JSE Limited
(Incorporated in the Republic of South Africa)
Registration number: 2005/022939/06
Share code: JSE
ISIN: ZAE000079711
LEI: 213800MZ1VUQEBWRFO39
("JSE" or "the Group")

Summarised consolidated annual financial results and ordinary cash dividend declaration for the year ended 31 December 2022

" The JSE's solid performance reflects the quality of our earnings and the resilience of our operating platforms within a challenging trading environment.
I am pleased to report year-on-year growth of 4% in headline earnings per share, and a strong ROE of 18%, well within our long-term target range. Our
strategy to diversify revenue continues to gain traction, with non-trading revenue up 13% year-on-year to 25% of total operating revenue. This performance
is underpinned by robust operational processes and 99.9% uptime across our markets. The business remains strongly cash generative and this has enabled the
Board to declare an ordinary dividend of 769 cents per share for 2022, resulting in a distribution to shareholders of R668 million. These results
demonstrate the value of our investment strategy and provide momentum for future growth."

- Leila Fourie, Group CEO

Overview of results

Net profit after tax (NPAT) increased by 4% YoY to R749 million, with headline earnings per share (HEPS) increasing by 4% YoY to 917.7 cents per share
(2021: 878.9 cents).

Earnings before interest, tax and depreciation (EBITDA) of R1.07 billion increased by 1% YoY.

The Group recorded revenue growth across its business segments. Operating revenue grew 5% to R2.7 billion, with an 11% increase in revenue from Information
Services and a 28% increase in revenue from JSE Investor Services (JIS). The JSE further increased the proportion of its revenue derived from non-trading
activity in line with our strategic intent (non-trading revenue grew by 13% from R590 million to R668 million in 2022).

Total operating expenditure increased by 7.5% YoY to R1.9 billion. Other operating expenditure growth includes an increase in administration fees relating
to an increase in JIS revenue generating activities and an increase in electricity and building utilities (e.g., diesel). Personnel costs reflect annual
salary increases and the annualised impact of headcount relating to new acquisitions.

Rising interest rates and growth in margin deposits have supported higher net finance income, which increased 40% YoY to R203 million (2021: R146 million).
Continued strong cash generated from operations of R978 million has enabled the Board to declare an ordinary dividend of 769 cents per share for 2022, an
increase of 2% YoY. The JSE will maintain a pay-out ratio between 67% - 100% of distributable earnings in respect of the annual ordinary dividend.

Capital expenditure of R127 million was focused on operational resilience and growth initiatives.

The Group maintains a robust balance sheet and cash of R2.2 billion at 31 December 2022. Ring fenced and non-distributable cash (regulatory capital and
investor protection) amounts to R1.2 billion. Of the remaining R1 billion, R668 million will be distributed as dividends.

Overview of results
R million (unless stated otherwise)                                   FY2022   FY2021   % change
Operating revenue                                                      2 650    2 517         5%
Total revenue                                                          2 704    2 576         5%
Personnel expenses                                                       693      650         7%
Other expenses                                                           946      871         9%
Depreciation and amortisation                                            273      258         6%
Total expenditure                                                      1 912    1 779       7.5%
Earnings before interest and tax (EBIT)                                  792      798        (1%)
Net finance income                                                       203      146        40%
Net profit after tax (NPAT)                                              749      722         4%
EBIT margin                                                              29%      31%     (2 pts)
Earnings before interest tax depreciation and amortisation (EBITDA)    1 066    1 055         1%
EBITDA margin                                                            39%      41%     (2 pts)
Earnings per share (EPS) (cents)                                       911.1    874.1         4%
Headline earnings per share (HEPS) (cents)                             917.7    878.9         4%
Ordinary dividend per share declared (cents)                             769      754       2.0%
Special dividend per share declared (cents)                                -      100      (100%)
Net cash generated from operations                                       978      917         7%
Capital expenditure                                                      127      165       (23%)

Any forecast financial information contained herein has not been reviewed or reported on by the Group external auditors.

Declaration of ordinary cash dividend

The Board has declared an ordinary cash dividend for the year ended 31 December 2022, as follows:

                    Annual gross         Withholding             Net amount
Dividend        amount per share               tax %              per share
Ordinary               769 cents                 20%        615.20000 cents

The JSE's practice has been to return distributable cash to shareholders after ring-fencing cash for regulatory capital requirements and investments (both
capital expenditure and inorganic opportunities) as well as for working capital.
The ordinary dividend of 769 cents per share represents a 2% increase on the 754 cents per share paid in 2021. The ordinary cash dividend has been declared
from retained earnings. A dividend withholding tax of 20% will be applicable to all shareholders who are not exempt.

The dividends are payable to shareholders recorded in the register of members of the JSE at close of business on Friday, 31 March 2023. In compliance with
the Companies Act, 71 of 2008 (as amended) (the Companies Act), the directors confirm that the JSE will satisfy the solvency and liquidity test immediately
after completion of the dividend distribution. In compliance with the requirements of Strate, the following salient dates for the payment of the ordinary
cash dividends are applicable:

Dividend paid in year in respect of financial year ended                  31 December 2022           31 December 2021
Ordinary dividend per share                                               769 cents                  754 cents
Total rand value                                                          R668 million               R741 million
Declaration date                                                          Wednesday, 8 March 2023    Monday, 28 February 2022
Last date to trade JSE shares cum dividend                                Tuesday, 28 March 2023     Tuesday, 22 March 2022
JSE shares commence trading ex-dividend                                   Wednesday, 29 March 2023   Wednesday, 23 March 2022
Record date for purposes of determining the registered holders of JSE
shares to participate in the dividend at close of business on             Friday, 31 March 2023      Friday, 25 March 2022
Dividend payment date                                                     Monday, 3 April 2023       Monday, 28 March 2022

Share certificates may not be dematerialised or rematerialised from Wednesday, 29 March 2023 to Friday, 31 March 2023, both days inclusive. On Monday, 3
April 2023, the dividend will be electronically transferred to the bank accounts of certificated shareholders. The accounts of those shareholders who have
dematerialised their shares (which are held at their central securities depository participant or broker) will be credited on Monday, 3 April 2023. The
issued share capital of the JSE as at the declaration date was 86 877 600 ordinary shares. The tax number of the JSE is 9313008840.

For further information

This short-form announcement is the responsibility of the directors. It is only a summary of the information in the full announcement and does not contain
full details. Any investment decision should be based on the full announcement, published and available at:

https://senspdf.jse.co.za/documents/2023/JSE/ISSE/JSE/08032023.pdf and on the JSE website at: https://www.jse.co.za/investor-relations/results.

Ernst and Young Inc, the Group's independent auditor, has audited the Consolidated Annual Financial Statements ("AFS") of the JSE Limited from which this
announcement has been derived, and has expressed an unmodified audit opinion on the AFS. The auditor's report (with Key Audit Matters) issued on the AFS
and the actual AFS can be accessed at https://www.jse.co.za/investor-relations/results

This announcement itself is not audited and therefore the audit report does not cover this announcement. The full announcement is also available at our
registered offices and the offices of the sponsor for inspection at no charge during office hours. Copies of the full announcement may be requested by
emailing: ir@jse.co.za

Sandton
8 March 2023

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)