FIRSTRAND BANK LIMITED - FRC299 FRC323 FRC341-Notification of a Credit Event Called by FRB and the Write-Down of Notes due to a Credit Event

FRC299 FRC323 FRC341-Notification of a Credit Event Called by FRB and the Write-Down of Notes due to a Credit Event

FirstRand Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1929/001225/06)
Issuer code: FRII
LEI: ZAYQDKTCATIXF9OQY690
Bond Code: FRC299       ISIN: ZAG000159575
Bond Code: FRC323       ISIN: ZAG000163874
Bond Code: FRC341       ISIN: ZAG000168675
(FRB)


NOTIFICATION OF A CREDIT EVENT CALLED BY FRB AND THE WRITE-DOWN OF NOTES DUE
TO A CREDIT EVENT CALLED BY FRB


NOTIFICATION OF A CREDIT EVENT CALLED BY FRB

FRC341 noteholders are advised that FRB hereby gives notice, in accordance with the terms and
conditions of the R30 000 000 000.00 note programme dated 29 November 2011 as amended from
time to time, of the occurrence of a credit event on the FRC341 notes, which referenced The Hertz
Corporation as a constituent of the underlying reference index, the Markit CDX North America High
Yield Index, as set out in paragraph 93(e) of the applicable pricing supplement of the FRC341 notes.


NOTIFICATION OF A WRITE-DOWN OF NOTES DUE TO A CREDIT EVENT CALLED BY FRB

FRC299 and FRC323 noteholders are referred to the SENS announcement released on 27 May 2020
whereby FRB notified noteholders of a credit event on the FRC299 and FRC323 notes which referenced
The Hertz Corporation as a constituent of the underlying reference index, the Markit CDX North America
High Yield Index.

FRB hereby gives notice to the FRC299, FRC323 and FRC341 noteholders, in accordance with the
terms and conditions of the ZAR30 000 000 000.00 note programme dated 29 November 2011, as
amended from time to time, of the following details of the write-down applicable in accordance with
paragraph 51(D) of each of the FRC299, FRC323 and FRC341 pricing supplements, with the
effective/pay date being 1 July 2020.

Bond code:                                  FRC299
ISIN:                                       ZAG000159575
Amount before write-down:                   ZAR 92 000 000.00
Write-down amount:                          ZAR 1 000 000.00
Amount after write-down:                    ZAR 91 000 000.00

Bond code:                                  FRC323
ISIN:                                       ZAG000163874
Amount before write-down:                   ZAR 60 450 000.00
Write-down amount:                          ZAR 650 000.00
Amount after write-down:                    ZAR 59 800 000.00

Bond code:                                  FRC341
ISIN:                                       ZAG000168675
Amount before write-down:                   ZAR 186 000 000.00
Write-down amount:                          ZAR 2 000 000.00
Amount after write-down:                    ZAR 184 000 000.00

The portion of the FRC299, FRC323 and FRC341 notes impacted by the credit event will be cash settled
through STRATE with the amount of cash due being:

Bond code:                                  FRC299
Cash Amount:                                ZAR 252 235.00

Bond code:                                  FRC323
Cash Amount:                                ZAR 158 261.00

Bond code:                                  FRC341
Cash Amount:                                ZAR 11 553.86

The record date in respect of the credit event will be Friday, 26 June 2020.

The pricing supplements will be amended as follows:
   1. to remove the above-mentioned entity and update the weightings from Annexure 2 in each
      pricing supplement;
   2. the Aggregate Nominal Amount in paragraph 7(a) in each of the pricing supplements will be
      amended to the above-mentioned amounts after the write-down; and
   3. the Number of Notes in paragraph 9 of the pricing supplements will be amended to cater for
      the above-mentioned write-down.

The amended pricing supplements will be made available on the                         FRB   website   at
https://www.firstrand.co.za/investors/debt-investor-centre/jse-listed-instruments/.



26 June 2020

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 26-06-2020 10:15:00
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