NEDBANK GROUP LIMITED - Voluntary Announcement: Nedbank and Transnet Commercial Settlement

Voluntary Announcement: Nedbank and Transnet Commercial Settlement

NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
A2X share code: NED
ISIN: ZAE000004875
JSE alpha code: NEDI
('Nedbank Group' or 'Nedbank' or the 'group')

VOLUNTARY ANNOUNCEMENT: NEDBANK AND TRANSNET COMMERCIAL SETTLEMENT

Shareholders are advised that Nedbank Group and Transnet SOC Limited (Transnet) have
agreed a confidential commercial settlement of their ongoing litigation as noted in the Nedbank
Group's Stock Exchange News Service (SENS) announcement that was released on 26 July 2024
('Update on the Transnet SOC Limited dispute regarding interest rate swap transactions'). The
settlement is made without admission of liability and in the interest of avoiding lengthy and costly
litigation and damage to their ongoing relationship. Nedbank Group stands by its previous
statements in respect of the litigation. Nedbank Group and Transnet have a long-standing
business relationship, and the settlement of this litigation allows them to continue to develop this
important relationship in the South African national interest and for furtherance of infrastructure
investment and economic growth.

In terms of the settlement, Nedbank Group has agreed to pay Transnet an amount of R600 million.
Nedbank's payment to Transnet is made without admission of liability and in full and final
settlement of the dispute.

As previously reported by Nedbank Group, considering internal and independent external reviews
commissioned by them, the Nedbank Board and management remain satisfied that Nedbank
internal governance procedures at the time were followed in respect of the interest rate swap
transactions that were concluded in December 2015 and March 2016, and that there is no
evidence of any Nedbank staff dishonesty, corruption or collusion.

Nedbank Group will host a preclose investor update on 3 December 2025, where it will reiterate
that the group's financial performance for the 10 months to 30 October 2025 was in line with
management expectations and on track to deliver on the group's guidance for 2025, when
excluding this once off R600m expense.

Sandton

25 November 2025

Enquiries
Nedbank Group Investor Relations:
Email: NedgroupIR@nedbank.co.za
Alfred Visagie (Head: Investor Relations)
Email: Alfredv@nedbank.co.za

Sponsor to Nedbank Group in South Africa:
Nedbank Corporate and investment Banking, a division of Nedbank Limited

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

Debt Sponsor to Nedbank Limited:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 25-11-2025 05:30:00
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