February 18, 2008 at 5:38 AM EST
JSE JSE - JSE Limited - Trading statement JSE LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2005/022939/06) Share Code: JSE ISIN Code: ZAE000079711 ("JSE" or "the Company") TRADING STATEMENT Stakeholders are advised that the earnings per share of the JSE Limited Group ("Group") for the year ended 31 December 2007 ("the period") are expected to be between 84% and 104% higher than the previous year's 168.0 cents per share and headline earnings per share are expected to be between 71% and 91% higher than the 164.6 cents per share of the previous year. The latter comparative figure has been recalculated to comply with SAICA circular 08/07- Headline Earnings. The earnings and headline earnings per share for the Group for the year ended 31 December 2007 have been impacted by a number of factors. These include: * the robust world equities market performance resulting in an increase in trades on the JSE and hence in revenue of between 32% and 42% for the period; * the final issue of shares at par value to the JSE Empowerment Fund (JEF), amounting to a cost of approximately R30 million. The actual impact of this on cash flow is insignificant; * the second tranche of options issued to qualifying black shareholders in terms of the Black Shareholder Retention Scheme, amounting to a cost of approximately R53 million. The actual current impact of this on cash flow is zero. There will be a small positive impact on cash flow when the options are exercised in 2011; * the impact of the "mark to market" of the participation interests issued under the first tranche of the Employee Scheme approved by JSE shareholders. These costs amount to approximately R74 million for the year; * the impact of the acceleration of 25% of the first tranche of the Employee Scheme due to be paid in December 2008 but brought forward to December 2007, resulting in the bringing forward of a cost of R20 million in recognition of Participants' agreement to cap the JSE's liability under the first tranche, resulting in cash outflow in 2007 of R53 million; * a once-off payment of R75 million, from a contractor, releasing the ontractor from its further obligations with regard to its agreements with the JSE; and * that in the comparable period, there was a non-recurring receipt from the insurers in the JSE Guarantee Fund Trust of R26 million. Stakeholders are advised that the information provided in this trading statement has not been reviewed and/or reported on by the Company's auditors. Gary Clarke Company Secretary Sandton 18 February 2008 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 18/02/2008 08:00:06 Produced by the JSE SENS Department.