FIRSTRAND BANK LIMITED - FRC323 FRC341 - Notification of a Write-Down of Notes due to a Credit Event Called by FRB

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: 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 16 August 2024 whereby FRB
notified noteholders of a credit event on the FRC323 and FRC341 notes, which referenced Avon
Products, Inc. as a constituent of the underlying reference index, the Markit CDX North America High
Yield Index as set out in paragraph 93(e) of the applicable pricing supplement for each affected note.

FRB hereby gives notice to the FRC323 and FRC341 noteholders, in accordance with the terms and
conditions of the R60 000 000 000 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 FRC323 and FRC341
pricing supplements, with the effective/pay date being Wednesday, 2 October 2024.

Bond code:                                    FRC323
ISIN:                                         ZAG000163874
Amount before write-down:                     R 56 550 000.00
Write-down amount:                            R 650 000.00
Amount after write-down:                      R 55 900 000.00

Bond code:                                    FRC341
ISIN:                                         ZAG000168675
Amount before write-down:                     R 174 000 000.00
Write-down amount:                            R 2 000 000.00
Amount after write-down:                      R 172 000 000.00

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

Bond code:                                    FRC323
Cash amount:                                  R 222 328.43^

Bond code:                                    FRC341
Cash amount:                                  R 446 913.23^

For these notes, the cash amount will be settled through STRATE.

The record date in respect of the credit event will be Tuesday, 1 October 2024.

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/.

26 September 2024

Debt sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)

Date: 26-09-2024 05:45:00
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