Cost optimisation and change to JSE board of directors JSE LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2005/022939/06) Share Code: JSE ISIN Code: ZAE000079711 (“JSE”) COST OPTIMISATION AND CHANGE TO JSE BOARD OF DIRECTORS COST OPTIMISATION As part of its ongoing cost optimisations, the JSE today announced a number of initiatives that will result in annualised cost savings of approximately R170m which will be fully realised from 2019 onwards. These initiatives include - - A reduction in the JSE’s technology operating expenditure by a minimum of R70m over a two-year period; and - A consultation process in terms of section 189A of the Labour Relations Act 66 of 1995 – this process could result in the retrenchment of approximately 60 people (14% of headcount) from the JSE’s current full-time staff complement during 2017. These savings will reflect from the 2018 finanical year. The JSE has already achieved approximately R65m in annualised savings to date through a combination of removing vacancies and reducing discretionary expenditure. The JSE CEO Nicky Newton-King noted that “on a macroeconomic level, the country continues to be plagued with low economic growth, rating downgrades and a loss of business confidence. This has negatively impacted financial market activity this year. In addition, global securities exchanges and other players in the financial services industry are changing the way in which they operate in response to regulatory and technology developments. The fast pace of this change requires us to adjust the way in which we operate so that we are as nimble and as cost effective as possible. To do this, we need to significantly re-engineer our cost base, our operating model and the way we are structured as a business. We are taking these difficult steps, particularly regarding our staff, whilst recognising our responsibility to operate the JSE so as to enhance the trust in the South African financial markets. The JSE remains focused on the successful delivery of its post-2017 strategies.” CHANGE TO JSE BOARD OF DIRECTORS In compliance with the JSE Limited Listings Requirements, the JSE advises that Leanne Parsons, alternate executive director responsible for JSE Information Services, has indicated that she will step down from the JSE Executive Committee and from the Board effective 31 December 2017. Ms Parsons will remain at the JSE for 2018 and will continue to drive the delivery of the Integrated Trading and Clearing Project (“ITaC”). The JSE will utilise this considerable lead time to enable a smooth succession for Ms Parsons’ executive responsibilities and to ensure that our strategic ITaC project remains on track. Sandton 7 July 2017 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 07/07/2017 09:48:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.