FIRSTRAND BANK LIMITED - FRC299 FRC323 FRC341 - Notification of a write-down of notes due to a credit event called by FRB

FRC299 FRC323 FRC341 - 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: FRC323       ISIN: ZAG000163874
Bond Code: FRC341       ISIN: ZAG000168675
(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 30 June 2020 whereby FRB notified
noteholders of a credit event on the FRC299, FRC323 and FRC341 notes which referenced the
Chesapeake Energy Corporation as a constituent of the underlying reference index, the Markit CDX
North America High Yield Index.

FRB hereby gives notice to the FRC299, FRC323 and FRC341 noteholders, in accordance with the
terms and conditions of the ZAR30 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 each of the FRC299, FRC323 and FRC341 pricing supplements, with the
effective/pay date being Wednesday, 12 August 2020.

Bond code:                                  FRC299
ISIN:                                       ZAG000159575
Amount before write-down:                   ZAR 90 000 000.00
Write-down amount:                          ZAR 1 000 000.00
Amount after write-down:                    ZAR 89 000 000.00

Bond code:                                  FRC323
ISIN:                                       ZAG000163874
Amount before write-down:                   ZAR 59 150 000.00
Write-down amount:                          ZAR 650 000.00
Amount after write-down:                    ZAR 58 500 000.00

Bond code:                                  FRC341
ISIN:                                       ZAG000168675
Amount before write-down:                   ZAR 182 000 000.00
Write-down amount:                          ZAR 2 000 000.00
Amount after write-down:                    ZAR 180 000 000.00

The portion of the FRC299, FRC323 and FRC341 notes impacted by the credit event will be cash settled
with the amount of cash due being:

Bond code:                                  FRC299
Cash Amount:                                ZAR 29 838.24^

Bond code:                                  FRC323
Cash Amount:                                ZAR 19 369.78^

Bond code:                                  FRC341
Cash Amount:                                - ZAR 517 865.24*

^For these notes, the cash amount will be settled through STRATE.
*For this note, the cash amount will form part of the aggregate Unwind Costs Difference as set out in
Annex 3 of the FRC341 pricing supplement, in accordance with the terms and conditions of the notes.

The record date in respect of the credit event will be Tuesday, 11 August 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;
   3.   the Number of Notes in paragraph 9 of the pricing supplements will be amended to cater for
        the above-mentioned write-down; and
   4.   Annex 3 of the FRC341 pricing supplement will be updated to reflect the amount deductible
        from the upcoming interest payment on 20 September 2020, as adjusted in accordance with
        the business day convention.

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/.



6 August 2020

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

Date: 06-08-2020 10:45:00
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