Redemption Of Index Linked Redemption Notes - ZA087 BNP Paribas Arbitrage Issuance B.V. ZAR100,000,000 Index Linked Redemption Notes Stock Code: ZA087 ISIN Code: ZAE000198685 Series: EI1300SAD Dated: 11 February 2020 REDEMPTION OF INDEX LINKED REDEMPTION NOTES DUE 24 FEBRUARY 2020 The JSE Limited has granted a listing to BNP Paribas Arbitrage Issuance B.V. - ZA087 Index Linked Redemption Notes The target redemption note is an index linked note that provides a guaranteed sum of coupons (target cap) with the possibility of early termination. In a typical structure, the coupons are calculated based on an inverse floating LIBOR / Euribor formula. A participation rate determines how much of the gain in the underlying asset, index or benchmark will be credited to the note. For example, if the participation rate is 75 percent, and the asset, index or benchmark increases 10 percent,