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FSR - FirstRand Limited - Trading statement

Release Date: 08/09/2011 12:21
Code(s): FSR
Wrap Text

FSR - FirstRand Limited - Trading statement FirstRand Limited (Incorporated in the Republic of South Africa) (Registration number: 1966/010753/06) ISIN: ZAE000066304 Share Code: (JSE): FSR Share Code: (NSX): FST ("FirstRand" or "the Group") TRADING STATEMENT Shareholders are reminded that as a result of the unbundling of the Momentum Group, which was effective 30 November 2010, a significant non- recurring gain arose as a dividend in specie to FirstRand shareholders at fair value in terms of IFRIC 17 Distributions of Non-Cash Assets to Owners. Also as previously advised, the Group disposed of its 45% share in OUTsurance Holdings to Rand Merchant Insurance Holdings Limited. The gain on sale of this investment is excluded from headline earnings in terms of Circular 3/2009. These gains impact basic earnings per share, and in accordance with the Listing Requirements of the JSE Limited, shareholders are advised that basic earnings per share ("EPS") for the twelve months ended 30 June 2011 will increase by between 110% and 115% from the EPS of the previous corresponding reporting period. These gains did not arise from the performance of the Group`s continuing operations, but from the unbundling of Momentum and the disposal of OUTsurance and therefore does not impact either headline or normalised earnings. The annual results for the twelve months ended 30 June 2011 will be released on SENS on or about 13 September 2011. The forecast financial information on which this trading statement is based has not been reviewed and reported on by the Group`s external auditors. Sandton 8 September 2011 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 08/09/2011 12:21:01 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.

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