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Trading statement

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited ("JSE"), companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on next will differ by at least 20% from those of the previous corresponding period.

Accordingly, shareholders are advised that Headline Earnings per Share ("HEPS") and Basic Earnings per Share ("BEPS") for the year ending 31 March 2014 are expected to be at least 20% higher than those of the prior comparable period.

The results for the year to be reported on will be positively impacted by the net curtailment gain of approximately R2 billion recognised on the post-retirement medical aid liability and the related tax benefit of approximately R246 million.

The results for the prior comparable period were negatively affected by:

  • the R 12 billion non-cash impairment of assets;
  • the provision for the Competition Commission fines of R 592 million; and
  • R 434 million relating to the cost of voluntary severance and early retirement packages.

An updated detailed trading statement confirming a more specific range for HEPS and BEPS will be released once the Group has reasonable certainty of the results to be reported on.

The Group's annual results will be published on or about 13 June 2014.

This trading statement has not been reviewed or reported on by the external auditors of the company.


18 March 2014

The Standard Bank of South Africa Limited