ABSA BANK LIMITED - Credit Event Announcement IN RESPECT OF Credit Linked Notes - ASN083; ASN255; ASN315; ASN354 and ASN365

Credit Event Announcement IN RESPECT OF Credit Linked Notes - ASN083; ASN255; ASN315; ASN354 and ASN365

ABSA BANK LIMITED
(Incorporated with limited liability in South Africa under registration number 1986/004794/06)
Bond Issuer Code: BIABS
("“Absa” or the “Issuer”)

Bond Code: ASN083
ISIN No: ZAG000129198

Bond Code: ASN255
ISIN No: ZAG000151655

Bond Code: ASN315
ISIN No: ZAG000156746

Bond Code: ASN354
ISIN No: ZAG000161118

Bond Code: ASN365
ISIN No: ZAG000162132

CREDIT EVENT ANNOUNCEMENT IN RESPECT OF CREDIT-LINKED NOTES (“CLNs”) ASN083; ASN255; ASN315;
ASN354 and ASN365

Capitalised terms used and not otherwise defined in this notice have the meanings ascribed to them in the Master
Programme Memorandum read in conjunction with the Applicable Pricing Supplements (“APSs”) as amended from time
to time.

Notice is hereby given to all Noteholders of the Notes issued under the Issuers’ Master Structured Note Programme
(“MSNP”), that the Issuer has determined that an Obligation Default Credit Event has occurred in respect of Land and
Agricultural Development Bank which is one of the Reference Entities included in the APSs. Noteholders are referred
to the SENS announcement published by Land and Agricultural Development Bank on 28 April 2020.

This Obligation Default Credit Event occurred on or about 23 April 2020 and accordingly the Relevant Event
Determination Date has occurred in respect of Land and Agricultural Development Bank under the terms of the Note.

In terms of the provisions of the APSs and the MNSP:

1.1        Interest will cease to accrue in respect of the portion relating to Land and Agricultural Development Bank
           (the “Affected Portion”) from the Interest Payment Date occurring immediately prior to the Relevant Event
           Determination Date, i.e. 20 March 2020 for ASN083, ASN315 and ASN354 and 28 February 2020 for ASN255
           and ASN365 respectively;
1.2        the Calculation Agent will determine and deliver the relevant Deliverable Obligation(s) in respect of the
           Affected Portion minus Swap Costs. The Issuer will communicate through the CSD regarding physical
           settlement of notes in due course; and
1.3        the amount of the Notes equal to the Reference Entity Nominal Amount will be redeemed and delisted.

This notice constitutes the Issuer’s Notice of Publicly Available Information with respect to this Credit Event. A copy of the
Credit Event Notice confirming the occurrence of the events described above will be made available to the Noteholders
upon request.

Nothing in this notice may be construed as a waiver of any rights the Issuer may have with respect to the CLNs referred
to above.

The impact of the write-down on the notes will be as follows:

                            Note                   Write-down amount            Balance (after write-
                                                                                       down)
                 ASN083 - ZAG000129198                40,000,000.00               960,000,000.00

                 ASN255 - ZAG000151655                16,666,666.67                33,333,333.33

                 ASN315 - ZAG000156746                16,666,666.67                33,333,333.33

                 ASN354 - ZAG000161118                30,000,000.00                60,000,000.00

                 ASN365 - ZAG000162132                16,666,666.67                33,333,333.33


All applicable settlements will occur through the Strate.

The amended pricing supplements will be made available on the issuers website at

https://www.absa.africa/absaafrica/investor-relations/debt-investors/

08 May 2020

Debt Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited

Date: 08-05-2020 04:30:00
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