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’ or ‘company’) VESTING OF SHARES TO PRESCRIBED OFFICERS AND COMPANY SECRETARY: 2020 MATCHED SHARE SCHEME The following information is disclosed in respect of the vesting of Nedbank Group ordinary shares to prescribed officers and the company secretary of Nedbank Group and Nedbank Limited. This voluntary announcement confirms that these shares have vested in terms of the 2020 Matched Share Scheme. This is not classified as a ‘dealing’ in terms of JSE Listings Requirements. (a) In terms of the compulsory bonus share scheme (CBSS), compulsory deferred bonus amounts are invested in the Matched Share Scheme for a period of three years. The compulsory deferred amount would be forfeited should the employee resign before the end of the deferral period and not be classified as a good leaver, as well as in cases where, in the sole opinion of the Nedbank Group board, material irregularities or misrepresentation of financial results came to light during the deferral period. In these instances, the employee also forgoes the right to matching on the deferred bonus amount subject to forfeiture; (b) In terms of the voluntary bonus share scheme (VBSS), up to 50% of an employee’s total after-tax bonus (less any amount already deferred under the compulsory bonus deferral scheme set out above) could be used to acquire shares in Nedbank Group which would then be committed into the Matched Share Scheme for a period of three years. Alternatively, the employee could commit shares already owned by them up to an equivalent amount of 50% of the employee’s total after-tax bonus less any amount already deferred under the compulsory bonus deferral scheme. The employee could dispose of these shares at any time prior to the end of the deferral period, which would cancel their participation in the Matched Share Scheme in respect of those shares and render them ineligible to qualify for any matching of shares. Participants are entitled to the dividends paid on the shares owned by them committed into the Matched Share Scheme but no rights to dividends accrue to Participants in respect of the Matched Shares unless and until the requisite Matched Shares are delivered to the Participant at the end of the three year period. For employees other than members of the Nedbank Group Executive Committee, on the vesting date (the day following three years after the inception date), 50% of the shares still held in trust in respect of the participant’s portfolio would be matched on a one-for-one basis if the person continued in the employ of the company throughout the vesting period. A further 50% of the shares held on vesting date would be matched on a one-for-one basis if the predetermined company performance target for the period 2020 to 2022 was met. For executive directors and prescribed officers (and all other members of the Nedbank Group Executive Committee), 100% of the shares held in the trust on vesting date may be matched on a one-for-one basis only if the predetermined company performance target for the period 2020 to 2022 is met and if the person has remained in the employ of the company throughout the vesting period. Mike Brown (Chief Executive), Mfundo Nkuhlu (Chief Operating Officer), Mike Davis (Chief Financial Officer), Iolanda Ruggiero (Prescribed Officer) and Ciko Thomas (Prescribed Officer) being executive directors and/or members of the Nedbank Group Executive Committee at the inception of the 2020 Scheme will not have any of their shares held in the trust matched as the predetermined company performance target for the period 2020 to 2022 that was set prior to the onset of Covid-19 was not met. The original shares acquired or committed to the scheme in 2020 revert to being held on a direct beneficial basis (previously indirect beneficial when held through the Matched Share Scheme). Anél Bosman (Prescribed Officer) and Terence Sibiya (Prescribed Officer) were not members of the Nedbank Group Executive Committee at the inception of the scheme in 2020 and for both the two aforementioned Prescribed Officers and the Company Secretary, 50% of the shares held in the trust in respect of their portfolios has been matched on a one-for-one basis as they continued to be in the employ of the company throughout the vesting period. The remaining 50% of the shares held in the trust were not matched as the predetermined company performance target was not met. Name: Anél Bosman Capacity: Prescribed Officer Date of transaction: 1 April 2023 Vesting Price per share: R219.11 Number of securities: 11 134 (50% of 22 267 CBSS shares held in trust) 1 649 (50% of 3 298 VBSS shares held in trust) Total value: R2 800 883.13 Nature of transaction: Vesting of shares in terms of participation in 2020 Matched Share Scheme Inception date: 31 March 2020 Vesting date: 3 April 2023 Nature of trade: Off market Extent of interest: Direct beneficial Taxable gain: R2 800 883.13 Name: Terence Sibiya Capacity: Prescribed Officer Date of transaction: 1 April 2023 Vesting Price per share: R219.11 Number of securities: 3 711 (50% of 7 422 CBSS shares held in trust) 600 (50% of 1 199 VBSS shares held in trust) Total value: R944 583.21 Nature of transaction: Vesting of shares in terms of participation in 2020 Matched Share Scheme Inception date: 31 March 2020 Vesting date: 3 April 2023 Nature of trade: Off market Extent of interest: Direct beneficial Taxable gain: R944 583.21 Name: J Katzin Capacity: Company Secretary Date of transaction: 1 April 2023 Vesting Price per share: R219.11 Number of securities: 550 (50% of 1 099 CBSS shares held in trust) Total value: R120 510.50 Nature of transaction: Vesting of shares in terms of participation in 2020 Matched Share Scheme Inception date: 31 March 2020 Vesting date: 3 April 2023 Nature of trade: Off market Extent of interest: Direct beneficial Taxable gain: R120 510.50 Sandton 5 April 2023 Sponsors to Nedbank Group in South Africa: Merrill Lynch South Africa (Pty) Limited Nedbank Corporate and Investment Banking, a division of Nedbank Limited Sponsor to Nedbank Group in Namibia: Old Mutual Investment Services (Namibia) (Pty) Ltd