Sharenet Sites 
Sharenet Sites
Noteholders early redemption elections : NELN09 and NWF012
NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE alpha code: BINBK
("Nedbank")
NOTEHOLDER EARLY REDEMPTION ELECTIONS : NELN09 AND NWF012
Noteholders are referred to the applicable pricing supplements for NELN09 ("NELN09 APS")
and NWF012 ("NWF012 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 and NWF012 APS.
NELN09 early redemption election
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 2025) 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: 3 July 2026
Cash Settlement Amount Payment Date: At least 4 (four) Business Days after the Expiration
Date (anticipated to be 9 July 2026)
The Cash Settlement Amount will be updated with the Growth Factor which caters for the re-invested
proceeds of the preceding 1-year term as follows:
CSA = GF x GF2 x SD × [CP+(max((min(FIL, Cap) - IIL)/IIL, 0) × PF)]
Where:
"CSA" means the Cash Settlement Amount;
"GF" means the Growth Factor of 1.09494473;;
"GF2" means the Growth Factor 2, 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.
NWF012 early redemption election
In terms of the terms and conditions of the NWF012 APS, noteholders are advised of the upcoming
biennial Noteholder Early Redemption Election as contained in the NWF012 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 2025) 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 NWF012 and updated economics will be applied to NWF012. The indicative updated
economics are expected to be as follows:
Expiration Date: 3 July 2026
Cash Settlement Amount Payment Date: At least 4 (four) Business Days after the Expiration Date
(anticipated to be 9 July 2026)
The Cash Settlement Amount will be amended to incorporate a Growth Factor which caters for the
re-invested proceeds of the initial 2-year term as follows:
CSA = GF x SD × [CP + (max((min(FIL, Cap) - IIL)/IIL, 0) × PF)]
Where:
"CSA" means the Cash Settlement Amount;
"GF" means the Growth Factor, which is to be confirmed;
"CP" means capital protection amount being 1.05;
"SD" means the Specified Denomination;
"×" means multiply by;
"FIL" means the Final Index Level;
"IIL" means the Initial Index Level;
"Cap" means 112% of IIL; and
"PF" means the participation factor, which is to be confirmed.
A further announcement will be released as soon as the updated economics of NELN09 and NWF012 have been calculated on the current Expiration Date of 3 July 2025.
25 April 2025
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 25-04-2025 04:00:00
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.
