Abbreviated name: newsilver share code: newslv




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NEWWAVE SILVER EXCHANGE TRADED NOTES

(“Silver Notes” or the “ETNs”)

ABBREVIATED NAME: NEWSILVER

SHARE CODE: NEWSLV

ISIN: ZAE000162566
INITIAL OFFER FOR NEWWAVE SILVER EXCHANGE TRADED NOTES
This announcement is issued in compliance with section 19.60 of the JSE Listings Requirements for information purposes only. The information set out below has been extracted from the NewWave Pricing Supplement applicable to Silver Notes (“Applicable Pricing Supplement”), as read with the NewWave Precious Metal Notes Product Supplement and the NewWave Programme Memorandum (all dated 20 February 2012) (collectively, the “offering documents”), which are available as set out below.
The Silver Notes will be offered and issued to the public pursuant to the offer, the specific terms and conditions of which are set out in the Applicable Pricing Supplement. Subject to the approval of the JSE Limited (“JSE”) and applications being received for a minimum of 4 000 000 notes, the Silver Notes are intended to be listed on the main board of the JSE in the JSE’s ETN sub-sector, with effect from Monday, 12 March 2012.
DESCRIPTION OF SILVER NOTES
The Silver Notes comprise a series of Silver unsecured redeemable notes, which are designed to enable Investors, through the Notes, to obtain exposure to silver.
Minimum subscriptions ZAR 1,000
Initial Issue Price The ZAR equivalent of the Reference Price (as defined in the Applicable Pricing Supplement) determined on the Initial Valuation Date
Initial Reference One hundredth of a troy ounce

Quantity
Initial Issue Date 12 March 2012


Maturity Date On or about 12 March 2042
2. SALIENT DATES AND TIMES OF INITIAL OFFER AND FURTHER ANNOUNCEMENT
The salient dates and times of the Offer are set out below:

Opening date of Offer 20 February 2012


Closing date of Offer 27 February 2012*
Initial Valuation Date 2 March 2012
Publication on SENS 5 March 2012

of results of Offer,

including Initial

Issue Price


Issue Date 12 March 2012
*The Offer Period may be extended by notice on SENS. Investors must advise their Central Securities Depository Participant (“CSDP”) or broker of their acceptance of the Offer in the manner and by the cut-off time stipulated by their CSDP or broker.
AVAILABILITY OF DOCUMENTATION
Copies of the offering documents, and application form in English, may be obtained during normal business hours from Absa Capital, Investments team, 15 Alice Lane, Sandton (+27 11 895 5517) or on the website (www.absacapitaletfs.com).
Sandton
20 February 2012
Originator, corporate advisor and sponsor

Absa Capital



(the investment banking division of Absa Bank Limited, affiliated with Barclays Capital)
Legal and tax advisors

Edward Nathan Sonnenbergs Inc.


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