Trading Statement

July 7, 2007 at 5:55 AM EDT
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")                                                                         
TRADING STATEMENT                                                               
JSE is currently finalising its interim results for the six month period ended  
30 June 2007, which should be released on 14 August 2007. Shareholders are      
advised that the consolidated revenue of the JSE for the period is expected to  
be between 27% and 35% higher than for the same period last year.               
Consolidated earnings per share for the same period are expected to be between  
53% and 61% lower, with headline earnings per share being between 59% and 67%   
lower than for the comparable period last year, mainly as a result of the       
following:                                                                      
-    the final issue of shares at par value to the JSE Empowerment Fund (JEF),  
    amounting to 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               
    approximately R53 million. The actual current impact of this on cash flow   
    is zero. There will be a positive impact on cash flow when the options      
    are exercised in 2011;                                                      
-    the valuation of the Employee Scheme for the six month period, amounting   
    to approximately R47 million. The actual current impact of this on cash     
    flow is zero. The Employee Scheme will have an impact on cash flow in       
    2009, 2010 and 2011;                                                        
-    in the comparable period, there was a non-recurring receipt from the       
    insurers in the JSE Guarantee Fund Trust of R26 million.                    
Shareholders are reminded that, although the JSE Guarantee Fund Trust and the   
JSE Derivative Fidelity Fund Trust are consolidated in compliance with IFRS,    
they are legally separate from the JSE and neither the JSE nor its              
shareholders have any right to the net assets of such trusts.                   
Shareholders are advised that the information provided in this trading          
statement has not been reviewed and reported on by the JSE's auditors.          
Gary Clarke                                                                     
Company Secretary                                                               
Sandton                                                                         
27 July 2007                                                                    
Sponsor: RAND MERCHANT BANK (A Division of FirstRand Bank Limited)              
Date: 27/07/2007 17:15:01 Produced by the JSE SENS Department.