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NED / NBKP - Nedbank - Appointment of CEO Designate 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 APPOINTMENT OF CHIEF EXECUTIVE OFFICER DESIGNATE The boards of directors of Nedbank Group and Nedbank Limited have pleasure in announcing the appointment of Mike Brown as Chief Executive Officer designate. He will succeed Tom Boardman who retires from the group in February 2010. Brown (42) is currently the group`s Chief Financial Officer and an executive director, positions he has held since June 2004. Nedbank Group chairman, Reuel Khoza, commented: "The directors are delighted to be able to appoint a successor of Mike`s calibre to the helm of Nedbank. "Following an extensive search process where the board considered local and international candidates, as well as other Nedbank executives, we are particularly pleased to appoint an internal candidate with such extensive banking and financial expertise. "As Chief Financial Officer Mike has worked very closely with the board and the Chief Executive over the past five years, and has made a considerable contribution to the strategic direction of the group, the enhancement of capital and liquidity management, as well as the group`s internal and external reporting. "By announcing the successor now we will have the benefit of a smooth handover in the Chief Executive`s office over the next year. My board colleagues join me in wishing Mike every success during this transition phase and in his new role of Chief Executive of Nedbank Group." The selection process for the recruitment of a new Chief Financial Officer will commence shortly. Background information on Mike Brown: A commerce graduate from Natal University, Brown worked for Deloitte and qualified as a chartered accountant in 1988. He received the Jack Armstrong award for the best final year Diploma of Accountancy student. After working in the United States and London, he joined the NBS Treasury department in 1993. He then moved to NBS Corporate (later BoE Corporate) and was instrumental in establishing the Specialised Finance and Private Equity divisions. Following the merger of NBS Corporate and the commercial and industrial lending division of BoE Private Bank, Brown was appointed Deputy Managing Director of BoE Corporate and then Managing Director of the division in 1999. He was appointed an executive director of BoE Limited in October 2001 and head of Property Finance in Nedbank Corporate following the Nedbank/BoE merger in 2002. In June 2004 he was appointed as Chief Financial Officer and an executive director of Nedbank Group. Sandton 17 March 2009 For further information contact Tier 1 Investor Relations Tel: +27 (0)21 702-3102 Sponsors to Nedbank Group in South Africa: Merrill Lynch South Africa (Pty) Limited Nedbank Capital Sponsor to Nedbank Group in Namibia: Old Mutual Investment Services (Namibia) (Pty) Ltd Date: 17/03/2009 08:00:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
