FIRSTRAND BANK LIMITED - FRC299 FRC322 FRC323 - Notification of a Write-Down of Notes due to a Credit Event Called by FRB

FRC299 FRC322 FRC323 - 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: FRC322 ISIN: ZAG000163783
Bond Code: FRC323 ISIN: ZAG000163874
(FRB or the issuer)


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

Noteholders are referred to the SENS announcement released on 17 April 2020 whereby FRB notified
noteholders of a credit event on the FRC299, FRC322 and FRC323 notes which referenced Frontier
Communications Corporation 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
ZAR30 000 000 000 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 each of the pricing
supplements, with the effective/pay date being 20 May 2020.

Bond code:                                    FRC299
ISIN:                                         ZAG000159575
Amount before write-down:                     ZAR 96 000 000.00
Write-down amount:                            ZAR 1 000 000.00
Amount after write-down:                      ZAR 95 000 000.00

Bond code:                                    FRC322
ISIN:                                         ZAG000163783
Amount before write-down:                     ZAR 194 000 000.00
Write-down amount:                            ZAR 2 000 000.00
Amount after write-down:                      ZAR 192 000 000.00

Bond code:                                    FRC323
ISIN:                                         ZAG000163874
Amount before write-down:                     ZAR 63 050 000.00
Write-down amount:                            ZAR 650 000.00
Amount after write-down:                      ZAR 62 400 000.00

The portion of the FRC299, FRC322 and FRC323 notes impacted by the credit event will be cash settled
with the amount of cash due being:

Bond code:                                    FRC299
Cash Amount:                                  ZAR 281 570.00^

Bond code:                                    FRC322
Cash Amount:                                  - ZAR 84 779.00*

Bond code:                                    FRC323
Cash Amount:                                  ZAR 184 223.00^

^ For these notes, the cash amount will be settled through STRATE.
* For this note, the noteholder will pay the issuer the above-mentioned amount and it will be settled off-
market.

The record date in respect of the credit event will be Friday, 15 May 2020.

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



15 May 2020

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

Date: 15-05-2020 09:07:00
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.