Dividend Policy And Payment Of A Special Dividend

November 27, 2007 at 5:46 AM EST
JSE                                                                             
JSE - JSE Limited - Dividend Policy And Payment Of A Special Dividend           
JSE Limited                                                                     
(Incorporated in the Republic of South Africa)                                  
Registration number: 2005/022939/06                                             
Share code: JSE & ISIN: ZAE000079711                                            
("JSE" or "the Group")                                                          
DIVIDEND POLICY AND PAYMENT OF A SPECIAL DIVIDEND                               
Background                                                                      
Over the last decade the JSE has made the transition from an association of     
members, where capital needs were funded by JSE members, to a company owned     
by a broad range of shareholders which must fund its own capital                
requirements. During this period the JSE has worked consistently to develop     
a solid capital base. The JSE currently has no borrowings.                      
Having been listed for 18 months, the Board of directors of the JSE ("the       
Board") is now in a good position to re-evaluate its capital requirements.      
The JSE analyses its capital requirements in three categories:                  
-    Operating cost requirements: Due to the importance of ensuring a           
    smoothly operating stock exchange, most exchanges set aside sufficient      
    cash to fund between two and six months of operating costs. The JSE         
    has in the past set aside sufficient capital to fund four months of         
    operations;                                                                 
-    Settlement Guarantee: as the JSE guarantees all on-market equities         
    trades, the JSE should have sufficient capital to settle such trades        
    should a JSE equities member (broker) fail. This requirement must take      
    into account the T+5 settlement period during which the JSE would have      
    to provide liquidity for a failing member's transactions; and               
-    Capital & Opportunity requirements: the JSE must be in a position to       
    maintain infrastructure and meet capital needs for expansion.               
The JSE's capital adequacy evaluation took into account the possibility of      
raising capital through issuing shares for cash or raising debt should an       
unforeseen opportunity or crisis arise.                                         
Dividend Policy                                                                 
In the light of the above, the Board is reviewing the JSE's dividend policy     
and an announcement will be made in this regard in 2008.                        
Payment of Special Dividend                                                     
Notice is hereby given that a special dividend of 90.75 cents per JSE share     
has been declared by the Board, which is payable from retained earnings.        
In accordance with the requirements of Strate, the electronic settlement        
and custody system used by the JSE, and the JSE listings Requirements, the      
following salient dates for the payment of the special dividend are             
applicable:                                                                     
Last day to trade "CUM" special dividend    Thursday 13 December 2007           
Shares trade "EX" special dividend          Friday, 14 December 2007            
Record date                                 Friday 21 December 2007             
Payment date                                Monday, 24 December 2007            
No dematerialisation or rematerialisation of share certificates may occur       
between Friday 14 December 2007 and Friday 21 December 2007, both days          
inclusive.                                                                      
On behalf of the Board                                                          
JSE Limited                                                                     
Sandton                                                                         
27 November 2007                                                                
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 27/11/2007 16:25:05 Produced by the JSE SENS Department.