JSE LIMITED REVIEWED INTERIM FINANCIAL RESULTS for THE SIX MONTHS ENDED 30 JUNE 2011 and SPECIAL DIVIDEND DECLARATION

JSE LIMITED REVIEWED INTERIM FINANCIAL RESULTS for THE SIX MONTHS ENDED 30 JUNE 2011 and SPECIAL DIVIDEND DECLARATION

contents Diversified revenue 1 Commentary 2 Directors responsibility statement 4 Independent auditor s review report on the consolidated interim financial statements 5 Consolidated interim statement of comprehensive income 6 Consolidated interim statement of financial position 7 Consolidated interim statement of changes in equity 8 Consolidated interim statement of cash flows 12 Notes to the consolidated interim financial statements 13

DIVERSIFIED REVENUE Revenue streams R m Issuer services Revenue streams R m Equity trading Revenue streams R m Risk management, equities clearing and settlement 50 200 120 40 160 100 30 20 10 120 80 40 80 60 40 20 0 0 0 2007 2008 2009 2010 2011 Revenue streams R m Equity derivatives 80 60 40 20 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Revenue streams R m Commodity derivatives 25 20 15 10 5 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Revenue streams R m Back-office services (BDA) 100 80 60 40 20 0 2007 2008 2009 2010 2011 Revenue streams R m Interest rate market Revenue streams R m Information product sales Diversified revenue % 20 80 10 4 8 15 60 3 4 10 2011 28 10 40 16 17 5 20 0 2009 2010 2011 0 2007 2008 2009 2010 2011 Issuer services Equity trading Risk management, clearing and settlement Back-office services (BDA) Equity derivatives Commodity derivatives Interest rate market Information product sales Other Excluding Strate ad valorem fees. Equity derivatives division includes currency derivatives. JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND SPECIAL DIVIDEND DECLARATION 1

commentary INTRODUCTION Market uncertainty, which dampened investor appetite as global sovereign debt concerns lingered, cast a shadow over the six months to 30 June 2011. In this climate, and given the impact of volatility and volumes on JSE revenues, the Group performed better than in 2010. It remains focused on delivering its major strategies in a time of rapid change in the exchange industry. Financials Revenue increased by 7% to R667.9 million for the six months (H1 2010: 623.3 million) boosted by solid performances from the cash equities, commodities derivatives and currency derivatives markets. All divisions contributed revenue increases. Other income decreased by 2%, mainly owing to lower income from the Investor Protection Funds. Personnel costs fell by 11% primarily as a result of the deployment of staff to capital projects resulting in their salary costs being capitalised, as well as the first tranche of the 2006 Long Term Incentive Scheme for key staff fully vesting at end-2010 and therefore not being expensed in H1 2011. Other expenses were largely in line with H1 2010. An amount of R7.9 million was incurred as a result of the issue of 156 536 options to the JSE Empowerment Fund Trust. These options had been forfeited by the original black shareholders in terms of the rules of the Black Shareholder Retention Scheme. The Group s consolidated effective tax rate for the six months to 30 June 2011 was 31% (H1 2010: 33%). As a result of the revenue growth, reduced operating costs and a lower effective tax rate, profit for the period climbed by 22% to R253.8 million during the period (H1 2010: R207.6 million). Strategy In the first six months, the JSE has: completed the integration of the interest rate market trading platforms so that there is now a single platform for the trading of interest rate products; delivered the first phase of the remote disaster recovery site; and made good progress in implementing the new state-of-the-art data centre, which is scheduled to be completed before year end. Testing of the new equities back office system (including equities clearing and settlement and surveillance systems) is progressing. Implementation has been delayed to give the JSE and its equities members more time for readiness testing. As the system will be implemented in 2012, the depreciation of the system will only start in 2012. Work on replacing the existing cash equities trading platform with the faster and more efficient system proceeds according to plan. Implementation will be during 2012. The equity derivatives team has worked hard to encourage trading of single stock futures (SSF) on the central order book. The growth in the use of the central order book for SSF means we are now also focusing on the technology required to sustain this growth. We are making slow progress on developing a strategy to grow the interest rate market and believe we are getting close to the time when a definitive position needs to be taken on the way forward. During the period, the JSE implemented a single trading rule book for the interest rate market as well as a unified set of Debt Listings Requirements. Together, these simplify the listing and trading of bonds and bond derivatives on a single trading platform. Revenue streams Issuer services: A combination of annual and new equity listing fees, as well as interest rate issuances, accounted for much of the 6% revenue rise to R48.8 million (H1 2010: R45.8 million). Though there is a listings pipeline, potential new issuers remain hesitant about the current economic environment. This is in line with the experience of other World Federation of Exchanges members. During the period, five listings occurred (H1 2010: six). Eight delistings (H1 2010: 10) took place, five after offers to shareholders, two owing to liquidations and one owing to failure to comply with JSE Listings Requirements. Equity market: The number and value of equity trades grew strongly in Q1 2011 (over Q1 2010) but dipped in Q2, recovering in June. In total, the number of trades climbed 5% and value traded 4% in H1 2011 (over H1 2010). As a result, equity trading revenues rose by 5% to R172.6 million (H1 2011: R164.8 million). Risk management, clearing and settlement revenues and revenues from the JSE s back office system, which equities members are mandated to use, rose by 10% and 11% respectively, owing to increased transaction volumes. In total, equities revenue rose by 8% to R371.7 million (H1 2010: R344.5 million). Equity derivatives market: Equity derivative revenue climbed 5% to R55.9 million (H1 2010: R53.3 million) as a 4% dip in the number of contracts traded was countered by a 12% rise in value traded. The market faces strong competition for single stock derivatives from over the counter products. Most growth occurred in index derivatives and bespoke products. Currency derivatives market: Currency derivatives revenue climbed 44% to R7.2 million during the period (H1 2010: R5.0 million) owing to a 96% growth in contracts traded and 88% in value traded. This growth is attributable to a change in billing model to encourage more trade, an increase in number of instruments and the introduction of bespoke, onmarket products. Commodity derivatives: Revenue grew 15% to R23.6 million (H1 2010: R20.6 million) owing to increased trade (61% in value terms and 17% in number of contracts), in a context of rising agricultural prices. Local maize and wheat derivatives continue to make up most trade in this market, but the trade of foreign-referenced instruments continues to rise. These instruments are offered under license from the CME Group, the world s largest derivatives exchange. During the period, the market introduced a wheat contract referencing pricing from the CME Group. 2 JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND SPECIAL DIVIDEND DECLARATION

Interest rate market: Secondary trade rose by 36% in nominal value, resulting in 16% revenue growth to R19.0 million (H1 2010: R16.4 million). Information products sales: Despite a contraction in data sales to existing clients locally and internationally, revenue grew 4% to R61.1 million (R58.7 million) as the team continued to attract new international clients. Prospects Revenue projections are not possible in the stock exchange industry, given the dependence on trading volumes in all the markets. Expenses are expected to increase from 2012 as a result of depreciation charges starting once the Group s major systems have been implemented next year. The JSE continues to focus on growing all of its markets, diversifying revenue streams and implementing strategic goals. CAPITAL STRUCTURE At 30 June 2011, the JSE had no long-term borrowings and R1 006 million in cash reserves (2010: R906 million). The Exchange analyses its capital requirements in a number of 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 central order book equities trades, it sets aside sufficient cash to ensure settlement of qualifying transactions; third, the JSE must be in a position to maintain infrastructure and meet capital needs for expansion, so we set aside a portion of cash to fund these types of outflows; and fourth, the cash component of the Investor Protection Funds comprises R118 million of total (2010: R118 million). On the basis of this assessment, the Board has determined how much cash we need to retain and revisits this regularly. considered the adequacy of the cash balances and consider that there are balances surplus to our current needs. In light of this, the Board has declared a special dividend amounting to R200 million gross of taxes. This amounts to a net dividend of 210 cents per share. The salient dates for the payment of the dividend are as follows: To be released on SENS on Tuesday, 16 August 2011 Last date to trade JSE shares cum dividend Friday, 2 September 2011 JSE shares trade ex dividend Monday, 5 September 2011 Record date for purposes of determining the registered holders of JSE shares to participate in the dividend at close of business on Friday, 9 September 2011 Date of payment of dividend Monday, 12 September 2011 Share certificates may not be dematerialised or rematerialised from Monday, 5 September 2011 to Friday, 9 September 2011, both days inclusive. Note: Percentage changes in the above are calculated on full number and not the rounded numbers which appear in the text. For and on behalf of the Board HJ Borkum Chairman 16 August 2011 RM Loubser Chief Executive Officer Cash dividend declaration Given that the JSE is coming to the end of large capital expenditure in respect of its System Replacement Project, the directors of JSE have JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND CASH DIVIDEND DECLARATION 3

DIRECTORS RESPONSIBILITY STATEMENT The directors are responsible for the preparation and presentation of the accompanying consolidated interim financial information, which comprises the consolidated interim statement of financial position, the related consolidated interim statements of comprehensive income, changes in equity and cash flows of the JSE Limited for the six months ended 30 June 2011 and selected explanatory notes in accordance with IAS 34, Interim Financial Reporting. Approval of the consolidated interim financial statements The consolidated interim financial statements were approved by the board of directors on 16 August 2011 and are signed on its behalf by: HJ Borkum Chairman RM Loubser Chief Executive Officer 16 August 2011 4 JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND SPECIAL DIVIDEND DECLARATION

Independent auditor s review report on THE consolidated interim financial statements To the members of JSE Limited We have reviewed the accompanying consolidated interim financial statements of JSE Limited, which comprise the consolidated statement of financial position at 30 June 2011, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the six months then ended, and selected explanatory notes, as set out on pages 18 to 29. The directors are responsible for the preparation and presentation of the consolidated interim financial statements in accordance with International Financial Reporting Standards, which includes IAS 34, Interim Financial Reporting, and the requirements of the Companies Act of South Africa. Our responsibility is to express a conclusion on the consolidated interim financial statements based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of the consolidated interim financial statements consists of making enquiries, primarily of persons responsible for the financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial statements of JSE Limited for the six months ended 30 June 2011 are not prepared, in all material respects, in accordance with International Financial Reporting Standards, which includes IAS 34, Interim Financial Reporting, and the requirements of the Companies Act of South Africa. KPMG Inc. Registered Auditor Per Tracy Middlemiss Chartered Accountant (SA) Registered Auditor Director 16 August 2011 85 Empire Road, Parktown 2193 JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND SPECIAL DIVIDEND DECLARATION 5

Consolidated interim statement of comprehensive income for the six months ended 30 June 2011 JSE Group Investor Protection Funds* Six months ended Year ended Six months ended Year ended 30 June 31 December 30 June 31 December 2011 2010 2010 2011 2010 2010 Note (reviewed) (reviewed) (audited) (reviewed) (reviewed) (audited) R 000 R 000 R 000 R 000 R 000 R 000 Revenue 9 667 948 623 301 1 255 148 Other income 10 20 785 21 102 50 267 10 603 11 299 36 082 Personnel expenses 11 (134 864) (150 871) (338 098) Other expenses 12 (240 923) (242 340) (541 087) (3 950) (7 599) (15 334) Profit before net finance income 312 946 251 192 426 230 6 653 3 700 20 748 Finance income 437 795 536 987 1 027 947 3 707 4 393 8 886 Finance costs (395 741) (493 337) (940 957) Net finance income 42 054 43 650 86 990 3 707 4 393 8 886 Share of profit of equity accounted investees (net of income tax) 15 053 14 225 26 446 Profit before tax 370 053 309 067 539 666 10 360 8 093 29 634 Income tax expense 13 (116 228) (101 508) (161 659) Profit for the period 253 825 207 559 378 007 10 360 8 093 29 634 Other comprehensive loss Net change in fair value of available-for-sale financial assets (2 320) (7 865) 29 660 (2 320) (7 865) 29 660 Net change in fair value of available-for-sale financial assets reclassified to profit or loss (8 612) (9 229) (31 893) (8 612) (9 229) (31 893) Income tax on other comprehensive loss 13 Other comprehensive loss for the period, net of income tax (10 932) (17 094) (2 233) (10 932) (17 094) (2 233) Total comprehensive income/(loss) for the period 242 893 190 465 375 774 (572) (9 001) 27 401 Profit attributable to: Owners of the Exchange 253 825 207 559 378 007 10 360 8 093 29 634 Profit for the period 253 825 207 559 378 007 10 360 8 093 29 634 Total comprehensive income/(loss) attributable to: Owners of the Exchange 242 893 190 465 375 774 (572) (9 001) 27 401 Total comprehensive income/(loss) for the period 242 893 190 465 375 774 (572) (9 001) 27 401 Earnings per share Basic earnings per share (cents) 14.1 299.0 244.1 445.5 12.2 9.5 34.9 Diluted earnings per share (cents) 14.2 294.4 240.4 438.4 12.0 9.4 34.4 * Investor Protection Funds comprise the JSE Guarantee Fund Trust, JSE Derivatives Fidelity Fund Trust and BESA Guarantee Fund Trust (the Trusts ). The JSE maintains these Trusts for investor protection purposes as required under the Securities Services Act 36, of 2004. The JSE is required to consolidate the Trusts into the results of the Group in terms of International Financial Reporting Standards (IFRS). However, as these Trusts are legally separate from the JSE, neither the JSE nor its shareholders have any right to the net assets of these Trusts on winding up. In certain limited circumstances, the JSE is entitled to the income and surplus assets of the Trusts. For enhanced understanding, the Trusts have been shown separately, (before intercompany adjustments), although, for compliance with IFRS, the results form part of the Group financial statements. 6 JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND CASH DIVIDEND DECLARATION

Consolidated interim statement of financial position as at 30 June 2011 JSE Group Investor Protection Funds As at As at As at As at 30 June 31 December 30 June 31 December 2011 2010 2010 2011 2010 2010 (reviewed) (reviewed) (audited) (reviewed) (reviewed) (audited) Note R 000 R 000 R 000 R 000 R 000 R 000 Assets Non-current assets 990 011 918 730 943 010 212 224 228 698 218 032 Property and equipment 15 130 113 84 222 113 272 Intangible assets 16 478 868 439 009 423 039 Investments in equity accounted investees 17 83 946 82 795 95 017 Other investments 212 227 228 701 218 034 212 224 228 698 218 032 Derivative financial instruments 814 2 520 3 015 Due from JSE Empowerment Fund Trust 14 294 13 315 13 910 Deferred taxation 69 749 68 168 76 723 Current assets 16 703 969 16 184 162 16 223 383 118 169 119 002 116 075 Trade and other receivables 213 977 172 928 187 379 603 719 4 035 Income tax receivable 76 875 34 064 61 783 Amounts due from related parties 5 333 1 763 Margin and collateral deposits 15 402 135 15 069 020 14 927 891 Cash and cash equivalents 1 005 649 906 387 1 046 330 117 566 118 283 112 040 Total assets 17 693 980 17 102 892 17 166 393 330 393 347 700 334 107 Equity and liabilities Total equity 1 863 259 1 601 262 1 791 104 329 812 347 049 331 847 Non-current liabilities 151 838 204 965 170 630 Finance lease 340 2 046 1 279 Employee benefits 34 559 75 241 46 105 Deferred taxation 3 935 5 380 4 757 Operating lease liability 60 366 71 857 65 562 Deferred income 51 530 49 391 51 847 Due to SAFEX members 1 108 1 050 1 080 Current liabilities 15 678 883 15 296 665 15 204 659 581 651 2 260 Trade and other payables 189 540 169 097 174 155 301 324 581 Employee benefits 75 203 53 106 94 113 Operating lease liability 12 006 5 442 8 500 Due to group entities 280 327 1 679 Margin and collateral deposits 15 402 134 15 069 020 14 927 891 Total equity and liabilities 17 693 980 17 102 892 17 166 393 330 393 347 700 334 107 JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND CASH DIVIDEND DECLARATION 7

Consolidated interim statement of changes in equity for the six months ended 30 June 2011 Non- Share Share distributable capital premium reserve Group R 000 R 000 R 000 Balance at 31 December 2009 8 514 162 779 10 058 Total comprehensive income for the period Profit for the period Other comprehensive income Net change in fair value of available-for-sale financial assets Net change in fair value of available-for-sale financial assets reclassified to profit or loss Total other comprehensive income Total comprehensive income for the period Transactions with owners of the Exchange, recognised directly in equity Contributions by and distributions to owners of the Exchange Share options lapsed reclassified to retained earnings Dividends paid to owners of the Exchange Treasury shares (48) (32 056) Treasury shares share issue costs (65) Equity settled share based payment Total contributions by and distributions to owners of the Exchange (48) (32 121) Changes in ownership interests in subsidiaries that do not result in a loss of control Total transactions with owners of the Exchange (48) (32 121) Balance at 30 June 2010 8 466 130 658 10 058 Balance at 31 December 2009 8 514 162 779 10 058 Total comprehensive income for the year Profit for the year Other comprehensive income Net change in fair value of available-for-sale financial assets Net change in fair value of available-for-sale financial assets reclassified to profit or loss Total other comprehensive income Total comprehensive income for the year Transactions with owners of the Exchange, recognised directly in equity Contributions by and distributions to owners of the Exchange Share options lapsed reclassified to retained earnings Dividends paid to owners of the Exchange Distribution from the BESA Guarantee Fund Trust 1 Distribution from the JSE Guarantee Fund Trust 2 Treasury shares (48) (32 056) Treasury shares share issue costs (65) Equity settled share based payment Total contributions by and distributions to owners of the Exchange (48) (32 121) Changes in ownership interests in subsidiaries that do not result in a loss of control Total transactions with owners of the Exchange (48) (32 121) 1 The BESA Guarantee Fund Trust Deed makes specific provision for the utilisation of excess funds for the purpose of reducing the risk of claims being made against the Trust. To this effect, R1.5 million (2010: R5.3 million) was transferred to the JSE Limited for the defrayment of market regulatory expenditure. 2 This represents the monies distributed by the JSE Guarantee Fund Trust for the specific purpose of funding the establishment of the JSE s disaster recovery site. 8 JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND CASH DIVIDEND DECLARATION

Attributable to owners of the Exchange Shares Total Investor BBBEE pending JSE LTIS Retained Exchange and Protection Total reserve allotment 2010 reserve earnings subsidiaries Funds equity R 000 R 000 R 000 R 000 R 000 R 000 R 000 160 192 903 367 1 244 910 359 814 1 604 724 199 282 199 282 8 277 207 559 (7 865) (7 865) (9 229) (9 229) (17 094) (17 094) 199 282 199 282 (8 817) 190 465 (137) 137 (163 469) (163 469) (163 469) (32 104) (32 104) (65) (65) 1 711 1 711 1 711 (137) 1 711 (163 332) (193 927) (193 927) (137) 1 711 (163 332) (193 927) (193 927) 160 055 1 711 939 317 1 250 265 350 997 1 601 262 160 192 903 367 1 244 910 359 814 1 604 724 348 373 348 373 29 634 378 007 29 660 29 660 (31 893) (31 893) (2 233) (2 233) 348 373 348 373 27 401 375 774 (311) 311 (163 469) (163 469) (163 469) 5 368 5 368 (5 368) 50 000 50 000 (50 000) (32 104) (32 104) (65) (65) 6 244 6 244 6 244 (311) 6 244 (107 790) (134 026) (55 368) (189 394) (311) 6 244 (107 790) (134 026) (55 368) (189 394) JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND CASH DIVIDEND DECLARATION 9

Consolidated interim statement of changes in equity (continued) for the six months ended 30 June 2011 Non- Share Share distributable capital premium reserve R 000 R 000 R 000 Balance at 31 December 2010 8 466 130 658 10 058 Total comprehensive income for the period Profit for the year Other comprehensive income Net change in fair value of available-for-sale financial assets Net change in fair value of available-for-sale financial assets reclassified to profit or loss Total other comprehensive income Total comprehensive income for the year Transactions with owners of the Exchange, recognised directly in equity Contributions by and distributions to owners of the Exchange Share options lapsed reclassified to retained earnings Share options granted Dividends paid to owners of the Exchange Distribution from the BESA Guarantee Fund Trust 1 Treasury shares (43) (28 946) Treasury shares share issue costs (67) Sale of treasury shares 2 1 054 Ordinary shares issued 66 5 418 Ordinary shares allotted during July 2011 Equity settled share based payment Total contributions by and distributions to owners of the Exchange 25 (22 541) Changes in ownership interests in subsidiaries that do not result in a loss of control Total transactions with owners of the Exchange 25 (22 541) Balance at 30 June 2011 8 491 108 117 10 058 1 The BESA Guarantee Fund Trust Deed makes specific provision for the utilisation of excess funds for the purpose of reducing the risk of claims being made against the Trust. To this effect, R1.5 million (2010: R5.3 million) was transferred to the JSE Limited for the defrayment of market regulatory expenditure. 10 JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND CASH DIVIDEND DECLARATION

Attributable to owners of the Exchange Shares Total Investor BBBEE pending JSE LTIS Retained Exchange and Protection Total reserve allotment 2010 reserve earnings subsidiaries Funds equity R 000 R 000 R 000 R 000 R 000 R 000 R 000 159 881 6 244 1 143 950 1 459 257 331 847 1 791 104 243 280 243 280 10 545 253 825 (2 320) (2 320) (8 612) (8 612) (10 932) (10 932) 243 280 243 280 (387) 242 893 (2 433) 2 433 7 888 7 888 7 888 (178 767) (178 767) (178 767) 1 463 1 463 (1 463) (28 989) (28 989) (67) (67) 1 056 1 056 5 484 5 484 16 607 16 607 16 607 6 050 6 050 6 050 5 455 16 607 6 050 (174 871) (169 275) (1 463) (170 738) 5 455 16 607 6 050 (174 871) (169 275) (1 463) (170 738) 165 336 16 607 12 294 1 212 359 1 533 262 329 997 1 863 259 JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND CASH DIVIDEND DECLARATION 11

Consolidated INTERIM statement of cash flows for the six months ended 30 June 2011 JSE Group Investor Protection Funds Six months ended Year ended Six months ended Year ended 30 June 31 December 30 June 31 December 2011 2010 2010 2011 2010 2010 (reviewed) (reviewed) (audited) (reviewed) (reviewed) (audited) R 000 R 000 R 000 R 000 R 000 R 000 Cash flows from operating activities Cash generated by/(used in) operations 314 952 278 046 529 238 (2 402) (5 436) (14 562) Interest received 442 765 543 762 1 048 586 3 930 4 403 8 724 Interest paid (401 883) (503 212) (960 943) Dividends received 1 974 2 118 4 045 1 974 2 070 4 045 Taxation paid (125 168) (103 843) (200 966) Net cash inflow/(outflow) from operating activities 232 640 216 871 419 960 3 502 1 037 (1 793) Cash flows from investing activities Proceeds on sale of other investments 27 684 33 342 102 170 27 684 33 342 102 170 Acquisition of other investments (24 197) (30 370) (51 007) (24 197) (30 370) (51 007) Loan to JSE Empowerment Fund Trust (13 315) (14 695) Dividends from equity accounted investees 26 124 24 303 24 303 Proceeds from disposal of property and equipment 8 19 46 Leasehold improvements (7 263) (8 787) Acquisition of intangible assets (70 505) (69 294) (99 311) Acquisition of property and equipment (29 107) (3 398) (48 712) Net cash (used in)/from investing activities (69 993) (65 976) (95 993) 3 487 2 972 51 163 Cash flows from financing activities Distribution from/(by) Investor Protection Funds (1 463) (53 440) Transfer of reserves to JSE (1 836) (1 836) Issue of ordinary shares 5 485 Acquisition of treasury shares (29 055) (32 168) Sale of treasury shares 1 053 Dividends paid (178 767) (163 469) (163 469) Net cash used in financing activities (201 284) (165 305) (195 637) (1 463) (1 836) (53 440) Net (decrease)/increase in cash and cash equivalents (38 637) (14 410) 128 330 5 526 2 173 (4 070) Cash and cash equivalents at beginning of period 1 046 330 920 797 920 796 112 040 116 110 116 110 Effect of exchange rate fluctuations on cash held (2 044) (2 796) Cash and cash equivalents at end of period 1 005 649 906 387 1 046 330 117 566 118 283 112 040 12 JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND CASH DIVIDEND DECLARATION

notes to The consolidated interim financial statements for the six months ended 30 June 2011 1. Reporting entity JSE Limited (the Company, the JSE or the Exchange ) is a company domiciled in the Republic of South Africa. The consolidated interim financial statements of the Company as at and for the six months ended 30 June 2011 comprise the Company and its subsidiaries (together referred to as the Group ) and the Group s interests in associates. The JSE is licensed as an exchange in terms of the Securities Services Act, No 36 of 2004. The Group currently consists of the Company, its subsidiary companies (Safex Clearing Company (Pty) Limited, JSE Trustees (Pty) Limited, BESA Limited, BESA Investments (Pty) Limited and BondClear Limited), special purpose entities (JSE Guarantee Fund Trust, JSE Derivatives Fidelity Fund Trust and BESA Guarantee Fund Trust) and its interests in associated companies (Strate Limited and Indexco Managers Limited). The consolidated financial statements of the Group as at and for the year ended 31 December 2010 are available upon request from the Company s registered office at One Exchange Square, Gwen Lane, Sandown, or at www.jse.co.za. 2. Statement of compliance These consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), IAS 34, Interim Financial Reporting, and the AC 500 series pronouncements issued by the Accounting Practices Board of SAICA as well as sectioin 29(e) of the Companies Act (No 71 of 2008). They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2010. These consolidated interim financial statements were approved by the Board of Directors on 16 August 2011. 3. Significant accounting policies Change in accounting policies The accounting policies applied by the Group in these consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2010. 4. Comparative figures Unless otherwise indicated, comparative figures refer to the six months ended 30 June 2010. 5. Estimates The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these consolidated interim financial statements, the significant judgements made by management in applying the Group s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2010. 6. Financial risk management The Group s financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the year ended 31 December 2010. 7. Operating segments Information about reportable segments Equity division 1 Equity and Currency derivatives Commodity Interest rate Information derivatives market 2 sales Other 3 Total R 000 R 000 R 000 R 000 R 000 R 000 R 000 For the period ended 30 June 2011 External revenues 418 665 63 127 23 578 25 761 61 141 75 676 667 948 For the period ended 30 June 2010 External revenues 387 650 58 354 20 573 23 411 58 703 74 610 623 301 For the period ended 31 December 2010 External revenues 772 885 116 077 47 827 47 745 116 727 153 887 1 255 148 1 Comprises equities trading fees, risk management, clearing and settlement fees, membership fees, issuer services and back-office services (BDA). 2 The interest rate market revenue was remeasured to include R6.7 million (2010: R7.0 million) of listing fees relating to the bond market 3 Comprises Funds management and Strate ad valorem fees. JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND CASH DIVIDEND DECLARATION 13

notes to The consolidated interim financial statements (continued) for the six months ended 30 June 2011 8. Long-term incentive scheme 2010 ( LTIS 2010 ) LTIS 2010 is a long-term incentive scheme, approved by shareholders at the annual general meeting in April 2010, which replaces the previous long-term schemes operated by the JSE. Although these previous schemes remain operative, so that past awards can run their normal course, no new awards have been issued under these earlier schemes since November 2009. Scheme objective and design The main objective of LTIS 2010 is to incentivise and retain selected senior employees of the JSE over rolling three- and four-year time horizons. To this end, LTIS 2010 comprises a retention component and a performance component, with the objectives, qualifying criteria and potential rewards applicable to each component being clearly distinguished. In particular, the performance component is intended to align the interests of scheme participants with the interests of JSE shareholders. LTIS 2010 is a full-value, restricted share scheme that provides scheme participants with exposure to JSE shares, these shares having been acquired on an annual basis in the open market by a trust established by the JSE. A scheme participant obtains immediate beneficial ownership of the JSE shares from the date of the award, although this beneficial ownership is subject to restrictions; and possible forfeiture where a participant leaves the employ of the JSE prior to the vesting dates or the relevant JSE corporate performance metrics are not achieved. Allocation 2 under LTIS 2010 During May 2011 the Board approved the second annual allocation under the rules of the scheme, and granted authority for the LTIS 2010 Trust to acquire the requisite number of JSE shares in the open market. All individual allocations were accepted by scheme participants on or about 30 May 2011. The following assumptions, using Black-Scholes valuation methodology, were used to calculate the share-based payment charge of R0.7 million in respect of Allocation 2. Retention shares Performance shares Base price (Rand per share) 67.44 67.44 Total number of shares granted 317 500 109 400 Dividend yield 3.00% 3.00% Vesting dates: 50% of the shares awarded vest after three years 158 750 54 700 50% of the shares awarded vest after four years 158 750 54 700 Members of the JSE s executive committee, which includes the executive directors and Company Secretary, have been granted a total of 109 400 retention shares and 109 400 performance shares. The share-based payment charge for the period in respect of Allocation 1 (granted in May 2010) amounts to R5.4 million. Vesting of Allocation 2 All shares awarded under LTIS 2010 are held in trust and are restricted until all vesting conditions are fulfilled, whereupon the shares vest. Should the vesting conditions not be fulfilled the share awards are forfeited. 14 JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND CASH DIVIDEND DECLARATION

Six months ended Year ended 30 June 31 December 2011 2010 2010 (reviewed) (reviewed) (audited) R 000 R 000 R 000 9. Revenue Equities trading fees 172 637 164 826 324 576 Risk management, clearing and settlement fees 102 305 92 895 188 943 Back-office services (BDA) 96 590 86 753 177 518 Issuer services 48 798 45 830 85 591 Membership fees 5 055 4 367 8 896 Equity derivatives fees 55 880 53 336 105 950 Currency derivatives 7 247 5 018 10 127 Commodity derivatives fees 23 578 20 573 47 827 Interest rate market 19 041 16 390 35 106 Information sales 61 141 58 703 116 727 Funds management 22 627 22 454 46 326 Total revenue before Strate ad valorem fees 614 899 571 145 1 147 587 Strate ad valorem fees 53 049 52 156 107 561 Total revenue 667 948 623 301 1 255 148 10. Other income 20 785 21 102 50 267 Other income decreased by 2%. Income from the Investor Protection Funds were lower for the current period. 11. Personnel expenses (134 864) (150 871) (338 098) There was a decrease of 11% in personnel expenses. This is mainly owing to a refinement of the manner in which the Group capitalises the costs attributable to staff working on capital projects, resulting in their salary costs being capitalised. In addition, the first tranche of LTIS 2006 vested at the end of 2010. Consequently no additional costs in respect of this tranche were incurred during H1 2011. 12. Other expenses Other operating expenses (187 874) (190 184) (433 526) Strate ad valorem fees (53 049) (52 156) (107 561) (240 923) (242 340) (541 087) Other expenses were largely in line with those incurred during H1 2010. Increases in computer costs, operating lease charges, utilities and bad debts were off-set by lower costs incurred in consulting fees and sundry expenses. An amount of R7.9 million was incurred for the issue of 156 536 new options to the JSE Empowerment Fund Trust. These options had previously been forfeited by the original Black shareholders in terms of the rules of the Black Shareholders Retention Scheme implemented during 2006. 13. Income tax expense 13.1 The Group s consolidated effective tax rate for the six months ended 30 June 2011 was 31% (for the six months ended 30 June 2010: 33%; for the year ended 31 December 2010: 30%). 13.2 The JSE Derivatives Fidelity Fund Trust and JSE Guarantee Fund Trust are exempt from Income Tax in terms of Section 10(1)(d)(iii) of the South African Income Tax Act, No 58 of 1962. Application for the BESA Guarantee Fund Trust exemption is in progress. JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND CASH DIVIDEND DECLARATION 15

notes to The consolidated interim financial statements (continued) for the six months ended 30 June 2011 Six months ended Year ended 30 June 31 December 2011 2010 2010 (reviewed) (reviewed) (audited) R 000 R 000 R 000 14. Earnings and headline earnings per share 14.1 Basic earnings per share Profit for the period attributable to ordinary shareholders 253 825 207 559 378 007 Weighted average number of ordinary shares: Issued ordinary shares at 1 January 85 140 050 85 140 050 85 140 050 Shares issued during the period 287 992 Effect of own shares held (JSE LTIS 2010) (547 375) (106 718) (296 355) Weighted average number of ordinary shares at 30 June/31 December 84 880 667 85 033 332 84 843 695 Basic earnings per share (cents) 299.0 244.1 445.5 14.2 Diluted earnings per share Profit for the period attributable to ordinary shareholders 253 825 207 559 378 007 Weighted average number of ordinary shares (diluted): Weighted average number of ordinary shares at 30 June/31 December (basic) 84 880 667 85 033 332 84 843 695 Effect of share options in issue 1 342 878 1 299 133 1 371 836 Weighted average number of ordinary shares (diluted) 86 223 545 86 332 465 86 215 531 Diluted earnings per share (cents) 294.4 240.4 438.4 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. Six months ended Year ended 30 June 31 December 2011 2010 2010 (reviewed) (reviewed) (audited) R 000 R 000 R 000 14.3 Headline earnings per share Reconciliation of headline earnings: Profit for the period attributable to ordinary shareholders 253 825 207 559 378 007 Adjustments are made to the following: (Profit)/loss on disposal of property and equipment (8) 15 12 Impairment of intangible assets 23 889 Net realised gains on disposal of available-for-sale financial assets (8 612) (9 229) (31 893) Headline earnings 245 205 198 345 370 015 Headline earnings per share (cents) 288.9 233.3 436.1 14.4 Diluted headline earnings per share Headline earnings (refer note 14.3) 245 205 198 345 370 015 Weighted average number of ordinary shares (diluted) (refer note 14.2) 86 223 545 86 332 465 86 215 531 Diluted headline earnings per share (cents) 284.4 229.7 429.2 14.5 Effect on earnings and net asset value per share of Investor Protection Funds The contribution these funds make to the Group is as follows: Basic earnings per share (cents) 12.2 9.5 34.9 Diluted earnings per share (cents) 12.0 9.4 34.4 Headline earnings/(loss) per share (cents) 2.1 (1.3) (2.7) Net asset value per share (cents) 388.6 412.3 391.1 16 JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND CASH DIVIDEND DECLARATION

15. Property and equipment During the six months ended 30 June 2011, the Group acquired assets with a cost of R29.1 million (2010: R14.0 million). The assets purchased were mainly in respect of the new data centre (R19.0 million) and computer equipment (R10.7 million). There were disposals of R4.2 million (2010: R0.04 million). 16. Intangible assets During the six months ended 30 June 2011, the Group acquired intangible assets with a cost of R70.5 million (2010: R67.0 million). The assets acquired were mainly in respect of the Systems Replacement Project (R45.7 million). There were no impairments during the period under review (2010: Rnil). 17. Investments in equity accounted investees During the period under review, a dividend of R26.1 million (2010: R24.3 million) was received from Strate Limited. 18. Black shareholders retention scheme During June 2011, the options issued in terms of the Black Shareholder Retention Scheme implemented during 2006 were exercised by qualifying Black shareholders. In addition 156 536 options that had lapsed under this scheme were reissued to the JSE Empowerment Fund (JEF) at a cost of R7.9 million to profit or loss. The issue and allotment of the resulting shares to JEF and some qualifying Black shareholders took place after the reporting date and has been reflected as shares pending allocation in equity. Six months ended Year ended 30 June 31 December 2011 2010 2010 (reviewed) (reviewed) (audited) R 000 R 000 R 000 19. Dividends declared and paid by the Group Ordinary dividend of 192.0 cents per share (paid on 17 May 2010) 163 469 163 469 Ordinary dividend of 210.0 cents per share (paid on 30 May 2011) 178 767 178 767 163 469 163 469 20. Contingent liabilities and commitments There were no changes to the contingent liabilities and commitments reported in the consolidated financial statements as at and for the year ended 31 December 2010 except as noted below. 20.1 Commitments As at 30 June 2011 the JSE had capital commitments of R28.0 million for the purchase of assets relating to the data centre and USD0.6 million for the replacement of the equities trading platform. 21. Events after reporting date On 1 July 2011, the Group acquired the business of Momentum Managed Account Platform (Proprietary) Limited ( MOMMAP ), a hedge fund platform, as a going concern and the entire issued share capital of Momentum Managed Account Platform Holdings (Proprietary) Limited for a purchase consideration of R27 499 999 and R1 respectively. This purchase consideration will be funded from a portion of the cash flows generated by the platform. MOMMAP will also be party to certain en commandite partnership agreements, effective from 1 July 2011. The platform will offer hedge fund investors greater protection by segregating investors assets from the hedge fund manager and monitoring hedge funds trading activity, thereby ensuring that the funds remain within the agreed investment mandates. The MOMMAP assets acquired comprise mainly intellectual property and a staff complement. The carrying amount attributable to the assets and liabilities within the business of MOMMAP at the acquisition date was insignificant. The fair value attributable to the acquired identifiable assets and goodwill cannot be reliably determined at the reporting date, 30 June 2011. The financial effects of the above transaction have not been brought to account at 30 June 2011. The operating results and assets and liabilities of the company will be brought to account from 1 July 2011. JSE LIMITED REVEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 AND CASH DIVIDEND DECLARATION 17

JSE Limited (Registration number 2005/022939/06) Incorporated in the Republic of South Africa One Exchange Square, 2 Gwen Lane, Sandown, South Africa Private Bag X991174, Sandton 2146, South Africa Tel +27 11 520 7000 Fax +27 11 520 8584