NEDBANK GROUP LIMITED - Changes to the boards of directors

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 (‘the Companies’) are pleased to announce the
re-appointment of Mr Rob Leith as a non-executive director with effect from 1 January 2019.

Rob Leith was first appointed to the boards of the Companies on 13 October 2016, shortly
after being appointed as Director of Managed Separation at Old Mutual plc (which was
Nedbank Group’s ultimate holding company at that time).

Rob was one of two board members who stepped down from the Nedbank boards on 15
October 2018 following Old Mutual Limited’s (‘OML’) unbundling of its controlling interest in
Nedbank Group through the distribution of approximately 32% of the total issued share
capital of Nedbank Group to OML’s shareholders, whilst retaining a strategic minority stake
of 19.9% in Nedbank Group in its shareholder funds. These directors’ resignations from the
boards were as a result of the conclusion of this Managed Separation process, and were in
accordance with clause 6.1 of the relationship agreement previously concluded between
OML and Nedbank Group and published on 20 April 2018 on the Nedbank Group website
(www.nedbankgroup.co.za).

In terms of the Nedbank Group Board Continuity Programme, the boards had previously
identified the need to strengthen the investment banking skills on the boards. Having
followed a comprehensive succession process, the boards concluded that Rob Leith’s skills
and experience in both investment banking and the rest of Africa should be retained.

Rob’s prior roles to that of Director of Managed Separation at Old Mutual plc include being
Global Head of Investment Banking and Global Markets of Sberbank CIB, and Head of
Group Strategic Development and Chief Executive of Global Corporate and Investment
Banking at Standard Bank where he played a key role in the development of the group’s
business outside South Africa.

Sandton
29 November 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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