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FSR FSRP
FSR
FSR/FSRP - FirstRand Limited - Early release of Firstrand`s interim results
FirstRand Limited
(Incorporated in South Africa)
(Registration number 1966/010753/06)
JSE Ordinary Share Code: FSR
JSE ISIN: ZAE000066304
JSE "B" Preference Share Code: FSRP
JSE ISIN: ZAE000060141
NSX Ordinary Share Code: FSR
("FirstRand" or "the Group")
EARLY RELEASE OF FIRSTRAND`S INTERIM RESULTS
FirstRand undertook to investigate and report back to shareholders on the events
preceding the early release of the Group`s interim results on 7th March 2011.
In addition to its own internal review process and to ensure absolute rigour and
transparency, FirstRand appointed KPMG Inc. ("KPMG") to conduct an independent
investigation.
The results of FirstRand`s investigation are as follows:
- The Group`s results were due to be published on SENS on Tuesday 8th March
2011. In preparation for this, the results brochure to shareholders and the
results presentation were being uploaded onto the content management system
of the FirstRand website during the course of the morning on 7th March
2011. This website is hosted and managed by a third party provider.
- A newswire accessed the FirstRand website content folder via a specific URL
and retrieved the Group`s results information shortly after it had been
uploaded. Whilst on the 7th March the third party provider informed
FirstRand that the results information had been uploaded in a secure
environment, it has subsequently confirmed that the full security settings
on the content folder were not in place.
- The newswire published the results information on its news platform at
approximately 14:25 SA time, and the Group subsequently released its
interim results announcement on SENS. Server logs suggest that the newswire
was the only party to access this information prior to publishing the
results on their news platform.
FirstRand remains of the view that the results had not been published on its
website prior to publication on SENS, and the Group had only provided the
information to the third party service providers it engages to manage the
process of publishing its results. However the Group acknowledges that the third
party`s content folder security settings allowed the newswire to access the
unprotected files on the server.
FirstRand is implementing a number of enhanced governance actions and controls
to ensure that a similar incident does not occur in future, including reviewing
third party supplier governance.
The FirstRand Board has been provided with a copy of the KPMG report as has the
JSE Limited ("the JSE") and The Financial Services Board.
It has been established that an unintentional breach of Section 3.5 of the JSE
Listings Requirements has occurred, however the JSE has decided not to impose a
further penalty on FirstRand after considering the following:
- the mitigation implemented by FirstRand to prevent or minimise any
potential undesirable effects;
- the public censure that has already occurred;
- that the FirstRand results were in line with the trading update published
on 2 March 2011;
- that the results had very little impact on the volumes and value traded
after their release; and
- the immediate notification of the JSE by FirstRand once it was discovered
that the breach had occurred.
Sandton
5 July 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 05/07/2011 08:30:03 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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