In compliance with 3.4(b) of the JSE Listings Requirements, the following information is provided for the half year ended 31 December 2008:

In order to provide meaningful guidance to shareholders, ranges are provided for Headline Earnings per Share (“HEPS”) and Earnings per share (“EPS”) on continuing operations. Ranges are also provided on total earnings, including both continuing and discontinued operations.

The published results for December 2007 reflected the Aviation division excluding NAC, the Commercial Vehicle Holdings business and Tourism Investment Corporation Limited (“Tourvest”) as discontinued operations. Since that publication the Leasing and Capital Equipment division and the Multipart UK business were respectively unbundled and disposed of and were also reclassified as discontinued. The comparative period numbers disclosed below have been restated accordingly.

HEPS and EPS on continuing operations for the six months ended 31 December 2008

HEPS on continuing operations (including the impact of note 1 below), is expected to be between 405 cents and 445 cents compared to the comparative period’s restated HEPS of 450 cents.

EPS on continuing operations (including the impact of notes 1 and 3 below), is expected to be between 280 cents and 320 cents compared to the previous corresponding period’s restated EPS of 468 cents. 

HEPS and EPS (continuing and discontinued operations) for the six months ended 31 December 2008

Total HEPS (including the impact of note 1 below) is expected to be between 400 cents and 450 cents compared to the comparative period’s restated HEPS of 536 cents.

Total EPS (including the impact of notes 1, 2 and 3 below) is expected to be between 575 cents and 625 cents compared to the comparative period’s EPS loss of 290 cents.

For continuing operations, group revenue is expected to be at similar levels to last year. Group operating profit is expected to be approximately 30% down substantially attributable to the downturn in the motor market affecting volumes and margins as well as the decline in the equity portfolios of the insurance division. The impact of notes 1, 2 and 3 below are not included in the operating profit

The following unusual items net of any applicable taxes, had an effect on the HEPS and EPS as outlined in the ranges above:

Note 1 - A foreign exchange gain of R394m resulting from a capital reduction in our European operations, amounting to 212 cents per share;

Note 2 - A profit of R485 million, amounting to 261 cents per share, on the sale of the group’s interest in Tourvest;

Note 3 - A loss of R217 million, amounting to 117 cents per share, resulting from the sale of the group’s remaining interest in Eqstra Holdings Limited.

The forecast financial information in this trading statement has not been reviewed or reported on by IMPERIAL's auditors either in terms of paragraph 3.4(b)(vi)(1)(aa) or paragraph 3.4(b)(vi)(1)(bb) of the Listings Requirements of JSE Limited. This update is based on available information at the time of publication.  IMPERIAL’s interim results are expected to be released on SENS on or about 25 February 2009.

RA Venter
Company Secretary
Bedfordview
XX January 2009

Sponsor to IMPERIAL
MERRILL LYNCH SOUTH AFRICA (PTY) LIMITED