NEDBANK GROUP LIMITED                            NEDBANK LIMITED
(Incorporated in the Republic of South Africa)   (Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06              Registration number: 1951/000009/06
JSE share code: NED                              JSE alpha code: BINBK
NSX share code: NBK                              (Nedbank)
A2X share code: NED
ISIN: ZAE000004875
JSE alpha code: NEDI
(Nedbank Group)
(collectively ‘the Group’)


EXECUTIVE DIRECTOR CHANGES TO NEDBANK GROUP AND NEDBANK BOARDS –
APPOINTMENT OF JASON QUINN AS GROUP CHIEF EXECUTIVE-DESIGNATE (CE-DESIGNATE)


In accordance with paragraphs 3.59 of the Listings Requirements and 6.39 of the Debt Listings
requirements of the JSE Limited and further to the SENS announcement made on 2 June 2023 advising
shareholders of the commencement of the succession process for the Chief Executive (CE) of the
Group, the Nedbank Group and Nedbank Boards (the Boards) have, subject to regulatory approval,
appointed Jason Quinn as CE-designate of Nedbank Group and Nedbank.


After completing his notice period with his current employer, he will assume the role of CE on Mike
Brown’s planned retirement from the Boards at the close of the Nedbank Group annual general meeting
currently scheduled for 31 May 2024. Mike will remain at Nedbank for a suitable period after he steps
off the Boards to ensure a seamless handover to Jason.


Jason (49) (BAcc (Hons), CA(SA)) was most recently the Financial Director of Absa Group Limited and
Absa Bank Limited (Absa), having been initially appointed to that role in 2016. Jason joined Absa in
2008 where he held finance roles in the Group and the Retail and Business Bank. He was also the
Interim Group Chief Executive Officer of Absa from April 2021 to March 2022. Before Absa, he joined
Ernst & Young Inc in 1992, where he held the role of partner from 2005 to 2008.


Conveying his appreciation for Mike’s significant contribution as CE since 2010 and prior to that as Chief
Financial Officer from 2004, Nedbank Group Chairperson, Daniel Mminele, said ‘Mike’s leadership
during the Covid period led to him being awarded the Sunday Times Business Leader of the Year award
in 2020, an award based on the outcome of the votes of the CEOs of the top 100 companies listed on
the JSE.


Mike championed the Group’s purpose of using its financial expertise to do good and positively shaped
the culture of Nedbank by fostering a culture of diversity and inclusion and the Group has maintained
Level 1 BBBEE ratings for the last 5 years. He also led the managed separation from Old Mutual that
was successfully concluded in 2018. In a competitive landscape, he spearheaded the bank’s digital
transformation and innovation agenda, as well as the successful managed-evolution technology rebuild
which established Nedbank’s credentials as a leader in digital innovation and has resulted in Nedbank
achieving the #1 bank rating in client satisfaction (Net Promotor Score) in South Africa.


Mike has passionately supported various social and environmental issues by playing a key role in the
CEO Initiative, Business Leadership SA where he is Deputy Chairman, and the Banking Association of
SA where he was a past Chairman. Mike has also been instrumental in fostering Nedbank’s commitment
to the green agenda as a strategic imperative, and in championing its social sustainability engagements
in the communities we serve including Nedbank’s leading participation in the Youth Employment
Service. When Mike leaves office after 30 years of service, he will have left an indelible imprint on the
Group’s history.’


With regards to the appointment of Jason as CE designate, Daniel noted: ‘The Board is delighted to
have secured the services of an experienced leader of the caliber of Jason with a proven track-record
in banking in South Africa and other parts of the African continent to build upon Mike Brown’s legacy.
Jason’s appointment follows a rigorous process led by the Board, considering both internal and external
candidates from which Jason emerged as the most suitable candidate. The Board and I look forward
to the value that Jason will add in building on the strong foundations he inherits and working with the
Exco team and fellow Nedbankers in taking Nedbank to the next level of performance in delivering value
to all our stakeholders using his extensive financial services experience, leadership qualities and trusted
relationships with the investment community and other important stakeholders.’


Jason noted: ‘I am excited about the opportunity to work with the Board, leadership team and colleagues
at Nedbank to build on the Group’s strong foundations. I have been encouraged by my interactions with
the Board, and the leadership culture and purpose statement resonate strongly with me. I intend to build
on those and the strategy, with the team, to deliver strong stakeholder value creation.’


The above appointment has been made in terms of the Group’s policy on the nomination and
appointment of directors.


Sandton
22 November 2023


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


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


Debt Sponsor to Nedbank in South Africa:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited