May 2, 2012

This is to notify all Listed Companies that the 1st Quarter Financial Statements for 2012 is expected to be IFRS Compliant. Financial Statements that do not meet with statutory requirement will not be recognized as appropriately filed and therefore cannot be presented to the market. This implies also that failure to comply with the reporting format of IFRS and submission within the reporting period will attract the appropriate sanction. For all Interim Financial Statements to be issued in 2012, by listed companies, the format for reporting should be the current quarter Accounts in 2012, compared with 2011 Audited Financial Statements, for all Statements of Comprehensive Income (Profit and Loss Accounts) and Statement of Financial Position (Balance Sheet). Please see FRC’s website for details.

We at The Exchange have also decided to request for the comparative prior year’s Interim Financial Statements, to be submitted alongside the provision of IFRS requirement. This implies that if a company is submitting its First Quarter Accounts for the period ended March 31, 2012; the submission should contain the 2012 First Quarter Accounts ended March 31, 2012; 2011 Audited Financial Statements ended December 31, 2011 and the First Quarter Accounts of 2011, ended March 31, 2011.

Also, The Exchange wishes to inform all Companies that in submitting their Financial Statements for presentation, they should endeavor to clearly include the “Notes to the Accounts” in their submissions.