NEDBANK GROUP LIMITED - Update on Quantum of Strategic Minority Shareholding in Nedbank Group to be held by Old Mutual Limited

Update on Quantum of Strategic Minority Shareholding in Nedbank Group to be held by Old Mutual Limited

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”)

UPDATE ON QUANTUM OF STRATEGIC MINORITY SHAREHOLDING IN NEDBANK GROUP TO BE
HELD BY OLD MUTUAL LIMITED

Old Mutual plc today announced that the strategic minority shareholding to
be retained in Nedbank Group to underpin the ongoing commercial
relationship between the companies has been agreed at 19,9%.

This follows the announcement by Old Mutual plc on the Old Mutual Managed
Separation (“Managed Separation”) on 11 March 2016, and the subsequent
communication on 25 May 2017, in which Old Mutual plc stated that the new
South African holding company, to be named Old Mutual Limited (“OML”),
would retain a strategic minority shareholding in Nedbank Group post the
implementation of the Managed Separation.

The 19,9% shareholding will be held by OML, which will have a primary
listing on the JSE and a secondary listing on the London Stock Exchange.
OML will be listed on both exchanges at the earliest opportunity in 2018
following the publication of Old Mutual plc’s 2017 full-year results
announcement.

As previously announced, the decrease in OML’s shareholding in Nedbank
Group to 19,9% will be achieved through the distribution of the balance of
OML’s majority shareholding in Nedbank Group to its shareholders, at an
appropriate time and in an orderly manner, post the listing of OML. OML
does not intend to sell any part of its shareholding in Nedbank Group to a
new strategic investor.

Nedbank Group shareholders will be kept appropriately informed of further
developments regarding the Managed Separation.

Sandton
1 November 2017

Financial Advisors to Nedbank Group in South Africa:
Nedbank CIB
Deutsche Bank

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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