NEDBANK GROUP LIMITED - Nedbank Group Limited and Nedbank Limited - Notification of change of auditor

Nedbank Group Limited and Nedbank Limited - Notification of change of auditor

NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE alpha code: NEDI
(‘Nedbank Group’)

NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE alpha code: BINBK
(‘Nedbank’)

(collectively, ‘the Companies’)

NEDBANK GROUP LIMITED AND NEDBANK LIMITED - NOTIFICATION OF CHANGE OF AUDITOR
IN TERMS OF PARAGRAPH 7.10 OF THE DEBT LISTINGS REQUIREMENTS

In June 2017, the Independent Regulatory Board of Auditors published a rule prescribing that auditors
of public interest entities in South Africa must comply with mandatory audit firm rotation (‘MAFR’),
whereby audit firms shall not serve as the appointed auditor of a public interest entity for more than 10
consecutive years, with effect from 1 April 2023.

The Boards of the Companies and their respective audit committees wish to inform shareholders that,
following a comprehensive tender process, Ernst & Young Incorporated, with Mr Farouk Mohideen as
the designated registered audit partner, has been nominated as their new joint external auditors
effective 8 and 10 May 2019 respectively. These appointments are subject to shareholders’ approval
at the Companies’ annual general meetings on 8 and 10 May 2019, and will commence from the
financial year ending 31 December 2019. As a consequence, KPMG Inc. will rotate off the Companies’
audits on conclusion of its external audit responsibilities for the year ending 31 December 2018,
expected to be at the conclusion of the relevant AGMs.

Ernst & Young will provide its services alongside Deloitte & Touche, who have, as a consequence of
the tender process been nominated to remain the joint external auditor of the Companies, subject to
shareholder approval at the relevant AGMs, until their rotation off the Companies’ audits in line with
MAFR implementation timelines.

Sandton
30 October 2018

Debt Sponsor: Nedbank Corporate and Investment Banking

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