Nedbank Group Limited and Nedbank Limited - 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 Limited (‘the Companies’) announce the appointment of Peter Moyo, and simultaneous resignation of Bruce Hemphill, as non- executive directors of the Companies with effect from 11 June 2018. In March 2016 Old Mutual plc announced its Managed Separation (‘MS’) strategy, and in April 2018 Old Mutual plc announced that, subject to shareholder and other approvals, the MS would be materially completed by the end of 2018, with the listing of Quilter plc on the LSE on 25 June 2018, followed by the listing of Old Mutual Ltd (‘OML’), which will become the holding company of the Old Mutual plc, on the JSE on 26 June 2018. The third and final step in the MS is the proposed unbundling of Nedbank approximately six months after the implementation of the first two steps, whereby OML intends, subject to certain conditions, to distribute approximately 32% of the total issued share capital of Nedbank to OML’s shareholders, whilst retaining a strategic minority stake of 19.9% in Nedbank in its shareholder funds. Bruce Hemphill was appointed as the Group Chief Executive of Old Mutual plc on 1 November 2015 and as a non-executive director of the Companies on 25 November 2015. With MS progressing according to plan, Bruce will be stepping down from the boards of the Companies with effect from 11 June 2018 and he will be replaced by Peter Moyo who is the CEO of OML. Peter is the Chairman of Business Against Crime South Africa (BACSA) and board member of the Right to Care and Right to Care Health Services and a member of the Advisory Board of the Stellenbosch University Business School. Peter is a vastly experienced business leader, he is a former Group CEO of Alexander Forbes and deputy managing director of Old Mutual Life Assurance Company (South Africa) Limited. In terms of board roles, his resume includes, amongst others, being past Chairman of Vodacom Group Limited and Willis SA (Pty) Ltd, CSC SA (Pty) Ltd, and he has been a director of Transnet Limited, Liberty Group and Liberty Holdings Limited, and Chairman of the Audit Committee in the office of the Auditor General. Mr Vassi Naidoo, Nedbank Group Chairman, welcomed Peter and noted: ‘Peter’s experience and understanding of the South African and wider financial services industry will be of great benefit to the Nedbank Group Board including developing the arm’s length commercial arrangements and good relationship between the Companies and OML. Vassi also expressed his sincere gratitude to Bruce for his contribution to the Nedbank Group during his tenure on the boards. The above board changes do not impact on the current Nedbank Group and Nedbank Boards diversity targets, which remain as follows: Category Target Current Achievement Outcome achievement at 1 June 2018 Voting rights of black boardmembers as a 50% 58.8% 58.8% Exceeded percentage of voting rights of all boardmembers Voting rights of black women boardmembers as a 25% 23.5% 23.5% Below target percentage of voting rights of all boardmembers Black independent non-executive boardmembers as 40% 70% 70% Exceeded a percentage of all independent non-executive boardmembers Black executive members of the board as a 50% 66.7% 66.7% Exceeded percentage of all executive members of the board Black women executive members of the board as a 25% 33.3% 33.3% Exceeded percentage of all executive members of the board Sandton 6 June 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 Date: 06/06/2018 11:00:00 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.