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PSG/PGFP - PSG Group/PSG Financial Services - Trading Statement PSG GROUP LIMITED Incorporated in the Republic of South Africa Registration number 1970/008484/06 JSE share code: PSG & ISIN: ZAE000013017 ("PSG Group") PSG Financial Services Limited Registration number 1919/000478/06 JSE share code: PGFP & ISIN code: ZAE000096079 RECURRING HEADLINE EARNINGS In the spirit of consistent clear and unambiguous communication to stakeholders, management introduced the recurring headline earnings concept as the predominant measure of PSG`s financial performance a few years ago. At the time, recurring headline earnings was defined as reportable headline earnings in terms of accounting standards, excluding any marked-to-market movements and one-off items. During the past year we revisited and fine-tuned this methodology by now measuring recurring headline earnings on a see-through basis throughout the group. PSG`s recurring headline earnings is the sum of its effective interest in that of each of its underlying investees, regardless of its percentage shareholding. The result is that investments in which PSG or an investee holds less than 20% and is not allowed to equity account in terms of accounting standards, are now included in the calculation of our consolidated recurring headline earnings. This provides management and investors with a more realistic and simple way of evaluating PSG`s financial performance. Having applied the aforesaid principles to the prior year figures, PSG`s recurring headline earnings for the year ended 28 February 2009 amounted to 174.3 cents per share as opposed to the 174.9 cents per share previously reported in terms of the old methodology. TRADING STATEMENT In terms of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it becomes aware that the financial results for the next period to be reported on will show a 20% or more difference from those of the previous corresponding period. PSG Group hereby advises that a reasonable degree of certainty exists that, for the year ended 28 February 2010: - recurring headline earnings will be between 200 cents and 213 cents per share or between 14.7% to 22.2% higher; and - headline earnings will be between 243 cents and 256 cents per share or between 272.1% to 292.0% higher than that for the year ended 28 February 2009. The increase in headline earnings per share is mainly as a result of marked-to-market profits. The attributable earnings per share figure cannot be calculated with a reasonable degree of certainty at this point and an indication of what the attributable earnings per share would be is therefore not provided. This financial information has not been reviewed and reported on by the auditors of PSG Group. The results for the year ended 28 February 2010 will be published on 19 April 2010. Stellenbosch 1 April 2010 PSG Capital (Pty) Limited Sponsor to PSG Group Date: 01/04/2010 12:40:01 Supplied by www.sharenet.co.za 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.
