JSE LIMITED - Change to board of directors retirement of group CEO and appointment of new group CEO

Change to board of directors – retirement of group CEO and appointment of new group CEO

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")


CHANGE TO BOARD OF DIRECTORS – RETIREMENT OF GROUP CEO AND APPOINTMENT OF
NEW GROUP CEO

In compliance with paragraph 3.59 of the JSE Listings Requirements,
shareholders are advised that Dr Leila Fourie will retire as Group Chief
Executive Officer of the JSE on 31 March 2026, having completed a successful
tenure in this role since 2019. The Board has appointed Ms Valdene Reddy
as Group Chief Executive Officer, effective 1 April 2026, subject to
regulatory approval.

Dr Leila Fourie – retiring Group Chief Executive Officer
Dr Fourie has led the JSE through a transformative period marked by
strategic innovation, operational resilience and inclusive leadership.

Since her appointment in 2019, Leila has delivered a turnaround in earnings
quality, diversified the Group's revenue profile and modernised its core
technology and regulatory frameworks. She has spearheaded a new growth
strategy, and completed acquisitions across the value chain, including in
the fintech, transfer secretary and share plans businesses.

Leila's focus has extended beyond financial performance and operational
resilience. She has championed inclusive leadership, sustainability, and
transformation. Under her leadership, the JSE has pursued a series of
fundamental listings reforms and the development of new markets, all in
support of deeper, more accessible financial markets that position the JSE
as a preferred venue for diversified capital formation.

Leila has also been active in driving national private sector initiatives,
such as Operation Phumelela, in partnership with the chief executives of
major South African companies and under the leadership of National Treasury.

Mr Phuthuma Nhleko, JSE Chairman noted: "Leila has led the JSE with
strategic clarity and an unwavering commitment to transformation. Her tenure
has been marked by innovation, operational resilience and a deep sense of
purpose. Under her leadership, the JSE has delivered a robust financial
performance and has become a more inclusive, collegiate and future-fit
institution. On behalf of the Board, I extend our heartfelt gratitude to
Leila for her exceptional stewardship and the enduring legacy she leaves
behind."

The Board expresses its deep appreciation to Dr Fourie for her leadership
and commitment to the JSE and its stakeholders. She leaves the organisation
significantly stronger, more agile, and very well-positioned to continue
its growth trajectory.

Leila Fourie commented: "It has been an immense privilege to lead the JSE,
a national institution that plays such a critical role in directing capital
towards growth and opportunity across our economy. I have sought to honour
that purpose and responsibility of stewardship. I am grateful to my
executive team and to all our staff for their commitment and contribution
to building better markets. I would like to thank our market participants
and regulators for their trust and engagement, and both Phuthuma and the
JSE Board for their unstinting support and counsel. Having served as Group
CEO since 2019, I feel that the time is appropriate to pass the baton to
Valdene, as one of our own talents, to step forward into this important
leadership role."

Ms Valdene Reddy – Incoming Group Chief Executive Officer
Ms Reddy is currently the Director of Capital Markets at the JSE and a
member of the Group Executive Committee.

She brings over two decades of experience in financial markets, including
senior roles at international investment banks and more than ten years at
the JSE. Her leadership has been instrumental in driving strategic growth,
product innovation and operational excellence across the Group's largest
revenue-generating division.

Valdene holds a Bachelor of Business Science in Actuarial Science from the
University of Cape Town, is a Certified Director with the Institute of
Directors South Africa and has completed the Advanced Management Program
at Harvard Business School.

Phuthuma Nhleko remarked: "I am confident that Valdene's deep industry
expertise, strategic acumen and stakeholder relationships will position the
JSE for continued success in a rapidly evolving financial landscape. The
Board is looking forward to working with Valdene to deliver transformative
growth for the JSE."

"It is an honour to be appointed as Group CEO, and I am delighted to lead
this institution into its next chapter," says Valdene Reddy. "My focus will
be on accelerating innovation and enhancing our competitiveness through
ongoing strategic transformation. I look forward to working with our
talented team and valued partners to unlock new opportunities for growth
and impact."

Investor Impact
The leadership transition is expected to be seamless, with Ms Reddy's
appointment providing strategic continuity. Investors can anticipate:

  -   Continued earnings growth supported by diversified revenue streams
      and disciplined cost management.
  -   Strategic innovation in capital markets and technology, enhancing the
      JSE's competitive positioning.
  -   A continued focus on stakeholder relationships and market development
      initiatives aimed at attracting new listings and capital flows.
  -   Operational resilience and regulatory excellence, ensuring long-term
      sustainability and value creation.

The six-month transition is designed to ensure a smooth handover, with
Leila working closely with Valdene during this time. The Board is confident
that this leadership transition will reinforce investor confidence and
support the JSE's ambition to remain a leading exchange in emerging markets.

Sandton
9 October 2025

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

Date: 09-10-2025 10:00:00
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.