Enhanced Investments - Financial Portal

Notice of availability of consolidated annual financial statements for the year ended 31 December 2023

Published: 2024-03-05 08:05:49 ET

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 2023

Nedbank Limited hereby notifies debtholders that it has publicly released its audited annual financial
statements (AFS) for the year ended 31 December 2023 and that the auditors’ report relating to the
AFS is unqualified.

The AFS contains a prior-year restatement for the year ended 31 December 2022 (prior year) as
follows:

1) Restatement of the consolidated statement of comprehensive income: Card-processing-related
   expenses

    During 2023 management proactively reviewed the presentation of certain card-processing-
    related expenses recognised in operating expenses. These expenses are directly attributable to
    income recognised in non-interest revenue and income and as a result have been restated to
    ensure that they are presented as part of non-interest revenue and income to align with the group
    accounting policy. Consequently, there was an incorrect presentation of R477m for 31 December
    2022 in operating expenses which was reallocated to non-interest revenue and income. This
    restatement is a reallocation between line items and had no impact on profit for the year or
    headline earnings for the cluster or group.

Full details of the restatement 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/2023.html

The AFS of Nedbank Limited’s holding company, Nedbank Group Limited, for the year ended 31
December 2023, have also been publicly released and can be accessed using the following link
https://www.nedbank.co.za/content/nedbank/desktop/gt/en/investor-relations/information-
hub/financial-results/2023.html


5 March 2024

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

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.