet changing client demands in the fast-developing exchange           
industry. The task was initially outsourced to an external service provider.    
Following a decision to bring it inhouse in 2008, the IT team has been          
significantly expanded from 92 permanent employees in December 2008 to 131 in   
2009 to handle the maintenance and development required to ensure that the JSE  
does in fact run a top IT environment.                                          
Last year the JSE's IT team focused on bringing the exchange's current          
operational systems under the direct management of the JSE, ensuring proper     
project management processes were put in place and making good progress with    
the Systems Replacement Programme (SRP). In 2010 the team will conclude the     
insourcing of the market services solution and progress the SRP through         
systems integration testing.                                                    
Gateway to Africa                                                               
The JSE plans to be positioned as a gateway to investors worldwide wishing to   
access opportunities throughout the African continent.                          
Its strategies in this regard are:                                              
- Creating an Africa Board to provide opportunities for top African issuers to  
list on their home exchanges and dual list on the JSE. We expect more listings  
this year, with Wilderness Safaris listing in April 2010;                       
- Creating indices reflecting issuers listed in countries across the continent  
to enables investors to track the performance of top issuers across the         
continent;                                                                      
- Developing a hub and spoke model to route orders and data to and from         
African exchanges; and                                                          
- Forging closer relationships with African exchanges to develop new            
businesses and markets.                                                         
Unfortunately, the JSE has not been able to resolve the concerns of the         
Mauritian financial services regulator and thus has not been able to progress   
our planned acquisition of a strategic stake in the Stock Exchange of           
Mauritius.                                                                      
Divisional review                                                               
In last year's turbulent markets, new listings numbers fell on most stock       
exchanges around the world, including the JSE. However, the drop in new         
listing fees was compensated for during the year by heightened corporate        
activity among listed companies, resulting in a rise in documentation fees.     
A total of 10 equity issuers joined the boards in 2009 (2008: 23). The          
listings were mostly substantial and included Vodacom Ltd. At the end of 2009,  
there were 410 (2008: 425) companies listed on the Exchange. Of the 25          
delistings, 13 occurred due to corporate actions, 3 due to liquidations and 8   
due to failure to comply with JSE Listings Requirements.                        
The JSE continues its drive to attract foreign-domiciled companies to this      
market. Apart from Trustco which joined the Africa Board, four foreign          
companies listed on the Exchange. The Business Development team is continuing   
this marketing activity and further results should be felt as global economic   
conditions start to lift.                                                       
AltX, started in 2003 to list young, fast-growing companies, had a turbulent    
year in the global financial crisis aftermath of 2009. This market remains an   
ongoing focus area for the JSE as the board believes it has a valuable place    
in providing equity funding to a significant segment of South African           
business. During 2009, three companies graduated out of AltX to move their      
listings to the main board.                                                     
In 2009, the Equities Market division contributed R310 million or 27% of total  
JSE revenue (2008: R267 million or 25%). The JSE's revenue breakdown is         
expected to reflect greater percentage contributions from its derivatives and   
interest rate businesses over time as the interest rate market grows and the    
Exchange's derivative divisions recover.                                        
Foreign investors were net buyers of R75 billion of equities during 2009, a     
swing of R130 billion on the previous year.                                     
Algorithmic traders have taken part in the JSE's equities market since about    
2004, and by all accounts participation continues to rise.                      
In response to market need, the Equities team:                                  
- Is delivering an anonymous block trading facility during 2010 in order to     
encourage local investors who currently choose to transact block trades off-    
order book, to use the central order book;                                      
- Is investigating whether the JSE can offer remote membership for offshore     
market participants. Several requests for the JSE to provide this facility      
have been received. Once the JSE has completed its initial work in this regard  
it will consult with market participants;                                       
- Continues to work with market participants to bring innovative products to    
the market to improve the overall JSE offering.                                 
Relative to exchanges worldwide, the JSE's cash equity transaction charges are  
well below average for high value trades and slightly above average for low     
value. In a bid to:                                                             
- incentivise increased trade;                                                  
- reduce the cost of trading to clients as far as possible;                     
- encourage retail investors to trade more; and                                 
- improve liquidity on the JSE;                                                 
The JSE's management has implemented a new billing model which will             
incentivise high volume and value participants, while recognising high          
frequency traders (high trade volume, often low value) and retail investors     
(often lower trade and value) on 1 March 2010.                                  
Clearing and settlement revenue grew by 4% to R164 million during 2009 (2008:   
R158 million). Though the division's revenues are linked to the number of       
equity transactions that take place on the cash equities market, the increase   
in clearing and settlement revenues did not track exactly that of Equities      
Trading. The reason for this is the combination of two factors.                 
Firstly, fees are determined based on a sliding scale according to the value    
of each central order book transaction with a floor and a ceiling on the        
possible fee. This differs from equity transaction fees effective in 2009       
which depended purely on the number of transactions and were unrelated to       
value traded. Secondly, the average value per trade last year was 29% lower     
than that of the previous period (2009: R133 459; 2008: R187 543). Though the   
20% climb in the number of trades helped to grow revenue, this was diluted by   
the fact that the lower value of each trade decreased the clearing and          
settlement fee levied.                                                          
The next strategic focus areas for equities risk management, clearing and       
settlement are the move to a T+3 settlement cycle and the development of a      
centralised share ownership register both discussions that the JSE is leading.  
The JSE generates revenue from the back office system that equity members are   
mandated to use, called the Broker Deal Accounting (BDA) system. The BDA        
system also provides the JSE with the foundation for world-class surveillance.  
The Exchange's extensive surveillance capability was one factor behind the      
JSE's decision not to introduce restrictions on short selling in September      
2008, as occurred in several international markets. Most developed markets      
have recently recognised the unintended negative consequences of the short      
selling ban and have allowed it again, subject to increased regulatory          
thresholds.                                                                     
The replacement of the BDA system with next generation technology is the focus  
of the JSE's Systems Replacement Programme (SRP) referred to earlier.           
Equity derivative contract volumes fell during 2009 by 68% to 164 million       
(2008: 511 million) owing to:                                                   
- the fact that Lehman Brothers, previously a large player in the JSE's equity  
derivatives market, did not survive the crisis;                                 
- the drop in confidence of retail investors during the period; and             
- an increase in clearing margins on derivatives on many small cap stocks       
instituted by clearing members. This reduced trade in the instruments.          
Investor confidence showed signs of recovering from November 2009, with         
contract volumes partially recovering.                                          
The fall in contracts traded was limited partly by the rise of the FTSE/JSE     
All Share index and by the mix of contracts traded during the year as trade in  
Can Do derivative products grew rapidly. As a result the revenue from equity    
derivatives fell by 19% to R107 million (2008: R132 million).                   
Trade in currency derivatives continued growing in 2009 off a low base, with    
31,651 contracts trades (2008: 19,380). Currency futures are a small but        
growing contributor to total revenue.                                           
The agricultural futures markets held up as markets saw record exports of       
white maize. However, options trade fell, with traders opting to buy futures    
instead of having to pay the premium on the option. The JSE's commodities       
derivatives market reinvented itself in 2009; previously exclusively an         
agricultural market, last year the division broadened its focus to include all  
commodities and added metals and oil contracts, using its core technology to    
expand its product range. This process was initiated by the launch of a         
Chicago Board of Trade (CBOT) corn futures contract launched on the JSE in      
January 2009 in collaboration with the CME Group.                               
The corn contract, which won the JSE and the CME Group a joint prize for "Best  
innovation by an exchange in the field of product design" at the prestigious    
Futures & Options (FOW) Awards held in London, was the launch pad for a         
relationship with the US exchange that led to the October 2009 listing of rand- 
denominated gold, platinum and sweet crude oil futures contracts for the first  
time on the JSE's commodities derivatives market.                               
The JSE's spot and derivative bond market including the operations of newly     
acquired BESA D generated 2% of the JSE's total revenue in 2009.                
Revenue generated by BESA is included only from the effective acquisition date  
of 22 June 2009.                                                                
After bond market volumes in South Africa reached a historical peak in 2008,    
volumes fell in 2009. Volumes traded by foreigners in 2009 were 49% below       
those of 2008 and this impacted secondary market turnover in JSE-listed bonds.  
Despite this, the turnover volumes in 2009 remained higher than previous        
years. The lower secondary market volumes had a significant impact on revenues  
generated by the division.                                                      
Owing to the decrease in secondary market volumes in spot transactions, 2009    
market volumes were dominated by carries (the proportion of which increased     
from 64% to 71%). Volumes traded in inflation-linked bonds rose by 181% in      
2009 over 2008. The number of bonds in issue dropped from 1 145 in 2008 to 1    
067 in 2009. However owing to increased issuance by the SA government and       
state owned enterprises, the nominal amount in issue increased by 13% to        
R946,4 billion in 2009 (2008: R841,1 billion).                                  
The information products sales team generates revenue by providing market       
information packages to clients in South Africa and offshore. The division's    
revenue fall was owing to tough circumstances faced by the financial industry   
worldwide, partially countered by the division through targeting new markets    
and information distributors outside South Africa and by broadening the market  
data package offering.                                                          
Institutional users accessing live data, who are traditionally the main target  
market for JSE data, fell in number last year (2009: 31,177; 2008:              
34,848).This was mainly due to the economic slowdown, with the biggest          
contributor being a 14% decrease in international users accessing live JSE      
data (2009: 18,680; 2008: 21,806).                                              
Financial review                                                                
The JSE added 82 people to its permanent employee complement following the      
acquisition of BESA and the bolstering of the IT team, investments which the    
board believes are necessary to ensure our long term sustainability. This       
contributed to an increase of 33% in personnel expenses.                        
The impact of the "mark to market" of the outstanding participation interests   
issued under the current Long Term Incentive Scheme has resulted in a net       
charge to income of R34 million. In the comparative period this charge          
amounted to R9 million. This was due largely to the downward shift in the       
share-price from 2007 to 2008 of R46 per share, and the increase in share       
price from 2008 to 2009 of R21 per share.                                       
During January 2008 the JSE's exposure to the second tranche of participatory   
interests issued was hedged through cash-settled European call options with a   
resultant impact to the income statement in that year of R27 million. The       
charge in 2009 for these options amounted to R4 million.                        
Other expenses increased by 2%, mainly owing to impairments of R22 million to   
software in BondClear, a wholly owned subsidiary acquired with the BESA Group.  
A further R8 million was impaired in production software that the JSE is        
developing. Other increases included a loss on foreign exchange of R8 million,  
an increase in consulting fees of R6 million and R4 million amortised in        
intangible assets acquired with the BESA transaction.                           
The cost of the JSE's Broad-Based Black Economic Empowerment (Broad-Based BEE)  
transaction was concluded during 2008, with the last tranche resulting in a     
charge to income in that year of R38 million. No costs in this regard were      
reflected in the 2009 financials. If the R38 million is excluded from the 2008  
figures in order to aid comparison, the cost growth in 2009 would have been     
10%.                                                                            
The result is a reduction in Group headline earnings per share from 456.9       
cents to 456.1 cents.                                                           
The effective tax rate fell to 29% (2008: 32%) during the year.                 
Capital structure and dividend policy                                           
The JSE Group has no long-term borrowings and R921 million in cash reserves     
(2008: R946 million). The Exchange analyses its capital requirements in three   
categories. First, to ensure a smoothly operating stock exchange, the JSE sets  
aside sufficient cash to fund four months of operations. Second, as the JSE     
guarantees all on-market equities trades, it sets aside sufficient cash to      
settle a certain portion of on-market equity trades assuming the failure of a   
JSE equities member (broker). And third, the JSE must be in a position to       
maintain infrastructure and meet capital needs for expansion, so a portion of   
cash is set aside to fund these types of expenses. On the basis of this         
assessment, the board has determined how much cash the JSE needs, although      
this will be revisited regularly.                                               
With the acquisition of BESA, the BESA Guarantee Fund was also acquired. This   
added R96 million to the cash balance but, similar to the JSE Guarantee Fund,   
it is as investor protection fund and is consolidated as a result of the JSE's  
control over this fund and is not available for distribution to shareholders.   
The Board has made no change to the dividend policy during the year, which      
remains an earnings-based dividend cover of between 1.5 and 2.5 times.          
Consolidated statement of comprehensive income                                  
For the year ended 31 December 2009                                             
                                                                                
                                   Group                 Exchange               
                                        2009        2008       2009      2008   
                                       R'000       R'000      R'000     R'000   
Revenue                             1 155 756   1 071 570  1 177 181 1 097 095  
Other income                           40 547      39 805     43 449    38 058  
Personnel expenses                  (318 632)   (238 565)  (318 632) (238 565)  
Other expenses                      (491 774)   (484 281)  (448 001) (458 013)  
Profit/(loss) before net              385 897     388 529    453 997   438 575  
finance income                                                                  
Finance income                      1 325 473   2 202 351     77 236   123 383  
Finance costs                          (1 221      (2 067   (11 835)  (26 395)  
                                        347)        408)                        
Net finance income                    104 126     134 943     65 401    96 988  
Share of profit of equity              27 937      31 017          0         0  
accounted investees (net                                                        
of income tax)                                                                  
Profit/(loss) before tax              517 960     554 489    519 398   535 563  
Income tax expense                  (152 359)   (180 132)  (152 053) (179 766)  
Profit/(loss) for the year            365 601     374 357    367 345   355 797  
Other comprehensive income                                                      
Net change in fair value               38 187    (33 721)          0         0  
of available-for-sale                                                           
financial assets                                                                
Net change in fair value              (9 087)     (3 388)          0         0  
of available-for-sale                                                           
financial assets                                                                
transferred to profit or                                                        
loss                                                                            
Income tax on other                         0           0          0         0  
comprehensive income                                                            
Other comprehensive                    29 100    (37 109)          0         0  
income/(loss) for the                                                           
year, net of income tax                                                         
Total comprehensive                   394 701     337 248    367 345   355 797  
income/(loss) for the year                                                      
Profit attributable to:                                                         
  Owners of the Company              367 244     374 357    367 345   355 797   
  Non-controlling                    (1 643)           0          0         0   
interest                                                                        
Profit/(loss) for the year            365 601     374 357    367 345   355 797  
Total comprehensive income                                                      
attributable to:                                                                
  Owners of the Company              396 344     337 248    367 345   355 797   
  Non-controlling                    (1 643)           0          0         0   
interest                                                                        
Total comprehensive                   394 701     337 248    367 345   355 797  
income/(loss) for the year                                                      
Earnings per share                                                              
Basic earnings/(loss) per               431,3       439,7      431,5     417,9  
share (cents)                                                                   
Diluted earnings/(loss)                 425,2       434,0      425,3     412,4  
per share (cents)                                                               
Consolidated statement of comprehensive income continued                        
For the year ended 31 December 2009                                             
                           Investor Protection                                  
                           Funds*                                               
                                        2009         2008                       
                                       R'000        R'000                       
Revenue                                     0            0                      
Other income                           13 165        9 074                      
Personnel expenses                          0            0                      
Other expenses                       (13 142)     (20 588)                      
Profit/(loss) before net                   23     (11 514)                      
finance income                                                                  
Finance income                          7 518        5 926                      
Finance costs                               0            0                      
Net finance income                      7 518        5 926                      
Share of profit of equity                   0            0                      
accounted investees (net                                                        
of income tax)                                                                  
Profit/(loss) before tax                7 541      (5 588)                      
Income tax expense                          0            0                      
Profit/(loss) for the year              7 541      (5 588)                      
Other comprehensive income                                                      
Net change in fair value               38 187     (33 721)                      
of available-for-sale                                                           
financial assets                                                                
Net change in fair value              (9 087)      (3 388)                      
of available-for-sale                                                           
financial assets                                                                
transferred to profit or                                                        
loss                                                                            
Income tax on other                         0            0                      
comprehensive income                                                            
Other comprehensive                    29 100     (37 109)                      
income/(loss) for the                                                           
year, net of income tax                                                         
Total comprehensive                    36 641     (42 697)                      
income/(loss) for the year                                                      
Profit attributable to:                                                         
  Owners of the Company                7 541      (5 588)                       
  Non-controlling                          0            0                       
interest                                                                        
Profit/(loss) for the year              7 541      (5 588)                      
Total comprehensive income                                                      
attributable to:                                                                
  Owners of the Company               36 641     (42 697)                       
  Non-controlling                          0            0                       
interest                                                                        
Total comprehensive                    36 641     (42 697)                      
income/(loss) for the year                                                      
Earnings per share                                                              
Basic earnings/(loss) per                 8,9        (6,6)                      
share (cents)                                                                   
Diluted earnings/(loss)                   8,7        (6,5)                      
per share (cents)                                                               
* Investor Protection Funds comprises the JSE Guarantee                         
Fund Trust, JSE Derivatives Fidelity Fund Trust and BESA                        
Guarantee Fund Trust (the "Trusts").                                            
CONSOLIDATED STATEMENT OF FINANCIAL POSITION                                    
as at 31 December 2009                                                          
           Group                    Exchange               Investor             
                                                           Protection Funds     
                  2009         2008       2009       2008      2009      2008   
                 R'000        R'000      R'000      R'000     R'000     R'000   
Assets                                                                          
Non-            874 301      656 823    806 741    404 772   239 536   194 021  
current                                                                         
assets                                                                          
Property         87 301       84 115     87 301     84 115         0         0  
and                                                                             
equipment                                                                       
Intangible      382 749      232 763    382 400    232 768         0         0  
assets                                                                          
Invest           92 874       82 647     21 416     21 416         0         0  
ments in                                                                        
equity                                                                          
accounted                                                                       
investees                                                                       
Invest                0            0    243 783      3 201         0         0  
ments in                                                                        
subsi                                                                           
diaries                                                                         
Other           239 538      194 025          2          4   239 536   194 021  
invest                                                                          
ments                                                                           
Derivative        1 451        5 619      1 451      5 619         0         0  
financial                                                                       
instru                                                                          
ments                                                                           
Deferred         70 388       57 654     70 388     57 654         0         0  
taxation                                                                        
Current      15 702 376   15 993 536    969 317  1 143 123   122 584    34 109  
assets                                                                          
Trade and       210 918      204 104    118 863     99 821     4 274     3 443  
other                                                                           
receiva                                                                         
bles                                                                            
Income tax       29 640       15 978     28 992     15 658         0         0  
receivable                                                                      
Due from              0            0      8 184      7 680     2 200         0  
group                                                                           
entities                                                                        
Margin       14 540 905   14 752 793     23 685     91 222         0         0  
deposits                                                                        
Collateral          116       74 320        116     74 320         0         0  
deposits                                                                        
Cash and        920 797      946 341    789 477    854 422   116 110    30 666  
cash                                                                            
equiva                                                                          
lents                                                                           
                                                                                
Total        16 576 678   16 650 359  1 776 058  1 547 895   362 120   228 130  
assets                                                                          
Equity and                                                                      
liabili                                                                         
ties                                                                            
Total         1 604 724    1 373 492  1 287 592  1 083 716   357 888   227 497  
equity                                                                          
Non-            195 258      188 619    195 149    188 619         0         0  
current                                                                         
liabili                                                                         
ties                                                                            
Finance           3 333        2 402      3 333      2 402         0         0  
lease                                                                           
Employee         64 625       51 336     64 625     51 336         0         0  
benefits                                                                        
Deferred          5 587       11 972      5 478     11 972         0         0  
taxation                                                                        
Operating        70 529       75 767     70 529     75 767         0         0  
lease                                                                           
liability                                                                       
Investor         50 165       46 200     50 165     46 200         0         0  
Protection                                                                      
Levy                                                                            
Due to            1 019          942      1 019        942         0         0  
SAFEX                                                                           
members                                                                         
Current      14 776 696   15 088 248    293 317    275 560     4 232       633  
liabili                                                                         
ties                                                                            
Trade and       159 762      208 031     65 964     56 914     3 061       633  
other                                                                           
payables                                                                        
Employee         70 571       50 071     70 571     50 071         0         0  
benefits                                                                        
Operating         5 342        3 033      5 342      3 033         0         0  
lease                                                                           
liability                                                                       
Due to                0            0    127 639          0     1 171         0  
group                                                                           
entities                                                                        
Margin       14 540 905   14 752 793     23 685     91 222         0         0  
deposits                                                                        
Collateral          116       74 320        116     74 320         0         0  
deposits                                                                        
                                                                                
Total        16 576 678   16 650 359  1 776 058  1 547 895   362 120   228 130  
equity and                                                                      
liabili                                                                         
ties                                                                            
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                     
for the year ended 31 December 2009                                             
                   Attributable to equity holders of the Company                
                                                                                
                                                Non-                            
                                           distribu-                            
                        Share       Share      table      BBBEE   Retained      
                      capital     premium    reserve    reserve   earnings      
Group                    R'000       R'000      R'000      R'000      R'000     
Balance at 31            8 514     162 779     10 058    127 371    529 762     
December 2007                                                                   
Total comprehensive                                                             
income for the year                                                             
Profit/(loss)                0           0          0          0    379 945     
Other comprehensive                                                             
income                                                                          
Net change in fair           0           0          0          0          0     
value of available-                                                             
for-sale financial                                                              
assets                                                                          
Net change in fair           0           0          0          0          0     
value of available-                                                             
for-sale financial                                                              
assets transferred                                                              
to profit or loss                                                               
Total other                  0           0          0          0          0     
comprehensive                                                                   
income                                                                          
Total comprehensive          0           0          0          0    379 945     
income for the year                                                             
Transactions with                                                               
owners, recorded                                                                
directly in equity                                                              
Contributions by                                                                
and distributions                                                               
to owners                                                                       
BBBEE reserve                0           0          0     38 132        116     
Options issued to            0           0          0     33 539          0     
Black shareholders                                                              
Options lapsed               0           0          0     ( 116)        116     
transferred to                                                                  
retained earnings                                                               
Replacement options          0           0          0      4 709          0     
issued to The JSE                                                               
Empowerment Fund                                                                
Dividends to equity          0           0          0          0  (110 682)     
holders                                                                         
Total contributions          0           0          0     38 132  (110 566)     
by and                                                                          
distributions to                                                                
owners                                                                          
Total changes in             0           0          0          0          0     
ownership interests                                                             
in subsidiaries                                                                 
Total transactions           0           0          0     38 132  (110 566)     
with owners                                                                     
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                     
                                         Total ex-                              
                                 Non-       change    Investor                  
                             control-          and        Pro-       Total      
                                ling*       subsi-     tection       Group      
                             interest      diaries       Funds      equity      
Group                            R'000        R'000       R'000       R'000     
Balance at 31 December 2007          0      838 484     270 194   1 108 678     
Total comprehensive income                                                      
for the year                                                                    
Profit/(loss) for the year           0      379 945     (5 588)     374 357     
Other comprehensive income                                                      
Net change in fair value of          0            0    (33 721)    (33 721)     
available-for-sale                                                              
financial assets                                                                
Net change in fair value of          0            0     (3 388)     (3 388)     
available-for-sale                                                              
financial assets                                                                
transferred to profit or                                                        
loss                                                                            
Total other comprehensive            0            0    (37 109)    (37 109)     
income                                                                          
Total comprehensive income           0      379 945    (42 697)     337 248     
for the year                                                                    
Transactions with owners,                                                       
recorded directly in equity                                                     
Contributions by and                                                            
distributions to owners                                                         
BBBEE reserve                        0       38 248           0      38 248     
Options issued to Black              0       33 539           0      33 539     
shareholders                                                                    
Options lapsed transferred           0            0           0           0     
to retained earnings                                                            
Replacement options issued           0        4 709           0       4 709     
to The JSE Empowerment Fund                                                     
Dividends to equity holders          0    (110 682)           0   (110 682)     
Total contributions by and           0     (72 434)           0    (72 434)     
distributions to owners                                                         
Total changes in ownership           0            0           0           0     
interests in subsidiaries                                                       
Total transactions with              0     (72 434)           0    (72 434)     
owners                                                                          
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                     
for the year ended 31 December 2009 (continued)                                 
                      Attributable to equity holders of the Company             
                                                Non-                            
                                           distribu-                            
                         Share      Share      table      BBBEE   Retained      
                       capital    premium    reserve    reserve   earnings      
Group                     R'000      R'000      R'000      R'000      R'000     
Balance at                                                                      
31 December 2008          8 514    162 779     10 058    165 503    799 141     
Total comprehensive                                                             
income for the year                                                             
Profit/(loss) for the         0          0          0          0    359 703     
year                                                                            
Other comprehensive                                                             
income                                                                          
Net change in fair            0          0          0          0          0     
value of available-                                                             
for-sale financial                                                              
assets                                                                          
Net change in fair            0          0          0          0          0     
value of available-                                                             
for-sale financial                                                              
assets transferred to                                                           
profit or loss                                                                  
Total other                   0          0          0          0          0     
comprehensive income                                                            
Total comprehensive           0          0          0          0    358 060     
income for the year                                                             
Transactions with                                                               
owners, recorded                                                                
directly in equity                                                              
Contributions by and                                                            
distributions to                                                                
owners                                                                          
BBBEE reserve                 0          0          0    (5 311)      5 311     
Options issued to             0          0          0          0          0     
Black shareholders                                                              
Options lapsed                0          0          0    (5 311)      5 311     
transferred to                                                                  
retained earnings                                                               
Replacement options           0          0          0          0          0     
issued to The JSE                                                               
Empowerment Fund                                                                
Dividends to equity           0          0          0          0  (163 469)     
holders                                                                         
Total contributions           0          0          0    (5 311)  (158 158)     
by and distributions                                                            
to owners                                                                       
Total transactions            0          0          0    (5 311)  (158 158)     
with owners                                                                     
Non-controlling               0          0          0          0          0     
interest in BESA                                                                
Group                                                                           
Minority share of                                                               
losses                                                                          
Transfer to the BESA          0          0          0          0   (95 676)     
Guarantee Fund Trust*                                                           
Balance at                                                                      
31 December 2009          8 514    162 779     10 058    160 192    903 367     
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                     
for the year ended 31 December 2009 (continued)                                 
                                          Total ex-                             
                                    Non-     change   Investor                  
                                control-        and       Pro-       Total      
                                   ling*     subsi-    tection       Group      
                                interest    diaries      Funds      equity      
Group                               R'000      R'000      R'000       R'000     
Balance at                                                                      
31 December 2008                        0  1 145 995    227 497   1 373 492     
Total comprehensive income                                                      
for the year                                                                    
Profit/(loss) for the year        (1 643)    358 060      7 541     365 601     
Other comprehensive income                                                      
Net change in fair value of             0          0     38 187      38 187     
available-for-sale financial                                                    
assets                                                                          
Net change in fair value of             0          0    (9 087)     (9 087)     
available-for-sale financial                                                    
assets transferred to profit                                                    
or loss                                                                         
Total other comprehensive               0          0     29 100      29 100     
income                                                                          
Total comprehensive income              0    358 060     36 641     394 701     
for the year                                                                    
Transactions with owners,                                                       
recorded directly in equity                                                     
Contributions by and                                                            
distributions to owners                                                         
BBBEE reserve                           0          0          0           0     
Options issued to Black                 0          0          0           0     
shareholders                                                                    
Options lapsed transferred to           0          0          0           0     
retained earnings                                                               
Replacement options issued to           0          0          0           0     
The JSE Empowerment Fund                                                        
Dividends to equity holders             0  (163 469)          0   (163 469)     
Total contributions by and              0  (163 469)          0   (163 469)     
distributions to owners                                                         
Total transactions with                 0  (163 469)          0   (163 469)     
owners                                                                          
Non-controlling interest in         1 643      1 643          0       1 643     
BESA Group                                                                      
Transfer to the BESA                    0   (95 676)     95 676           0     
Guarantee Fund Trust*                                                           
Balance at                                                                      
31 December 2009                        0  1 244 910    359 814   1 604 724     
                         Share     Share       BBBEE   Retained      Total      
                       capital   premium     reserve   earnings   exchange      
Exchange                  R'000     R'000       R'000      R'000      R'000     
Balance at 31             8 514   162 779     127 371    501 689    800 353     
December 2007                                                                   
Total comprehensive                                                             
income for the year                                                             
Profit/(loss) for             0         0           0    355 797    355 797     
the year                                                                        
Other comprehensive                                                             
income                                                                          
Total other                   0         0           0          0          0     
comprehensive income                                                            
Total comprehensive           0         0           0    355 797    355 797     
income for the year                                                             
Transactions with                                                               
owners, recorded                                                                
directly in equity                                                              
Contributions by and                                                            
distributions to                                                                
owners                                                                          
BBBEE reserve                 0         0      38 132        116     38 248     
Options issued to             0         0      33 539          0     33 539     
Black shareholders                                                              
Options lapsed                0         0      ( 116)        116          0     
transferred to                                                                  
retained earnings                                                               
Replacement options           0         0       4 709          0      4 709     
issued to The JSE                                                               
Empowerment Fund                                                                
Dividends to equity           0         0           0  (110 682)  (110 682)     
holders                                                                         
Total contributions           0         0      38 132  (110 566)   (72 434)     
by and distributions                                                            
to owners                                                                       
Total transactions            0         0      38 132    245 231    283 363     
with owners                                                                     
Balance at 31             8 514   162 779     165 503    746 920  1 083 716     
December 2008                                                                   
Total comprehensive                                                             
income for the year                                                             
Profit/(loss) for             0         0           0    367 345    367 345     
the year                                                                        
Other comprehensive                                                             
income                                                                          
Total other                   0         0           0          0          0     
comprehensive income                                                            
Total comprehensive           0         0           0    367 345    367 345     
income for the year                                                             
Transactions with                                                               
owners, recorded                                                                
directly in equity                                                              
Contributions by and                                                            
distributions to                                                                
owners                                                                          
BBBEE reserve                0         0     (5 311)      5 311          0      
Options lapsed                0         0     (5 311)      5 311          0     
transferred to                                                                  
retained earnings                                                               
Dividends to equity           0         0           0  (163 469)  (163 469)     
holders                                                                         
Total contributions           0         0     (5 311)  (158 158)  (163 469)     
by and distributions                                                            
to owners                                                                       
Total transactions            0         0     (5 311)    209 187    203 876     
with owners                                                                     
Balance at 31             8 514   162 779     160 192    956 107  1 287 592     
December 2009                                                                   
*The transfer represents the isolation in the BESA Guarantee Fund Trust of the  
value on acquisition by the JSE of that fund.                                   
CONSOLIDATED STATEMENT OF CASH FLOW                                             
for the year ended 31 December 2009                                             
                                                                                
                                        Group       Group  Exchange  Exchange   
                                         2009        2008      2009      2008   
                                        R'000       R'000     R'000     R'000   
Cash from/(used in) operations         467 318     540 006   527 936   576 498  
Interest received                    1 353 964   2 237 456    77 806   124 212  
Interest paid                      (1 284 943)      (2 074  (16 440)  (22 469)  
                                                     998)                       
Dividends received                       3 922       5 089         0         0  
Taxation paid                        (185 701)   (218 309)      (185      (217  
                                                               126)      655)   
Net cash from operating                354 561     489 244   404 176   460 586  
activities                                                                      
Cash flows from investing                                                       
activities                                                                      
Investment to maintain                       0     (7 984)         0   (7 984)  
operations                                                                      
Replacement of property and                  0     (7 984)         0   (7 984)  
equipment                                                                       
Investment to expand operations      (209 621)   (155 799)      (305      (141  
                                                               652)      891)   
Proceeds from maturity of other       (91 329)      54 622         0         0  
investments                                                                     
Acquisition of other                    81 888    (68 530)         0         0  
investments                                                                     
Acquisition of shares in Bond                                                   
Exchange of South Africa,                                                       
net of cash acquired                  (98 346)           0      (240         0  
                                                               582)             
Cash acquired from BESA Ltd                  0           0    36 764         0  
Cash acquired from BESA                      0           0         0         0  
Guarantee Fund Trust                                                            
Cash flows from equity                  17 710       7 327    17 710     7 327  
accounted investees                                                             
Proceeds from disposal of                  447           0       447         0  
property and equipmemt                                                          
Acquisitions from business                   0           0         0            
combinations                                                                    
Leasehold improvements                 (3 181)     (1 438)   (3 181)   (1 438)  
Acquisition of intangible             (89 730)    (89 802)  (89 730)  (89 802)  
assets                                                                          
Acquisition of property and           (27 080)    (57 978)  (27 080)  (57 978)  
equipment                                                                       
                                                                                
Net cash (used in)/from              (209 621)   (163 783)      (305      (149  
investing activities                                            652)      875)  
Cash flows from financing                                                       
activities                                                                      
Transfer to group                      (2 015)           0         0         0  
Repayment of loan to OMX               (5 000)           0         0         0  
Technology AB                                                                   
Purchase of European call                    0    (32 983)         0  (32 983)  
options                                                                         
Dividends paid                       (163 469)   (110 682)      (163      (110  
                                                               469)      682)   
Net cash used in financing           (170 484)   (143 665)      (163      (143  
activities                                                      469)      665)  
Net (decrease)/increase in cash       (25 544)     181 796  (64 945)   167 046  
and cash equivalents                                                            
Cash and cash equivalents at           946 341     764 545   854 422   687 376  
beginning of year                                                               
Cash and cash equivalents at           920 797     946 341   789 477   854 422  
end of year                                                                     
CONSOLIDATED STATEMENT OF CASH FLOW CONTINUED                                   
for the year ended 31 December 2009                                             
                                                                                
                                  Investor     Investor                         
                                protection   Protection                         
                                     Funds        Funds                         
                                      2009         2008                         
                                     R'000        R'000                         
Cash from/(used in)                (10 632)      (7 051)                        
operations                                                                      
Interest received                     7 268        6 182                        
Interest paid                             0            0                        
Dividends received                    3 922        5 089                        
Taxation paid                             0            0                        
Net cash from operating                 558        4 220                        
activities                                                                      
Cash flows from                                                                 
investing activities                                                            
Investment to maintain                    0            0                        
operations                                                                      
Replacement of property                   0            0                        
and equipment                                                                   
Investment to expand                 86 901     (13 908)                        
operations                                                                      
Proceeds from maturity             (91 329)       54 622                        
of other investments                                                            
Acquisition of other                 81 888     (68 530)                        
investments                                                                     
Acquisition of shares                                                           
in Bond Exchange of                                                             
South Africa,                                                                   
net of cash acquired                      0            0                        
Cash acquired from BESA                   0            0                        
Ltd                                                                             
Cash acquired from BESA              96 342            0                        
Guarantee Fund Trust                                                            
Cash flows from equity                    0            0                        
accounted investees                                                             
Proceeds from disposal                    0            0                        
of property and                                                                 
equipmemt                                                                       
Acquisitions from                         0            0                        
business combinations                                                           
Leasehold improvements                    0            0                        
Acquisition of                            0            0                        
intangible assets                                                               
Acquisition of property                   0            0                        
and equipment                                                                   
                                                                                
Net cash (used in)/from              86 901     (13 908)                        
investing activities                                                            
Cash flows from                                                                 
financing activities                                                            
transfer to group                   (2 015)            0                        
Repayment of loan to                      0                                     
OMX                                                                             
Purchase of European                      0                                     
call options                                                                    
Dividends paid                            0            0                        
Net cash used in                    (2 015)            0                        
financing activities                                                            
Net (decrease)/increase              85 444      (9 688)                        
in cash and cash                                                                
equivalents                                                                     
Cash and cash                        30 666       40 354                        
equivalents at                                                                  
beginning of year                                                               
Cash and cash                       116 110       30 666                        
equivalents at end of                                                           
year                                                                            
                                                                                
Basis of preparation                                                            
Basis of preparation and accounting policies                                    
JSE Limited (the "Company") is a company domiciled in the Republic of South     
Africa. The consolidated abridged annual financial statements of the Company    
as at and for the year ended 31 December 2009 comprise the Company and its      
subsidiaries (together referred to as "the Group") and the Group's interests    
in associates and jointly controlled entities.                                  
Except for the adoption of new and revised accounting standards, the JSE        
Limited's principal accounting policies applied by the Group in its             
consolidated abridged annual financial statements for the year ended 31         
December 2009 are the same as those applied by the Group in its consolidated    
annual financial statements as at and for the year ended 31 December 2008.      
The JSE Limited's abridged consolidated annual financial statements or the      
year ended 31 December 2009, have been prepared in terms of the recognition     
and measurement requirements of International Financial Reporting Standards     
and the presentation and disclosure requirements of IAS 34, Interim Financial   
Reporting.                                                                      
Accounting for business combinations                                            
The Group has early adopted IFRS 3 Business Combinations (2008) and IAS 27      
Consolidated and Separate Financial Statements (2008) for business              
combinations occurring in the financial year starting 1 January 2009. All       
business combinations occurring on or after 1 January 2009 are accounted for    
by applying the acquisition method. The change in accounting policy was         
applied prospectively.                                                          
The Group measures goodwill as the fair value of the consideration transferred  
including the recognised amount of any non-controlling interest in the          
acquiree, less the net recognised amount (generally fair value) of the          
identifiable assets acquired and liabilities assumed, all measured as of the    
acquisition date.                                                               
Transaction costs that the Group incurs in connection with a business           
combination, such as finder's fees, legal fees, due diligence fees, and other   
professional and consulting fees are expensed as incurred. A contingent         
liability of the acquiree is assumed in a business combination only if such a   
liability represents a present obligation and arises from a past event, and     
its fair value can be measured reliably.                                        
Determination and presentation of operating segments                            
As of 1 January 2009 the Group determines and presents operating segments       
based on the information that internally is provided to the Executive           
Committee ("Exco"), which represents the Group's chief operating decision       
maker. This change in accounting policy is due to the adoption of IFRS 8        
Operating Segments. In addition the Group has early adopted the 2009            
improvement project. As the services provided by the JSE are not subject to     
materially different operational risks, they were previously regarded as a      
single business and geographical segment for annual financial statement         
reporting purposes and therefore segment information was not disclosed.         
Comparative segment information has been presented in conformity with the       
transitional requirements of IFRS 8. Since the change in accounting policy      
only impacts presentation and disclosure aspects, there is no impact on         
earnings per share.                                                             
An operating segment is a component of the Group that engages in business       
activities from which it may earn revenues and incur expenses, including        
revenues and expenses that relate to transactions with any of the Group's       
other components. An operating segment's operating results are reviewed         
regularly by Exco to make decisions about resources to be allocated to the      
segment and assess its performance, and discrete financial information is       
available for an operating segment. Segment results that are reported to Exco   
include items directly attributable to a segment as well as those that can be   
allocated on a reasonable basis. Unallocated items comprise mainly information  
technology expenses and corporate overheads.                                    
Presentation of financial statements                                            
The Group has applied the revised IAS 1 Presentation of Financial Statements    
(2007), which became effective as of 1 January 2009.                            
As a result, the Group presents in the consolidated statement of changes in     
equity all owner changes in equity, whereas all non-owner changes in equity     
are presented in the consolidated statement of comprehensive income. This       
presentation has been applied in these consolidated abridged annual financial   
statements as at and for the year ended on 31 December 2009.                    
Comparative information has been re-presented so that it also is in conformity  
with the revised standard. Since the change in accounting policy only impacts   
presentation aspects, there is no impact on earnings per share.                 
Comparative figures                                                             
Where necessary, comparative figures have been reclassified to conform to       
changes in presentation as reported in the consolidated financial statements    
as at and for the year ended 31 December 2008.                                  
Audit Opinion                                                                   
KPMG Inc, the company's independent auditors, has audited the consolidated      
annual financial statements of JSE Limited from which the abridged              
consolidated results contained in this report have been derived,  and has       
expressed an unmodified audit opinion on the consolidated annual financial      
statements.                                                                     
The abridged consolidated financial results comprise the statements of          
financial position at 31 December 2009, and the statements of comprehensive     
income, changes in equity and cash flows for the year then ended, and selected  
explanatory notes. The selected explanatory notes have been marked with a #.    
Their audit report is available inspection at the company's registered office.  
Cash dividend declaration                                                       
The directors of JSE are proposing to declare ordinary dividend number 6 of     
192 cents per share to be approved at the Annual General Meeting of             
shareholders to be held on Thursday, 22 April 2010. This equates to 2.1 times   
cover and is consistent with the stated dividend policy to pay between 1.5 and  
2.5 cover.                                                                      
The salient dates for the payment of the dividend are as follows:               
Finalisation announcement confirming                                            
Shareholder approval of dividend to be released                                 
On SENS on                                          Thursday, 22 April 2010     
Last date to trade JSE shares cum                                               
dividend                                                 Friday, 7 May 2010     
JSE shares trade ex dividend                            Monday, 10 May 2010     
Record date for purposes of                                                     
determining the registered holders                                              
of JSE shares to participate in the                                             
dividend at close of business on                        Friday, 14 May 2010     
Date of payment of dividend                             Monday, 17 May 2010     
Share certificates may not be dematerialised or rematerialised from Monday, 10  
May 2010 to Friday 14 May 2010, both days inclusive.                            
Prospects                                                                       
The JSE remains committed to delivering value to issuers and investors. Our     
focus is on continual improvement and consistent work to sustain our business   
model, with depth and breadth. The board is optimistic that this should be      
achieved through the strategic objectives discussed above, combined with the    
strength of JSE regulation and the quality of the JSE's service.                
Since a significant portion of revenue is dependent on the level of trades on   
the Exchange, the JSE is not able to predict future profits.                    
The exchange industry is changing fast to anticipate and satisfy client         
demands. Demutualised exchanges serve not only members as used to be the case   
but all market participants. Apart from its day to day operational focus in     
the areas mentioned above, the JSE is focused on retaining its competitive      
edge and delivering growth to shareholders in JSE Limited.                      
Operating segments                                                              
The Group has 5 reportable segments, as stated below. The business units offer  
different products and services, and are managed separately because they        
require different technology and marketing strategies. Management has           
determined the operating segments based on the monthly reports reviewed by the  
Executive Committee, "Exco". Financial and personnel resources are allocated    
according to the needs of the various divisions in order to apply the strategy  
and operating plans agreed to during the budgeting process. Costs in the JSE    
are managed holistically across the Exchange and variances against budget are   
closely monitored.                                                              
INFORMATION ABOUT REPORTABLE SEGMENTS#                                          
                                                      Com-                      
                                         Equity     modity      Interest        
                              Equity*    Deriva    Deriva-          Rate        
                             Division     tives      tives        Market        
                                R'000     R'000      R'000         R'000        
For the year ended                                                              
31 December 2009                                                                
External revenues              725 674   116 175     41 241        18 123       
For the year ended                                                              
31 December 2008                                                                
External revenues              648 040   141 216     46 893             0       
INFORMATION ABOUT REPORTABLE SEGMENTS                                           
                                                                                
                                         Infor-        Group                    
                                         mation          and                    
                                          Sales        other       Total        
                                          R'000        R'000       R'000        
For the year ended                                                              
31 December 2009                                                                
External revenues                        108 773      145 770   1 155 756       
For the year ended                                                              
31 December 2008                                                                
External revenues                         96 563      138 858   1 071 570       
*Comprises equities trading fees, membership fees, issuer services, broker      
deal accounting services and risk management, and clearing and settlement fees  
ACQUISITION OF SUBSIDIARY AND NON-CONTROLLING INTERESTS#                        
Business combination                                                            
         The Scheme of Arrangement, proposed by BESA and the JSE in December    
2008 in respect of the proposed acquisition of BESA, was successfully           
finalised in June 2009, with all necessary regulatory and competition           
authority approvals having been received.  As a consequence, on 22 June 2009    
the Group acquired 100 percent of the shares and voting interests in BESA, a    
licensed exchange responsible for operating and regulating fixed-income and     
interest-rate derivatives markets in South Africa.                              
As a consequence of this acquisition, the Group anticipates being able to       
increase utilisation of infrastructure to achieve economies of scale and to     
leverage the combined expertise of the BESA and JSE employees.  This is         
expected to translate into real benefits for market participants, particularly  
with respect to an increased range of spot and derivative products, enhanced    
liquidity and market volumes, and improved, common risk-management processes.   
Although the business was acquired on 22 June 2009 the activity for the 8 days  
to 30 June 2009 was not significant in light of the Group results and has thus  
been ignored when determining the final take-on values.                         
For the period 1 July 2009 to 31 December 2009 BESA Ltd generated revenue of    
Rnil and a profit of R60,7m. This is as a consequence of the sale of its        
business to the JSE. As a result of the sale of business, revenue and           
expenditure from the BESA operations amounting to R22,6m and R24,5m             
respectively for the same period have been incorporated within the JSE. If the  
acquisition had occurred on 1 January 2009, management estimates that the BESA  
Group's consolidated revenue would have been R30,1m, and the BESA Group's       
consolidated loss for the year would have been R23,8m. These figures exclude    
the revenue and expenditure now incorporated within the JSE from 01 July 2009.  
In determining these amounts, management has assumed that the fair value        
adjustments, determined provisionally, that arose on the date of acquisition    
would have been the same if the acquisition had occurred on 1 January 2009.     
The following summarises the major classes of consideration transferred, and    
the recognised amounts of assets acquired and liabilities assumed at the        
acquisition date:                                                               
CONSIDERATION TRANSFERRED                                                       
                                                                  R'000         
Cash consideration paid                                          240 582        
                                                      Provisional take-         
                                                                     on         
                                                              values as         
                                                              disclosed         
                                       Final take-on        in the 2009         
                                                                interim         
                                              values             report         
                                               R'000              R'000         
Identifiable assets acquired and                                                
liabilities assumed                                                             
Property and equipment                          1 496              5 585        
Intangible assets                              27 904             72 347        
Trade and other receivables                    10 598             13 064        
Cash and cash equivalents                     142 236            145 494        
Employee benefits                             (1 502)            (1 502)        
Deferred lease liability                        (578)              (534)        
Deferred taxation                               (621)           (14 137)        
Loan from OMX Technology AB                  (10 000)           (10 000)        
Trade and other payables                     (10 453)           (14 776)        
Total net identifiable assets                 159 080            195 541        
The fair values of the net identifiable assets at 30 June 2009 per the 2009     
interim report were determined provisionally pending completion of an           
independent valuation. This valuation has since been completed. Intangible      
assets comprise BESA's trade name, customer relationships, computer software    
and regulatory and operational relationships. The most significant changes      
between the provisional and final values relate to the values provisionally     
attributable to the customer relationships and the computer software. In using  
the Multi-period Excess Earnings method and applying the Contribution Asset     
Costs to that, both values together estimated at R45 million in the interim     
report are worth negligible amounts in the valuation. Deferred taxation on      
this amounting to R14 million, has also been removed from the take-on values.   
The trade and other receivables include gross contractual amounts due of R10,6  
million of which Rnil was expected to be uncollectible at the acquisition       
date.                                                                           
The non-controlling interest was based on the proportionate share of fair       
value of identifiable net assets.                                               
GOODWILL                                                                        
Goodwill on the acquisition has been recognised as follows:                     
                                                                   R'000        
Total consideration transferred                                   240 582       
Add: non-controlling interests                                      1 643       
                                                                 242 225        
Less: value of net identifiable assets                            159 080       
Goodwill                                                           83 145       
The goodwill is attributable mainly to the skills and technical talent of       
BESA's work force, and the synergies expected to be achieved from integrating   
BESA into the Group's existing business. The goodwill recognised is not         
deductible for income tax purposes.                                             
Transactions recognised separately from the acquisition                         
The JSE incurred acquisition-related costs of R4,2 million (2008: R2,1          
million) relating to external legal and consulting fees.  These costs have      
been included in other expenses in the Group's consolidated statement of        
comprehensive income.                                                           
REVENUE AND OTHER INCOME#                                                       
for the year ended 31 December 2009                                             
                                 Group     Exchange                             
                                  2009         2008       2009        2008      
                                 R'000        R'000      R'000       R'000      
Revenue comprises:              106 700      131 591    106 700     131 591     
Equity derivatives fees                                                         
Commodity derivatives fees       41 241       46 893     41 241      46 893     
Equities trading fees           309 980      266 739    309 980     266 739     
Yield-X trading fees              9 475        9 625      9 475       9 625     
Interest rate market             16 433            0     18 123           0     
Risk management, clearing       163 663      157 744    163 663     157 744     
and settlement fees                                                             
Information sales               108 773       96 563    108 773      96 563     
Membership fees                   8 360        6 895      8 360       6 895     
Issuer services                  78 853       69 134     78 853      69 134     
Broker deal accounting          164 818      147 528    164 818     147 528     
services                                                                        
Funds management                 49 630       47 491     69 365      73 016     
Strate ad valorem fees           97 830       91 367     97 830      91 367     
                             1 155 756    1 071 570  1 177 181   1 097 095      
EARNINGS AND HEADLINE EARNINGS PER SHARE#                                       
for the year ended 31 December 2009                                             
                                            Group                 Exchange      
                                 2009        2008        2009         2008      
                                R'000       R'000       R'000        R'000      
Basic earnings per share                                                        
The calculation of basic                                                        
earnings per share at 31                                                        
December 2009 of  431,3                                                         
(2008: 439,7) cents per                                                         
share was based on profit                                                       
for the year of R367,2                                                          
million (2008: R374,4                                                           
million) and a weighted                                                         
average number of ordinary                                                      
shares of 85 140 050                                                            
(2008: 85 140 050)                                                              
calculated as follows:                                                          
Profit for the year            367 244     374 357     367 345      355 797     
Weighted average number of                                                      
ordinary shares:                                                                
Issued ordinary shares at   85 140 050  85 140 050  85 140 050   85 140 050     
1 January                                                                       
Weighted average number of  85 140 050  85 140 050  85 140 050   85 140 050     
ordinary shares at 31                                                           
December                                                                        
Basic earnings per share         431,3       439,7       431,5        417,9     
(cents)                                                                         
Diluted earnings per share                                                      
The calculation of diluted                                                      
earnings per share at 31                                                        
December 2009 of  425,2                                                         
(2008: 434,0) cents per                                                         
share was based on the                                                          
profit for the year of                                                          
R367,2 million (2008:                                                           
R374,4 million) and a                                                           
weighted average number of                                                      
ordinary shares                                                                 
outstanding after                                                               
adjustment for the effects                                                      
of all dilutive potential                                                       
ordinary shares of 86 369                                                       
696 (2008: 86 266 616)                                                          
calculated as follows:                                                          
Profit for the year            367 244     374 357     367 345      355 797     
Weighted average number of                                                      
ordinary shares (diluted):                                                      
Weighted average number of  85 140 050  85 140 050  85 140 050   85 140 050     
ordinary shares at 31                                                           
December (basic)                                                                
Effect of share options on   1 229 646   1 126 566   1 229 646    1 126 566     
issue                                                                           
Weighted average number of  86 369 696  86 266 616  86 369 696   86 266 616     
ordinary shares (diluted)                                                       
Diluted earnings per share       425,2       434,0       425,3        412,4     
(cents)                                                                         
The average market value                                                        
of the Exchange's shares                                                        
for purposes of                                                                 
calculating the dilutive                                                        
effect of share options                                                         
was based on quoted market                                                      
prices for the period that                                                      
the options were                                                                
outstanding.                                                                    
Headline earnings per                                                           
share                                                                           
The calculation of                                                              
headline earnings per                                                           
share at 31 December 2009                                                       
of 456,1 (2008: 456,9)                                                          
cents per share was based                                                       
on  headline earnings of                                                        
R388,4 million (2008:                                                           
R389,0 million) and a                                                           
weighted average number of                                                      
ordinary shares of 85 140                                                       
050 (2008: 85 140 050)                                                          
during the year.                                                                
Reconciliation of headline                                                      
earnings:                                                                       
Profit for the year            367 244     374 357     367 345      355 797     
Adjustments, net of tax1,                                                       
are made to the following:                                                      
Loss on sale of property           107           2         107            0     
and equipment                                                                   
Impairment of goodwill             158           0           0            0     
Impairment of monies due           329           0       1 844            0     
from related entities                                                           
Impairment loss on              27 286       8 700       5 773        8 700     
intangible assets                                                               
Impairment of available-         2 113       9 811           0            0     
for-sale equity securities                                                      
Share of associate                 200           0           0            0     
company's impairment                                                            
Profit on realisation of      ( 9 087)    ( 3 883)           0            0     
available-for-sale                                                              
instruments                                                                     
Headline earnings              388 351     388 987     375 069      364 497     
Headline earnings per            456,1       456,9       440,5        428,1     
share (cents)                                                                   
*Less than R1 000                                                               
1 Taxation effect of headline adjustments was R2.3 million (2008: Rnil).        
Diluted headline earnings                                                       
per share                                                                       
The calculation of diluted                                                      
headline earnings per                                                           
share at 31 December 2009                                                       
of  449.6 (2008: 450.9)                                                         
cents per share was based                                                       
on headline earnings for                                                        
the year of R388,4m (2008:                                                      
R389.0m) and                                                                    
a weighted average number                                                       
of ordinary shares                                                              
outstanding after                                                               
adjustment for the effects                                                      
of all dilutive potential                                                       
ordinary shares of 86 369                                                       
696 (2008: 86 266 616).                                                         
Diluted Headline earnings        446.8       450.9       432.1        422.5     
per share (cents)                                                               
JSE Limited (Registration number 2005/022939/06)                                
Incorporated in the Republic of South Africa 1 Exchange Square                  
2 Gwen Lane, Sandown, South Africa                                              
Private Bag X9991174, Sandton 2146, South Africa                                
Tel +27 11 520 7000    Fax +27 11 520 8584                                      
Sandown                                                                         
8 March 2010                                                                    
Sponsor                                                                         
RAND MERCHANT BANK (a division of FirstRand Bank Limited)                       
Date: 08/03/2010 14:50:01 Produced by the JSE SENS Department.