JSE LIMITED - Newwave Commodity Index Exchange Traded Notes - NEWBCI

Newwave Commodity Index Exchange Traded Notes - NEWBCI

NEWWAVE COMMODITY INDEX EXCHANGE TRADED NOTES
Short Name: NEWWINDEX
JSE Share Code: NEWBCI
ISIN: ZAE000163713
(“Commodity ETN” or the “ETN”)

DE-LISTING AND TERMINATION OF THE NEWWAVE COMMODITY INDEX EXCHANGE TRADED NOTES

The Commodity ETN was intended to provide investors easy access to invest in a basket of commodities, without having
to purchase or store the commodities basket, through performance replication of the Barclays Capital Commodity Index
Pure Beta Total Return (the “Index”). The Index is comprised of a liquidity-weighted and diversified basket of futures
contracts on physical commodities actively traded on global futures exchanges.

The exchange traded products space has over the past few years become increasingly saturated with identical products
and/or innovative products with similar, less risky features, such as exchange traded funds (“ETFs”).

The ETN landscape has over the past few years evolved from commodities based ETNs to equities based ETNs and as
such the Commodity ETN struggled to get traction from institutional investors, as intended. This rendered the product
uneconomical as it failed to attract a single investor to subscribe since its issuance in June 2012.

The Issuer, as the market maker is the only holder of the 1,020 notes in issue. None of these notes have traded in the
secondary market and the volume levels have been at zero daily.

The Commodity ETN has not created any revenue since listing and the cost associated with keeping the product listed is
no longer viable.

Accordingly, Absa Bank Limited (the “Issuer”) applied to the JSE Limited (“JSE”) and was granted approval for the de-
listing and termination of the Commodity ETN, which de-listing and termination will be effective on 22 February 2016.

The ETN will be wound-down, at no cost, and the following dates of importance are to be noted –

Last Day to Trade                                      12 February 2016
Suspension of ETN on the JSE                           15 February 2016
Record Date                                            19 February 2016
De-listing and Termination Date
         from commencement of trade                    22 February 2016

29 January 2016

Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking division)

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