Notice of Conversion Event in terms of Paragraph 22(j) for the FRC172 Applicable Pricing Supplement FirstRand Bank Limited (Incorporated in the Republic of South Africa) (Registration number: 1929/001225/06) Issuer code: FRII Bond code: FRC172 ISIN: ZAG000105818 (FRB or the Issuer) NOTICE OF CONVERSION EVENT IN TERMS OF PARAGRAPH 22(J) FOR THE FRC172 APPLICABLE PRICING SUPPLEMENT 1. In terms of this notice noteholders are advised that a Conversion Event as contemplated in paragraph 22(j) of the applicable pricing supplement dated 20 May 2013 in relation to the issue of ZAR50,000,000 Credit Linked Notes with Maturity Termination Date of 21 February 2018 occurred on 1 June 2017 (the Conversion Date) and the Interest Rate payable will be adjusted from the 3 month ZAR-JIBAR-SAFEX plus 250 basis points to 3 month ZAR-JIBAR-SAFEX plus 75 basis points until the Maturity Date. 2. Capitalised terms used herein which are not otherwise defined shall bear the meaning ascribed thereto in the Terms and Conditions (read together with the Additional Terms and Conditions of Credit-Linked Notes (the Credit-Linked Annex)) and the Applicable Pricing Supplement where the context requires. 2 June 2017 Debt Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) Date: 02/06/2017 04:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.