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

Nedbank Group Limited and Nedbank Limited - Change 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 – CHANGE TO THE BOARDS OF
DIRECTORS

The boards of Nedbank Group and Nedbank Limited (“the Companies”) announce the
retirement of Ms Nomavuso Mnxasana as an independent non-executive director of the
Companies with effect from the close of Nedbank Group’s Annual General Meeting on
Thursday, 10 May 2018.

Nomavuso was appointed to the Companies’ boards in 2008 and has reached the end of her
nine-year term as an independent non-executive director. During her tenure she has chaired
the Group Transformation, Social and Ethics Committee, and has also been a member of the
Group Audit Committee, Group Risk and Capital Management Committee, Group
Remuneration Committee, and Group Directors’ Affairs Committee. Nedbank Group
Chairman, Vassi Naidoo, thanked Nomavuso for her exceptional service and commitment to
the Group, and wished her well for her future endeavours.

Nomavuso’s retirement will bring the percentage of independent non-executive directors on
the Nedbank Group and Nedbank Boards down from the current 61% to 59%.

Nedbank Group’s Board diversity targets and achievements against these following
Nomavuso’s retirement will be as follows:

Category                                           Target    Current       Achievement      Outcome
                                                            achievement   at 10 May 2018
Voting rights of black boardmembers as a            50%       61.1%           58.8%         Exceeded
percentage of voting rights of all boardmembers
Voting rights of black women boardmembers as a      25%       27.8%           23.5%      Below target
percentage of voting rights of all boardmembers
Black independent non-executive boardmembers as     40%       72.7%             70%         Exceeded
a percentage of all independent non-executive
boardmembers
Black executive members of the board as a           50%       66.7%           66.7%         Exceeded
percentage of all executive members of the board
Black women executive members of the board as a     25%       33.3%           33.3%         Exceeded
percentage of all executive members of the board

In accordance with Nedbank Group’s board succession plan, recent appointments have
taken cognisance of Nomavuso’s retirement on 10 May 2018 and have provided for an
appropriate transition period.

Sandton
26 March 2018

Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Nedbank CIB

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

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