NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE alpha code: BINBK
('Nedbank Limited' or the ‘company’ or ‘the group’)

NOTICE OF AVAILABILITY OF CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31 DECEMBER 2022

Nedbank Limited hereby notifies debtholders that it has publicly released
its audited annual financial statements (‘AFS’) for the year ended 31
December 2022 and that the auditors’ report relating to the AFS is
unqualified.

The AFS contains prior year restatements for the year ended 31 December
2021 (‘prior year’) as follows:

1) Restatement of the consolidated statement of comprehensive income

   During 2022 the group reviewed its presentation of the statement of
   comprehensive income (SOCI). As a result of the review, the presentation
   of interest expense and similar charges was changed to include a
   breakdown of total finance cost on the face of the SOCI. The changes in
   the presentation of the Nedbank Limited SOCI were made as a result of a
   prior omission in applying IAS 1.82(b) which requires total finance cost
   to be presented on the face of the SOCI. As a result, the comparative
   information has been restated. The restatement has no impact on any
   subtotals and totals presented in the prior year.

2) Restatement of the consolidated statement of financial position: Cash
   management deposit sweep

   During 2022 the group identified a one-day delay in the sweep on the
   cash management deposit account and the debtor funding account. The
   delay resulted in the unswept balances being included incorrectly under
   cash management deposits (liability) and debtors (asset), and the
   affected line items were therefore overstated. The sweep eliminates the
   cash management deposit account and the debtor funding account. As a
   result, the comparative assets and liabilities have been restated.

3) Restatement of the consolidated statement of financial position: Long-
   term employee benefits

   During 2022 the group reviewed its presentation of long-term employee
   benefits (LTEB) in the statement of financial position (SOFP). As a
   result of the review it was identified that the LTEB were not correctly
   disclosed in the presentation of the SOFP.

   In terms of IAS 19: Employee Benefits, insurance policies may be held by
   the plan or by the entity. If the policy is held by the entity, then
   only qualifying insurance policies are treated as plan assets. IAS 19.8
   defines a qualifying insurance policy as an insurance policy issued by
   an insurer that is not a related party (as defined in IAS 24: Related
   Party Disclosures) of the reporting entity, if the proceeds of the
   policy can be used only to pay or fund employee benefits under a
   defined-benefit plan; and are not available to the reporting entity’s
   own creditors (even in bankruptcy) and cannot be paid to the reporting
   entity, unless either the proceeds represent surplus assets that are not
   needed for the policy to meet all the related employee benefit
   obligations; or the proceeds are returned to the reporting entity to
   reimburse it for employee benefits already paid.
   Plan assets are required to be presented on a net basis in the SOFP (ie
   net defined-benefit asset or liability). When Old Mutual Limited ceased
   to be a related party in November 2021, the non-qualifying insurance
   policies became qualifying insurance policies in terms of IAS 19. The
   qualifying insurance policies were required to be accounted for as plan
   assets (on a net basis) in the 2021 SOFP. As a result, the comparative
   information has been restated. The impact of the restatement on the
   group’s consolidated statement of financial position includes a reversal
   of an associated intragroup accrual of R3m.

Full details of the restatements are set out in the AFS.

The AFS are available for inspection at the company’s registered office and
can be accessed using the following link
https://www.nedbank.co.za/content/nedbank/desktop/gt/en/investor-
relations/information-hub/financial-results/2022.html

The annual financial statements of Nedbank Limited’s holding company,
Nedbank Group Limited, for the year-ended 31 December 2022, have also been
publicly released can be accessed using the following link
https://www.nedbank.co.za/content/nedbank/desktop/gt/en/investor-
relations/information-hub/financial-results/2022.html


7 March 2023

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