Trading statement

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.