NEDBANK GROUP LIMITED - Nedbank Group Limited and Nedbank Limited - Changes to the boards of directors

Nedbank Group Limited and Nedbank Limited - Changes to the boards of directors

NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
ISIN: ZAE000004875
(“Nedbank Group” or “the Group”)


NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE share code: NBKP
ISIN: ZAE000043667
(“Nedbank”)


NEDBANK GROUP LIMITED AND NEDBANK LIMITED – CHANGES TO THE BOARDS
OF DIRECTORS


The boards of Nedbank Group and Nedbank Limited (“the Companies”) advise that as a
result of increasing time constraints from their respective overseas and local business
commitments, Tom Boardman and David Adomakoh have notified the boards of their
intention to resign as independent non-executive directors with effect from the close of
Nedbank Group Limited’s Annual General Meeting on Thursday, 18 May 2017.


Nedbank Group Chairman, Vassi Naidoo, expresses his heartfelt gratitude to Tom for the
role he has played in the group, dating back to April 2000 when Tom was appointed as Chief
Executive of BoE Limited, one of SA’s leading private and investment banking companies
which was acquired by Nedbank in 2002. Tom was appointed to the Nedbank boards as an
executive director in 2002, and was Chief Executive from 2003 to 2010. As Chief Executive,
Tom set ambitious goals and a five point plan, all of which were successfully delivered on in
2007 resulting in the bank returning to healthy profitability and ensuring that it was well
positioned to weather the global financial crisis of 2008. Tom was at the forefront of driving
the importance of culture, tone at the top and values in banking. After retiring in 2010, Tom
was appointed a non-executive director. Vassi said that the boards have continued to benefit
from Tom’s vision, strategy and scenario planning skills, banking and financial services
experience, as well as extensive business and accounting experience and independent
thinking. Tom’s immense contribution to the boards of Nedbank Group and Nedbank Limited
and the many board committees on which he has served will be sorely missed.
Errol Kruger will succeed Tom as the chairman of both the Group Risk and Capital
Management Committee and the Group Credit Committee at the close of the Annual General
Meeting on Thursday, 18 May 2017.


Vassi also thanked David for his tenure with Nedbank and Nedbank Group as an
independent non-executive director since 2014. David’s insights into Africa, particularly with
regards to the expansion of Nedbank’s interests across the continent, have been of
invaluable assistance to the boards.


In accordance with our board succession plans, the Nedbank and Nedbank Group boards
have been engaging with potential new board candidates, and their appointments are
currently being progressed through the required internal and regulatory processes and will be
announced as soon as the necessary approvals are in place.


Sandton
28 February 2017


Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Nedbank Corporate and Investment Banking


Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd


Sponsors to Nedbank Limited:
Investec Bank Limited
Nedbank Corporate and Investment Banking

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