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NWF014 - Updated Roll Economics
NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE Alpha Code: NBKP
(Nedbank or the Issuer)
NWF014 UPDATED ROLL ECONOMICS
Noteholders are referred to the announcement released on SENS on 27 July 2026 and are hereby advised of
the final updated economics that will be applied to NWF014 in respect of Noteholders who did not elect
Noteholder Early Redemption Election and will therefore remain invested in NWF014.
Any capitalised terms not defined in this announcement shall have the meanings ascribed to them in the
NWF014 applicable pricing supplement (APS).
1. Updated Economics for Noteholders Remaining Invested in NWF014
Where the Noteholder did not elect Cash Settlement (Option 1), the Note has been 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:
2.1 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.
2.2 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%.
2.3 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;
2.4 Amendments to Annex A
Annex A 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) 64,362.02 7,489.72 6,358.01
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://indexes.nikkei.co https://stoxx.com/index/
https://www.spglobal.co
relevant Web Links m.jp/en/nkave sx5e/
m/spdji/en/indices/equit
y/sp-500/
Further Information
The updated 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
7 August 2026
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 07-08-2026 07:55:00
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