Firstrand Limited · JSE:FSR
Firstrand — Debt Investor Presentation (February 2026)
10 slides from Firstrand's debt investor presentation, Feb 20, 2026
Slide 1: FirstRand Limited DMTN programme and issuance plans
FirstRand Limited DMTN programme and issuance plans 20 February 2026
Slide 2: FirstRand team
FirstRand team 2 • Bhulesh Singh – FirstRand Group Treasurer • Frederik Kleinhans – Head: Group Capital Management • Amit Mohanlal – Head: Funding and Liquidity • Melanie Kleinhans – Head: FirstRand Debt Office • Delia Patterson – Distribution: RMB Debt Capital Markets
Slide 3: FirstRand to start issuance of Flac and capital instruments under DMTN programme
FirstRand to start issuance of Flac and capital instruments under DMTN programme 3 New DMTN programme (external capital and Flac issuances) Current external Listed holding company (FirstRand Limited, JSE: FSR) capital issuances 100% 100% 100% 100% 100% 100% Platforms FirstRand Bank Limited FirstRand
Slide 4: Minimum Flac requirement composition
Level requirement and composition calibrated to FRB 4 Base MFR Base minimum capital adequacy requirement (CAR) (8%) + Pillar 2A (1%) – consistent for all South African banks Minimum Flac requirement (MFR)* (bMFR) • Base CAR excludes combined buffers (capital conservation, domestic systemically impor
Slide 5: Total loss absorbing stack (capital and Flac) to be managed holistically
Total loss absorbing stack (capital and Flac) to be managed holistically 5 For illustrative purposes, excludes institution-specific requirements and management buffer • Flac base requirement anchored to the designated institution’s RWA (i.e. FirstRand Bank Limited) Met with excess capital/ • Managem
Slide 6: Flac is subject to bail in after regulatory capital
Flac is subject to bail in after regulatory capital 6 • Applicable to designated institutions, being domestic systemically important financial institutions and their holding companies • To have sufficient loss absorbing and recapitalisation capacity to implement a resolution strategy (open resolutio
Slide 7: Resolution planning effected via standards and discussion papers
Resolution planning effected via standards and discussion papers 7 RA:01 RA:02 RA:03 Stays and moratoria Transfers Flac 1 Jun 2024 1 Jun 2023 1 Jan 2026 Legend: Issued standards Operational Continuity of access Valuation in Funding in Group structure continuity in to financial market resolution reso
Slide 8: Estimated Flac issuance to 2031 and 2026 FRB runoff profile
Estimated Flac issuance to 2031 and 2026 FRB runoff profile 8 Estimated Flac issuance* Maturity profile of FRB capital and funding instruments** R billion R million R298 billion 6 000 300 80 5 000 4 818 200 4 000 3 000 R95 billion 3 072 100 2 000 2 500 26 2 197 1 000 - 715 - End state Min 33.33% Feb
Slide 9: Peer group comparison – capitalisation and credit ratings
Peer group comparison – capitalisation and credit ratings 9 FirstRand group FRB % Target Actual as at 30 Sep 25* Target Actual as at 30 Sep 25* CET1 11.5 – 12.5 13.6 >11.25 12.6 Tier 1 >13.25 14.6 >13.0 14.2 Total >15.5 16.5 >15.25 16.5 Moody’s** Not rated Aaa.za S&P** zaA+ zaAAA Standard Bank Nedba
Slide 10: Indicative timeline
Indicative timeline* 10 Draft DMTN programme memorandum (submitted to JSE for informal approval) circulated to investors 19 February 2026 Interim financial results released 5 March 2026 Flac term sheet announcement Week of 23 February 2026 FirstRand Limited DMTN programme documents available on the
FirstRand — Debt Investor Presentation (February 2026) on 6ix