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NWF014 - Update Announcement: Autocall Event For NWF014
NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE Alpha Code: NBKP
(Nedbank or the Issuer)
UPDATE ANNOUNCEMENT: AUTOCALL EVENT FOR NWF014
1. Background
Noteholders are referred to the listing of the NWF014 equity linked notes issued by Nedbank on 18 July 2025
under its ZAR120,000,000,000 Structured Note Programme.
In terms of the Applicable Pricing Supplement dated 17 July 2025 (APS), Nedbank hereby notifies noteholders
of the occurrence of an Autocall Event, as defined in the APS, in respect of the following listed instrument:
Instrument Type: Equity Linked Note
Short Name: NWF014
Alpha Code: NWF014
Long Name: NWF014 31 July 2035
Instrument Number: 122555
ISIN: ZAE000350237
Defined terms in this announcement are with reference to the APS.
2. Autocall Event
Based on the closing level of each Reference Equity Index on the Autocall Observation Date, 13 July 2026,
all three underlying indices were observed above their respective Initial Index Levels, which means there has
been an Autocall Event (refer to table below), and Noteholders are therefore entitled to elect to redeem the
Notes in whole or in part. In addition, Noteholders are required to make an election regarding settlement (see
Noteholder Election Options below).
Closing level of each Closing level of each Reference Equity
Reference
Reference Equity Index on Initial Index Index on the Autocall Observation Date,
Equity
the Autocall Observation Level 13 July 2026 as a percentage of the
Indices
Date, 13 July 2026 initial Index Level
NKY 67 242.73 39 569.69 169.934943%
SPX 7 515.34 6 259.75 120.058149%
SX5E 6 272.48 5 383.48 116.513482%
3. Autocall Redemption Amount (indicative)
Specified Denomination per Note: ZAr 1,000 (1,000 cents)
Initial Exchange Rate: 17.8125
USD equivalent initial capital: USD 56.1403 cents
USD Autocall coupon: 15%
USD equivalent initial capital + Autocall coupon: USD 64.5614 cents
Indicative current USD/ZAR exchange rate for final exchange: 16.33
Indicative Autocall Redemption Amount: ZAr 1,054.2877 (1,054.2877 cents)
4. Noteholder Election Options
Option 1: Cash Settlement – Receive ZAr 1,054.2877 (indicative as per the example above)
Option 2 (default option): Remain invested – USD 64.5614 cents can be rolled into an amended Triple Index
Autocallable Equity-linked Note with an indicative coupon of 20% in USD.
5. Default Election
If no instruction is received from the Noteholder(s) by the Early Redemption Date Last Day to Trade, the
default option (Option 2 above) will apply.
6. Salient Dates for Noteholders that Elect Option 1
The following corporate action timetable applies:
Autocall Observation Date Monday, 13 July 2026
Last date and time for Noteholders to make an Monday, 27 July 2026
election before 11:00
Finalisation announcement before 16:00 Monday, 27 July 2026
Last Day to Trade (LDT) Monday, 27 July 2026
Suspension Date Tuesday, 28 July 2026
Record Date Thursday, 30 July 2026
Autocall Redemption Payment Date Friday, 31 July 2026
Termination Date Monday, 3 August 2026
7. Indicative Amended Terms for Noteholders That Make No Election
Where the Noteholder does not elect Cash Settlement (Option 1), the Note will be rolled with new economics
as summarised below:
The Cash Settlement Amount (CSA) will be amended to incorporate a Growth Factor (GF) which caters for
the re-invested proceeds of the current 1-year term as follows:
7.1 If on the Expiration Date, the Final Index Level of the Lowest Performing Index is equal to or
greater than its Barrier Level:
CSA = SD x GF x CG x [FXF/ FXI]
Where:
"CSA" means the Cash Settlement Amount;
"SD" means the Specified Denomination;
"GF" means the growth factor, being 1.15;
"CG" means the capital protection amount, being 1.00;
"x" means multiplied by;
"FXF" means the Final Exchange Rate;
"FXI" means the Initial Exchange Rate (17.8125);
"USD" means the lawful currency of the United States of America; and
"ZAR" means the lawful currency of the Republic of South Africa.
7.2 If on the Expiration Date, the Final Index Level of the Lowest Performing Index is less than its
Barrier Level:
CSA = SD x GF x [FIL LPI/ IIL LPI] x [FXF/ FXI]
Where:
"CSA" means the Cash Settlement Amount;
"SD" means the Specified Denomination;
"GF" means the growth factor, being 1.15;
"x" means multiplied by;
"FIL LPI" means the Final Index Level of the Lowest Performing Index;
"IIL LPI" means the Initial Index Level of the Lowest Performing Index;
"FXF" means the Final Exchange Rate;
"FXI" means the Initial Exchange Rate (17.8125);
"USD" means the lawful currency of the United States of America; and
"ZAR" means the lawful currency of the Republic of South Africa;
"Barrier Level" means 70%.
7.3 The Autocall Redemption Amount (ARA) will be amended to incorporate a Growth Factor (GF)
which caters for the re-invested proceeds of the current 1-year term as follows:
ARA = SD x GF x ARPi x [FXA/ FXI]
Where:
"ARA" means the Autocall Redemption Amount;
"SD" means the Specified Denomination;
"GF" means the growth factor, being 1.15;
"ARPi" means the Autocall Redemption Percentage(i), as per Annex B below;
"x" means multiplied by;
"FXA" means the Autocall Foreign Exchange Rate, being the USD/ZAR
exchange rate on or about the relevant Ex Date;
"FXI" means the Initial Exchange Rate (17.8125);
"USD" means the lawful currency of the United States of America; and
"ZAR" means the lawful currency of the Republic of South Africa;
7.4 Amendments to Annex A and B
Annex A and B will be amended as follows:
ANNEX A
REFERENCE Equity Indices Table
i 1 2 3
Name The Nikkei 225 Index S&P 500® Index EURO STOXX 50®
Index
Bloomberg Code NKY Index SPX Index SX5E Index
Currency JPY USD EUR
Initial Index Level (i) [TBD]* [TBD]* [TBD]*
Barrier Level
(European Barrier) (i) 70% 70% 70%
Reference Equity Index
Nikkei Inc S&P Dow Jones Indices STOXX Ltd
Sponsor
LLC
Reference Equity Index
Nikkei Inc S&P Dow Jones Indices STOXX Ltd
Calculator
LLC
Reference Equity Index https:// https://
https://
relevant Web Links indexes.nikkei.co.jp/en/nk stoxx.com/index/sx5e/
www.spglobal.com/spdji/
ave
en/in dices/equity/sp-
500/
*The closing level of the respective reference equity index on 31 July 2026
ANNEX B
Early Redemption Date (Call) / (Put) Table
Autocall Observation 12 July 2027 11 July 2028 11 July 2029
Date
Autocall Level as a
percentage of Initial 100% 100% 100%
Index Level
Autocall Redemption
120% 140% 160%
Percentage(i) (ARPi)
Last day to publish
finalisation information 20 July 2027 18 July 2028 17 July 2029
by 11:00 (Finalisation
Date)
Early Redemption Date
(Call) / (Put) Last Day 27 July 2027 25 July 2028 24 July 2029
to Trade (LDT)
Ex Date 28 July 2027 26 July 2028 25 July 2029
Market Deadline /
30 July 2027 28 July 2028 27 July 2029
Record Date (RD)
Autocall Redemption
31 July 2027 31 July 2028 31 July 2029
Payment Date
8. Further Information
The APS and further information relating to NWF014 are available on Nedbank's website under the
Structured Note Programme via the following link: https://group.nedbank.co.za/explore-investor-
relations/debt-investors.html
20 July 2026
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 20-07-2026 04:10:00
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