FIRSTRAND BANK LIMITED - FRII - Notification of a Write-Down of Notes Due to a Credit Event Called by FRB

FRII - 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: FRC346       ISIN: ZAG000171430
Bond code: FRC381       ISIN: ZAG000181272
Bond code: FRC402       ISIN: ZAG000185877
Bond code: FRC416       ISIN: ZAG000187337
Bond code: FRC481       ISIN: ZAG000198623
(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 7 September 2023 whereby FRB
notified noteholders of a credit event on the FRC346, FRC381, FRC402, FRC416 and FRC481 notes,
which referenced Casino Guichard-Perrachon SA as a constituent of the underlying reference index,
the Markit iTraxx® Europe Crossover Index, as set out in paragraph 93(e) of the applicable pricing
supplement for each affected note.

FRB hereby gives notice to the FRC346, FRC381, FRC402, FRC416 and FRC481 noteholders, in
accordance with the terms and conditions of the R60 000 000 000.00 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 FRC346, FRC381, FRC402, FRC416 and FRC481 pricing supplements, with
the effective/pay date being Thursday, 5 October 2023.

Bond code:                                  FRC346
ISIN:                                       ZAG000171430
Amount before write-down:                   R 49 333 333.00
Write-down amount:                          R 667 333.00
Amount after write-down:                    R 48 666 000.00

Bond code:                                  FRC381
ISIN:                                       ZAG000181272
Amount before write-down:                   R 150 000 000.00
Write-down amount:                          R 2 001 000.00
Amount after write-down:                    R 147 999 000.00

Bond code:                                  FRC402
ISIN:                                       ZAG000185877
Amount before write-down:                   R 150 000 000.00
Write-down amount:                          R 2 001 000.00
Amount after write-down:                    R 147 999 000.00

Bond code:                                  FRC416
ISIN:                                       ZAG000187337
Amount before write-down:                   R 150 000 000.00
Write-down amount:                          R 2 001 000.00
Amount after write-down:                    R 147 999 000.00

Bond code:                                  FRC481
ISIN:                                       ZAG000198623
Amount before write-down:                   R 100 000 000.00
Write-down amount:                          R 1 334 000.00
Amount after write-down:                    R 98 666 000.00

The portion of the FRC346, FRC381, FRC402, FRC416 and FRC481 notes impacted by the credit
event will be cash settled through Strate Proprietary Limited, with the amount of cash due being:

Bond code:                                    FRC346
Cash amount:                                  R 0.00

Bond code:                                    FRC381
Cash amount:                                  R 1 703.10

Bond code:                                    FRC402
Cash amount:                                  R 0.00

Bond code:                                    FRC416
Cash amount:                                  R 0.00

Bond code:                                    FRC481
Cash amount:                                  R 3 091.34

The record date in respect of the credit event will be Wednesday, 4 October 2023.

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 be available at:
https://www.firstrand.co.za/investors/debt-investor-centre/jse-listed-instruments/

29 September 2023

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

Date: 29-09-2023 08:00:00
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