Change in classification of Vassi Naidoo 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 – CHANGE IN CLASSIFICATION OF VASSI NAIDOO FROM NON-EXECUTIVE CHAIRMAN TO INDEPENDENT NON- EXECUTIVE CHAIRMAN Shareholders are advised that, with effect from 1 January 2019, Vassi Naidoo will be classified as an independent non-executive Chairman of Nedbank Group and Nedbank. Background Shareholders are referred to the announcement by Old Mutual Limited (‘OML’) on 26 September 2018 regarding the unbundling by OML of a significant portion of OML’s shareholding in Nedbank Group shares (‘the Unbundling’). OML implemented the Unbundling on 15 October 2018, through the distribution of approximately 31,73% of the issued shares of Nedbank Group to OML shareholders, whilst retaining a strategic minority stake of 19.9% of the issued share capital in Nedbank Group in its shareholder funds to underpin the continuing relationship and commercial benefits between the two organisations. With the completion of the unbundling of the majority of OML’s stake in Nedbank Group on 15 October 2018, the OML Board has agreed that it is now appropriate for Vassi Naidoo to step down from his non-executive directorship of OML with effect from 31 December 2018. Independence considerations The Boards of Nedbank Group and Nedbank have evaluated all factors that may, or may reasonably be perceived to, impair Mr Naidoo’s independence once he has stepped down from the OML board, and are satisfied that in the absence of any changed circumstances, there are no relationships or circumstances that are likely to affect his judgment, and that he meets the requirements of independence, including those as set out in King IV. Sandton 4 December 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: 04/12/2018 03:00:00 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.