FIRSTRAND BANK LIMITED - FRC299 FRC323 FRC341 - Notification of a Write-Down Of Notes due to a Credit Event Called By FRB

FRC299 FRC323 FRC341 - Notification of a Write-Down Of Notes due to a Credit Event Called By FRB

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

Noteholders are referred to the SENS announcement released on 12 May 2022 whereby FRB notified
noteholders of a credit event on the FRC299, FRC323 and FRC341 notes, which referenced Talen
Energy Supply LLC 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 note programme dated 29 November 2011, as
amended from time to time, of the write-down applicable in accordance with paragraph 51(D) of the
FRC299, FRC323 and FRC341 pricing supplements, with the effective/pay date being Tuesday, 14
June 2022.

Bond code:                                  FRC299
ISIN:                                       ZAG000159575
Amount before write-down:                   ZAR 89 000 000.00
Write-down amount:                          ZAR 1 000 000.00
Amount after write-down:                    ZAR 88 000 000.00

Bond code:                                  FRC323
ISIN:                                       ZAG000163874
Amount before write-down:                   ZAR 57 850 000.00
Write-down amount:                          ZAR 650 000.00
Amount after write-down:                    ZAR 57 200 000.00

Bond code:                                  FRC341
ISIN:                                       ZAG000168675
Amount before write-down:                   ZAR 178 000 000.00
Write-down amount:                          ZAR 2 000 000.00
Amount after write-down:                    ZAR 176 000 000.00

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

Bond code:                                  FRC299
Cash amount:                                ZAR 700 999.75

Bond code:                                  FRC323
Cash amount:                                ZAR 455 071.59

Bond code:                                  FRC341
Cash amount:                                ZAR 1 303 489.52

The record date in respect of the credit event will be Monday, 13 June 2022.

The pricing supplements will be amended as follows:
   1. to remove the above-mentioned entity and update the weightings in 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-downs.

The amended pricing supplements will available at:
https://www.firstrand.co.za/investors/debt-investor-centre/jse-listed-instruments/.


9 June 2022

Debt sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)

Date: 09-06-2022 10:37:00
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