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Noteholder Early Redemption Election : NELN09
NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE alpha code: BINBK
("Nedbank")
NOTEHOLDER EARLY REDEMPTION ELECTION : NELN09
Noteholders are referred to the applicable pricing supplement for NELN09 ("NELN09 APS") issued on
5 July 2023 under the Nedbank ZAR60,000,000,000 Structured Note Programme.
Any capitalised terms not defined in this announcement shall have the meanings ascribed to them in
the NELN09 APS.
In terms of the terms and conditions of the NELN09 APS, noteholders are advised of the upcoming
annual Noteholder Early Redemption Election as contained in the NELN09 APS and are reminded that
the duly completed Noteholder Early Redemption Notice is required to be submitted to Nedbank not
less than 30 days (anticipated to be on 3 June 2024) nor more than 60 days before the Early
Redemption Date.
Noteholders are advised that should they have missed the aforementioned deadline, such noteholders
may engage with Nedbank.
Should noteholders not make the Noteholder Early Redemption Election, such noteholders will remain
invested in NELN09 and updated economics will be applied to NELN09. The indicative updated
economics are expected to be as follows:
Expiration Date: 03 July 2025
Cash Settlement Amount Payment Date: At least 4 (four) Business Days after the Expiration
Date (anticipated to be 09 July 2025)
The Cash Settlement Amount will be amended to incorporate a Growth Factor which caters for the re-
invested proceeds of the initial 1-year term as follows:
CSA = GF x SD x [CP + (Max((Min(FIL,Cap)-IIL)/IIL,0) x PF)]
Where:
"CSA" means the Cash Settlement Amount;
"GF" means the Growth Factor, which is to be confirmed;
"CP" means capital protection amount being 1.00;
"SD" means the Specified Denomination;
"×" means multiply by;
"FIL" means the Final Index Level;
"IIL" means the Initial Index Level;
"Cap" means 105% of IIL; and
"PF" means the participation factor, which is to be confirmed.
A further announcement will be released setting out final details of the updated economics of NELN09
at least 8 business days prior to the Early Redemption Date.
7 May 2024
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 07-05-2024 11:00:00
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