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)

NEDBANK GROUP EXECUTIVE LEADERSHIP CHANGES – CHIEF RISK OFFICER AND
CHIEF INFORMATION OFFICER

Nedbank Group shareholders are informed that Trevor Adams, Group Chief Risk Officer
(CRO), has reached the mandatory retirement age of 60 and will retire on 31 March 2023 after
more than 26 years at Nedbank. Trevor has been the CRO since 2014 and before that he
was Managing Executive of Balance Sheet Management for five years following his
appointment to the Group Executive Committee (Group Exco) in 2009.

In line with Nedbank Group’s executive succession planning process, which included both
internal and external searches, David Crewe-Brown (54) has been appointed as Trevor’s
successor. Dave’s appointment as CRO and to the Group Exco takes place with effect from 1
April 2023.

Dave is a Chartered Accountant CA(SA) and has also completed the Advanced Management
Programme at Duke University. He is currently the Chief Finance and Operating Officer for
Nedbank Retail & Business Banking (RBB) and has significant industrywide experience in
finance, operations, credit, capital management and regulatory reporting, having worked in
financial services for over 28 years. Dave is well known to shareholders as a result of his
participation in RBB’s investor engagements over the past 10 years.

Nedbank Group further announces that Fred Swanepoel, Group Chief Information Officer
(CIO), will reach the mandatory retirement age of 60 on 5 May 2023 and will retire on 30 June
2023 after more than 26 years at Nedbank. As CIO Fred has led the group’s Managed
Evolution technology program to reposition Nedbank’s technology capability to deliver a
simplified, agile and client-centred IT architecture.

In line with Nedbank Group’s executive succession planning process, which included both
internal and external searches, Ray Naicker (46), the current Chief Digital Officer of Nedbank
Group, has been appointed to succeed Fred as CIO and as a member of Group Exco with
effect from 1 July 2023.

Ray holds a BSc. Chemical Engineering degree from the University of Natal, a BEng. (Hons)
Technology Management (with Distinction) degree from the University of Pretoria and an
MEng. Engineering Management (with Distinction) degree from the University of Pretoria. He
has also completed the Global Executive Development Programme at the Gordon Institute of
Business Science, the Advanced Management Programme at Harvard Business School and
the Senior Executive Programme at Stanford Graduate School of Business.
Ray has more than 20 years’ banking experience of which 18 have been at Nedbank Group
where he held various strategic business and IT positions, including playing a key role in
formulating Nedbank Group’s technology strategy and under his leadership accelerating the
group’s digital innovation capabilities.

Mike Brown, Chief Executive, and the rest of the Group Exco wish to thank Trevor and Fred
for their invaluable contributions to Nedbank Group and look forward to working with Dave and
Ray.

Mike Brown noted: ‘The appointment of experienced and skilled leaders such as Dave and
Ray is evidence of Nedbank Group’s deep and high-quality pipeline of internal talent and our
effective succession planning processes that will allow for seamless handovers in these
important roles during the next few months’.


Sandton

21 February 2023

Sponsors to Nedbank Group in South Africa:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Merrill Lynch South Africa (Pty) Ltd

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