FIRSTRAND BANK LIMITED - FRC299, FRC322 and FRC323 - Notification of a Credit Event Called by FRB

FRC299, FRC322 and FRC323 - Notification of a Credit Event Called by FRB

FirstRand Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1929/001225/06)
Company code: FRII
Bond Code: FRC299       ISIN: ZAG000159575
Bond Code: FRC322       ISIN: ZAG000163783
Bond Code: FRC323       ISIN: ZAG000163874
LEI: ZAYQDKTCATIXF9OQY690
(FRB)

NOTIFICATION OF A CREDIT EVENT CALLED BY FRB

Bondholders are referred to the SENS announcement released on 19 November 2019 whereby FRB
notified bondholders of a credit event on the FRC299, FRC322 and FRC323 notes which referenced
Dean Foods Company as a constituent of the underlying reference index, the Markit CDX North America
High Yield Index. 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 following
details of the write-down applicable in accordance with paragraph 51(D) of the pricing supplement, with
the effective/pay date being 19 December 2019.

Bond code:                                   FRC299
ISIN:                                        ZAG000159575
Amount before write-down:                    ZAR 99 000 000.00
Write-down amount:                           ZAR  1 000 000.00
Amount after write-down:                     ZAR 98 000 000.00

Bond code:                                   FRC322
ISIN:                                        ZAG000163783
Amount before write-down:                    ZAR 200 000 000.00
Write-down amount:                           ZAR   2 000 000.00
Amount after write-down:                     ZAR 198 000 000.00

Bond code:                                   FRC323
ISIN:                                        ZAG000163874
Amount before write-down:                    ZAR 65 000 000.00
Write-down amount:                           ZAR    650 000.00
Amount after write-down:                     ZAR 64 350 000.00

The portion of the FRC299, FRC322 and FRC323 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 102 402.95

Bond code:                                   FRC322
Cash Amount:                                 ZAR 184 388.97

Bond code:                                   FRC323
Cash Amount:                                 ZAR 59 627.32

The record date in respect of the credit event will be Thursday, 12 December 2019.

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

13 December 2019

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

Date: 13-12-2019 10:25:00
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